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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07455

Virtus Opportunities Trust

(Exact name of registrant as specified in charter)

101 Munson Street

Greenfield, MA 01301-9668

(Address of principal executive offices) (Zip code)

Kevin J. Carr, Esq.

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

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 243-1574

Date of fiscal year end: September 30

Date of reporting period: March 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

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SEMIANNUAL REPORT

VIRTUS OPPORTUNITIES TRUST

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March 31, 2020

Virtus Newfleet Core Plus Bond Fund*

Virtus Newfleet High Yield Fund*

Virtus Newfleet Low Duration Core Plus Bond Fund*

Virtus Newfleet Multi-Sector Intermediate Bond Fund*

Virtus Newfleet Senior Floating Rate Fund*

Virtus Newfleet Tax-Exempt Bond Fund*

*Prospectus supplement applicable to this fund appears at the back of this semiannual report.

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-243-1574 or, with respect to requesting electronic delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus Mutual Funds in which you own shares directly. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

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Not FDIC Insured • No Bank Guarantee • May Lose Value

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Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		4
Portfolio Holdings Summary Weightings		6
Fund		Schedule of Investments
Virtus Newfleet Core Plus Bond Fund (“Newfleet Core Plus Bond Fund”)		7
Virtus Newfleet High Yield Fund (“Newfleet High Yield Fund”)		17
Virtus Newfleet Low Duration Core Plus Bond Fund (“Newfleet Low Duration Core Plus Bond Fund”)		23
Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Newfleet Multi-Sector Intermediate Bond Fund”)		34
Virtus Newfleet Senior Floating Rate Fund (“Newfleet Senior Floating Rate Fund”)		45
Virtus Newfleet Tax-Exempt Bond Fund (“Newfleet Tax-Exempt Bond Fund”)		52
Statements of Assets and Liabilities		57
Statements of Operations		61
Statements of Changes in Net Assets		63
Financial Highlights		66
Notes to Financial Statements		72
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		84

Proxy Voting Procedures and Voting Record (Form N-PX)

The subadviser votes proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust (“Trustees”, or the “Board”). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission’s (the “SEC”) website at https://www.sec.gov.

PORTFOLIO  HOLDINGS INFORMATION

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

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

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MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Funds:

I am pleased to present this semiannual report, which reviews the performance of your Fund for the six months ended March 31, 2020.

March 2020 presented a sharp contrast to the strong fourth quarter of 2019 and beginning of 2020. Heading into the final month of the quarter, the global economy was largely shut down in response to the coronavirus pandemic, and markets reacted by declining with unprecedented speed. Policymakers swiftly introduced fiscal stimulus packages, and global central banks sought to bolster panicked markets with monetary easing. The full impact of these decisions may not be known for several months or longer.

Most asset classes were in negative territory for the six months ended March 31, 2020. U.S. large-capitalization stocks declined 12.31%, as measured by the S&P 500^® Index. Small-cap stocks, as measured by the Russell 2000^® Index, lost 23.72%. Within international equities, developed markets, as measured by the MSCI EAFE^® Index (net), were down 16.52% for the six months, while emerging markets fell 14.55%, as measured by the MSCI Emerging Markets Index (net).

In fixed income markets, the yield on the 10-year Treasury was 0.70% at March 31, 2020, down sharply from 1.68% on September 30, 2019. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 3.33% as investors fled to the perceived safety of bonds. Non-investment grade bonds, in contrast, lost 10.40% for the period, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Throughout these challenging times, our investment teams have navigated the uncertainty with discipline and skill. There is no downplaying the anxiety that comes with increased market turbulence. But for many investors, their long-term goals have not changed in the last six months. While no one can predict how or when the pandemic will be resolved, it can be helpful to focus on continuing to invest for the future. Virtus Funds offers a broad array of investment strategies and asset classes, which are available through your fund exchange privileges. To learn more, visit Virtus.com.

On behalf of our investment affiliates, we hope that you and your loved ones are well. We are here for you during this time. Please don’t hesitate to call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We are committed to meeting your needs and fulfilling our obligations to the investors who have entrusted their assets to us.

Sincerely,

George R. Aylward
President, Virtus Funds

May 2020

Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.

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VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Virtus Opportunities Trust Fund discussed in this shareholder report (each, a “Fund”), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Newfleet Core Plus Bond Fund
	Class A	$ 1,000.00		$ 970.80		0.82 %		$ 4.04
	Class C	1,000.00		967.90		1.56		7.67
	Class I	1,000.00		971.80		0.56		2.76
	Class R6	1,000.00		972.50		0.45		2.22
Newfleet High Yield Fund
	Class A	1,000.00		882.70		0.99		4.66
	Class C	1,000.00		881.60		1.74		8.18
	Class I	1,000.00		886.30		0.74		3.49
	Class R6	1,000.00		886.60		0.68		3.21
Newfleet Low Duration Core Plus Bond Fund
	Class A	1,000.00		968.30		0.75		3.69
	Class C	1,000.00		964.70		1.50		7.37
	Class I	1,000.00		970.40		0.50		2.46
	Class R6	1,000.00		969.80		0.43		2.12
Newfleet Multi-Sector Intermediate Bond Fund
	Class A	1,000.00		908.80		0.99		4.72
	Class C	1,000.00		905.30		1.74		8.29
	Class I	1,000.00		910.20		0.74		3.53
	Class R6	1,000.00		910.40		0.60		2.87
Newfleet Senior Floating Rate Fund
	Class A	1,000.00		864.40		1.13		5.27
	Class C	1,000.00		861.30		1.90		8.84
	Class I	1,000.00		865.30		0.90		4.20
	Class R6	1,000.00		865.00		0.77		3.59
Newfleet Tax-Exempt Bond Fund
	Class A	1,000.00		996.90		0.85		4.24
	Class C	1,000.00		993.20		1.60		7.97
	Class I	1,000.00		998.10		0.60		3.00

    

*

Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund’s prospectus.

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VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Newfleet Core Plus Bond Fund
	Class A	$ 1,000.00		$ 1,020.90		0.82 %		$ 4.14
	Class C	1,000.00		1,017.20		1.56		7.87
	Class I	1,000.00		1,022.20		0.56		2.83
	Class R6	1,000.00		1,022.75		0.45		2.28
Newfleet High Yield Fund
	Class A	1,000.00		1,020.05		0.99		5.00
	Class C	1,000.00		1,016.30		1.74		8.77
	Class I	1,000.00		1,021.30		0.74		3.74
	Class R6	1,000.00		1,021.60		0.68		3.44
Newfleet Low Duration Core Plus Bond Fund
	Class A	1,000.00		1,021.25		0.75		3.79
	Class C	1,000.00		1,017.50		1.50		7.57
	Class I	1,000.00		1,022.50		0.50		2.53
	Class R6	1,000.00		1,022.85		0.43		2.17
Newfleet Multi-Sector Intermediate Bond Fund
	Class A	1,000.00		1,020.05		0.99		5.00
	Class C	1,000.00		1,016.30		1.74		8.77
	Class I	1,000.00		1,021.30		0.74		3.74
	Class R6	1,000.00		1,022.00		0.60		3.03
Newfleet Senior Floating Rate Fund
	Class A	1,000.00		1,019.35		1.13		5.70
	Class C	1,000.00		1,015.50		1.90		9.57
	Class I	1,000.00		1,020.50		0.90		4.55
	Class R6	1,000.00		1,021.15		0.77		3.89
Newfleet Tax-Exempt Bond Fund
	Class A	1,000.00		1,020.75		0.85		4.29
	Class C	1,000.00		1,017.00		1.60		8.07
	Class I	1,000.00		1,022.00		0.60		3.03

    

*

Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund’s prospectus.

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VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited)

March 31, 2020

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Bloomberg Barclays U.S. Corporate High Yield Bond Index

The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Exchange-Traded Fund (“ETF”)

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

Federal Home Loan Mortgage Corporation (“Freddie Mac”)

A government-owned corporation that buys mortgages and packages them into mortgage-backed securities.

Federal National Mortgage Association (“Fannie Mae”)

A government-sponsored, publicly traded enterprise that makes mortgages available to low- and moderate-income borrowers. It does not provide loans, but backs or guarantees them in the secondary mortgage market.

Federal Reserve (the “Fed”)

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

Government National Mortgage Association (“Ginnie Mae”)

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

London Interbank Offered Rate (“LIBOR”)

A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

MSCI EAFE^® Index (net)

The MSCI EAFE^® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI Emerging Markets Index (net)

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Payment-in-Kind Security (“PIK”)

A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

Permanent School Fund Guarantee Program

A program by which the bonds issued by certain public school districts and/or charter schools are guaranteed using a pool of assets held by a state for the purpose of ensuring the availability of public education.

Real Estate Mortgage Investment Conduit (“REMIC”)

A pass-through investment vehicle that is used to pool mortgage loans and issue mortgage-backed securities.

Russell 2000^® Index

The Russell 2000^® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited) (Continued)
March 31, 2020

S&P 500^® Index

The S&P 500^® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)

March 31, 2020

For each Fund, the following tables present asset allocations within certain sectors as a percentage of total investments as of March 31, 2020.

Newfleet Core Plus Bond Fund

Corporate Bonds and Notes		35%
Financials	13%
Energy	3
Utilities	3
All other Corporate Bonds and Notes	16
Mortgage-Backed Securities		26
U.S. Government Securities		17
Asset-Backed Securities		10
Leveraged Loans		5
Short-Term Investment		4
Municipal Bonds		2
Other		1
Total		100%

Newfleet High Yield Fund

Corporate Bonds and Notes		89%
Communication Services	18%
Materials	12
Consumer Discretionary	12
All other Corporate Bonds and Notes	47
Leveraged Loans		6
Short-Term Investment		2
Other		3
Total		100%

 

Newfleet Low Duration Core Plus Bond Fund

Asset-Backed Securities		34%
Mortgage-Backed Securities		32
Corporate Bonds and Notes		21
Financials	8%
Utilities	2
Health Care	2
All other Corporate Bonds and Notes	9
Short-Term Investment		4
Leveraged Loans		3
U.S. Government Securities		3
Other		3
Total		100%

Newfleet Multi-Sector Intermediate Bond Fund

Corporate Bonds and Notes		46%
Financials	9%
Energy	6
Materials	5
All other Corporate Bonds and Notes	26
Mortgage-Backed Securities		18
Leveraged Loans		10
Asset-Backed Securities		8
Foreign Government Securities		6
Short-Term Investment		5
U.S. Government Securities		2
Other		5
Total		100%

 

Newfleet Senior Floating Rate Fund

Leveraged Loans		85%
Healthcare	12%
Service	10
Food / Tobacco	5
Manufacturing	5
Information Technology	5
Forest Prod / Containers	5
Media / Telecom - Telecommunications	5
All other Leveraged Loans	38
Short-Term Investment		10
Corporate Bonds and Notes		5
Total		100%

Newfleet Tax-Exempt Bond Fund

Texas	12%
Florida	11
Illinois	11
New Jersey	6
Colorado	6
Arizona	5
District of Columbia	4
Other (includes short-term investment)	45
Total	100%

 

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Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Par Value		Value
U.S. Government Securities—16.9%
U.S. Treasury Bonds
2.500%, 2/15/46	$1,115		$ 1,402
3.000%, 8/15/48	5,100		7,091
U.S. Treasury Notes
2.250%, 3/31/21	5,105		5,212
2.875%, 8/15/28	450		532
2.625%, 2/15/29	585		684
1.500%, 2/15/30	2,155		2,323
Total U.S. Government Securities (Identified Cost $14,711)			17,244
Municipal Bonds—2.2%
California—1.0%
State of California, Build America Bonds Taxable 7.600%, 11/1/40	520		866
University of California, Series B-A, Taxable 4.428%, 5/15/48	140		151
			1,017
Georgia—0.3%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24	255		268
Idaho—0.2%
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable 5.020%, 3/1/48	170		210
Illinois—0.0%
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43	30		31
Massachusetts—0.3%
Massachusetts Bay Transportation Authority Revenue, Series A-1, Taxable 5.250%, 7/1/32	255		353
Texas—0.1%
State of Texas, General Obligation Taxable 3.211%, 4/1/44	80		82
Virginia—0.3%
City of Bristol, General Obligation Taxable 4.210%, 1/1/42	285		297
Total Municipal Bonds (Identified Cost $2,131)			2,258

	Par Value		Value
Foreign Government Security—0.2%
Republic of Turkey 7.375%, 2/5/25	$ 180		$ 177
Total Foreign Government Security (Identified Cost $181)			177
Mortgage-Backed Securities—25.7%
Agency—4.3%
Federal National Mortgage Association
Pool #812352 5.000%, 4/1/20	—		— (1)
Pool #323702 6.000%, 5/1/29	13		14
Pool #535371 6.500%, 5/1/30	1		1
Pool #590108 7.000%, 7/1/31	5		6
Pool #880117 5.500%, 4/1/36	24		27
Pool #938574 5.500%, 9/1/36	79		89
Pool #909092 6.000%, 9/1/37	13		15
Pool #909220 6.000%, 8/1/38	118		136
Pool #986067 6.000%, 8/1/38	5		6
Pool #AA7001 5.000%, 6/1/39	352		390
Pool #MA3692 3.500%, 7/1/49	787		831
Pool #CA4128 3.000%, 9/1/49	227		238
Pool#MA3803 3.500%, 10/1/49	911		962
Pool#MA3905 3.000%, 1/1/50	1,587		1,664
Government National Mortgage Association Pool #443000 6.500%, 9/15/28	16		18
			4,397
Non-Agency—21.4%
Ajax Mortgage Loan Trust 2019-D, A1 144A 2.956%, 9/25/65(2)(3)	329		322
American Homes 4 Rent Trust
2014-SFR2, C 144A 4.705%, 10/17/36(2)	195		194
2015-SFR1, A 144A 3.467%, 4/17/52(2)	205		199
2015-SFR2, C 144A 4.691%, 10/17/52(2)	125		113
AMSR Trust 2020-SFR1, A 144A 1.819%, 4/17/37(2)	110		102

	Par Value		Value
Non-Agency—continued
Angel Oak Mortgage Trust I LLC 2019-2, A1 144A 3.628%, 3/25/49(2)(3)	$ 214		$ 216
Angel Oak Mortgage Trust LLC 2019-3, A1 144A 2.930%, 5/25/59(2)(3)	191		183
Arroyo Mortgage Trust
2018-1, A1 144A 3.763%, 4/25/48(2)(3)	265		258
2019-1, A1 144A 3.805%, 1/25/49(2)(3)	122		119
2019-2, A1 144A 3.347%, 4/25/49(2)(3)	125		119
Aventura Mall Trust 2013-AVM, C 144A 3.743%, 12/5/32(2)(3)	325		321
Banc of America Funding Trust
2004-B, 2A1 4.307%, 11/20/34(3)	28		27
2005-1, 1A1 5.500%, 2/25/35	55		53
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35	35		34
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 2004-6, 1A2 4.536%, 5/25/34(3)	111		97
Bayview Opportunity Master Fund IVa Trust
2016-SPL1, B1 144A 4.250%, 4/28/55(2)	160		153
2017-SPL5, B1 144A 4.000%, 6/28/57(2)(3)	100		95
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(2)(3)	100		99
BX Commercial Mortgage Trust 2019-XL, C (1 month LIBOR + 1.250%) 144A 1.955%, 10/15/36(2)(3)	162		147
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(2)(3)	245		192
BXMT 2020-FL2, A (1 month LIBOR + 0.090%) 144A 1.700%, 2/16/37(2)(3)	255		227
Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A 4.000%, 4/25/49(2)(3)	79		79
Citigroup Commercial Mortgage Trust
2013-375P, B 144A 3.518%, 5/10/35(2)(3)	205		202

See Notes to Financial Statements

7

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Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2019-SST2, A (1 month LIBOR + 0.920%) 144A 1.625%, 12/15/36(2)(3)	$ 200		$ 192
2015-GC27, A4 2.878%, 2/10/48	245		246
Citigroup Mortgage Loan Trust, Inc.
2019-IMC1, A1 144A 2.720%, 7/25/49(2)(3)	180		173
2019-RP1, A1 144A 3.500%, 1/25/66(2)(3)	371		375
COLT Mortgage Loan Trust Funding LLC
2019-3, A1 144A 2.764%, 8/25/49(2)(3)	265		256
2020-1, A1 144A 2.488%, 2/25/50(2)(3)	97		94
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(2)	210		184
CoreVest American Finance Trust
2020-1, A1 144A 1.832%, 3/15/50(2)	275		265
2019-3, C 144A 3.265%, 10/15/52(2)	220		163
2018-2, A 144A 4.026%, 11/15/52(2)	119		120
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 1.685%, 5/15/36(2)(3)	370		348
Ellington Financial Mortgage Trust
2018-1, A1FX 144A 4.140%, 10/25/58(2)(3)	290		287
2019-2, A3 144A 3.046%, 11/25/59(2)(3)	92		88
Exantas Capital Corp. 2020-RSO8, A (1 month LIBOR + 1.150%) 144A 2.850%, 3/15/35(2)(3)	265		228
Galton Funding Mortgage Trust
2017-1, A21 144A 3.500%, 7/25/56(2)(3)	51		50
2018-1, A23 144A 3.500%, 11/25/57(2)(3)	49		49
2018-2, A41 144A 4.500%, 10/25/58(2)(3)	147		147
2019-H1, A1 144A 2.657%, 10/25/59(2)(3)	233		231
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(2)(3)	139		143
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A 144A 3.551%, 4/10/34(2)	255		253
GS Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53	245		231

	Par Value		Value
Non-Agency—continued
Homeward Opportunities Fund I Trust
2018-2, A1 144A 3.985%, 11/25/58(2)(3)	$ 318		$ 310
2019-1, A1 144A 3.454%, 1/25/59(2)(3)	149		144
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5 5.950%, 11/25/33	56		54
JPMorgan Chase Commercial Mortgage Securities Trust
2015-C31, AS 4.106%, 8/15/48	215		222
2015-C28, B 3.986%, 10/15/48	280		269
JPMorgan Chase Mortgage Trust
2016-SH1, M2 144A 3.750%, 4/25/45(2)(3)	192		190
2016-SH2, M2 144A 3.750%, 12/25/45(2)(3)	350		333
2017-3, 2A2 144A 2.500%, 8/25/47(2)(3)	96		96
2017-5, A1 144A 3.147%, 10/26/48(2)(3)	190		183
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A 1.505%, 5/15/36(2)(3)	215		196
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(2)(3)	195		171
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(2)(3)	29		29
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 2.147%, 6/25/52(2)(3)(4)	85		85
MetLife Securitization Trust
2017-1A, M1 144A 3.686%, 4/25/55(2)(3)	100		87
2019-1A, A1A 144A 3.750%, 4/25/58(2)(3)	361		372
Morgan Stanley - Bank of America (Merrill Lynch) Trust
2013-C13, AS 4.266%, 11/15/46	360		369
2015-C22, AS 3.561%, 4/15/48	310		310
New Residential Mortgage Loan Trust
2014-1A, A 144A 3.750%, 1/25/54(2)(3)	116		119
2015-2A, A1 144A 3.750%, 8/25/55(2)(3)	90		92
2016-1A, A1 144A 3.750%, 3/25/56(2)(3)	72		74

	Par Value		Value
Non-Agency—continued
2016-4A, B1A 144A 4.500%, 11/25/56(2)(3)	$ 157		$ 153
2017-2A, A3 144A 4.000%, 3/25/57(2)(3)	163		169
2018-1A, A1A 144A 4.000%, 12/25/57(2)(3)	206		213
2018-2A, A1 144A 4.500%, 2/25/58(2)(3)	278		290
2019-NQM4, A1 144A 2.492%, 9/25/59(2)(3)	238		234
2020-1A, A1B 144A 3.500%, 10/25/59(2)(3)	326		327
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 2.672%, 3/25/35(3)	75		74
OBX Trust
2018-EXP2, 1A1 144A 4.000%, 11/25/48(2)(3)	271		271
2019-INV1, A3 144A 4.500%, 11/25/48(2)(3)	133		134
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(2)	150		146
Pretium Mortgage Credit Partners I LLC 2019-NPL3, A1 144A 3.105%, 7/27/59(2)(3)	72		62
Progress Residential Trust
2018-SFR2, B 144A 3.841%, 8/17/35(2)	100		98
2019-SFR3, B 144A 2.571%, 9/17/36(2)	235		212
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(2)(3)	280		281
PRPM LLC
2019-1A, A1 144A 4.500%, 1/25/24(2)(3)	400		404
2019-2A, A1 144A 3.967%, 4/25/24(2)(3)	360		322
2019-GS1, A1 144A 3.500%, 10/25/24(2)(3)(4)	225		223
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(2)(3)	555		551
RCO V Mortgage LLC
2019-1, A1 144A 3.721%, 5/24/24(2)(3)	383		364
2019-2, A1 144A 3.475%, 11/25/24(2)(3)	137		130
Residential Mortgage Loan Trust
2019-1, A1 144A 3.936%, 10/25/58(2)(3)	58		56
2019-2, A1 144A 2.913%, 5/25/59(2)(3)	255		254
RMF Proprietary Issuance Trust 2019-1, A 144A 2.750%, 10/25/63(2)(3)	280		264
Sequoia Mortgage Trust 2013-8, B1 3.518%, 6/25/43(3)	91		87

See Notes to Financial Statements

8

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Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
SG Residential Mortgage Trust 2019-3, A1 144A 2.703%, 9/25/59(2)(3)	$ 379		$ 366
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 2/25/49(2)(3)	245		244
Thornburg Mortgage Securities Trust 2004-2, A1 (1 month LIBOR + 0.620%) 1.567%, 6/25/44(3)	341		299
Towd Point Mortgage Trust
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 1.847%, 4/25/48(2)(3)	338		328
2015-1, A2 144A 3.250%, 10/25/53(2)(3)	150		148
2015-5, A2 144A 3.500%, 5/25/55(2)(3)	220		214
2017-1, M1 144A 3.750%, 10/25/56(2)(3)	100		94
2017-6, A2 144A 3.000%, 10/25/57(2)(3)	310		284
2018-6, A2 144A 3.750%, 3/25/58(2)(3)	370		322
2019-1, A1 144A 3.750%, 3/25/58(2)(3)	272		279
2018-SJ1, A1 144A 4.000%, 10/25/58(2)(3)	50		50
2015-2, 1M1 144A 3.250%, 11/25/60(2)(3)	165		153
Tricon American Homes Trust
2017-SFR1, A 144A 2.716%, 9/17/34(2)	199		195
2019-SFR1, C 144A 3.149%, 3/17/38(2)	190		162
TVC Mortgage Trust 2020-RTL1, A1 144A 3.474%, 9/25/24(2)	200		159
VCAT LLC 2019-NPL2, A1 144A 3.573%, 11/25/49(2)(3)	135		133
Vericrest Opportunity Loan Trust
2019-NPL2, A1 144A 3.967%, 2/25/49(2)(3)	104		92
2020-NPL2, A1A 144A 2.981%, 2/25/50(2)(3)	95		82
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(2)(3)	63		57
Vericrest Opportunity Loan Trust LXXXV LLC 2020-NPL1, A1A 144A 3.228%, 1/25/50(2)(3)	132		116
Verus Securitization Trust
2017-2A, A1 144A 2.485%, 7/25/47(2)(3)	54		53

	Par Value		Value
Non-Agency—continued
2018-1, A1 144A 2.929%, 2/25/48(2)(3)	$ 46		$ 44
2018-2, B1 144A 4.426%, 6/1/58(2)(3)	240		215
2018-3, A1 144A 4.108%, 10/25/58(2)(3)	91		89
2019-INV2, A1 144A 2.913%, 7/25/59(2)(3)	340		330
2019-INV1, A1 144A 3.402%, 12/25/59(2)(3)	119		114
Wells Fargo Commercial Mortgage Trust
2014-C24, AS 3.931%, 11/15/47	215		218
2015-LC20, B 3.719%, 4/15/50	300		288
			21,826
Total Mortgage-Backed Securities (Identified Cost $27,137)			26,223
Asset-Backed Securities—9.7%
Automobiles—5.5%
ACC Trust
2018-1, B 144A 4.820%, 5/20/21(2)	114		114
2019-1, A 144A 3.750%, 5/20/22(2)	167		167
American Credit Acceptance Receivables Trust
2018-4, C 144A 3.970%, 1/13/25(2)	195		188
2019-2, C 144A 3.170%, 6/12/25(2)	220		205
Avis Budget Rental Car Funding LLC
(AESOP) 2016-1A, A 144A 2.990%, 6/20/22(2)	200		195
2019-3A, A 144A 2.360%, 3/20/26(2)	270		236
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(2)	185		183
Carvana Auto Receivables Trust
2019-1A, D 144A 3.880%, 10/15/24(2)	225		219
2019-3A, D 144A 3.040%, 4/15/25(2)(4)	240		203
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(2)	14		13
Drive Auto Receivables Trust 2019-4, C 2.510%, 11/17/25	240		231
DT Auto Owner Trust
2018-3A, C 144A 3.790%, 7/15/24(2)	145		142

	Par Value		Value
Automobiles—continued
2019-2A, B 144A 2.990%, 4/17/23(2)	$ 215		$ 213
2019-2A, C 144A 3.180%, 2/18/25(2)	215		212
Exeter Automobile Receivables Trust
2018-3A, C 144A 3.710%, 6/15/23(2)	205		205
2019-2A, C 144A 3.300%, 3/15/24(2)	225		209
2019-4A, C 144A 2.440%, 9/16/24(2)	285		276
Flagship Credit Auto Trust
2016-2, B 144A 3.840%, 9/15/22(2)	43		43
2017-3, C 144A 2.910%, 9/15/23(2)	220		217
2019-1, C 144A 3.600%, 2/18/25(2)	150		149
2019-2, C 144A 3.090%, 5/15/25(2)	260		254
GLS Auto Receivables Issuer Trust 2019-2A, B 144A 3.320%, 3/15/24(2)	260		243
GLS Auto Receivables Trust 2018-3A, C 144A 4.180%, 7/15/24(2)	240		218
Hertz Vehicle Financing II LP 2019-1A, A 144A 3.710%, 3/25/23(2)	160		155
OneMain Direct Auto Receivables Trust
2017-2A, C 144A 2.820%, 7/15/24(2)	185		184
2018-1A, C 144A 3.850%, 10/14/25(2)	145		143
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23(2)	220		218
Skopos Auto Receivables Trust 2019-1A, C 144A 3.630%, 9/16/24(2)	240		193
United Auto Credit Securitization Trust 2019-1, D 144A 3.470%, 8/12/24(2)	215		198
Veros Automobile Receivables Trust 2020-1, B 144A 2.190%, 6/16/25(2)	270		260
			5,686
Credit Card—0.4%
Fair Square Issuance Trust 2020-AA, A 144A 2.900%, 9/20/24(2)	410		377
Other—3.5%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(2)	103		103

See Notes to Financial Statements

9

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Table of Contents

Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Other—continued
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(2)	$ 134		$ 130
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(2)	181		174
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(2)	19		18
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(2)	55		55
Foundation Finance Trust 2019-1A, A 144A 3.860%, 11/15/34(2)	154		147
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(2)	245		217
Lendmark Funding Trust 2019-1A, A 144A 3.000%, 12/20/27(2)	270		243
MVW LLC 2019-2A, A 144A 2.220%, 10/20/38(2)	257		236
MVW Owner Trust
2017-1A, A 144A 2.420%, 12/20/34(2)	88		86
2019-1A, A 144A 2.890%, 11/20/36(2)	221		207
NMEF Funding 2019-A, C 144A 3.300%, 8/17/26(2)	200		195
Oasis LLC 2020-1A, A 144A 3.820%, 1/15/32(2)	239		238
Octane Receivables Trust 2019-1A, A 144A 3.160%, 9/20/23(2)	206		204
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(2)	180		179
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(2)	250		236
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(2)	191		187
Small Business Lending Trust 2019-A, A 144A 2.850%, 7/15/26(2)	160		158
SoFi Consumer Loan Program LLC 2017-1, A 144A 3.280%, 1/26/26(2)	25		24
SoFi Consumer Loan Program Trust 2019-3, A 144A 2.900%, 5/25/28(2)	160		155

	Par Value		Value
Other—continued
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(2)	$ 238		$ 228
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(2)	179		167
			3,587
Student Loan—0.3%
Commonbond Student Loan Trust 2019-AGS, A1 144A 2.540%, 1/25/47(2)	265		268
Total Asset-Backed Securities (Identified Cost $10,425)			9,918
Corporate Bonds and Notes—34.2%
Communication Services—1.7%
Altice Financing S.A. 144A 5.000%, 1/15/28(2)	200		177
AT&T, Inc.
4.100%, 2/15/28	204		214
(3 month LIBOR + 1.180%) 1.964%, 6/12/24(3)	85		79
Cable Onda S.A. 144A 4.500%, 1/30/30(2)	200		176
Diamond Sports Group LLC
144A 5.375%, 8/15/26(2)	100		81
144A 6.625%, 8/15/27(2)	55		37
DISH DBS Corp. 5.000%, 3/15/23	95		91
Frontier Communications Corp. 144A 8.500%, 4/1/26(2)	70		64
Meredith Corp. 6.875%, 2/1/26	90		78
Sirius XM Radio, Inc. 144A 5.500%, 7/1/29(2)	60		61
Sprint Spectrum Co. LLC 144A 4.738%, 3/20/25(2)	200		204
Telesat Canada 144A 4.875%, 6/1/27(2)	85		81
Tencent Holdings Ltd. 144A 3.975%, 4/11/29(2)	255		283
Verizon Communications, Inc. 4.125%, 3/16/27	100		111
			1,737
Consumer Discretionary—2.1%
American Axle & Manufacturing, Inc. 6.500%, 4/1/27	145		112

	Par Value		Value
Consumer Discretionary—continued
Bunge Ltd. Finance Corp. 4.350%, 3/15/24	$ 150		$ 155
Dana, Inc. 5.375%, 11/15/27	190		154
Dollar Tree, Inc. 4.000%, 5/15/25	115		118
eBay, Inc. 2.700%, 3/11/30	295		267
Eldorado Resorts, Inc. 6.000%, 9/15/26	45		40
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(2)	95		83
General Motors Financial Co., Inc. 3.450%, 4/10/22	30		28
Lear Corp. 3.800%, 9/15/27	250		229
Lithia Motors, Inc. 144A 4.625%, 12/15/27(2)	80		72
M/I Homes, Inc. 144A 4.950%, 2/1/28(2)	190		161
PulteGroup, Inc. 6.375%, 5/15/33	120		121
QVC, Inc.
4.375%, 3/15/23	145		137
4.750%, 2/15/27	160		142
Scientific Games International, Inc.
144A 5.000%, 10/15/25(2)	130		113
144A 8.250%, 3/15/26(2)	70		45
144A 7.000%, 5/15/28(2)	35		21
TRI Pointe Group, Inc. 5.875%, 6/15/24	100		93
Under Armour, Inc. 3.250%, 6/15/26	100		85
			2,176
Consumer Staples—1.1%
Albertsons Cos., Inc. 144A 4.875%, 2/15/30(2)	115		114
Anheuser-Busch InBev Worldwide, Inc.
4.000%, 4/13/28	200		211
4.750%, 1/23/29	52		57
Bacardi Ltd. 144A 4.700%, 5/15/28(2)	170		182
BAT Capital Corp. 4.906%, 4/2/30	240		246
Conagra Brands, Inc. 4.300%, 5/1/24	270		280
			1,090

See Notes to Financial Statements

10

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Table of Contents

Table of Contents

Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Energy—3.1%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(2)	$ 120		$ 72
Boardwalk Pipelines LP 4.950%, 12/15/24	185		150
Cheniere Energy Partners LP
5.625%, 10/1/26	70		65
144A 4.500%, 10/1/29(2)	115		102
CrownRock LP 144A 5.625%, 10/15/25(2)	115		60
Energy Transfer Operating LP 4.200%, 4/15/27	210		170
Energy Transfer Partners LP 4.500%, 11/1/23	45		41
HollyFrontier Corp. 5.875%, 4/1/26	210		182
Kinder Morgan Energy Partners LP 7.500%, 11/15/40	320		355
MPLX LP
4.875%, 12/1/24	120		105
4.000%, 3/15/28	90		80
144A 4.250%, 12/1/27(2)	205		177
Nabors Industries, Inc. 5.750%, 2/1/25	110		24
Parsley Energy LLC 144A 4.125%, 2/15/28(2)	80		54
Patterson-UTI Energy, Inc. 5.150%, 11/15/29	150		56
Pertamina Persero PT 144A 6.450%, 5/30/44(2)	300		327
Petroleos Mexicanos 144A 7.690%, 1/23/50(2)	190		132
Sabine Pass Liquefaction LLC
6.250%, 3/15/22	140		136
4.200%, 3/15/28	80		69
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(5)	200		198
Targa Resources Partners LP 5.875%, 4/15/26	185		154
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(2)	42		33
USA Compression Partners LP 6.875%, 4/1/26	190		119
Valero Energy Partners LP 4.500%, 3/15/28	285		257
			3,118
Financials—12.8%
AerCap Ireland Capital DAC
3.950%, 2/1/22	200		174
3.650%, 7/21/27	150		116

	Par Value		Value
Financials—continued
Allstate Corp. (The) Series B 5.750%, 8/15/53(6)	$ 200		$ 180
Apollo Management Holdings LP 144A 4.000%, 5/30/24(2)	215		224
Ares Finance Co. LLC 144A 4.000%, 10/8/24(2)	270		267
Athene Holding Ltd. 4.125%, 1/12/28	200		181
Aviation Capital Group LLC 144A 3.500%, 11/1/27(2)	305		233
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(2)	200		166
Bank of America Corp.
3.004%, 12/20/23	285		290
4.200%, 8/26/24	448		476
(3 month LIBOR + 0.770%) 2.511%, 2/5/26(3)	225		204
Bank of Montreal 3.803%, 12/15/32	338		328
Brighthouse Financial, Inc. 3.700%, 6/22/27	220		191
Brightsphere Investment Group, Inc. 4.800%, 7/27/26	200		189
Brookfield Finance, Inc. 4.000%, 4/1/24	342		346
Capital One Financial Corp.
4.200%, 10/29/25	200		199
3.750%, 7/28/26	225		212
Citadel LP 144A 4.875%, 1/15/27(2)	190		183
Citigroup, Inc.
3.200%, 10/21/26	371		384
(3 month LIBOR + 1.250%) 2.683%, 7/1/26(3)	600		555
Discover Bank 4.682%, 8/9/28	500		509
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28	225		243
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22	305		324
ICAHN Enterprises LP 6.250%, 5/15/26	225		213
Jefferies Financial Group, Inc. 5.500%, 10/18/23	170		172
Jefferies Group LLC
5.125%, 1/20/23	39		40
4.850%, 1/15/27	115		114

	Par Value		Value
Financials—continued
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(2)	$ 215		$ 221
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(2)	150		119
Liberty Mutual Group, Inc.
144A 4.250%, 6/15/23(2)	65		66
144A 4.569%, 2/1/29(2)	210		232
Morgan Stanley
3.125%, 7/27/26	410		424
6.375%, 7/24/42	655		935
MSCI, Inc.
144A 4.000%, 11/15/29(2)	100		99
144A 3.625%, 9/1/30(2)	10		10
Navient Corp.
6.750%, 6/25/25	135		124
5.000%, 3/15/27	40		34
Prudential Financial, Inc.
5.875%, 9/15/42	85		82
5.625%, 6/15/43(6)	270		254
Santander Holdings USA, Inc.
3.700%, 3/28/22	169		167
3.500%, 6/7/24	180		176
4.400%, 7/13/27	80		79
SBA Tower Trust 144A 2.877%, 7/9/21(2)	320		319
Societe Generale S.A. 144A 4.750%, 11/24/25(2)	200		200
Springleaf Finance Corp.
6.875%, 3/15/25	110		111
7.125%, 3/15/26	40		39
5.375%, 11/15/29	15		14
Synchrony Financial 3.950%, 12/1/27	285		253
Synovus Financial Corp. 5.900%, 2/7/29	90		84
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(2)	160		163
Toronto-Dominion Bank (The) 3.625%, 9/15/31	270		269
Trinity Acquisition plc 4.400%, 3/15/26	90		94
Truist Bank 2.250%, 3/11/30	250		229
UBS AG 7.625%, 8/17/22	500		515
Voya Financial, Inc. 5.650%, 5/15/53	195		179
Wells Fargo & Co.
3.550%, 9/29/25	490		517
Series S 5.900%(6)(7)	155		152

See Notes to Financial Statements

11

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Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Financials—continued
Zions Bancorp NA 3.250%, 10/29/29	$ 250		$ 212
			13,085
Health Care—2.0%
Anthem, Inc. 2.875%, 9/15/29	185		180
Bausch Health Cos., Inc. 144A 5.750%, 8/15/27(2)	125		129
Catalent Pharma Solutions, Inc. 144A 5.000%, 7/15/27(2)	30		29
Centene Corp. 144A 4.625%, 12/15/29(2)	80		80
Charles River Laboratories International, Inc. 144A 4.250%, 5/1/28(2)	50		48
CVS Health Corp.
2.875%, 6/1/26	290		292
3.750%, 4/1/30	90		93
HCA, Inc.
5.375%, 2/1/25	55		56
5.125%, 6/15/39	90		93
5.250%, 6/15/49	140		149
LifePoint Health, Inc. 144A 4.375%, 2/15/27(2)	75		71
Mylan NV 3.950%, 6/15/26	280		280
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(2)	65		65
Perrigo Finance Unlimited Co. 4.375%, 3/15/26	200		207
Tenet Healthcare Corp. 144A 5.125%, 11/1/27(2)	63		60
Zimmer Biomet Holdings, Inc. (3 month LIBOR + 0.750%) 1.802%, 3/19/21(3)	245		242
			2,074
Industrials—2.2%
ASGN, Inc. 144A 4.625%, 5/15/28(2)	100		94
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(2)	280		259
Avolon Holdings Funding Ltd.
144A 3.950%, 7/1/24(2)	37		31
144A 4.375%, 5/1/26(2)	215		172
Carlisle Cos., Inc. 2.750%, 3/1/30	110		96
DP World plc 144A 6.850%, 7/2/37(2)	140		132
Garda World Security Corp. 144A 4.625%, 2/15/27(2)	95		85
Hillenbrand, Inc. 4.500%, 9/15/26	120		122

	Par Value		Value
Industrials—continued
Oshkosh Corp. 4.600%, 5/15/28	$ 216		$ 209
Penske Truck Leasing Co., LP 144A 4.125%, 8/1/23(2)	190		196
Pentair Finance S.a.r.l 4.500%, 7/1/29	315		332
Signature Aviation US Holdings, Inc. 144A 4.000%, 3/1/28(2)	195		176
Stanley Black & Decker, Inc. 4.000%, 3/15/60(6)	263		250
TransDigm, Inc. 144A 5.500%, 11/15/27(2)	155		139
			2,293
Information Technology—1.9%
Broadcom Corp. 3.000%, 1/15/22	90		89
Citrix Systems, Inc. 3.300%, 3/1/30	365		340
Dell International LLC
144A 6.020%, 6/15/26(2)	45		48
144A 8.100%, 7/15/36(2)	95		109
Hewlett Packard Enterprise Co. 4.900%, 10/15/25	255		268
Juniper Networks, Inc. 3.750%, 8/15/29	210		204
Motorola Solutions, Inc.
4.600%, 2/23/28	166		169
4.600%, 5/23/29	85		89
Science Applications International Corp. 144A 4.875%, 4/1/28(2)	15		14
Verisk Analytics, Inc. 4.000%, 6/15/25	215		230
VMware, Inc.
2.950%, 8/21/22	109		109
3.900%, 8/21/27	235		232
			1,901
Materials—2.2%
Avery Dennison Corp. 2.650%, 4/30/30	129		120
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(2)(6)	200		212
Celanese US Holdings LLC 3.500%, 5/8/24	240		227
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(2)	30		27
DuPont de Nemours, Inc. 4.493%, 11/15/25	212		228
Glencore Funding LLC 144A 4.000%, 3/27/27(2)	290		264
Greif, Inc. 144A 6.500%, 3/1/27(2)	85		82
GUSAP III LP 144A 4.250%, 1/21/30(2)	200		176

	Par Value		Value
Materials—continued
Inversiones CMPC S.A. 144A 3.850%, 1/13/30(2)	$ 290		$ 261
Novelis Corp. 144A 4.750%, 1/30/30(2)	100		89
Olin Corp. 5.625%, 8/1/29	225		207
SABIC Capital II BV 144A 4.500%, 10/10/28(2)	200		208
Teck Resources Ltd. 6.125%, 10/1/35	215		198
			2,299
Real Estate—2.4%
Corporate Office Properties LP 3.600%, 5/15/23	295		289
EPR Properties 4.750%, 12/15/26	275		250
ESH Hospitality, Inc. 144A 4.625%, 10/1/27(2)	190		148
GLP Capital LP 5.750%, 6/1/28	231		204
Healthcare Realty Trust, Inc. 3.875%, 5/1/25	140		146
Healthcare Trust of America Holdings LP 3.750%, 7/1/27	215		199
Iron Mountain, Inc. 144A 4.875%, 9/15/29(2)	190		179
iStar, Inc. 4.250%, 8/1/25	190		156
Life Storage LP 3.500%, 7/1/26	220		210
MPT Operating Partnership LP
5.000%, 10/15/27	80		78
4.625%, 8/1/29	45		41
Office Properties Income Trust 4.500%, 2/1/25	215		210
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24	155		158
Service Properties Trust 4.950%, 2/15/27	245		186
			2,454
Utilities—2.7%
American Electric Power Co., Inc. 2.300%, 3/1/30	180		168
CenterPoint Energy, Inc.
3.850%, 2/1/24	95		96
4.250%, 11/1/28	140		144
Centrais Eletricas Brasileiras S.A. 144A 4.625%, 2/4/30(2)	200		177
DPL, Inc. 144A 4.350%, 4/15/29(2)	263		250

See Notes to Financial Statements

12

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Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Utilities—continued
Edison International 4.950%, 4/15/25	$ 270		$ 269
Exelon Corp. 3.497%, 6/1/22	285		276
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25(2)	235		245
Pennsylvania Electric Co. 144A 3.600%, 6/1/29(2)	240		254
PSEG Power LLC 3.850%, 6/1/23	231		235
Southern Power Co. 4.150%, 12/1/25	255		263
Talen Energy Supply LLC 144A 6.625%, 1/15/28(2)	105		88
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(2)	110		115
Vistra Operations Co. LLC 144A 4.300%, 7/15/29(2)	230		204
			2,784
Total Corporate Bonds and Notes (Identified Cost $36,871)			35,011
Leveraged Loans(3)—4.7%
Aerospace—0.5%
AI Convoy (Luxembourg) S.a.r.l. Tranche B (3 month LIBOR + 3.500%) 5.340%, 1/18/27	160		142
American Airlines, Inc. 2018 (1 month LIBOR + 1.750%) 2.709%, 6/27/25	195		154
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 4.740%, 12/6/25	20		19
TransDigm, Inc. Tranche E (1 month LIBOR + 2.250%) 3.239%, 5/30/25	232		210
			525
Consumer Non-Durables—0.1%
Kronos Acquisition Holdings, Inc. Tranche B-3 (1 month LIBOR + 4.000%) 5.000%, 5/15/23	138		123
Energy—0.1%
Buckeye Partners LP (1 month LIBOR + 2.750%) 4.265%, 11/1/26	45		41

	Par Value		Value
Energy—continued
CITGO Petroleum Corp. 2019, Tranche B (1 month LIBOR + 5.000%) 6.000%, 3/27/24	$ 84		$ 73
			114
Food / Tobacco—0.1%
Aramark Services, Inc. Tranche B-4 (1 month LIBOR + 1.750%) 2.739%, 1/15/27	45		42
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 3.739%, 3/31/25	69		61
			103
Forest Prod / Containers—0.1%
Berry Global, Inc. Tranche Y (3 month LIBOR + 2.000%) 2.863%, 7/1/26	89		84
Reynolds Consumer Products LLC (3 month LIBOR + 1.750%) 3.501%, 2/4/27	30		28
			112
Gaming / Leisure—0.2%
Seminole Tribe of Florida (1 month LIBOR + 1.750%) 2.739%, 7/8/24	149		136
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 3.240%, 2/8/27	70		59
			195
Healthcare—0.5%
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 3.362%, 11/27/25	30		28
(1 month LIBOR + 3.000%) 3.612%, 6/2/25	16		16
Catalent Pharma Solutions, Inc. Tranche B-2 (3 month LIBOR + 2.250%) 0.000%, 5/18/26(8)	100		96
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%) 4.073%, 6/7/23	117		104
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%) 3.200%, 6/11/25	128		121
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.739%, 11/17/25	178		164

	Par Value		Value
Healthcare—continued
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 3.430%, 3/6/25	$ 25		$ 24
			553
Housing—0.5%
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%) 2.989%, 1/15/27	159		150
CPG International LLC (3 month LIBOR + 3.750%) 5.933%, 5/6/24	129		107
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%) 2.989%, 11/21/24	227		196
			453
Information Technology—0.2%
Boxer Parent Co., Inc. (1 month LIBOR + 4.250%) 5.239%, 10/2/25	54		44
Kronos, Inc. 2018 (3 month LIBOR + 3.000%) 4.763%, 11/1/23	103		94
Presidio Holdings, Inc. (4 month LIBOR + 3.500%) 5.280%, 1/22/27	15		14
			152
Manufacturing—0.1%
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%) 2.739%, 2/28/27	20		19
Star US Bidco LLC (1 month LIBOR + 4.250%) 5.250%, 3/17/27	120		102
			121
Media / Telecom - Broadcasting—0.1%
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.750%) 4.331%, 9/18/26	139		129
Media / Telecom - Cable/Wireless Video—0.4%
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 2.862%, 1/15/26	149		142
Telenet Financing USD LLC Tranche AR (1 month LIBOR + 2.000%) 2.705%, 4/30/28	200		182

See Notes to Financial Statements

13

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Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Media / Telecom - Cable/Wireless Video—continued
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%) 3.205%, 4/30/28	$ 40		$ 38
			362
Media / Telecom - Telecommunications—0.3%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 3.239%, 3/15/27	75		69
Consolidated Communications, Inc. 2016 (1 month LIBOR + 3.000%) 4.000%, 10/5/23	85		74
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 3/9/27	155		146
			289
Media / Telecom - Wireless Communications—0.2%
CommScope, Inc. (1 month LIBOR + 3.250%) 4.239%, 4/4/26	55		51
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 2.740%, 4/11/25	207		196
			247
Service—0.5%
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 4.000%) 4.959%, 2/6/26	170		152
Pug LLC Tranche B (1 month LIBOR + 3.500%) 4.489%, 2/12/27	119		102
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 4.239%, 12/31/25	218		192
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 4.750%, 2/1/23	111		88
			534

	Par Value		Value
Transportation - Automotive—0.3%
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 2.989%, 11/2/23(4)	$ 129		$ 83
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 4.280%, 11/6/24	93		80
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%) 4.441%, 4/30/26	139		127
			290
Utility—0.5%
APLP Holdings LP 2020, Tranche B (3 month LIBOR + 2.500%) 0.000%, 4/14/25(8)	124		120
Brookfield WEC Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 8/1/25	213		200
Calpine Corp. 2019 (1 month LIBOR + 2.250%) 3.240%, 4/5/26	149		141
Pacific Gas and Electric Co. (3 month LIBOR + 2.250%) 3.120%, 12/31/20	75		72
			533
Total Leveraged Loans (Identified Cost $5,343)			4,835

    

	Shares
Preferred Stocks—0.8%
Financials—0.6%
JPMorgan Chase & Co. Series HH, 4.600%	86 (9)	75
KeyCorp Series D, 5.000%(10)	140 (9)	122
M&T Bank Corp. Series F, 5.125%(10)	126 (9)	121
MetLife, Inc. Series D, 5.875%	88 (9)	84
PNC Financial Services Group, Inc. (The) Series R, 4.850%	80 (9)	68
PNC Financial Services Group, Inc. (The) Series S, 5.000%	220 (9)	208
		678

	Shares		Value
Industrials—0.2%
General Electric Co. Series D, 5.000%	231 (9)		$ 190
Total Preferred Stocks (Identified Cost $944)			868
Exchange-Traded Funds(11)—0.4%
Invesco Senior Loan ETF	8,583		176
iShares iBoxx High Yield Corporate Bond ETF	3,335		257
Total Exchange-Traded Funds (Identified Cost $449)			433
Total Long-Term Investments—94.8% (Identified Cost $98,192)			96,967
Short-Term Investment—3.7%
Money Market Mutual Fund—3.7%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(11)	3,786,163		3,786
Total Short-Term Investment (Identified Cost $3,786)			3,786
TOTAL INVESTMENTS—98.5% (Identified Cost $101,978)			$100,753
Other assets and liabilities, net—1.5%			1,484
NET ASSETS—100.0%			$102,237

    

Abbreviations:
BAM	Build America Municipal Insured
DB	Deutsche Bank AG
ETF	Exchange-Traded Fund
GS	Goldman Sachs & Co.
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LLLP	Limited Liability Limited Partnership
LP	Limited Partnership
MASTR	Morgan Stanley Structured Asset Security

    

Footnote Legend:
(1)	Amount is less than $500.
(2)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $38,965 or 38.1% of net assets.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

14

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Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

(3)	Variable rate security. Rate disclosed is as of March 31, 2020. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
(4)	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.
(5)	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.
(6)	Interest payments may be deferred.
(7)	No contractual maturity date.
(8)	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(9)	Value shown as par value.
(10)	Interest may be forfeited.
(11)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

    

Country Weightings†
United States	93%
Canada	2
Cayman Islands	1
Netherlands	1
Luxembourg	1
Switzerland	1
Ireland	1
Total	100%
† % of total investments as of March 31, 2020.

See Notes to Financial Statements

15

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Newfleet Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities	$ 9,918		$ —		$ 9,715		$203
Corporate Bonds and Notes	35,011		—		35,011		—
Foreign Government Security	177		—		177		—
Leveraged Loans	4,835		—		4,752		83
Mortgage-Backed Securities	26,223		—		25,915		308
Municipal Bonds	2,258		—		2,258		—
U.S. Government Securities	17,244		—		17,244		—
Equity Securities:
Exchange-Traded Funds	433		433		—		—
Preferred Stocks	868		—		868		—
Money Market Mutual Fund	3,786		3,786		—		—
Total Investments	$100,753		$4,219		$95,940		$594

Securities held by the Fund with an end of period value of $404 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

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

	Total		Asset-Backed Securities		Mortgage-Backed Securities		Leveraged Loans
Investments in Securities
Balance as of September 30, 2019:	$ 547		$ —		$ 547		$ —
Accrued discount/(premium)	— (a)		— (a)		— (a)		—
Realized gain (loss)	— (a)		—		—		— (a)
Change in unrealized appreciation (depreciation)(b)	(112)		(39)		(32)		(41)
Purchases	606		242		240		124
Sales (c)	(43)		—		(43)		— (a)
Transfers from Level 3(d)	(404)		—		(404)		—
Balance as of March 31, 2020	$ 594		$203		$ 308		$ 83

^(a)Amount is less than $500.

^(b)The change in unrealized appreciation (depreciation) on investments still held at March 31, 2020, was $(81).

^(c)Includes paydowns on securities.

^(d)“Transfers into and/or from” represent the ending value as of March 31, 2020, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Financial Statements

16

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Newfleet High Yield Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Mortgage-Backed Security—0.3%
Non-Agency—0.3%
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(2)	$180		$ 158
Total Mortgage-Backed Security (Identified Cost $180)			158
Asset-Backed Security—0.6%
Other—0.6%
Oasis LLC 2020-1A, A 144A 3.820%, 1/15/32(1)	282		280
Total Asset-Backed Security (Identified Cost $281)			280
Corporate Bonds and Notes—84.6%
Communication Services—17.2%
Altice Financing S.A. 144A 5.000%, 1/15/28(1)	200		177
Altice France Holding S.A. 144A 6.000%, 2/15/28(1)	400		352
Altice France S.A. 144A 7.375%, 5/1/26(1)	340		343
CCO Holdings LLC
144A 5.125%, 5/1/27(1)	350		352
144A 4.750%, 3/1/30(1)	325		324
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(1)	265		267
Clear Channel Worldwide Holdings, Inc.
144A 9.250%, 2/15/24(1)	163		140
144A 5.125%, 8/15/27(1)	100		94
Consolidated Communications, Inc. 6.500%, 10/1/22	515		451
CSC Holdings LLC
144A 5.500%, 4/15/27(1)	135		140
144A 7.500%, 4/1/28(1)	200		213
144A 5.750%, 1/15/30(1)	600		605
Diamond Sports Group LLC
144A 5.375%, 8/15/26(1)	105		85
144A 6.625%, 8/15/27(1)	280		187
DISH DBS Corp.
5.875%, 7/15/22	95		93
5.000%, 3/15/23	210		202
7.750%, 7/1/26	160		164
Front Range BidCo, Inc. 144A 4.000%, 3/1/27(1)	15		14
Frontier Communications Corp.
8.500%, 4/15/20	396		105
11.000%, 9/15/25(3)	175		46
144A 8.500%, 4/1/26(1)	100		91
iHeartCommunications, Inc. 8.375%, 5/1/27	272		231

	Par Value		Value
Communication Services—continued
LCPR Senior Secured Financing DAC 144A 6.750%, 10/15/27(1)	$300		$ 296
Level 3 Financing, Inc.
5.375%, 1/15/24	245		245
5.250%, 3/15/26	135		135
Live Nation Entertainment, Inc.
144A 5.625%, 3/15/26(1)	290		258
144A 4.750%, 10/15/27(1)	105		94
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A 7.875%, 5/15/24(1)	210		156
Meredith Corp. 6.875%, 2/1/26	330		284
Sirius XM Radio, Inc.
144A 4.625%, 7/15/24(1)	55		56
144A 5.500%, 7/1/29(1)	305		311
Sprint Corp. 7.875%, 9/15/23	770		849
Telesat Canada
144A 4.875%, 6/1/27(1)	130		124
144A 6.500%, 10/15/27(1)	375		360
T-Mobile USA, Inc. 0.000%, 1/15/24(4)	275		—
Twitter, Inc. 144A 3.875%, 12/15/27(1)	300		289
Univision Communications, Inc. 144A 5.125%, 2/15/25(1)	325		277
Virgin Media Secured Finance plc 144A 5.500%, 5/15/29(1)	300		300
			8,710
Consumer Discretionary—11.3%
American Axle & Manufacturing, Inc. 6.500%, 4/1/27	410		316
Caesars Resort Collection LLC 144A 5.250%, 10/15/25(1)	165		119
Dana, Inc. 5.375%, 11/15/27	280		227
Diamond Resorts International, Inc. 144A 10.750%, 9/1/24(1)	250		153
Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23(1)	115		92
Eldorado Resorts, Inc. 6.000%, 9/15/26	180		162
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(1)	315		274
Golden Nugget, Inc.
144A 6.750%, 10/15/24(1)	290		183

	Par Value		Value
Consumer Discretionary—continued
144A 8.750%, 10/1/25(1)	$145		$ 75
International Game Technology plc
144A 6.250%, 2/15/22(1)	200		184
144A 6.250%, 1/15/27(1)	200		174
Lennar Corp. 5.250%, 6/1/26	265		264
Lithia Motors, Inc. 144A 4.625%, 12/15/27(1)	300		270
M/I Homes, Inc. 144A 4.950%, 2/1/28(1)	590		501
MGM Growth Properties Operating Partnership LP
5.625%, 5/1/24	65		62
5.750%, 2/1/27	155		135
4.500%, 1/15/28	120		102
MGM Resorts International 5.500%, 4/15/27	196		178
Michaels Stores, Inc. 144A 8.000%, 7/15/27(1)	95		70
Neiman Marcus Group Ltd. LLC 144A 8.000%, 10/25/24(1)	332		33
Panther BF Aggregator 2 LP 144A 8.500%, 5/15/27(1)	255		222
PulteGroup, Inc. 7.875%, 6/15/32	180		198
QVC, Inc. 4.750%, 2/15/27	315		279
Scientific Games International, Inc.
144A 5.000%, 10/15/25(1)	250		218
144A 8.250%, 3/15/26(1)	120		77
144A 7.000%, 5/15/28(1)	160		98
Station Casinos LLC 144A 4.500%, 2/15/28(1)	335		271
TRI Pointe Group, Inc. 5.875%, 6/15/24	345		320
Vista Outdoor, Inc. 5.875%, 10/1/23	185		153
Weekley Homes LLC 6.625%, 8/15/25	305		275
			5,685
Consumer Staples—4.1%
Albertsons Cos., Inc. 144A 4.625%, 1/15/27(1)	585		582
Chobani LLC 144A 7.500%, 4/15/25(1)	315		287
Dole Food Co., Inc. 144A 7.250%, 6/15/25(1)	325		257
H-Food Holdings LLC 144A 8.500%, 6/1/26(1)	270		213
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(1)	195		160
Post Holdings, Inc. 144A 5.000%, 8/15/26(1)	305		314

See Notes to Financial Statements

17

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Newfleet High Yield Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Consumer Staples—continued
Prestige Brands, Inc. 144A 6.375%, 3/1/24(1)	$255		$ 261
			2,074
Energy—5.7%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1)	285		171
American Midstream Partners LP 144A 9.500%, 12/15/21(1)	175		165
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(1)	165		124
Callon Petroleum Co. 6.125%, 10/1/24	141		25
Cheniere Energy Partners LP
5.625%, 10/1/26	160		149
144A 4.500%, 10/1/29(1)	440		392
CITGO Holding, Inc. 144A 9.250%, 8/1/24(1)	285		232
CrownRock LP 144A 5.625%, 10/15/25(1)	260		135
CSI Compressco LP 7.250%, 8/15/22	205		113
Denbury Resources, Inc. 144A 9.250%, 3/31/22(1)	178		43
Geopark Ltd. 144A 6.500%, 9/21/24(1)	215		122
MEG Energy Corp. 144A 7.125%, 2/1/27(1)	300		149
Nabors Industries, Inc. 5.750%, 2/1/25	210		46
Parsley Energy LLC 144A 4.125%, 2/15/28(1)	315		214
Patterson-UTI Energy, Inc. 5.150%, 11/15/29	300		112
Sanchez Energy Corp. 144A 7.250%, 2/15/23(1)(4)(5)	115		17
Targa Resources Partners LP 5.875%, 4/15/26	285		237
Transocean, Inc.
6.800%, 3/15/38	300		69
144A 8.000%, 2/1/27(1)	70		33
USA Compression Partners LP
6.875%, 4/1/26	230		144
6.875%, 9/1/27	200		124
Vine Oil & Gas LP 144A 8.750%, 4/15/23(1)	205		45
			2,861
Financials—6.6%
Acrisure LLC
144A 8.125%, 2/15/24(1)	95		93
144A 7.000%, 11/15/25(1)	240		206
Citadel LP 144A 4.875%, 1/15/27(1)	305		294
ICAHN Enterprises LP
6.375%, 12/15/25	145		137

	Par Value		Value
Financials—continued
6.250%, 5/15/26	$220		$ 208
5.250%, 5/15/27	265		245
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1)	305		241
MSCI, Inc.
144A 4.000%, 11/15/29(1)	314		312
144A 3.625%, 9/1/30(1)	35		33
Navient Corp.
5.875%, 10/25/24	305		280
5.000%, 3/15/27	125		108
Springleaf Finance Corp.
6.875%, 3/15/25	370		373
7.125%, 3/15/26	85		83
5.375%, 11/15/29	45		41
Synovus Financial Corp. 5.900%, 2/7/29	310		288
Voya Financial, Inc. 5.650%, 5/15/53	440		403
			3,345
Health Care—11.1%
Advanz Pharma Corp., Ltd. 8.000%, 9/6/24	41		36
Avantor, Inc.
144A 6.000%, 10/1/24(1)	130		136
144A 9.000%, 10/1/25(1)	380		400
Bausch Health Americas, Inc.
144A 9.250%, 4/1/26(1)	135		141
144A 8.500%, 1/31/27(1)	270		282
Bausch Health Cos., Inc. 144A 7.000%, 1/15/28(1)	190		197
Catalent Pharma Solutions, Inc. 144A 5.000%, 7/15/27(1)	75		73
Charles River Laboratories International, Inc.
144A 5.500%, 4/1/26(1)	195		199
144A 4.250%, 5/1/28(1)	150		145
Community Health Systems, Inc. 144A 6.625%, 2/15/25(1)	280		259
Endo Finance LLC 144A 5.375%, 1/15/23(1)	250		175
HCA, Inc.
5.375%, 2/1/25	330		336
5.625%, 9/1/28	315		330
5.875%, 2/1/29	35		37
LifePoint Health, Inc. 144A 4.375%, 2/15/27(1)	290		273
Ortho-Clinical Diagnostics, Inc.
144A 6.625%, 5/15/22(1)	63		59
144A 7.250%, 2/1/28(1)	135		116
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)	115		114
Select Medical Corp. 144A 6.250%, 8/15/26(1)	440		440

	Par Value		Value
Health Care—continued
Surgery Center Holdings, Inc.
144A 6.750%, 7/1/25(1)	$180		$ 130
144A 10.000%, 4/15/27(1)	130		91
Tenet Healthcare Corp.
8.125%, 4/1/22	85		80
7.000%, 8/1/25	180		156
144A 4.875%, 1/1/26(1)	180		171
144A 6.250%, 2/1/27(1)	130		127
144A 5.125%, 11/1/27(1)	60		57
Teva Pharmaceutical Finance Netherlands III BV
3.150%, 10/1/26	405		341
144A 7.125%, 1/31/25(1)	295		292
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25(1)	470		410
			5,603
Industrials—8.7%
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(1)	380		372
ASGN, Inc. 144A 4.625%, 5/15/28(1)	300		281
Beacon Roofing Supply, Inc. 144A 4.500%, 11/15/26(1)	295		272
Bombardier, Inc.
144A 8.750%, 12/1/21(1)	155		129
144A 7.500%, 12/1/24(1)	155		103
144A 7.875%, 4/15/27(1)	70		48
Fortress Transportation & Infrastructure Investors LLC
144A 6.750%, 3/15/22(1)	175		162
144A 6.500%, 10/1/25(1)	220		161
Garda World Security Corp. 144A 4.625%, 2/15/27(1)	290		260
GFL Environmental, Inc.
144A 7.000%, 6/1/26(1)	99		96
144A 8.500%, 5/1/27(1)	72		72
Hillman Group, Inc. (The) 144A 6.375%, 7/15/22(1)	315		245
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(1)	596		431
Signature Aviation US Holdings, Inc. 144A 4.000%, 3/1/28(1)	595		537
SRS Distribution, Inc. 144A 8.250%, 7/1/26(1)	290		261
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(1)	210		175
TransDigm, Inc.
144A 6.250%, 3/15/26(1)	415		413

See Notes to Financial Statements

18

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Newfleet High Yield Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Industrials—continued
144A 5.500%, 11/15/27(1)	$450		$ 404
			4,422
Information Technology—3.3%
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(1)	170		150
Dun & Bradstreet Corp. (The) 144A 10.250%, 2/15/27(1)	140		148
Exela Intermediate LLC 144A 10.000%, 7/15/23(1)	110		29
Infor US, Inc. 6.500%, 5/15/22	200		195
Open Text Holdings, Inc. 144A 4.125%, 2/15/30(1)	305		287
Radiate Holdco LLC 144A 6.625%, 2/15/25(1)	240		204
Science Applications International Corp. 144A 4.875%, 4/1/28(1)	50		48
SS&C Technologies, Inc. 144A 5.500%, 9/30/27(1)	300		309
ViaSat, Inc. 144A 5.625%, 9/15/25(1)	305		285
			1,655
Materials—11.7%
ARD Finance S.A. PIK Interest Capitalization, 144A 6.500%, 6/30/27(1)(6)	595		511
Atotech Alpha 3 B.V. 144A 6.250%, 2/1/25(1)	280		258
Calumet Specialty Products Partners LP 7.625%, 1/15/22	160		124
Cascades, Inc. 144A 5.750%, 7/15/23(1)	115		111
Cleveland-Cliffs, Inc.
144A 6.750%, 3/15/26(1)	55		49
144A 7.000%, 3/15/27(1)	170		104
CPG Merger Sub LLC 144A 8.000%, 10/1/21(1)	320		310
Greif, Inc. 144A 6.500%, 3/1/27(1)	195		187
Hecla Mining Co. 7.250%, 2/15/28	305		268
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(1)	315		287
Kaiser Aluminum Corp. 144A 4.625%, 3/1/28(1)	305		271
Kraton Polymers LLC 144A 7.000%, 4/15/25(1)	512		453
LSB Industries, Inc. 144A 9.625%, 5/1/23(1)	260		216
Mauser Packaging Solutions Holding Co. 144A 7.250%, 4/15/25(1)	460		348

	Par Value		Value
Materials—continued
Novelis Corp. 144A 4.750%, 1/30/30(1)	$300		$ 267
Olin Corp. 5.625%, 8/1/29	320		294
Reynolds Group Issuer, Inc.
144A 7.000%, 7/15/24(1)	165		168
RegS 7.000%, 7/15/24(7)	125		127
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1)	250		249
Scotts Miracle-Gro Co. (The) 4.500%, 10/15/29	355		338
Teck Resources Ltd. 6.125%, 10/1/35	265		244
TPC Group, Inc. 144A 10.500%, 8/1/24(1)	270		221
Trident TPI Holdings, Inc.
144A 9.250%, 8/1/24(1)	150		124
144A 6.625%, 11/1/25(1)	265		213
United States Steel Corp. 6.250%, 3/15/26	235		153
			5,895
Real Estate—2.3%
ESH Hospitality, Inc. 144A 4.625%, 10/1/27(1)	640		499
Iron Mountain, Inc. 144A 4.875%, 9/15/29(1)	315		296
iStar, Inc. 4.250%, 8/1/25	290		239
Uniti Group, Inc. 144A 7.125%, 12/15/24(1)	185		137
			1,171
Utilities—2.6%
DPL, Inc. 144A 4.350%, 4/15/29(1)	475		452
Ferrellgas Partners LP 8.625%, 6/15/20(3)	140		35
Suburban Propane Partners LP 5.500%, 6/1/24	145		136
Talen Energy Supply LLC
144A 7.250%, 5/15/27(1)	105		95
144A 6.625%, 1/15/28(1)	205		172
TerraForm Power Operating LLC
144A 4.250%, 1/31/23(1)	175		174
144A 5.000%, 1/31/28(1)	240		251
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(1)(4)	500		1
			1,316
Total Corporate Bonds and Notes (Identified Cost $49,814)			42,737

	Par Value		Value
Leveraged Loans(2)—6.2%
Aerospace—0.2%
DynCorp International, Inc. Tranche B, First Lien (1 month LIBOR + 6.000%) 6.612%, 8/18/25	$ 93		$ 76
Consumer Non-Durables—0.9%
American Greetings Corp. (1 month LIBOR + 4.500%) 5.500%, 4/6/24	91		72
Diamond (BC) B.V. (3 month LIBOR + 3.000%) 4.777%, 9/6/24	186		138
Kronos Acquisition Holdings, Inc. Tranche B-3 (1 month LIBOR + 4.000%) 5.000%, 5/15/23	128		113
Parfums Holding Co., Inc. First Lien (3 month LIBOR + 4.250%) 5.863%, 6/30/24	173		134
			457
Energy—0.4%
California Resources Corp.
2016 (3 month LIBOR + 10.375%) 11.988%, 12/31/21	155		7
2017 (3 month LIBOR + 4.750%) 6.363%, 12/31/22(4)	55		12
CITGO Petroleum Corp. 2019, Tranche B (1 month LIBOR + 5.000%) 6.000%, 3/27/24	94		82
Fieldwood Energy LLC First Lien (3 month LIBOR + 5.250%) 7.027%, 4/11/22	245		77
McDermott Technology (Americas), Inc. (3 month LIBOR + 9.000%) 10.720%, 2/10/25	22		20
			198
Financial—0.2%
Asurion LLC Tranche B-2, Second Lien (1 month LIBOR + 6.500%) 7.489%, 8/4/25	128		117
Food / Tobacco—0.2%
Milk Specialties Co. (1 month LIBOR + 4.000%) 5.000%, 8/16/23(4)	143		97

See Notes to Financial Statements

19

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Newfleet High Yield Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Food and Drug—0.1%
Sage Borrowco LLC Tranche B, First Lien (1 month LIBOR + 4.750%) 5.739%, 6/20/26	$ 65		$ 59
Forest Prod / Containers—0.3%
Klockner Pentaplast of America, Inc. (1 month LIBOR + 4.250%) 5.250%, 6/30/22	203		140
Healthcare—1.6%
21st Century Oncology, Inc. Tranche B (1 month LIBOR + 6.125%) 7.125%, 1/16/23	153		146
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 4.739%, 10/10/25	135		68
One Call Corp. First Lien (3 month LIBOR + 5.250%) 6.954%, 11/27/22	496		397
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 4.765%, 6/30/25	88		74
Viant Medical Holdings, Inc. First Lien (3 month LIBOR + 3.750%) 5.200%, 7/2/25	159		137
			822
Information Technology—0.2%
Kronos, Inc. Second Lien (3 month LIBOR + 8.250%) 10.013%, 11/1/24	78		71
Manufacturing—0.4%
U.S. Farathane LLC Tranche B-4 (3 month LIBOR + 3.500%) 4.950%, 12/23/21	311		192
Media / Telecom - Cable/Wireless Video—0.3%
Intelsat Jackson Holdings S.A. Tranche B-5 (3 month LIBOR + 0.000%) 6.625%, 1/2/24	186		172
Media / Telecom - Telecommunications—0.1%
Securus Technologies Holdings, Inc. Second Lien (1 month LIBOR + 8.250%) 9.250%, 11/1/25	100		47

	Par Value		Value
Service—0.6%
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%) 4.000%, 3/20/25	$ 80		$ 63
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 4.000%) 4.959%, 2/6/26	150		135
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 4.750%, 2/1/23	153		122
			320
Transportation - Automotive—0.7%
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 2.989%, 11/2/23(4)	258		167
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%) 4.441%, 4/30/26	194		177
			344
Total Leveraged Loans (Identified Cost $4,207)			3,112

    

	Shares
Preferred Stocks—1.3%
Financials—1.3%
Citigroup, Inc. Series T, 6.250%(8)	190 (9)	196
JPMorgan Chase & Co. Series HH, 4.600%	259 (9)	227
KeyCorp Series D, 5.000%(8)	250 (9)	217
		640
Total Preferred Stocks (Identified Cost $700)		640
Common Stocks—0.0%
Communication Services—0.0%
Clear Channel Outdoor Holdings, Inc.(10)	7,282	4
Energy—0.0%
Frontera Energy Corp.	1,088	3
Total Common Stocks (Identified Cost $53)		7

	Shares		Value
Exchange-Traded Fund—0.5%
iShares iBoxx High Yield Corporate Bond ETF(11)	3,218		$ 248
Total Exchange-Traded Fund (Identified Cost $249)			248
Rights—0.0%
Utilities—0.0%
Vistra Energy Corp.(4)(10)	8,563		9
Total Rights (Identified Cost $7)			9
Warrant—0.0%
Communication Services—0.0%
iHeartMedia, Inc.	3,097		20
Total Warrant (Identified Cost $54)			20
Total Long-Term Investments—93.5% (Identified Cost $55,545)			47,211
Short-Term Investment—1.9%
Money Market Mutual Fund—1.9%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(11)	979,695		980
Total Short-Term Investment (Identified Cost $980)			980
TOTAL INVESTMENTS—95.4% (Identified Cost $56,525)			$48,191
Other assets and liabilities, net—4.6%			2,311
NET ASSETS—100.0%			$50,502

    

Abbreviations:
ETF	Exchange-Traded Fund
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LLLP	Limited Liability Limited Partnership
LP	Limited Partnership
PIK	Payment-in-Kind Security

    

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

20

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Newfleet High Yield Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

Footnote Legend:
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $31,045 or 61.5% of net assets.
(2)	Variable rate security. Rate disclosed is as of March 31, 2020. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

(3)	Security in default, interest payments are being received during the bankruptcy proceedings.
(4)	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.
(5)	Security in default; no interest payments are being received during the bankruptcy proceedings.
(6)	First pay date will be in June 2020.
(7)	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.
(8)	Interest may be forfeited.
(9)	Value shown as par value.
(10)	Non-income producing.
(11)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
United States	85%
Canada	5
Luxembourg	3
Netherlands	2
United Kingdom	2
Norway	1
France	1
Other	1
Total	100%
† % of total investments as of March 31, 2020.

See Notes to Financial Statements

21

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Table of Contents

Newfleet High Yield Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Security	$ 280		$ —		$ 280		$ —
Corporate Bonds and Notes	42,737		—		42,719		18 (1)
Leveraged Loans	3,112		—		2,836		276
Mortgage-Backed Security	158		—		158		—
Equity Securities:
Exchange-Traded Fund	248		248		—		—
Common Stocks	7		7		—		—
Preferred Stocks	640		—		640		—
Rights	9		—		—		9
Warrant	20		—		20		—
Money Market Mutual Fund	980		980		—		—
Total Investments	$48,191		$1,235		$46,653		$303

    

(1)	Includes internally fair valued security.

Securities held by the Fund with an end of period value of $126 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Securities held by the Fund with an end of period value of $177 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

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

	Total		Corporate Bonds And Notes		Mortgage-Backed Security		Common Stocks		Rights		Warrant		Leveraged Loans
Investments in Securities
Balance as of September 30, 2019:	$ 247		$ 1		$ 182		$ 8		$ 7		$ 49		$ —
Accrued discount/(premium)	—		—		— (a)		—		—		—		—
Realized gain (loss)	6		—		—		1		—		5		— (a)
Change in unrealized appreciation (depreciation)(b)	(130)		—		(25)		— (a)		2		(25)		(82)
Purchases	250		—		—		—		—		—		250
Sales	(19)		—		—		(9)		—		(9)		(1)
Transfers into Level 3(c)	126		17		—		—		—		—		109
Transfers from Level 3(c)	(177)		—		(157)		—		—		(20)		—
Balance as of March 31, 2020	$ 303		$18 (d)		$ —		—		$ 9		$ —		$ 276

^(a) Amount is less than $500.

^(b) The change in unrealized appreciation (depreciation) on investments still held at March 31, 2020, was $(80).

^(c) “Transfers into and/or from” represent the ending value as of March 31, 2020, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(d) Includes internally fair valued security.

See Notes to Financial Statements

22

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Table of Contents

Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Par Value		Value
U.S. Government Securities—3.4%
U.S. Treasury Notes
2.250%, 3/31/21	$ 2,420		$ 2,470
1.750%, 6/15/22	10,940		11,307
1.250%, 8/31/24	1,105		1,149
Total U.S. Government Securities (Identified Cost $14,501)			14,926
Foreign Government Securities—0.6%
Republic of Indonesia 144A 5.875%, 1/15/24(1)	755		819
Republic of Kazakhstan 144A 5.125%, 7/21/25(1)	570		613
Republic of South Africa
4.665%, 1/17/24	100		94
5.875%, 9/16/25	575		552
Republic of Turkey 7.375%, 2/5/25	790		775
Total Foreign Government Securities (Identified Cost $2,992)			2,853
Mortgage-Backed Securities—32.0%
Agency—0.8%
Federal National Mortgage Association
Pool #AD6058 4.000%, 8/1/25	30		32
Pool #AO5149 3.000%, 6/1/27	96		101
Pool #AL7532 3.000%, 11/1/27	429		450
Pool #AS5730 3.000%, 9/1/30	892		936
Pool #AS5927 3.000%, 10/1/30	404		424
Pool #MA0908 4.000%, 11/1/31	220		240
Pool #AC3654 5.000%, 10/1/39	147		164
Pool #AD3841 4.500%, 4/1/40	60		66
Pool #MA3663 3.500%, 5/1/49	1,277		1,348
Federal National Mortgage Association REMIC 1997-70, PE (P.O.) 0.000%, 4/25/22	1		1
Government National Mortgage Association
Pool #345039 7.000%, 9/15/23	3		3

	Par Value		Value
Agency—continued
Pool #780023 7.000%, 9/15/24	$ 2		$ 2
			3,767
Non-Agency—31.2%
Ajax Mortgage Loan Trust
2017-B, A 144A 3.163%, 9/25/56(1)(2)	780		791
2019-D, A1 144A 2.956%, 9/25/65(1)(2)	1,002		979
2018-C, A 144A 4.360%, 9/25/65(1)(2)	766		754
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(1)	182		177
AMSR Trust 2020-SFR1, A 144A 1.819%, 4/17/37(1)	940		872
Angel Oak Mortgage Trust I LLC 2018-3, A1 144A 3.649%, 9/25/48(1)(2)	1,784		1,748
Angel Oak Mortgage Trust LLC
2017-3, A1 144A 2.708%, 11/25/47(1)(2)	130		127
2019-3, A1 144A 2.930%, 5/25/59(1)(2)	1,653		1,590
Arroyo Mortgage Trust
2018-1, A1 144A 3.763%, 4/25/48(1)(2)	1,445		1,406
2019-1, A1 144A 3.805%, 1/25/49(1)(2)	1,332		1,294
2019-2, A1 144A 3.347%, 4/25/49(1)(2)	1,370		1,301
Ashford Hospitality Trust 2018-KEYS, B (1 month LIBOR + 1.450%) 144A 2.155%, 5/15/35(1)(2)	1,100		865
Aventura Mall Trust
2013-AVM, A 144A 3.743%, 12/5/32(1)(2)	1,721		1,699
2013-AVM, C 144A 3.743%, 12/5/32(1)(2)	1,130		1,116
Banc of America Funding Trust
2004-B, 2A1 4.307%, 11/20/34(2)	19		18
2005-1, 1A1 5.500%, 2/25/35	94		90
2006-2, 3A1 6.000%, 3/25/36	19		18
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust 2004-24CB, 1A1 6.000%, 11/25/34	140		144

	Par Value		Value
Non-Agency—continued
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 4.322%, 8/25/34(2)	$ 264		$ 244
Bayview Commercial Asset Trust 2006-2A, A2 (1 month LIBOR + 0.280%) 144A 1.227%, 7/25/36(1)(2)	201		176
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37(2)	5		5
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57(1)(2)	196		196
Bayview Opportunity Master Fund IVa Trust 2017-RT1, A1 144A 3.000%, 3/28/57(1)(2)	479		471
Bayview Opportunity Master Fund IVb Trust 2017-SPL4, A 144A 3.500%, 1/28/55(1)(2)	368		365
Bear Stearns ARM Trust 2004-9, 22A1 4.364%, 11/25/34(2)	282		243
BSPRT Issuer Ltd. 2019-FL5, A (1 month LIBOR + 1.150%) 144A 1.855%, 5/15/29(1)(2)	835		753
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(2)	1,579		1,446
BX Commercial Mortgage Trust
2019-XL, C (1 month LIBOR + 1.250%) 144A 1.955%, 10/15/36(1)(2)	989		897
2020-BXLP, D (1 month LIBOR + 1.250%) 144A 1.955%, 12/15/36(1)(2)	480		427
BX Trust 2018-GW, B (1 month LIBOR + 1.020%) 144A 1.725%, 5/15/35(1)(2)	1,265		1,088
BXMT 2020-FL2, A (1 month LIBOR + 0.090%) 144A 1.700%, 2/16/37(1)(2)	1,235		1,101
Centex Home Equity Loan Trust 2004-D, AF5 5.850%, 9/25/34(2)	115		114

See Notes to Financial Statements

23

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Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Citigroup Commercial Mortgage Trust
2013-375P, B 144A 3.518%, 5/10/35(1)(2)	$ 695		$ 685
2019-SST2, A (1 month LIBOR + 0.920%) 144A 1.625%, 12/15/36(1)(2)	1,200		1,151
2015-GC27, A4 2.878%, 2/10/48	1,200		1,205
Citigroup Mortgage Loan Trust, Inc.
2004-NCM2, 2CB2 6.750%, 8/25/34	105		106
2014-A, A 144A 4.000%, 1/25/35(1)(2)	211		213
2013-A, A 144A 3.000%, 5/25/42(1)(2)	463		427
2015-PS1, A1 144A 3.750%, 9/25/42(1)(2)	143		143
2019-IMC1, A1 144A 2.720%, 7/25/49(1)(2)	1,010		974
2015-A, A1 144A 3.500%, 6/25/58(1)(2)	280		280
2019-RP1, A1 144A 3.500%, 1/25/66(1)(2)	1,706		1,728
COLT Mortgage Loan Trust Funding LLC
2018-2, A1 144A 3.470%, 7/27/48(1)(2)	202		199
2018-3, A1 144A 3.692%, 10/26/48(1)(2)	721		713
2019-3, A1 144A 2.764%, 8/25/49(1)(2)	275		266
2020-1, A1 144A 2.488%, 2/25/50(1)(2)	1,427		1,380
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(1)	1,035		908
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31(1)(2)	325		327
CoreVest American Finance Trust
2017-1, A 144A 2.968%, 10/15/49(1)	1,186		1,167
2020-1, A1 144A 1.832%, 3/15/50(1)	1,275		1,227
2018-2, A 144A 4.026%, 11/15/52(1)	1,014		1,025
Credit Suisse First Boston Mortgage Securities Corp.
2003-27, 5A3 5.250%, 11/25/33	23		23
2003-AR30, 5A1 3.958%, 1/25/34(2)	121		124
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 1.685%, 5/15/36(1)(2)	1,455		1,368

	Par Value		Value
Non-Agency—continued
Credit Suisse Mortgage Capital Trust
2013-HYB1, A16 144A 3.100%, 4/25/43(1)(2)	$ 251		$ 246
2014-IVR2, A2 144A 3.760%, 4/25/44(1)(2)	493		487
2018-RPL8, A1 144A 4.125%, 7/25/58(1)(2)	558		513
Deephaven Residential Mortgage Trust
2017-1A, A1 144A 2.725%, 12/26/46(1)(2)	82		80
2017-1A, A2 144A 2.928%, 12/26/46(1)(2)	133		130
2017-2A, A1 144A 2.453%, 6/25/47(1)(2)	880		854
2017-3A, A3 144A 2.813%, 10/25/47(1)(2)	156		156
2018-2A, A1 144A 3.479%, 4/25/58(1)(2)	738		720
2018-3A, A1 144A 3.789%, 8/25/58(1)(2)	152		149
2019-1A, A1 144A 3.743%, 1/25/59(1)(2)	638		621
Ellington Financial Mortgage Trust
2018-1, A1FX 144A 4.140%, 10/25/58(1)(2)	1,253		1,237
2019-2, A3 144A 3.046%, 11/25/59(1)(2)	1,085		1,043
Exantas Capital Corp. 2020-RSO8, A (1 month LIBOR + 1.150%) 144A 2.850%, 3/15/35(1)(2)	1,280		1,104
Galton Funding Mortgage Trust
2017-1, A21 144A 3.500%, 7/25/56(1)(2)	494		490
2018-1, A23 144A 3.500%, 11/25/57(1)(2)	365		362
2018-2, A41 144A 4.500%, 10/25/58(1)(2)	389		390
2019-H1, A1 144A 2.657%, 10/25/59(1)(2)	1,150		1,138
2020-H1, A1 144A 2.310%, 1/25/60(1)(2)	1,268		1,222
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(1)(2)	2,346		2,402
GS Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53	1,225		1,153
GSAA Home Equity Trust 2005-1, AF4 5.619%, 11/25/34(2)	10		10
GSR Mortgage Loan Trust 2003-3F, 1A6 6.000%, 4/25/33	221		227
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1)	1,070		1,019

	Par Value		Value
Non-Agency—continued
Homeward Opportunities Fund I Trust
2018-1, A1 144A 3.766%, 6/25/48(1)(2)	$ 1,243		$ 1,200
2018-2, A1 144A 3.985%, 11/25/58(1)(2)	1,637		1,594
2019-1, A1 144A 3.454%, 1/25/59(1)(2)	1,584		1,524
2019-3, A1 144A 2.675%, 11/25/59(1)(2)	2,204		2,097
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28	60		58
JP Morgan Chase Mortgage Trust 2005-A5, 1A2 4.019%, 8/25/35(2)	280		251
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
2003-AR6, A1 4.678%, 6/25/33(2)	120		112
2003-AR4, 2A1 3.618%, 8/25/33(2)	46		42
JPMorgan Chase Commercial Mortgage Securities Trust
2020-MKST, C (1 month LIBOR + 1.250%) 144A 1.955%, 12/15/36(1)(2)	690		632
2011-C4, A4 144A 4.388%, 7/15/46(1)	91		92
JPMorgan Chase Mortgage Trust
2014-2, AM 144A 3.350%, 6/25/29(1)(2)	817		809
2014-2, 2A2 144A 3.500%, 6/25/29(1)(2)	578		575
2006-A2, 4A1 4.670%, 8/25/34(2)	53		51
2014-1, 2A12 144A 3.500%, 1/25/44(1)(2)	525		520
2015-1, AM1 144A 2.970%, 12/25/44(1)(2)	191		170
2016-SH1, M2 144A 3.750%, 4/25/45(1)(2)	485		478
2015-5, A2 144A 3.053%, 5/25/45(1)(2)	297		296
2016-SH2, M2 144A 3.750%, 12/25/45(1)(2)	778		741
2017-3, 2A2 144A 2.500%, 8/25/47(1)(2)	761		760
2017-5, A1 144A 3.147%, 10/26/48(1)(2)	1,976		1,898
2018-8, A3 144A 4.000%, 1/25/49(1)(2)	206		210
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A 1.505%, 5/15/36(1)(2)	1,040		947

See Notes to Financial Statements

24

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Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(2)	$ 1,195		$ 1,045
MASTR Alternative Loan Trust
2003-8, 2A1 5.750%, 11/25/33	63		64
2004-4, 6A1 5.500%, 4/25/34	90		92
2004-7, 9A1 6.000%, 8/25/34	70		73
2005-2, 2A1 6.000%, 1/25/35	289		283
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(1)(2)	97		97
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 2.147%, 6/25/52(1)(2)(3)	1,040		1,040
MetLife Securitization Trust 2019-1A, A1A 144A 3.750%, 4/25/58(1)(2)	1,195		1,233
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46	1,515		1,552
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31(1)	1,660		1,550
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%) 144A 1.405%, 11/15/34(1)(2)	1,080		1,022
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 3.017%, 6/25/44(1)(2)	345		334
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38	90		86
New Residential Mortgage Loan Trust
2016-2A, A1 144A 3.750%, 11/26/35(1)(2)	1,617		1,665
2018-NQM1,A1 144A 3.986%, 11/25/48(1)(2)	773		768
2019-NQM1, A1 144A 3.675%, 1/25/49(1)(2)	1,633		1,611
2014-1A, A 144A 3.750%, 1/25/54(1)(2)	1,013		1,042
2014-2A, A3 144A 3.750%, 5/25/54(1)(2)	98		100
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(2)	827		855
2015-2A, A1 144A 3.750%, 8/25/55(1)(2)	1,194		1,230

	Par Value		Value
Non-Agency—continued
2016-1A, A1 144A 3.750%, 3/25/56(1)(2)	$ 683		$ 703
2016-3A, A1 144A 3.750%, 9/25/56(1)(2)	677		696
2016-4A, A1 144A 3.750%, 11/25/56(1)(2)	2,822		2,902
2017-2A, A3 144A 4.000%, 3/25/57(1)(2)	1,250		1,298
2018-1A, A1A 144A 4.000%, 12/25/57(1)(2)	1,734		1,792
2019-NQM4, A1 144A 2.492%, 9/25/59(1)(2)	1,281		1,262
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 2.672%, 3/25/35(2)	630		621
OBX Trust
2018-EXP2, 1A1 144A 4.000%, 11/25/48(1)(2)	1,178		1,181
2019-INV1, A3 144A 4.500%, 11/25/48(1)(2)	396		398
2018-1, A2 (1 month LIBOR + 0.650%) 144A 1.597%, 6/25/57(1)(2)	593		554
2019-EXP3, 1A8 144A 3.500%, 10/25/59(1)(2)	963		951
Pretium Mortgage Credit Partners I LLC 2019-NPL3, A1 144A 3.105%, 7/27/59(1)(2)	1,167		1,012
Progress Residential Trust
2017-SFR1, B 144A 3.017%, 8/17/34(1)	690		673
2018-SFR2, B 144A 3.841%, 8/17/35(1)	1,750		1,717
2019-SFR3, B 144A 2.571%, 9/17/36(1)	685		619
PRPM LLC
2019-1A, A1 144A 4.500%, 1/25/24(1)(2)	1,547		1,561
2019-2A, A1 144A 3.967%, 4/25/24(1)(2)	871		779
2019-GS1, A1 144A 3.500%, 10/25/24(1)(2)(3)	665		661
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(1)(2)	1,373		1,364
RCO V Mortgage LLC
2019-1, A1 144A 3.721%, 5/24/24(1)(2)	1,297		1,233
2019-2, A1 144A 3.475%, 11/25/24(1)(2)	983		934
Residential Mortgage Loan Trust
2020-1, A1 144A 2.376%, 2/25/24(1)(2)	955		913
2019-1, A1 144A 3.936%, 10/25/58(1)(2)	802		782
2019-2, A1 144A 2.913%, 5/25/59(1)(2)	479		478

	Par Value		Value
Non-Agency—continued
RMF Proprietary Issuance Trust 2019-1, A 144A 2.750%, 10/25/63(1)(2)	$ 1,434		$ 1,353
SG Residential Mortgage Trust 2019-3, A1 144A 2.703%, 9/25/59(1)(2)	2,435		2,350
Spruce Hill Mortgage Loan Trust
2019-SH1, A1 144A 3.395%, 4/29/49(1)(2)	1,477		1,387
2020-SH1, A1 144A 2.521%, 1/28/50(1)(2)	1,133		1,051
Starwood Mortgage Residential Trust
2018-IMC1, A1 144A 3.793%, 3/25/48(1)(2)	1,923		1,873
2019-IMC1, A1 144A 3.468%, 2/25/49(1)(2)	1,468		1,461
2020-1, A1 144A 2.275%, 2/25/50(1)(2)	545		523
Starwood Waypoint Homes Trust 2017-1, A (1 month LIBOR + 0.950%) 144A 1.655%, 1/17/35(1)(2)	630		577
Structured Adjustable Rate Mortgage Loan Trust
2004-1, 6A 4.016%, 2/25/34(2)	342		298
2004-14, 7A 3.924%, 10/25/34(2)	123		113
Structured Asset Securities Corp. 2003-37A, 2A 4.085%, 12/25/33(2)	70		60
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates 2003-34A, 6A 4.150%, 11/25/33(2)	199		172
Thornburg Mortgage Securities Trust 2004-2, A1 (1 month LIBOR + 0.620%) 1.567%, 6/25/44(2)	997		875
Towd Point Mortgage Trust
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 1.847%, 4/25/48(1)(2)	1,493		1,448
2015-3, A1B 144A 3.000%, 3/25/54(1)(2)	167		166
2015-5, A2 144A 3.500%, 5/25/55(1)(2)	275		268
2019-1, A1 144A 3.750%, 3/25/58(1)(2)	640		657
2018-SJ1, A1 144A 4.000%, 10/25/58(1)(2)	703		705
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(1)	774		761

See Notes to Financial Statements

25

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Table of Contents

Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
VCAT LLC 2019-NPL2, A1 144A 3.573%, 11/25/49(1)(2)	$ 665		$ 656
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A 3.000%, 5/25/47(1)(2)	40		39
Vericrest Opportunity Loan Trust
2019-NPL2, A1 144A 3.967%, 2/25/49(1)(2)	622		550
2020-NPL2, A1A 144A 2.981%, 2/25/50(1)(2)	1,028		886
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(1)(2)	648		591
Vericrest Opportunity Loan Trust LXXXIII LLC 2019-NPL9, A1A 144A 3.327%, 11/26/49(1)(2)	800		708
Vericrest Opportunity Loan Trust LXXXV LLC 2020-NPL1, A1A 144A 3.228%, 1/25/50(1)(2)	461		406
Verus Securitization Trust
2017-1A, A1 144A 2.853%, 1/25/47(1)(2)	58		57
2017-2A, A1 144A 2.485%, 7/25/47(1)(2)	346		335
2018-1, A1 144A 2.929%, 2/25/48(1)(2)	1,293		1,228
2018-INV1, A3 144A 4.052%, 3/25/58(1)(2)	369		353
2018-2, A1 144A 3.677%, 6/1/58(1)(2)	1,980		1,925
2018-2, B1 144A 4.426%, 6/1/58(1)(2)	445		398
2019-2, A1 144A 3.211%, 5/25/59(1)(2)	737		722
2019-INV2, A1 144A 2.913%, 7/25/59(1)(2)	689		669
2019-INV1, A1 144A 3.402%, 12/25/59(1)(2)	786		753
2020-1, A1 144A 2.417%, 1/25/60(1)(2)	1,046		1,004
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47	1,035		1,051
Wells Fargo Mortgage Backed Securities Trust
2004-K, 1A2 4.991%, 7/25/34(2)	95		95
2004-U, A1 4.582%, 10/25/34(2)	32		32
			138,346
Total Mortgage-Backed Securities (Identified Cost $147,359)			142,113

	Par Value		Value
Asset-Backed Securities—34.0%
Auto Floor Plan—0.2%
NextGear Floorplan Master Owner Trust 2017-2A, A2 144A 2.560%, 10/17/22(1)	$ 920		$ 887
Automobiles—19.5%
ACC Trust
2019-1, A 144A 3.750%, 5/20/22(1)	771		770
2019-2, A 144A 2.820%, 2/21/23(1)	1,101		1,098
American Credit Acceptance Receivables Trust
2017-2, C 144A 2.860%, 6/12/23(1)	15		15
2018-3, C 144A 3.750%, 10/15/24(1)	1,090		1,084
2018-4, C 144A 3.970%, 1/13/25(1)	1,110		1,070
2019-1, C 144A 3.500%, 4/14/25(1)	1,200		1,173
2019-2, C 144A 3.170%, 6/12/25(1)	1,040		967
AmeriCredit Automobile Receivables Trust
2015-4, C 2.880%, 7/8/21	14		14
2017-1, C 2.710%, 8/18/22	915		909
2018-1, D 3.820%, 3/18/24	975		945
2019-1, C 3.360%, 2/18/25	1,200		1,207
Avid Automobile Receivables Trust 2018-1, A 144A 2.840%, 8/15/23(1)	162		161
Avis Budget Rental Car Funding LLC
(AESOP) 2016-1A, A 144A 2.990%, 6/20/22(1)	800		781
(AESOP) 2017-1A, A 144A 3.070%, 9/20/23(1)	1,110		1,042
(AESOP) 2020-1A, A 144A 2.330%, 8/20/26(1)	1,475		1,299
2019-3A, A 144A 2.360%, 3/20/26(1)	1,270		1,112
California Republic Auto Receivables Trust 2016-1, B 3.430%, 2/15/22	785		785
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(1)	920		908
CarMax Auto Owner Trust
2016-2, B 2.160%, 12/15/21	750		747

	Par Value		Value
Automobiles—continued
2017-1, B 2.540%, 9/15/22	$ 900		$ 898
2019-1, C 3.740%, 1/15/25	1,175		1,184
CarNow Auto Receivables Trust 2019-1A, A 144A 2.720%, 11/15/22(1)	785		768
Carvana Auto Receivables Trust
2019-1A, D 144A 3.880%, 10/15/24(1)	1,195		1,163
2019-3A, C 144A 2.710%, 10/15/24(1)	1,580		1,516
2020-N1A, D 144A 3.430%, 1/15/26(1)	1,270		1,233
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(1)	91		90
CPS Auto Receivables Trust
2017-D, B 144A 2.430%, 1/18/22(1)	62		61
2018-C, D 144A 4.400%, 6/17/24(1)	905		905
2018-D, D 144A 4.340%, 9/16/24(1)	1,450		1,443
2020-A, C 144A 2.540%, 12/15/25(1)	1,225		1,209
Credit Acceptance Auto Loan Trust
2018-1A, A 144A 3.010%, 2/16/27(1)	1,491		1,491
2019-3A, B 144A 2.860%, 1/16/29(1)	1,180		1,135
Drive Auto Receivables Trust
2.900%, 8/15/25	1,255		1,222
2018-4, D 4.090%, 1/15/26	220		220
2019-4, C 2.510%, 11/17/25	1,120		1,079
DT Auto Owner Trust
2018-1A, C 144A 3.470%, 12/15/23(1)	620		618
2018-3A, C 144A 3.790%, 7/15/24(1)	2,070		2,034
2019-1A, C 144A 3.610%, 11/15/24(1)	800		795
2019-2A, B 144A 2.990%, 4/17/23(1)	1,040		1,029
2019-2A, C 144A 3.180%, 2/18/25(1)	1,040		1,027
2019-4A, C 144A 2.730%, 7/15/25(1)	1,390		1,358
Exeter Automobile Receivables Trust
2017-3A, B 144A 2.810%, 9/15/22(1)	358		355

See Notes to Financial Statements

26

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Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Automobiles—continued
2018-1A, C 144A 3.030%, 1/17/23(1)	$ 2,088		$ 2,081
2018-2A, C 144A 3.690%, 3/15/23(1)	915		915
2018-3A, C 144A 3.710%, 6/15/23(1)	1,105		1,104
2019-3A, C 144A 2.790%, 5/15/24(1)	1,060		1,033
2019-4A, C 144A 2.440%, 9/16/24(1)	1,370		1,325
2020-1A, D 144A 2.730%, 12/15/25(1)	1,225		993
First Investors Auto Owner Trust
2016-2A, C 144A 2.530%, 7/15/22(1)	1,490		1,480
2017-1A, D 144A 3.600%, 4/17/23(1)	880		877
2017-2A, B 144A 2.650%, 11/15/22(1)	900		894
2018-1A, D 144A 4.110%, 6/17/24(1)	1,175		1,160
2019-1A, C 144A 3.260%, 3/17/25(1)	1,240		1,193
Flagship Credit Auto Trust
2015-2, C 144A 4.080%, 12/15/21(1)	209		207
2016-2, B 144A 3.840%, 9/15/22(1)	415		415
2016-3, D 144A 3.890%, 11/15/22(1)	1,635		1,635
2019-1, C 144A 3.600%, 2/18/25(1)	1,400		1,387
2019-2, C 144A 3.090%, 5/15/25(1)	1,250		1,223
2020-1, C 144A 2.240%, 1/15/26(1)	1,490		1,389
Foursight Capital Automobile Receivables Trust
2016-1, A2 144A 2.870%, 10/15/21(1)	1		1
2017-1, B 144A 3.050%, 12/15/22(1)	855		850
2018-1, C 144A 3.680%, 8/15/23(1)	910		901
GLS Auto Receivables Issuer Trust
2019-1A, B 144A 3.650%, 12/16/24(1)	1,250		1,240
2019-2A, B 144A 3.320%, 3/15/24(1)	1,240		1,159

	Par Value		Value
Automobiles—continued
2019-3A, B 144A 2.720%, 6/17/24(1)	$ 1,285		$ 1,267
2019-4A, B 144A 2.780%, 9/16/24(1)	1,400		1,350
2020-1A, B 144A 2.430%, 11/15/24(1)	1,810		1,745
GLS Auto Receivables Trust
2017-1A, C 144A 3.500%, 7/15/22(1)	560		557
2018-1A, A 144A 2.820%, 7/15/22(1)	200		199
2018-3A, C 144A 4.180%, 7/15/24(1)	1,340		1,217
GM Financial Consumer Automobile 2017-1A, B 144A 2.300%, 6/16/23(1)	915		913
Hertz Vehicle Financing II LP
2015-3A, A 144A 2.670%, 9/25/21(1)	925		915
2016-4A, A 144A 2.650%, 7/25/22(1)	2,140		2,071
2019-1A, A 144A 3.710%, 3/25/23(1)	970		941
OneMain Direct Auto Receivables Trust
2017-2A, C 144A 2.820%, 7/15/24(1)	925		920
2018-1A, C 144A 3.850%, 10/14/25(1)	1,030		1,019
Santander Drive Auto Receivables Trust
2017-1, C 2.580%, 5/16/22	196		196
2018-2, C 3.350%, 7/17/23	920		916
Skopos Auto Receivables Trust 2019-1A, C 144A 3.630%, 9/16/24(1)	1,115		895
Tesla Auto Lease Trust 2018-B, B 144A 4.120%, 10/20/21(1)	925		910
Tidewater Auto Receivables Trust 2020-AA, C 144A 1.910%, 9/15/26(1)	1,530		1,422
Tricolor Auto Securitization Trust 2018-2A, B 144A 4.760%, 2/15/22(1)	867		862
United Auto Credit Securitization Trust 2019-1, D 144A 3.470%, 8/12/24(1)	1,035		951
US Auto Funding LLC 2019-1A, B 144A 3.990%, 12/15/22(1)	825		760

	Par Value		Value
Automobiles—continued
Veros Automobile Receivables Trust 2020-1, B 144A 2.190%, 6/16/25(1)	$ 1,270		$ 1,222
Westlake Automobile Receivables Trust
2017-2A, C 144A 2.590%, 12/15/22(1)	418		418
2018-2A, D 144A 4.000%, 1/16/24(1)	1,285		1,289
2018-3A, C 144A 3.610%, 10/16/23(1)	1,348		1,344
			86,681
Consumer Loans—0.7%
Marlette Funding Trust 2019-4A, A 144A 2.390%, 12/17/29(1)	1,096		1,057
Prosper Marketplace Issuance Trust Series 2019-4A, A 144A 2.480%, 2/17/26(1)	1,014		963
Upstart Securitization Trust 2019-3, A 144A 2.684%, 1/21/30(1)	1,243		1,234
			3,254
Credit Card—0.4%
Fair Square Issuance Trust 2020-AA, A 144A 2.900%, 9/20/24(1)	1,720		1,583
Equipment—0.9%
BCC Funding Corp. XVI LLC 2019-1A, B 144A 2.640%, 9/20/24(1)	1,370		1,319
NMEF Funding LLC 2019-A, B 144A 3.060%, 8/17/26(1)	1,205		1,180
Pawnee Equipment Receivables Series LLC 2019-1, B 144A 2.520%, 10/15/24(1)	1,365		1,330
			3,829
Other—11.3%
Amur Equipment Finance Receivables V LLC 2018-1A, A2 144A 3.240%, 12/20/23(1)	550		550
Amur Equipment Finance Receivables VI LLC 2018-2A, A2 144A 3.890%, 7/20/22(1)	771		786

See Notes to Financial Statements

27

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Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Other—continued
Aqua Finance Trust
2017-A, A 144A 3.720%, 11/15/35(1)	$ 431		$ 430
2019-A, A 144A 3.140%, 7/16/40(1)	1,385		1,379
2019-A, C 144A 4.010%, 7/16/40(1)	1,450		1,441
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(1)	488		472
Avant Loans Funding Trust 2019-A, A 144A 3.480%, 7/15/22(1)	321		312
BRE Grand Islander Timeshare Issuer LLC
2017-1A, A 144A 2.940%, 5/25/29(1)	384		375
2019-A, A 144A 3.280%, 9/26/33(1)	1,027		1,014
BXG Receivables Note Trust
2012-A, A 144A 2.660%, 12/2/27(1)	12		11
2013-A, A 144A 3.010%, 12/4/28(1)	505		489
2015-A, A 144A 2.880%, 5/2/30(1)	146		145
CCG Receivables Trust
2018-1, A2 144A 2.500%, 6/16/25(1)	949		947
2019-1, B 144A 3.220%, 9/14/26(1)	1,030		1,029
2019-2, B 144A 2.550%, 3/15/27(1)	1,185		1,161
Conn’s Receivables Funding LLC 2018-A, B 144A 4.650%, 1/15/23(1)	215		206
Consumer Loan Underlying Bond CLUB Credit Trust 2019-P2, A 144A 2.470%, 10/15/26(1)	766		722
Consumer Loan Underlying Bond Credit Trust 2018-P2, A 144A 3.470%, 10/15/25(1)	266		263
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(1)	1,122		1,080
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(1)	90		90
Diamond Resorts Owner Trust
2017-1A, A 144A 3.270%, 10/22/29(1)	758		749
2019-1A, B 144A 3.530%, 2/20/32(1)	1,008		958

	Par Value		Value
Other—continued
Foundation Finance Trust
2017-1A, A 144A 3.300%, 7/15/33(1)	$ 662		$ 661
2019-1A, A 144A 3.860%, 11/15/34(1)	816		780
FREED ABS Trust 2019-2, B 144A 3.190%, 11/18/26(1)	1,370		1,195
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1)	90		90
GreatAmerica Leasing Receivables Funding LLC 2017-1, A4 144A 2.360%, 1/20/23(1)	659		657
Hardee’s Funding LLC 2018-1A, A2I 144A 4.250%, 6/20/48(1)	1,364		1,309
Hilton Grand Vacations Trust
2014-AA, A 144A 1.770%, 11/25/26(1)	56		55
2017-AA, A 144A 2.660%, 12/26/28(1)	355		348
2018-AA, A 144A 3.540%, 2/25/32(1)	780		778
Kabbage Funding LLC 2019-1, A 144A 3.825%, 3/15/24(1)	1,345		1,308
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(1)	1,425		1,333
Mariner Finance Issuance Trust 2019-AA, A 144A 2.960%, 7/20/32(1)(3)	1,045		881
Marlette Funding Trust
2018-3A, A 144A 3.200%, 9/15/28(1)	104		103
2019-2A, A 144A 3.130%, 7/16/29(1)	703		674
MVW LLC 2019-2A, A 144A 2.220%, 10/20/38(1)	1,224		1,124
MVW Owner Trust
2015-1A, B 144A 2.960%, 12/20/32(1)	107		105
2016-1A, A 144A 2.250%, 12/20/33(1)	513		500
2017-1A, A 144A 2.420%, 12/20/34(1)	440		428
2019-1A, A 144A 2.890%, 11/20/36(1)	1,064		993
Oasis LLC 2020-1A, A 144A 3.820%, 1/15/32(1)	1,159		1,152

	Par Value		Value
Other—continued
Octane Receivables Trust 2019-1A, A 144A 3.160%, 9/20/23(1)	$ 1,023		$ 1,017
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(1)	1,895		1,889
Oportun Funding IX LLC 2018-B, A 144A 3.910%, 7/8/24(1)	905		852
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(1)	250		236
Orange Lake Timeshare Trust
2015-AA, A 144A 2.880%, 9/8/27(1)	112		111
2018-A, A 144A 3.100%, 11/8/30(1)	167		163
2019-A, B 144A 3.360%, 4/9/38(1)	902		882
Prosper Marketplace Issuance Trust 2018-2A, B 144A 3.960%, 10/15/24(1)	1,245		1,208
Sierra Timeshare Conduit Receivables Funding LLC 2017-1A, A 144A 2.910%, 3/20/34(1)	383		378
Sierra Timeshare Receivables Funding LLC
2016-1A, A 144A 3.080%, 3/21/33(1)	112		111
2016-2A, A 144A 2.330%, 7/20/33(1)	146		144
2018-2A, A 144A 3.500%, 6/20/35(1)	388		374
2019-1A, B 144A 3.420%, 1/20/36(1)	693		686
2019-2A, B 144A 2.820%, 5/20/36(1)	736		722
Small Business Lending Trust
2019-A, A 144A 2.850%, 7/15/26(1)	886		874
2020-A, A 144A 2.620%, 12/15/26(1)(3)	1,158		1,147
SoFi Consumer Loan Program LLC
2016-3, A 144A 3.050%, 12/26/25(1)	134		133
2017-1, A 144A 3.280%, 1/26/26(1)	263		258
2017-5, A2 144A 2.780%, 9/25/26(1)	326		308
2017-6, A2 144A 2.820%, 11/25/26(1)	514		502

See Notes to Financial Statements

28

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Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Other—continued
SoFi Consumer Loan Program Trust
2018-2, A2 144A 3.350%, 4/26/27(1)	$ 1,676		$ 1,661
2019-3, A 144A 2.900%, 5/25/28(1)	755		732
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29(1)	110		109
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(1)	1,167		1,116
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47(1)	776		768
Upgrade Receivables Trust 2019-1A, A 144A 3.480%, 3/15/25(1)	306		303
Upstart Pass-Through Trust 2020-ST1, A 144A 3.750%, 2/20/28(1)(3)	958		781
Upstart Securitization Trust
2019-1, A 144A 3.450%, 4/20/26(1)	184		182
2019-2, A 144A 2.897%, 9/20/29(1)	894		829
VSE VOI Mortgage LLC
2016-A, A 144A 2.540%, 7/20/33(1)	443		434
2017-A, A 144A 2.330%, 3/20/35(1)	421		409
Welk Resorts LLC
2013-AA, A 144A 3.100%, 3/15/29(1)	29		29
2015-AA, A 144A 2.790%, 6/16/31(1)	735		727
Westgate Resorts LLC
2016-1A, A 144A 3.500%, 12/20/28(1)	287		285
2018-1A, A 144A 3.380%, 12/20/31(1)	893		888
			50,331
Student Loan—0.7%
Commonbond Student Loan Trust
2017-AGS, A1 144A 2.550%, 5/25/41(1)	374		377
2019-AGS, A1 144A 2.540%, 1/25/47(1)	1,292		1,307
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41(1)	275		274

	Par Value		Value
Student Loan—continued
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1)	$ 846		$ 852
SoFi Professional Loan Program LLC 2016-A, A2 144A 2.760%, 12/26/36(1)	165		166
			2,976
Unknown SOI_Bloomberg ABS Collateral Type—0.3%
Towd Point Mortgage Trust 2019-MH1, A1 144A 3.000%, 11/25/58(1)(2)	1,168		1,175
Total Asset-Backed Securities (Identified Cost $155,598)			150,716
Corporate Bonds and Notes—20.5%
Communication Services—1.5%
AT&T, Inc.
(3 month LIBOR + 0.890%) 2.594%, 2/15/23(2)	475		448
(3 month LIBOR + 1.180%) 1.964%, 6/12/24(2)	805		748
Crown Castle International Corp. 4.875%, 4/15/22	930		976
Diamond Sports Group LLC 144A 5.375%, 8/15/26(1)	470		382
Discovery Communications LLC 3.300%, 5/15/22	1,320		1,328
Sirius XM Radio, Inc. 144A 4.625%, 7/15/24(1)	190		193
Sprint Spectrum Co. LLC 144A 3.360%, 9/20/21(1)	900		895
Tencent Holdings Ltd. 144A 3.280%, 4/11/24(1)	467		484
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 2.792%, 5/15/25(2)	1,226		1,118
			6,572
Consumer Discretionary—1.0%
Aptiv Corp. 4.150%, 3/15/24	735		719
Bunge Ltd. Finance Corp. 4.350%, 3/15/24	735		761
Daimler Finance North America LLC 144A 2.200%, 10/30/21(1)	1,195		1,146

	Par Value		Value
Consumer Discretionary—continued
General Motors Financial Co., Inc.
3.700%, 11/24/20	$ 670		$ 663
3.200%, 7/6/21	975		931
TRI Pointe Group, Inc. 5.875%, 6/15/24	175		163
			4,383
Consumer Staples—0.8%
Altria Group, Inc. 3.800%, 2/14/24	1,031		1,045
BAT Capital Corp. (3 month LIBOR + 0.880%) 2.572%, 8/15/22(2)	1,030		949
Campbell Soup Co. 3.650%, 3/15/23	285		291
Conagra Brands, Inc. 4.300%, 5/1/24	1,090		1,132
			3,417
Energy—1.5%
Boardwalk Pipelines LP 4.950%, 12/15/24	630		510
CNOOC Finance 2013 Ltd. 3.000%, 5/9/23	870		887
Energy Transfer Operating LP 4.250%, 3/15/23	380		340
Energy Transfer Partners LP 4.500%, 11/1/23	310		281
Kinder Morgan, Inc.
3.150%, 1/15/23	1,005		995
144A 5.625%, 11/15/23(1)	305		319
MPLX LP 144A 3.500%, 12/1/22(1)	1,000		957
Petroleos Mexicanos 4.625%, 9/21/23	855		691
Sabine Pass Liquefaction LLC 6.250%, 3/15/22	1,475		1,431
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1)	225		180
			6,591
Financials—8.3%
AerCap Ireland Capital DAC 3.950%, 2/1/22	1,085		945
Ares Capital Corp. 3.500%, 2/10/23	740		656
Aviation Capital Group LLC 144A 3.875%, 5/1/23(1)	1,058		989
Banco BBVA Peru S.A. RegS 5.000%, 8/26/22(4)	520		515

See Notes to Financial Statements

29

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Table of Contents

Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Financials—continued
Banco Bradesco SA 144A 3.200%, 1/27/25(1)	$ 500		$ 457
Banco Santander Chile 144A 2.700%, 1/10/25(1)	950		910
Bank of America Corp.
4.200%, 8/26/24	2,155		2,291
3.950%, 4/21/25	420		442
(3 month LIBOR + 0.770%) 2.511%, 2/5/26(2)	705		640
Brookfield Finance, Inc. 3.900%, 1/25/28	715		734
Capital One N.A. 2.950%, 7/23/21	1,085		1,088
Citadel LP 144A 4.875%, 1/15/27(1)	450		434
Citigroup, Inc.
3.200%, 10/21/26	715		741
(3 month LIBOR + 1.250%) 2.683%, 7/1/26(2)	1,080		998
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(1)	935		898
Goldman Sachs Group, Inc. (The)
2.350%, 11/15/21	350		350
3.000%, 4/26/22	900		906
(3 month LIBOR + 1.750%) 3.545%, 10/28/27(2)	2,015		1,814
HSBC Holdings plc
2.950%, 5/25/21	860		865
(3 month LIBOR + 1.500%) 3.400%, 1/5/22(2)	476		456
Huntington Bancshares, Inc. 7.000%, 12/15/20	245		251
ICAHN Enterprises LP 6.250%, 5/15/26	1,060		1,002
Industrial & Commercial Bank of China Ltd.
2.957%, 11/8/22	370		386
(3 month LIBOR + 0.750%) 2.484%, 11/8/20(2)	370		371
JPMorgan Chase & Co. 3.875%, 9/10/24	1,260		1,330
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1)	740		585
Lincoln National Corp.
4.200%, 3/15/22	470		477
(3 month LIBOR + 2.040%) 3.859%, 4/20/67(2)(5)	75		45

	Par Value		Value
Financials—continued
Metropolitan Life Global Funding I 144A 2.500%, 12/3/20(1)	$ 650		$ 652
Mizuho Financial Group, Inc. 2.273%, 9/13/21	565		558
Morgan Stanley
4.100%, 5/22/23	730		756
3.875%, 4/29/24	655		687
(3 month LIBOR + 0.930%) 2.732%, 7/22/22(2)	725		705
Navient Corp.
5.875%, 10/25/24	810		744
5.000%, 3/15/27	205		176
Prudential Financial, Inc. 5.625%, 6/15/43(5)	1,168		1,098
Santander Holdings USA, Inc.
4.450%, 12/3/21	932		951
3.700%, 3/28/22	735		728
3.500%, 6/7/24	840		820
SBA Tower Trust
144A 3.156%, 10/8/20(1)	750		749
144A 2.877%, 7/9/21(1)	800		797
144A 3.168%, 4/11/22(1)	730		726
Synchrony Financial 4.375%, 3/19/24	1,220		1,208
Toronto-Dominion Bank (The) 2.650%, 6/12/24	723		738
Turkiye Is Bankasi AS 144A 5.500%, 4/21/22(1)	800		751
UBS Group Funding Switzerland AG 144A 2.650%, 2/1/22(1)	400		399
Wells Fargo & Co.
3.750%, 1/24/24	870		921
(3 month LIBOR + 1.230%) 3.007%, 10/31/23(2)	1,175		1,121
			36,861
Health Care—1.5%
AbbVie, Inc.
2.300%, 5/14/21	495		493
2.850%, 5/14/23	495		502
Anthem, Inc. 2.375%, 1/15/25	665		656
CVS Health Corp.
3.625%, 4/1/27	360		369
(3 month LIBOR + 0.720%) 1.719%, 3/9/21(2)	265		259
HCA, Inc. 5.375%, 2/1/25	570		580
Mylan NV 3.950%, 6/15/26	955		954
Tenet Healthcare Corp. 4.625%, 7/15/24	550		524

	Par Value		Value
Health Care—continued
Zimmer Biomet Holdings, Inc.
3.150%, 4/1/22	$ 1,200		$ 1,200
(3 month LIBOR + 0.750%) 1.802%, 3/19/21(2)	1,100		1,087
			6,624
Industrials—1.2%
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21	494		494
Avolon Holdings Funding Ltd. 144A 3.950%, 7/1/24(1)	1,257		1,051
CNH Industrial N.V. 4.500%, 8/15/23	1,314		1,374
Penske Truck Leasing Co., LP 144A 4.125%, 8/1/23(1)	895		924
Stanley Black & Decker, Inc. 4.000%, 3/15/60(5)	1,288		1,222
TransDigm, Inc. 144A 6.250%, 3/15/26(1)	445		443
			5,508
Information Technology—1.0%
Broadcom, Inc. 144A 3.625%, 10/15/24(1)	1,315		1,291
Dell International LLC 144A 4.000%, 7/15/24(1)	395		398
Hewlett Packard Enterprise Co.
2.250%, 4/1/23	660		645
(3 month LIBOR + 0.720%) 2.620%, 10/5/21(2)	145		137
Open Text Corp. 144A 3.875%, 2/15/28(1)	1,000		940
VMware, Inc. 2.950%, 8/21/22	1,295		1,298
			4,709
Materials—0.6%
DuPont de Nemours, Inc.
3.766%, 11/15/20	146		147
(3 month LIBOR + 0.710%) 2.402%, 11/15/20(2)	243		241
Glencore Funding LLC 144A 4.125%, 5/30/23(1)	1,140		1,051
GTL Trade Finance, Inc. 144A 5.893%, 4/29/24(1)	312		308
SABIC Capital II BV 144A 4.000%, 10/10/23(1)	300		297

See Notes to Financial Statements

30

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Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Materials—continued
Syngenta Finance NV
144A 3.698%, 4/24/20(1)	$ 365		$ 364
144A 3.933%, 4/23/21(1)	365		344
			2,752
Real Estate—0.8%
Corporate Office Properties LP 3.700%, 6/15/21	220		223
GLP Capital LP 5.250%, 6/1/25	640		592
iStar, Inc. 4.250%, 8/1/25	965		794
Office Properties Income Trust 4.150%, 2/1/22	915		929
Service Properties Trust
4.500%, 6/15/23	420		315
4.650%, 3/15/24	430		315
4.350%, 10/1/24	455		334
			3,502
Utilities—2.3%
CenterPoint Energy, Inc. 3.850%, 2/1/24	1,260		1,278
Centrais Eletricas Brasileiras S.A. 144A 3.625%, 2/4/25(1)	400		355
DTE Energy Co. 2.529%, 10/1/24	1,074		1,044
Exelon Corp.
2.850%, 6/15/20	805		805
3.497%, 6/1/22	1,046		1,013
NRG Energy, Inc. 144A 3.750%, 6/15/24(1)	1,281		1,268
PNM Resources, Inc. 3.250%, 3/9/21	810		815
PSEG Power LLC 3.850%, 6/1/23	1,022		1,040
Southern Co. (The) 2.950%, 7/1/23	920		925
TerraForm Power Operating LLC 144A 4.250%, 1/31/23(1)	735		729
Vistra Operations Co. LLC 144A 3.550%, 7/15/24(1)	1,040		978
			10,250
Total Corporate Bonds and Notes (Identified Cost $94,941)			91,169

	Par Value		Value
Leveraged Loans(2)—3.5%
Aerospace—0.3%
Kestrel Bidco, Inc. (1 month LIBOR + 3.000%) 4.000%, 12/11/26	$ 419		$ 318
TransDigm, Inc.
Tranche E (1 month LIBOR + 2.250%) 3.239%, 5/30/25	228		207
Tranche F (1 month LIBOR + 2.250%) 3.239%, 12/9/25	720		654
			1,179
Energy—0.0%
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(3)(6)	1		—
Financial—0.0%
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 2.989%, 12/27/22	188		180
Food / Tobacco—0.2%
Aramark Services, Inc.
Tranche B-2 (1 month LIBOR + 1.750%) 2.739%, 3/28/24	212		201
Tranche B-3 (1 month LIBOR + 1.750%) 2.739%, 3/11/25	345		321
Tranche B-4 (1 month LIBOR + 1.750%) 2.739%, 1/15/27	215		199
			721
Forest Prod / Containers—0.2%
Berry Global, Inc. Tranche Y (3 month LIBOR + 2.000%) 2.863%, 7/1/26	725		684
Reynolds Consumer Products LLC (3 month LIBOR + 1.750%) 3.501%, 2/4/27	145		136
			820
Gaming / Leisure—0.4%
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.250%) 2.934%, 9/15/23	510		439
CityCenter Holdings LLC (1 month LIBOR + 2.250%) 3.239%, 4/18/24	605		525

	Par Value		Value
Gaming / Leisure—continued
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 2.697%, 6/22/26	$ 578		$ 546
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 3.240%, 2/8/27	352		299
			1,809
Healthcare—0.7%
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 3.362%, 11/27/25	174		165
(1 month LIBOR + 3.000%) 3.612%, 6/2/25	399		377
Elanco Animal Health, Inc. Tranche B (3 month LIBOR + 1.750%) 0.000%, 2/4/27(7)	90		85
HCA, Inc. Tranche B-13 (1 month LIBOR + 1.750%) 2.739%, 3/18/26	1,770		1,667
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%) 3.200%, 6/11/25	525		498
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 3.430%, 3/6/25	115		109
			2,901
Information Technology—0.2%
Dell International LLC Tranche B-1 (1 month LIBOR + 2.000%) 2.990%, 9/19/25	817		776
Science Applications International Corp. Tranche B-2 (3 month LIBOR + 2.250%) 0.000%, 3/13/27(7)	220		206
			982
Manufacturing—0.0%
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%) 2.739%, 2/28/27	100		94

See Notes to Financial Statements

31

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Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Manufacturing—continued
NCR Corp. (1 month LIBOR + 2.500%) 3.490%, 8/28/26	$ 131		$ 118
			212
Media / Telecom - Broadcasting—0.1%
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.750%) 4.331%, 9/18/26	644		597
Media / Telecom - Cable/Wireless Video—0.6%
Charter Communications Operating LLC Tranche B2 (1 month LIBOR + 1.750%) 2.740%, 2/1/27	818		782
CSC Holdings LLC
2018 (1 month LIBOR + 2.250%) 2.862%, 1/15/26	738		704
2019 (1 month LIBOR + 2.500%) 3.112%, 4/15/27	279		267
Telenet Financing USD LLC Tranche AR (1 month LIBOR + 2.000%) 2.705%, 4/30/28	980		893
			2,646
Media / Telecom - Telecommunications—0.3%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 3.239%, 3/15/27	988		917
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 2.739%, 3/1/27	440		409
			1,326
Media / Telecom - Wireless Communications—0.2%
CommScope, Inc. (1 month LIBOR + 3.250%) 4.239%, 4/4/26	328		309
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 2.740%, 4/11/25	398		375
			684
Service—0.2%
Trans Union LLC Tranche B-5 (1 month LIBOR + 1.750%) 2.739%, 11/16/26	766		731

	Par Value		Value
Transportation - Automotive—0.0%
Genesee & Wyoming, Inc. (3 month LIBOR + 2.000%) 3.450%, 12/30/26	$ 155		$ 148
Utility—0.1%
Pacific Gas and Electric Co. (3 month LIBOR + 2.250%) 3.120%, 12/31/20	460		445
Total Leveraged Loans (Identified Cost $16,565)			15,381

    

	Shares
Preferred Stocks—0.9%
Financials—0.9%
Bank of New York Mellon Corp. (The) Series E, 4.950%	1,380 (8)	1,200
Citigroup, Inc. Series T, 6.250%(9)	1,020 (8)	1,051
JPMorgan Chase & Co. Series Z, 5.300%	1,155 (8)	1,083
JPMorgan Chase & Co. Series HH, 4.600%	531 (8)	465
		3,799
Total Preferred Stocks (Identified Cost $4,107)		3,799
Exchange-Traded Fund—0.5%
iShares iBoxx High Yield Corporate Bond ETF(10)	28,924	2,229
Total Exchange-Traded Fund (Identified Cost $2,221)		2,229
Total Long-Term Investments—95.4% (Identified Cost $438,284)		423,186 (11)
Short-Term Investment—4.5%
Money Market Mutual Fund—4.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(10)	19,948,143	19,948
Total Short-Term Investment (Identified Cost $19,948)		19,948
TOTAL INVESTMENTS—99.9% (Identified Cost $458,232)		$443,134
Other assets and liabilities, net—0.1%		641
NET ASSETS—100.0%		$443,775

Abbreviations:
DB	Deutsche Bank AG
ETF	Exchange-Traded Fund
GS	Goldman Sachs & Co.
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LLLP	Limited Liability Limited Partnership
LP	Limited Partnership
MASTR	Morgan Stanley Structured Asset Security
P.O.	Principal Only Security
REMIC	Real Estate Mortgage Investment Conduit

    

Footnote Legend:
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $294,111 or 66.3% of net assets.
(2)	Variable rate security. Rate disclosed is as of March 31, 2020. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
(3)	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.
(4)	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.
(5)	Interest payments may be deferred.
(6)	Security in default; no interest payments are being received during the bankruptcy proceedings.
(7)	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(8)	Value shown as par value.
(9)	Interest may be forfeited.
(10)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(11)	All or a portion of the Fund’s assets have been segregated for delayed delivery security.

    

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

32

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Newfleet Low Duration Core Plus Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

Country Weightings†
United States	96%
Cayman Islands	1
Netherlands	1
Canada	1
Turkey	1
Total	100%
† % of total investments as of March 31, 2020.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities	$150,716		$ —		$147,907		$2,809
Corporate Bonds and Notes	91,169		—		91,169		—
Foreign Government Securities	2,853		—		2,853		—
Leveraged Loans	15,381		—		15,381		— (1)
Mortgage-Backed Securities	142,113		—		140,412		1,701
U.S. Government Securities	14,926		—		14,926		—
Equity Securities:
Exchange-Traded Fund	2,229		2,229		—		—
Preferred Stocks	3,799		—		3,799		—
Money Market Mutual Fund	19,948		19,948		—		—
Total Investments	$443,134		$22,177		$416,447		$4,510

    

(1)	Includes internally fair valued securities currently priced at zero ($0).

Securities held by the Fund with an end of period value of $881 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Securities held by the Fund with an end of period value of $2,307 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

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

	Total		Asset-Backed Securities		Mortgage-Backed Securities		Leveraged Loans
Investments in Securities
Balance as of September 30, 2019:	$ 3,678		$ -		$ 3,678		$- (a)
Accrued discount/(premium)	-(b)		-(b)		-(b)		-
Change in unrealized appreciation (depreciation)(c)	(375)		(189)		(186)		-
Purchases	2,940		2,230		710		-
Sales (d)	(307)		(113)		(194)		-
Transfers into Level 3(e)	881		881		-		-
Transfers from Level 3(e)	(2,307)		-		(2,307)		-
Balance as of March 31, 2020	$ 4,510		$2,809		$ 1,701		$- (a)

^(a) Includes internally fair valued security currently priced at zero ($0).

^(b) Amount is less than $500.

^(c) The change in unrealized appreciation (depreciation) on investments still held at March 31, 2020, was $(192).

^(d) Includes paydowns on securities.

^(e) “Transfers into and/or from” represent the ending value as of March 31, 2020, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Financial Statements

33

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Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Par Value		Value
U.S. Government Securities—2.3%
U.S. Treasury Bond 2.875%, 5/15/49	$ 3,805		$ 5,196
U.S. Treasury Notes
1.750%, 6/15/22	355		367
1.750%, 11/15/29	800		879
Total U.S. Government Securities (Identified Cost $5,890)			6,442
Municipal Bonds—1.3%
California—1.1%
State of California, Build America Bonds Taxable 7.600%, 11/1/40	1,905		3,170
Illinois—0.0%
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43	100		104
Michigan—0.1%
Tobacco Settlement Finance Authority Revenue Taxable Series A 7.309%, 6/1/34	130		129
Virginia—0.1%
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46	310		268
Total Municipal Bonds (Identified Cost $3,692)			3,671
Foreign Government Securities—5.4%
Bolivarian Republic of Venezuela
9.375%, 1/13/34(1)	920		83
RegS 7.650%, 4/21/25(1)(2)	1,500		135
Israel 2.750%, 7/3/30	200		200
Kingdom of Morocco 144A 5.500%, 12/11/42(3)	800		847
Kingdom of Saudi Arabia 144A 3.625%, 3/4/28(3)	1,240		1,259
Republic of Argentine 5.875%, 1/11/28	805		216
Republic of Colombia 3.000%, 1/30/30	830		757
Republic of Egypt
144A 7.600%, 3/1/29(3)	370		331

	Par Value		Value
Foreign Government Securities—continued
144A 8.500%, 1/31/47(3)	$ 745		$ 608
Republic of El Salvador 144A 7.625%, 2/1/41(3)	345		283
Republic of Ghana 144A 8.125%, 3/26/32(3)	640		451
Republic of Indonesia
2.850%, 2/14/30	520		504
144A 4.350%, 1/8/27(3)	1,055		1,089
Republic of Ivory Coast 144A 6.125%, 6/15/33(3)	635		553
Republic of Pakistan RegS 6.875%, 12/5/27(2)	465		385
Republic of Panama
4.300%, 4/29/53	475		511
3.870%, 7/23/60	815		813
Republic of South Africa
5.875%, 9/16/25	205		197
5.650%, 9/27/47	510		376
Republic of Turkey 7.625%, 4/26/29	1,870		1,781
Republic of Uruguay 5.100%, 6/18/50	325		370
Russian Federation
144A 5.625%, 4/4/42(3)	600		729
RegS 4.375%, 3/21/29(2)	600		641
Ukraine 144A 7.750%, 9/1/25(3)	845		767
United Mexican States
4.500%, 4/22/29	555		569
Series M 6.500%, 6/9/22	16,410 MXN		693
Total Foreign Government Securities (Identified Cost $18,409)			15,148
Mortgage-Backed Securities—16.9%
Agency—0.9%
Federal National Mortgage Association
Pool #MA3088 4.000%, 8/1/47	1,678		1,802
Pool #MA3663 3.500%, 5/1/49	675		713
			2,515
Non-Agency—16.0%
Agate Bay Mortgage Trust 2016-3, A5 144A 3.500%, 8/25/46(3)(4)	401		403

	Par Value		Value
Non-Agency—continued
American Homes 4 Rent Trust
2014-SFR2, C 144A 4.705%, 10/17/36(3)	$ 915		$ 909
2015-SFR1, A 144A 3.467%, 4/17/52(3)	637		619
2015-SFR2, C 144A 4.691%, 10/17/52(3)	1,011		911
Arroyo Mortgage Trust
2018-1, A1 144A 3.763%, 4/25/48(3)(4)	554		539
2019-1, A1 144A 3.805%, 1/25/49(3)(4)	401		389
2019-2, A1 144A 3.347%, 4/25/49(3)(4)	388		369
Banc of America Funding Trust
2004-D, 5A1 3.783%, 1/25/35(4)	467		405
2005-1, 1A1 5.500%, 2/25/35	254		243
2006-2, 3A1 6.000%, 3/25/36	116		109
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust 2004-24CB, 1A1 6.000%, 11/25/34	51		53
Bayview Opportunity Master Fund IVa Trust
2016-SPL1, B1 144A 4.250%, 4/28/55(3)	625		596
2017-SPL5, B1 144A 4.000%, 6/28/57(3)(4)	1,000		945
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(3)(4)	445		438
BSPRT Issuer Ltd. 2019-FL5, A (1 month LIBOR + 1.150%) 144A 1.855%, 5/15/29(3)(4)	535		483
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(3)(4)	308		282
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(3)(4)	785		616
Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A 4.000%, 4/25/49(3)(4)	275		276
Citigroup Commercial Mortgage Trust 2013-375P, B 144A 3.518%, 5/10/35(3)(4)	400		394

See Notes to Financial Statements

34

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Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Citigroup Mortgage Loan Trust, Inc.
2019-IMC1, A1 144A 2.720%, 7/25/49(3)(4)	$ 582		$ 561
2015-A, A1 144A 3.500%, 6/25/58(3)(4)	165		165
2019-RP1, A1 144A 3.500%, 1/25/66(3)(4)	801		812
COLT Mortgage Loan Trust Funding LLC 2020-1, A1 144A 2.488%, 2/25/50(3)(4)	311		300
CoreVest American Finance Trust 2019-3, C 144A 3.265%, 10/15/52(3)	250		186
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 1.685%, 5/15/36(3)(4)	675		634
Credit Suisse Mortgage Capital Trust 2014-IVR2, A2 144A 3.760%, 4/25/44(3)(4)	197		195
Deephaven Residential Mortgage Trust
2017-1A, A2 144A 2.928%, 12/26/46(3)(4)	84		82
2017-2A, A2 144A 2.606%, 6/25/47(3)(4)	67		65
Ellington Financial Mortgage Trust 2019-2, A3 144A 3.046%, 11/25/59(3)(4)	169		163
Galton Funding Mortgage Trust
2018-1, A23 144A 3.500%, 11/25/57(3)(4)	319		316
2018-2, A41 144A 4.500%, 10/25/58(3)(4)	303		303
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(3)(4)	418		428
Homeward Opportunities Fund I Trust
2018-1, A1 144A 3.766%, 6/25/48(3)(4)	341		329
2019-3, A1 144A 2.675%, 11/25/59(3)(4)	718		683
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C31, AS 4.106%, 8/15/48	665		687
JPMorgan Chase Mortgage Trust
2014-2, 2A2 144A 3.500%, 6/25/29(3)(4)	127		126
2014-5, B2 144A 2.959%, 10/25/29(3)(4)	267		236

	Par Value		Value
Non-Agency—continued
2016-SH1, M2 144A 3.750%, 4/25/45(3)(4)	$ 474		$ 468
2016-SH2, M2 144A 3.750%, 12/25/45(3)(4)	878		835
2018-8, A3 144A 4.000%, 1/25/49(3)(4)	349		356
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(3)(4)	775		678
MASTR Alternative Loan Trust
2005-5, 2A3 5.500%, 7/25/25	395		377
2005-2, 2A1 6.000%, 1/25/35	268		264
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(3)(4)	77		77
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 2.147%, 6/25/52(3)(4)(5)	400		400
MetLife Securitization Trust
2017-1A, M1 144A 3.686%, 4/25/55(3)(4)	425		370
2019-1A, A1A 144A 3.750%, 4/25/58(3)(4)	671		692
New Residential Mortgage Loan Trust 2017-2A, A3 144A 4.000%, 3/25/57(3)(4)	544		565
OBX Trust
2018-EXP2, 1A1 144A 4.000%, 11/25/48(3)(4)	980		982
2019-INV1, A3 144A 4.500%, 11/25/48(3)(4)	525		529
2019-EXP3, 1A8 144A 3.500%, 10/25/59(3)(4)	649		641
Pretium Mortgage Credit Partners I LLC 2019-NPL3, A1 144A 3.105%, 7/27/59(3)(4)	456		396
Progress Residential Trust
2017-SFR1, B 144A 3.017%, 8/17/34(3)	940		917
2018-SFR1, B 144A 3.484%, 3/17/35(3)	980		951
2018-SFR2, B 144A 3.841%, 8/17/35(3)	1,380		1,354
PRPM LLC
2019-1A, A1 144A 4.500%, 1/25/24(3)(4)	781		788
2019-2A, A1 144A 3.967%, 4/25/24(3)(4)	1,125		1,006
2019-GS1, A1 144A 3.500%, 10/25/24(3)(4)(5)	585		582
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(3)(4)	1,284		1,275

	Par Value		Value
Non-Agency—continued
RCO V Mortgage LLC
2019-1, A1 144A 3.721%, 5/24/24(3)(4)	$ 701		$ 666
2019-2, A1 144A 3.475%, 11/25/24(3)(4)	383		364
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(3)(4)	795		792
RMF Proprietary Issuance Trust 2019-1, A 144A 2.750%, 10/25/63(3)(4)	1,071		1,010
Sequoia Mortgage Trust 2013-8, B1 3.518%, 6/25/43(4)	617		587
SG Residential Mortgage Trust 2019-3, A1 144A 2.703%, 9/25/59(3)(4)	360		347
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 2/25/49(3)(4)	715		711
Towd Point Mortgage Trust
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 1.847%, 4/25/48(3)(4)	745		722
2015-1, A2 144A 3.250%, 10/25/53(3)(4)	555		546
2016-1, M1 144A 3.500%, 2/25/55(3)(4)	380		361
2015-6, M1 144A 3.750%, 4/25/55(3)(4)	760		725
2015-5, A2 144A 3.500%, 5/25/55(3)(4)	690		672
2017-1, M1 144A 3.750%, 10/25/56(3)(4)	450		422
2017-6, A2 144A 3.000%, 10/25/57(3)(4)	485		445
2018-SJ1, A1 144A 4.000%, 10/25/58(3)(4)	195		195
2015-2, 1M1 144A 3.250%, 11/25/60(3)(4)	710		660
Tricon American Homes Trust
2017-SFR1, A 144A 2.716%, 9/17/34(3)	372		366
2019-SFR1, C 144A 3.149%, 3/17/38(3)	610		520
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(3)(4)	705		515
UBS Commercial Mortgage Trust 2012-C1, D 144A 5.572%, 5/10/45(3)(4)	610		568
VCAT LLC 2019-NPL2, A1 144A 3.573%, 11/25/49(3)(4)	288		284
Vericrest Opportunity Loan Trust
2019-NPL2, A1 144A 3.967%, 2/25/49(3)(4)	399		353

See Notes to Financial Statements

35

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Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2020-NPL2, A1A 144A 2.981%, 2/25/50(3)(4)	$ 303		$ 261
Verus Securitization Trust
2018-1, A1 144A 2.929%, 2/25/48(3)(4)	246		234
2018-2, B1 144A 4.426%, 6/1/58(3)(4)	760		680
2019-INV1, A1 144A 3.402%, 12/25/59(3)(4)	518		496
Wells Fargo Commercial Mortgage Trust
2014-C24, AS 3.931%, 11/15/47	665		675
2015-LC20, B 3.719%, 4/15/50	875		840
			44,770
Total Mortgage-Backed Securities (Identified Cost $49,563)			47,285
Asset-Backed Securities—8.0%
Automobiles—4.1%
ACC Trust
2018-1, B 144A 4.820%, 5/20/21(3)	473		473
2019-1, B 144A 4.470%, 10/20/22(3)	640		641
American Credit Acceptance Receivables Trust
2018-1, C 144A 3.550%, 4/10/24(3)	593		591
2018-4, C 144A 3.970%, 1/13/25(3)	790		762
Avid Automobile Receivables Trust 2019-1, C 144A 3.140%, 7/15/26(3)	930		889
Exeter Automobile Receivables Trust
2018-4A, D 144A 4.350%, 9/16/24(3)	865		792
2019-1A, D 144A 4.130%, 12/16/24(3)	770		695
GLS Auto Receivables Issuer Trust 2019-4A, C 144A 3.060%, 8/15/25(3)	470		448
GLS Auto Receivables Trust
2017-1A, C 144A 3.500%, 7/15/22(3)	1,180		1,173
2018-1A, B 144A 3.520%, 8/15/23(3)	1,155		1,093

	Par Value		Value
Automobiles—continued
OneMain Direct Auto Receivables Trust 2018-1A, C 144A 3.850%, 10/14/25(3)	$ 660		$ 653
Prestige Auto Receivables Trust 2019-1A, D 144A 3.010%, 8/15/25(3)(5)	710		722
Skopos Auto Receivables Trust 2018-1A, B 144A 3.930%, 5/16/22(3)	561		553
United Auto Credit Securitization Trust 2019-1, E 144A 4.290%, 8/12/24(3)	670		503
Veros Automobile Receivables Trust
2018-1, B 144A 4.050%, 2/15/24(3)	720		718
2020-1, B 144A 2.190%, 6/16/25(3)	810		779
			11,485
Credit Card—0.3%
Fair Square Issuance Trust 2020-AA, A 144A 2.900%, 9/20/24(3)	820		755
Other—3.6%
Aqua Finance Trust
2017-A, A 144A 3.720%, 11/15/35(3)	553		552
2019-A, C 144A 4.010%, 7/16/40(3)	915		909
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(3)	900		870
BCC Funding Corp. XVI LLC 2019-1A, D 144A 3.940%, 7/20/27(3)	930		902
Business Jet Securities LLC 2019-1, A 144A 4.212%, 7/15/34(3)	651		482
Drug Royalty III LP 1 2016-1A, A 144A 3.979%, 4/15/27(3)(5)	75		75
FREED ABS Trust
2019-1, B 144A 3.870%, 6/18/26(3)	665		573
2019-2, B 144A 3.190%, 11/18/26(3)	775		676
Hardee’s Funding LLC 2018-1A, A2I 144A 4.250%, 6/20/48(3)	896		860
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(3)	785		696

	Par Value		Value
Other—continued
Kabbage Funding LLC 2019-1, A 144A 3.825%, 3/15/24(3)	$ 730		$ 710
Oasis LLC 2020-1A, A 144A 3.820%, 1/15/32(3)	760		755
Octane Receivables Trust 2019-1A, A 144A 3.160%, 9/20/23(3)	664		659
Prosper Marketplace Issuance Trust 2018-2A, B 144A 3.960%, 10/15/24(3)	795		772
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(3)(5)	655		607
			10,098
Total Asset-Backed Securities (Identified Cost $23,471)			22,338
Corporate Bonds and Notes—44.7%
Communication Services—5.0%
Altice Financing S.A. 144A 5.000%, 1/15/28(3)	250		221
Altice France Holding S.A. 144A 6.000%, 2/15/28(3)	330		290
America Movil SAB de C.V. 6.450%, 12/5/22	50 MXN		197
Cable Onda S.A. 144A 4.500%, 1/30/30(3)	790		695
CCO Holdings LLC
144A 4.750%, 3/1/30(3)	610		609
144A 4.500%, 8/15/30(3)	585		573
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(3)	773		778
Clear Channel Worldwide Holdings, Inc.
144A 9.250%, 2/15/24(3)	171		147
144A 5.125%, 8/15/27(3)	250		234
Consolidated Communications, Inc. 6.500%, 10/1/22	830		726
CSC Holdings LLC 144A 5.750%, 1/15/30(3)	725		731
Diamond Sports Group LLC
144A 5.375%, 8/15/26(3)	320		260
144A 6.625%, 8/15/27(3)	620		415
DISH DBS Corp.
5.875%, 7/15/22	300		292
5.000%, 3/15/23	305		293
7.750%, 7/1/26	280		288
Front Range BidCo, Inc. 144A 4.000%, 3/1/27(3)	20		19

See Notes to Financial Statements

36

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Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Communication Services—continued
Frontier Communications Corp.
8.500%, 4/15/20	$ 254		$ 67
11.000%, 9/15/25(6)	400		104
144A 8.500%, 4/1/26(3)	245		224
iHeartCommunications, Inc. 8.375%, 5/1/27	426		363
IHS Netherlands Holdco B.V. 144A 8.000%, 9/18/27(3)	500		410
LCPR Senior Secured Financing DAC 144A 6.750%, 10/15/27(3)	455		448
Live Nation Entertainment, Inc. 144A 4.750%, 10/15/27(3)	190		170
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A 7.875%, 5/15/24(3)	513		382
Meredith Corp. 6.875%, 2/1/26	436		375
Sirius XM Radio, Inc.
144A 4.625%, 7/15/24(3)	160		163
144A 5.500%, 7/1/29(3)	325		332
Sprint Corp. 7.875%, 9/15/23	560		617
Sprint Spectrum Co. LLC 144A 5.152%, 3/20/28(3)	750		799
Telesat Canada
144A 4.875%, 6/1/27(3)	285		272
144A 6.500%, 10/15/27(3)	955		917
Tencent Holdings Ltd. 144A 3.975%, 4/11/29(3)	855		947
Twitter, Inc. 144A 3.875%, 12/15/27(3)	630		606
			13,964
Consumer Discretionary—3.6%
American Axle & Manufacturing, Inc. 6.500%, 4/1/27	625		482
Caesars Resort Collection LLC 144A 5.250%, 10/15/25(3)	363		262
Dana, Inc. 5.375%, 11/15/27	680		551
Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23(3)	451		361
eBay, Inc. 2.700%, 3/11/30	875		792
Eldorado Resorts, Inc. 6.000%, 9/15/26	214		193
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(3)	746		649

	Par Value		Value
Consumer Discretionary—continued
Golden Nugget, Inc. 144A 8.750%, 10/1/25(3)	$ 375		$ 194
Lear Corp. 3.800%, 9/15/27	835		765
Lithia Motors, Inc. 144A 4.625%, 12/15/27(3)	410		369
M/I Homes, Inc. 144A 4.950%, 2/1/28(3)	935		793
MGM Growth Properties Operating Partnership LP 5.750%, 2/1/27	380		331
MGM Resorts International 5.500%, 4/15/27	304		277
Michaels Stores, Inc. 144A 8.000%, 7/15/27(3)	310		229
Neiman Marcus Group Ltd. LLC 144A 8.000%, 10/25/24(3)	428		43
Panther BF Aggregator 2 LP 144A 8.500%, 5/15/27(3)	445		388
PulteGroup, Inc. 7.875%, 6/15/32	525		577
QVC, Inc. 4.750%, 2/15/27	425		376
Scientific Games International, Inc.
144A 8.250%, 3/15/26(3)	570		365
144A 7.000%, 5/15/28(3)	175		108
Station Casinos LLC 144A 4.500%, 2/15/28(3)	475		385
Under Armour, Inc. 3.250%, 6/15/26	640		543
Vista Outdoor, Inc. 5.875%, 10/1/23	616		510
Weekley Homes LLC 6.625%, 8/15/25	685		616
			10,159
Consumer Staples—1.8%
Albertsons Cos., Inc. 144A 4.625%, 1/15/27(3)	745		741
Altria Group, Inc. 4.800%, 2/14/29	960		1,005
Bacardi Ltd. 144A 4.700%, 5/15/28(3)	780		834
BAT Capital Corp. 4.906%, 4/2/30	630		646
Chobani LLC 144A 7.500%, 4/15/25(3)	785		715
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(3)	434		356
Sigma Finance Netherlands BV 144A 4.875%, 3/27/28(3)	800		764
			5,061
Energy—5.4%
Afren plc 144A 11.500%, 2/1/16(1)(3)(5)	464		— (7)

	Par Value		Value
Energy—continued
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(3)	$ 660		$ 396
Blue Racer Midstream LLC 144A 6.625%, 7/15/26(3)	750		435
Callon Petroleum Co. 6.125%, 10/1/24	290		52
CGG SA PIK Interest Capitalization, (3 month LIBOR + 4.000%) 144A 5.696%, 2/21/24(3)(8)	5		5
Cheniere Energy Partners LP
5.625%, 10/1/26	332		309
144A 4.500%, 10/1/29(3)	400		356
CITGO Holding, Inc. 144A 9.250%, 8/1/24(3)	290		236
CrownRock LP 144A 5.625%, 10/15/25(3)	670		348
Denbury Resources, Inc. 144A 9.250%, 3/31/22(3)	251		60
Geopark Ltd. 144A 6.500%, 9/21/24(3)	760		431
HollyFrontier Corp. 5.875%, 4/1/26	900		780
KazMunayGas National Co. JSC 144A 4.750%, 4/19/27(3)	1,705		1,629
Kinder Morgan, Inc. 7.750%, 1/15/32	805		929
MEG Energy Corp. 144A 7.125%, 2/1/27(3)	485		241
MPLX LP 4.000%, 3/15/28	707		628
Nabors Industries, Inc. 5.750%, 2/1/25	355		78
Odebrecht Offshore Drilling Finance Ltd. PIK Interest Capitalization, 144A 7.720%, 12/1/26(3)(9)	894		89
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (3)(5)(10)	124		1
Parsley Energy LLC 144A 4.125%, 2/15/28(3)	420		286
Patterson-UTI Energy, Inc. 5.150%, 11/15/29	635		238
Pertamina Persero PT 144A 6.450%, 5/30/44(3)	2,075		2,261
Petrobras Global Finance B.V.
7.375%, 1/17/27	922		943
5.750%, 2/1/29	350		330
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(3)	1,580		95
Petroleos Mexicanos
6.375%, 1/23/45	610		394
6.350%, 2/12/48	480		300

See Notes to Financial Statements

37

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Table of Contents

Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Energy—continued
Sabine Pass Liquefaction LLC 4.200%, 3/15/28	$ 505		$ 434
Sanchez Energy Corp. 144A 7.250%, 2/15/23(1)(3)(5)	375		56
Sinopec Group Overseas Development 2017 Ltd. 144A 3.625%, 4/12/27(3)	700		737
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(2)	855		845
Targa Resources Partners LP 5.875%, 4/15/26	623		519
Transocean, Inc. 144A 8.000%, 2/1/27(3)	70		33
USA Compression Partners LP
6.875%, 4/1/26	400		250
6.875%, 9/1/27	385		239
Vine Oil & Gas LP 144A 8.750%, 4/15/23(3)	573		126
			15,089
Financials—9.0%
Acrisure LLC
144A 8.125%, 2/15/24(3)	255		248
144A 7.000%, 11/15/25(3)	780		671
AerCap Ireland Capital DAC 3.650%, 7/21/27	975		756
Allstate Corp. (The) Series B 5.750%, 8/15/53(11)	845		761
Athene Holding Ltd. 4.125%, 1/12/28	935		845
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(3)	725		728
Aviation Capital Group LLC 144A 3.500%, 11/1/27(3)	1,005		767
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(3)	890		737
Banco de Bogota S.A. 144A 6.250%, 5/12/26(3)	530		501
Bank of Montreal 3.803%, 12/15/32	529		514
Brighthouse Financial, Inc. 3.700%, 6/22/27	935		811
Brightsphere Investment Group, Inc. 4.800%, 7/27/26	785		740
Capital One Financial Corp. 3.750%, 7/28/26	1,030		972

	Par Value		Value
Financials—continued
Citadel LP 144A 4.875%, 1/15/27(3)	$ 605		$ 583
Development Bank of Kazakhstan JSC 144A 8.950%, 5/4/23(3)	160,000 KZT		314
Discover Bank 4.682%, 8/9/28	865		881
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(3)	645		619
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28	845		912
Goldman Sachs Group, Inc. (The) 3.850%, 1/26/27	875		900
Grupo de Inversiones Suramericana S.A. 144A 5.500%, 4/29/26(3)	610		584
ICAHN Enterprises LP 6.250%, 5/15/26	765		723
ING Groep N.V. 6.000% (10)(11)	665		630
Intercorp Peru Ltd. 144A 3.875%, 8/15/29(3)	740		649
Jefferies Group LLC 4.850%, 1/15/27	360		357
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(3)	355		280
Lincoln National Corp. (3 month LIBOR + 2.040%) 3.859%, 4/20/67(4)(11)	300		180
MSCI, Inc.
144A 4.000%, 11/15/29(3)	571		567
144A 3.625%, 9/1/30(3)	40		38
Navient Corp.
6.750%, 6/25/25	611		562
5.000%, 3/15/27	200		172
Prudential Financial, Inc.
5.875%, 9/15/42	485		470
5.625%, 6/15/43(11)	450		423
Santander Holdings USA, Inc.
3.500%, 6/7/24	270		264
4.400%, 7/13/27	700		689
Springleaf Finance Corp.
7.125%, 3/15/26	670		656
5.375%, 11/15/29	60		55
Synchrony Financial 3.950%, 12/1/27	850		756
Synovus Financial Corp. 5.900%, 2/7/29	437		406
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(3)	740		755

	Par Value		Value
Financials—continued
Toronto-Dominion Bank (The) 3.625%, 9/15/31	$ 910		$ 905
Truist Bank 2.250%, 3/11/30	820		752
Voya Financial, Inc. 5.650%, 5/15/53	615		564
Wells Fargo & Co. Series S 5.900% (10)(11)	640		629
			25,326
Health Care—3.5%
Advanz Pharma Corp., Ltd. 8.000%, 9/6/24	104		92
Avantor, Inc.
144A 6.000%, 10/1/24(3)	302		316
144A 9.000%, 10/1/25(3)	388		408
Bausch Health Americas, Inc.
144A 9.250%, 4/1/26(3)	190		198
144A 8.500%, 1/31/27(3)	315		329
Bausch Health Cos., Inc. 144A 7.000%, 1/15/28(3)	455		472
Catalent Pharma Solutions, Inc. 144A 5.000%, 7/15/27(3)	150		145
Centene Corp. 144A 4.625%, 12/15/29(3)	325		327
Charles River Laboratories International, Inc. 144A 4.250%, 5/1/28(3)	195		188
Community Health Systems, Inc. 144A 6.625%, 2/15/25(3)	375		347
CVS Health Corp. 3.750%, 4/1/30	625		647
HCA, Inc.
5.375%, 2/1/25	319		325
5.625%, 9/1/28	397		416
5.875%, 2/1/29	65		69
4.125%, 6/15/29	720		725
LifePoint Health, Inc. 144A 4.375%, 2/15/27(3)	305		287
Mylan NV 3.950%, 6/15/26	690		689
Ortho-Clinical Diagnostics, Inc.
144A 6.625%, 5/15/22(3)	71		67
144A 7.250%, 2/1/28(3)	110		95
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(3)	335		333
Perrigo Finance Unlimited Co. 4.375%, 3/15/26	600		620
Select Medical Corp. 144A 6.250%, 8/15/26(3)	520		520

See Notes to Financial Statements

38

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Table of Contents

Table of Contents

Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Health Care—continued
Surgery Center Holdings, Inc.
144A 6.750%, 7/1/25(3)	$ 315		$ 227
144A 10.000%, 4/15/27(3)	290		203
Tenet Healthcare Corp.
8.125%, 4/1/22	155		146
144A 5.125%, 11/1/27(3)	255		244
Teva Pharmaceutical Finance Netherlands III BV
3.150%, 10/1/26	555		467
144A 7.125%, 1/31/25(3)	200		198
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25(3)	792		690
			9,790
Industrials—4.3%
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(3)	715		700
ASGN, Inc. 144A 4.625%, 5/15/28(3)	400		375
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(3)	870		805
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(3)	807		646
Beacon Roofing Supply, Inc. 144A 4.500%, 11/15/26(3)	620		572
Bombardier, Inc.
144A 8.750%, 12/1/21(3)	530		440
144A 7.500%, 3/15/25(3)	280		194
Carlisle Cos., Inc. 2.750%, 3/1/30	251		219
DP World plc 144A 6.850%, 7/2/37(3)	730		688
Garda World Security Corp. 144A 4.625%, 2/15/27(3)	390		349
GFL Environmental, Inc.
144A 7.000%, 6/1/26(3)	159		154
144A 8.500%, 5/1/27(3)	153		154
Hillenbrand, Inc. 4.500%, 9/15/26	395		402
Hillman Group, Inc. (The) 144A 6.375%, 7/15/22(3)	540		419
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(3)	862		623
Oshkosh Corp. 4.600%, 5/15/28	742		719

	Par Value		Value
Industrials—continued
Pentair Finance S.a.r.l 4.500%, 7/1/29	$ 690		$ 726
Signature Aviation US Holdings, Inc. 144A 4.000%, 3/1/28(3)	775		700
SRS Distribution, Inc. 144A 8.250%, 7/1/26(3)	450		405
Stanley Black & Decker, Inc. 4.000%, 3/15/60(11)	1,686		1,600
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(3)	433		362
TransDigm, Inc.
144A 6.250%, 3/15/26(3)	290		289
144A 5.500%, 11/15/27(3)	640		574
			12,115
Information Technology—2.4%
Alibaba Group Holding Ltd. 3.400%, 12/6/27	760		797
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(3)	83		73
Citrix Systems, Inc. 3.300%, 3/1/30	1,145		1,065
Dell International LLC 144A 8.100%, 7/15/36(3)	295		339
Exela Intermediate LLC 144A 10.000%, 7/15/23(3)	287		75
Juniper Networks, Inc. 3.750%, 8/15/29	815		791
Motorola Solutions, Inc.
4.600%, 2/23/28	521		531
4.600%, 5/23/29	270		284
Open Text Holdings, Inc. 144A 4.125%, 2/15/30(3)	710		668
Radiate Holdco LLC 144A 6.625%, 2/15/25(3)	705		599
Science Applications International Corp. 144A 4.875%, 4/1/28(3)	80		77
ViaSat, Inc. 144A 5.625%, 9/15/25(3)	830		776
VMware, Inc. 3.900%, 8/21/27	636		627
			6,702
Materials—5.3%
Alpek SAB de C.V. 144A 5.375%, 8/8/23(3)	1,110		1,030
ARD Finance S.A. PIK Interest Capitalization, 144A 6.500%, 6/30/27(3)(12)	780		670

	Par Value		Value
Materials—continued
Avery Dennison Corp. 2.650%, 4/30/30	$ 755		$ 703
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(3)(11)	680		721
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(3)	125		110
CPG Merger Sub LLC 144A 8.000%, 10/1/21(3)	320		311
Equate Petrochemical BV 144A 4.250%, 11/3/26(3)	765		727
Glencore Funding LLC 144A 4.000%, 3/27/27(3)	950		865
Greif, Inc. 144A 6.500%, 3/1/27(3)	420		403
GUSAP III LP 144A 4.250%, 1/21/30(3)	805		710
Hecla Mining Co. 7.250%, 2/15/28	440		387
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(3)	335		305
Inversiones CMPC S.A. 144A 3.850%, 1/13/30(3)	960		864
Kaiser Aluminum Corp. 144A 4.625%, 3/1/28(3)	480		426
Kraton Polymers LLC 144A 7.000%, 4/15/25(3)	716		634
LSB Industries, Inc. 144A 9.625%, 5/1/23(3)	360		299
Mauser Packaging Solutions Holding Co. 144A 7.250%, 4/15/25(3)	650		492
Novelis Corp. 144A 4.750%, 1/30/30(3)	405		360
Olin Corp. 5.625%, 8/1/29	690		635
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24(3)	370		376
SABIC Capital II BV 144A 4.500%, 10/10/28(3)	795		827
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(3)	595		592
Scotts Miracle-Gro Co. (The) 4.500%, 10/15/29	465		443
Syngenta Finance N.V. 144A 4.441%, 4/24/23(3)	315		297

See Notes to Financial Statements

39

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Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Materials—continued
Teck Resources Ltd. 6.125%, 10/1/35	$ 690		$ 634
TPC Group, Inc. 144A 10.500%, 8/1/24(3)	285		233
Trident TPI Holdings, Inc.
144A 9.250%, 8/1/24(3)	425		353
144A 6.625%, 11/1/25(3)	446		358
			14,765
Real Estate—2.1%
EPR Properties 4.750%, 12/15/26	815		741
ESH Hospitality, Inc. 144A 4.625%, 10/1/27(3)	770		601
GLP Capital LP
5.250%, 6/1/25	600		555
5.750%, 6/1/28	229		202
5.300%, 1/15/29	336		287
Iron Mountain, Inc. 144A 4.875%, 9/15/29(3)	775		728
iStar, Inc. 4.250%, 8/1/25	770		633
MPT Operating Partnership LP
5.000%, 10/15/27	302		293
4.625%, 8/1/29	145		134
Office Properties Income Trust 4.500%, 2/1/25	900		881
Service Properties Trust 4.950%, 2/15/27	900		682
			5,737
Utilities—2.3%
American Electric Power Co., Inc. 2.300%, 3/1/30	533		497
CenterPoint Energy, Inc. 4.250%, 11/1/28	365		374
Centrais Eletricas Brasileiras S.A. 144A 4.625%, 2/4/30(3)	620		549
DPL, Inc. 144A 4.350%, 4/15/29(3)	998		950
Edison International 4.950%, 4/15/25	735		733
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(3)	670		482
Ferrellgas Partners LP 8.625%, 6/15/20(6)	135		34
Perusahaan Listrik Negara PT 144A 4.125%, 5/15/27(3)	1,000		964
Talen Energy Supply LLC
144A 7.250%, 5/15/27(3)	145		131
144A 6.625%, 1/15/28(3)	560		469
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(3)	581		609
Texas Competitive Electric Escrow, (5)	200		—

	Par Value		Value
Utilities—continued
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(3)(5)	$ 375		$ —(7)
Transportadora de Gas Internacional SA ESP 144A 5.550%, 11/1/28(3)	750		721
			6,513
Total Corporate Bonds and Notes (Identified Cost $142,752)			125,221
Leveraged Loans(4)—9.9%
Aerospace—0.6%
AI Convoy (Luxembourg) S.a.r.l. Tranche B (3 month LIBOR + 3.500%) 5.340%, 1/18/27	650		575
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 4.740%, 12/6/25	148		141
Dynasty Acquisition Co., Inc.
2020, Tranche B-1 (3 month LIBOR + 3.500%) 4.950%, 4/6/26	277		219
2020, Tranche B-2 (3 month LIBOR + 3.500%) 4.950%, 4/6/26	149		118
DynCorp International, Inc. Tranche B, First Lien (1 month LIBOR + 6.000%) 6.612%, 8/18/25	331		273
TransDigm, Inc.
Tranche E (1 month LIBOR + 2.250%) 3.239%, 5/30/25	216		196
Tranche F (1 month LIBOR + 2.250%) 3.239%, 12/9/25	141		128
			1,650
Chemicals—0.1%
Innophos Holdings, Inc. (1 month LIBOR + 3.750%) 4.755%, 2/4/27	400		339
Consumer Non-Durables—0.7%
American Greetings Corp. (1 month LIBOR + 4.500%) 5.500%, 4/6/24	819		647
Diamond (BC) B.V. (3 month LIBOR + 3.000%) 4.777%, 9/6/24	494		365
Kronos Acquisition Holdings, Inc. Tranche B-3 (1 month LIBOR + 4.000%) 5.000%, 5/15/23	374		333

	Par Value		Value
Consumer Non-Durables—continued
Parfums Holding Co., Inc. First Lien (3 month LIBOR + 4.250%) 5.863%, 6/30/24	$ 349		$ 270
Rodan & Fields LLC (1 month LIBOR + 3.000%) 4.709%, 6/16/25	703		307
			1,922
Energy—0.2%
California Resources Corp. 2016 (3 month LIBOR + 10.375%) 11.988%, 12/31/21	420		20
CITGO Petroleum Corp. 2019, Tranche B (1 month LIBOR + 5.000%) 6.000%, 3/27/24	356		310
Fieldwood Energy LLC First Lien (3 month LIBOR + 5.250%) 7.027%, 4/11/22	880		275
			605
Financial—0.7%
Asurion LLC Tranche B-2, Second Lien (1 month LIBOR + 6.500%) 7.489%, 8/4/25	559		509
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%) 3.989%, 6/16/25	645		521
Deerfield Dakota Holding LLC Tranche B, First Lien (3 month LIBOR + 4.000%) 0.000%, 3/5/27(13)	280		235
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 2.989%, 12/27/22	144		138
iStar, Inc. Tranche B (1 month LIBOR + 2.750%) 3.680%, 6/28/23	511		455
			1,858
Food / Tobacco—0.6%
Chobani LLC Tranche B (1 month LIBOR + 3.500%) 4.500%, 10/10/23	478		424
Dole Food Co., Inc. Tranche B (1 month LIBOR + 2.750%) 3.750%, 4/6/24	469		420
H-Food Holdings LLC (1 month LIBOR + 3.688%) 4.677%, 5/23/25	338		281
Milk Specialties Co. (1 month LIBOR + 4.000%) 5.000%, 8/16/23(5)	285		194

See Notes to Financial Statements

40

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Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Food / Tobacco—continued
Shearer’s Foods LLC Second Lien (1 month LIBOR + 6.750%) 7.750%, 6/30/22	$ 460		$ 424
			1,743
Forest Prod / Containers—0.2%
BWay Holding Co. (3 month LIBOR + 3.250%) 5.084%, 4/3/24	318		258
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%) 4.252%, 1/31/25	277		188
			446
Gaming / Leisure—0.5%
Affinity Gaming LLC (1 month LIBOR + 3.250%) 4.250%, 7/3/23	501		372
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 3.750%, 4/29/24	269		182
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 4.246%, 8/14/24	333		268
Stars Group Holdings B.V. (3 month LIBOR + 3.500%) 4.950%, 7/10/25	492		468
UFC Holdings LLC Tranche B (1 month LIBOR + 3.250%) 4.250%, 4/29/26	254		221
			1,511
Healthcare—1.6%
21st Century Oncology, Inc. Tranche B (1 month LIBOR + 6.125%) 7.125%, 1/16/23	156		148
Accelerated Health Systems LLC (1 month LIBOR + 3.500%) 4.297%, 10/31/25	400		340
Agiliti Health, Inc. (1 month LIBOR + 3.000%) 4.625%, 1/4/26	114		109
AHP Health Partners, Inc. (1 month LIBOR + 4.500%) 5.500%, 6/30/25	483		424

	Par Value		Value
Healthcare—continued
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 3.362%, 11/27/25	$ 195		$ 185
(1 month LIBOR + 3.000%) 3.612%, 6/2/25	87		82
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%) 4.073%, 6/7/23	560		495
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 4.739%, 10/10/25	287		145
EyeCare Partners LLC
First Lien (3 month LIBOR + 3.750%) 3.750%, 2/18/27(14)	81		65
First Lien (6 month LIBOR + 3.750%) 4.822%, 2/18/27	345		276
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.739%, 11/17/25	650		600
Navicure, Inc. (1 month LIBOR + 4.000%) 4.989%, 10/22/26	255		233
One Call Corp. First Lien (3 month LIBOR + 5.250%) 6.954%, 11/27/22	521		417
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 4.765%, 6/30/25	338		286
Phoenix Guarantor, Inc. Tranche B-1 (3 month LIBOR + 3.250%) 4.113%, 3/5/26	114		103
Sotera Health Holdings LLC First Lien (1 month LIBOR + 4.500%) 5.500%, 12/11/26	470		407
Viant Medical Holdings, Inc. First Lien (3 month LIBOR + 3.750%) 5.200%, 7/2/25	264		227
			4,542
Housing—0.3%
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%) 2.989%, 1/15/27	388		365

	Par Value		Value
Housing—continued
CPG International LLC (3 month LIBOR + 3.750%) 5.933%, 5/6/24	$ 560		$ 464
			829
Information Technology—1.0%
Applied Systems, Inc. Second Lien (3 month LIBOR + 7.000%) 8.450%, 9/19/25	305		275
Aston Finco S.a.r.l. First Lien (3 month LIBOR + 4.250%) 6.128%, 10/9/26	275		243
Boxer Parent Co., Inc. (1 month LIBOR + 4.250%) 5.239%, 10/2/25	161		133
Dell International LLC Tranche B-1 (1 month LIBOR + 2.000%) 2.990%, 9/19/25	206		196
Kronos, Inc.
2018 (3 month LIBOR + 3.000%) 4.763%, 11/1/23	820		744
Second Lien (3 month LIBOR + 8.250%) 10.013%, 11/1/24	233		213
SS&C Technologies, Inc.
Tranche B-3 (1 month LIBOR + 1.750%) 2.739%, 4/16/25	189		176
Tranche B-4 (1 month LIBOR + 1.750%) 2.739%, 4/16/25	134		126
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%) 4.239%, 7/2/25	457		400
Vertiv Group Corp. (1 month LIBOR + 3.000%) 4.581%, 3/2/27	345		297
			2,803
Manufacturing—0.5%
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 6.381%, 8/17/22	604		376
Filtration Group Corp. (1 month LIBOR + 3.000%) 3.989%, 3/29/25	521		450
Star US Bidco LLC (1 month LIBOR + 4.250%) 5.250%, 3/17/27	395		337

See Notes to Financial Statements

41

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Table of Contents

Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Manufacturing—continued
U.S. Farathane LLC Tranche B-4 (3 month LIBOR + 3.500%) 4.950%, 12/23/21	$ 513		$ 318
			1,481
Media / Telecom - Broadcasting—0.2%
Diamond Sports Group LLC (1 month LIBOR + 3.250%) 4.180%, 8/24/26	279		215
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.750%) 4.331%, 9/18/26	216		200
			415
Media / Telecom - Cable/Wireless Video—0.3%
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 2.862%, 1/15/26	321		307
Intelsat Jackson Holdings S.A. Tranche B-5 (3 month LIBOR + 0.000%) 6.625%, 1/2/24	318		293
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%) 3.205%, 4/30/28	165		155
			755
Media / Telecom - Telecommunications—0.2%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 3.239%, 3/15/27	254		236
Securus Technologies Holdings, Inc. Second Lien (1 month LIBOR + 8.250%) 9.250%, 11/1/25	390		182
			418
Media / Telecom - Wireless Communications—0.1%
CommScope, Inc. (1 month LIBOR + 3.250%) 4.239%, 4/4/26	229		215
Iridium Satellite LLC (1 month LIBOR + 3.750%) 4.750%, 11/4/26	85		80
			295
Retail—0.0%
Neiman Marcus Group Ltd. LLC (1 month LIBOR + 6.000%) 7.500%, 10/25/23	328		129

	Par Value		Value
Service—1.3%
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%) 4.000%, 3/20/25	$ 491		$ 388
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 4.000%) 4.959%, 2/6/26	390		350
GFL Environmental, Inc. 2018 (1 month LIBOR + 3.000%) 3.991%, 5/30/25	453		437
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%) 5.007%, 6/30/24	199		141
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%) 3.739%, 2/14/25	604		499
Pi US Mergerco, Inc. Tranche B-1 (3 month LIBOR + 3.250%) 4.700%, 1/3/25	654		547
Pug LLC Tranche B (1 month LIBOR + 3.500%) 4.489%, 2/12/27	648		551
Sedgwick Claims Management Services, Inc. 2019 (1 month LIBOR + 4.000%) 4.989%, 9/3/26	456		409
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 4.750%, 2/1/23	321		256
			3,578
Transportation - Automotive—0.2%
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 2.989%, 11/2/23(5)	560		364
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%) 4.441%, 4/30/26	343		312
			676
Utility—0.6%
APLP Holdings LP 2020, Tranche B (3 month LIBOR + 2.500%) 4.103%, 4/14/25	373		358
Brookfield WEC Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 8/1/25	697		655

	Par Value		Value
Utility—continued
Calpine Corp. 2019 (1 month LIBOR + 2.250%) 3.240%, 4/5/26	$ 387		$ 367
Pacific Gas and Electric Co. (3 month LIBOR + 2.250%) 3.120%, 12/31/20	305		295
			1,675
Total Leveraged Loans (Identified Cost $33,876)			27,670

    

	Shares
Preferred Stocks—1.9%
Financials—1.7%
Citigroup, Inc. Series P, 5.950%	530 (15)	514
Huntington Bancshares, Inc. Series E, 5.700%	353 (15)	282
JPMorgan Chase & Co. Series HH, 4.600%	347 (15)	304
KeyCorp Series D, 5.000%(16)	1,090 (15)	948
M&T Bank Corp. Series F, 5.125%(16)	598 (15)	574
MetLife, Inc. Series D, 5.875%	478 (15)	457
PNC Financial Services Group, Inc. (The) Series S, 5.000%	775 (15)	732
Zions Bancorp, 6.950%	38,525	1,008
		4,819
Industrials—0.2%
General Electric Co. Series D, 5.000%	730 (15)	602
Total Preferred Stocks (Identified Cost $5,810)		5,421
Common Stocks—0.0%
Communication Services—0.0%
Clear Channel Outdoor Holdings, Inc.(17)	11,677	8
Consumer Discretionary—0.0%
Mark IV Industries(5)	446	4
Energy—0.0%
Frontera Energy Corp.	6,656	16
Total Common Stocks (Identified Cost $176)		28
Exchange-Traded Funds(18)—1.8%
Invesco Senior Loan ETF	102,552	2,098

See Notes to Financial Statements

42

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Table of Contents

Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Shares		Value
iShares iBoxx High Yield Corporate Bond ETF	39,379		$ 3,035
Total Exchange-Traded Funds (Identified Cost $5,161)			5,133
Rights—0.0%
Utilities—0.0%
Vistra Energy Corp.(5)(17)	6,252		7
Total Rights (Identified Cost $5)			7
Warrant—0.0%
Communication Services—0.0%
iHeartMedia, Inc.	4,966		32
Total Warrant (Identified Cost $86)			32
Total Long-Term Investments—92.2% (Identified Cost $288,891)			258,396
Short-Term Investment—4.4%
Money Market Mutual Fund—4.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(19)	12,381,931		12,382
Total Short-Term Investment (Identified Cost $12,382)			12,382
TOTAL INVESTMENTS—96.6% (Identified Cost $301,273)			$270,778
Other assets and liabilities, net—3.4%			9,534
NET ASSETS—100.0%			$280,312

Abbreviations:
BAM	Build America Municipal Insured
ETF	Exchange-Traded Fund
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LLLP	Limited Liability Limited Partnership
LP	Limited Partnership
MASTR	Morgan Stanley Structured Asset Security
PIK	Payment-in-Kind Security

    

Footnote Legend:
(1)	Security in default; no interest payments are being received during the bankruptcy proceedings.
(2)	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.
(3)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $138,662 or 49.5% of net assets.
(4)	Variable rate security. Rate disclosed is as of March 31, 2020. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
(5)	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.
(6)	Security in default, interest payments are being received during the bankruptcy proceedings.
(7)	Amount is less than $500.
(8)	40% of the income received was in cash and 60% was in PIK.

(9)	13% of the income received was in cash and 87% was in PIK.
(10)	No contractual maturity date.
(11)	Interest payments may be deferred.
(12)	First pay date will be in June 2020.
(13)	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(14)	Represents unfunded portion of security and commitment fee earned on this portion.
(15)	Value shown as par value.
(16)	Interest may be forfeited.
(17)	Non-income producing.
(18)	Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available.
(19)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

    

Foreign Currencies:
KZT	Kazakhstani Tenge
MXN	Mexican Peso

    

Country Weightings†
United States	78%
Canada	3
Netherlands	3
Indonesia	2
Mexico	2
Luxembourg	1
Cayman Islands	1
Other	10
Total	100%
† % of total investments as of March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

43

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Table of Contents

Newfleet Multi-Sector Intermediate Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities	$ 22,338		$ —		$ 20,934		$1,404
Corporate Bonds and Notes	125,221		—		125,164		57 (1)(2)
Foreign Government Securities	15,148		—		15,148		—
Leveraged Loans	27,670		—		27,112		558
Mortgage-Backed Securities	47,285		—		46,303		982
Municipal Bonds	3,671		—		3,671		—
U.S. Government Securities	6,442		—		6,442		—
Equity Securities:
Exchange-Traded Funds	5,133		5,133		—		—
Preferred Stocks	5,421		1,008		4,413		—
Common Stocks	28		24		—		4
Rights	7		—		—		7
Warrant	32		—		32		—
Money Market Mutual Fund	12,382		12,382		—		—
Total Investments	$270,778		$18,547		$249,219		$3,012

    

(1)	Includes internally fair valued security.
(2)	Includes internally fair valued securities currently priced at zero ($0).

Securities held by the Fund with an end of period value of $1,655 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Securities held by the Fund with an end of period value of $710 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

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

	Total		Asset-Backed Securities		Corporate Bonds And Notes		Leveraged Loans		Mortgage-Backed Securities		Common Stocks		Rights		Warrant
Investments in Securities
Balance as of September 30, 2019:	$ 2,725		$ 753		$ —(a)(b)		$ —		$1,883		$12		$ 6		$ 71
Accrued discount/(premium)	— (d)		—		—		—		— (a)		—		—		—
Realized gain (loss)	(9)		—		—		— (a)		(9)		—		—		—
Change in unrealized appreciation (depreciation)(c)	(333)		—		—		(178)		(109)		(8)		1		(39)
Purchases	1,168		—		—		543		625		—		—		—
Sales (d)	(1,484)		(753)		—		(1)		(730)		—		—		—
Transfers into Level 3(e)	1,655		1,404		57		194		—		—		—		—
Transfers from Level 3(e)	(710)		—		—		—		(678)		—		—		(32)
Balance as of March 31, 2020	$ 3,012		$1,404		$57 (b)(f)		$ 558		$ 982		$ 4		$ 7		$ —

^(a)Amount is less than $500.

^(b) Includes internally fair valued security currently priced at zero ($0).

^(c)The change in unrealized appreciation (depreciation) on investments still held at March 31, 2020, was $(333).

^(d)Includes paydowns on securities.

^(e)“Transfers into and/or from” represent the ending value as of March 31, 2020, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(f)Includes internally fair valued security.

See Notes to Financial Statements

44

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Newfleet Senior Floating Rate Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Corporate Bonds and Notes—5.1%
Communication Services—0.9%
Clear Channel Worldwide Holdings, Inc. 144A 5.125%, 8/15/27(1)	$ 130		$ 122
Diamond Sports Group LLC 144A 5.375%, 8/15/26(1)	445		361
DISH DBS Corp. 5.875%, 7/15/22	575		560
Front Range BidCo, Inc. 144A 4.000%, 3/1/27(1)	25		24
iHeartCommunications, Inc.
6.375%, 5/1/26	258		244
8.375%, 5/1/27	467		398
			1,709
Consumer Staples—0.4%
Dole Food Co., Inc. 144A 7.250%, 6/15/25(1)	855		675
Financials—1.4%
Acrisure LLC 144A 8.125%, 2/15/24(1)	220		214
ICAHN Enterprises LP 4.750%, 9/15/24	1,000		918
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1)	225		178
Springleaf Finance Corp. 6.125%, 5/15/22	1,105		1,121
			2,431
Health Care—1.3%
Community Health Systems, Inc. 144A 6.625%, 2/15/25(1)	430		398
LifePoint Health, Inc. 144A 4.375%, 2/15/27(1)	260		245
One Call Corp. PIK Interest Capitalization 144A 7.500%, 7/1/24(1)(2)	1,556		1,376
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25(1)	345		301
			2,320
Industrials—0.2%
Garda World Security Corp. 144A 4.625%, 2/15/27(1)	445		398
Materials—0.5%
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25(1)	785		787

	Par Value		Value
Materials—continued
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1)	$ 95		$ 84
			871
Real Estate—0.4%
iStar, Inc. 4.250%, 8/1/25	875		720
Utilities—0.0%
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(1)(3)	9,165		11
Total Corporate Bonds and Notes (Identified Cost $10,028)			9,135
Leveraged Loans(4)—95.1%
Aerospace—2.9%
AI Convoy (Luxembourg) S.a.r.l. Tranche B (3 month LIBOR + 3.500%) 5.340%, 1/18/27	840		743
American Airlines, Inc. 2018 (1 month LIBOR + 1.750%) 2.709%, 6/27/25	1,306		1,030
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 4.740%, 12/6/25	331		314
DynCorp International, Inc. Tranche B, First Lien (1 month LIBOR + 6.000%) 6.612%, 8/18/25	619		511
Kestrel Bidco, Inc. (1 month LIBOR + 3.000%) 4.000%, 12/11/26	1,197		910
TransDigm, Inc. Tranche F (1 month LIBOR + 2.250%) 3.239%, 12/9/25	1,794		1,629
			5,137
Chemicals—3.1%
Ascend Performance Materials Operations LLC (3 month LIBOR + 5.250%) 6.700%, 8/27/26	463		389
Element Solutions, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 2.989%, 2/2/26	1,002		927
H.B. Fuller Co. Tranche B (1 month LIBOR + 2.000%) 2.773%, 10/21/24	966		833
Hexion, Inc. Tranche B (3 month LIBOR + 3.500%) 5.410%, 7/1/26	892		743

	Par Value		Value
Chemicals—continued
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 2.989%, 4/1/24	$2,127		$ 1,938
Innophos Holdings, Inc. (1 month LIBOR + 3.750%) 4.755%, 2/4/27	870		737
			5,567
Consumer Durables—1.1%
Plantronics, Inc. Tranche B (1 month LIBOR + 2.500%) 3.474%, 7/2/25	750		580
Serta Simmons Bedding LLC First Lien (1 month LIBOR + 3.500%) 4.500%, 11/8/23	1,663		652
Zodiac Pool Solutions LLC Tranche B-1 (1 month LIBOR + 2.000%) 2.989%, 7/2/25	845		761
			1,993
Consumer Non-Durables—3.6%
Diamond (BC) B.V. (3 month LIBOR + 3.000%) 4.777%, 9/6/24	1,406		1,040
Isagenix International LLC (3 month LIBOR + 5.750%) 7.017%, 6/16/25	1,495		523
Kronos Acquisition Holdings, Inc. Tranche B-3 (1 month LIBOR + 4.000%) 5.000%, 5/15/23	1,883		1,677
Libbey Glass, Inc. (1 month LIBOR + 3.000%) 4.005%, 4/9/21	1,291		526
Parfums Holding Co., Inc. First Lien (3 month LIBOR + 4.250%) 5.863%, 6/30/24	1,210		937
Revlon Consumer Products Corp. Tranche B (3 month LIBOR + 3.500%) 5.111%, 9/7/23	1,408		540
Rodan & Fields LLC (1 month LIBOR + 3.000%) 4.709%, 6/16/25	1,109		484
ZEP, Inc. First Lien (6 month LIBOR + 4.000%) 5.072%, 8/12/24	1,194		781
			6,508

See Notes to Financial Statements

45

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Newfleet Senior Floating Rate Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Energy—1.6%
California Resources Corp. 2017 (3 month LIBOR + 4.750%) 6.363%, 12/31/22(3)	$1,000		$ 220
CITGO Holding, Inc. (1 month LIBOR + 7.000%) 8.000%, 8/1/23	314		253
CITGO Petroleum Corp. 2019, Tranche B (1 month LIBOR + 5.000%) 6.000%, 3/27/24	983		855
Fieldwood Energy LLC First Lien (3 month LIBOR + 5.250%) 7.027%, 4/11/22	733		229
Gavilan Resources LLC Second Lien (1 month LIBOR + 6.000%) 6.989%, 3/1/24	790		71
McDermott Technology (Americas), Inc. (3 month LIBOR + 9.000%) 10.720%, 2/10/25	325		293
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 4.250%, 10/30/24	1,062		574
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(3)(5)	11		—
Traverse Midstream Partners LLC (1 month LIBOR + 4.000%) 5.000%, 9/27/24	860		473
			2,968
Financial—3.5%
Asurion LLC
Tranche B-2, Second Lien (1 month LIBOR + 6.500%) 7.489%, 8/4/25	890		811
Tranche B-4 (1 month LIBOR + 3.000%) 3.989%, 8/4/22	950		896
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%) 3.989%, 6/16/25	1,216		981
Deerfield Dakota Holding LLC Tranche B, First Lien (3 month LIBOR + 4.000%) 0.000%, 3/5/27(6)	885		743

	Par Value		Value
Financial—continued
Ellie Mae, Inc. First Lien (3 month LIBOR + 4.000%) 5.200%, 4/17/26	$1,037		$ 904
Financial & Risk US Holdings, Inc. (1 month LIBOR + 3.250%) 0.000%, 10/1/25(6)	1,756		1,678
iStar, Inc. Tranche B (1 month LIBOR + 2.750%) 3.680%, 6/28/23	337		300
			6,313
Food / Tobacco—5.7%
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 3.739%, 3/31/25	1,048		933
Chobani LLC Tranche B (1 month LIBOR + 3.500%) 4.500%, 10/10/23	1,368		1,214
Dole Food Co., Inc. Tranche B (1 month LIBOR + 2.750%) 3.750%, 4/6/24	1,088		975
Froneri US, Inc. Tranche B-2 (1 month LIBOR + 2.250%) 3.239%, 1/29/27	675		640
H-Food Holdings LLC (1 month LIBOR + 3.688%) 4.677%, 5/23/25	1,604		1,332
Hostess Brands LLC 2019, Tranche B (1 month LIBOR + 2.250%) 3.813%, 8/3/25	1,340		1,239
JBS USA Lux S.A. (3 month LIBOR + 2.000%) 3.072%, 5/1/26	1,305		1,215
Milk Specialties Co. (1 month LIBOR + 4.000%) 5.000%, 8/16/23(3)	1,130		768
Shearer’s Foods LLC (1 month LIBOR + 4.250%) 5.250%, 3/31/22	824		752
Sigma Bidco B.V. Tranche B-2 (3 month LIBOR + 3.000%) 4.909%, 7/2/25	1,374		1,200
			10,268
Forest Prod / Containers—5.4%
Anchor Glass Container Corp.
2017, First Lien (1 month LIBOR + 2.750%) 3.776%, 12/7/23	975		538

	Par Value		Value
Forest Prod / Containers—continued
Second Lien (1 month LIBOR + 7.750%) 8.755%, 12/7/24	$ 808		$ 317
Berlin Packaging LLC First Lien (1 month LIBOR + 3.000%) 4.588%, 11/7/25	1,061		920
Berry Global, Inc.
Tranche W (3 month LIBOR + 2.000%) 2.863%, 10/1/22	514		490
Tranche X (3 month LIBOR + 2.000%) 2.863%, 1/19/24	267		248
Tranche Y (3 month LIBOR + 2.000%) 2.863%, 7/1/26	1,303		1,232
BWay Holding Co. (3 month LIBOR + 3.250%) 5.084%, 4/3/24	919		745
Klockner Pentaplast of America, Inc. (1 month LIBOR + 4.250%) 5.250%, 6/30/22	1,132		780
Reynolds Consumer Products LLC (3 month LIBOR + 1.750%) 3.501%, 2/4/27	675		633
Reynolds Group Holdings, Inc. (1 month LIBOR + 2.750%) 3.739%, 2/5/23	1,543		1,454
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%) 4.252%, 1/31/25	1,159		788
Tricorbraun Holdings, Inc. First Lien (3 month LIBOR + 3.750%) 5.695%, 11/30/23	958		790
Trident TPI Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.250%) 4.323%, 10/17/24	866		710
			9,645
Gaming / Leisure—4.4%
Affinity Gaming LLC (1 month LIBOR + 3.250%) 4.250%, 7/3/23	995		740
Aristocrat Technologies, Inc. Tranche B-3 (3 month LIBOR + 1.750%) 3.577%, 10/19/24	1,075		959

See Notes to Financial Statements

46

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Table of Contents

Table of Contents

Newfleet Senior Floating Rate Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Gaming / Leisure—continued
CityCenter Holdings LLC (1 month LIBOR + 2.250%) 3.239%, 4/18/24	$1,097		$ 952
Everi Payments, Inc. Tranche B (3 month LIBOR + 2.750%) 3.822%, 5/9/24	1,220		966
Golden Nugget LLC (1 month LIBOR + 2.500%) 3.584%, 10/4/23	1,278		991
PCI Gaming Authority Tranche B (1 month LIBOR + 2.500%) 3.489%, 5/29/26	898		727
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 4.246%, 8/14/24	1,121		901
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 3.240%, 2/8/27	874		741
UFC Holdings LLC Tranche B (1 month LIBOR + 3.250%) 4.250%, 4/29/26	1,000		870
			7,847
Healthcare—13.5%
21st Century Oncology, Inc. Tranche B (1 month LIBOR + 6.125%) 7.125%, 1/16/23	1,303		1,236
AHP Health Partners, Inc. (1 month LIBOR + 4.500%) 5.500%, 6/30/25	1,183		1,039
Avantor Funding, Inc. 2020, Tranche B-3 (1 month LIBOR + 2.250%) 3.250%, 11/21/24	649		610
Azalea TopCo, Inc. First Lien (1 month LIBOR + 3.500%) 4.489%, 7/27/26	612		557
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 3.362%, 11/27/25	497		470
(1 month LIBOR + 3.000%) 3.612%, 6/2/25	1,473		1,394
Catalent Pharma Solutions, Inc. Tranche B-2 (3 month LIBOR + 2.250%) 0.000%, 5/18/26(6)	700		675

	Par Value		Value
Healthcare—continued
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%) 4.073%, 6/7/23	$ 939		$ 830
Concordia International Corp. (6 month LIBOR + 5.500%) 6.568%, 9/6/24	728		620
CPI Holdco LLC First Lien (3 month LIBOR + 4.250%) 5.700%, 11/4/26	455		391
Elanco Animal Health, Inc. Tranche B (3 month LIBOR + 1.750%) 0.000%, 2/4/27(6)	270		255
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 4.739%, 10/10/25	1,450		732
eResearch Technology, Inc. First Lien (3 month LIBOR + 4.500%) 5.950%, 2/4/27	900		783
Gentiva Health Services, Inc. Tranche B (1 month LIBOR + 3.250%) 4.250%, 7/2/25	642		600
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%) 3.510%, 10/27/22	458		428
Heartland Dental LLC (1 month LIBOR + 3.750%) 4.739%, 4/30/25	977		745
IQVIA, Inc.
Tranche B-1 (1 month LIBOR + 1.750%) 2.739%, 3/7/24	913		837
Tranche B-2 (1 month LIBOR + 1.750%) 2.739%, 1/17/25	102		92
Tranche B-3 (3 month LIBOR + 1.750%) 3.200%, 6/11/25	1,036		984
Jaguar Holding Co. II LLC 2018 (3 month LIBOR + 2.500%) 0.000%, 8/18/22(6)	1,895		1,804
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.739%, 11/17/25	1,545		1,427
National Mentor Holdings, Inc.
First Lien (1 month LIBOR + 4.000%) 5.123%, 3/9/26	613		545

	Par Value		Value
Healthcare—continued
Tranche C, First Lien (3 month LIBOR + 4.000%) 5.460%, 3/9/26	$ 28		$ 25
Navicure, Inc. (1 month LIBOR + 4.000%) 4.989%, 10/22/26	640		586
One Call Corp. First Lien (3 month LIBOR + 5.250%) 6.954%, 11/27/22	273		218
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 4.765%, 6/30/25	1,376		1,165
Parexel International Corp. (1 month LIBOR + 2.750%) 3.739%, 9/27/24	1,197		1,016
Phoenix Guarantor, Inc. Tranche B-1 (3 month LIBOR + 3.250%) 4.113%, 3/5/26	308		278
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 3.430%, 3/6/25	1,033		976
Sotera Health Holdings LLC First Lien (1 month LIBOR + 4.500%) 5.500%, 12/11/26	870		753
Surgery Center Holdings, Inc. (1 month LIBOR + 3.250%) 4.250%, 9/2/24	1,152		878
Viant Medical Holdings, Inc. First Lien (3 month LIBOR + 3.750%) 5.200%, 7/2/25	955		822
Zelis Cost Management Buyer, Inc. (1 month LIBOR + 4.750%) 5.739%, 9/30/26	678		624
			24,395
Housing—3.3%
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%) 2.989%, 1/15/27	1,534		1,442
CPG International LLC (3 month LIBOR + 3.750%) 5.933%, 5/6/24	2,545		2,110
Quikrete Holdings, Inc. First Lien (1 month LIBOR + 2.500%) 3.489%, 2/1/27	1,158		1,066

See Notes to Financial Statements

47

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Table of Contents

Newfleet Senior Floating Rate Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Housing—continued
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%) 2.989%, 11/21/24	$1,495		$ 1,295
			5,913
Information Technology—5.4%
Applied Systems, Inc.
First Lien (3 month LIBOR + 3.250%) 4.700%, 9/19/24	456		418
Second Lien (3 month LIBOR + 7.000%) 8.450%, 9/19/25	773		697
Aston Finco S.a.r.l. First Lien (3 month LIBOR + 4.250%) 6.128%, 10/9/26	505		447
Dell International LLC Tranche B-1 (1 month LIBOR + 2.000%) 2.990%, 9/19/25	1,624		1,544
Go Daddy Operating Co. LLC Tranche B-2 (1 month LIBOR + 1.750%) 2.739%, 2/15/24	26		24
Kronos, Inc. 2018 (3 month LIBOR + 3.000%) 4.763%, 11/1/23	3,555		3,227
Presidio Holdings, Inc. (4 month LIBOR + 3.500%) 5.280%, 1/22/27	190		177
Science Applications International Corp. Tranche B-2 (3 month LIBOR + 2.250%) 0.000%, 3/13/27(6)	770		720
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%) 4.239%, 7/2/25	1,523		1,334
Vertiv Group Corp. (1 month LIBOR + 3.000%) 4.581%, 3/2/27	1,240		1,067
			9,655
Manufacturing—5.4%
CIRCOR International, Inc. (1 month LIBOR + 3.250%) 4.061%, 12/11/24	1,331		1,055
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 6.381%, 8/17/22	1,507		939
Filtration Group Corp. (1 month LIBOR + 3.000%) 3.989%, 3/29/25	1,104		954
Gardner Denver, Inc. Tranche B-1 (1 month LIBOR + 1.750%) 2.739%, 3/1/27	1,137		1,063

	Par Value		Value
Manufacturing—continued
Gates Global LLC Tranche B-2 (1 month LIBOR + 2.750%) 3.750%, 4/1/24	$1,052		$ 907
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%) 2.739%, 2/28/27	365		341
NCR Corp. (1 month LIBOR + 2.500%) 3.490%, 8/28/26	596		536
NN, Inc.
2017 (1 month LIBOR + 5.750%) 6.739%, 10/19/22	356		255
Tranche B (1 month LIBOR + 5.750%) 7.353%, 10/19/22(3)	614		439
RBS Global, Inc. 2019, Tranche B (1 month LIBOR + 1.750%) 2.679%, 8/21/24	916		832
Star US Bidco LLC (1 month LIBOR + 4.250%) 5.250%, 3/17/27	960		818
Titan Acquisition Ltd. (3 month LIBOR + 3.000%) 4.450%, 3/28/25	1,095		892
U.S. Farathane LLC Tranche B-4 (3 month LIBOR + 3.500%) 4.950%, 12/23/21	1,147		711
			9,742
Media / Telecom - Broadcasting—3.7%
Diamond Sports Group LLC (1 month LIBOR + 3.250%) 4.180%, 8/24/26	1,144		881
iHeartCommunications, Inc. (1 month LIBOR + 3.000%) 3.989%, 5/1/26	1,420		1,189
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.750%) 4.331%, 9/18/26	1,595		1,479
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%) 3.240%, 1/3/24	1,203		1,143
Univision Communications, Inc. 2017 (1 month LIBOR + 2.750%) 3.750%, 3/15/24	2,391		2,014
			6,706

	Par Value		Value
Media / Telecom - Cable/Wireless Video—4.3%
Charter Communications Operating LLC Tranche B2 (1 month LIBOR + 1.750%) 2.740%, 2/1/27	$2,355		$ 2,251
CSC Holdings LLC
2017 (1 month LIBOR + 2.250%) 3.909%, 7/17/25	1,609		1,532
2018 (1 month LIBOR + 2.250%) 2.862%, 1/15/26	1,010		964
Intelsat Jackson Holdings S.A. Tranche B-5 (3 month LIBOR + 0.000%) 6.625%, 1/2/24	691		637
Telenet Financing USD LLC Tranche AR (1 month LIBOR + 2.000%) 2.705%, 4/30/28	815		742
Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%) 3.205%, 1/31/28	830		764
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%) 3.205%, 4/30/28	955		898
			7,788
Media / Telecom - Diversified Media—2.3%
CDS US Intermediate Holdings, Inc. Tranche B (3 month LIBOR + 3.750%) 5.200%, 7/8/22	1,223		618
Clear Channel Outdoor Holdings, Inc. Tranche B (1 month LIBOR + 3.500%) 4.489%, 8/21/26	870		731
Fort Dearborn Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 5.900%, 10/19/23	1,311		1,102
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien (1 month LIBOR + 4.000%) 5.000%, 5/4/22	1,252		1,019
Meredith Corp. Tranche B-2 (1 month LIBOR + 2.500%) 3.489%, 1/31/25	689		605
			4,075

See Notes to Financial Statements

48

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Table of Contents

Table of Contents

Newfleet Senior Floating Rate Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Media / Telecom - Telecommunications—5.3%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 3.239%, 3/15/27	$1,102		$ 1,023
Consolidated Communications, Inc. 2016 (1 month LIBOR + 3.000%) 4.000%, 10/5/23	1,191		1,039
Frontier Communications Corp. Tranche B-1 (3 month LIBOR + 3.750%) 5.350%, 6/17/24	524		496
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 2.739%, 3/1/27	2,324		2,162
Neustar, Inc. Tranche B-4, First Lien (3 month LIBOR + 3.500%) 4.950%, 8/8/24	875		660
Numericable U.S. LLC
Tranche B-11 (1 month LIBOR + 2.750%) 3.739%, 7/31/25	988		907
Tranche B-12 (1 month LIBOR + 3.688%) 4.392%, 1/31/26	540		502
Tranche B-13 (1 month LIBOR + 4.000%) 4.705%, 8/14/26	642		608
West Corp.
Tranche B (3 month LIBOR + 4.000%) 5.450%, 10/10/24	1,053		785
Tranche B-1 (3 month LIBOR + 3.500%) 4.950%, 10/10/24	457		335
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 3/9/27	1,045		982
			9,499
Media / Telecom - Wireless Communications—1.4%
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 2.740%, 4/11/25	1,390		1,311

	Par Value		Value
Media / Telecom - Wireless Communications—continued
Sprint Communications, Inc. 2018 (1 month LIBOR + 3.000%) 4.000%, 2/2/24	$1,307		$ 1,297
			2,608
Metals / Minerals—0.2%
Covia Holdings Corp. (3 month LIBOR + 4.000%) 5.874%, 6/2/25	971		434
Retail—1.7%
ASHCO LLC (3 month LIBOR + 5.000%) 6.072%, 9/25/24	1,462		1,220
Michaels Stores, Inc. 2018, Tranche B (1 month LIBOR + 2.500%) 3.534%, 1/30/23	1,531		1,271
Neiman Marcus Group Ltd. LLC (1 month LIBOR + 6.000%) 7.500%, 10/25/23	1,448		570
			3,061
Service—10.9%
Advantage Sales & Marketing, Inc. First Lien (3 month LIBOR + 3.250%) 4.700%, 7/23/21	548		437
AlixPartners LLP 2017 (1 month LIBOR + 2.500%) 3.489%, 4/4/24	1,100		1,048
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%) 4.000%, 3/20/25	1,099		868
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 4.000%) 4.959%, 2/6/26	995		892
GFL Environmental, Inc. 2018 (1 month LIBOR + 3.000%) 3.991%, 5/30/25	1,275		1,231
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%) 5.007%, 6/30/24	1,236		878
Patriot Container Corp. First Lien (1 month LIBOR + 3.500%) 5.103%, 3/20/25(3)	945		822

	Par Value		Value
Service—continued
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%) 3.739%, 2/14/25	$1,826		$ 1,509
PetVet Care Centers LLC 2020, First Lien (1 month LIBOR + 3.250%) 4.239%, 2/14/25	118		97
Pi US Mergerco, Inc. Tranche B-1 (3 month LIBOR + 3.250%) 4.700%, 1/3/25	1,275		1,066
Pug LLC Tranche B (1 month LIBOR + 3.500%) 4.489%, 2/12/27	898		763
Red Ventures LLC Tranche B-2 (1 month LIBOR + 2.500%) 3.489%, 11/8/24	345		285
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 4.239%, 12/31/25	2,114		1,858
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.250%) 4.240%, 7/17/25	1,018		972
Tempo Acquisition LLC (1 month LIBOR + 2.750%) 3.739%, 5/1/24	1,205		1,073
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 4.750%, 2/1/23	1,594		1,270
Trans Union LLC Tranche B-5 (1 month LIBOR + 1.750%) 2.739%, 11/16/26	1,662		1,587
TRC Cos, Inc. 2019 (3 month LIBOR + 5.000%) 6.450%, 6/21/24	1,000		790
Tunnel Hill Partners LP (1 month LIBOR + 3.500%) 4.489%, 2/6/26	1,074		902
WEX, Inc. Tranche B-3 (1 month LIBOR + 2.250%) 3.239%, 5/15/26	1,458		1,257
			19,605
Transportation - Automotive—3.9%
Accuride Corp. 2017 (3 month LIBOR + 5.250%) 6.700%, 11/17/23	1,405		562

See Notes to Financial Statements

49

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Newfleet Senior Floating Rate Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Transportation - Automotive—continued
American Axle & Manufacturing, Inc. Tranche B (1 month LIBOR + 2.250%) 3.180%, 4/6/24	$1,040		$ 860
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 2.989%, 11/2/23(3)	905		588
DexKo Global, Inc. Tranche B (1 month LIBOR + 3.500%) 4.500%, 7/24/24	1,092		921
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 4.280%, 11/6/24	1,267		1,089
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%) 4.441%, 4/30/26	1,506		1,371
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%) 3.989%, 10/1/25	1,281		878
TI Group Automotive Systems LLC (1 month LIBOR + 2.500%) 3.489%, 6/30/22	895		801
			7,070
Utility—2.5%
APLP Holdings LP 2020, Tranche B (3 month LIBOR + 2.500%) 4.103%, 4/14/25	755		725
Brookfield WEC Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 8/1/25	1,936		1,820
Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.000%) 2.989%, 1/15/25	973		907
Lightstone Holdco LLC
2018, Tranche B (1 month LIBOR + 3.750%) 4.750%, 1/30/24	777		586
2018, Tranche C (1 month LIBOR + 3.750%) 4.750%, 1/30/24	44		33

	Par Value		Value
Utility—continued
Pacific Gas and Electric Co. (3 month LIBOR + 2.250%) 3.120%, 12/31/20	$ 520		$ 503
			4,574
Total Leveraged Loans (Identified Cost $206,315)			171,371

    

	Shares
Common Stocks—0.2%
Communication Services—0.2%
Clear Channel Outdoor Holdings, Inc.(7)	107,177	69
iHeartMedia, Inc. Class A(7)	45,578	333
T-Mobile USA, Inc.(3)	1,090,000	—
		402
Total Common Stocks (Identified Cost $1,292)		402
Rights—0.1%
Utilities—0.1%
Vistra Energy Corp.(3)(7)	152,810	163
Total Rights (Identified Cost $130)		163
Total Long-Term Investments—100.5% (Identified Cost $217,765)		181,071
Short-Term Investment—11.2%
Money Market Mutual Fund—11.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(8)	20,158,051	20,158
Total Short-Term Investment (Identified Cost $20,158)		20,158
TOTAL INVESTMENTS—111.7% (Identified Cost $237,923)		$201,229
Other assets and liabilities, net—(11.7)%		(21,036)
NET ASSETS—100.0%		$180,193

    

Abbreviations:
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LLLP	Limited Liability Limited Partnership
LP	Limited Partnership
PIK	Payment-in-Kind Security

    

Footnote Legend:
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $5,174 or 2.9% of net assets.
(2)	100% of the income received was in PIK.
(3)	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.
(4)	Variable rate security. Rate disclosed is as of March 31, 2020. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
(5)	Security in default; no interest payments are being received during the bankruptcy proceedings.
(6)	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(7)	Non-income producing.
(8)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

    

Country Weightings†
United States	93%
Canada	3
Luxembourg	2
France	1
Netherlands	1
Total	100%
† % of total investments as of March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

50

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Newfleet Senior Floating Rate Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Corporate Bonds and Notes	$ 9,135		$ —		$ 9,124		$ 11(1)
Leveraged Loans	171,371		—		168,534		2,837 (2)
Equity Securities:
Rights	163		—		—		163
Common Stocks	402		402		—		— (2)
Money Market Mutual Fund	20,158		20,158		—		—
Total Investments	$201,229		$20,560		$177,658		$3,011

    

(1)	Includes internally fair valued security.
(2)	Includes internally fair valued securities currently priced at zero ($0).

Securities held by the Fund with an end of period value of $2,249 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Securities held by the Fund with an end of period value of $1,377 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

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

	Total		Corporate Bonds And Notes		Leveraged Loans		Common Stocks		Right		Warrant
Investments in Securities
Balance as of September 30, 2019:	$ 1,537		$ 1,056		$ 291		$ 36		$132		$ 22
Accrued discount/(premium)	15		15		—		—		—		—
Realized gain (loss)	29		—		1		3		—		25
Change in unrealized appreciation (depreciation)(a)	(29)		235		(290)		(1)		31		(4)
Purchases	960		82		878		—		—		—
Sales	(373)		—		(292)		(38)		—		(43)
Transfers into Level 3(b)	2,249		—		2,249		—		—		—
Transfers from Level 3(b)	(1,377)		(1,377)		—		—		—		—
Balance as of March 31, 2020	$ 3,011		$ 11(c)		$2,837 (d)		$— (d)		$163		$ —

^(a) The change in unrealized appreciation (depreciation) on investments still held at March 31, 2020, was $(256).

^(b) “Transfers into and/or from” represent the ending value as of March 31, 2020, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(c) Includes internally fair valued security.

^(d) Includes internally fair valued security currently priced at zero ($0).

See Notes to Financial Statements

51

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Newfleet Tax-Exempt Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Municipal Bonds(1)—92.5%
Alabama—1.7%
Black Belt Energy Gas District, Natural Gas Purchase Revenue, Mandatory Put 12/1/23, 4.000%, 12/1/48(2)	$ 535		$ 550
Pell City Special Care Facilities Financing Authority, Noland Health Services Revenue,
4.000%, 12/1/25	500		517
5.000%, 12/1/25	1,000		1,051
			2,118
Arizona—5.1%
Arizona Board of Regents, Arizona State University System Revenue,
5.000%, 7/1/36	1,000		1,193
5.000%, 7/1/37	360		429
Arizona Department of Transportation, State Highway Fund Revenue, 5.000%, 7/1/36	500		597
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/1/24	565		647
Maricopa County Industrial Development Authority, Banner Health Revenue, 4.000%, 1/1/34	1,000		1,089
Northern Arizona University, Stimular Plan for Economic and Educational Development Revenue,
5.000%, 8/1/24	1,115		1,226
5.000%, 8/1/25	1,000		1,099
			6,280
Arkansas—0.5%
University of Arkansas, Facility Revenue, 5.000%, 11/1/33	505		607
California—3.0%
California Municipal Finance Authority, Bowles Hall Foundation Revenue,
4.000%, 6/1/21	100		103
4.500%, 6/1/23	225		239

	Par Value		Value
California—continued
4.500%, 6/1/24	$ 150		$ 161
California State Health Facilities Financing Authority, Providence St. Joseph Health, 4.000%, 10/1/36	275		296
California State Municipal Finance Authority, Community Medical Centers, 5.000%, 2/1/27	400		458
California Statewide Communities Development Authority, The Culinary Institute of America Revenue, 5.000%, 7/1/28	200		221
Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, 5.000%, 6/1/47	800		768
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue, (BAM Insured) 5.000%, 5/1/32	545		661
Santa Clarita Community College District, General Obligation, 3.000%, 8/1/44	500		514
Temecula Valley Unified School District Financing Authority, Special Tax Revenue, (BAM Insured) 5.000%, 9/1/25	175		204
			3,625
Colorado—5.6%
Denver Convention Center Hotel Authority Revenue, Senior Lien, 5.000%, 12/1/27	400		418
E-470 Public Highway Authority Revenue, (NATL Insured) 0.000%, 9/1/29	665		397
Public Authority For Colorado Energy, Natural Gas Purchase Revenue,
6.125%, 11/15/23	1,785		1,909

	Par Value		Value
Colorado—continued
6.250%, 11/15/28	$2,250		$ 2,679
Regional Transportation District, Sales Tax Revenue, Fastracks Project, 5.000%, 11/1/32	1,195		1,448
			6,851
Connecticut—1.8%
Connecticut Housing Finance Authority, Mortgage Revenue, (GNMA / FNMA / FHLMC Insured) 3.200%, 11/15/33	425		462
Connecticut State Health & Educational Facilities Authority Revenue, 4.000%, 7/1/40	725		805
Connecticut, State of, General Obligation, 5.000%, 9/15/34	750		905
			2,172
District of Columbia—4.0%
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, (AGC Insured) 6.500%, 10/1/41	4,000		4,929
Florida—10.9%
Brevard County Health Facilities Authority, Health First Revenue, 5.000%, 4/1/21	115		119
Brevard County School Board, Certificates of Participation, 5.000%, 7/1/32	1,000		1,221
Broward County School Board, Certificates of Participation, 5.000%, 7/1/32	300		356
Central Florida Expressway Authority, Senior Lien Toll Revenue, 4.000%, 7/1/30	230		258
Florida, State of, General Obligation, 5.000%, 7/1/31	4,000		5,119

See Notes to Financial Statements

52

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Newfleet Tax-Exempt Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Florida—continued
Miami Beach Redevelopment Agency,
Tax Increment Revenue, 5.000%, 2/1/32	$ 300		$ 336
Tax Increment Revenue, (AGM Insured) 5.000%, 2/1/31	40		45
Miami-Dade County Educational Facilities Authority, University of Miami Revenue, 5.000%, 4/1/30	200		223
Miami-Dade County School Board, Certificates of Participation, 5.000%, 2/1/34	1,700		1,972
Seminole County School Board, Certificates of Participation, 5.000%, 7/1/29	1,935		2,315
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35	750		876
Tallahassee, City of, Health Facilities Revenue, Tallahassee Memorial Healthcare, 5.000%, 12/1/36	500		562
			13,402
Georgia—0.5%
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31	550		642
Idaho—1.5%
Idaho Health Facilities Authority, St. Luke’s Health System Revenue, 5.000%, 3/1/37	235		280
Idaho Housing & Finance Association, Federal Highway Grant Anticipation Revenue, 4.500%, 7/15/29	1,500		1,554
			1,834
Illinois—10.8%
Chicago, City of,
Sales Tax Revenue, (Pre-Refunded 1/1/22 @ 100) 5.250%, 1/1/38	25		27

	Par Value		Value
Illinois—continued
Sales Tax Revenue, (Escrowed to Maturity) 5.000%, 1/1/21	$ 750		$ 772
Waterworks Revenue, Second Lien, 5.000%, 11/1/22	500		540
Waterworks Revenue, Second Lien, 5.000%, 11/1/30	500		580
Waterworks Revenue, Second Lien, (AGM Insured) 5.000%, 11/1/31	500		602
Waterworks Revenue, Second Lien, (AGM Insured) 5.250%, 11/1/32	350		427
Illinois Finance Authority, Rush University Medical Center Revenue, 5.000%, 11/15/21	250		263
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior Lien, 5.000%, 1/1/32	1,000		1,173
Illinois, State of, General Obligation,
5.000%, 4/1/22	815		835
5.000%, 2/1/26	1,490		1,542
5.000%, 2/1/27	1,250		1,311
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project Revenue, (AGM Insured) 0.000%, 6/15/26	1,000		869
Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue, 5.000%, 6/1/27	450		534
Sales Tax Securitization Corp., Chicago Sales Tax Revenue, Sales Tax Revenue, 5.000%, 1/1/30	1,500		1,721
University of Illinois, Auxiliary Facilities System Revenue,
5.500%, 4/1/31	1,540		1,595
5.125%, 4/1/36	500		516
			13,307
Indiana—2.4%
Indiana Finance Authority,
Indiana University Health Center Revenue, 5.000%, 12/1/22	800		879

	Par Value		Value
Indiana—continued
Parkview Health System, 5.000%, 11/1/43	$1,700		$ 2,055
			2,934
Louisiana—0.4%
New Orleans Sewerage Service Revenue, 5.000%, 6/1/20	550		553
Maine—2.1%
Portland, City of, General Airport Revenue,
5.000%, 7/1/26	1,000		1,096
5.000%, 7/1/29	580		635
5.000%, 7/1/30	770		842
			2,573
Maryland—1.9%
Baltimore, City of, Convention Center Hotel Revenue, 5.000%, 9/1/36(3)	250		246
Maryland Economic Development Corp., Exelon Generation Co. Revenue, Mandatory Put 6/1/20, 2.550%, 12/1/25(2)	500		500
Maryland Health & Higher Educational Facilities Authority,
Medstar Health System Revenue, 5.000%, 8/15/26	800		928
Medstar Health System Revenue, 5.000%, 5/15/42	600		694
			2,368
Massachusetts—0.5%
Massachusetts Port Authority, Transportation Revenue, 5.000%, 7/1/31	500		598
Michigan—2.1%
Michigan Finance Authority, Beaumont Health Credit Group Revenue, 5.000%, 8/1/27	1,250		1,429
Michigan State Building Authority, Facilities Program Lease Revenue,
5.000%, 4/15/25	500		590

See Notes to Financial Statements

53

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Newfleet Tax-Exempt Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Michigan—continued
4.000%, 10/15/36	$ 500		$ 551
			2,570
Mississippi—0.9%
Mississippi, State of, General Obligation, 4.000%, 10/1/39	1,000		1,136
New Jersey—5.9%
Camden County Improvement Authority Healthcare Redevelopment Project, Cooper Health System Revenue, 5.000%, 2/15/22	950		1,000
New Jersey Economic Development Authority, Cigarette Tax Revenue, (AGM Insured) 5.000%, 6/15/22	3,000		3,193
New Jersey Housing & Mortgage Finance Agency, Mortgage Revenue, 4.375%, 4/1/28	1,675		1,733
New Jersey Turnpike Authority, Toll Revenue, 4.000%, 1/1/35	240		269
Tobacco Settlement Financing Corp., Tobacco Settlement Revenue,
5.000%, 6/1/31	250		276
5.000%, 6/1/32	250		275
5.000%, 6/1/33	250		274
5.000%, 6/1/34	250		273
			7,293
New York—3.5%
Buffalo & Erie County Industrial Land Development Corp., Catholic Health System Revenue, 5.000%, 7/1/23	550		611
Dutchess County Local Development Corp., The Culinary Institute of America Revenue, 5.000%, 7/1/33	180		199

	Par Value		Value
New York—continued
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue,
(AGC Insured) 6.125%, 1/1/29	$ 460		$ 462
(AMBAC Insured) 5.000%, 1/1/31	470		460
New York City Municipal Water Finance Authority, Water & Sewer Revenue, General Resolution, 5.000%, 6/15/40	1,295		1,573
New York State Dormitory Authority,
New York University Hospitals Center Revenue, 5.000%, 7/1/33	150		179
Orange Regional Medical Center Revenue, 5.000%, 12/1/23(4)	300		334
New York Transportation Development Corp., American Airlines JFK Project Revenue, 5.000%, 8/1/26	250		249
TSASC, Inc., Tobacco Settlement Revenue, 5.000%, 6/1/34	190		208
			4,275
Ohio—2.0%
Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Revenue, 4.000%, 6/1/48	500		536
New Albany Community Authority, Community Facilities Revenue, 5.000%, 10/1/24	1,250		1,359
Northeast Ohio Regional Sewer District Revenue, 3.000%, 11/15/40	500		525
			2,420
Oregon—2.3%
Oregon State Housing & Community, Mortgage Revenue, Residential Finance Program Revenue, 4.500%, 1/1/49	435		471

	Par Value		Value
Oregon—continued
Oregon, State of, General Obligation, 5.000%, 5/1/33	$1,095		$ 1,308
Washington & Multnomah Counties, Beaverton School District No. 48J, General Obligation, (SCH BD GTY Insured) 5.000%, 6/15/36	800		986
			2,765
Pennsylvania—3.3%
Butler County Hospital Authority, Butler Health System Revenue, 5.000%, 7/1/30	250		286
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, 5.000%, 7/1/34	250		306
Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien,
(Pre-Refunded 12/1/20 @ 100) 6.000%, 12/1/34	250		257
(Pre-Refunded 12/1/20 @ 100) 6.000%, 12/1/34	265		273
Toll Highway Revenue, 6.375%, 12/1/38	2,000		2,615
Philadelphia, City of, Water & Wastewater Revenue, 5.000%, 10/1/42	300		355
			4,092
South Carolina—1.2%
Dorchester County, Water & Sewer Revenue, 5.000%, 10/1/28	1,020		1,110
South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue, 5.000%, 12/1/24	290		337
			1,447

See Notes to Financial Statements

54

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Newfleet Tax-Exempt Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Tennessee—2.6%
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, 5.000%, 10/1/26	$1,000		$ 1,106
Tennessee Housing Development Agency, Residential Finance Program Revenue,
2.050%, 7/1/20	495		496
2.300%, 1/1/21	310		312
Tennessee State School Bond Authority, Higher Education Program Revenue, (ST HGR ED INTERCEPT PROG Insured) 5.000%, 11/1/34	1,000		1,233
			3,147
Texas—11.9%
Hidalgo County Drain District No. 1, General Obligation, 5.000%, 9/1/28	1,000		1,178
Lamar Consolidated Independent School District, General Obligation, (PSF-GTD Insured) 5.000%, 2/15/34	1,000		1,215
North Texas Tollway Authority, Special Project System Revenue, (Pre-Refunded 9/1/31 @ 100) 0.000%, 9/1/43	2,340		3,014
Southmost Regional Water Authority, Desalination Plant Project Revenue,
(AGM Insured) 5.000%, 9/1/23	1,085		1,171
(AGM Insured) 5.000%, 9/1/25	1,015		1,094
Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, 6.250%, 12/15/26	1,385		1,525

	Par Value		Value
Texas—continued
Texas Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue, 1.179%, 9/15/27(2)	$2,620		$ 2,577
Texas Water Development Board Revenue, 5.000%, 8/1/29	1,000		1,300
Upper Trinity Regional Water District Authority, Regional Treated Supply System Revenue, (BAM Insured) 5.000%, 8/1/24	1,340		1,541
			14,615
Vermont—0.3%
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, 5.000%, 12/1/35	300		351
Virginia—0.7%
Virginia College Building Authority, Marymount University Revenue,
5.000%, 7/1/20(4)	200		200
5.000%, 7/1/21(4)	400		404
5.000%, 7/1/22(4)	195		198
			802
Washington—1.6%
King County Sewer Revenue, 5.000%, 7/1/36	1,630		1,949
West Virginia—0.3%
Monongalia County Building Commission, Monongalia Health System Revenue, 5.000%, 7/1/23	300		327
Wisconsin—1.2%
Public Finance Authority,
Renown Regional Medical Center Revenue, 5.000%, 6/1/33	1,000		1,172

	Par Value		Value
Wisconsin—continued
Waste Management, Inc. Revenue, 2.875%, 5/1/27	$ 250		$ 246
			1,418
Total Municipal Bonds (Identified Cost $107,142)			113,400

    

	Shares
Exchange-Traded Fund—0.9%
VanEck Vectors High-Yield Municipal Index ETF(5)	20,453	1,069
Total Exchange-Traded Fund (Identified Cost $1,021)		1,069
Total Long-Term Investments—93.4% (Identified Cost $108,163)		114,469
Short-Term Investment—3.3%
Money Market Mutual Fund—3.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(5)	4,094,213	4,094
Total Short-Term Investment (Identified Cost $4,094)		4,094
TOTAL INVESTMENTS—96.7% (Identified Cost $112,257)		$118,563
Other assets and liabilities, net—3.3%		4,040
NET ASSETS—100.0%		$122,603

See Notes to Financial Statements

55

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Newfleet Tax-Exempt Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

Abbreviations:
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Municipal Insured
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corporation (“Freddie Mac”)
FNMA	Federal National Mortgage Association (“Fannie Mae”)
GNMA	Government National Mortgage Association (“Ginnie Mae”)
NATL	National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guarantee Program
SCH BD GTY	School Bond Guaranty

    

Footnote Legend:
(1)	At March 31, 2020, 16.8% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers concentration exceeds 10% of the Fund’s net assets.
(2)	Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(3)	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.
(4)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $1,136 or 0.9% of net assets.
(5)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Municipal Bonds	$113,400		$ —		$113,154		$246
Equity Securities:
Exchange-Traded Fund	1,069		1,069		—		—
Money Market Mutual Fund	4,094		4,094		—		—
Total Investments	$118,563		$5,163		$113,154		$246

Securities held by the Fund with an end of period value of $246 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Newfleet Core Plus Bond Fund		Newfleet High Yield Fund		Newfleet Low Duration Core Plus Bond Fund
Assets
Investment in securities at value(1)	$ 100,753		$ 48,191		$ 443,134
Cash	2,041		1,964		2,157
Receivables
Investment securities sold	57		94		102
Fund shares sold	388		22		841
Dividends and interest	585		874		1,560
Securities lending income	— (a)		3		1
Prepaid Trustees’ retainer	2		1		11
Prepaid expenses	36		27		58
Other assets	9		5		43
Total assets	103,871		51,181		447,907
Liabilities
Payables
Fund shares repurchased	246		197		1,892
Investment securities purchased	1,268		382		1,700
Dividend distributions	9		29		97
Investment advisory fees	18		11		92
Distribution and service fees	12		11		36
Administration and accounting fees	10		5		43
Transfer agent and sub-transfer agent fees and expenses	10		6		58
Professional fees	18		20		16
Trustee deferred compensation plan	9		5		43
Interest expense and/or commitment fees	— (a)		— (a)		— (a)
Other accrued expenses	12		13		42
Other payables	22		—		113
Total liabilities	1,634		679		4,132
Net Assets	$ 102,237		$ 50,502		$ 443,775
Net Assets Consist of:
Common stock $0.001 par value	$ —		$ —		$ 43
Capital paid in on shares of beneficial interest	105,010		63,575		463,358
Accumulated earnings (loss)	(2,773)		(13,073)		(19,626)
Net Assets	$ 102,237		$ 50,502		$ 443,775
Net Assets:
Class A	$ 33,869		$ 40,066		$ 79,162
Class C	$ 4,847		$ 1,874		$ 21,559
Class I	$ 62,701		$ 7,759		$ 342,689
Class R6	$ 820		$ 803		$ 365
Shares Outstanding (unlimited number of shares authorized, no par value):(2)
Class A	3,072,921		11,380,886		7,619,442
Class C	450,196		541,858		2,075,031
Class I	5,597,149		2,200,541		32,992,163
Class R6	73,171		227,699		35,077
Net Asset Value and Redemption Price Per Share:
Class A	$ 11.02		$ 3.52		$ 10.39
Class C	$ 10.77		$ 3.46		$ 10.39
Class I	$ 11.20		$ 3.53		$ 10.39
Class R6	$ 11.21		$ 3.53		$ 10.39

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Newfleet Core Plus Bond Fund		Newfleet High Yield Fund		Newfleet Low Duration Core Plus Bond Fund
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):
Class A	$ 11.45		$ 3.66		$ 10.63
Maximum Sales Charge - Class A	3.75%		3.75%		2.25%
(1) Investment in securities at cost	$ 101,978		$ 56,525		$ 458,232
(2) Newfleet Core Plus Bond Fund and Newfleet Low Duration Core Plus Bond Fund have a par value of $1.00, and all other funds on this page have no par value.

    

(a)	Amount is less than $500.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Newfleet Multi-Sector Intermediate Bond Fund		Newfleet Senior Floating Rate Fund		Newfleet Tax-Exempt Bond Fund
Assets
Investment in securities at value(1)	$ 270,778		$ 201,229		$ 118,563
Foreign currency at value(2)	— (a)		—		—
Cash	10,679		3,674		2,623
Receivables
Investment securities sold	311		27,607		—
Fund shares sold	6,245		258		210
Dividends and interest	2,688		686		1,451
Securities lending income	6		—		—
Prepaid Trustees’ retainer	7		6		3
Prepaid expenses	38		38		24
Other assets	26		21		11
Total assets	290,778		233,519		122,885
Liabilities
Payables
Fund shares repurchased	950		722		110
Investment securities purchased	8,907		14,505		—
Borrowings (See Note 10)	—		37,500		—
Dividend distributions	243		251		53
Investment advisory fees	109		79		29
Distribution and service fees	47		48		16
Administration and accounting fees	26		21		12
Transfer agent and sub-transfer agent fees and expenses	38		35		24
Professional fees	21		14		16
Trustee deferred compensation plan	26		21		11
Interest expense and/or commitment fees	— (a)		47		— (a)
Other accrued expenses	25		44		11
Other payables	74		39		—
Total liabilities	10,466		53,326		282
Net Assets	$ 280,312		$ 180,193		$ 122,603
Net Assets Consist of:
Common stock $0.001 par value	$ —		$ —		$ 11
Capital paid in on shares of beneficial interest	334,029		278,115		115,851
Accumulated earnings (loss)	(53,717)		(97,922)		6,741
Net Assets	$ 280,312		$ 180,193		$ 122,603
Net Assets:
Class A	$ 70,500		$ 43,727		$ 36,150
Class C	$ 32,733		$ 33,856		$ 10,074
Class I	$ 172,469		$ 99,228		$ 76,379
Class R6	$ 4,610		$ 3,382		$ —
Shares Outstanding (unlimited number of shares authorized, no par value):(3)
Class A	7,784,396		5,691,518		3,233,913
Class C	3,575,975		4,402,434		901,103
Class I	19,054,520		12,933,126		6,832,998
Class R6	508,022		440,959		—

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Newfleet Multi-Sector Intermediate Bond Fund		Newfleet Senior Floating Rate Fund		Newfleet Tax-Exempt Bond Fund
Net Asset Value and Redemption Price Per Share:
Class A	$ 9.06		$ 7.68		$ 11.18
Class C	$ 9.15		$ 7.69		$ 11.18
Class I	$ 9.05		$ 7.67		$ 11.18
Class R6	$ 9.07		$ 7.67		$ —
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):
Class A	$ 9.41		$ 7.90		$ 11.50
Maximum Sales Charge - Class A	3.75%		2.75%		2.75%
(1) Investment in securities at cost	$ 301,273		$ 237,923		$ 112,257
(2) Foreign currency at cost	$ —(a)		$ —		$ —
(3) Newfleet Tax-Exempt Bond Fund has a par value of $0.001, and all other funds on this page have no par value.

    

(a)	Amount is less than $500.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

	Newfleet Core Plus Bond Fund		Newfleet High Yield Fund		Newfleet Low Duration Core Plus Bond Fund
Investment Income
Dividends	$ 22		$ 20		$ 65
Interest	1,760		1,875		7,520
Security lending, net of fees	1		19		2
Foreign taxes withheld	—		— (1)		—
Total investment income	1,783		1,914		7,587
Expenses
Investment advisory fees	224		191		963
Distribution and service fees, Class A	45		59		103
Distribution and service fees, Class C	19		11		104
Administration and accounting fees	56		34		255
Transfer agent fees and expenses	25		19		106
Sub-transfer agent fees and expenses, Class A	10		11		22
Sub-transfer agent fees and expenses, Class C	2		1		6
Sub-transfer agent fees and expenses, Class I	13		4		124
Custodian fees	1		— (1)		2
Printing fees and expenses	5		5		30
Professional fees	15		15		16
Interest expense and/or commitment fees	— (1)		— (1)		1
Registration fees	31		29		51
Trustees’ fees and expenses	4		2		17
Miscellaneous expenses	13		19		22
Total expenses	463		400		1,822
Less net expenses reimbursed and/or waived by investment adviser(2)	(118)		(109)		(411)
Less low balance account fees	(1)		(3)		— (1)
Net expenses	344		288		1,411
Net investment income (loss)	1,439		1,626		6,176
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	411		(304)		(1,503)
Net change in unrealized appreciation (depreciation) on:
Investments	(5,282)		(7,957)		(20,656)
Net realized and unrealized gain (loss) on investments	(4,871)		(8,261)		(22,159)
Net increase (decrease) in net assets resulting from operations	$(3,432)		$(6,635)		$(15,983)

    

(1)	Amount is less than $500.
(2)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

	Newfleet Multi-Sector Intermediate Bond Fund		Newfleet Senior Floating Rate Fund		Newfleet Tax-Exempt Bond Fund
Investment Income
Dividends	$ 91		$ 115		$ 37
Interest	7,541		9,445		1,989
Security lending, net of fees	61		—		—
Foreign taxes withheld	— (1)		—		—
Total investment income	7,693		9,560		2,026
Expenses
Investment advisory fees	860		758		292
Distribution and service fees, Class A	106		187		47
Distribution and service fees, Class C	193		216		52
Administration and accounting fees	167		179		72
Transfer agent fees and expenses	70		74		29
Sub-transfer agent fees and expenses, Class A	27		13		10
Sub-transfer agent fees and expenses, Class C	13		15		2
Sub-transfer agent fees and expenses, Class I	70		50		36
Custodian fees	2		1		— (1)
Printing fees and expenses	15		17		6
Professional fees	18		18		13
Interest expense and/or commitment fees	1		336		— (1)
Registration fees	42		40		26
Trustees’ fees and expenses	12		15		5
Miscellaneous expenses	16		16		9
Total expenses	1,612		1,935		599
Less net expenses reimbursed and/or waived by investment adviser(2)	(158)		(33)		(111)
Less low balance account fees	— (1)		— (1)		— (1)
Net expenses	1,454		1,902		488
Net investment income (loss)	6,239		7,658		1,538
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	(2,610)		(20,025)		792
Foreign currency transactions	— (1)		—		—
Net change in unrealized appreciation (depreciation) on:
Investments	(31,908)		(23,700)		(2,755)
Foreign currency transactions	(5)		—		—
Net realized and unrealized gain (loss) on investments	(34,523)		(43,725)		(1,963)
Net increase (decrease) in net assets resulting from operations	$(28,284)		$(36,067)		$ (425)

    

(1)	Amount is less than $500.
(2)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Newfleet Core Plus Bond Fund				Newfleet High Yield Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 1,439		$ 2,539		$ 1,626		$ 3,389
Net realized gain (loss)	411		(30)		(304)		(634)
Net change in unrealized appreciation (depreciation)	(5,282)		5,088		(7,957)		(17)
Increase (decrease) in net assets resulting from operations	(3,432)		7,597		(6,635)		2,738
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(497)		(1,119)		(1,298)		(2,829)
Class C	(40)		(112)		(52)		(116)
Class I	(885)		(1,285)		(240)		(377)
Class R6	(15)		(23)		(24)		(66)
Total Dividends and Distributions to Shareholders	(1,437)		(2,539)		(1,614)		(3,388)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	(867)		110		(3,178)		(1,570)
Class C	1,398		(1,679)		(11)		(984)
Class I	11,708		24,047		1,122		(623)
Class R6	(175)		569		87		(3,512)
Increase (decrease) in net assets from capital transactions	12,064		23,047		(1,980)		(6,689)
Net increase (decrease) in net assets	7,195		28,105		(10,229)		(7,339)
Net Assets
Beginning of period	95,042		66,937		60,731		68,070
End of Period	$ 102,237		$ 95,042		$ 50,502		$ 60,731

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Newfleet Low Duration Core Plus Bond Fund				Newfleet Multi-Sector Intermediate Bond Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 6,176		$ 11,333		$ 6,239		$ 11,966
Net realized gain (loss)	(1,503)		(392)		(2,610)		(6,416)
Net increase from payment by affiliates	—		—		—		6
Net change in unrealized appreciation (depreciation)	(20,656)		8,918		(31,913)		10,661
Increase (decrease) in net assets resulting from operations	(15,983)		19,859		(28,284)		16,217
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(989)		(2,152)		(1,603)		(2,890)
Class C	(172)		(445)		(578)		(1,427)
Class I	(5,004)		(8,732)		(3,759)		(6,137)
Class R6	(5)		(4)		(102)		(217)
Return of Capital:
Class A	—		—		—		(379)
Class C	—		—		—		(232)
Class I	—		—		—		(744)
Class R6	—		—		—		(27)
Total Dividends and Distributions to Shareholders	(6,170)		(11,333)		(6,042)		(12,053)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	1,620		4,937		(6,111)		11,432
Class C	1,765		(2,555)		(2,924)		(14,751)
Class I	7,449		81,041		15,177		13,121
Class R6	99		278		207		(10,775)
Increase (decrease) in net assets from capital transactions	10,933		83,701		6,349		(973)
Net increase (decrease) in net assets	(11,220)		92,227		(27,977)		3,191
Net Assets
Beginning of period	454,995		362,768		308,289		305,098
End of Period	$ 443,775		$ 454,995		$ 280,312		$ 308,289

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Newfleet Senior Floating Rate Fund				Newfleet Tax-Exempt Bond Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 7,658		$ 20,985		$ 1,538		$ 3,573
Net realized gain (loss)	(20,025)		(8,908)		792		(86)
Net change in unrealized appreciation (depreciation)	(23,700)		(7,994)		(2,755)		6,600
Increase (decrease) in net assets resulting from operations	(36,067)		4,083		(425)		10,087
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(3,680)		(8,440)		(417)		(1,126)
Class C	(908)		(2,767)		(77)		(332)
Class I	(3,714)		(10,029)		(1,016)		(2,973)
Class R6	(25)		(9)		—		—
Total Dividends and Distributions to Shareholders	(8,327)		(21,245)		(1,510)		(4,431)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	(107,764)		(21,646)		(1,667)		632
Class C	(6,594)		(29,121)		(943)		(4,620)
Class I	(38,510)		(61,367)		(7,008)		(21,504)
Class R6	3,888		117		—		—
Increase (decrease) in net assets from capital transactions	(148,980)		(112,017)		(9,618)		(25,492)
Net increase (decrease) in net assets	(193,374)		(129,179)		(11,553)		(19,836)
Net Assets
Beginning of period	373,567		502,746		134,156		153,992
End of Period	$ 180,193		$ 373,567		$ 122,603		$ 134,156

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(3)
Newfleet Core Plus Bond Fund
Class A
10/1/19 to 3/31/20(6)		$11.51	0.16	(0.49)	(0.33)	(0.16)	—	—	(0.16)	—	(0.49)	$11.02	(2.92)  %	$ 33,869	0.82 %  (7)	1.07 %	2.78 %	28 %
10/1/18 to 9/30/19		10.84	0.35	0.67	1.02	(0.35)	—	—	(0.35)	—	0.67	11.51	9.64	36,248	0.85	1.11	3.21	59
10/1/17 to 9/30/18		11.31	0.36	(0.46)	(0.10)	(0.37)	—	—	(0.37)	—	(0.47)	10.84	(0.92)	33,998	0.84	1.12	3.24	49
10/1/16 to 9/30/17		11.38	0.37	(0.08)	0.29	(0.36)	—	—	(0.36)	—	(0.07)	11.31	2.60   (8)	39,536	0.84   (8)	1.17	3.26   (8)	56
10/1/15 to 9/30/16		11.02	0.36	0.33	0.69	(0.33)	—	—	(0.33)	—  (9)	0.36	11.38	6.38   (10)	44,136	0.86   (11)	1.18	3.28	64
10/1/14 to 9/30/15		11.43	0.40	(0.43)	(0.03)	(0.32)	(0.06)	—	(0.38)	—	(0.41)	11.02	(0.26)	48,064	0.85	1.12	3.55	64
Class C
10/1/19 to 3/31/20(6)		$11.24	0.11	(0.47)	(0.36)	(0.11)	—	—	(0.11)	—	(0.47)	$10.77	(3.21)  %	$ 4,847	1.56 %  (7)	1.83 %	2.02 %	28 %
10/1/18 to 9/30/19		10.59	0.27	0.65	0.92	(0.27)	—	—	(0.27)	—	0.65	11.24	8.78	3,725	1.59	1.85	2.49	59
10/1/17 to 9/30/18		11.04	0.27	(0.44)	(0.17)	(0.28)	—	—	(0.28)	—	(0.45)	10.59	(1.58)	5,165	1.59	1.87	2.49	49
10/1/16 to 9/30/17		11.12	0.27	(0.08)	0.19	(0.27)	—	—	(0.27)	—	(0.08)	11.04	1.79   (8)	6,671	1.59   (8)	1.92	2.51   (8)	56
10/1/15 to 9/30/16		10.78	0.27	0.32	0.59	(0.25)	—	—	(0.25)	—  (9)	0.34	11.12	5.54   (10)	9,409	1.61   (11)	1.93	2.52	64
10/1/14 to 9/30/15		11.19	0.30	(0.41)	(0.11)	(0.24)	(0.06)	—	(0.30)	—	(0.41)	10.78	(1.00)	8,853	1.60	1.87	2.74	64
Class I
10/1/19 to 3/31/20(6)		$11.70	0.18	(0.50)	(0.32)	(0.18)	—	—	(0.18)	—	(0.50)	$11.20	(2.82)  %	$ 62,701	0.56 %  (7)	0.79 %	3.01 %	28 %
10/1/18 to 9/30/19		11.02	0.38	0.69	1.07	(0.39)	—	—	(0.39)	—	0.68	11.70	9.90	54,038	0.60	0.82	3.39	59
10/1/17 to 9/30/18		11.49	0.39	(0.46)	(0.07)	(0.40)	—	—	(0.40)	—	(0.47)	11.02	(0.60)	27,360	0.59	0.84	3.50	49
10/1/16 to 9/30/17		11.56	0.40	(0.08)	0.32	(0.39)	—	—	(0.39)	—	(0.07)	11.49	2.81   (8)	26,597	0.59   (8)	0.92	3.52   (8)	56
10/1/15 to 9/30/16		11.19	0.40	0.33	0.73	(0.36)	—	—	(0.36)	—  (9)	0.37	11.56	6.63   (10)	24,236	0.61   (11)	0.93	3.51	64
10/1/14 to 9/30/15		11.59	0.43	(0.42)	0.01	(0.35)	(0.06)	—	(0.41)	—	(0.40)	11.19	0.08	17,456	0.60	0.87	3.78	64
Class R6
10/1/19 to 3/31/20(6)		$11.71	0.18	(0.50)	(0.32)	(0.18)	—	—	(0.18)	—	(0.50)	$11.21	(2.75)  %	$ 820	0.45 %  (7)	0.75 %	3.16 %	28 %
10/1/18 to 9/30/19		11.02	0.40	0.69	1.09	(0.40)	—	—	(0.40)	—	0.69	11.71	10.13	1,031	0.48	0.77	3.52	59
10/1/17 to 9/30/18		11.50	0.40	(0.47)	(0.07)	(0.41)	—	—	(0.41)	—	(0.48)	11.02	(0.60)	414	0.50   (7)	0.79	3.59	49
11/3/16 (12) to 9/30/17		11.45	0.38	0.03	0.41	(0.36)	—	—	(0.36)	—	0.05	11.50	3.66   (8)	463	0.53   (8)	0.88	3.33   (8)	56   (13)
Newfleet High Yield Fund
Class A
10/1/19 to 3/31/20(6)		$ 4.10	0.11	(0.58)	(0.47)	(0.11)	—	—	(0.11)	—	(0.58)	$ 3.52	(11.73)  %	$ 40,066	0.99 %	1.37 %	5.53 %	40 %
10/1/18 to 9/30/19		4.13	0.23	(0.03)	0.20	(0.23)	—	—	(0.23)	—	(0.03)	4.10	4.99	49,890	0.99	1.36	5.61	59
10/1/17 to 9/30/18		4.25	0.23	(0.12)	0.11	(0.23)	—	—	(0.23)	—	(0.12)	4.13	2.77	51,859	0.99	1.34	5.48	66
10/1/16 to 9/30/17		4.18	0.23	0.06	0.29	(0.22)	—	—	(0.22)	—	0.07	4.25	7.05   (8)	56,694	1.00   (7)(8)	1.41	5.36   (8)	71
10/1/15 to 9/30/16		3.98	0.21	0.20	0.41	(0.21)	—	—	(0.21)	—  (9)	0.20	4.18	10.59   (10)	64,338	1.15   (11)	1.42	5.15	81
10/1/14 to 9/30/15		4.35	0.22	(0.36)	(0.14)	(0.23)	—	—	(0.23)	—	(0.37)	3.98	(3.39)	60,951	1.15	1.32	5.26	94
Class C
10/1/19 to 3/31/20(6)		$ 4.02	0.10	(0.57)	(0.47)	(0.09)	—	—	(0.09)	—	(0.56)	$ 3.46	(11.84)  %	$ 1,874	1.74 %	2.11 %	4.78 %	40 %
10/1/18 to 9/30/19		4.06	0.19	(0.04)	0.15	(0.19)	—	—	(0.19)	—	(0.04)	4.02	3.94	2,207	1.75	2.11	4.85	59
10/1/17 to 9/30/18		4.17	0.19	(0.10)	0.09	(0.20)	—	—	(0.20)	—	(0.11)	4.06	2.20	3,254	1.74	2.08	4.73	66
10/1/16 to 9/30/17		4.11	0.19	0.06	0.25	(0.19)	—	—	(0.19)	—	0.06	4.17	6.11   (8)	3,593	1.75   (7)(8)	2.17	4.61   (8)	71
10/1/15 to 9/30/16		3.92	0.17	0.20	0.37	(0.18)	—	—	(0.18)	—  (9)	0.19	4.11	9.68   (10)	4,231	1.90   (11)	2.17	4.40	81
10/1/14 to 9/30/15		4.28	0.19	(0.35)	(0.16)	(0.20)	—	—	(0.20)	—	(0.36)	3.92	(3.93)	3,705	1.90	2.07	4.52	94

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

66

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Table of Contents

Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(3)
Newfleet High Yield Fund (Continued)
Class I
10/1/19 to 3/31/20(6)		$ 4.10	0.12	(0.57)	(0.45)	(0.12)	—	—	(0.12)	—	(0.57)	$ 3.53	(11.37)  %	$ 7,759	0.74 %	1.14 %	5.77 %	40 %
10/1/18 to 9/30/19		4.13	0.24	(0.03)	0.21	(0.24)	—	—	(0.24)	—	(0.03)	4.10	5.25	7,805	0.75	1.15	5.82	59
10/1/17 to 9/30/18		4.25	0.24	(0.12)	0.12	(0.24)	—	—	(0.24)	—	(0.12)	4.13	3.03	8,557	0.74	1.14	5.72	66
10/1/16 to 9/30/17		4.18	0.24	0.06	0.30	(0.23)	—	—	(0.23)	—	0.07	4.25	7.31   (8)	6,577	0.75   (7)(8)	1.17	5.62   (8)	71
10/1/15 to 9/30/16		3.98	0.21	0.21	0.42	(0.22)	—	—	(0.22)	—  (9)	0.20	4.18	10.86   (10)	7,954	0.90   (11)	1.16	5.38	81
10/1/14 to 9/30/15		4.35	0.23	(0.36)	(0.13)	(0.24)	—	—	(0.24)	—	(0.37)	3.98	(3.15)	4,625	0.90	1.07	5.53	94
Class R6
10/1/19 to 3/31/20(6)		$ 4.10	0.12	(0.57)	(0.45)	(0.12)	—	—	(0.12)	—	(0.57)	$ 3.53	(11.34)  %	$ 803	0.68 %	1.05 %	5.84 %	40 %
10/1/18 to 9/30/19		4.13	0.23	(0.02)	0.21	(0.24)	—	—	(0.24)	—	(0.03)	4.10	5.30	829	0.69	1.04	5.77	59
10/1/17 to 9/30/18		4.25	0.24	(0.11)	0.13	(0.25)	—	—	(0.25)	—	(0.12)	4.13	3.09	4,400	0.69	1.00	5.79	66
11/3/16 (12) to 9/30/17		4.14	0.22	0.10	0.32	(0.21)	—	—	(0.21)	—	0.11	4.25	7.93   (8)	5,253	0.69   (7)(8)	1.15	5.66   (8)	71
Newfleet Low Duration Core Plus Bond Fund
Class A
10/1/19 to 3/31/20(6)		$10.86	0.13	(0.47)	(0.34)	(0.13)	—	—	(0.13)	—	(0.47)	$10.39	(3.17)  %	$ 79,162	0.75 %	0.92 %	2.40 %	28 %
10/1/18 to 9/30/19		10.64	0.29	0.22	0.51	(0.29)	—	—	(0.29)	—	0.22	10.86	4.82	81,384	0.75	0.95	2.67	45
10/1/17 to 9/30/18		10.83	0.25	(0.19)	0.06	(0.25)	—	—	(0.25)	—	(0.19)	10.64	0.55	74,707	0.75	1.09	2.32	54
10/1/16 to 9/30/17		10.90	0.21	(0.07)	0.14	(0.21)	—	—	(0.21)	—	(0.07)	10.83	1.31	81,542	0.75	1.12	1.95	55
1/1/16 to 9/30/16(14)		10.70	0.15	0.20	0.35	(0.15)	—	—	(0.15)	—	0.20	10.90	3.25	102,049	0.76   (11)	1.12	1.89	38
1/1/15 to 12/31/15		10.82	0.19	(0.09)	0.10	(0.19)	(0.03)	—	(0.22)	—  (9)	(0.12)	10.70	0.89   (10)	85,666	0.75	1.12	1.77	56
1/1/14 to 12/31/14		10.83	0.22	(0.01)	0.21	(0.22)	—	—	(0.22)	—	(0.01)	10.82	1.94	75,456	0.92   (7)	1.11	2.02	58
Class C
10/1/19 to 3/31/20(6)		$10.86	0.09	(0.47)	(0.38)	(0.09)	—	—	(0.09)	—	(0.47)	$10.39	(3.53)  %	$ 21,559	1.50 %	1.67 %	1.65 %	28 %
10/1/18 to 9/30/19		10.64	0.21	0.22	0.43	(0.21)	—	—	(0.21)	—	0.22	10.86	4.04	20,746	1.50	1.70	1.92	45
10/1/17 to 9/30/18		10.83	0.17	(0.19)	(0.02)	(0.17)	—	—	(0.17)	—	(0.19)	10.64	(0.20)	22,809	1.50	1.82	1.55	54
10/1/16 to 9/30/17		10.90	0.13	(0.07)	0.06	(0.13)	—	—	(0.13)	—	(0.07)	10.83	0.56	32,400	1.50	1.87	1.20	55
1/1/16 to 9/30/16(14)		10.70	0.09	0.19	0.28	(0.08)	—	—	(0.08)	—	0.20	10.90	2.67	46,642	1.51   (11)	1.87	1.15	38
1/1/15 to 12/31/15		10.82	0.11	(0.10)	0.01	(0.10)	(0.03)	—	(0.13)	—  (9)	(0.12)	10.70	0.13   (10)	44,621	1.50	1.86	1.02	56
1/1/14 to 12/31/14		10.84	0.14	(0.02)	0.12	(0.14)	—	—	(0.14)	—	(0.02)	10.82	1.08	51,303	1.68   (7)	1.87	1.28	58
Class I
10/1/19 to 3/31/20(6)		$10.85	0.14	(0.46)	(0.32)	(0.14)	—	—	(0.14)	—	(0.46)	$10.39	(2.96)  %	$342,689	0.50 %	0.67 %	2.65 %	28 %
10/1/18 to 9/30/19		10.63	0.31	0.22	0.53	(0.31)	—	—	(0.31)	—	0.22	10.85	5.09	352,583	0.50	0.70	2.91	45
10/1/17 to 9/30/18		10.83	0.28	(0.20)	0.08	(0.28)	—	—	(0.28)	—	(0.20)	10.63	0.71	265,252	0.50	0.83	2.57	54
10/1/16 to 9/30/17		10.90	0.24	(0.07)	0.17	(0.24)	—	—	(0.24)	—	(0.07)	10.83	1.56	250,777	0.50	0.88	2.21	55
1/1/16 to 9/30/16(14)		10.70	0.17	0.20	0.37	(0.17)	—	—	(0.17)	—	0.20	10.90	3.44	251,630	0.52   (11)	0.87	2.15	38
1/1/15 to 12/31/15		10.81	0.22	(0.09)	0.13	(0.21)	(0.03)	—	(0.24)	—  (9)	(0.11)	10.70	1.24   (10)	150,977	0.50	0.88	2.03	56
1/1/14 to 12/31/14		10.83	0.25	(0.02)	0.23	(0.25)	—	—	(0.25)	—	(0.02)	10.81	2.10	92,794	0.68   (7)	0.91	2.27	58
Class R6
10/1/19 to 3/31/20(6)		$10.86	0.15	(0.47)	(0.32)	(0.15)	—	—	(0.15)	—	(0.47)	$10.39	(3.02)  %	$ 365	0.43 %	0.61 %	2.72 %	28 %
12/19/18 (12) to 9/30/19		10.58	0.25	0.28	0.53	(0.25)	—	—	(0.25)	—	0.28	10.86	5.08	282	0.43	0.62	3.02	45   (13)

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

67

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Table of Contents

Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(3)
Newfleet Multi-Sector Intermediate Bond Fund
Class A
10/1/19 to 3/31/20(6)		$10.16	0.20	(1.11)	(0.91)	(0.19)	—	—	(0.19)	—	(1.10)	$ 9.06	(9.12)  %	$ 70,500	0.99 %	1.09 %	3.94 %	46 %
10/1/18 to 9/30/19		9.97	0.43	0.19	0.62	(0.38)	(0.05)	—	(0.43)	—  (9)	0.19	10.16	6.43   (10)	86,034	0.98	1.10	4.34	81
10/1/17 to 9/30/18		10.42	0.45	(0.46)	(0.01)	(0.42)	(0.02)	—	(0.44)	—	(0.45)	9.97	(0.14)	73,217	0.98	1.10	4.43	70
10/1/16 to 9/30/17		10.30	0.47	0.10	0.57	(0.45)	—	—	(0.45)	—	0.12	10.42	5.64   (8)	87,144	1.01   (7)(8)	1.13	4.55   (8)	64
10/1/15 to 9/30/16		9.76	0.47	0.49	0.96	(0.42)	—	—	(0.42)	—	0.54	10.30	10.15	98,969	1.14   (11)	1.15	4.80	60
10/1/14 to 9/30/15		10.70	0.49	(0.85)	(0.36)	(0.40)	(0.05)	(0.13)	(0.58)	—  (9)	(0.94)	9.76	(3.41)   (10)	104,833	1.10	1.10	4.81	66
Class C
10/1/19 to 3/31/20(6)		$10.26	0.16	(1.12)	(0.96)	(0.15)	—	—	(0.15)	—	(1.11)	$ 9.15	(9.47)  %	$ 32,733	1.74 %	1.84 %	3.19 %	46 %
10/1/18 to 9/30/19		10.07	0.36	0.19	0.55	(0.31)	(0.05)	—	(0.36)	—  (9)	0.19	10.26	5.57   (10)	39,778	1.73	1.85	3.63	81
10/1/17 to 9/30/18		10.53	0.38	(0.48)	(0.10)	(0.34)	(0.02)	—	(0.36)	—	(0.46)	10.07	(0.96)	53,809	1.73	1.83	3.68	70
10/1/16 to 9/30/17		10.40	0.39	0.11	0.50	(0.37)	—	—	(0.37)	—	0.13	10.53	4.90   (8)	63,919	1.77   (7)(8)	1.88	3.80   (8)	64
10/1/15 to 9/30/16		9.85	0.40	0.50	0.90	(0.35)	—	—	(0.35)	—	0.55	10.40	9.34	75,350	1.88   (11)	1.90	4.04	60
10/1/14 to 9/30/15		10.79	0.42	(0.85)	(0.43)	(0.33)	(0.05)	(0.13)	(0.51)	—  (9)	(0.94)	9.85	(4.11)   (10)	84,099	1.85	1.85	4.06	66
Class I
10/1/19 to 3/31/20(6)		$10.15	0.21	(1.10)	(0.89)	(0.21)	—	—	(0.21)	—	(1.10)	$ 9.05	(8.98)  %	$172,469	0.74 %	0.84 %	4.18 %	46 %
10/1/18 to 9/30/19		9.98	0.46	0.18	0.64	(0.42)	(0.05)	—	(0.47)	—  (9)	0.17	10.15	6.57   (10)	177,574	0.73	0.85	4.57	81
10/1/17 to 9/30/18		10.43	0.48	(0.47)	0.01	(0.44)	(0.02)	—	(0.46)	—	(0.45)	9.98	0.14	162,322	0.73	0.83	4.66	70
10/1/16 to 9/30/17		10.31	0.50	0.09	0.59	(0.47)	—	—	(0.47)	—	0.12	10.43	5.90   (8)	205,821	0.75   (7)(8)	0.88	4.83   (8)	64
10/1/15 to 9/30/16		9.77	0.50	0.49	0.99	(0.45)	—	—	(0.45)	—	0.54	10.31	10.42	123,435	0.88   (11)	0.90	5.04	60
10/1/14 to 9/30/15		10.71	0.52	(0.85)	(0.33)	(0.43)	(0.05)	(0.13)	(0.61)	—  (9)	(0.94)	9.77	(3.17)   (10)	138,956	0.85	0.85	5.06	66
Class R6
10/1/19 to 3/31/20(6)		$10.17	0.22	(1.11)	(0.89)	(0.21)	—	—	(0.21)	—	(1.10)	$ 9.07	(8.96)  %	$ 4,610	0.60 %	0.77 %	4.33 %	46 %
10/1/18 to 9/30/19		9.98	0.46	0.20	0.66	(0.42)	(0.05)	—	(0.47)	—  (9)	0.19	10.17	6.77   (10)	4,903	0.59	0.78	4.65	81
10/1/17 to 9/30/18		10.43	0.49	(0.47)	0.02	(0.45)	(0.02)	—	(0.47)	—	(0.45)	9.98	0.19	15,750	0.62	0.76	4.78	70
10/1/16 to 9/30/17		10.31	0.50	0.10	0.60	(0.48)	—	—	(0.48)	—	0.12	10.43	5.98   (8)	19,410	0.67   (7)(8)	0.82	4.79   (8)	64
10/1/15 to 9/30/16		9.77	0.50	0.50	1.00	(0.46)	—	—	(0.46)	—	0.54	10.31	10.50	2,004	0.81   (11)	0.83	5.12	60
11/12/14 (12) to 9/30/15		10.67	0.46	(0.81)	(0.35)	(0.37)	(0.05)	(0.13)	(0.55)	—	(0.90)	9.77	(3.31)   (10)	1,778	0.76	0.77	5.12	66   (13)
Newfleet Senior Floating Rate Fund
Class A
10/1/19 to 3/31/20(6)		$ 9.11	0.20	(1.41)	(1.21)	(0.22)	—	—	(0.22)	—	(1.43)	$ 7.68	(13.56)  %	$ 43,727	1.14 %  (15)(16)(17)	1.13 %	4.49 %	19 %
10/1/18 to 9/30/19		9.41	0.46	(0.30)	0.16	(0.46)	—	—	(0.46)	—	(0.30)	9.11	1.80	167,595	1.10   (17)	1.11	4.96	24
10/1/17 to 9/30/18		9.42	0.41	(0.01)	0.40	(0.41)	—	—	(0.41)	—	(0.01)	9.41	4.33	196,025	1.09	1.12	4.31	37
10/1/16 to 9/30/17		9.42	0.37	0.02	0.39	(0.39)	—	—	(0.39)	—	—	9.42	4.28	223,055	1.10   (7)	1.16	3.95	95
10/1/15 to 9/30/16		9.36	0.34	0.06	0.40	(0.34)	—	—	(0.34)	—	0.06	9.42	4.42	227,588	1.23   (11)(15)	1.24	3.67	48
10/1/14 to 9/30/15		9.72	0.38	(0.32)	0.06	(0.39)	—	(0.03)	(0.42)	—  (9)	(0.36)	9.36	0.53   (10)	268,596	1.20   (15)	1.20	3.94	34

The footnote legend is at the end of the financial highlights.

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FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(3)
Newfleet Senior Floating Rate Fund (Continued)
Class C
10/1/19 to 3/31/20(6)		$ 9.12	0.17	(1.41)	(1.24)	(0.19)	—	—	(0.19)	—	(1.43)	$ 7.69	(13.87)  %	$ 33,856	1.89 %  (17)	1.93 %	3.83 %	19 %
10/1/18 to 9/30/19		9.42	0.39	(0.30)	0.09	(0.39)	—	—	(0.39)	—	(0.30)	9.12	1.05	47,050	1.86   (17)	1.92	4.23	24
10/1/17 to 9/30/18		9.44	0.33	(0.01)	0.32	(0.34)	—	—	(0.34)	—	(0.02)	9.42	3.45	78,558	1.84	1.91	3.55	37
10/1/16 to 9/30/17		9.43	0.30	0.03	0.33	(0.32)	—	—	(0.32)	—	0.01	9.44	3.50	97,800	1.85   (7)	1.92	3.20	95
10/1/15 to 9/30/16		9.37	0.27	0.06	0.33	(0.27)	—	—	(0.27)	—	0.06	9.43	3.63	111,839	1.98   (11)	1.99	2.92	48
10/1/14 to 9/30/15		9.73	0.31	(0.33)	(0.02)	(0.31)	—	(0.03)	(0.34)	—  (9)	(0.36)	9.37	(0.22)   (10)	138,478	1.95	1.95	3.19	34
Class I
10/1/19 to 3/31/20(6)		$ 9.10	0.21	(1.41)	(1.20)	(0.23)	—	—	(0.23)	—	(1.43)	$ 7.67	(13.47)  %	$ 99,228	0.89 %  (17)	0.93 %	4.81 %	19 %
10/1/18 to 9/30/19		9.40	0.48	(0.30)	0.18	(0.48)	—	—	(0.48)	—	(0.30)	9.10	2.05	158,703	0.86   (17)	0.91	5.20	24
10/1/17 to 9/30/18		9.42	0.43	(0.02)	0.41	(0.43)	—	—	(0.43)	—	(0.02)	9.40	4.48	228,058	0.84	0.90	4.56	37
10/1/16 to 9/30/17		9.41	0.40	0.02	0.42	(0.41)	—	—	(0.41)	—	0.01	9.42	4.54	250,770	0.84   (7)	0.92	4.21	95
10/1/15 to 9/30/16		9.35	0.36	0.06	0.42	(0.36)	—	—	(0.36)	—	0.06	9.41	4.69	210,752	0.97   (11)	0.98	3.91	48
10/1/14 to 9/30/15		9.71	0.40	(0.32)	0.08	(0.41)	—	(0.03)	(0.44)	—  (9)	(0.36)	9.35	0.78   (10)	284,735	0.95	0.95	4.20	34
Class R6
10/1/19 to 3/31/20(6)		$ 9.11	0.24	(1.44)	(1.20)	(0.24)	—	—	(0.24)	—	(1.44)	$ 7.67	(13.50)  %	$ 3,382	0.75 %  (17)	0.86 %	5.82 %	19 %
10/1/18 to 9/30/19		9.40	0.49	(0.28)	0.21	(0.50)	—	—	(0.50)	—	(0.29)	9.11	2.31	219	0.71   (17)	0.84	5.35	24
10/1/17 to 9/30/18		9.42	0.44	(0.02)	0.42	(0.44)	—	—	(0.44)	—	(0.02)	9.40	4.60	105	0.75   (7)	0.86	4.70	37
11/3/16 (12) to 9/30/17		9.43	0.36	0.01	0.37	(0.38)	—	—	(0.38)	—	(0.01)	9.42	4.32	104	0.77   (7)	0.86	3.76	95   (13)
Newfleet Tax-Exempt Bond Fund
Class A
10/1/19 to 3/31/20(6)		$11.34	0.13	(0.16)	(0.03)	(0.13)	—	—	(0.13)	—	(0.16)	$11.18	(0.31)  %	$ 36,150	0.85 %	1.01 %	2.27 %	3 %
10/1/18 to 9/30/19		10.88	0.27	0.53	0.80	(0.27)	—	(0.07)	(0.34)	—	0.46	11.34	7.50	38,374	0.85	0.99	2.47	4
10/1/17 to 9/30/18		11.28	0.31	(0.35)	(0.04)	(0.31)	—	(0.05)	(0.36)	—	(0.40)	10.88	(0.35)	36,238	0.85	0.99	2.78	15
10/1/16 to 9/30/17		11.55	0.31	(0.26)	0.05	(0.30)	—	(0.02)	(0.32)	—	(0.27)	11.28	0.48   (8)	46,657	0.85   (8)	1.03	2.78   (8)	9
1/1/16 to 9/30/16(14)		11.43	0.22	0.12	0.34	(0.22)	—	—	(0.22)	—	0.12	11.55	3.00	69,711	0.87   (11)	1.03	2.53	9
1/1/15 to 12/31/15		11.46	0.30	(0.03)	0.27	(0.29)	—	(0.01)	(0.30)	—	(0.03)	11.43	2.39	74,418	0.85	1.00	2.60	10
1/1/14 to 12/31/14		10.91	0.31	0.56	0.87	(0.32)	—	—  (9)	(0.32)	—	0.55	11.46	7.94	79,906	0.85	0.99	2.73	22
Class C
10/1/19 to 3/31/20(6)		$11.34	0.09	(0.17)	(0.08)	(0.08)	—	—	(0.08)	—	(0.16)	$11.18	(0.68)  %	$ 10,074	1.60 %	1.75 %	1.52 %	3 %
10/1/18 to 9/30/19		10.89	0.19	0.52	0.71	(0.19)	—	(0.07)	(0.26)	—	0.45	11.34	6.60	11,194	1.60	1.73	1.73	4
10/1/17 to 9/30/18		11.29	0.22	(0.34)	(0.12)	(0.23)	—	(0.05)	(0.28)	—	(0.40)	10.89	(1.09)	15,238	1.60	1.73	2.03	15
10/1/16 to 9/30/17		11.55	0.23	(0.25)	(0.02)	(0.22)	—	(0.02)	(0.24)	—	(0.26)	11.29	(0.18)   (8)	20,832	1.60   (8)	1.78	2.03   (8)	9
1/1/16 to 9/30/16(14)		11.43	0.15	0.13	0.28	(0.16)	—	—	(0.16)	—	0.12	11.55	2.42	26,833	1.61   (11)	1.78	1.78	9
1/1/15 to 12/31/15		11.46	0.21	(0.03)	0.18	(0.20)	—	(0.01)	(0.21)	—	(0.03)	11.43	1.62	30,316	1.60	1.75	1.85	10
1/1/14 to 12/31/14		10.92	0.22	0.55	0.77	(0.23)	—	—  (9)	(0.23)	—	0.54	11.46	7.13	30,967	1.60	1.74	1.98	22

The footnote legend is at the end of the financial highlights.

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VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(3)
Newfleet Tax-Exempt Bond Fund (Continued)
Class I
10/1/19 to 3/31/20(6)		$11.34	0.14	(0.16)	(0.02)	(0.14)	—	—	(0.14)	—	(0.16)	$11.18	(0.19)  %	$ 76,379	0.60 %	0.78 %	2.52 %	3 %
10/1/18 to 9/30/19		10.88	0.30	0.53	0.83	(0.30)	—	(0.07)	(0.37)	—	0.46	11.34	7.76	84,588	0.60	0.78	2.72	4
10/1/17 to 9/30/18		11.28	0.33	(0.34)	(0.01)	(0.34)	—	(0.05)	(0.39)	—	(0.40)	10.88	(0.10)	102,516	0.60	0.74	3.03	15
10/1/16 to 9/30/17		11.55	0.34	(0.26)	0.08	(0.33)	—	(0.02)	(0.35)	—	(0.27)	11.28	0.73   (8)	100,062	0.60   (8)	0.79	3.04   (8)	9
1/1/16 to 9/30/16(14)		11.43	0.24	0.12	0.36	(0.24)	—	—	(0.24)	—	0.12	11.55	3.19	104,679	0.62   (11)	0.78	2.78	9
1/1/15 to 12/31/15		11.46	0.33	(0.03)	0.30	(0.32)	—	(0.01)	(0.33)	—	(0.03)	11.43	2.64	90,912	0.60	0.77	2.85	10
1/1/14 to 12/31/14		10.91	0.34	0.56	0.90	(0.35)	—	—  (9)	(0.35)	—	0.55	11.46	8.30	86,459	0.60	0.79	2.98	22

    

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FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend:
(1)	Calculated using average shares outstanding.
(2)	Sales charges, where applicable, are not reflected in the total return calculation.
(3)	Not annualized for periods less than one year.
(4)	Annualized for periods less than one year.
(5)	The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio.
(6)	Unaudited.
(7)	Due to a change in expense cap, the ratio shown is a blended expense ratio.
(8)	State Street Bank & Trust, custodian for some of the Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows: Newfleet Core Plus Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet High Yield Fund 0.08% (Class A), 0.08% (Class C), 0.08% (Class I), 0.00% (Class R6) Newfleet Multi-Sector Intermediate Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet Tax-Exempt Bond Fund 0.01% (Class A), 0.01% (Class C), 0.01% (Class I) Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: Newfleet Core Plus Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet High Yield Fund 0.08% (Class A), 0.08% (Class C), 0.08% (Class I), 0.00% (Class R6) Newfleet Multi-Sector Intermediate Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet Tax-Exempt Bond Fund 0.01% (Class A), 0.01% (Class C), 0.01% (Class I)
(9)	Amount is less than $0.005 per share.
(10)	Payment from affiliate had no impact on total return.
(11)	Net expense ratio includes extraordinary proxy expenses.
(12)	Inception date.
(13)	Portfolio turnover is representative of the Fund for the entire period.
(14)	The Fund changed its fiscal year end to September 30, during the period.
(15)	The share class is currently under its expense limitation.
(16)	See Note 3D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed.
(17)	Ratios of total expenses excluding interest expense on borrowings for the six months ended March 31, 2020, and year ended September 30, 2019, were 0.94% (Class A), 1.69% (Class C), 0.69% (Class I) and 0.55% (Class R6).

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

March 31, 2020

Note 1. Organization

Virtus Opportunities Trust (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

As of the date of this report, 24 funds of the Trust are offered for sale, of which 6 (each a “Fund” or collectively, the “Funds”) are reported in this semiannual report.

The Funds have the following investment objective(s):

Fund		Investment objective(s)
Newfleet Core Plus Bond Fund		High total return from both current income and capital appreciation.
Newfleet High Yield Fund		High current income and a secondary objective of capital growth.
Newfleet Low Duration Core Plus Bond Fund		To provide a high level of total return, including a competitive level of current income, while limiting fluctuations in net asset value due to changes in interest rates.
Newfleet Multi-Sector Intermediate Bond Fund		Maximizing current income while preserving capital.
Newfleet Senior Floating Rate Fund		High total return from both current income and capital appreciation.
Newfleet Tax-Exempt Bond Fund		Providing a high level of current income that is exempt from federal income tax.

There is no guarantee that a Fund will achieve its objective(s).

All of the Funds offer Class A shares, Class C shares and Class I shares. All of the Funds with the exception of the Newfleet Tax-Exempt Bond Fund offer Class R6 shares.

Class A shares of Newfleet Low Duration Core Plus Bond Fund are sold with a front-end sales charge of 2.25% with some exceptions. Class A shares of the Newfleet Senior Floating Rate Fund and Newfleet Tax-Exempt Bond Fund are sold with a front-end sales charge of up to 2.75% with some exceptions. Class A shares of the Newfleet Core Plus Bond Fund, Newfleet High Yield Fund, and Newfleet Multi-Sector Intermediate Bond Fund are sold with a front-end sales charge of up to 3.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Effective January 1, 2019, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares ten years after the purchase date. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund’s determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds’ distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as “Less low balance account fees” in each Fund’s Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds’ Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

Note 2. Significant Accounting Policies

($ reported in thousands)

The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

•	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 Valuation Committee’s own assumptions in determining the fair value of investments).

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

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. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, 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 a Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, 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 securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

B.

Security Transactions and Investment Income

Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

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March 31, 2020

	Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
C.	Income Taxes
	Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.
	Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.
	Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2016 forward (with limited exceptions).
D.	Distributions to Shareholders
	Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.
E.	Expenses
	Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used.
	In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.
F.	Foreign Currency Transactions
	Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
G.	When-issued Purchases and Forward Commitments (Delayed Delivery)
	Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date.
H.	Interest-Only and Principal-Only Securities
	Certain Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities.

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I.	Leveraged Loans
	Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.
	A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.
	The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.
	As of March 31, 2020, the Funds had the following unfunded loan commitments:

    

		Unfunded Loan Commitment
Borrower		Newfleet Multi-Sector Intermediate Bond Fund
EyeCare Partners LLC		$65

J.	Securities Lending
	The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.
	Securities lending transactions are entered into by each Fund under Master Securities Lending Agreements (“MSLA”) which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.
	Effective March 13, 2020, the securities lending program was put on hold and all securities on loan were recalled.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands)

A.	Investment Adviser
	Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadviser.
	As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund:

    

	First $1 Billion		$1+ Billion
Newfleet Core Plus Bond Fund	0.45 %		0.40  %
Newfleet Tax-Exempt Bond Fund	0.45		0.40  *

    

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	First $2 Billion		$2+ Billion
Newfleet Low Duration Core Plus Bond Fund	0.40 %		0.375  %

    

	First $1 Billion		$1+ Billion through $2 Billion		$2+ Billion
Newfleet High Yield Fund	0.65 %		0.60  %		0.55  %
Newfleet Multi-Sector Intermediate Bond Fund	0.55		0.50		0.45

    

	First $2 Billion		$2+ Billion through $4 Billion		$4+ Billion
Newfleet Senior Floating Rate Fund	0.45 %		0.40 %		0.38 %

    

*	Effective January 28, 2020. Prior to January 28, 2020, the Adviser’s fee was 0.45% of the Fund’s average daily net assets.

B.	Subadviser
	Newfleet Asset Management, LLC (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser.
C.	Expense Limitations
	The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed on an annualized basis, the following respective percentages of average daily net assets through January 31, 2021. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are calculated daily and received monthly.

    

Fund		Class A		Class C		Class I		Class R6
Newfleet Core Plus Bond Fund(1)		0.80 %		1.55 %		0.55 %		0.43 %
Newfleet High Yield Fund		1.00		1.75		0.75		0.69
Newfleet Low Duration Core Plus Bond Fund		0.75		1.50		0.50		0.43
Newfleet Multi-Sector Intermediate Bond Fund		0.99		1.74		0.74		0.60
Newfleet Senior Floating Rate Fund		0.94  *		1.69		0.69		0.55
Newfleet Tax-Exempt Bond Fund		0.85		1.60		0.60		N/A

(1)	Effective December 1, 2019 through January 31, 2021. For the period October 1, 2019 through November 30, 2019, the expense caps for Class A, Class C, Class I and Class R6 were: 0.85%,1.60%, 0.60% and 0.48%, respectively.
*	The share class is currently under its expense limitation.

The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

D.

Expense Recapture

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending:

    

		Expiration
Fund		2020		2021		2022		2023		Total
Newfleet Core Plus Bond Fund
Class A		$ 64		$ 98		$ 89		$ 46		$ 297
Class C		12		21		12		5		50
Class I		42		68		84		65		259
Class R6		1		1		2		2		6
Newfleet High Yield Fund
Class A		122		180		182		87		571
Class C		8		21		8		4		41
Class I		18		24		26		17		85
Class R6		5		15		4		1		25

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		Expiration
Fund		2020		2021		2022		2023		Total
Newfleet Low Duration Core Plus Bond Fund
Class A		$162		$274		$158		$ 68		$ 662
Class C		68		87		46		18		219
Class I		490		842		612		325		2,269
Class R6		—		—		— (1)		— (1)		— (1)
Newfleet Multi-Sector Intermediate Bond Fund
Class A		59		86		85		42		272
Class C		45		53		50		18		166
Class I		133		176		168		94		571
Class R6		7		23		9		4		43
Newfleet Senior Floating Rate Fund
Class A		67		52		25		2		146
Class C		43		59		40		9		151
Class I		109		143		111		29		392
Class R6		— (1)		1		— (1)		1		2
Newfleet Tax-Exempt Bond Fund
Class A		46		59		53		29		187
Class C		20		22		18		8		68
Class I		102		137		160		74		473

(1)	Amount is less than $500.

During the period ended March 31, 2020, the Adviser recaptured expenses previously waived for the following Funds:

Fund		Class A
Newfleet Senior Floating Rate Fund		$8

E.	Distributor
	VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months (the “period”) ended March 31, 2020, it retained net commissions of $9 for Class A shares and CDSC of $1, and $3 for Class A shares, and Class C shares, respectively.
	In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.
	Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.
F.	Administrator and Transfer Agent
	Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.
	For the period ended March 31, 2020, the Funds incurred administration fees totaling $677 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly.
	For the period ended March 31, 2020, the Funds incurred transfer agent fees totaling $303 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G.	Trustee Compensation
	The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at March 31, 2020.

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Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding U.S. Government and agency securities, short-term securities and written options) during the period ended March 31, 2020, were as follows:

	Purchases		Sales
Newfleet Core Plus Bond Fund	$ 24,887		$ 25,934
Newfleet High Yield Fund	22,624		26,548
Newfleet Low Duration Core Plus Bond Fund	131,695		128,849
Newfleet Multi-Sector Intermediate Bond Fund	119,068		129,126
Newfleet Senior Floating Rate Fund	65,913		224,855
Newfleet Tax-Exempt Bond Fund	3,376		17,127

Purchases and sales of long-term U.S. Government and agency securities for the Funds during the period ended March 31, 2020, were as follows:

	Purchases		Sales
Newfleet Core Plus Bond Fund	$11,220		$ 1,496
Newfleet Low Duration Core Plus Bond Fund	2,439		678
Newfleet Multi-Sector Intermediate Bond Fund	22,137		22,378

Note 5. Capital Share Transactions

($ reported in thousands)

Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

	Newfleet Core Plus Bond Fund								Newfleet High Yield Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	156		$ 1,784		453		$ 5,012		225		$ 912		445		$ 1,779
Reinvestment of distributions	38		440		88		982		280		1,123		611		2,471
Shares repurchased and cross class conversions	(270)		(3,091)		(530)		(5,884)		(1,306)		(5,213)		(1,438)		(5,820)
Net Increase / (Decrease)	(76)		$ (867)		11		$ 110		(801)		$ (3,178)		(382)		$ (1,570)
Class C
Shares sold and cross class conversions	234		$ 2,662		165		$ 1,770		87		$ 341		113		$ 448
Reinvestment of distributions	3		38		10		108		13		51		29		113
Shares repurchased and cross class conversions	(118)		(1,302)		(332)		(3,557)		(107)		(403)		(395)		(1,545)
Net Increase / (Decrease)	119		$ 1,398		(157)		$ (1,679)		(7)		$ (11)		(253)		$ (984)
Class I
Shares sold and cross class conversions	1,457		$ 17,142		2,593		$ 29,141		1,033		$ 4,147		882		$ 3,588
Reinvestment of distributions	75		877		113		1,281		59		239		91		369
Shares repurchased and cross class conversions	(553)		(6,311)		(572)		(6,375)		(794)		(3,264)		(1,140)		(4,580)
Net Increase / (Decrease)	979		$ 11,708		2,134		$ 24,047		298		$ 1,122		(167)		$ (623)

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	Newfleet Core Plus Bond Fund								Newfleet High Yield Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class R6
Shares sold and cross class conversions	26		$ 301		62		$ 707		66		$ 240		32		$ 127
Reinvestment of distributions	1		14		2		20		5		20		14		57
Shares repurchased and cross class conversions	(42)		(490)		(14)		(158)		(45)		(173)		(909)		(3,696)
Net Increase / (Decrease)	(15)		$ (175)		50		$ 569		26		$ 87		(863)		$ (3,512)

    

	Newfleet Low Duration Core Plus Bond Fund								Newfleet Multi-Sector Intermediate Bond Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	1,644		$ 17,826		3,909		$ 41,644		748		$ 7,552		2,942		$ 29,318
Reinvestment of distributions	79		857		170		1,818		142		1,420		289		2,878
Shares repurchased and cross class conversions	(1,600)		(17,063)		(3,606)		(38,525)		(1,577)		(15,083)		(2,100)		(20,764)
Net Increase / (Decrease)	123		$ 1,620		473		$ 4,937		(687)		$ (6,111)		1,131		$ 11,432
Class C
Shares sold and cross class conversions	583		$ 6,265		1,286		$ 13,665		415		$ 4,220		991		$ 9,890
Reinvestment of distributions	13		144		35		378		45		460		136		1,370
Shares repurchased and cross class conversions	(432)		(4,644)		(1,555)		(16,598)		(760)		(7,604)		(2,593)		(26,011)
Net Increase / (Decrease)	164		$ 1,765		(234)		$ (2,555)		(300)		$ (2,924)		(1,466)		$ (14,751)
Class I
Shares sold and cross class conversions	10,415		$ 112,672		19,386		$ 207,470		5,988		$ 58,092		8,464		$ 84,699
Reinvestment of distributions	427		4,608		743		7,981		258		2,581		483		4,810
Shares repurchased and cross class conversions	(10,336)		(109,831)		(12,589)		(134,410)		(4,681)		(45,496)		(7,723)		(76,388)
Net Increase / (Decrease)	506		$ 7,449		7,540		$ 81,041		1,565		$ 15,177		1,224		$ 13,121
Class R6
Shares sold and cross class conversions	9		$ 96		26		$ 276		109		$ 1,051		174		$ 1,749
Reinvestment of distributions	— (1)		3		— (1)		2		8		81		21		206
Shares repurchased and cross class conversions	(—)  (1)		(—)  (2)		—		—		(91)		(925)		(1,291)		(12,730)
Net Increase / (Decrease)	9		$ 99		26		$ 278		26		$ 207		(1,096)		$ (10,775)

(1)	Amount is less than 500 shares.
(2)	Amount is less than $500.

    

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	Newfleet Senior Floating Rate Fund								Newfleet Tax-Exempt Bond Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	822		$ 7,389		2,876		$ 26,470		185		$ 2,102		621		$ 6,917
Reinvestment of distributions	393		3,498		878		8,031		30		342		85		937
Shares repurchased and cross class conversions	(13,917)		(118,651)		(6,191)		(56,147)		(364)		(4,111)		(652)		(7,222)
Net Increase / (Decrease)	(12,702)		$ (107,764)		(2,437)		$ (21,646)		(149)		$ (1,667)		54		$ 632
Class C
Shares sold and cross class conversions	153		$ 1,371		442		$ 4,083		114		$ 1,316		178		$ 1,968
Reinvestment of distributions	86		757		262		2,398		6		69		27		296
Shares repurchased and cross class conversions	(993)		(8,722)		(3,885)		(35,602)		(206)		(2,328)		(618)		(6,884)
Net Increase / (Decrease)	(754)		$ (6,594)		(3,181)		$ (29,121)		(86)		$ (943)		(413)		$ (4,620)
Class I
Shares sold and cross class conversions	2,922		$ 26,249		8,633		$ 79,413		395		$ 4,473		1,025		$ 11,335
Reinvestment of distributions	253		2,236		665		6,076		66		751		204		2,260
Shares repurchased and cross class conversions	(7,677)		(66,995)		(16,120)		(146,856)		(1,085)		(12,232)		(3,191)		(35,099)
Net Increase / (Decrease)	(4,502)		$ (38,510)		(6,822)		$ (61,367)		(624)		$ (7,008)		(1,962)		$ (21,504)
Class R6
Shares sold and cross class conversions	571		$ 5,088		13		$ 114		—		$ —		—		$ —
Reinvestment of distributions	3		23		— (1)		3		—		—		—		—
Shares repurchased and cross class conversions	(157)		(1,223)		(—)  (1)		(—)  (2)		—		—		—		—
Net Increase / (Decrease)	417		$ 3,888		13		$ 117		—		$ —		—		$ —

(1)	Amount is less than 500 shares.
(2)	Amount is less than $500.

Note 6. 10% Shareholders

As of March 31, 2020, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each such Fund as detailed below:

	% of Shares Outstanding		Number of Accounts*
Newfleet Core Plus Bond Fund	39%		2
Newfleet High Yield Fund	10		1
Newfleet Low Duration Core Plus Bond Fund	36		2
Newfleet Multi-Sector Intermediate Bond Fund	21		1
Newfleet Senior Floating Rate Fund	21		1
Newfleet Tax-Exempt Bond Fund	12		1

*	None of the accounts are affiliated.

Note 7. Credit and Market Risk and Asset Concentration

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of the Fund’s portfolio manager(s) to invest the Fund’s assets as intended.

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In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund’s ability to repatriate such amounts.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if a Fund did not concentrate its investments in such sectors.

Note 8.  Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust’s and/or the Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

Note 9. Restricted Securities

Restricted securities are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

Note 10. Redemption Facility

($ reported in thousands)

On September 18, 2017, the Funds (with the exception of the Newfleet Senior Floating Rate Fund) and certain other affiliated funds entered into an $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Funds to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of each Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 11, 2021. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The Funds had no borrowings at any time during the period ended March 31, 2020.

Note 11. Borrowings

($ reported in thousands)

On March 18, 2019, the Newfleet Senior Floating Rate Fund amended its Credit Agreement (the “Agreement”) with a commercial bank (the “Bank”) that allows the Fund to borrow cash from the Bank, up to a limit of $125,000. Borrowings under the Agreement are collateralized by investments of the Fund. The Agreement results in the Fund being subject to certain covenants including asset coverage and portfolio composition (among others). If the Fund fails to meet or maintain certain covenants as required under the Agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the Agreement, necessitating the sale of securities at potentially inopportune times. Interest is charged at LIBOR plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance, if less than 75% of the Commitment Amount is outstanding as a loan to the Fund. Total commitment fees paid for the period ended March 31, 2020, were $103 and are included in the “Interest expense” line of the Statements of Operations. The Agreement has a term that extends until the 179^th day after the date that the lender delivers a “notice of termination” to the Fund. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default. For the period ended March 31, 2020, the average daily borrowings under the Agreement and the weighted daily average interest rate were $20,530 and 2.231%, respectively. At March 31, 2020, the Fund had $37,500 outstanding borrowings with an interest rate of 1.839%.

Note 12. Federal Income Tax Information

($ reported in thousands)

At March 31, 2020, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Funds were as follows:

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

Fund		Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Newfleet Core Plus Bond Fund		$ 102,068		$ 3,498		$ (4,813)		$ (1,315)
Newfleet High Yield Fund		56,534		189		(8,532)		(8,343)
Newfleet Low Duration Core Plus Bond Fund		458,233		1,537		(16,636)		(15,099)
Newfleet Multi-Sector Intermediate Bond Fund		301,614		1,441		(32,277)		(30,836)
Newfleet Senior Floating Rate Fund		238,250		—		(37,021)		(37,021)
Newfleet Tax-Exempt Bond Fund		112,329		6,551		(317)		6,234

At September 30, 2019, certain Funds had capital loss carryovers available to offset future realized capital gains, through the indicated expiration dates shown below:

	No Expiration				Total
	Short-Term		Long-Term		Short-Term		Long-Term
Newfleet Core Plus Bond Fund	$ 323		$ 1,586		$ 323		$ 1,586
Newfleet High Yield Fund	941		3,141		941		3,141
Newfleet Low Duration Core Plus Bond Fund	1,808		1,151		1,808		1,151
Newfleet Multi-Sector Intermediate Bond Fund	3,173		12,834		3,173		12,834
Newfleet Senior Floating Rate Fund	1,745		30,011		1,745		30,011

Capital losses realized after October 31 and certain late year ordinary losses may be deferred and treated as occurring on the first day of the following fiscal year. For the fiscal year ended September 30, 2019, the following Funds deferred qualified late year losses as follows:

	Capital Loss Deferred
Newfleet Core Plus Bond Fund	$ 103
Newfleet High Yield Fund	698
Newfleet Low Duration Core Plus Bond Fund	328
Newfleet Multi-Sector Intermediate Bond Fund	4,622
Newfleet Senior Floating Rate Fund	9,330
Newfleet Tax-Exempt Bond Fund	145

Note 13. Regulatory Matters and Litigation

From time to time, the Trust, the Funds, the Adviser and/or Subadviser and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

Note 14. Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities held at a premium, shortening such period to the earliest call date. This ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has implemented the ASU 2017-08 and determined the impact of this guidance to the Funds’ net assets at the end of the period is not material.

In August 2018, the FASB issued ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. This ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. For public companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has determined to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

Note 15. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

NEWFLEET CORE PLUS BOND FUND, VIRTUS NEWFLEET HIGH YIELD FUND, VIRTUS

NEWFLEET LOW DURATION CORE PLUS BOND FUND, VIRTUS NEWFLEET MULTI-SECTOR

INTERMEDIATE BOND FUND, VIRTUS NEWFLEET SENIOR FLOATING RATE FUND AND

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND (each a “FUND” and collectively, the “FUNDS”)

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of each subadvisory agreement (collectively, the “Subadvisory Agreements” and together with the Advisory Agreement, the “Agreements”) among the Trust, VIA and Newfleet Asset Management, LLC (the “Subadviser”) with respect to the Funds of the Trust. At in-person meetings held on October 30, 2019 and November 20-21, 2019 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadviser, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from the Subadviser with respect to the Funds. The Board noted the affiliation of the Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the applicable Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services provided to the Funds by VIA and the Subadviser; (2) the performance of the Funds as compared to an appropriate peer group and an appropriate index; (3) the level and method of computing each Fund’s advisory and subadvisory fees, and comparisons of the Funds’ advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA’s or the Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on each Fund’s performance and expenses; (7) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

Nature, Extent and Quality of Services

The Trustees received in advance of the Meetings information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics, including, among other items, such company’s investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. The Trustees noted that the Funds are managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of a Fund’s portfolio. Under this structure, VIA is responsible for the management of the Funds’ investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Funds’ subadviser(s), including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Funds’ respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA’s supervision of the Funds’ other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

NEWFLEET CORE PLUS BOND FUND, VIRTUS NEWFLEET HIGH YIELD FUND, VIRTUS

NEWFLEET LOW DURATION CORE PLUS BOND FUND, VIRTUS NEWFLEET MULTI-SECTOR

INTERMEDIATE BOND FUND, VIRTUS NEWFLEET SENIOR FLOATING RATE FUND AND

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND (each a “FUND” and collectively, the “FUNDS”)

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, including the Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that the Subadviser provided portfolio management, compliance with the Funds’ investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadviser’s management of the Funds is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Funds’ prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered the Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the Funds; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account the Subadviser’s risk assessment and monitoring process. The Board noted the Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the Funds.

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Broadridge Report”) for the Funds prepared by Broadridge, an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on each Fund’s performance. The Board evaluated each Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds’ performance results and portfolio composition, as well as the Subadviser’s investment strategy. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadviser. The Board also noted the Subadviser’s performance record with respect to each Fund. The Board was mindful of VIA’s focus on the Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended June 30, 2019.

Virtus Newfleet Core Plus Bond Fund (fka Virtus Newfleet Bond Fund). The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 3-, 5- and 10-year periods.

Virtus Newfleet High Yield Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 5- year periods and underperformed the median of its Performance Universe for the 3-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Newfleet Low Duration Core Plus Bond Fund (fka Virtus Newfleet Low Duration Income Fund). The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods and outperformed its benchmark for the 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-year period.

Virtus Newfleet Multi-Sector Intermediate Bond Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3- and 5-year periods. The Board also noted that the Fund outperformed its benchmark for the 3- and 5-year periods and underperformed its benchmark for the 1- year period.

Virtus Newfleet Senior Floating Rate Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3- and 5-year periods and outperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

NEWFLEET CORE PLUS BOND FUND, VIRTUS NEWFLEET HIGH YIELD FUND, VIRTUS

NEWFLEET LOW DURATION CORE PLUS BOND FUND, VIRTUS NEWFLEET MULTI-SECTOR

INTERMEDIATE BOND FUND, VIRTUS NEWFLEET SENIOR FLOATING RATE FUND AND

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND (each a “FUND” and collectively, the “FUNDS”)

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Virtus Newfleet Tax-Exempt Bond Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 3-, 5- and 10-year periods and that the Fund’s performance was equal to the median of its Performance Universe for the 1- year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods and outperformed its benchmark for the 10-year period.

The Board also considered management’s discussion about the reasons for each applicable Fund’s underperformance relative to its peer group or benchmark. After reviewing these and related factors, the Board concluded that each Fund’s overall performance, reasons discussed for certain Fund’s underperformance and/or actions taken to address the underperformance, was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund’s contractual and net management fee and net total expense level to those of its peer universe (the “Expense Universe”) and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing each Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee included advisory fees. The Board also noted that all of the Funds had expense caps in place to limit the total expenses incurred by those Funds and their shareholders, and that VIA had proposed to lower the expense caps in place for Virtus Newfleet Core Plus Bond Fund. The Board also noted that the subadvisory fees were paid by VIA out of its management fees rather than paid separately by the Funds. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Subadviser provided, and the Board considered, fee information of comparable accounts managed by the Subadviser, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund’s fees and expenses. In each case, the Board took into account management’s discussion of the Fund’s expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

Virtus Newfleet Core Plus Bond Fund (fka Virtus Newfleet Bond Fund). The Board considered that the Fund’s net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.

Virtus Newfleet High Yield Fund. The Board considered that the Fund’s net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe.

Virtus Newfleet Low Duration Core Plus Bond Fund (fka Virtus Newfleet Low Duration Income Fund). The Board considered that the Fund’s net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe.

Virtus Newfleet Multi-Sector Intermediate Bond Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were in the third quintile of the Expense Universe.

Virtus Newfleet Senior Floating Rate Fund. The Board considered that the Fund’s net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.

Virtus Newfleet Tax-Exempt Bond Fund. The Board considered that the Fund’s net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile median of the Expense Universe.

The Board concluded that the advisory and subadvisory fees for each Fund, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also approved the proposed lower expense caps to limit the total expenses of Virtus Newfleet Core Plus Bond Fund and approved implementing a five basis point breakpoint reduction to 0.40% for assets under management of one billion or greater for Virtus Newfleet Tax-Exempt Bond Fund.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

NEWFLEET CORE PLUS BOND FUND, VIRTUS NEWFLEET HIGH YIELD FUND, VIRTUS

NEWFLEET LOW DURATION CORE PLUS BOND FUND, VIRTUS NEWFLEET MULTI-SECTOR

INTERMEDIATE BOND FUND, VIRTUS NEWFLEET SENIOR FLOATING RATE FUND AND

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND (each a “FUND” and collectively, the “FUNDS”)

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds and the other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadviser, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each Fund was reasonable in light of the quality of the services rendered to the Funds by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadviser in connection with its relationship to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadviser, the Board noted that, because the Subadviser is an affiliate of VIA, such profitability might be directly or indirectly shared by VIA. For each of the above reasons, the Board concluded that the profitability to the Subadviser and its affiliates from their relationship with the Funds was not a material factor in approval of the Subadvisory Agreements.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds’ assets grow. The Board noted that the management fees for several of the Funds included breakpoints based on assets under management, and that expense caps were also in place for the Funds. The Board also took into account management’s discussion of the Funds’ management fee and subadvisory fee structure, including with respect to the Fund that does not currently have breakpoints. The Board also took into account the current sizes of the Funds. The Board also noted that VIA had agreed to implement an extension of each Fund’s expense cap through January 31, 2021, and had agreed to lower the expense caps applicable to Virtus Newfleet Core Plus Bond Fund. The Board then concluded that no other changes to the advisory fee structure of the Funds with respect to economies of scale were necessary at this time. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

For similar reasons as stated above with respect to the Subadviser’s profitability, and based upon the current sizes of the Funds managed by the Subadviser, the Board concluded that the potential for economies of scale in the Subadviser’s management of the Funds was not a material factor in the approval of the Subadvisory Agreements at this time.

Other Factors

The Board considered other benefits that may be realized by VIA and the Subadviser and their affiliates from their relationships with the Funds. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadviser, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadviser also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while the Subadviser is an affiliate of VIA, there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Funds, other than the fee to be earned under the applicable Agreements. There may be certain indirect benefits gained, including to the extent that serving the Funds could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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Virtus Opportunities Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

Virtus Alternative Solutions Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated February 28, 2020

Virtus Asset Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated April 30, 2019, as supplemented

Virtus Equity Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

(Unaudited)

IMPORTANT NOTICE TO INVESTORS

The information in this Supplement updates information in, and should be read in conjunction with, the Summary and Statutory Prospectuses and Statement of Additional Information for each Fund.

Change in each fund’s “Market Volatility Risk”

The section of each fund’s Summary Prospectus and Statutory Prospectus entitled “Principal Risks” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each Fund’s Prospectus entitled “More Information About Risks Related to Principal Investment Strategies” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each fund’s SAI entitled “More Information About Fund Investment Strategies and Related Risks” is amended to add the following:

Market Volatility Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may

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be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investors should retain this supplement for future reference.

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VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

Philip R. McLoughlin, Chairman

George R. Aylward

Thomas J. Brown

Donald C. Burke

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

R. Keith Walton

Brian T. Zino

Advisory Board Member

William R. Moyer

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Kevin J. Carr, Senior Vice President, Chief Legal Officer, Counsel and Secretary

Nancy J. Engberg, Senior Vice President and Chief Compliance Officer

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Principal Underwriter

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

Administrator and Transfer Agent

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361

Website

Virtus.com

 

Important Notice to Shareholders
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

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P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,
please contact us at 1-800-243-1574, or Virtus.com.

8640

05-20

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SEMIANNUAL REPORT

VIRTUS OPPORTUNITIES TRUST

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March 31, 2020

Virtus Vontobel Foreign Opportunities Fund*

*Prospectus supplement appears at the back of this semiannual report.

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-243-1574 or, with respect to requesting electronic delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus Mutual Funds in which you own shares directly. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

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Not FDIC Insured • No Bank Guarantee • May Lose Value

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Virtus Vontobel Foreign Opportunities Fund

(“Vontobel Foreign Opportunities Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	17
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	28

Proxy Voting Procedures and Voting Record (Form N-PX)

The subadviser votes proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust (“Trustees”, or the “Board”). You may obtain a description of these procedures, along with information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission’s (the “SEC”) website at https://www.sec.gov.

PORTFOLIO HOLDINGS  INFORMATION

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

This report is not authorized for distribution to prospective investors in the Vontobel Foreign Opportunities Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.

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MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Funds:

I am pleased to present this semiannual report, which reviews the performance of your Fund for the six months ended March 31, 2020.

March 2020 presented a sharp contrast to the strong fourth quarter of 2019 and beginning of 2020. Heading into the final month of the quarter, the global economy was largely shut down in response to the coronavirus pandemic, and markets reacted by declining with unprecedented speed. Policymakers swiftly introduced fiscal stimulus packages, and global central banks sought to bolster panicked markets with monetary easing. The full impact of these decisions may not be known for several months or longer.

Most asset classes were in negative territory for the six months ended March 31, 2020. U.S. large-capitalization stocks declined 12.31%, as measured by the S&P 500^® Index. Small-cap stocks, as measured by the Russell 2000^® Index, lost 23.72%. Within international equities, developed markets, as measured by the MSCI EAFE^® Index (net), were down 16.52% for the six months, while emerging markets fell 14.55%, as measured by the MSCI Emerging Markets Index (net).

In fixed income markets, the yield on the 10-year Treasury was 0.70% at March 31, 2020, down sharply from 1.68% on September 30, 2019. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 3.33% as investors fled to the perceived safety of bonds. Non-investment grade bonds, in contrast, lost 10.40% for the period, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Throughout these challenging times, our investment teams have navigated the uncertainty with discipline and skill. There is no downplaying the anxiety that comes with increased market turbulence. But for many investors, their long-term goals have not changed in the last six months. While no one can predict how or when the pandemic will be resolved, it can be helpful to focus on continuing to invest for the future. Virtus Funds offers a broad array of investment strategies and asset classes, which are available through your fund exchange privileges. To learn more, visit Virtus.com.

On behalf of our investment affiliates, we hope that you and your loved ones are well. We are here for you during this time. Please don’t hesitate to call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We are committed to meeting your needs and fulfilling our obligations to the investors who have entrusted their assets to us.

Sincerely,

George R. Aylward
President, Virtus Funds

May 2020

Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.

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VONTOBEL FOREIGN OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the Vontobel Foreign Opportunities Fund (the “Fund”), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Class A	$ 1,000.00		$ 863.00		1.39 %		$ 6.47
Class C	1,000.00		860.00		2.05		9.53
Class I	1,000.00		864.20		1.07		4.99
Class R6	1,000.00		864.60		0.95		4.43

    

*

Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

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VONTOBEL FOREIGN OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

You can find more information about the Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

	Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Class A	$ 1,000.00		$ 1,018.05		1.39 %		$ 7.01
Class C	1,000.00		1,014.75		2.05		10.33
Class I	1,000.00		1,019.65		1.07		5.40
Class R6	1,000.00		1,020.25		0.95		4.80

    

*

Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about the Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.

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VONTOBEL FOREIGN OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited)

March 31, 2020

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Bloomberg Barclays U.S. Corporate High Yield Bond Index

The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Exchange-Traded Funds (“ETFs”)

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

London Interbank Offered Rate (“LIBOR”)

A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

MSCI EAFE^® Index (net)

The MSCI EAFE^® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI Emerging Markets Index (net)

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Real Estate Investment Trust (“REIT”)

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

Russell 2000^® Index

The Russell 2000^® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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VONTOBEL FOREIGN OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)

March 31, 2020

S&P 500^® Index

The S&P 500^® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Sponsored ADR

An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange.

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Vontobel Foreign Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

Asset Allocations

The following table presents the asset allocations within certain sectors as a percentage of total investments as of March 31, 2020.

Industrials	23%
Consumer Staples	21
Information Technology	18
Consumer Discretionary	14
Health Care	13
Communication Services	5
Financials	3
Other (includes short-term investment)	3
Total	100%

	Shares		Value
Common Stocks—95.6%
Communication Services—4.8%
Cellnex Telecom SA 144A (Spain)(1)	422,412		$ 19,162
Tencent Holdings Ltd. (China)	307,991		15,223
Tencent Music Entertainment Group ADR (China)(2)	827,666		8,326
			42,711
Consumer Discretionary—13.7%
adidas AG (Germany)	91,377		20,288
Alibaba Group Holding Ltd. Sponsored ADR (China)(2)	199,377		38,775
EssilorLuxottica SA (France)	147,109		15,575
Ferrari NV (Italy)	88,815		13,681
Flutter Entertainment plc (Ireland)	194,610		17,506
LVMH Moet Hennessy Louis Vuitton SE (France)	43,826		16,073
			121,898

	Shares		Value
Consumer Staples—19.6%
Alimentation Couche-Tard, Inc. Class B (Canada)	1,247,354		$ 29,382
Asahi Group Holdings Ltd. (Japan)	682,400		22,139
Diageo plc (United Kingdom)	702,610		22,279
Mondelez International, Inc. Class A (United States)	609,393		30,519
Nestle S.A. Registered Shares (Switzerland)	398,012		40,744
Unilever NV (Netherlands)	607,753		29,872
			174,935
Financials—2.8%
HDFC Bank Ltd. (India)	768,700		8,760
London Stock Exchange Group plc (United Kingdom)	184,075		16,467
			25,227

 

See Notes to Financial Statements

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Vontobel Foreign Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Shares		Value
Health Care—12.5%
Alcon, Inc. (Switzerland)(2)	554,396		$ 28,402
CSL Ltd. (Australia)	133,480		24,196
Grifols SA (Spain)	976,156		32,660
Medtronic plc (Ireland)	294,877		26,592
			111,850
Industrials—22.4%
Ashtead Group plc (United Kingdom)	555,029		11,996
CAE, Inc. (Canada)	803,742		10,160
Canadian National Railway Co. (Canada)	181,272		14,173
IMCD NV (Netherlands)	139,645		10,021
RELX plc (United Kingdom)	1,584,499		33,876
Rentokil Initial plc (United Kingdom)	4,432,014		21,167
Safran SA (France)	214,507		19,005
Techtronic Industries Co., Ltd. (Hong Kong)	2,377,044		15,094
Teleperformance (France)	99,155		20,537
Vinci SA (France)	212,675		17,377
Wolters Kluwer NV (Netherlands)	367,148		26,035
			199,441
Information Technology—17.2%
Adyen NV (Netherlands)(2)	10,288		8,744
Constellation Software, Inc. (Canada)	32,500		29,537
Halma plc (United Kingdom)	291,357		6,843
Keyence Corp. (Japan)	52,680		16,937

	Shares		Value
Information Technology—continued
Mastercard, Inc. Class A (United States)	134,470		$ 32,482
SAP SE (Germany)	284,259		31,737
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)	289,096		13,816
Tata Consultancy Services Ltd. (India)	564,403		13,578
			153,674
Materials—2.6%
Air Liquide SA (France)	180,120		22,992
Total Common Stocks (Identified Cost $729,009)			852,728
Total Long-Term Investments—95.6% (Identified Cost $729,009)			852,728
Short-Term Investment—0.1%
Money Market Mutual Fund—0.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(3)	817,776		818
Total Short-Term Investment (Identified Cost $818)			818

See Notes to Financial Statements

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Vontobel Foreign Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

		Value
TOTAL INVESTMENTS—95.7% (Identified Cost $729,827)		$853,546
Other assets and liabilities, net—4.3%		38,219
NET ASSETS—100.0%		$891,765

    

Abbreviation:
ADR	American Depositary Receipt

    

Footnote Legend:
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $19,162 or 2.1% of net assets.
(2)	Non-income producing.
(3)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

    

Country Weightings†
United Kingdom	13%
France	13
Canada	10
Netherlands	9
Switzerland	8
United States	7
China	7
Other	33
Total	100%
† % of total investments as of March 31, 2020.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$852,728		$242,506		$610,222
Money Market Mutual Fund	818		818		—
Total Investments	$853,546		$243,324		$610,222

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

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VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2020

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$ 853,546
Foreign currency at value(2)	2,553
Cash	40,340
Receivables
Fund shares sold	3,539
Dividends	598
Tax reclaims	1,985
Securities lending income	1
Prepaid Trustees’ retainer	24
Prepaid expenses	49
Other assets	83
Total assets	902,718
Liabilities
Payables
Fund shares repurchased	5,153
Investment securities purchased	4,626
Investment advisory fees	622
Distribution and service fees	60
Administration and accounting fees	82
Transfer agent and sub-transfer agent fees and expenses	193
Professional fees	21
Trustee deferred compensation plan	83
Interest expense and/or commitment fees	2
Other accrued expenses	111
Total liabilities	10,953
Net Assets	$ 891,765
Net Assets Consist of:
Common stock $0.001 par value	$ 37
Capital paid in on shares of beneficial interest	762,295
Accumulated earnings (loss)	129,433
Net Assets	$ 891,765
Net Assets:
Class A	$ 145,524
Class C	$ 30,086
Class I	$ 653,388
Class R6	$ 62,767
Shares Outstanding (unlimited number of shares authorized, $0.001 par value):
Class A	5,949,348
Class C	1,271,117
Class I	26,760,533
Class R6	2,570,986

See Notes to Financial Statements

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VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

Net Asset Value and Redemption Price Per Share:
Class A	$ 24.46
Class C	$ 23.67
Class I	$ 24.42
Class R6	$ 24.41
Maximum Offering Price per Share (NAV/(1-5.75%*)):
Class A	$ 25.95
* Maximum sales charge
(1) Investment in securities at cost	$ 729,827
(2) Foreign currency at cost	$ 2,545

See Notes to Financial Statements

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VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

Investment Income
Dividends	$ 4,693
Security lending, net of fees	11
Foreign taxes withheld	(390)
Total investment income	4,314
Expenses
Investment advisory fees	4,540
Distribution and service fees, Class A	233
Distribution and service fees, Class C	198
Administration and accounting fees	561
Transfer agent fees and expenses	237
Sub-transfer agent fees and expenses, Class A	120
Sub-transfer agent fees and expenses, Class C	16
Sub-transfer agent fees and expenses, Class I	324
Custodian fees	11
Printing fees and expenses	38
Professional fees	25
Interest expense and/or commitment fees	4
Registration fees	41
Trustees’ fees and expenses	41
Miscellaneous expenses	63
Total expenses	6,452
Less net expenses reimbursed and/or waived by investment adviser(1)	(285)
Less low balance account fees	(1)
Net expenses	6,166
Net investment income (loss)	(1,852)
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	30,253
Foreign currency transactions	(759)
Net change in unrealized appreciation (depreciation) on:
Investments	(168,557)
Foreign currency transactions	76
Net realized and unrealized gain (loss) on investments	(138,987)
Net increase (decrease) in net assets resulting from operations	$(140,839)

    

(1)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

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VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ (1,852)		$ 6,358
Net realized gain (loss)	29,494		71,201
Net change in unrealized appreciation (depreciation)	(168,481)		(24,882)
Increase (decrease) in net assets resulting from operations	(140,839)		52,677
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(13,501)		(32,698)
Class C	(2,849)		(11,388)
Class I	(57,692)		(145,852)
Class R6	(5,387)		(3,798)
Total Dividends and Distributions to Shareholders	(79,429)		(193,736)
Change in Net Assets from Capital Transactions
Shares sold and cross class conversions:
Class A (519 and 1,512 shares, respectively)	15,539		42,627
Class C (34 and 107 shares, respectively)	989		2,798
Class I (4,580 and 6,586 shares, respectively)	127,183		184,884
Class R6 (290 and 758 shares, respectively)	8,455		24,044
Net assets from merger(1):
Class R6 (— and 1,227 shares, respectively)	—		34,204
Reinvestment of distributions:
Class A (402 and 1,117 shares, respectively)	12,115		28,438
Class C (89 and 434 shares, respectively)	2,601		10,767
Class I (1,843 and 5,494 shares, respectively)	55,430		139,385
Class R6 (158 and 127 shares, respectively)	4,770		3,231
Shares repurchased and cross class conversions:
Class A ((1,087) and (2,631) shares, respectively)	(30,450)		(75,225)
Class C ((262) and (1,359) shares, respectively)	(7,367)		(37,018)
Class I ((4,695) and (15,432) shares, respectively)	(131,687)		(438,307)
Class R6 ((151) and (805) shares, respectively)	(4,396)		(25,427)
Increase (decrease) in net assets from capital transactions	53,182		(105,599)
Net increase (decrease) in net assets	(167,086)		(246,658)
Net Assets
Beginning of period	1,058,851		1,305,509
End of Period	$ 891,765		$ 1,058,851

    

(1)	See Note 12 in Notes to Financial Statements.

See Notes to Financial Statements

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VONTOBEL FOREIGN OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Distributions from Net Realized Gains	Total Distributions
Class A
10/1/19 to 3/31/20(6)	$30.44	(0.09)	(3.66)	(3.75)	(0.09)	(2.14)	(2.23)
10/1/18 to 9/30/19	34.62	0.11	1.25	1.36	(0.15)	(5.39)	(5.54)
10/1/17 to 9/30/18	33.95	0.10	0.64	0.74	(0.07)	—	(0.07)
10/1/16 to 9/30/17	29.62	0.09	4.42	4.51	(0.18)	—	(0.18)
10/1/15 to 9/30/16	27.21	0.19	2.47	2.66	(0.25)	—	(0.25)
10/1/14 to 9/30/15	28.12	0.25	(0.92)	(0.67)	(0.24)	—	(0.24)
Class C
10/1/19 to 3/31/20(6)	$29.54	(0.18)	(3.55)	(3.73)	—	(2.14)	(2.14)
10/1/18 to 9/30/19	33.83	(0.10)	1.23	1.13	(0.03)	(5.39)	(5.42)
10/1/17 to 9/30/18	33.34	(0.14)	0.63	0.49	—	—	—
10/1/16 to 9/30/17	29.23	(0.11)	4.33	4.22	(0.11)	—	(0.11)
10/1/15 to 9/30/16	26.95	(0.02)	2.42	2.40	(0.12)	—	(0.12)
10/1/14 to 9/30/15	27.88	0.04	(0.91)	(0.87)	(0.06)	—	(0.06)
Class I
10/1/19 to 3/31/20(6)	$30.43	(0.04)	(3.65)	(3.69)	(0.18)	(2.14)	(2.32)
10/1/18 to 9/30/19	34.70	0.20	1.24	1.44	(0.32)	(5.39)	(5.71)
10/1/17 to 9/30/18	34.03	0.20	0.65	0.85	(0.18)	—	(0.18)
10/1/16 to 9/30/17	29.63	0.20	4.40	4.60	(0.20)	—	(0.20)
10/1/15 to 9/30/16	27.23	0.26	2.46	2.72	(0.32)	—	(0.32)
10/1/14 to 9/30/15	28.14	0.32	(0.91)	(0.59)	(0.32)	—	(0.32)
Class R6
10/1/19 to 3/31/20(6)	$30.44	(0.02)	(3.66)	(3.68)	(0.21)	(2.14)	(2.35)
10/1/18 to 9/30/19	34.72	0.29	1.18	1.47	(0.36)	(5.39)	(5.75)
10/1/17 to 9/30/18	34.06	0.23	0.64	0.87	(0.21)	—	(0.21)
10/1/16 to 9/30/17	29.63	0.24	4.39	4.63	(0.20)	—	(0.20)
10/1/15 to 9/30/16	27.24	0.33	2.42	2.75	(0.36)	—	(0.36)
11/12/14 (10) to 9/30/15	28.66	0.36	(1.45)	(1.09)	(0.33)	—	(0.33)

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
(5.98)	$24.46	(13.70) %	$ 145,524	1.39 %	1.43 %	(0.58) %	37 %
(4.18)	30.44	7.08	186,206	1.40   (7)	1.44	0.38	64
0.67	34.62	2.17	211,755	1.43	1.43	0.27	39
4.33	33.95	15.41  (8)	278,667	1.45   (8)	1.46	0.28   (8)	31
2.41	29.62	9.77	367,684	1.44   (9)	1.45	0.68	25
(0.91)	27.21	(2.41)	406,429	1.41	1.41	0.89	32
(5.87)	$23.67	(14.00) %	$ 30,086	2.05 %	2.12 %	(1.24) %	37 %
(4.29)	29.54	6.40	41,638	2.07   (7)	2.13	(0.34)	64
0.49	33.83	1.47	75,379	2.10	2.10	(0.41)	39
4.11	33.34	14.55  (8)	93,166	2.19   (8)	2.20	(0.39)   (8)	31
2.28	29.23	8.94	112,180	2.19   (9)	2.20	(0.06)	25
(0.93)	26.95	(3.13)	117,568	2.17	2.17	0.15	32
(6.01)	$24.42	(13.58) %	$ 653,388	1.07 %	1.12 %	(0.26) %	37 %
(4.27)	30.43	7.43	761,809	1.08   (7)	1.13	0.68	64
0.67	34.70	2.48	984,802	1.12	1.12	0.57	39
4.40	34.03	15.69  (8)	1,062,609	1.19   (8)	1.20	0.64   (8)	31
2.40	29.63	10.05	958,835	1.19   (9)	1.20	0.90	25
(0.91)	27.23	(2.16)	1,231,349	1.17	1.17	1.14	32
(6.03)	$24.41	(13.54) %	$ 62,767	0.95 %	1.04 %	(0.15) %	37 %
(4.28)	30.44	7.57	69,198	0.96   (7)	1.04	0.97	64
0.66	34.72	2.55	33,573	1.03	1.03	0.66	39
4.43	34.06	15.82  (8)	19,370	1.08   (8)	1.09	0.75   (8)	31
2.39	29.63	10.16	6,587	1.09   (9)	1.10	1.14	25
(1.42)	27.24	(3.84)	4,502	1.07	1.07	1.44	32   (11)

    

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend:
(1)	Calculated using average shares outstanding.
(2)	Not annualized for periods less than one year.
(3)	Sales charges, where applicable, are not reflected in the total return calculation.
(4)	Annualized for periods less than one year.
(5)	The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.
(6)	Unaudited.
(7)	Due to a change in expense cap, the ratio shown is a blended expense ratio.
(8)	State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) to Average Net Assets by 0.01%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by 0.01%.
(9)	Net expense ratio includes extraordinary proxy expenses.
(10)	Inception date.
(11)	Portfolio turnover is represented of the Fund for the entire year ended September 2015.

See Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

March 31, 2020

Note 1. Organization

Virtus Opportunities Trust (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

As of the date of this report, 24 funds of the Trust are offered for sale, of which the Vontobel Foreign Opportunities Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will achieve its objective.

The Fund offers Class A shares, Class C shares, Class I shares, and Class R6 shares.

Class A shares are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Fund when redeemed; however, a 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the CDSC applies for the Fund is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Effective January 1, 2019, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares ten years after the purchase date. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the Fund’s determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Fund’s distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

The Fund may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectus and/or statement of additional information. The fees collected will be used to offset certain

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March 31, 2020

expenses of the Fund. These fees are reflected as “Less low balance account fees” in the Fund’s Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Fund’s Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of the Fund are borne pro-rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

A.	Security Valuation
	The 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 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. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, 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

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March 31, 2020

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 ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

B.	Security Transactions and Investment Income
	Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
	Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
C.	Income Taxes
	The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute

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March 31, 2020

	substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.
	The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.
	Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2016 forward (with limited exceptions).
D.	Distributions to Shareholders
	Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.
E.	Expenses
	Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used.
	In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.
F.	Foreign Currency Transactions
	Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
G.	Securities Lending
	The Fund may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of

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March 31, 2020

	fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.
	Securities lending transactions are entered into by the Fund under a Master Securities Lending Agreement (“MSLA”) that permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.
	Effective March 13, 2020, the securities lending program was put on hold and all securities on loan were recalled.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands)

A.	Adviser
	Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser.
	As compensation for its services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of the Fund:

    

First $2 Billion		$2+ Billion through $4 Billion		$4+ Billion
0.85 %		0.80 %		0.75 %

B.	Subadviser
	Vontobel Asset Management, Inc. (the “Subadviser”) is the subadviser to the Fund. The Subadviser manages the investments of the Fund for which it is paid a fee by the Adviser.
C.	Expense Limitation
	The Adviser has contractually agreed to limit the Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following percentages of the Fund’s average net asset values through March 31, 2021. Following the contractual period, the Adviser may discontinue this expense reimbursement arrangement at any time. The waivers and reimbursements are calculated daily and received monthly.

    

Class A		Class C		Class I		Class R6
1.39 %		2.05 %		1.07 %		0.95 %

The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in

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March 31, 2020

connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

D.

Expense Recapture

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending:

    

	Expiration
	2022		2023		Total
Class A	$ 71		$ 34		$ 105
Class C	32		14		46
Class I	383		205		588
Class R6	34		32		66

E.	Distributor
	VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2020, it retained net commissions of $3 for Class A shares and CDSC of $-* for Class C shares.
	In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the following annual rates: 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.
	Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.
	* Amount is less than $500.
F.	Administrator and Transfer Agent
	Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund.
	For the period ended March 31, 2020, the Fund incurred administration fees totaling $509 which are included in the Statement of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly.
	For the period ended March 31, 2020, the Fund incurred transfer agent fees totaling $228 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.

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March 31, 2020

G.

Trustee Compensation

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2020.

Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding short-term securities) during the period ended March 31, 2020, were as follows:

Purchases		Sales
$381,169		$422,963

There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2020.

Note 5. 10% Shareholders

As of March 31, 2020, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

% of Shares Outstanding		Number of Accounts*
33%		1

*	The shareholders are not affiliated with Virtus.

Note 6. Market Risk and Asset Concentration

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund’s portfolio manager(s) to invest the Fund’s assets as intended.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

The Fund may invest a high percentage of its assets in specific sectors of the market in the pursuit of its investment objective. Fluctuations in these sectors of concentration may have a greater impact on the Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

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VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

Note 7.  Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Fund enter into contracts that provide a variety of indemnifications to other parties. The Trust’s and/or the Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Fund and that have not occurred. However, neither the Trust nor the Fund has had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

Note 8. Restricted Securities

Restricted securities are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category. The Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At March 31, 2020, the Fund did not hold any securities that were restricted.

Note 9. Redemption Facility

($ reported in thousands)

On September 18, 2017, the Fund and certain other affiliated funds entered into an $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Fund to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 11, 2021. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Fund and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The borrowings during the period ended March 31, 2020 by the Fund were as follows:

Interest Incurred on Borrowing		Average Dollar Amount of Borrowing		Weighted Average Interest Rate on Borrowing		Days Loan was Open
$- *		$1,500		2.25%		3

^* Amount is less than $500.

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VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2020, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Fund were as follows:

Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
$ 733,192		$ 187,312		$ (66,958)		$ 120,354

At September 30, 2019, the Fund had capital loss carryovers available to offset future realized capital gains shown below:

No Expiration				Total
Short-Term		Long-Term		Short-Term		Long-Term
$456		$268		$456		$268

Note 11. Reorganization

($ reported in thousands)

On November 14, 2018, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Plan”) with respect to Vontobel International Equity Institutional Fund (the “Merged Fund”), a series of Advisers Investment Trust, and Vontobel Foreign Opportunities Fund (the “Acquiring Fund”), a series of the Trust, which provided for the transfer of all of the assets of the Merged Fund for shares of the Acquiring Fund and the assumption of the liabilities of the Merged Fund. The purpose of the transaction was to allow shareholders of the Merged Fund to own shares of a larger fund with a substantially similar investment objective and style as, and potentially deliver better value than, the Merged Fund. The acquisition was accomplished by a tax-free exchange of shares on March 22, 2019. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

Merged Fund		Shares Outstanding		Acquiring Fund		Shares Converted		Merged Fund Net Asset Value of Converted Shares
Vontobel International Equity Institutional Fund		Class I Shares 2,898,624		Vontobel Foreign Opportunities Fund . . . . . . . . . .		Class R6 Shares 1,227,250		$34,204

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VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

Merged Fund		Net Assets		Unrealized Appreciation (Depreciation)		Acquiring Fund		Net Assets
Vontobel International Equity Institutional Fund		$34,204		$4,066		Vontobel Foreign Opportunities Fund . . . . . . . . . .		$22,244

The net assets of Class R6 shares of the Acquiring Fund immediately following the acquisition were $56,448.

Assuming the acquisition had been completed on October 1, 2018, the Vontobel Foreign Opportunities Fund’s pro-forma results of operations for the period ended September 30, 2019 would have been as follows:

Net investment income (loss)	$6,402(a)
Net realized and unrealized gain (loss) on investments	45,798 (b)
Net increase (decrease) in net assets resulting from operations	$52,200

^(a) $6,358, as reported in the Statement of Operations, plus $44 net investment income from Vontobel International Equity Institutional Fund pre-merger.

^(b) $46,319 as reported in the Statement of Operations, plus $(521) net realized and unrealized gain (loss) on investments from Vontobel International Equity Institutional Fund pre-merger.

Because the Merged Fund and Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the merged Vontobel International Equity Institutional Fund that have been included in the acquiring Vontobel Foreign Opportunities Fund’s Statement of Operations since March 22, 2019.

Note 12. Regulatory Matters and Litigation

From time to time, the Trust, the Fund, the Adviser and/or Subadviser and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

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VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

Note 13. Recent Accounting Pronouncement

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. This ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. For public companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has determined to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately.

Note 14. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of the subadvisory agreement (the “Subadvisory Agreement”) among the Trust, VIA and Vontobel Asset Management, Inc. (the “Subadviser”) (together with the Advisory Agreement, the “Agreements”) with respect to the funds of the Trust, including Virtus Vontobel Foreign Opportunities Fund (the “Fund”). At in-person meetings held on October 30, 2019 and November 20-21, 2019 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of the Fund and its shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadviser, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from the Subadviser with respect to the Fund.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (2) the performance of the Fund as compared to an appropriate peer group and an appropriate index; (3) the level and method of computing the Fund’s advisory and subadvisory fees, and comparisons of the Fund’s advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA’s or the Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on the Fund’s performance and expenses; (7) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

Nature, Extent and Quality of Services

The Trustees received in advance of the Meetings information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics,

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

including, among other items, such company’s investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. The Trustees noted that the Fund is managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of the Fund’s portfolio. Under this structure, VIA is responsible for the management of the Fund’s investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, including the Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreement, the Board noted that the Subadviser provided portfolio management, compliance with the Fund’s investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadviser’s management of the Fund is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund’s prospectus and statement of additional information. In considering the renewal of the Subadvisory Agreement, the Board also considered the Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the Fund; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account the Subadviser’s risk assessment and monitoring process. The Board noted the Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the Fund.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Broadridge Report”) for the Fund prepared by Broadridge, an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented the Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on the Fund’s performance. The Board evaluated the Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s investment strategy. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadviser. The Board also noted the Subadviser’s performance record with respect to the Fund. The Board was mindful of VIA’s focus on the Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to the Fund. The Board also took into account its discussions with management regarding factors that contributed to the performance of the Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of the Fund for the period ended June 30, 2019.

The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 5- and 10-year periods and underperformed the median of its Performance Universe for the 3-year period. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, 5- and 10-year periods.

The Board also considered management’s discussion about the reasons for the Fund’s underperformance relative to its peer group for the 3-year period. After reviewing these and related factors, the Board concluded that the Fund’s overall performance, or reasons discussed for underperformance, was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Fund for advisory services as well as the total expense level of the Fund. This information included comparisons of the Fund’s contractual and net management fee and net total expense level to those of its peer universe (the “Expense Universe”) and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing the Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee included advisory fees. The Board also noted that the Fund had expense caps in place to limit the total expenses incurred by the Fund and its shareholders. The Board also noted that the subadvisory fee was paid by VIA out of its management fees rather than paid separately by the Fund. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of the Fund and the impact on expenses and economies of scale. The Subadviser

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

provided, and the Board considered, fee information of comparable accounts managed by the Subadviser, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to the Fund’s fees and expenses. In each case, the Board took into account management’s discussion of the Fund’s expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

The Board considered that the Fund’s net management fee was in the fourth quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.

The Board concluded that the advisory and subadvisory fees, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Fund and other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Fund by VIA affiliates. In addition to the fees paid to VIA and its affiliates, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Fund. The Board reviewed the methodology used to allocate costs to the Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from the Fund was reasonable in light of the quality of the services rendered to the Fund by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadviser in connection with its relationship to the Fund, the Board noted that the fees under the Subadvisory Agreement are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In addition, because Vontobel Asset Management, Inc. is an unaffiliated subadviser, the Board relied on the ability of VIA to negotiate this Subadvisory Agreement and the fees thereunder at arm’s length. For each of the above reasons, the Board concluded that the profitability to the Subadviser and its affiliates from their relationship with the Fund was not a material factor in approval of the Subadvisory Agreement.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Fund’s assets grow. The Board noted that the management fee for the Fund included breakpoints based on assets under management and that expense caps were in place for the Fund. The Board also took into account management’s discussion of the Fund’s management fee and subadvisory fee structure. The Board also took into account the current size of the Fund. The Board then concluded that no changes to the advisory fee structure of the Fund with respect to economies of scale were necessary at this time. The Board noted that VIA and the Fund may realize certain economies of scale if the assets of the Fund were to

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

increase, particularly in relationship to certain fixed costs, and that shareholders of the Fund would have an opportunity to benefit from these economies of scale.

For similar reasons as stated above with respect to the Subadviser’s profitability, and based upon the current size of the Fund managed by the Subadviser, the Board concluded that the potential for economies of scale in the Subadviser’s management of the Fund was not a material factor in the approval of the Subadvisory Agreement at this time.

Other Factors

The Board considered other benefits that may be realized by VIA and the Subadviser and their respective affiliates from their relationships with the Fund. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Fund to compensate it for providing selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of the Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to the Fund.

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Virtus Opportunities Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

Virtus Alternative Solutions Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated February 28, 2020

Virtus Asset Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated April 30, 2019, as supplemented

Virtus Equity Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

(Unaudited)

IMPORTANT NOTICE TO INVESTORS

The information in this Supplement updates information in, and should be read in conjunction with, the Summary and Statutory Prospectuses and Statement of Additional Information for each Fund.

Change in each fund’s “Market Volatility Risk”

The section of each fund’s Summary Prospectus and Statutory Prospectus entitled “Principal Risks” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each Fund’s Prospectus entitled “More Information About Risks Related to Principal Investment Strategies” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each fund’s SAI entitled “More Information About Fund Investment Strategies and Related Risks” is amended to add the following:

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Market Volatility Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investors should retain this supplement for future reference.

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VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

Philip R. McLoughlin, Chairman

George R. Aylward

Thomas J. Brown

Donald C. Burke

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

R. Keith Walton

Brian T. Zino

Advisory Board Member

William R. Moyer

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Kevin J. Carr, Senior Vice President, Chief Legal Officer, Counsel and Secretary

Nancy J. Engberg, Senior Vice President and Chief Compliance Officer

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Principal Underwriter

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

Administrator and Transfer Agent

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361

Website

Virtus.com

 

Important Notice to Shareholders
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

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P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,
please contact us at 1-800-243-1574, or Virtus.com.

8025

05-20

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SEMIANNUAL REPORT

VIRTUS OPPORTUNITIES TRUST

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March 31, 2020

Virtus Vontobel Emerging Markets Opportunities Fund*

*Prospectus supplement appears at the back of this semiannual report.

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-243-1574 or, with respect to requesting electronic delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus Mutual Funds in which you own shares directly. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

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Not FDIC Insured • No Bank Guarantee • May Lose Value

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Virtus Vontobel Emerging Markets Opportunities Fund

(“Vontobel Emerging Markets Opportunities Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	17
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	28

Proxy Voting Procedures and Voting Record (Form N-PX)

The subadviser votes proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust (“Trustees”, or the “Board”). You may obtain a description of these procedures, along with information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission’s (the “SEC”) website at https://www.sec.gov.

PORTFOLIO HOLDINGS  INFORMATION

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

This report is not authorized for distribution to prospective investors in the Vontobel Emerging Markets Opportunities Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.

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MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Funds:

I am pleased to present this semiannual report, which reviews the performance of your Fund for the six months ended March 31, 2020.

March 2020 presented a sharp contrast to the strong fourth quarter of 2019 and beginning of 2020. Heading into the final month of the quarter, the global economy was largely shut down in response to the coronavirus pandemic, and markets reacted by declining with unprecedented speed. Policymakers swiftly introduced fiscal stimulus packages, and global central banks sought to bolster panicked markets with monetary easing. The full impact of these decisions may not be known for several months or longer.

Most asset classes were in negative territory for the six months ended March 31, 2020. U.S. large-capitalization stocks declined 12.31%, as measured by the S&P 500^® Index. Small-cap stocks, as measured by the Russell 2000^® Index, lost 23.72%. Within international equities, developed markets, as measured by the MSCI EAFE^® Index (net), were down 16.52% for the six months, while emerging markets fell 14.55%, as measured by the MSCI Emerging Markets Index (net).

In fixed income markets, the yield on the 10-year Treasury was 0.70% at March 31, 2020, down sharply from 1.68% on September 30, 2019. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 3.33% as investors fled to the perceived safety of bonds. Non-investment grade bonds, in contrast, lost 10.40% for the period, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Throughout these challenging times, our investment teams have navigated the uncertainty with discipline and skill. There is no downplaying the anxiety that comes with increased market turbulence. But for many investors, their long-term goals have not changed in the last six months. While no one can predict how or when the pandemic will be resolved, it can be helpful to focus on continuing to invest for the future. Virtus Funds offers a broad array of investment strategies and asset classes, which are available through your fund exchange privileges. To learn more, visit Virtus.com.

On behalf of our investment affiliates, we hope that you and your loved ones are well. We are here for you during this time. Please don’t hesitate to call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We are committed to meeting your needs and fulfilling our obligations to the investors who have entrusted their assets to us.

Sincerely,

George R. Aylward
President, Virtus Funds

May 2020

Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the Vontobel Emerging Markets Opportunities Fund (the “Fund”), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Class A	$ 1,000.00		$ 814.30		1.58 %		$ 7.17
Class C	1,000.00		811.70		2.27		10.28
Class I	1,000.00		816.00		1.26		5.72
Class R6	1,000.00		818.00		0.98		4.45

    

*

Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

You can find more information about the Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

	Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Class A	$ 1,000.00		$ 1,017.10		1.58 %		$ 7.97
Class C	1,000.00		1,013.65		2.27		11.43
Class I	1,000.00		1,018.70		1.26		6.36
Class R6	1,000.00		1,020.10		0.98		4.95

    

*

Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about the Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited)

March 31, 2020

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Bloomberg Barclays U.S. Corporate High Yield Bond Index

The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Exchange-Traded Funds (“ETFs”)

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

London Interbank Offered Rate (“LIBOR”)

A benchmark rate that some of the world’s leading banks charge each other for short term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

MSCI EAFE^® Index (net)

The MSCI EAFE^® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI Emerging Markets Index (net)

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Real Estate Investment Trust (“REIT”)

A publicly traded company that owns, develops, and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers, and other commercial properties.

Russell 2000^® Index

The Russell 2000^® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)
March 31, 2020

S&P 500^® Index

The S&P 500^® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Sponsored ADR

An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange.

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Vontobel Emerging Markets Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

Asset Allocations

The following table presents the asset allocations within certain sectors as a percentage of total investments as of March 31, 2020.

Consumer Staples	23%
Consumer Discretionary	20
Financials	20
Information Technology	19
Communication Services	14
Industrials	2
Utilities	1
Other	1
Total	100%

	Shares		Value
Common Stocks—99.2%
Communication Services—13.6%
Autohome, Inc. ADR (China)(1)	652,251		$ 46,323
NCSoft Corp. (South Korea)	157,408		84,009
NetEase, Inc. ADR (China)	214,576		68,870
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)	239,221,434		46,461
Tencent Holdings Ltd. (China)	7,731,396		382,145
Tencent Music Entertainment Group ADR (China)(1)	5,357,897		53,900
Zee Entertainment Enterprises Ltd. (India)	20,227,278		32,918
			714,626
Consumer Discretionary—20.1%
adidas AG (Germany)	419,089		93,049
Alibaba Group Holding Ltd. Sponsored ADR (China)(1)	2,001,073		389,169
Baozun, Inc. Sponsored ADR (China)(1)	969,383		27,085

	Shares		Value
Consumer Discretionary—continued
Eicher Motors Ltd. (India)	303,195		$ 52,230
Galaxy Entertainment Group Ltd. Class L (Hong Kong)	13,929,215		73,363
Lojas Renner S.A. (Brazil)	10,128,369		65,514
Naspers Ltd. Class N (South Africa)	1,043,500		148,296
Shenzhou International Group Holdings Ltd. (China)	4,752,053		49,849
Yum China Holdings, Inc. (China)	3,674,151		156,629
			1,055,184
Consumer Staples—22.6%
Ambev S.A. ADR (Brazil)	46,514,702		106,984
Anheuser-Busch InBev NV (Belgium)	5,256,233		232,167
CP ALL PCL (Thailand)	29,933,776		55,351
Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico)	2,466,868		149,270

 

See Notes to Financial Statements

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Vontobel Emerging Markets Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Shares		Value
Consumer Staples—continued
Heineken NV (Netherlands)	1,775,575		$ 150,682
LG Household & Health Care Ltd. (South Korea)	66,148		60,591
Unilever NV (Netherlands)	4,477,180		220,059
Vietnam Dairy Products JSC (Vietnam)	6,714,729		25,645
Wal-Mart de Mexico SAB de C.V. (Mexico)	45,828,449		107,972
Wuliangye Yibin Co., Ltd. Class A (China)	4,850,217		78,021
			1,186,742
Financials—20.0%
B3 SA - Brasil Bolsa Balcao (Brazil)	9,308,174		63,827
Bank Central Asia Tbk PT (Indonesia)	43,174,080		72,745
Bank Polska Kasa Opieki SA (Poland)	2,415,216		32,370
Bank Rakyat Persero Tbk PT (Indonesia)	188,982,540		34,660
Credicorp Ltd. (Peru)	441,048		63,101
HDFC Bank Ltd. (India)	14,183,056		161,632
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	1,815,091		54,379
Housing Development Finance Corp., Ltd. (India)	5,498,296		118,677
Itau Unibanco Holding SA Sponsored ADR (Brazil)	19,272,736		86,535
Kasikornbank PCL (Thailand)	28,153,766		76,922
Malayan Banking Bhd (Malaysia)	2,906,640		5,015
Public Bank Bhd (Malaysia)	19,776,725		72,754
Samsung Fire & Marine Insurance Co., Ltd. (South Korea)	510,001		64,501

	Shares		Value
Financials—continued
United Overseas Bank Ltd. (Singapore)	8,838,590		$ 121,266
XP, Inc. Class A (Brazil)(1)	952,877		18,381
			1,046,765
Industrials—1.9%
Techtronic Industries Co., Ltd. (Hong Kong)	15,482,185		98,311
Information Technology—18.8%
HCL Technologies Ltd. (India)	20,248,793		116,802
Largan Precision Co., Ltd. (Taiwan)	430,929		54,413
SK Hynix, Inc. (South Korea)	3,313,660		224,017
Sunny Optical Technology Group Co., Ltd. (China)	1,908,261		25,242
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	29,722,965		267,575
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)	1,650,304		78,868
Tata Consultancy Services Ltd. (India)	7,375,248		177,427
Win Semiconductors Corp. (Taiwan)	5,097,826		43,751
			988,095
Real Estate—0.7%
Link REIT (Hong Kong)	4,327,247		36,472
Utilities—1.5%
Equatorial Energia S.A. (Brazil)	7,999,512		26,864

See Notes to Financial Statements

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Vontobel Emerging Markets Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Shares		Value
Utilities—continued
Power Grid Corp. of India Ltd. (India)	23,654,035		$ 49,689
			76,553
Total Common Stocks (Identified Cost $5,880,035)			5,202,748
Total Long-Term Investments—99.2% (Identified Cost $5,880,035)			5,202,748
TOTAL INVESTMENTS—99.2% (Identified Cost $5,880,035)			$5,202,748
Other assets and liabilities, net—0.8%			42,017
NET ASSETS—100.0%			$5,244,765

Abbreviations:
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

Footnote Legend:
(1)	Non-income producing.

    

Country Weightings†
China	25%
India	14
Taiwan	9
South Korea	8
Netherlands	7
Brazil	7
Hong Kong	5
Other	25
Total	100%
† % of total investments as of March 31, 2020.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$5,202,748		$1,509,292		$3,693,456
Total Investments	$5,202,748		$1,509,292		$3,693,456

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2020

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$ 5,202,748
Foreign currency at value(2)	7,435
Cash	4,683
Receivables
Investment securities sold	43,062
Fund shares sold	19,675
Dividends	12,988
Tax reclaims	2,198
Securities lending income	23
Prepaid Trustees’ retainer	156
Prepaid expenses	129
Other assets	521
Total assets	5,293,618
Liabilities
Payables
Fund shares repurchased	26,365
Investment securities purchased	14,609
Investment advisory fees	4,688
Distribution and service fees	169
Administration and accounting fees	507
Transfer agent and sub-transfer agent fees and expenses	1,548
Professional fees	2
Trustee deferred compensation plan	521
Interest expense and/or commitment fees	36
Other accrued expenses	408
Total liabilities	48,853
Net Assets	$ 5,244,765
Net Assets Consist of:
Common stock $0.001 par value	$ 596
Capital paid in on shares of beneficial interest	6,131,545
Accumulated earnings (loss)	(887,376)
Net Assets	$ 5,244,765
Net Assets:
Class A	$ 319,966
Class C	$ 98,078
Class I	$ 4,714,585
Class R6	$ 112,136

See Notes to Financial Statements

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

Shares Outstanding (unlimited number of shares authorized, no par value):
Class A	37,537,403
Class C	11,883,245
Class I	534,250,166
Class R6	12,689,150
Net Asset Value and Redemption Price Per Share:
Class A	$ 8.52
Class C	$ 8.25
Class I	$ 8.82
Class R6	$ 8.84
Maximum Offering Price per Share (NAV/(1-5.75%*)):
Class A	$ 9.04
* Maximum sales charge
(1) Investment in securities at cost	$ 5,880,035
(2) Foreign currency at cost	$ 7,463

See Notes to Financial Statements

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

Investment Income
Dividends	$ 64,980
Interest	9
Security lending, net of fees	424
Foreign taxes withheld	(5,783)
Total investment income	59,630
Expenses
Investment advisory fees	33,060
Distribution and service fees, Class A	569
Distribution and service fees, Class C	656
Administration and accounting fees	3,603
Transfer agent fees and expenses	1,487
Sub-transfer agent fees and expenses, Class A	409
Sub-transfer agent fees and expenses, Class C	81
Sub-transfer agent fees and expenses, Class I	3,423
Custodian fees	129
Printing fees and expenses	249
Professional fees	51
Interest expense and/or commitment fees	47
Registration fees	77
Trustees’ fees and expenses	273
Miscellaneous expenses	664
Total expenses	44,778
Less net expenses reimbursed and/or waived by investment adviser(1)	(107)
Less low balance account fees	— (2)
Net expenses	44,671
Net investment income (loss)	14,959
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	5,669
Foreign currency transactions	(5,289)
Net change in unrealized appreciation (depreciation) on:
Investments	(1,240,197)
Foreign currency transactions	(410)
Net realized and unrealized gain (loss) on investments	(1,240,227)
Net increase (decrease) in net assets resulting from operations	$(1,225,268)

    

(1)	See Note 3D in the Notes to Financial Statements.
(2)	Amount is less than $500.

See Notes to Financial Statements

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 14,959		$ 102,774
Net realized gain (loss)	380		36,527
Net change in unrealized appreciation (depreciation)	(1,240,607)		204,557
Increase (decrease) in net assets resulting from operations	(1,225,268)		343,858
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(8,478)		(16,597)
Class C	(1,441)		(4,721)
Class I	(133,209)		(209,847)
Class R6	(2,709)		(3,906)
Total Dividends and Distributions to Shareholders	(145,837)		(235,071)
Change in Net Assets from Capital Transactions
Shares sold and cross class conversions:
Class A (4,047 and 13,820 shares, respectively)	42,919		141,802
Class C (330 and 1,150 shares, respectively)	3,494		11,447
Class I (53,909 and 155,904 shares, respectively)	571,000		1,683,600
Class R6 (3,620 and 3,183 shares, respectively)	39,158		34,320
Net assets from merger(1):
Class R6 (— and 2,289 shares, respectively)	—		24,973
Reinvestment of distributions:
Class A (623 and 1,476 shares, respectively)	6,968		13,991
Class C (123 and 479 shares, respectively)	1,335		4,405
Class I (9,993 and 18,775 shares, respectively)	115,621		183,998
Class R6 (191 and 346 shares, respectively)	2,205		3,402
Shares repurchased and cross class conversions:
Class A ((12,172) and (22,963) shares, respectively)	(123,245)		(236,775)
Class C ((1,782) and (6,551) shares, respectively)	(17,663)		(65,681)
Class I ((94,181) and (204,994) shares, respectively)	(967,494)		(2,169,445)
Class R6 ((1,983) and (6,589) shares, respectively)	(21,508)		(69,215)
Increase (decrease) in net assets from capital transactions	(347,210)		(439,178)
Net increase (decrease) in net assets	(1,718,315)		(330,391)
Net Assets
Beginning of period	6,963,080		7,293,471
End of Period	$ 5,244,765		$ 6,963,080

    

(1)	See Note 11 in the Notes to Financial Statements.

See Notes to Financial Statements

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Distributions from Net Realized Gains	Total Distributions
Class A
10/1/19 to 3/31/20(6)	$10.65	0.01	(1.94)	(1.93)	(0.16)	(0.04)	(0.20)
10/1/18 to 9/30/19	10.44	0.12	0.42	0.54	(0.06)	(0.27)	(0.33)
10/1/17 to 9/30/18	11.11	0.06	(0.71)	(0.65)	(0.02)	—	(0.02)
10/1/16 to 9/30/17	9.90	0.05	1.21	1.26	(0.05)	—	(0.05)
1/1/16 to 9/30/16(7)	8.68	0.03	1.19	1.22	—	—	—
1/1/15 to 12/31/15	9.58	0.07	(0.91)	(0.84)	(0.06)	—	(0.06)
1/1/14 to 12/31/14	9.26	0.07	0.42	0.49	(0.06)	(0.11)	(0.17)
Class C
10/1/19 to 3/31/20(6)	$10.27	(0.03)	(1.88)	(1.91)	(0.07)	(0.04)	(0.11)
10/1/18 to 9/30/19	10.08	0.04	0.42	0.46	—	(0.27)	(0.27)
10/1/17 to 9/30/18	10.77	(0.01)	(0.68)	(0.69)	—	—	—
10/1/16 to 9/30/17	9.63	(0.03)	1.17	1.14	—	—	—
1/1/16 to 9/30/16(7)	8.49	(0.02)	1.16	1.14	—	—	—
1/1/15 to 12/31/15	9.37	—	(0.88)	(0.88)	—	—	—
1/1/14 to 12/31/14	9.08	(0.01)	0.42	0.41	(0.01)	(0.11)	(0.12)
Class I
10/1/19 to 3/31/20(6)	$11.03	0.03	(2.00)	(1.97)	(0.20)	(0.04)	(0.24)
10/1/18 to 9/30/19	10.82	0.17	0.42	0.59	(0.11)	(0.27)	(0.38)
10/1/17 to 9/30/18	11.49	0.11	(0.73)	(0.62)	(0.05)	—	(0.05)
10/1/16 to 9/30/17	10.24	0.07	1.26	1.33	(0.08)	—	(0.08)
1/1/16 to 9/30/16(7)	8.96	0.04	1.24	1.28	—	—	—
1/1/15 to 12/31/15	9.89	0.10	(0.95)	(0.85)	(0.08)	—	(0.08)
1/1/14 to 12/31/14	9.55	0.09	0.45	0.54	(0.09)	(0.11)	(0.20)
Class R6
10/1/19 to 3/31/20(6)	$11.04	0.04	(1.99)	(1.95)	(0.21)	(0.04)	(0.25)
10/1/18 to 9/30/19	10.82	0.19	0.42	0.61	(0.12)	(0.27)	(0.39)
10/1/17 to 9/30/18	11.48	0.12	(0.73)	(0.61)	(0.05)	—	(0.05)
10/1/16 to 9/30/17	10.25	0.10	1.23	1.33	(0.10)	—	(0.10)
1/1/16 to 9/30/16(7)	8.96	0.05	1.24	1.29	—	—	—
1/1/15 to 12/31/15	9.89	0.08	(0.91)	(0.83)	(0.10)	—	(0.10)
11/12/14 (10) to 12/31/14	10.42	(0.01)	(0.45)	(0.46)	(0.06)	(0.01)	(0.07)

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
(2.13)	$ 8.52	(18.57) %	$ 319,966	1.58 %	1.58 %	0.14 %	27 %
0.21	10.65	5.64	479,456	1.57	1.57	1.20	30
(0.67)	10.44	(5.83)	550,117	1.58	1.58	0.54	38
1.21	11.11	12.81	706,974	1.60	1.61	0.46	27
1.22	9.90	14.06	1,082,242	1.59   (8)	1.60	0.40	25
(0.90)	8.68	(8.77)	745,947	1.56	1.56	0.73	27
0.32	9.58	5.23	770,941	1.55	1.55	0.71	28
(2.02)	$ 8.25	(18.83) %	$ 98,078	2.27 %	2.27 %	(0.55) %	27 %
0.19	10.27	4.93	135,668	2.25	2.25	0.41	30
(0.69)	10.08	(6.41)	182,813	2.25	2.25	(0.12)	38
1.14	10.77	11.84	214,738	2.34	2.35	(0.30)	27
1.14	9.63	13.56	222,221	2.34   (8)	2.35	(0.31)	25
(0.88)	8.49	(9.50)	223,303	2.31	2.31	(0.01)	27
0.29	9.37	4.40	228,652	2.30	2.30	(0.13)	28
(2.21)	$ 8.82	(18.40) %	$4,714,585	1.26 %	1.26 %	0.47 %	27 %
0.21	11.03	5.91	6,228,010	1.25	1.25	1.56	30
(0.67)	10.82	(5.46)	6,434,732	1.23	1.23	0.91	38
1.25	11.49	13.10	7,198,678	1.33	1.34	0.72	27
1.28	10.24	14.29	6,214,272	1.33   (8)	1.34	0.64	25
(0.93)	8.96	(8.55)	8,726,303	1.31	1.32	0.99	27
0.34	9.89	5.54	7,572,633	1.30	1.35	0.85	28
(2.20)	$ 8.84	(18.20) %	$ 112,136	0.98 %	1.15 %	0.75 %	27 %
0.22	11.04	6.11	119,946	1.03   (9)	1.13	1.80	30
(0.66)	10.82	(5.34)	125,809	1.15	1.15	1.01	38
1.23	11.48	13.15	126,422	1.20	1.21	0.92	27
1.29	10.25	14.40	45,197	1.21   (8)	1.22	0.72	25
(0.93)	8.96	(8.44)	34,379	1.21	1.21	0.90	27
(0.53)	9.89	(4.60)	95	1.24	1.24	(0.41)	28   (11)

    

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend:
(1)	Calculated using average shares outstanding.
(2)	Not annualized for periods less than one year.
(3)	Sales charges, where applicable, are not reflected in the total return calculation.
(4)	Annualized for periods less than one year.
(5)	The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.
(6)	Unaudited.
(7)	The Fund changed its fiscal year end to September 30 during the period.
(8)	Net expense ratio includes extraordinary proxy expenses.
(9)	Due to a change in expense cap, the ratio shown is a blended expense ratio.
(10)	Inception date.
(11)	Portfolio turnover is representative of the Fund for the entire year ended December 31, 2014.

See Notes to Financial Statements

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March 31, 2020

Note 1. Organization

Virtus Opportunities Trust (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

As of the date of this report, 24 funds of the Trust are offered for sale, of which the Vontobel Emerging Markets Opportunities Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will achieve its objective.

The Fund offers Class A shares, Class C shares, Class I shares, and Class R6 shares.

Class A shares are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Fund when redeemed; however, a 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the CDSC applies for the Fund is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Effective January 1, 2019, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares ten years after the purchase date. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the Fund’s determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Fund’s distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

The Fund may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectus and/or statement of additional information. The fees collected will be used to offset certain

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March 31, 2020

expenses of the Fund. These fees are reflected as “Less low balance account fees” in the Fund’s Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Fund’s Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of the Fund are borne pro-rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

A.	Security Valuation
	The 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 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. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, 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

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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 ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

B.	Security Transactions and Investment Income
	Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
	Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
C.	Income Taxes
	The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute

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March 31, 2020

	substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.
	The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.
	Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2016 forward (with limited exceptions).
D.	Distributions to Shareholders
	Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.
E.	Expenses
	Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used.
	In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.
F.	Foreign Currency Transactions
	Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
G.	Securities Lending
	The Fund may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of

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March 31, 2020

	fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.
	Securities lending transactions are entered into by the Fund under a Master Securities Lending Agreement (“MSLA”) that permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.
	Effective March 13, 2020, the securities lending program was put on hold and all securities on loan were recalled.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands)

A.	Investment Adviser
	Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser.
	As compensation for its services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of the Fund:

    

First $1 Billion		$1+ Billion
1.00 %		0.95 %

B.	Subadviser
	Vontobel Asset Management, Inc. (the “Subadviser”) is the subadviser to the Fund. The Subadviser manages the investments of the Fund for which it is paid a fee by the Adviser.
C.	Expense Limitation
	The Adviser has contractually agreed to limit the Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, 0.98% of average daily net assets for Class R6 shares through March 31, 2021. Following the contractual period, the Adviser may discontinue this expense reimbursement arrangement at any time. The waivers and reimbursements are calculated daily and received monthly.
	The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

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March 31, 2020

D.

Expense Recapture

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending:

    

	Expiration
	2022		2023		Total
Class R6	$ 118		$ 107		$ 225

E.	Distributor
	VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2020, it retained net commissions of $7 for Class A shares and CDSC of $35 for Class A and $3 for Class C shares.
	In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the following annual rates: 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.
	Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.
F.	Administrator and Transfer Agent
	Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund.
	For the period ended March 31, 2020, the Fund incurred administration fees totaling $3,294 which are included in the Statement of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly.
	For the period ended March 31, 2020, the Fund incurred transfer agent fees totaling $1,476 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G.	Trustee Compensation
	The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees.

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March 31, 2020

Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2020.

Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding short-term securities) during the period ended March 31, 2020, were as follows:

Purchases		Sales
$1,769,526		$2,240,133

There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2020.

Note 5. 10% Shareholders

As of March 31, 2020, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

% of Shares Outstanding		Number of Accounts*
50%		2

*	The shareholders are not affiliated with Virtus.

Note 6. Market Risk and Asset Concentration

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund’s portfolio manager(s) to invest the Fund’s assets as intended.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

The Fund may invest a high percentage of its assets in specific sectors of the market in the pursuit of its investment objective. Fluctuations in these sectors of concentration may have a greater impact on the Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

Note 7.  Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Fund enter into contracts that provide a variety of indemnifications to other parties. The Trust’s and/or the Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made

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March 31, 2020

against the Trust or the Fund and that have not occurred. However, neither the Trust nor the Fund has had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

Note 8. Restricted Securities

Restricted securities are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category. The Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At March 31, 2020, the Fund did not hold any securities that were restricted.

Note 9. Redemption Facility

($ reported in thousands)

On September 18, 2017, the Fund and certain other affiliated funds entered into an $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Fund to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 11, 2021. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Fund and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The borrowings during the period ended March 31, 2020 by the Fund were as follows:

Interest Incurred on Borrowing		Average Dollar Amount of Borrowing		Weighted Average Interest Rate on Borrowing		Days Loan was Open
$30		$30,494		2.06%		17

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2020, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Fund were as follows:

Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
$ 5,960,508		$ 389,095		$ (1,146,855)		$ (757,760)

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

At September 30, 2019, the Fund had capital loss carryovers available to offset future realized gains as follows:

No Expiration				Total
Short-Term		Long-Term		Short-Term		Long-Term
$70,654		$70,940		$70,654		$70,940

Note 11. Reorganization

($ reported in thousands)

On November 14, 2018, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Plan”) with respect to Vontobel Global Emerging Markets Equity Institutional Fund (the “Merged Fund”), a series of Advisers Investment Trust, and Vontobel Emerging Markets Opportunities Fund (the “Acquiring Fund”), a series of the Trust, which provided for the transfer of all of the assets of the Merged Fund for shares of the Acquiring Fund and the assumption of the liabilities of the Merged Fund. The purpose of the transaction was to allow shareholders of the Merged Fund to own shares of a larger fund with a substantially similar investment objective and style as, and potentially deliver better value than, the Merged Fund. The acquisition was accomplished by a tax-free exchange of shares on March 22, 2019. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

Merged Fund		Shares Outstanding		Acquiring Fund		Shares Converted		Merged Fund Net Asset Value of Converted Shares
Vontobel Global Emerging Markets Equity Institutional Fund		Class I Shares 2,394,040		Vontobel Emerging Markets Opportunities Fund . . . . . . .		Class R6 Shares 2,288,639		$24,973

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

Merged Fund		Net Assets		Unrealized Appreciation (Depreciation)		Acquiring Fund		Net Assets
Vontobel Global Emerging Markets Equity Institutional Fund		$24,973		1,877		Vontobel Emerging Markets Opportunities Fund . . .		$97,783

The net assets of Class R6 shares of the Acquiring Fund immediately following the acquisition were $122,756.

Assuming the acquisition had been completed on October 1, 2018, the Vontobel Global Emerging Markets Equity Institutional Fund’s pro-forma results of operations for the period ended September 30, 2019, would have been as follows:

Net investment income (loss)	$102,795 (a)
Net realized and unrealized gain (loss) on investments	242,422 (b)
Net increase (decrease) in net assets resulting from operations	$345,217

^(a) $102,774, as reported in the Statement of Operations, plus $21 net investment income from Vontobel Global Emerging Markets Equity Institutional Fund pre-merger.

^(b) $241,084, as reported in the Statement of Operations, plus $1,338 net realized and unrealized gain (loss) on investments from Vontobel Global Emerging Markets Equity Institutional Fund pre-merger.

Because the Merged Fund and Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the merged Vontobel Global Emerging Markets Equity Institutional Fund that have been included in the acquiring Vontobel Emerging Markets Opportunities Fund’s Statement of Operations since March 22, 2019.

Note 12. Regulatory Matters and Litigation

From time to time, the Trust, the Fund, the Adviser and/or Subadviser and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

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VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

Note 13. Recent Accounting Pronouncement

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. This ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. For public companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has determined to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately.

Note 14. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of the subadvisory agreement (the “Subadvisory Agreement”) among the Trust, VIA and Vontobel Asset Management, Inc. (the “Subadviser”) (together with the Advisory Agreement, the “Agreements”) with respect to the funds of the Trust, including Virtus Vontobel Emerging Markets Opportunities Fund (the “Fund”). At in-person meetings held on October 30, 2019 and November 20-21, 2019 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of the Fund and its shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadviser, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from the Subadviser with respect to the Fund.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (2) the performance of the Fund as compared to an appropriate peer group and an appropriate index; (3) the level and method of computing the Fund’s advisory and subadvisory fees, and comparisons of the Fund’s advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA’s or the Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on the Fund’s performance and expenses; (7) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

Nature, Extent and Quality of Services

The Trustees received in advance of the Meetings information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics,

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

including, among other items, such company’s investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. The Trustees noted that the Fund is managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of the Fund’s portfolio. Under this structure, VIA is responsible for the management of the Fund’s investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, including the Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreement, the Board noted that the Subadviser provided portfolio management, compliance with the Fund’s investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadviser’s management of the Fund is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund’s prospectus and statement of additional information. In considering the renewal of the Subadvisory Agreement, the Board also considered the Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the Fund; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account the Subadviser’s risk assessment and monitoring process. The Board noted the Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the Fund.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Broadridge Report”) for the Fund prepared by Broadridge, an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented the Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on the Fund’s performance. The Board evaluated the Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s investment strategy. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadviser. The Board also noted the Subadviser’s performance record with respect to the Fund. The Board was mindful of VIA’s focus on the Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to the Fund. The Board also took into account its discussions with management regarding factors that contributed to the performance of the Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of the Fund for the period ended June 30, 2019.

The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 5- and 10-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 3-year period.

The Board also considered management’s discussion about the reasons for the Fund’s underperformance relative to its peer group and benchmark. After reviewing these and related factors, the Board concluded that the Fund’s overall performance, or reasons discussed for underperformance, was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Fund for advisory services as well as the total expense level of the Fund. This information included comparisons of the Fund’s contractual and net management fee and net total expense level to those of its peer universe (the “Expense Universe”) and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing the Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee included advisory fees. The Board also noted that the Fund had an expense cap in place to limit the total expenses incurred by a specific share class of the Fund and its shareholders. The Board also noted that the subadvisory fee was paid by VIA out of its management fees rather than paid separately by the Fund. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of the Fund and the impact on expenses and

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

economies of scale. The Subadviser provided, and the Board considered, fee information of comparable accounts managed by the Subadviser, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to the Fund’s fees and expenses. In each case, the Board took into account management’s discussion of the Fund’s expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

The Board considered that the Fund’s net management fee was in the fourth quintile of the Expense Universe and net total expenses were in the fourth quintile of the Expense Universe.

The Board concluded that the advisory and subadvisory fees, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Profitabilit y

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Fund and other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Fund by VIA affiliates. In addition to the fees paid to VIA and its affiliates, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Fund. The Board reviewed the methodology used to allocate costs to the Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from the Fund was reasonable in light of the quality of the services rendered to the Fund by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadviser in connection with its relationship to the Fund, the Board noted that the fees under the Subadvisory Agreement are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In addition, because Vontobel Asset Management, Inc. is an unaffiliated subadviser, the Board relied on the ability of VIA to negotiate this Subadvisory Agreement and the fees thereunder at arm’s length. For each of the above reasons, the Board concluded that the profitability to the Subadviser and its affiliates from their relationship with the Fund was not a material factor in approval of the Subadvisory Agreement.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Fund’s assets grow. The Board noted that the management fee for the Fund included breakpoints based on assets under management and that expense caps were in place for the Fund. The Board also took into account management’s discussion of the Fund’s management fee and subadvisory fee structure. The Board also took into account the current size of the Fund. The Board then concluded that no changes to the advisory fee structure of the Fund with respect to economies of scale were necessary at this time. The Board noted that VIA and the Fund may realize certain economies of scale if the assets of the Fund were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Fund would have an opportunity to benefit from these economies of scale.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

For similar reasons as stated above with respect to the Subadviser’s profitability, and based upon the current size of the Fund managed by the Subadviser, the Board concluded that the potential for economies of scale in the Subadviser’s management of the Fund was not a material factor in the approval of the Subadvisory Agreement at this time.

Other Factors

The Board considered other benefits that may be realized by VIA and the Subadviser and their respective affiliates from their relationships with the Fund. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Fund to compensate it for providing selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of the Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to the Fund.

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Virtus Opportunities Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

Virtus Alternative Solutions Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated February 28, 2020

Virtus Asset Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated April 30, 2019, as supplemented

Virtus Equity Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

(Unaudited)

IMPORTANT NOTICE TO INVESTORS

The information in this Supplement updates information in, and should be read in conjunction with, the Summary and Statutory Prospectuses and Statement of Additional Information for each Fund.

Change in each fund’s “Market Volatility Risk”

The section of each fund’s Summary Prospectus and Statutory Prospectus entitled “Principal Risks” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each Fund’s Prospectus entitled “More Information About Risks Related to Principal Investment Strategies” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each fund’s SAI entitled “More Information About Fund Investment Strategies and Related Risks” is amended to add the following:

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Market Volatility Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investors should retain this supplement for future reference.

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VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

Philip R. McLoughlin, Chairman

George R. Aylward

Thomas J. Brown

Donald C. Burke

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

R. Keith Walton

Brian T. Zino

Advisory Board Member

William R. Moyer

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Kevin J. Carr, Senior Vice President, Chief Legal Officer, Counsel and Secretary

Nancy J. Engberg, Senior Vice President and Chief Compliance Officer

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Principal Underwriter

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

Administrator and Transfer Agent

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361

Website

Virtus.com

 

Important Notice to Shareholders
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

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P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,
please contact us at 1-800-243-1574, or Virtus.com.

8005

05-20

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SEMIANNUAL REPORT

VIRTUS OPPORTUNITIES TRUST

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March 31, 2020

Virtus Duff & Phelps Real Estate Securities Fund*

*Prospectus supplement appears at the back of this semiannual report.

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-243-1574 or, with respect to requesting electronic delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus Mutual Funds in which you own shares directly. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

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Not FDIC Insured • No Bank Guarantee • May Lose Value

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Virtus Duff & Phelps Real Estate Securities Fund

(“Duff  &  Phelps Real Estate Securities Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	17
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	26

Proxy Voting Procedures and Voting Record (Form N-PX)

The subadviser votes proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust (“Trustees”, or the “Board”). You may obtain a description of these procedures, along with information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission’s (the “SEC”) website at https://www.sec.gov.

PORTFOLIO HOLDINGS  INFORMATION

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

This report is not authorized for distribution to prospective investors in the Duff & Phelps Real Estate Securities Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.

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MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Funds:

I am pleased to present this semiannual report, which reviews the performance of your Fund for the six months ended March 31, 2020.

March 2020 presented a sharp contrast to the strong fourth quarter of 2019 and beginning of 2020. Heading into the final month of the quarter, the global economy was largely shut down in response to the coronavirus pandemic, and markets reacted by declining with unprecedented speed. Policymakers swiftly introduced fiscal stimulus packages, and global central banks sought to bolster panicked markets with monetary easing. The full impact of these decisions may not be known for several months or longer.

Most asset classes were in negative territory for the six months ended March 31, 2020. U.S. large-capitalization stocks declined 12.31%, as measured by the S&P 500^® Index. Small-cap stocks, as measured by the Russell 2000^® Index, lost 23.72%. Within international equities, developed markets, as measured by the MSCI EAFE^® Index (net), were down 16.52% for the six months, while emerging markets fell 14.55%, as measured by the MSCI Emerging Markets Index (net).

In fixed income markets, the yield on the 10-year Treasury was 0.70% at March 31, 2020, down sharply from 1.68% on September 30, 2019. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 3.33% as investors fled to the perceived safety of bonds. Non-investment grade bonds, in contrast, lost 10.40% for the period, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Throughout these challenging times, our investment teams have navigated the uncertainty with discipline and skill. There is no downplaying the anxiety that comes with increased market turbulence. But for many investors, their long-term goals have not changed in the last six months. While no one can predict how or when the pandemic will be resolved, it can be helpful to focus on continuing to invest for the future. Virtus Funds offers a broad array of investment strategies and asset classes, which are available through your fund exchange privileges. To learn more, visit Virtus.com.

On behalf of our investment affiliates, we hope that you and your loved ones are well. We are here for you during this time. Please don’t hesitate to call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We are committed to meeting your needs and fulfilling our obligations to the investors who have entrusted their assets to us.

Sincerely,

George R. Aylward
President, Virtus Funds

May 2020

Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the Duff & Phelps Real Estate Securities Fund (the “Fund”), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Class A	$ 1,000.00		$ 765.50		1.37 %		$ 6.05
Class C	1,000.00		762.70		2.11		9.30
Class I	1,000.00		766.40		1.10		4.86
Class R6	1,000.00		767.70		0.79		3.49

    

*

Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

You can find more information about the Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

	Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Class A	$ 1,000.00		$ 1,018.15		1.37 %		$ 6.91
Class C	1,000.00		1,014.45		2.11		10.63
Class I	1,000.00		1,019.50		1.10		5.55
Class R6	1,000.00		1,021.05		0.79		3.99

    

*

Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about the Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

KEY INVESTMENT TERMS (Unaudited)

March 31, 2020

American Depositary Receipt (ADR)

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

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Bloomberg Barclays U.S. Corporate High Yield Bond Index

The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Exchange-Traded Funds (“ETFs”)

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

London Interbank Offered Rate (“LIBOR”)

A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

MSCI EAFE^® Index (net)

The MSCI EAFE^® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI Emerging Markets Index (net)

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Real Estate Investment Trust (“REIT”)

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

Russell 2000^® Index

The Russell 2000^® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)

March 31, 2020

S&P 500^® Index

The S&P 500^® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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Duff & Phelps Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

Asset Allocations

The following table presents the asset allocations within certain sectors as a percentage of total investments as of March 31, 2020.

Industrial	17%
Apartments	15
Data Center	14
Office	11
Health Care	10
Retail	9
Specialty	6
Other	18
Total	100%

	Shares		Value
Common Stocks—97.3%
Real Estate Investment Trusts—97.3%
Data Centers—13.2%
CyrusOne, Inc.	243,032		$ 15,007
Equinix, Inc.	64,001		39,973
			54,980
Health Care—9.8%
Healthcare Trust of America, Inc. Class A	576,800		14,005
Healthpeak Properties, Inc.	767,500		18,305
Welltower, Inc.	180,580		8,267
			40,577
Industrial/Office—27.1%
Industrial—16.7%
Americold Realty Trust	372,988		12,697
Duke Realty Corp.	632,893		20,493
Prologis, Inc.	364,704		29,311
Rexford Industrial Realty, Inc.	167,400		6,865
			69,366

	Shares		Value
Office—10.4%
Alexandria Real Estate Equities, Inc.	141,045		$ 19,332
Cousins Properties, Inc.	497,003		14,547
Douglas Emmett, Inc.	307,968		9,396
			43,275
Total Industrial/Office			112,641
Lodging/Resorts—2.0%
Host Hotels & Resorts, Inc.	132,294		1,460
RLJ Lodging Trust	254,105		1,962
Ryman Hospitality Properties, Inc.	139,278		4,993
			8,415
Residential—24.5%
Apartments—15.0%
Apartment Investment & Management Co. Class A	318,073		11,180
AvalonBay Communities, Inc.	141,815		20,871
Equity Residential	300,414		18,539

 

See Notes to Financial Statements

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Duff & Phelps Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Shares		Value
Residential—continued
Apartments—continued
Essex Property Trust, Inc.	19,204		$ 4,229
Mid-America Apartment Communities, Inc.	73,100		7,532
			62,351
Manufactured Homes—4.5%
Sun Communities, Inc.	148,465		18,536
Single Family Homes—5.0%
American Homes 4 Rent Class A	679,400		15,762
Invitation Homes, Inc.	241,060		5,151
			20,913
Total Residential			101,800
Retail—9.2%
Free Standing—3.9%
Spirit Realty Capital, Inc.	298,493		7,806
STORE Capital Corp.	470,485		8,525
			16,331
Regional Malls—1.4%
Simon Property Group, Inc.	106,241		5,828
Shopping Centers—3.9%
Brixmor Property Group, Inc.	714,156		6,784

	Shares		Value
Shopping Centers—continued
Regency Centers Corp.	245,500		$ 9,435
			16,219
Total Retail			38,378
Self Storage—5.6%
CubeSmart	390,150		10,452
Extra Space Storage, Inc.	132,629		12,701
			23,153
Specialty—5.9%
Crown Castle International Corp.	99,450		14,360
VICI Properties, Inc.	614,700		10,229
			24,589
Total Common Stocks (Identified Cost $359,450)			404,533
Total Long-Term Investments—97.3% (Identified Cost $359,450)			404,533
TOTAL INVESTMENTS—97.3% (Identified Cost $359,450)			$404,533
Other assets and liabilities, net—2.7%			11,280
NET ASSETS—100.0%			$415,813

See Notes to Financial Statements

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Duff & Phelps Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$404,533		$404,533
Total Investments	$404,533		$404,533

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2020

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$ 404,533
Cash	12,691
Receivables
Investment securities sold	125
Fund shares sold	689
Dividends	1,847
Prepaid Trustees’ retainer	12
Prepaid expenses	56
Other assets	40
Total assets	419,993
Liabilities
Payables
Fund shares repurchased	829
Investment securities purchased	2,750
Investment advisory fees	278
Distribution and service fees	34
Administration and accounting fees	39
Transfer agent and sub-transfer agent fees and expenses	146
Professional fees	13
Trustee deferred compensation plan	40
Interest expense and/or commitment fees	1
Other accrued expenses	50
Total liabilities	4,180
Net Assets	$ 415,813
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$ 366,260
Accumulated earnings (loss)	49,553
Net Assets	$ 415,813
Net Assets:
Class A	$ 115,272
Class C	$ 8,154
Class I	$ 263,285
Class R6	$ 29,102
Shares Outstanding (unlimited number of shares authorized, no par value):
Class A	6,902,244
Class C	489,222
Class I	15,815,358
Class R6	1,744,833

See Notes to Financial Statements

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

Net Asset Value and Redemption Price Per Share:
Class A	$ 16.70
Class C	$ 16.67
Class I	$ 16.65
Class R6	$ 16.68
Maximum Offering Price per Share (NAV/(1-5.75%*)):
Class A	$ 17.72
* Maximum sales charge
(1) Investment in securities at cost	$ 359,450

See Notes to Financial Statements

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

Investment Income
Dividends	$ 8,021
Total investment income	8,021
Expenses
Investment advisory fees	2,079
Distribution and service fees, Class A	200
Distribution and service fees, Class C	57
Administration and accounting fees	292
Transfer agent fees and expenses	122
Sub-transfer agent fees and expenses, Class A	129
Sub-transfer agent fees and expenses, Class C	8
Sub-transfer agent fees and expenses, Class I	235
Custodian fees	1
Printing fees and expenses	43
Professional fees	16
Interest expense and/or commitment fees	2
Registration fees	53
Trustees’ fees and expenses	23
Miscellaneous expenses	30
Total expenses	3,290
Less net expenses reimbursed and/or waived by investment adviser(1)	(32)
Less low balance account fees	— (2)
Net expenses	3,258
Net investment income (loss)	4,763
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	17,439
Net change in unrealized appreciation (depreciation) on:
Investments	(149,544)
Net realized and unrealized gain (loss) on investments	(132,105)
Net increase (decrease) in net assets resulting from operations	$(127,342)

    

(1)	See Note 3D in the Notes to Financial Statements.
(2)	Amount is less than $500.

See Notes to Financial Statements

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 4,763		$ 10,320
Net realized gain (loss)	17,439		100,046
Net change in unrealized appreciation (depreciation)	(149,544)		(16,066)
Increase (decrease) in net assets resulting from operations	(127,342)		94,300
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(27,659)		(28,231)
Class C	(1,930)		(3,510)
Class I	(60,774)		(59,954)
Class R6	(6,696)		(4,621)
Total Dividends and Distributions to Shareholders	(97,059)		(96,316)
Change in Net Assets from Capital Transactions
Shares sold and cross class conversions:
Class A (604 and 1,575 shares, respectively)	14,149		37,370
Class C (37 and 51 shares, respectively)	817		1,174
Class I (2,223 and 3,585 shares, respectively)	47,012		84,112
Class R6 (300 and 610 shares, respectively)	6,980		14,664
Reinvestment of distributions:
Class A (1,252 and 1,213 shares, respectively)	26,621		26,465
Class C (85 and 154 shares, respectively)	1,809		3,333
Class I (2,867 and 2,718 shares, respectively)	60,653		59,275
Class R6 (316 and 210 shares, respectively)	6,687		4,600
Shares repurchased and cross class conversions:
Class A ((1,603) and (4,213) shares, respectively)	(36,260)		(102,877)
Class C ((102) and (734) shares, respectively)	(2,252)		(16,810)
Class I ((3,501) and (8,443) shares, respectively)	(78,506)		(207,408)
Class R6 ((351) and (322) shares, respectively)	(7,649)		(7,823)
Increase (decrease) in net assets from capital transactions	40,061		(103,925)
Net increase (decrease) in net assets	(184,340)		(105,941)
Net Assets
Beginning of period	600,153		706,094
End of Period	$ 415,813		$ 600,153

See Notes to Financial Statements

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Distributions from Net Realized Gains	Total Distributions
Class A
10/1/19 to 3/31/20(6)	$26.33	0.17	(5.42)	(5.25)	(0.17)	(4.21)	(4.38)
10/1/18 to 9/30/19	26.76	0.37	3.34	3.71	(0.42)	(3.72)	(4.14)
10/1/17 to 9/30/18	30.43	0.31	0.75	1.06	(0.30)	(4.43)	(4.73)
10/1/16 to 9/30/17	36.87	0.38	(0.48)	(0.10)	(0.40)	(5.94)	(6.34)
10/1/15 to 9/30/16	38.45	0.47	4.80	5.27	(0.48)	(6.37)	(6.85)
10/1/14 to 9/30/15	36.65	0.51	3.76	4.27	(0.53)	(1.94)	(2.47)
Class C
10/1/19 to 3/31/20(6)	$26.26	0.09	(5.40)	(5.31)	(0.07)	(4.21)	(4.28)
10/1/18 to 9/30/19	26.69	0.19	3.32	3.51	(0.22)	(3.72)	(3.94)
10/1/17 to 9/30/18	30.35	0.12	0.76	0.88	(0.11)	(4.43)	(4.54)
10/1/16 to 9/30/17	36.77	0.15	(0.47)	(0.32)	(0.16)	(5.94)	(6.10)
10/1/15 to 9/30/16	38.37	0.20	4.78	4.98	(0.21)	(6.37)	(6.58)
10/1/14 to 9/30/15	36.59	0.22	3.73	3.95	(0.23)	(1.94)	(2.17)
Class I
10/1/19 to 3/31/20(6)	$26.28	0.21	(5.43)	(5.22)	(0.20)	(4.21)	(4.41)
10/1/18 to 9/30/19	26.71	0.44	3.34	3.78	(0.49)	(3.72)	(4.21)
10/1/17 to 9/30/18	30.39	0.40	0.73	1.13	(0.38)	(4.43)	(4.81)
10/1/16 to 9/30/17	36.83	0.46	(0.48)	(0.02)	(0.48)	(5.94)	(6.42)
10/1/15 to 9/30/16	38.42	0.56	4.80	5.36	(0.58)	(6.37)	(6.95)
10/1/14 to 9/30/15	36.62	0.62	3.75	4.37	(0.63)	(1.94)	(2.57)
Class R6
10/1/19 to 3/31/20(6)	$26.30	0.24	(5.43)	(5.19)	(0.22)	(4.21)	(4.43)
10/1/18 to 9/30/19	26.72	0.51	3.32	3.83	(0.53)	(3.72)	(4.25)
10/1/17 to 9/30/18	30.39	0.47	0.71	1.18	(0.42)	(4.43)	(4.85)
10/1/16 to 9/30/17	36.84	0.50	(0.48)	0.02	(0.53)	(5.94)	(6.47)
10/1/15 to 9/30/16	38.42	0.70	4.73	5.43	(0.64)	(6.37)	(7.01)
11/12/14 (10) to 9/30/15	40.32	0.79	(0.06)	0.73	(0.69)	(1.94)	(2.63)

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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DUFF & PHELPS REAL ESTATE SECURITIES FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
(9.63)	$16.70	(23.45) %	$115,272	1.37 %	1.37 %	1.50 %	19 %
(0.43)	26.33	17.33	175,112	1.38	1.38	1.50	30
(3.67)	26.76	4.03	216,062	1.38	1.38	1.16	12
(6.44)	30.43	0.63  (7)	331,957	1.39   (7)	1.39	1.21   (7)	20
(1.58)	36.87	15.58	530,135	1.39   (8)	1.39	1.29	31
1.80	38.45	11.34	621,507	1.36	1.36	1.26	22
(9.59)	$16.67	(23.73) %	$ 8,154	2.11 %	2.11 %	0.77 %	19 %
(0.43)	26.26	16.49	12,325	2.09	2.09	0.78	30
(3.66)	26.69	3.28	26,643	2.07	2.07	0.45	12
(6.42)	30.35	(0.09)  (7)	43,219	2.13   (7)	2.13	0.48   (7)	20
(1.60)	36.77	14.70	67,216	2.15   (8)	2.15	0.55	31
1.78	38.37	10.49	66,023	2.11	2.11	0.56	22
(9.63)	$16.65	(23.36) %	$263,285	1.10 %	1.10 %	1.81 %	19 %
(0.43)	26.28	17.73	373,801	1.09	1.09	1.81	30
(3.68)	26.71	4.31	437,179	1.08	1.08	1.49	12
(6.44)	30.39	0.90  (7)	539,098	1.13   (7)	1.13	1.49   (7)	20
(1.59)	36.83	15.85	619,818	1.14   (8)	1.14	1.52	31
1.80	38.42	11.63	647,976	1.11	1.11	1.55	22
(9.62)	$16.68	(23.23) %	$ 29,102	0.79 %	0.96 %	2.12 %	19 %
(0.42)	26.30	17.94	38,915	0.87   (9)	0.95	2.11	30
(3.67)	26.72	4.50	26,210	0.93   (9)	0.95	1.75	12
(6.45)	30.39	1.06  (7)	19,880	0.98   (7)	0.98	1.62   (7)	20
(1.58)	36.84	16.06	21,604	0.98   (8)	0.98	1.93	31
(1.90)	38.42	1.54	1,647	0.94	0.94	2.30	22   (11)

    

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend:
(1)	Calculated using average shares outstanding.
(2)	Not annualized for periods less than one year.
(3)	Sales charges, where applicable, are not reflected in the total return calculation.
(4)	Annualized for periods less than one year.
(5)	The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.
(6)	Unaudited.
(7)	State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) to Average Net Assets by 0.01%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by 0.01%.
(8)	Net expense ratio includes extraordinary proxy expenses.
(9)	Due to a change in expense cap, the ratio shown is a blended expense ratio.
(10)	Inception date.
(11)	Portfolio turnover is representative of the Fund for the entire year ended September 30, 2015.

See Notes to Financial Statements

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March 31, 2020

Note 1. Organization

Virtus Opportunities Trust (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

As of the date of this report, 24 funds of the Trust are offered for sale, of which the Duff & Phelps Real Estate Securities Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has investment objectives of capital appreciation and income with approximately equal emphasis. There is no guarantee that the Fund will achieve its objectives.

The Fund offers Class A shares, Class C shares, Class I shares, and Class R6 shares.

Class A shares are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Fund when redeemed; however, a 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the CDSC applies for the Fund is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Effective January 1, 2019, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares ten years after the purchase date. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the Fund’s determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Fund’s distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

The Fund may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectus and/or statement of additional information. The fees collected will be used to offset certain

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expenses of the Fund. These fees are reflected as “Less low balance account fees” in the Fund’s Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Fund’s Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of the Fund are borne pro-rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

A.	Security Valuation
	The 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 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. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, 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

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March 31, 2020

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 ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

B.	Security Transactions and Investment Income
	Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
	Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
C.	Income Taxes
	The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute

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March 31, 2020

	substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.
	The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.
	Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2016 forward (with limited exceptions).
D.	Distributions to Shareholders
	Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.
E.	Expenses
	Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used.
	In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.
F.	Securities Lending
	The Fund may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.
	Securities lending transactions are entered into by the Fund under a Master Securities Lending Agreement (“MSLA”) that permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.
	Effective March 13, 2020, the securities lending program was put on hold and all securities on loan were recalled.

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March 31, 2020

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands)

A.	Investment Adviser
	Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser.
	As compensation for its services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of the Fund:

    

First $1 Billion		$1+ Billion through $2 Billion		$2+ Billion
0.75 %		0.70  %		0.65 %

B.	Subadviser
	Duff & Phelps Investment Management Co. (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund. The Subadviser manages the investments of the Fund for which it is paid a fee by the Adviser.
C.	Expense Limitation
	The Adviser has contractually agreed to limit the Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, 0.79% of average daily net assets for Class R6 shares through January 31, 2021. Following the contractual period, the Adviser may discontinue this expense reimbursement arrangement at any time. The waivers and reimbursements are calculated daily and received monthly.
	The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.
D.	Expense Recapture
	Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time

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March 31, 2020

of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending:

    

	Expiration
	2021		2022		2023		Total
Class R6	$ 4		$ 26		$ 32		$ 62

E.	Distributor
	VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2020, it retained net commissions of $5 for Class A shares and CDSC of $-* for Class C shares.
	In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the following annual rates: 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.
	Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.
	* Amount is less than $500.
F.	Administrator and Transfer Agent
	Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund.
	For the period ended March 31, 2020, the Fund incurred administration fees totaling $264 which are included in the Statement of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly.
	For the period ended March 31, 2020, the Fund incurred transfer agent fees totaling $119 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G.	Trustee Compensation
	The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2020.

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March 31, 2020

Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding short-term securities) during the period ended March 31, 2020, were as follows:

Purchases		Sales
$104,926		$157,849

There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2020.

Note 5. 10% Shareholders

As of March 31, 2020, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

% of Shares Outstanding		Number of Accounts*
28%		2

*	The shareholders are not affiliated with Virtus.

Note 6. Market Risk and Asset Concentration

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund’s portfolio manager(s) to invest the Fund’s assets as intended.

The Fund may invest a high percentage of its assets in specific sectors of the market in the pursuit of its investment objectives. Fluctuations in these sectors of concentration may have a greater impact on the Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

Note 7.  Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Fund enter into contracts that provide a variety of indemnifications to other parties. The Trust’s and/or the Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Fund and that have not occurred. However, neither the Trust nor the Fund has had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

Note 8. Restricted Securities

Restricted securities are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category. The Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the

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March 31, 2020

disposition of such securities. At March 31, 2020, the Fund did not hold any securities that were restricted.

Note 9. Redemption Facility

($ reported in thousands)

On September 18, 2017, the Fund and certain other affiliated funds entered into an $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Fund to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 11, 2021. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Fund and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The Fund had no borrowings at any time during the period ended March 31, 2020.

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2020, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Fund were as follows:

Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
$ 365,383		$ 96,979		$ (57,829)		$ 39,150

Note 11. Regulatory Matters and Litigation

From time to time, the Trust, the Fund, the Adviser and/or Subadviser and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

Note 12. Recent Accounting Pronouncement

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. This ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. For public companies, the amendments are effective for financial statements issued for fiscal years beginning after

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March 31, 2020

December 15, 2019, and interim periods within those fiscal years. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has determined to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately.

Note 13. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and the subadvisory agreement (the “Subadvisory Agreement”) among the Trust, VIA and Duff & Phelps Investment Management Co. (the “Subadviser”) (together with the Advisory Agreement, the “Agreements”) with respect to the funds of the Trust, including Virtus Duff & Phelps Real Estate Securities Fund (the “Fund”). At in-person meetings held on October 30, 2019 and November 20-21, 2019 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of the Fund and its shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadviser, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from the Subadviser with respect to the Fund. The Board noted the affiliation of the Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (2) the performance of the Fund as compared to an appropriate peer group and an appropriate index; (3) the level and method of computing the Fund’s advisory and subadvisory fees, and comparisons of the Fund’s advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA’s or the Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on the Fund’s performance and expenses; (7) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Nature, Extent and Quality of Services

The Trustees received in advance of the Meetings information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics, including, among other items, such company’s investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. The Trustees noted that the Fund is managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of the Fund’s portfolio. Under this structure, VIA is responsible for the management of the Fund’s investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, including the Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreement, the Board noted that the Subadviser provided portfolio management, compliance with the Fund’s investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadviser’s management of the Fund is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund’s prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreement, the Board also considered the Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the Fund; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account the Subadviser’s risk assessment and monitoring process. The Board noted the Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the Fund.

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Broadridge Report”) for the Fund prepared by Broadridge, an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented the Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on the Fund’s performance. The Board evaluated the Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s investment strategies. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadviser. The Board also noted the Subadviser’s performance record with respect to the Fund. The Board was mindful of VIA’s focus on the Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to the Fund. The Board also took into account its discussions with management regarding factors that contributed to the performance of the Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of the Fund for the period ended June 30, 2019.

The Board noted that the Fund outperformed the median of its Performance Universe for the 5-and 10-year periods and underperformed the median of its Performance Universe for the 1- and 3- year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.

The Board also considered management’s discussion about the reasons for the Fund’s underperformance relative to its peer group or benchmark. After reviewing these and related factors, the Board concluded that the Fund’s overall performance, reasons discussed for underperformance, and/or actions taken to address the underperformance, was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Fund for advisory services as well as the total expense level of the Fund. This information included comparisons of the Fund’s contractual and net management fee and net total expense level to those of its peer universe (the “Expense Universe”) and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing the Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee included advisory fees. The Board also noted that the Fund had an expense cap in place to limit the total expenses incurred by a specific share class of the Fund and its shareholders. The Board also noted that the subadvisory fee was paid by VIA out of its

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

management fees rather than paid separately by the Fund. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of the Fund and the impact on expenses and economies of scale. The Subadviser provided, and the Board considered, fee information of comparable accounts managed by the Subadviser, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to the Fund’s fees and expenses. In each case, the Board took into account management’s discussion of the Fund’s expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

The Board considered that the Fund’s net management fee was in the fourth quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.

The Board concluded that the advisory and subadvisory fees, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Fund and other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Fund by VIA affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadviser, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Fund. The Board reviewed the methodology used to allocate costs to the Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from the Fund was reasonable in light of the quality of the services rendered to the Fund by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadviser in connection with its relationship to the Fund, the Board noted that the fees under the Subadvisory Agreement are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadviser, the Board noted that, because the Subadviser is an affiliate of VIA, such profitability might be directly or indirectly shared by VIA. For each of the above reasons, the Board concluded that the profitability to the Subadviser and its affiliates from their relationship with the Fund was not a material factor in approval of the Subadvisory Agreement.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Fund’s assets grow. The Board noted that the management fee for the Fund included breakpoints based on assets under management and that expense caps were in place for the Fund. The Board also took into account management’s discussion of the Fund’s management fee and subadvisory fee structure. The Board also took into account the current

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

size of the Fund. The Board also noted that VIA had agreed to implement an extension of the Fund’s expense cap through January 31, 2021. The Board then concluded that no changes to the advisory fee structure of the Fund with respect to economies of scale were necessary at this time. The Board noted that VIA and the Fund may realize certain economies of scale if the assets of the Fund were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Fund would have an opportunity to benefit from these economies of scale.

For similar reasons as stated above with respect to the Subadviser’s profitability, and based upon the current size of the Fund managed by the Subadviser, the Board concluded that the potential for economies of scale in the Subadviser’s management of the Fund was not a material factor in the approval of the Subadvisory Agreement at this time.

Other Factors

The Board considered other benefits that may be realized by VIA and the Subadviser and their affiliates from their relationships with the Fund. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadviser, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Fund to compensate it for providing selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadviser also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while the Subadviser is an affiliate of VIA, there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of the Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to the Fund.

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Virtus Opportunities Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

Virtus Alternative Solutions Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated February 28, 2020

Virtus Asset Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated April 30, 2019, as supplemented

Virtus Equity Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

(Unaudited)

IMPORTANT NOTICE TO INVESTORS

The information in this Supplement updates information in, and should be read in conjunction with, the Summary and Statutory Prospectuses and Statement of Additional Information for each Fund.

Change in each fund’s “Market Volatility Risk”

The section of each fund’s Summary Prospectus and Statutory Prospectus entitled “Principal Risks” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each Fund’s Prospectus entitled “More Information About Risks Related to Principal Investment Strategies” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each fund’s SAI entitled “More Information About Fund Investment Strategies and Related Risks” is amended to add the following:

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Market Volatility Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investors should retain this supplement for future reference.

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VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

Philip R. McLoughlin, Chairman

George R. Aylward

Thomas J. Brown

Donald C. Burke

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

R. Keith Walton

Brian T. Zino

Advisory Board Member

William R. Moyer

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Kevin J. Carr, Senior Vice President, Chief Legal Officer, Counsel and Secretary

Nancy J. Engberg, Senior Vice President and Chief Compliance Officer

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Principal Underwriter

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

Administrator and Transfer Agent

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361

Website

Virtus.com

 

Important Notice to Shareholders
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

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P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,
please contact us at 1-800-243-1574, or Virtus.com.

8023

05-20

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SEMIANNUAL REPORT

VIRTUS OPPORTUNITIES TRUST

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March 31, 2020

Virtus Newfleet Multi-Sector Short Term Bond Fund*

*Prospectus supplement appears at the back of this semiannual report.

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-243-1574 or, with respect to requesting electronic delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus Mutual Funds in which you own shares directly. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

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Not FDIC Insured • No Bank Guarantee • May Lose Value

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Virtus Newfleet Multi-Sector Short Term Bond Fund

(“Newfleet Multi-Sector Short Term Bond Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	5
Schedule of Investments	7
Statement of Assets and Liabilities	43
Statement of Operations	45
Statements of Changes in Net Assets	46
Financial Highlights	48
Notes to Financial Statements	51
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	62

Proxy Voting Procedures and Voting Record (Form N-PX)

The subadviser votes proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust (“Trustees”, or the “Board”). You may obtain a description of these procedures, along with information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission’s (the “SEC”) website at https://www.sec.gov.

PORTFOLIO HOLDINGS  INFORMATION

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

This report is not authorized for distribution to prospective investors in the Newfleet Multi-Sector Short Term Bond Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.

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MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Funds:

I am pleased to present this semiannual report, which reviews the performance of your Fund for the six months ended March 31, 2020.

March 2020 presented a sharp contrast to the strong fourth quarter of 2019 and beginning of 2020. Heading into the final month of the quarter, the global economy was largely shut down in response to the coronavirus pandemic, and markets reacted by declining with unprecedented speed. Policymakers swiftly introduced fiscal stimulus packages, and global central banks sought to bolster panicked markets with monetary easing. The full impact of these decisions may not be known for several months or longer.

Most asset classes were in negative territory for the six months ended March 31, 2020. U.S. large-capitalization stocks declined 12.31%, as measured by the S&P 500^® Index. Small-cap stocks, as measured by the Russell 2000^® Index, lost 23.72%. Within international equities, developed markets, as measured by the MSCI EAFE^® Index (net), were down 16.52% for the six months, while emerging markets fell 14.55%, as measured by the MSCI Emerging Markets Index (net).

In fixed income markets, the yield on the 10-year Treasury was 0.70% at March 31, 2020, down sharply from 1.68% on September 30, 2019. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 3.33% as investors fled to the perceived safety of bonds. Non-investment grade bonds, in contrast, lost 10.40% for the period, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Throughout these challenging times, our investment teams have navigated the uncertainty with discipline and skill. There is no downplaying the anxiety that comes with increased market turbulence. But for many investors, their long-term goals have not changed in the last six months. While no one can predict how or when the pandemic will be resolved, it can be helpful to focus on continuing to invest for the future. Virtus Funds offers a broad array of investment strategies and asset classes, which are available through your fund exchange privileges. To learn more, visit Virtus.com.

On behalf of our investment affiliates, we hope that you and your loved ones are well. We are here for you during this time. Please don’t hesitate to call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We are committed to meeting your needs and fulfilling our obligations to the investors who have entrusted their assets to us.

Sincerely,

George R. Aylward
President, Virtus Funds

May 2020

Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the Newfleet Multi-Sector Short Term Bond Fund (the “Fund”), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C1 shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class C shares are sold without a sales charge. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Class A	$ 1,000.00		$ 951.40		0.97 %		$ 4.73
Class C	1,000.00		950.80		1.21		5.90
Class C1	1,000.00		948.30		1.71		8.33
Class I	1,000.00		954.70		0.72		3.52
Class R6	1,000.00		955.00		0.55		2.69

    

*

Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about the Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

	Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Class A	$ 1,000.00		$ 1,020.15		0.97 %		$ 4.90
Class C	1,000.00		1,018.95		1.21		6.11
Class C1	1,000.00		1,016.45		1.71		8.62
Class I	1,000.00		1,021.40		0.72		3.64
Class R6	1,000.00		1,022.25		0.55		2.78

    

*

Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about the Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

KEY INVESTMENT TERMS (Unaudited)

March 31, 2020

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Bloomberg Barclays U.S. Corporate High Yield Bond Index

The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Exchange-Traded Funds (“ETFs”)

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

London Interbank Offered Rate (“LIBOR”)

A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

MSCI EAFE^® Index (net)

The MSCI EAFE^® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI Emerging Markets Index (net)

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Real Estate Investment Trust (“REIT”)

A publicly traded company that owns, develops, and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers, and other commercial properties.

Russell 2000^® Index

The Russell 2000^® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)
March 31, 2020

S&P 500^® Index

The S&P 500^® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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Newfleet Multi-Sector Short Term Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

Asset Allocations

The following table presents the asset allocations within certain sectors as a percentage of total investments as of March 31, 2020.

Corporate Bonds and Notes		30%
Financials	11%
Energy	3
Utilities	3
All other Corporate Bonds and Notes	13
Mortgage-Backed Securities		29
Asset-Backed Securities		24
Leveraged Loans		8
Foreign Government Securities		3
Exchange-Traded Funds		2
U.S. Government Securities		2
Other		2
Total		100%

    

	Par Value		Value
U.S. Government Securities—2.1%
U.S. Treasury Bill 0.000%, 8/13/20	$ 17,300		$ 17,293
U.S. Treasury Notes
1.750%, 6/15/22	12,560		12,982
1.500%, 2/15/30	79,635		85,850
Total U.S. Government Securities (Identified Cost $110,418)			116,125
Municipal Bond—0.1%
Virginia—0.1%
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46	4,500		3,888
Total Municipal Bond (Identified Cost $4,214)			3,888

	Par Value		Value
Foreign Government Securities—3.3%
Arab Republic of Egypt 144A 5.875%, 6/11/25(1)	$ 6,740		$6,045
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18(2)(3)	20,999		1,890
RegS 7.750%, 10/13/19(2)(3)(4)	9,851		887
Federal Republic of Nigeria 144A 7.625%, 11/21/25(1)	5,700		4,393
Kingdom of Abu Dhabi 144A 2.125%, 9/30/24(1)	6,800		6,705
Kingdom of Saudi Arabia
144A 4.000%, 4/17/25(1)	8,025		8,333
144A 3.250%, 10/26/26(1)	6,500		6,483

 

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Foreign Government Securities—continued
Republic of Argentine 5.875%, 1/11/28	$ 8,245		$ 2,214
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(1)	6,050		5,541
Republic of Ghana 144A 7.875%, 3/26/27(1)	6,000		4,427
Republic of Indonesia
144A 4.750%, (1)	5,800		6,138
144A 3.375%, 4/15/23(1)	18,000		17,971
144A 5.875%, 1/15/24(1)	15,230		16,528
Republic of Kazakhstan 144A 5.125%, 7/21/25(1)	1,830		1,968
Republic of Panama 3.875%,	15,600		16,809
Republic of South Africa
4.665%, 1/17/24	1,950		1,828
5.875%, 9/16/25	5,860		5,621
Republic of Turkey
6.250%, 9/26/22	11,600		11,296
6.350%, 8/10/24	6,550		6,205
7.375%, 2/5/25	5,015		4,921
Russian Federation
144A 4.875%, 9/16/23(1)	14,400		15,319
RegS 4.750%, 5/27/26(3)	6,400		6,790
Saudi Government International Bond 144A 2.500%, (1)	7,000		6,706
Ukraine 144A 7.750%, 9/1/25(1)	9,530		8,649
United Mexican States Series M 6.500%, 6/9/22	250,769 MXN		10,592
Total Foreign Government Securities (Identified Cost $221,156)			184,259

	Par Value		Value
Mortgage-Backed Securities—27.9%
Agency—2.0%
Federal National Mortgage Association
Pool #811451 5.000%, 6/1/20	$ 4		$ 4
Pool #AD6058 4.000%, 8/1/25	2,793		2,940
Pool #AO5149 3.000%, 6/1/27	316		330
Pool #AS5927 3.000%, 10/1/30	11,996		12,590
Pool #AZ4794 3.000%, 10/1/30	18,697		19,635
Pool #890710 3.000%, 2/1/31	7,778		8,168
Pool #254549 6.000%, 12/1/32	18		20
Pool #695237 5.500%, 2/1/33	22		24
Pool #773385 5.500%, 5/1/34	132		149
Pool #725762 6.000%, 8/1/34	104		120
Pool #806318 5.500%, 11/1/34	130		142
Pool #806328 5.500%, 11/1/34	117		129
Pool #800267 5.500%, 12/1/34	24		27
Pool #808018 5.500%, 1/1/35	111		125
Pool #941322 6.000%, 7/1/37	7		7
Pool #889578 6.000%, 4/1/38	61		70
Pool #AC6992 5.000%, 12/1/39	2,008		2,216
Pool #AD3841 4.500%, 4/1/40	3,158		3,458
Pool #AD4224 5.000%, 8/1/40	2,983		3,309
Pool #AE4799 4.000%, 10/1/40	78		84

See Notes to Financial Statements

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Newfleet Multi-Sector Short Term Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Agency—continued
Pool #AH4009 4.000%, 3/1/41	$ 2,880		$ 3,116
Pool #AI2472 4.500%, 5/1/41	2,407		2,636
Pool #AS6515 4.000%, 1/1/46	7,625		8,245
Pool #AS9393 4.000%, 4/1/47	4,540		4,875
Pool #MA3058 4.000%, 7/1/47	22,402		24,066
Pool #MA3692 3.500%, 7/1/49	15,817		16,709
Government National Mortgage Association
Pool #563381 6.500%, 11/15/31	15		17
Pool #581072 6.500%, 2/15/32	1		1
			113,212
Non-Agency—25.9%
Adjustable Rate Mortgage Trust 2005-1, 3A1 3.816%, 5/25/35(5)	1,628		1,457
Agate Bay Mortgage Trust 2016-3, A5 144A 3.500%, 8/25/46(1)(5)	3,925		3,941
Ajax Mortgage Loan Trust
2017-B, A 144A 3.163%, 9/25/56(1)(5)	7,384		7,487
2019-D, A1 144A 2.956%, 9/25/65(1)(5)	7,419		7,248
2018-C, A 144A 4.360%, 9/25/65(1)(5)	8,049		7,922
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(1)	11,101		10,791

	Par Value		Value
Non-Agency—continued
AMSR Trust 2020-SFR1, A 144A 1.819%, 4/17/37(1)	$ 8,635		$ 8,006
Angel Oak Mortgage Trust I LLC
2018-3, A1 144A 3.649%, 9/25/48(1)(5)	3,869		3,791
2019-2, A1 144A 3.628%, 3/25/49(1)(5)	6,106		6,149
Angel Oak Mortgage Trust LLC
2017-1, A3 144A 3.644%, 1/25/47(1)(5)	169		167
2017-3, A1 144A 2.708%, 11/25/47(1)(5)	1,794		1,756
2019-3, A1 144A 2.930%, 5/25/59(1)(5)	7,246		6,967
Arroyo Mortgage Trust
2018-1, A1 144A 3.763%, 4/25/48(1)(5)	30,469		29,657
2019-1, A1 144A 3.805%, 1/25/49(1)(5)	11,948		11,602
2019-2, A1 144A 3.347%, 4/25/49(1)(5)	9,167		8,711
Ashford Hospitality Trust 2018-KEYS, B (1 month LIBOR + 1.450%) 144A 2.155%, 5/15/35(1)(5)	11,745		9,241
Aventura Mall Trust 2013-AVM, A 144A 3.743%, 12/5/32(1)(5)	10,350		10,219
Banc of America Funding Trust
2004-B, 2A1 4.307%, 11/20/34(5)	250		237
2004-D, 5A1 3.783%, 1/25/35(5)	2,099		1,818
2005-1, 1A1 5.500%, 2/25/35	283		271
2006-2, 3A1 6.000%, 3/25/36	1,183		1,108

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35	$ 657		$ 632
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust
2004-6, 1A2 4.536%, 5/25/34(5)	588		512
2004-4, A6 5.500%, 5/25/34	18		18
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 4.322%, 8/25/34(5)	599		553
Bayview Commercial Asset Trust 2006-2A, A2 (1 month LIBOR + 0.280%) 144A 1.227%, 7/25/36(1)(5)	3,806		3,336
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37(5)	89		89
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57(1)(5)	5,557		5,535
Bayview Opportunity Master Fund IVa Trust
2016-SPL1, B1 144A 4.250%, 4/28/55(1)	8,108		7,738
2017-RT1, A1 144A 3.000%, 3/28/57(1)(5)	2,539		2,498
2017-SPL5, B1 144A 4.000%, 6/28/57(1)(5)	5,910		5,587

	Par Value		Value
Non-Agency—continued
Bayview Opportunity Master Fund IVb Trust
2016-SPL2, B1 144A 4.250%, 6/28/53(1)(5)	$ 5,822		$ 5,737
2017-SPL4, A 144A 3.500%, 1/28/55(1)(5)	1,934		1,918
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%) 144A 1.427%, 3/15/37(1)(5)	5,490		5,091
BSPRT Issuer Ltd. 2019-FL5, A (1 month LIBOR + 1.150%) 144A 1.855%, 5/15/29(1)(5)	5,780		5,213
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(5)	6,790		6,215
BX Commercial Mortgage Trust
2019-XL, C (1 month LIBOR + 1.250%) 144A 1.955%, 10/15/36(1)(5)	7,447		6,758
2020-BXLP, D (1 month LIBOR + 1.250%) 144A 1.955%, 12/15/36(1)(5)	9,065		8,067
BX Trust
2018-GW, B (1 month LIBOR + 1.020%) 144A 1.725%, 5/15/35(1)(5)	19,910		17,130
2019-OC11, B 144A 3.605%, 12/9/41(1)	5,000		4,323
2019-OC11, D 144A 4.075%, 12/9/41(1)(5)	5,615		4,404

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
BXMT 2020-FL2, A (1 month LIBOR + 0.090%) 144A 1.700%, 2/16/37(1)(5)	$12,250		$10,924
Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A 4.000%, 4/25/49(1)(5)	8,946		8,945
CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%) 144A 1.825%, 6/15/34(1)(5)	17,564		16,361
Citigroup Commercial Mortgage Trust
2019-SST2, A (1 month LIBOR + 0.920%) 144A 1.625%, 12/15/36(1)(5)	7,195		6,902
2015-GC27, A4 2.878%, 2/10/48	8,835		8,870
Citigroup Mortgage Loan Trust, Inc.
2004-NCM2, 2CB2 6.750%, 8/25/34	6,752		6,845
2014-A, A 144A 4.000%, 1/25/35(1)(5)	3,735		3,770
2015-PS1, A1 144A 3.750%, 9/25/42(1)(5)	2,891		2,893
2019-IMC1, A1 144A 2.720%, 7/25/49(1)(5)	2,759		2,660
2015-A, A1 144A 3.500%, 6/25/58(1)(5)	997		997
2018-RP1, A1 144A 3.000%, 9/25/64(1)(5)	11,680		11,632
2019-RP1, A1 144A 3.500%, 1/25/66(1)(5)	12,597		12,762
COLT Mortgage Loan Trust Funding LLC
2018-2, A1 144A 3.470%, 7/27/48(1)(5)	1,331		1,312

	Par Value		Value
Non-Agency—continued
2018-3, A1 144A 3.692%, 10/26/48(1)(5)	$ 1,040		$ 1,029
2020-1, A1 144A 2.488%, 2/25/50(1)(5)	15,530		15,021
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31(1)(5)	2,881		2,903
CoreVest American Finance Trust
2017-1, A 144A 2.968%, 10/15/49(1)	3,230		3,179
2020-1, A1 144A 1.832%, 3/15/50(1)	17,605		16,941
2018-2, A 144A 4.026%, 11/15/52(1)	6,213		6,281
Credit Suisse First Boston Mortgage Securities Corp.
2003-27, 5A3 5.250%, 11/25/33	464		459
2003-AR30, 5A1 3.958%, 1/25/34(5)	2,144		2,183
2004-8, 7A1 6.000%, 12/25/34	3,417		3,381
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A 1.685%, 5/15/36(1)(5)	27,050		25,424
Credit Suisse Mortgage Capital Trust
2013-HYB1, A16 144A 3.100%, 4/25/43(1)(5)	1,058		1,037
2014-IVR2, A2 144A 3.760%, 4/25/44(1)(5)	6,770		6,685

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2018-RPL8, A1 144A 4.125%, 7/25/58(1)(5)	$ 1,833		$ 1,684
Deephaven Residential Mortgage Trust
2017-1A, A1 144A 2.725%, 12/26/46(1)(5)	1,178		1,151
2017-1A, A2 144A 2.928%, 12/26/46(1)(5)	299		292
2017-2A, A1 144A 2.453%, 6/25/47(1)(5)	1,322		1,284
2017-2A, A2 144A 2.606%, 6/25/47(1)(5)	597		580
2017-3A, A3 144A 2.813%, 10/25/47(1)(5)	1,151		1,151
2018-2A, A1 144A 3.479%, 4/25/58(1)(5)	10,629		10,378
2018-3A, A1 144A 3.789%, 8/25/58(1)(5)	1,263		1,237
2019-1A, A1 144A 3.743%, 1/25/59(1)(5)	2,891		2,816
Ellington Financial Mortgage Trust
2018-1, A1FX 144A 4.140%, 10/25/58(1)(5)	5,934		5,862
2019-2, A3 144A 3.046%, 11/25/59(1)(5)	6,572		6,313
Exantas Capital Corp. 2020-RSO8, A (1 month LIBOR + 1.150%) 144A 2.850%, 3/15/35(1)(5)	12,380		10,673
Galton Funding Mortgage Trust
2017-1, A21 144A 3.500%, 7/25/56(1)(5)	8,366		8,306
2018-1, A23 144A 3.500%, 11/25/57(1)(5)	6,070		6,018
2018-2, A41 144A 4.500%, 10/25/58(1)(5)	6,313		6,332

	Par Value		Value
Non-Agency—continued
2019-H1, A1 144A 2.657%, 10/25/59(1)(5)	$ 9,867		$ 9,767
2020-H1, A1 144A 2.310%, 1/25/60(1)(5)	13,125		12,653
GCAT LLC 2019-NQM1, A1 144A 2.985%, 2/25/59(1)(5)	11,002		11,266
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A 144A 3.551%, 4/10/34(1)	12,721		12,612
GS Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53	4,075		3,835
GSAA Home Equity Trust 2005-1, AF4 5.619%, 11/25/34(5)	22		21
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1)	22,020		20,979
Homeward Opportunities Fund I Trust
2018-1, A1 144A 3.766%, 6/25/48(1)(5)	7,540		7,282
2018-2, A1 144A 3.985%, 11/25/58(1)(5)	9,625		9,370
2019-3, A1 144A 2.675%, 11/25/59(1)(5)	19,926		18,959
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28	1,332		1,291

See Notes to Financial Statements

12

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 2004-10, 14A1 3.885%, 1/25/35(5)	$ 659		$ 545
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
2003-AR6, A1 4.678%, 6/25/33(5)	306		285
2003-AR4, 2A1 3.618%, 8/25/33(5)	60		56
2004-CB1, 2A 5.000%, 6/25/34	907		885
JPMorgan Chase Commercial Mortgage Securities Trust
2020-MKST, C (1 month LIBOR + 1.250%) 144A 1.955%, 12/15/36(1)(5)	9,310		8,521
2011-C4, A4 144A 4.388%, 7/15/46(1)	1,595		1,619
2015-C31, AS 4.106%, 8/15/48	4,670		4,822
2015-C28, B 3.986%, 10/15/48	11,010		10,590
JPMorgan Chase Mortgage Trust
2014-2, AM 144A 3.350%, 6/25/29(1)(5)	2,730		2,703
2014-2, 2A2 144A 3.500%, 6/25/29(1)(5)	4,423		4,401
2014-5, B1 144A 2.959%, 10/25/29(1)(5)	2,117		1,871
2014-5, B2 144A 2.959%, 10/25/29(1)(5)	997		879
2006-A2, 4A1 4.670%, 8/25/34(5)	514		493
2005-A2, 4A1 3.683%, 4/25/35(5)	394		339
2006-A6, 3A3L 3.845%, 10/25/36(4)(5)	622		490

	Par Value		Value
Non-Agency—continued
2014-1, 2A12 144A 3.500%, 1/25/44(1)(5)	$ 3,186		$ 3,155
2015-1, AM1 144A 2.970%, 12/25/44(1)(5)	3,918		3,490
2016-SH1, M2 144A 3.750%, 4/25/45(1)(5)	9,944		9,805
2015-5, A2 144A 3.053%, 5/25/45(1)(5)	4,884		4,863
2016-SH2, M2 144A 3.750%, 12/25/45(1)(5)	13,167		12,527
2017-3, 2A2 144A 2.500%, 8/25/47(1)(5)	7,215		7,198
2017-5, A1 144A 3.147%, 10/26/48(1)(5)	24,244		23,285
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A 1.505%, 5/15/36(1)(5)	5,740		5,225
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(5)	18,755		16,402
MASTR Alternative Loan Trust
2003-8, 2A1 5.750%, 11/25/33	2,547		2,609
2004-4, 6A1 5.500%, 4/25/34	1,456		1,489
2004-7, 9A1 6.000%, 8/25/34	6,758		6,995
2005-2, 2A1 6.000%, 1/25/35	1,933		1,898
2005-2, 1A1 6.500%, 3/25/35	4,885		4,834
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A 2.147%, 6/25/52(1)(4)(5)	18,395		18,395
MetLife Securitization Trust
2017-1A, M1 144A 3.686%, 4/25/55(1)(5)	7,930		6,909

See Notes to Financial Statements

13

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
2019-1A, A1A 144A 3.750%, 4/25/58(1)(5)	$11,253		$11,610
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46	1,735		1,777
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31(1)	14,805		13,823
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%) 144A 1.405%, 11/15/34(1)(5)	11,154		10,559
Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A 4.037%, 2/25/34(5)	516		476
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 3.017%, 6/25/44(1)(5)	4,044		3,917
Motel 6 Trust 2017-MTL6, A (1 month LIBOR + 0.920%) 144A 1.625%, 8/15/34(1)(5)	6,810		6,262
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38	654		619
New Residential Mortgage Loan Trust
2016-2A, A1 144A 3.750%, 11/26/35(1)(5)	9,362		9,639
2018-NQM1,A1 144A 3.986%, 11/25/48(1)(5)	4,977		4,946

	Par Value		Value
Non-Agency—continued
2019-NQM1, A1 144A 3.675%, 1/25/49(1)(5)	$ 2,472		$ 2,438
2014-1A, A 144A 3.750%, 1/25/54(1)(5)	7,683		7,906
2014-2A, A3 144A 3.750%, 5/25/54(1)(5)	726		745
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(5)	6,024		6,229
2015-2A, A1 144A 3.750%, 8/25/55(1)(5)	7,312		7,534
2016-1A, A1 144A 3.750%, 3/25/56(1)(5)	4,049		4,167
2016-3A, A1 144A 3.750%, 9/25/56(1)(5)	4,555		4,682
2016-4A, A1 144A 3.750%, 11/25/56(1)(5)	5,653		5,814
2017-2A, A3 144A 4.000%, 3/25/57(1)(5)	15,919		16,532
2018-1A, A1A 144A 4.000%, 12/25/57(1)(5)	15,309		15,826
2018-2A, A1 144A 4.500%, 2/25/58(1)(5)	14,988		15,634
2020-1A, A1B 144A 3.500%, 10/25/59(1)(5)	8,361		8,388
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 2.672%, 3/25/35(5)	1,437		1,416
OBX Trust
2018-EXP2, 1A1 144A 4.000%, 11/25/48(1)(5)	11,188		11,216
2019-INV1, A3 144A 4.500%, 11/25/48(1)(5)	6,878		6,929
2018-1, A2 (1 month LIBOR + 0.650%) 144A 1.597%, 6/25/57(1)(5)	7,451		6,951
2019-EXP3, 1A8 144A 3.500%, 10/25/59(1)(5)	6,451		6,372

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(1)	$10,700		$10,383
Pretium Mortgage Credit Partners I LLC 2019-NPL3, A1 144A 3.105%, 7/27/59(1)(5)	11,880		10,307
Progress Residential Trust
2017-SFR1, B 144A 3.017%, 8/17/34(1)	4,000		3,902
2018-SFR1, A 144A 3.255%, 3/17/35(1)	3,146		3,062
2018-SFR1, B 144A 3.484%, 3/17/35(1)	2,515		2,442
2018-SFR2, B 144A 3.841%, 8/17/35(1)	9,350		9,173
2019-SFR3, B 144A 2.571%, 9/17/36(1)	10,340		9,346
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(5)	3,549		3,565
PRPM LLC
2019-1A, A1 144A 4.500%, 1/25/24(1)(5)	18,931		19,109
2019-2A, A1 144A 3.967%, 4/25/24(1)(5)	12,362		11,058
2019-3A, A1 144A 3.351%, 7/25/24(1)(4)(5)	5,814		5,738
2019-GS1, A1 144A 3.500%, 10/25/24(1)(4)(5)	4,349		4,324
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(1)(5)	17,689		17,571
RCO V Mortgage LLC
2019-1, A1 144A 3.721%, 5/24/24(1)(5)	15,459		14,697
2019-2, A1 144A 3.475%, 11/25/24(1)(5)	9,097		8,644
Residential Asset Mortgage Products Trust
2004-SL2, A3 7.000%, 10/25/31	879		877

	Par Value		Value
Non-Agency—continued
2004-SL1, A8 6.500%, 11/25/31	$ 1,235		$ 1,202
Residential Asset Securitization Trust
2003-A11, A9 5.750%, 11/25/33	1,603		1,648
2004-A1, A5 5.500%, 4/25/34	6,121		6,266
Residential Mortgage Loan Trust
2020-1, A1 144A 2.376%, 2/25/24(1)(5)	8,829		8,446
2019-1, A1 144A 3.936%, 10/25/58(1)(5)	4,559		4,447
2019-2, A1 144A 2.913%, 5/25/59(1)(5)	10,080		10,051
RMF Proprietary Issuance Trust 2019-1, A 144A 2.750%, 10/25/63(1)(5)	14,648		13,822
Seasoned Credit Risk Transfer Trust 2016-1, M1 144A 3.000%, 9/25/55(1)(5)	6,500		6,033
Sequoia Mortgage Trust 2013-8, B1 3.518%, 6/25/43(5)	5,582		5,305
SG Residential Mortgage Trust 2019-3, A1 144A 2.703%, 9/25/59(1)(5)	11,474		11,074
Spruce Hill Mortgage Loan Trust
2019-SH1, A1 144A 3.395%, 4/29/49(1)(5)	3,868		3,632
2020-SH1, A1 144A 2.521%, 1/28/50(1)(5)	7,966		7,389
Starwood Mortgage Residential Trust
2018-IMC1, A1 144A 3.793%, 3/25/48(1)(5)	2,346		2,285
2019-IMC1, A1 144A 3.468%, 2/25/49(1)(5)	18,830		18,737
2020-1, A1 144A 2.275%, 2/25/50(1)(5)	7,110		6,820

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Starwood Waypoint Homes Trust 2017-1, A (1 month LIBOR + 0.950%) 144A 1.655%, 1/17/35(1)(5)	$12,805		$11,731
Structured Adjustable Rate Mortgage Loan Trust 2004-14, 7A 3.924%, 10/25/34(5)	4,118		3,790
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates 2003-34A, 6A 4.150%, 11/25/33(5)	1,294		1,113
Sutherland Commercial Mortgage Loans 2017-SBC6, A 144A 3.192%, 5/25/37(1)(5)	2,616		2,426
Thornburg Mortgage Securities Trust 2004-2, A1 (1 month LIBOR + 0.620%) 1.567%, 6/25/44(5)	3,052		2,679
Towd Point Mortgage Trust
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A 1.847%, 4/25/48(1)(5)	19,184		18,609
2015-1, A2 144A 3.250%, 10/25/53(1)(5)	11,184		11,001
2015-3, A1B 144A 3.000%, 3/25/54(1)(5)	1,248		1,244
2015-6, M1 144A 3.750%, 4/25/55(1)(5)	11,010		10,497
2015-5, A2 144A 3.500%, 5/25/55(1)(5)	3,901		3,802

	Par Value		Value
Non-Agency—continued
2017-1, M1 144A 3.750%, 10/25/56(1)(5)	$ 3,665		$ 3,436
2017-6, A2 144A 3.000%, 10/25/57(1)(5)	7,235		6,631
2018-SJ1, A1 144A 4.000%, 10/25/58(1)(5)	4,965		4,976
2015-2, 1M1 144A 3.250%, 11/25/60(1)(5)	8,448		7,854
Tricon American Homes Trust
2016-SFR1, C 144A 3.487%, 11/17/33(1)	4,640		4,535
2017-SFR1, A 144A 2.716%, 9/17/34(1)	6,568		6,454
TVC Mortgage Trust 2020-RTL1, A1 144A 3.474%, 9/25/24(1)	7,960		6,339
UBS Commercial Mortgage Trust 2012-C1, D 144A 5.572%, 5/10/45(1)(5)	7,206		6,709
VCAT LLC 2019-NPL2, A1 144A 3.573%, 11/25/49(1)(5)	12,171		12,007
Velocity Commercial Capital Loan Trust
2017-1, AFX 144A 3.000%, 5/25/47(1)(5)	789		778
2020-1, AFX 144A 2.610%, 2/25/50(1)(5)	13,284		13,344
Vericrest Opportunity Loan Trust
2019-NPL2, A1 144A 3.967%, 2/25/49(1)(5)	9,848		8,717
2020-NPL2, A1A 144A 2.981%, 2/25/50(1)(5)	14,701		12,669

See Notes to Financial Statements

16

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Vericrest Opportunity Loan Trust LXXXIII LLC 2019-NPL9, A1A 144A 3.327%, 11/26/49(1)(5)	$ 6,702		$ 5,929
Vericrest Opportunity Loan Trust LXXXV LLC 2020-NPL1, A1A 144A 3.228%, 1/25/50(1)(5)	8,442		7,437
Verus Securitization Trust
2017-1A, A1 144A 2.853%, 1/25/47(1)(5)	1,463		1,428
2017-2A, A1 144A 2.485%, 7/25/47(1)(5)	5,082		4,928
2018-1, A1 144A 2.929%, 2/25/48(1)(5)	6,713		6,375
2018-INV1, A3 144A 4.052%, 3/25/58(1)(5)	2,471		2,363
2018-2, A1 144A 3.677%, 6/1/58(1)(5)	12,189		11,852
2018-2, B1 144A 4.426%, 6/1/58(1)(5)	4,975		4,449
2018-3, A1 144A 4.108%, 10/25/58(1)(5)	9,358		9,176
2019-2, A1 144A 3.211%, 5/25/59(1)(5)	11,344		11,107
2019-INV2, A1 144A 2.913%, 7/25/59(1)(5)	6,541		6,343
2019-INV1, A1 144A 3.402%, 12/25/59(1)(5)	12,214		11,700
2020-1, A1 144A 2.417%, 1/25/60(1)(5)	13,691		13,141
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47	14,340		14,561

	Par Value		Value
Non-Agency—continued
Wells Fargo Mortgage Backed Securities Trust 2004-U, A1 4.582%, 10/25/34(5)	$ 349		$ 348
			1,455,226
Total Mortgage-Backed Securities (Identified Cost $1,627,659)			1,568,438
Asset-Backed Securities—23.0%
Auto Floor Plan—0.3%
NextGear Floorplan Master Owner Trust
2017-2A, A2 144A 2.560%, 10/17/22(1)	12,410		11,967
2018-1A, A2 144A 3.220%, 2/15/23(1)	4,420		4,395
			16,362
Automobiles—11.8%
ACC Trust
2018-1, B 144A 4.820%, 5/20/21(1)	6,382		6,382
2019-1, A 144A 3.750%, 5/20/22(1)	7,978		7,965
2019-1, B 144A 4.470%, 10/20/22(1)	3,355		3,359
2019-2, A 144A 2.820%, 2/21/23(1)	3,165		3,154
2019-2, B 144A 3.630%, 8/21/23(1)	6,000		5,933

See Notes to Financial Statements

17

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Automobiles—continued
American Credit Acceptance Receivables Trust
2018-1, C 144A 3.550%, 4/10/24(1)	$ 4,367		$ 4,359
2018-3, C 144A 3.750%, 10/15/24(1)	6,295		6,262
2018-4, C 144A 3.970%, 1/13/25(1)	2,400		2,313
2019-1, C 144A 3.500%, 4/14/25(1)	8,800		8,605
2019-2, C 144A 3.170%, 6/12/25(1)	12,600		11,720
AmeriCredit Automobile Receivables Trust
2017-1, C 2.710%, 8/18/22	5,000		4,965
2018-1, D 3.820%, 3/18/24	8,090		7,841
2019-1, C 3.360%, 2/18/25	8,800		8,853
Avid Automobile Receivables Trust
2018-1, A 144A 2.840%, 8/15/23(1)	697		693
2018-1, B 144A 3.850%, 7/15/24(1)	4,000		3,973
2019-1, C 144A 3.140%, 7/15/26(1)	3,180		3,041
Avis Budget Rental Car Funding LLC
(AESOP) 2017-1A, A 144A 3.070%, 9/20/23(1)	2,260		2,122

	Par Value		Value
Automobiles—continued
(AESOP) 2020-1A, A 144A 2.330%, 8/20/26(1)	$8,025		$7,065
2019-3A, A 144A 2.360%, 3/20/26(1)	8,205		7,186
California Republic Auto Receivables Trust
2016-1, B 3.430%, 2/15/22	4,615		4,615
2017-1, B 2.910%, 12/15/22	7,000		6,982
Capital Auto Receivables Asset Trust
2017-1, C 144A 2.700%, 9/20/22(1)	3,630		3,584
2017-1, D 144A 3.150%, 2/20/25(1)	1,980		1,954
Carnow Auto Receivables Trust 2019-1A, D 144A 4.620%, 12/16/24(1)	4,140		4,015
Carvana Auto Receivables Trust
2019-1A, D 144A 3.880%, 10/15/24(1)	6,620		6,444
2019-2A, D 144A 3.280%, 1/15/25(1)	4,220		3,971
2019-3A, C 144A 2.710%, 10/15/24(1)	6,990		6,705
2019-3A, D 144A 3.040%, 4/15/25(1)(4)	1,840		1,558
2020-N1A, D 144A 3.430%, 1/15/26(1)	2,730		2,651

See Notes to Financial Statements

18

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Automobiles—continued
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(1)	$ 241		$ 239
CPS Auto Receivables Trust
2018-C, D 144A 4.400%, 6/17/24(1)	1,440		1,439
2020-A, C 144A 2.540%, 12/15/25(1)	4,200		4,144
Credit Acceptance Auto Loan Trust
2018-1A, A 144A 3.010%, 2/16/27(1)	8,874		8,875
2018-2A, B 144A 3.940%, 7/15/27(1)	5,500		5,402
2019-3A, B 144A 2.860%, 1/16/29(1)	3,820		3,673
2020-1A, B 144A 2.390%, 4/16/29(1)	4,650		4,110
Drive Auto Receivables Trust
2.900%, 8/15/25	8,240		8,023
2018-4, D 4.090%, 1/15/26	13,505		13,528
2019-4, C 2.510%, 11/17/25	6,410		6,175
DT Auto Owner Trust
2017-1A, D 144A 3.550%, 11/15/22(1)	5,616		5,601
2018-1A, C 144A 3.470%, 12/15/23(1)	6,102		6,081
2018-3A, C 144A 3.790%, 7/15/24(1)	8,910		8,753
2019-1A, C 144A 3.610%, 11/15/24(1)	3,900		3,876

	Par Value		Value
Automobiles—continued
2019-2A, B 144A 2.990%, 4/17/23(1)	$ 2,840		$ 2,811
2019-2A, C 144A 3.180%, 2/18/25(1)	3,655		3,608
2019-4A, C 144A 2.730%, 7/15/25(1)	13,370		13,060
Exeter Automobile Receivables Trust
2017-3A, B 144A 2.810%, 9/15/22(1)	9,322		9,249
2018-1A, C 144A 3.030%, 1/17/23(1)	9,468		9,435
2018-2A, C 144A 3.690%, 3/15/23(1)	6,995		6,993
2018-3A, C 144A 3.710%, 6/15/23(1)	7,970		7,960
2018-4A, D 144A 4.350%, 9/16/24(1)	7,335		6,717
2019-1A, D 144A 4.130%, 12/16/24(1)	10,200		9,207
2019-2A, C 144A 3.300%, 3/15/24(1)	6,775		6,287
2019-3A, C 144A 2.790%, 5/15/24(1)	4,580		4,464
2019-4A, C 144A 2.440%, 9/16/24(1)	5,020		4,856
2020-1A, D 144A 2.730%, 12/15/25(1)	8,775		7,113
First Investors Auto Owner Trust
2017-1A, D 144A 3.600%, 4/17/23(1)	2,057		2,050

See Notes to Financial Statements

19

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Automobiles—continued
2017-2A, B 144A 2.650%, 11/15/22(1)	$ 2,160		$ 2,146
2019-1A, C 144A 3.260%, 3/17/25(1)	4,690		4,511
Flagship Credit Auto Trust
2015-2, C 144A 4.080%, 12/15/21(1)	2,689		2,657
2016-2, B 144A 3.840%, 9/15/22(1)	1,246		1,245
2016-3, D 144A 3.890%, 11/15/22(1)	4,990		4,989
2017-1, C 144A 3.220%, 5/15/23(1)	7,500		7,471
2017-3, C 144A 2.910%, 9/15/23(1)	6,980		6,879
2019-1, C 144A 3.600%, 2/18/25(1)	3,160		3,131
2019-2, C 144A 3.090%, 5/15/25(1)	2,360		2,308
2020-1, C 144A 2.240%, 1/15/26(1)	12,300		11,464
Foursight Capital Automobile Receivables Trust
2017-1, B 144A 3.050%, 12/15/22(1)	8,965		8,914
2017-1, C 144A 3.470%, 12/15/22(1)	4,458		4,432
2018-1, C 144A 3.680%, 8/15/23(1)	1,685		1,669
2018-1, D 144A 4.190%, 11/15/23(1)	1,630		1,626

	Par Value		Value
Automobiles—continued
2018-2, D 144A 4.330%, 7/15/24(1)	$ 4,650		$ 4,594
GLS Auto Receivables Issuer Trust
2019-2A, B 144A 3.320%, 3/15/24(1)	8,380		7,831
2019-3A, B 144A 2.720%, 6/17/24(1)	3,495		3,447
2019-4A, B 144A 2.780%, 9/16/24(1)	8,600		8,296
2019-4A, C 144A 3.060%, 8/15/25(1)	11,530		10,996
GLS Auto Receivables Trust
2017-1A, C 144A 3.500%, 7/15/22(1)	11,090		11,024
2018-1A, A 144A 2.820%, 7/15/22(1)	642		639
2018-1A, B 144A 3.520%, 8/15/23(1)	14,475		13,695
2018-3A, B 144A 3.780%, 8/15/23(1)	2,500		2,450
Hertz Vehicle Financing II LP
2015-3A, A 144A 2.670%, 9/25/21(1)	27,702		27,392
2016-4A, A 144A 2.650%, 7/25/22(1)	12,335		11,937
2019-1A, A 144A 3.710%, 3/25/23(1)	12,000		11,647
Hyundai Auto Receivables Trust 2017-B, B 2.230%, 2/15/23	3,560		3,588

See Notes to Financial Statements

20

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Automobiles—continued
OneMain Direct Auto Receivables Trust
2017-2A, C 144A 2.820%, 7/15/24(1)	$ 6,220		$ 6,188
2018-1A, C 144A 3.850%, 10/14/25(1)	11,840		11,711
Prestige Auto Receivables Trust
2017-1A, C 144A 2.810%, 1/17/23(1)	8,355		8,278
2018-1A, D 144A 4.140%, 10/15/24(1)	3,785		3,744
2019-1A, D 144A 3.010%, 8/15/25(1)(4)	7,060		7,176
Santander Drive Auto Receivables Trust
2017-2, C 2.790%, 8/15/22	1,244		1,228
2017-3, C 2.760%, 12/15/22	3,421		3,383
2018-2, C 3.350%, 7/17/23	12,425		12,367
Skopos Auto Receivables Trust
2018-1A, B 144A 3.930%, 5/16/22(1)	1,363		1,342
2019-1A, C 144A 3.630%, 9/16/24(1)	3,695		2,966
TCF Auto Receivables Owner Trust 2016-PT1A, C 144A 3.210%, 1/17/23(1)	10,900		10,820
Tesla Auto Lease Trust
2018-A, D 144A 3.300%, 5/20/20(1)	612		609
2018-B, B 144A 4.120%, 10/20/21(1)	2,410		2,371

	Par Value		Value
Automobiles—continued
2018-B, C 144A 4.360%, 10/20/21(1)	$ 3,250		$ 3,182
Tidewater Auto Receivables Trust
2018-AA, B 144A 3.450%, 11/15/24(1)	3,165		3,154
2020-AA, C 144A 1.910%, 9/15/26(1)	10,470		9,731
Tricolor Auto Securitization Trust 2018-2A, B 144A 4.760%, 2/15/22(1)	2,509		2,497
United Auto Credit Securitization Trust
2019-1, D 144A 3.470%, 8/12/24(1)	15,480		14,224
2019-1, E 144A 4.290%, 8/12/24(1)	1,605		1,206
US Auto Funding LLC 2019-1A, B 144A 3.990%, 12/15/22(1)	9,370		8,627
Veros Automobile Receivables Trust
2018-1, B 144A 4.050%, 2/15/24(1)	3,945		3,936
2020-1, B 144A 2.190%, 6/16/25(1)	13,745		13,225
Westlake Automobile Receivables Trust
2017-2A, C 144A 2.590%, 12/15/22(1)	5,391		5,383
2018-2A, D 144A 4.000%, 1/16/24(1)	10,000		10,032
2018-3A, C 144A 3.610%, 10/16/23(1)	1,350		1,346

See Notes to Financial Statements

21

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Automobiles—continued
2018-3A, D 144A 4.000%, 10/16/23(1)	$10,900		$ 10,889
			662,592
Consumer Loans—0.4%
Consumer Loan Underlying Bond CLUB Credit Trust 2019-P2, B 144A 2.830%, 10/15/26(1)	5,250		3,930
Lendmark Funding Trust 2019-2A, A 144A 2.780%, 4/20/28(1)	8,000		6,959
Marlette Funding Trust 2019-4A, A 144A 2.390%, 12/17/29(1)	6,108		5,890
Prosper Marketplace Issuance Trust Series 2019-4A, A 144A 2.480%, 2/17/26(1)	4,959		4,711
Upstart Securitization Trust 2019-3, A 144A 2.684%, 1/21/30(1)	2,907		2,887
			24,377
Credit Card—0.5%
Fair Square Issuance Trust 2020-AA, A 144A 2.900%, 9/20/24(1)	25,795		23,741
Genesis Sales Finance Master Trust 2019-AA, A 144A 4.680%, 8/20/23(1)	4,600		4,106
			27,847
Equipment—0.3%
BCC Funding Corp. XVI LLC 2019-1A, B 144A 2.640%, 9/20/24(1)	8,410		8,096

	Par Value		Value
Equipment—continued
NMEF Funding LLC 2019-A, B 144A 3.060%, 8/17/26(1)	$5,620		$ 5,501
Pawnee Equipment Receivables Series LLC 2019-1, B 144A 2.520%, 10/15/24(1)	3,635		3,542
			17,139
Other—9.4%
Amur Equipment Finance Receivables V LLC 2018-1A, A2 144A 3.240%, 12/20/23(1)	4,844		4,837
Aqua Finance Trust
2017-A, A 144A 3.720%, 11/15/35(1)	7,115		7,105
2019-A, A 144A 3.140%, 7/16/40(1)	5,494		5,472
2019-A, C 144A 4.010%, 7/16/40(1)	8,680		8,628
Avant Loans Funding Trust 2019-A, A 144A 3.480%, 7/15/22(1)	2,319		2,256
BCC Funding Corp. XVI LLC 2019-1A, D 144A 3.940%, 7/20/27(1)	3,900		3,783
BRE Grand Islander Timeshare Issuer LLC
2017-1A, A 144A 2.940%, 5/25/29(1)	4,799		4,687
2019-A, A 144A 3.280%, 9/26/33(1)	6,877		6,791

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Other—continued
Business Jet Securities LLC 2019-1, A 144A 4.212%, 7/15/34(1)	$13,939		$10,315
BXG Receivables Note Trust
2012-A, A 144A 2.660%, 12/2/27(1)	643		630
2013-A, A 144A 3.010%, 12/4/28(1)	2,007		1,944
2015-A, A 144A 2.880%, 5/2/30(1)	2,001		1,978
2017-A, A 144A 2.950%, 10/4/32(1)	4,949		4,821
CCG Receivables Trust
2019-1, B 144A 3.220%, 9/14/26(1)	1,970		1,968
2019-2, B 144A 2.550%, 3/15/27(1)	5,405		5,294
Conn’s Receivables Funding LLC 2018-A, B 144A 4.650%, 1/15/23(1)	1,116		1,069
Consumer Loan Underlying Bond CLUB Credit Trust 2019-P2, A 144A 2.470%, 10/15/26(1)	4,656		4,386
Consumer Loan Underlying Bond Credit Trust 2018-P2, A 144A 3.470%, 10/15/25(1)	1,679		1,656
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(1)	7,150		6,879

	Par Value		Value
Other—continued
Diamond Resorts Owner Trust
2017-1A, A 144A 3.270%, 10/22/29(1)	$ 6,574		$ 6,498
2018-1, B 144A 4.190%, 1/21/31(1)	3,438		3,418
2019-1A, B 144A 3.530%, 2/20/32(1)	6,634		6,303
Drug Royalty III LP 1
2016-1A, A 144A 3.979%, 4/15/27(1)(4)	847		846
2017-1A, A1 (3 month LIBOR + 2.500%) 144A 4.331%, 4/15/27(1)(5)	1,418		1,408
Foundation Finance Trust
2016-1A, A 144A 3.960%, 6/15/35(1)	548		550
2017-1A, A 144A 3.300%, 7/15/33(1)	4,805		4,795
2019-1A, A 144A 3.860%, 11/15/34(1)	5,202		4,974
FREED ABS Trust
2018-2, B 144A 4.610%, 10/20/25(1)	13,500		12,580
2019-1, B 144A 3.870%, 6/18/26(1)	4,030		3,470
2019-2, B 144A 3.190%, 11/18/26(1)	7,320		6,385

See Notes to Financial Statements

23

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Other—continued
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1)	$ 1,775		$ 1,774
Hardee’s Funding LLC 2018-1A, A2I 144A 4.250%, 6/20/48(1)	20,483		19,659
Hilton Grand Vacations Trust
2014-AA, A 144A 1.770%, 11/25/26(1)	2,232		2,214
2017-AA, A 144A 2.660%, 12/26/28(1)	2,898		2,845
2018-AA, A 144A 3.540%, 2/25/32(1)	5,010		4,994
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1)	15,230		13,495
Kabbage Funding LLC 2019-1, A 144A 3.825%, 3/15/24(1)	20,630		20,063
Lendmark Funding Trust
2018-2A, A 144A 4.230%, 4/20/27(1)	8,445		7,902
2019-1A, A 144A 3.000%, 12/20/27(1)	8,835		7,958
Mariner Finance Issuance Trust
2018-AA, A 144A 4.200%, 11/20/30(1)	10,000		9,348
2019-AA, A 144A 2.960%, 7/20/32(1)(4)	7,255		6,113
Marlette Funding Trust
2018-3A, A 144A 3.200%, 9/15/28(1)	1,020		1,013

	Par Value		Value
Other—continued
2019-2A, A 144A 3.130%, 7/16/29(1)	$ 4,647		$ 4,460
MVW LLC 2019-2A, A 144A 2.220%, 10/20/38(1)	1,504		1,380
MVW Owner Trust
2015-1A, B 144A 2.960%, 12/20/32(1)	388		382
2016-1A, A 144A 2.250%, 12/20/33(1)	1,825		1,778
2017-1A, A 144A 2.420%, 12/20/34(1)	1,635		1,592
2019-1A, A 144A 2.890%, 11/20/36(1)	6,931		6,471
NMEF Funding 2019-A, C 144A 3.300%, 8/17/26(1)	9,145		8,924
Oasis LLC 2020-1A, A 144A 3.820%, 1/15/32(1)	8,825		8,772
Octane Receivables Trust 2019-1A, A 144A 3.160%, 9/20/23(1)	13,400		13,317
OneMain Financial Issuance Trust
2017-1A, A1 144A 2.370%, 9/14/32(1)	3,367		3,308
2018-1A, A 144A 3.300%, 3/14/29(1)	22,200		22,133
Oportun Funding IX LLC 2018-B, A 144A 3.910%, 7/8/24(1)	8,455		7,956

See Notes to Financial Statements

24

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Other—continued
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(1)	$ 8,745		$ 8,268
Orange Lake Timeshare Trust
2014-AA, A 144A 2.290%, 7/9/29(1)	723		718
2015-AA, A 144A 2.880%, 9/8/27(1)	1,908		1,887
2018-A, A 144A 3.100%, 11/8/30(1)	3,286		3,223
2019-A, B 144A 3.360%, 4/9/38(1)	9,960		9,735
Prosper Marketplace Issuance Trust
2018-2A, B 144A 3.960%, 10/15/24(1)	17,400		16,888
2019-3A, A 144A 3.190%, 7/15/25(1)	3,864		3,709
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(1)(4)	3,100		2,872
Sierra Timeshare Conduit Receivables Funding LLC 2017-1A, A 144A 2.910%, 3/20/34(1)	2,436		2,403
Sierra Timeshare Receivables Funding LLC
2016-1A, A 144A 3.080%, 3/21/33(1)	1,382		1,374

	Par Value		Value
Other—continued
2016-2A, A 144A 2.330%, 7/20/33(1)	$ 1,317		$ 1,299
2018-2A, A 144A 3.500%, 6/20/35(1)	3,183		3,069
2019-1A, B 144A 3.420%, 1/20/36(1)	3,043		3,014
2019-2A, B 144A 2.820%, 5/20/36(1)	11,063		10,862
Small Business Lending Trust
2019-A, A 144A 2.850%, 7/15/26(1)	1,567		1,547
2020-A, A 144A 2.620%, 12/15/26(1)(4)	4,087		4,048
SoFi Consumer Loan Program LLC
2016-3, A 144A 3.050%, 12/26/25(1)	1,559		1,544
2017-1, A 144A 3.280%, 1/26/26(1)	2,805		2,755
2017-3, A 144A 2.770%, 5/25/26(1)	2,856		2,831
2017-5, A2 144A 2.780%, 9/25/26(1)	8,415		7,959
2017-6, A2 144A 2.820%, 11/25/26(1)	7,156		6,983
SoFi Consumer Loan Program Trust
2018-2, A2 144A 3.350%, 4/26/27(1)	15,350		15,208

See Notes to Financial Statements

25

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Other—continued
2019-3, A 144A 2.900%, 5/25/28(1)	$ 4,105		$ 3,977
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29(1)	1,174		1,164
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(1)	7,080		6,771
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(1)	17,779		16,551
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47(1)	4,609		4,559
Upgrade Master Pass-Thru Trust Series 2019-ST3, A 144A 3.750%, 11/15/25(1)(4)	6,244		5,226
Upgrade Receivables Trust 2019-1A, A 144A 3.480%, 3/15/25(1)	1,239		1,228
Upstart Pass-Through Trust 2020-ST1, A 144A 3.750%, 2/20/28(1)(4)	7,666		6,245
Upstart Securitization Trust
2019-1, A 144A 3.450%, 4/20/26(1)	224		223
2019-1, B 144A 4.190%, 4/20/26(1)	9,380		8,777
2019-2, A 144A 2.897%, 9/20/29(1)	5,940		5,502
2019-2, B 144A 3.734%, 9/20/29(1)	7,487		5,983

	Par Value		Value
Other—continued
Volvo Financial Equipment LLC 2017-1A, B 144A 2.400%, 1/18/22(1)	$ 3,600		$ 3,584
VSE VOI Mortgage LLC
2016-A, A 144A 2.540%, 7/20/33(1)	2,484		2,436
2017-A, A 144A 2.330%, 3/20/35(1)	4,883		4,736
Welk Resorts LLC
2013-AA, A 144A 3.100%, 3/15/29(1)	694		693
2015-AA, A 144A 2.790%, 6/16/31(1)	1,636		1,619
2019-AA, B 144A 2.990%, 6/15/38(1)	5,939		5,772
Wendy’s Funding LLC 2018-1A, A2I 144A 3.573%, 3/15/48(1)	9,262		8,453
Westgate Resorts LLC
2016-1A, A 144A 3.500%, 12/20/28(1)	2,149		2,138
2018-1A, A 144A 3.380%, 12/20/31(1)	3,618		3,596
			525,006
Student Loan—0.3%
Commonbond Student Loan Trust 2019-AGS, A1 144A 2.540%, 1/25/47(1)	12,035		12,166
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41(1)	1,931		1,924

See Notes to Financial Statements

26

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Newfleet Multi-Sector Short Term Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Student Loan—continued
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1)	$2,898		$ 2,918
			17,008
Unknown SOI_Bloomberg ABS Collateral Type—0.0%
Towd Point Mortgage Trust 2019-MH1, A1 144A 3.000%, 11/25/58(1)(5)	2,487		2,501
Total Asset-Backed Securities (Identified Cost $1,346,820)			1,292,832
Corporate Bonds and Notes—28.9%
Communication Services—2.1%
Altice France S.A. 144A 7.375%, 5/1/26(1)	6,355		6,419
AT&T, Inc. (3 month LIBOR + 0.890%) 2.594%, 2/15/23(5)	8,918		8,416
Clear Channel Worldwide Holdings, Inc.
144A 9.250%, 2/15/24(1)	3,690		3,173
144A 5.125%, 8/15/27(1)	3,265		3,057
Diamond Sports Group LLC
144A 5.375%, 8/15/26(1)	4,545		3,693
144A 6.625%, 8/15/27(1)	4,370		2,922
DISH DBS Corp.
5.875%, 7/15/22	6,245		6,082
5.000%, 3/15/23	6,445		6,188
Front Range BidCo, Inc. 144A 4.000%, 3/1/27(1)	350		335

	Par Value		Value
Communication Services—continued
Frontier Communications Corp.
8.500%, 4/15/20	$ 3,200		$ 848
8.875%, 9/15/20(6)	3,380		811
iHeartCommunications, Inc. 8.375%, 5/1/27	213		181
Live Nation Entertainment, Inc. 144A 4.750%, 10/15/27(1)	2,795		2,502
Sirius XM Radio, Inc. 144A 4.625%, 7/15/24(1)	3,565		3,618
Sprint Corp. 7.875%, 9/15/23	11,690		12,887
Sprint Spectrum Co. LLC
144A 3.360%, 9/20/21(1)	7,481		7,444
144A 4.738%, 3/20/25(1)	8,210		8,374
Tencent Holdings Ltd.
144A 2.985%, 1/19/23(1)	7,050		7,189
144A 3.280%, 4/11/24(1)	18,933		19,606
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 2.792%, 5/15/25(5)	16,061		14,640
			118,385
Consumer Discretionary—1.3%
American Axle & Manufacturing, Inc. 6.250%, 4/1/25	6,440		5,313
Aptiv Corp. 4.150%, 3/15/24	17,960		17,563
Boyd Gaming Corp. 6.375%, 4/1/26	6,635		5,739

See Notes to Financial Statements

27

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Newfleet Multi-Sector Short Term Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Consumer Discretionary—continued
General Motors Financial Co., Inc.
4.200%, 3/1/21	$ 7,300		$ 7,026
3.550%, 4/9/21	2,847		2,728
International Game Technology plc 144A 6.250%, 2/15/22(1)	5,190		4,772
MGM Growth Properties Operating Partnership LP 5.750%, 2/1/27	6,370		5,542
QVC, Inc. 4.750%, 2/15/27	6,775		5,997
Scientific Games International, Inc.
144A 5.000%, 10/15/25(1)	7,150		6,220
144A 8.250%, 3/15/26(1)	5,935		3,799
TRI Pointe Group, Inc. 5.875%, 6/15/24	10,130		9,411
			74,110
Consumer Staples—0.7%
Albertson’s Cos. LLC 5.750%, 3/15/25	6,390		6,382
BAT CAPITAL Corp. 4.700%	11,000		11,218
Campbell Soup Co. 3.650%, 3/15/23	3,249		3,309
Conagra Brands, Inc. 4.300%, 5/1/24	17,135		17,791
			38,700
Energy—3.2%
Afren plc 144A 11.500%, 2/1/16(1)(2)(4)	4,674		4
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(1)	6,070		4,552

	Par Value		Value
Energy—continued
Boardwalk Pipelines LP 4.950%, 12/15/24	$12,645		$10,241
Callon Petroleum Co. 6.125%, 10/1/24	4,327		768
Cheniere Energy Partners LP 5.625%, 10/1/26	14,860		13,820
CITGO Holding, Inc. 144A 9.250%, 8/1/24(1)	780		636
CITGO Petroleum Corp. Senior Secured Notes 144A 6.250%, 8/15/22(1)	6,973		6,450
CNOOC Finance 2013 Ltd. 3.000%, 5/9/23	6,930		7,066
CNOOC Finance Property Ltd. 2.625%, 5/5/20	5,800		5,802
Ecopetrol S.A. 5.875%, 9/18/23	6,795		6,642
Energy Transfer Partners LP
5.000%, 10/1/22	4,794		4,365
4.500%, 11/1/23	10,760		9,747
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(1)	20,300		21,208
Lukoil International Finance BV 144A 4.563%, 4/24/23(1)	6,700		6,774
MPLX LP 3.375%, 3/15/23	15,635		14,455
Ovintiv, Inc. 3.900%, 11/15/21	7,960		5,458
Pertamina Persero PT 144A 4.300%, 5/20/23(1)	6,000		5,970
Petrobras Global Finance B.V. 5.299%, 1/27/25	16,620		15,831

See Notes to Financial Statements

28

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Energy—continued
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(2)	$ 9,545		$ 573
Petroleos Mexicanos 4.625%, 9/21/23	14,225		11,490
Sabine Pass Liquefaction LLC
5.625%, 2/1/21	8,000		7,870
6.250%, 3/15/22	11,580		11,232
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1)	3,303		2,642
Transocean, Inc. 144A 8.000%, 2/1/27(1)	1,440		684
USA Compression Partners LP 6.875%, 4/1/26	12,830		8,019
			182,299
Financials—10.4%
AerCap Ireland Capital DAC 3.950%, 2/1/22	6,835		5,954
Ares Capital Corp.
3.250%	5,975		4,743
3.500%, 2/10/23	7,365		6,534
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(1)	14,195		14,246
Aviation Capital Group LLC 144A 3.875%, 5/1/23(1)	18,262		17,064
Banco BBVA Peru S.A. RegS 5.000%, 8/26/22(3)	16,280		16,117
Banco Bradesco SA 144A 3.200%, 1/27/25(1)	8,055		7,356
Banco Santander Chile 144A 2.700%, 1/10/25(1)	9,500		9,101

	Par Value		Value
Financials—continued
Bancolombia SA 3.000%	$ 3,250		$ 2,912
Bank of America Corp.
4.200%, 8/26/24	10,473		11,132
3.950%, 4/21/25	6,325		6,651
(3 month LIBOR + 0.770%) 2.511%, 2/5/26(5)	11,312		10,275
(3 month LIBOR + 1.000%) 2.801%, 4/24/23(5)	14,445		14,022
Barclays plc 3.200%, 8/10/21	10,345		10,239
Brookfield Finance, Inc. 3.900%, 1/25/28	9,490		9,745
Capital One Financial Corp. 3.750%, 7/28/26	6,325		5,972
Capital One N.A. 2.950%, 7/23/21	14,425		14,465
Citadel LP 144A 4.875%, 1/15/27(1)	6,370		6,143
Citigroup, Inc.
3.200%, 10/21/26	24,642		25,523
(3 month LIBOR + 1.430%) 3.010%, 9/1/23(5)	7,115		6,955
Corp Financiera de Desarrollo SA 144A 4.750%, 7/15/25(1)	6,000		5,820
Development Bank of Kazakhstan JSC 144A 8.950%, 5/4/23(1)	3,330,000 KZT		6,529
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(1)	14,685		14,104
Goldman Sachs Group, Inc. (The)
4.250%, 10/21/25	24,315		25,563
3.850%, 1/26/27	21,430		22,051

See Notes to Financial Statements

29

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Financials—continued
HSBC Holdings plc
2.950%, 5/25/21	$10,000		$10,063
(3 month LIBOR + 1.500%) 3.400%, 1/5/22(5)	6,524		6,255
Huntington Bancshares, Inc. 7.000%, 12/15/20	17,065		17,481
ICAHN Enterprises LP
4.750%, 9/15/24	12,395		11,372
6.250%, 5/15/26	10,030		9,478
Industrial & Commercial Bank of China Ltd.
2.957%, 11/8/22	19,380		20,205
(3 month LIBOR + 0.750%) 2.484%, 11/8/20(5)	630		631
JPMorgan Chase & Co.
2.295%, 8/15/21	4,495		4,486
3.875%, 9/10/24	9,490		10,021
(3 month LIBOR + 0.900%) 2.694%, 4/25/23(5)	18,055		17,414
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1)	7,000		5,530
Lincoln National Corp. (3 month LIBOR + 2.040%) 3.859%, 4/20/67(5)(7)	2,885		1,731
Mizuho Financial Group, Inc. 3.922%, 9/11/24	5,000		5,274
Morgan Stanley
3.875%, 4/29/24	23,825		24,999
(3 month LIBOR + 0.930%) 2.732%, 7/22/22(5)	18,055		17,567
Navient Corp.
5.875%, 10/25/24	11,732		10,769
5.000%, 3/15/27	3,365		2,893
Prudential Financial, Inc. 5.625%, 6/15/43(7)	13,774		12,952

	Par Value		Value
Financials—continued
Santander Holdings USA, Inc.
4.450%, 12/3/21	$11,379		$ 11,608
3.700%, 3/28/22	5,808		5,749
3.500%, 6/7/24	12,715		12,412
SBA Tower Trust
144A 3.156%, 10/8/20(1)	6,050		6,041
144A 3.168%, 4/11/22(1)	18,490		18,386
Springleaf Finance Corp.
6.875%, 3/15/25	8,580		8,641
7.125%, 3/15/26	2,695		2,638
Synchrony Financial 4.375%, 3/19/24	12,785		12,661
Toronto-Dominion Bank (The) 2.650%, 6/12/24	16,021		16,354
Wells Fargo & Co. 3.750%, 1/24/24	11,825		12,519
Wells Fargo Bank N.A. 3.550%, 8/14/23	9,555		10,013
			585,359
Health Care—1.4%
Allergan Funding SCS 3.450%, 3/15/22	3,815		3,960
Bausch Health Americas, Inc. 144A 8.500%, 1/31/27(1)	6,675		6,975
Bausch Health Cos., Inc. 144A 5.750%, 8/15/27(1)	745		767
Community Health Systems, Inc. 144A 6.625%, 2/15/25(1)	2,910		2,692
CVS Health Corp. 3.625%, 4/1/27	4,526		4,638
HCA, Inc. 5.375%, 2/1/25	7,250		7,377
LifePoint Health, Inc. 144A 4.375%, 2/15/27(1)	6,170		5,812
Mylan NV 3.950%, 6/15/26	17,310		17,288

See Notes to Financial Statements

30

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Health Care—continued
Perrigo Finance Unlimited Co. 3.900%, 12/15/24	$ 2,000		$ 1,964
Tenet Healthcare Corp.
4.625%, 7/15/24	4,350		4,143
144A 4.875%, 1/1/26(1)	8,215		7,825
Teva Pharmaceutical Finance Netherlands III B.V. 6.000%, 4/15/24	800		786
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22	12,415		12,414
			76,641
Industrials—2.5%
Alfa SAB de CV 144A 5.250%, 3/25/24(1)	6,775		6,352
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21	9,422		9,416
Avolon Holdings Funding Ltd. 144A 3.950%, 7/1/24(1)	17,074		14,276
Beacon Roofing Supply, Inc.
144A 4.875%, 11/1/25(1)	6,355		5,735
144A 4.500%, 11/15/26(1)	1,790		1,652
Bombardier, Inc. 144A 8.750%, 12/1/21(1)	8,392		6,965
CNH Industrial N.V. 4.500%, 8/15/23	15,130		15,827
Doric Nimrod Air Alpha Pass-Through-Trust 2013-1, A 144A 5.250%, 5/30/23(1)	9,590		9,688
Doric Nimrod Air Finance Alpha Pass-Through-Trust 2012-1, A 144A 5.125%, 11/30/22(1)	6,682		6,781

	Par Value		Value
Industrials—continued
Hawaiian Airlines Pass-Through Certificates 2013-1, B 4.950%, 1/15/22	$ 5,306		$ 5,048
Navistar International Corp. 144A 6.625%, 11/1/25(1)	6,040		5,028
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(1)	22,887		16,556
Penske Truck Leasing Co., LP 144A 4.125%, 8/1/23(1)	7,770		8,024
Stanley Black & Decker, Inc. 4.000%, 3/15/60(7)	16,811		15,956
TransDigm, Inc. 144A 6.250%, 3/15/26(1)	12,555		12,492
			139,796
Information Technology—1.8%
Alibaba Group Holding Ltd. 3.600%, 11/28/24	12,500		13,193
Broadcom Corp. 2.650%, 1/15/23	9,730		9,502
Broadcom, Inc. 144A 3.625%, 10/15/24(1)	16,180		15,882
Dell International LLC 144A 5.450%, 6/15/23(1)	6,380		6,547
Hewlett Packard Enterprise Co.
2.250%, 4/1/23	9,470		9,253
(3 month LIBOR + 0.720%) 2.620%, 10/5/21(5)	2,830		2,665
Open Text Corp. 144A 3.875%, 2/15/28(1)	12,720		11,957
ViaSat, Inc. 144A 5.625%, 9/15/25(1)	10,250		9,583

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Information Technology—continued
VMware, Inc. 2.950%, 8/21/22	$22,120		$ 22,175
			100,757
Materials—1.7%
Anglo American Capital plc 144A 3.625%, 9/11/24(1)	12,120		11,406
Celanese US Holdings LLC 3.500%, 5/8/24	9,870		9,346
Equate Petrochemical BV 144A 3.000%, 3/3/22(1)	9,535		9,152
Glencore Funding LLC 144A 4.125%, 5/30/23(1)	17,615		16,230
NOVA Chemicals Corp. 144A 5.000%, 5/1/25(1)	7,820		6,569
OCP SA
144A 4.500%(1)	10,000		9,438
144A 5.625%, 4/25/24(1)	3,065		3,038
RegS 5.625%, 4/25/24(3)	2,800		2,775
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24(1)	5,065		5,147
SABIC Capital II BV 144A 4.000%, 10/10/23(1)	8,700		8,621
Syngenta Finance NV
144A 3.698%, 4/24/20(1)	8,635		8,618
144A 3.933%, 4/23/21(1)	8,635		8,137
			98,477
Real Estate—1.2%
GLP Capital LP
5.250%, 6/1/25	13,175		12,187
5.750%, 6/1/28	1,863		1,646

	Par Value		Value
Real Estate—continued
5.300%, 1/15/29	$ 2,731		$ 2,335
iStar, Inc. 4.250%, 8/1/25	9,325		7,669
Office Properties Income Trust
4.150%, 2/1/22	18,910		19,203
4.000%, 7/15/22	7,345		7,182
Service Properties Trust
4.500%, 6/15/23	10,780		8,097
4.350%, 10/1/24	9,585		7,037
			65,356
Utilities—2.6%
CenterPoint Energy, Inc. 2.500%, 9/1/24	12,700		12,469
Centrais Eletricas Brasileiras S.A. 144A 3.625%, 2/4/25(1)	10,100		8,972
DTE Energy Co. 2.529%, 10/1/24	15,896		15,452
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(1)	3,680		2,647
Exelon Corp.
2.850%, 6/15/20	18,845		18,843
3.497%, 6/1/22	4,498		4,354
NRG Energy, Inc. 144A 3.750%, 6/15/24(1)	19,197		19,003
PNM Resources, Inc. 3.250%, 3/9/21	11,070		11,140
PSEG Power LLC 3.850%, 6/1/23	18,125		18,436
TerraForm Power Operating LLC 144A 4.250%, 1/31/23(1)	18,640		18,500
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(1)(4)	5,925		7

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Utilities—continued
Toledo Edison Co. (The) 7.250%, 5/1/20	$ 224		$ 223
Vistra Operations Co. LLC 144A 3.550%, 7/15/24(1)	15,540		14,607
			144,653
Total Corporate Bonds and Notes (Identified Cost $1,734,624)			1,624,533
Leveraged Loans—8.0%
Aerospace—0.5%
AI Convoy (Luxembourg) S.a.r.l. Tranche B (3 month LIBOR + 3.500%) 5.340%, 1/18/27	9,970		8,824
American Airlines, Inc. 2018 (1 month LIBOR + 1.750%) 2.709%, 6/27/25	6,570		5,182
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 4.740%, 12/6/25	2,306		2,191
Kestrel Bidco, Inc. (1 month LIBOR + 3.000%) 4.000%, 12/11/26	4,259		3,237
TransDigm, Inc.
Tranche E (1 month LIBOR + 2.250%) 3.239%, 5/30/25	3,278		2,975
Tranche F (1 month LIBOR + 2.250%) 3.239%, 12/9/25	3,813		3,460
			25,869

	Par Value		Value
Consumer Non-Durables—0.2%
Kronos Acquisition Holdings, Inc. Tranche B-3 (1 month LIBOR + 4.000%) 5.000%, 5/15/23	$14,825		$13,198
Energy—0.0%
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(2)(4)	66		—
Financial—0.6%
Asurion LLC Tranche B-6 (1 month LIBOR + 3.000%) 3.989%, 11/3/23	6,816		6,475
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%) 3.989%, 6/16/25	9,653		7,791
Delos Finance S.a.r.l. 2018 (3 month LIBOR + 1.750%) 3.200%, 10/6/23	5,774		5,183
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 2.989%, 12/27/22	3,775		3,614
iStar, Inc. Tranche B (1 month LIBOR + 2.750%) 3.680%, 6/28/23	9,153		8,146
			31,209

See Notes to Financial Statements

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Food / Tobacco—0.4%
Aramark Services, Inc.
Tranche B-2 (1 month LIBOR + 1.750%) 2.739%, 3/28/24	$3,575		$ 3,396
Tranche B-3 (1 month LIBOR + 1.750%) 2.739%, 3/11/25	1,909		1,775
Tranche B-4 (1 month LIBOR + 1.750%) 2.739%, 1/15/27	3,490		3,228
Chobani LLC Tranche B (1 month LIBOR + 3.500%) 4.500%, 10/10/23	6,226		5,526
Hostess Brands LLC 2019, Tranche B (1 month LIBOR + 2.250%) 3.813%, 8/3/25	8,909		8,241
			22,166
Forest Prod / Containers—0.2%
Berry Global, Inc.
Tranche W (3 month LIBOR + 2.000%) 2.863%, 10/1/22	6,109		5,816
Tranche X (3 month LIBOR + 2.000%) 2.863%, 1/19/24	1,013		944
Tranche Y (3 month LIBOR + 2.000%) 2.863%, 7/1/26	2,531		2,392
Reynolds Consumer Products LLC (3 month LIBOR + 1.750%) 3.501%, 2/4/27	2,325		2,178

	Par Value		Value
Forest Prod / Containers—continued
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%) 4.252%, 1/31/25	$ 2,648		$ 1,801
			13,131
Gaming / Leisure—0.8%
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 3.739%, 12/23/24	9,036		7,265
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 2.697%, 6/22/26	9,796		9,257
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 3.750%, 4/29/24	8,912		6,043
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 4.246%, 8/14/24	4,232		3,399
Seminole Tribe of Florida (1 month LIBOR + 1.750%) 2.739%, 7/8/24	10,562		9,611
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 3.240%, 2/8/27	3,169		2,686

See Notes to Financial Statements

34

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Gaming / Leisure—continued
UFC Holdings LLC Tranche B (1 month LIBOR + 3.250%) 4.250%, 4/29/26	$5,431		$ 4,725
			42,986
Healthcare—0.5%
Bausch Health Cos., Inc.
(1 month LIBOR + 2.750%) 3.362%, 11/27/25	1,793		1,695
(1 month LIBOR + 3.000%) 3.612%, 6/2/25	5,727		5,419
Change Healthcare Holdings LLC (1 month LIBOR + 2.500%) 3.498%, 3/1/24	8,793		8,266
Elanco Animal Health, Inc. Tranche B (3 month LIBOR + 1.750%) 0.000%, 2/4/27(8)	980		926
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 4.739%, 10/10/25	6,370		3,217
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%) 3.200%, 6/11/25	7,655		7,272
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 3.430%, 3/6/25	1,548		1,463
			28,258

	Par Value		Value
Housing—0.2%
CPG International LLC (3 month LIBOR + 3.750%) 5.933%, 5/6/24	$11,819		$ 9,802
Information Technology—1.0%
Applied Systems, Inc. First Lien (3 month LIBOR + 3.250%) 4.700%, 9/19/24	189		174
Dell International LLC Tranche B-1 (1 month LIBOR + 2.000%) 2.990%, 9/19/25	7,579		7,204
Kronos, Inc.
2018 (3 month LIBOR + 3.000%) 4.763%, 11/1/23	13,932		12,646
Second Lien (3 month LIBOR + 8.250%) 10.013%, 11/1/24	3,782		3,464
MA Financeco LLC Tranche B-2 (1 month LIBOR + 2.250%) 3.239%, 11/19/21	14,380		13,481
Presidio Holdings, Inc. (4 month LIBOR + 3.500%) 5.280%, 1/22/27	875		814
Science Applications International Corp. Tranche B-2 (3 month LIBOR + 2.250%) 0.000%, 3/13/27(8)	3,610		3,375

See Notes to Financial Statements

35

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Newfleet Multi-Sector Short Term Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Information Technology—continued
SS&C Technologies, Inc.
Tranche B-3 (1 month LIBOR + 1.750%) 2.739%, 4/16/25	$ 2,731		$ 2,547
Tranche B-4 (1 month LIBOR + 1.750%) 2.739%, 4/16/25	1,949		1,818
Tranche B-5 (1 month LIBOR + 1.750%) 2.739%, 4/16/25	3,767		3,515
Vertiv Group Corp. (1 month LIBOR + 3.000%) 4.581%, 3/2/27	11,265		9,688
			58,726
Manufacturing—0.3%
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 6.381%, 8/17/22	9,500		5,917
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%) 2.739%, 2/28/27	1,580		1,477
NCR Corp. (1 month LIBOR + 2.500%) 3.490%, 8/28/26	2,427		2,184
Titan Acquisition Ltd. (3 month LIBOR + 3.000%) 4.450%, 3/28/25	6,380		5,200
			14,778

	Par Value		Value
Media / Telecom - Broadcasting—0.3%
Diamond Sports Group LLC (1 month LIBOR + 3.250%) 4.180%, 8/24/26	$3,652		$ 2,812
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.750%) 4.331%, 9/18/26	8,425		7,810
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%) 3.240%, 1/3/24	7,979		7,580
			18,202
Media / Telecom - Cable/Wireless Video—0.7%
Charter Communications Operating LLC Tranche B2 (1 month LIBOR + 1.750%) 2.740%, 2/1/27	9,426		9,010
CSC Holdings LLC
2017 (1 month LIBOR + 2.250%) 2.862%, 7/17/25	4,412		4,199
2018 (1 month LIBOR + 2.250%) 2.862%, 1/15/26	7,257		6,930
2019 (1 month LIBOR + 2.500%) 3.112%, 4/15/27	3,966		3,781

See Notes to Financial Statements

36

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Newfleet Multi-Sector Short Term Bond Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Media / Telecom - Cable/Wireless Video—continued
Telenet Financing USD LLC Tranche AR (1 month LIBOR + 2.000%) 2.705%, 4/30/28	$13,135		$11,966
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%) 3.205%, 4/30/28	3,145		2,956
			38,842
Media / Telecom - Diversified Media—0.1%
CDS US Intermediate Holdings, Inc. Tranche B (3 month LIBOR + 3.750%) 5.200%, 7/8/22	4,750		2,403
Clear Channel Outdoor Holdings, Inc. Tranche B (1 month LIBOR + 3.500%) 4.489%, 8/21/26	6,438		5,408
			7,811
Media / Telecom - Telecommunications—0.9%
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 3.239%, 3/15/27	11,122		10,323
Consolidated Communications, Inc. 2016 (1 month LIBOR + 3.000%) 4.000%, 10/5/23	8,454		7,376
Frontier Communications Corp. Tranche B-1 (3 month LIBOR + 3.750%) 5.350%, 6/17/24	11,417		10,802

	Par Value		Value
Media / Telecom - Telecommunications—continued
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 2.739%, 3/1/27	$ 9,084		$ 8,447
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 3/9/27	13,030		12,248
			49,196
Media / Telecom - Wireless Communications—0.1%
CommScope, Inc. (1 month LIBOR + 3.250%) 4.239%, 4/4/26	4,015		3,774
Retail—0.1%
Michaels Stores, Inc. 2018, Tranche B (1 month LIBOR + 2.500%) 3.534%, 1/30/23	7,050		5,851
Service—0.5%
GFL Environmental, Inc. 2018 (1 month LIBOR + 3.000%) 3.991%, 5/30/25	5,128		4,949
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%) 5.007%, 6/30/24	4,474		3,176
Sedgwick Claims Management Services, Inc. 2019 (1 month LIBOR + 4.000%) 4.989%, 9/3/26	10,049		9,006

See Notes to Financial Statements

37

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Par Value		Value
Service—continued
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 4.750%, 2/1/23	$5,950		$ 4,743
Trans Union LLC Tranche B-5 (1 month LIBOR + 1.750%) 2.739%, 11/16/26	8,547		8,158
			30,032
Transportation - Automotive—0.2%
Genesee & Wyoming, Inc. (3 month LIBOR + 2.000%) 3.450%, 12/30/26	2,770		2,640
Panther BF Aggregator 2 LP First Lien (1 month LIBOR + 3.500%) 4.441%, 4/30/26	6,915		6,293
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%) 3.989%, 10/1/25	6,044		4,140
			13,073
Utility—0.4%
Brookfield WEC Holdings, Inc. (1 month LIBOR + 3.000%) 3.989%, 8/1/25	8,163		7,673

	Par Value		Value
Utility—continued
Calpine Corp. 2019 (1 month LIBOR + 2.250%) 3.240%, 4/5/26	$9,776		$ 9,263
Pacific Gas and Electric Co. (3 month LIBOR + 2.250%) 3.120%, 12/31/20	7,605		7,364
			24,300
Total Leveraged Loans (Identified Cost $509,204)			451,204

	Shares
Preferred Stocks—0.4%
Financials—0.4%
Bank of New York Mellon Corp. (The) Series E, 4.950%	12,070 (9)	10,501
Huntington Bancshares, Inc. Series E, 5.700%	3,303 (9)	2,642
JPMorgan Chase & Co. Series Z, 5.300%	3,985 (9)	3,736
JPMorgan Chase & Co. Series HH, 4.600%	41,590 (9)	3,640
		20,519
Total Preferred Stocks (Identified Cost $23,522)		20,519

See Notes to Financial Statements

38

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—0.0%
Communication Services—0.0%
Clear Channel Outdoor Holdings, Inc.(10)	48,842		$ 31
Energy—0.0%
Frontera Energy Corp.	148,014		366
Total Common Stocks (Identified Cost $2,826)			397
Exchange-Traded Funds—2.1%
Invesco Senior Loan ETF(11)	2,101,024		42,987
iShares iBoxx High Yield Corporate Bond ETF(11)	1,005,871		77,522
Total Exchange-Traded Funds (Identified Cost $124,480)			120,509
Rights—0.0%
Utilities—0.0%
Vistra Energy Corp.(4)(10)	98,789		105
Total Rights (Identified Cost $84)			105
Warrant—0.0%
Communication Services—0.0%
iHeartMedia, Inc.	20,771		132
Total Warrant (Identified Cost $361)			132
Total Long-Term Investments—95.8% (Identified Cost $5,705,368)			5,382,941

	Shares		Value
Short-Term Investment—2.0%
Money Market Mutual Fund—2.0%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(11)	109,976,499		$ 109,976
Total Short-Term Investment (Identified Cost $109,976)			109,976
TOTAL INVESTMENTS—97.8% (Identified Cost $5,815,344)			$5,492,917
Other assets and liabilities, net—2.2%			124,899
NET ASSETS—100.0%			$5,617,816

Abbreviations:
DB	Deutsche Bank AG
ETF	Exchange-Traded Fund
GS	Goldman Sachs & Co.
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LLLP	Limited Liability Limited Partnership
LP	Limited Partnership
MASTR	Morgan Stanley Structured Asset Security

    

Foreign Currencies:
KZT	Kazakhstani Tenge
MXN	Mexican Peso

    

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

39

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

Footnote Legend:
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $3,224,346 or 57.4% of net assets.
(2)	Security in default; no interest payments are being received during the bankruptcy proceedings.
(3)	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.
(4)	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.
(5)	Variable rate security. Rate disclosed is as of March 31, 2020. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

(6)	Security in default, interest payments are being received during the bankruptcy proceedings.
(7)	Interest payments may be deferred.
(8)	This loan will settle after March 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(9)	Value shown as par value.
(10)	Non-income producing.
(11)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
United States	88%
Netherlands	2
Canada	2
Cayman Islands	1
United Kingdom	1
Indonesia	1
Mexico	1
Other	4
Total	100%
† % of total investments as of March 31, 2020.

See Notes to Financial Statements

40

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Asset-Backed Securities	$1,292,832		$ —		$1,258,748		$34,084
Corporate Bonds and Notes	1,624,533		—		1,624,522		11 (1)
Foreign Government Securities	184,259		—		183,372		887
Leveraged Loans	451,204		—		451,204		— (2)
Mortgage-Backed Securities	1,568,438		—		1,539,491		28,947
Municipal Bond	3,888		—		3,888		—
U.S. Government Securities	116,125		—		116,125		—
Equity Securities:
Exchange-Traded Funds	120,509		120,509		—		—
Common Stocks	397		397		—		—
Preferred Stocks	20,519		—		20,519		—
Rights	105		—		—		105
Warrant	132		—		132		—
Money Market Mutual Fund	109,976		109,976		—		—
Total Investments	$5,492,917		$230,882		$5,198,001		$64,034

    

(1)	Includes internally fair valued security.
(2)	Includes internally fair valued securities currently priced at zero ($0).

Securities held by the Fund with an end of period value of $24,122 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Securities held by the Fund with an end of period value of $16,534 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

See Notes to Financial Statements

41

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SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

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.

	Total		Asset- Backed Securities		Corporate Bonds And Notes		Foreign    Government		Leveraged Loans		Mortgage- Backed Securities		Rights		Warrant
Investments in Securities
Balance as of September 30, 2019:	$ 67,185		$14,074		$11 (a)(b)		$ —		$— (a)		$ 52,719		$ 85		$ 296
Accrued discount/(premium)	6		6		—		—		—		— (c)		—		—
Realized gain (loss)	(183)		24		—		—		—		(207)		—		—
Change in unrealized appreciation (depreciation)(d)	(4,409)		(1,682)		—		—		—		(2,583)		20		(164)
Purchases	17,532		12,887		—		—		—		4,645		—		—
Sales (e)	(23,685)		(8,232)		—		—		—		(15,453)		—		—
Transfers into Level 3(f)	24,122		17,007		—		887		—		6,228		—		—
Transfers from Level 3(f)	(16,534)		—		—		—		—		(16,402)		—		(132)
Balance as of March 31, 2020	$ 64,034		$34,084		$11 (a)(b)		$887		$— (a)		$ 28,947		$105		$ —

^(a) Includes internally fair valued security currently priced at zero ($0).

^(b)Includes internally fair valued security.

^(c) Amount is less than $500.

^(d) The change in unrealized appreciation (depreciation) on investments still held at March 31, 2020, was $(1,687).

^(e) Includes paydowns on securities.

^(f) “Transfers into and/or from” represent the ending value as of March 31, 2020, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Financial Statements

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2020

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$ 5,492,917
Foreign currency at value(2)	— (a)
Cash	218,439
Receivables
Investment securities sold	4,070
Fund shares sold	10,908
Dividends and interest	28,293
Securities lending income	157
Prepaid Trustees’ retainer	137
Prepaid expenses	174
Other assets	544
Total assets	5,755,639
Liabilities
Payables
Fund shares repurchased	18,353
Investment securities purchased	111,216
Dividend distributions	1,673
Investment advisory fees	2,436
Distribution and service fees	525
Administration and accounting fees	534
Transfer agent and sub-transfer agent fees and expenses	960
Professional fees	12
Trustee deferred compensation plan	544
Interest expense and/or commitment fees	11
Other accrued expenses	262
Other payables	1,297
Total liabilities	137,823
Net Assets	$ 5,617,816
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$ 6,149,671
Accumulated earnings (loss)	(531,855)
Net Assets	$ 5,617,816
Net Assets:
Class A	$ 781,192
Class C	$ 463,619
Class C1	$ 164,326
Class I	$ 4,197,538
Class R6	$ 11,141

See Notes to Financial Statements

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

Shares Outstanding (unlimited number of shares authorized, no par value):
Class A	176,382,805
Class C	103,244,613
Class C1	36,683,990
Class I	946,307,626
Class R6	2,510,987
Net Asset Value and Redemption Price Per Share:
Class A	$ 4.43
Class C	$ 4.49
Class C1	$ 4.48
Class I	$ 4.44
Class R6	$ 4.44
Maximum Offering Price per Share (NAV/(1-2.25%*)):
Class A	$ 4.53
* Maximum sales charge
(1) Investment in securities at cost	$ 5,815,344
(2) Foreign currency at cost	$ —(a)

    

(a)	Amount is less than $500.

See Notes to Financial Statements

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

Investment Income
Dividends	$ 1,676
Interest	112,560
Security lending, net of fees	280
Foreign taxes withheld	(7)
Total investment income	114,509
Expenses
Investment advisory fees	15,006
Distribution and service fees, Class A	1,087
Distribution and service fees, Class C	1,341
Distribution and service fees, Class C1	929
Administration and accounting fees	3,309
Transfer agent fees and expenses	1,363
Sub-transfer agent fees and expenses, Class A	316
Sub-transfer agent fees and expenses, Class C	165
Sub-transfer agent fees and expenses, Class C1	61
Sub-transfer agent fees and expenses, Class I	1,647
Custodian fees	11
Printing fees and expenses	195
Professional fees	45
Interest expense and/or commitment fees	20
Registration fees	114
Trustees’ fees and expenses	249
Miscellaneous expenses	201
Total expenses	26,059
Less net expenses reimbursed and/or waived by investment adviser(1)	(5)
Less low balance account fees	(1)
Net expenses	26,053
Net investment income (loss)	88,456
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	(29,396)
Foreign currency transactions	3
Net change in unrealized appreciation (depreciation) on:
Investments	(362,753)
Foreign currency transactions	(78)
Net realized and unrealized gain (loss) on investments	(392,224)
Net increase (decrease) in net assets resulting from operations	$(303,768)

    

(1)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 88,456		$ 201,569
Net realized gain (loss)	(29,393)		(72,024)
Net change in unrealized appreciation (depreciation)	(362,831)		156,008
Increase (decrease) in net assets resulting from operations	(303,768)		285,553
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(11,747)		(21,847)
Class C	(6,509)		(18,208)
Class C1	(1,789)		(4,893)
Class I	(69,795)		(136,183)
Class R6	(155)		(160)
Return of Capital:
Class A	—		(2,625)
Class C	—		(2,471)
Class C1	—		(831)
Class I	—		(15,080)
Class R6	—		(17)
Total Dividends and Distributions to Shareholders	(89,995)		(202,315)
Change in Net Assets from Capital Transactions
Shares sold and cross class conversions:
Class A (19,991 and 131,106 shares, respectively)	94,080		608,263
Class C (1 and 43,334 shares, respectively)	3		203,366
Class C1 (2,835 and 3,765 shares, respectively)	13,494		17,803
Class I (173,486 and 271,045 shares, respectively)	816,748		1,266,053
Class R6 (1,651 and 929 shares, respectively)	7,779		4,325
Reinvestment of distributions:
Class A (2,225 and 4,600 shares, respectively)	10,410		21,489
Class C (1,359 and 4,348 shares, respectively)	6,450		20,532
Class C1 (240 and 839 shares, respectively)	1,133		3,953
Class I (13,044 and 28,436 shares, respectively)	61,125		132,925
Class R6 (22 and 25 shares, respectively)	104		115
Shares repurchased and cross class conversions:
Class A ((36,336) and (98,212) shares, respectively)	(169,389)		(456,110)
Class C ((18,503) and (147,719) shares, respectively)	(87,356)		(694,497)
Class C1 ((7,318) and (28,461) shares, respectively)	(34,639)		(134,319)
Class I ((234,464) and (374,977) shares, respectively)	(1,077,409)		(1,744,061)
Class R6 ((519) and (277) shares, respectively)	(2,431)		(1,296)
Increase (decrease) in net assets from capital transactions	(359,898)		(751,459)
Net increase (decrease) in net assets	(753,661)		(668,221)
Net Assets
Beginning of period	6,371,477		7,039,698
End of Period	$ 5,617,816		$ 6,371,477

See Notes to Financial Statements

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Total Distributions
Class A
10/1/19 to 3/31/20(6)	$4.72	0.06	(0.29)	(0.23)	(0.06)	—	(0.06)
10/1/18 to 9/30/19	4.65	0.14	0.07	0.21	(0.12)	(0.02)	(0.14)
10/1/17 to 9/30/18	4.78	0.14	(0.14)	—	(0.12)	(0.01)	(0.13)
10/1/16 to 9/30/17	4.78	0.14	—	0.14	(0.14)	—	(0.14)
10/1/15 to 9/30/16	4.69	0.15	0.08	0.23	(0.14)	—	(0.14)
10/1/14 to 9/30/15	4.84	0.15	(0.16)	(0.01)	(0.11)	(0.03)	(0.14)
Class C
10/1/19 to 3/31/20(6)	$4.78	0.06	(0.29)	(0.23)	(0.06)	—	(0.06)
10/1/18 to 9/30/19	4.71	0.13	0.07	0.20	(0.11)	(0.02)	(0.13)
10/1/17 to 9/30/18	4.84	0.13	(0.14)	(0.01)	(0.11)	(0.01)	(0.12)
10/1/16 to 9/30/17	4.84	0.13	—	0.13	(0.13)	—	(0.13)
10/1/15 to 9/30/16	4.75	0.14	0.07	0.21	(0.12)	—	(0.12)
10/1/14 to 9/30/15	4.89	0.14	(0.15)	(0.01)	(0.10)	(0.03)	(0.13)
Class C1
10/1/19 to 3/31/20(6)	$4.77	0.05	(0.29)	(0.24)	(0.05)	—	(0.05)
10/1/18 to 9/30/19	4.70	0.11	0.07	0.18	(0.09)	(0.02)	(0.11)
10/1/17 to 9/30/18	4.83	0.10	(0.13)	(0.03)	(0.09)	(0.01)	(0.10)
10/1/16 to 9/30/17	4.83	0.11	—	0.11	(0.11)	—	(0.11)
10/1/15 to 9/30/16	4.73	0.12	0.08	0.20	(0.10)	—	(0.10)
10/1/14 to 9/30/15	4.88	0.12	(0.17)	(0.05)	(0.07)	(0.03)	(0.10)
Class I
10/1/19 to 3/31/20(6)	$4.72	0.07	(0.28)	(0.21)	(0.07)	—	(0.07)
10/1/18 to 9/30/19	4.66	0.15	0.06	0.21	(0.13)	(0.02)	(0.15)
10/1/17 to 9/30/18	4.79	0.15	(0.14)	0.01	(0.13)	(0.01)	(0.14)
10/1/16 to 9/30/17	4.78	0.16	0.01	0.17	(0.16)	—	(0.16)
10/1/15 to 9/30/16	4.69	0.16	0.08	0.24	(0.15)	—	(0.15)
10/1/14 to 9/30/15	4.84	0.16	(0.16)	—	(0.12)	(0.03)	(0.15)
Class R6
10/1/19 to 3/31/20(6)	$4.72	0.07	(0.28)	(0.21)	(0.07)	—	(0.07)
10/1/18 to 9/30/19	4.65	0.16	0.07	0.23	(0.14)	(0.02)	(0.16)
10/1/17 to 9/30/18	4.78	0.15	(0.13)	0.02	(0.14)	(0.01)	(0.15)
11/3/16 (11) to 9/30/17	4.76	0.15	0.02	0.17	(0.15)	—	(0.15)

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(3)
(0.29)	$4.43	(4.86) %	$ 781,192	0.97 %  (7)	0.97 %	2.65 %	32 %
0.07	4.72	4.62	898,392	0.97   (7)	0.98	3.01	58
(0.13)	4.65	0.05	711,425	0.97   (7)	0.98	2.88	55
—	4.78	3.07  (8)	925,677	1.00   (7)(8)	1.01	3.04   (8)	69
0.09	4.78	4.90	1,307,484	1.00   (7)(9)	1.01	3.19	53
(0.15)	4.69	(0.23)	1,575,629	0.97   (7)	0.97	3.15	37
(0.29)	$4.49	(4.92) %	$ 463,619	1.21 %  (7)	1.21 %	2.41 %	32 %
0.07	4.78	4.31	575,524	1.21   (7)	1.21	2.78	58
(0.13)	4.71	(0.18)	1,039,109	1.20   (7)	1.21	2.66	55
—	4.84	2.78  (8)	1,266,378	1.25   (7)(8)	1.25	2.80   (8)	69
0.09	4.84	4.58	1,321,202	1.25   (7)(9)	1.26	2.94	53
(0.14)	4.75	(0.27)	1,460,120	1.22   (7)	1.22	2.90	37
(0.29)	$4.48	(5.17) %	$ 164,326	1.71 %  (7)	1.71 %	1.90 %	32 %
0.07	4.77	3.80	195,185	1.71   (7)	1.72	2.28	58
(0.13)	4.70	(0.68)	304,444	1.70   (7)	1.71	2.16	55
—	4.83	2.28  (8)	377,835	1.75   (7)(8)	1.75	2.30   (8)	69
0.10	4.83	4.29	489,924	1.75   (7)(9)	1.76	2.44	53
(0.15)	4.73	(0.98)	583,694	1.72   (7)	1.72	2.40	37
(0.28)	$4.44	(4.53) %	$4,197,538	0.72 %  (7)	0.72 %	2.90 %	32 %
0.06	4.72	4.66	4,695,968	0.72   (7)	0.72	3.26	58
(0.13)	4.66	0.32	4,981,559	0.71   (7)	0.71	3.16	55
0.01	4.79	3.54  (8)	4,811,684	0.75   (7)(8)	0.76	3.30   (8)	69
0.09	4.78	5.16	4,033,610	0.75   (7)(9)	0.76	3.44	53
(0.15)	4.69	0.02	4,095,547	0.72   (7)	0.72	3.40	37
(0.28)	$4.44	(4.50) %	$ 11,141	0.55 %	0.65 %	3.06 %	32 %
0.07	4.72	4.96	6,408	0.55	0.65	3.42	58
(0.13)	4.65	0.38	3,161	0.59   (10)	0.65	3.29	55
0.02	4.78	3.54  (8)	2,533	0.70   (8)	0.71	3.05   (8)	69   (12)

    

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend:
(1)	Calculated using average shares outstanding.
(2)	Sales charges, where applicable, are not reflected in the total return calculation.
(3)	Not annualized for periods less than one year.
(4)	Annualized for periods less than one year.
(5)	The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.
(6)	Unaudited.
(7)	The share class is currently under its expense limitation.
(8)	Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and the Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) by 0.01%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by 0.01%.
(9)	Net expense ratio includes extraordinary proxy expenses.
(10)	Due to a change in expense cap, the ratio shown is a blended expense ratio.
(11)	Inception date.
(12)	Portfolio turnover is representative of the Fund for the entire period.

See Notes to Financial Statements

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

March 31, 2020

Note 1. Organization

Virtus Opportunities Trust (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

As of the date of this report, 24 funds of the Trust are offered for sale, of which the Newfleet Multi-Sector Short Term Bond Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has an investment objective of providing high current income while attempting to limit changes in the Fund’s net asset value (“NAV”) per share caused by interest rate changes. There is no guarantee that the Fund will achieve its objective.

The Fund offers Class A shares, Class C shares, Class C1 shares, Class I shares, and Class R6 shares.

Class A shares are sold with a front-end sales charge of up to 2.25% with some exceptions. Generally, Class A shares are not subject to any charges by the Fund when redeemed; however, a 0.50% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the CDSC applies for the Fund is 12 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are sold without a sales charge. Effective January 1, 2019, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares ten years after the purchase date. Class C1 shares are sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC. Effective April 30, 2019, Class C shares of the Fund are no longer available for purchase by new or existing shareholders, except by existing shareholders through reinvestment transactions. Shareholders who own Class C shares of the Fund may continue to hold such shares until they convert to Class A shares under the existing conversion schedule, as described in the Fund’s prospectus, or may exchange them for Class C shares of another Virtus Mutual Fund as permitted by existing exchange privileges. All other Class C share characteristics, including 12b-1 Plan fees, shareholder service fees, and conversion features are unchanged.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the Fund’s determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Fund’s distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

The Fund may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectus and/or statement of additional information. The fees collected will be used to offset certain expenses of the Fund. These fees are reflected as “Less low balance account fees” in the Fund’s Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Fund’s Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of the Fund are borne pro-rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

A.	Security Valuation
	The 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 Valuation Committee’s own assumptions in determining the fair value of investments).

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NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

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. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, 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 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 ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, 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 securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or

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methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

B.	Security Transactions and Investment Income
	Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
	Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
C.	Income Taxes
	The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.
	The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.
	Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2016 forward (with limited exceptions).
D.	Distributions to Shareholders
	Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.
E.	Expenses
	Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used.

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	In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.
F.	Foreign Currency Transactions
	Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
G.	When-Issued Purchases and Forward Commitments (Delayed Delivery)
	The Fund may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by the Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. The Fund records when-issued and forward commitment securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date.
H.	Leveraged Loans
	The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

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	The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.
	The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.
I.	Securities Lending
	The Fund may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.
	Securities lending transactions are entered into by the Fund under a Master Securities Lending Agreement (“MSLA”) that permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.
	Effective March 13, 2020, the securities lending program was put on hold and all securities on loan were recalled.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands)

A.	Investment Adviser
	Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser.

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As compensation for its services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of the Fund:

    

First $1 Billion		$1+ Billion through $2 Billion		$2+ Billion through $10 Billion		Over $10 Billion
0.55 %		0.50  %		0.45 %		0.425%

B.	Subadviser
	Newfleet Asset Management, LLC (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund. The Subadviser manages the investments of the Fund for which it is paid a fee by the Adviser.
C.	Expense Limitation
	The Adviser has contractually agreed to limit the Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following percentages of the Fund’s average net asset values through January 31, 2021. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are calculated daily and received monthly.

    

Class A		Class C		Class C1		Class I		Class R6
1.10 %*		1.35 %*		1.85 %*		0.85 %*		0.55 %

* Share class is currently below its expense cap.

The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

D.

Expense Recapture

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending:

    

	Expiration
	2021		2022		2023		Total
Class R6	$ 2		$ 5		$ 5		$ 12

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E.	Distributor
	VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2020, it retained net commissions of $10 for Class A shares, and CDSC of $9, $—* and $4 for Class A shares, Class C shares, and Class I shares, respectively.
	In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the following annual rates: 0.25% for Class A shares, 0.50% for Class C shares, and 1.00% for Class C1 shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.
	Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.
	* Amount is less than $500.
F.	Administrator and Transfer Agent
	Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund.
	For the period ended March 31, 2020, the Fund incurred administration fees totaling $3,021 which are included in the Statement of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly.
	For the period ended March 31, 2020, the Fund incurred transfer agent fees totaling $1,354 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G.	Trustee Compensation
	The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2020.

Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding U.S. Government and agency securities and short-term securities) during the period ended March 31, 2020, were as follows:

Purchases		Sales
$1,682,295		$2,189,208

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Purchases and sales of long-term U.S. Government and agency securities during the period ended March 31, 2020, were as follows:

Purchases		Sales
$308,860		$292,728

Note 5. 10% Shareholders

As of March 31, 2020, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

% of Shares Outstanding		Number of Accounts*
34%		2

*	The shareholders are not affiliated with Virtus.

Note 6. Credit and Market Risk and Asset Concentration

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Fund’s portfolio manager(s) to invest the Fund’s assets as intended.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or subadvisers to accurately predict risk.

The Fund may invest a high percentage of its assets in specific sectors of the market in the pursuit of its investment objective. Fluctuations in these sectors of concentration may have a greater impact on the Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

Note 7.  Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Fund enter into contracts that provide a variety of indemnifications to other parties. The Trust’s and/or the Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Fund and that have not occurred. However, neither the Trust nor the Fund has had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

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Note 8. Restricted Securities

Restricted securities are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category. The Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At March 31, 2020, the Fund did not hold any securities that were restricted.

Note 9. Redemption Facility

($ reported in thousands)

On September 18, 2017, the Fund and certain other affiliated funds entered into an $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Fund to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 11, 2021. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Fund and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The Fund had no borrowings at any time during the period ended March 31, 2020.

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2020, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Fund were as follows:

Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
$ 5,820,867		$ 18,498		$ (346,448)		$ (327,950)

At September 30, 2019, the Fund had capital loss carryovers available to offset future realized gains as follows:

No Expiration				Total
Short-Term		Long-Term		Short-Term		Long-Term
$57,923		$74,292		$57,923		$74,292

Capital losses realized after October 31 and certain late year losses may be deferred and treated as occurring on the first day of the following fiscal year. For the fiscal year ended September 30, 2019, the Fund deferred qualified late year losses of $44,562.

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Note 11. Regulatory Matters and Litigation

From time to time, the Trust, the Fund, the Adviser and/or Subadviser and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

Note 12. Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities held at a premium, shortening such period to the earliest call date. This ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has implemented the ASU 2017-08 and determined the impact of this guidance to the Fund’s net assets at the end of the period is not material.

In August 2018, the FASB issued ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. This ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. For public companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has determined to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately.

In March 2020, the FASB issued ASU No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

Note 13. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of the subadvisory agreement (the “Subadvisory Agreement”) among the Trust, VIA and Newfleet Asset Management, LLC (the “Subadviser”) (together with the Advisory Agreement, the “Agreements”) with respect to the funds of the Trust, including Virtus Newfleet Multi-Sector Short Term Bond Fund (the “Fund”). At in-person meetings held on October 30, 2019 and November 20-21, 2019 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of the Fund and its shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadviser, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from the Subadviser with respect to the Fund. The Board noted the affiliation of the Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (2) the performance of the Fund as compared to an appropriate peer group and an appropriate index; (3) the level and method of computing the Fund’s advisory and subadvisory fees, and comparisons of the Fund’s advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA’s or the Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on the Fund’s performance and expenses; (7) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Nature, Extent and Quality of Services

The Trustees received in advance of the Meetings information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics, including, among other items, such company’s investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. The Trustees noted that the Fund is managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of the Fund’s portfolio. Under this structure, VIA is responsible for the management of the Fund’s investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, including the Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreement, the Board noted that the Subadviser provided portfolio management, compliance with the Fund’s investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadviser’s management of the Fund is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund’s prospectus and statement of additional information. In considering the renewal of the Subadvisory Agreement, the Board also considered the Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the Fund; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account the Subadviser’s risk assessment and monitoring process. The Board noted the Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the Fund.

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Broadridge Report”) for the Fund prepared by Broadridge, an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented the Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on the Fund’s performance. The Board evaluated the Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s investment strategy. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadviser. The Board also noted the Subadviser’s performance record with respect to the Fund. The Board was mindful of VIA’s focus on the Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to the Fund. The Board also took into account its discussions with management regarding factors that contributed to the performance of the Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of the Fund for the period ended June 30, 2019.

The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 3-, 5- and 10-year periods and underperformed its benchmark for the 1- year period.

After reviewing these and related factors, the Board concluded that the Fund’s overall performance was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Fund for advisory services as well as the total expense level of the Fund. This information included comparisons of the Fund’s contractual and net management fee and net total expense level to those of its peer universe (the “Expense Universe”) and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing the Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee included advisory fees. The Board also noted that the Fund had expense caps in place to limit the total expenses incurred by the Fund and its shareholders. The Board also noted that the subadvisory fee was paid by VIA out of its management fees rather than paid separately by the Fund. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of the Fund and the impact on expenses and economies of scale. The Subadviser

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

provided, and the Board considered, fee information of comparable accounts managed by the Subadviser, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to the Fund’s fees and expenses. In each case, the Board took into account management’s discussion of the Fund’s expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

The Board considered that the Fund’s net management fee was in the fifth quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.

The Board concluded that the advisory and subadvisory fees, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Fund and other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Fund by VIA affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadviser, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Fund. The Board reviewed the methodology used to allocate costs to the Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from the Fund was reasonable in light of the quality of the services rendered to the Fund by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadviser in connection with its relationship to the Fund, the Board noted that the fees under the Subadvisory Agreement are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadviser, the Board noted that, because the Subadviser is an affiliate of VIA, such profitability might be directly or indirectly shared by VIA. For each of the above reasons, the Board concluded that the profitability to the Subadviser and its affiliates from their relationship with the Fund was not a material factor in approval of the Subadvisory Agreement.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Fund’s assets grow. The Board noted that the management fee for the Fund included breakpoints based on assets under management and that expense caps were in place for the Fund. The Board also took into account management’s discussion of the Fund’s management fee and subadvisory fee structure. The Board also took into account the current size of the Fund. The Board also noted that VIA had agreed to implement an extension of the Fund’s expense cap through January 31, 2021. The Board then concluded that no changes to the advisory fee structure of the Fund with respect to economies of scale were necessary at this time. The Board noted that VIA and the Fund may realize certain economies of scale if the

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

assets of the Fund were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Fund would have an opportunity to benefit from these economies of scale.

For similar reasons as stated above with respect to the Subadviser’s profitability, and based upon the current size of the Fund managed by the Subadviser, the Board concluded that the potential for economies of scale in the Subadviser’s management of the Fund was not a material factor in the approval of the Subadvisory Agreement at this time.

Other Factors

The Board considered other benefits that may be realized by VIA and the Subadviser and their affiliates from their relationships with the Fund. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadviser, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Fund to compensate it for providing selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadviser also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while the Subadviser is an affiliate of VIA, there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of the Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to the Fund.

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Virtus Opportunities Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

Virtus Alternative Solutions Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated February 28, 2020

Virtus Asset Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated April 30, 2019, as supplemented

Virtus Equity Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

(Unaudited)

IMPORTANT NOTICE TO INVESTORS

The information in this Supplement updates information in, and should be read in conjunction with, the Summary and Statutory Prospectuses and Statement of Additional Information for each Fund.

Change in each fund’s “Market Volatility Risk”

The section of each fund’s Summary Prospectus and Statutory Prospectus entitled “Principal Risks” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each Fund’s Prospectus entitled “More Information About Risks Related to Principal Investment Strategies” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each fund’s SAI entitled “More Information About Fund Investment Strategies and Related Risks” is amended to add the following:

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Market Volatility Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investors should retain this supplement for future reference.

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VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

Philip R. McLoughlin, Chairman

George R. Aylward

Thomas J. Brown

Donald C. Burke

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

R. Keith Walton

Brian T. Zino

Advisory Board Member

William R. Moyer

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Kevin J. Carr, Senior Vice President, Chief Legal Officer, Counsel and Secretary

Nancy J. Engberg, Senior Vice President and Chief Compliance Officer

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Principal Underwriter

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

Administrator and Transfer Agent

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361

Website

Virtus.com

 

Important Notice to Shareholders
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

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P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,
please contact us at 1-800-243-1574, or Virtus.com.

8024

05-20

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SEMIANNUAL REPORT

VIRTUS OPPORTUNITIES TRUST

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March 31, 2020

Virtus Duff & Phelps Global Infrastructure Fund*

Virtus Duff & Phelps Global Real Estate Securities Fund*

Virtus Duff & Phelps International Real Estate Securities Fund*

Virtus Duff & Phelps Real Asset Fund *(f/k/a: Virtus Rampart Alternatives Diversifier Fund)

Virtus Herzfeld Fund*

Virtus Horizon Wealth Masters Fund*

Virtus KAR Emerging Markets Small-Cap Fund*

Virtus KAR International Small-Cap Fund*

Virtus KAR International Small-Mid Cap Fund*

Virtus Rampart Equity Trend Fund*

Virtus Rampart Multi-Asset Trend Fund*

Virtus Rampart Sector Trend Fund*

Virtus Vontobel Global Opportunities Fund*

Virtus Vontobel Greater European Opportunities Fund*

*Prospectus supplement applicable to this fund appears at the back of this semiannual report.

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-243-1574 or, with respect to requesting electronic delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus Mutual Funds in which you own shares directly. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

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Not FDIC Insured • No Bank Guarantee • May Lose Value

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Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		6
Portfolio Holdings Summary Weightings		8
Fund		Schedule of Investments
Virtus Duff & Phelps Global Infrastructure Fund (“Duff & Phelps Global Infrastructure Fund”)		10
Virtus Duff & Phelps Global Real Estate Securities Fund (“Duff & Phelps Global Real Estate Securities Fund”)		11
Virtus Duff & Phelps International Real Estate Securities Fund (“Duff & Phelps International Real Estate Securities Fund”)		13
Virtus Duff & Phelps Real Asset Fund (“Duff & Phelps Real Asset Fund”) (f/k/a: Rampart Alternatives Diversifier Fund)		15
Virtus Herzfeld Fund (“Herzfeld Fund”)		16
Virtus Horizon Wealth Masters Fund (“Horizon Wealth Masters Fund”)		17
Virtus KAR Emerging Markets Small-Cap Fund (“KAR Emerging Markets Small-Cap Fund”)		19
Virtus KAR International Small-Cap Fund (“KAR International Small-Cap Fund”)		21
Virtus KAR International Small-Mid Cap Fund (“KAR International Small-Mid Cap Fund”)		23
Virtus Rampart Equity Trend Fund (“Rampart Equity Trend Fund”)		25
Virtus Rampart Multi-Asset Trend Fund (“Rampart Multi-Asset Trend Fund”)		26
Virtus Rampart Sector Trend Fund (“Rampart Sector Trend Fund”)		27
Virtus Vontobel Global Opportunities Fund (“Vontobel Global Opportunities Fund”)		28
Virtus Vontobel Greater European Opportunities Fund (“Vontobel Greater European Opportunities Fund”)		30
Statements of Assets and Liabilities		32
Statements of Operations		41
Statements of Changes in Net Assets		46
Financial Highlights		53
Notes to Financial Statements		63
Results of Shareholder Meeting		79
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		83

Proxy Voting Procedures and Voting Record (Form N-PX)

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

PORTFOLIO  HOLDINGS INFORMATION

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

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

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MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Funds:

I am pleased to present this semiannual report, which reviews the performance of your Fund for the six months ended March 31, 2020.

March 2020 presented a sharp contrast to the strong fourth quarter of 2019 and beginning of 2020. Heading into the final month of the quarter, the global economy was largely shut down in response to the coronavirus pandemic, and markets reacted by declining with unprecedented speed. Policymakers swiftly introduced fiscal stimulus packages, and global central banks sought to bolster panicked markets with monetary easing. The full impact of these decisions may not be known for several months or longer.

Most asset classes were in negative territory for the six months ended March 31, 2020. U.S. large-capitalization stocks declined 12.31%, as measured by the S&P 500^® Index. Small-cap stocks, as measured by the Russell 2000^® Index, lost 23.72%. Within international equities, developed markets, as measured by the MSCI EAFE^® Index (net), were down 16.52% for the six months, while emerging markets fell 14.55%, as measured by the MSCI Emerging Markets Index (net).

In fixed income markets, the yield on the 10-year Treasury was 0.70% at March 31, 2020, down sharply from 1.68% on September 30, 2019. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 3.33% as investors fled to the perceived safety of bonds. Non-investment grade bonds, in contrast, lost 10.40% for the period, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Throughout these challenging times, our investment teams have navigated the uncertainty with discipline and skill. There is no downplaying the anxiety that comes with increased market turbulence. But for many investors, their long-term goals have not changed in the last six months. While no one can predict how or when the pandemic will be resolved, it can be helpful to focus on continuing to invest for the future. Virtus Funds offers a broad array of investment strategies and asset classes, which are available through your fund exchange privileges. To learn more, visit Virtus.com.

On behalf of our investment affiliates, we hope that you and your loved ones are well. We are here for you during this time. Please don’t hesitate to call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We are committed to meeting your needs and fulfilling our obligations to the investors who have entrusted their assets to us.

Sincerely,

George R. Aylward
President, Virtus Funds

May 2020

Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.

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VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Virtus Opportunities Trust Fund discussed in this shareholder report (each, a “Fund”), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Duff & Phelps Global Infrastructure Fund
	Class A	$ 1,000.00		$ 801.70		1.26 %		$ 5.68
	Class C	1,000.00		799.00		2.02		9.08
	Class I	1,000.00		802.90		1.03		4.64
	Class R6	1,000.00		803.50		0.85		3.83
Duff & Phelps Global Real Estate Securities Fund
	Class A	1,000.00		779.70		1.40		6.23
	Class C	1,000.00		776.80		2.15		9.55
	Class I	1,000.00		780.90		1.15		5.12
	Class R6	1,000.00		782.20		0.89		3.97
Duff & Phelps International Real Estate Securities Fund
	Class A	1,000.00		795.10		1.50		6.73
	Class C	1,000.00		791.00		2.25		10.07
	Class I	1,000.00		796.50		1.25		5.61
Duff & Phelps Real Asset Fund
	Class A	1,000.00		798.10		0.77		3.46
	Class C	1,000.00		795.30		1.57		7.05
	Class I	1,000.00		799.40		0.52		2.34
Herzfeld Fund
	Class A	1,000.00		768.60		1.60		7.07
	Class C	1,000.00		765.50		2.35		10.37
	Class I	1,000.00		769.20		1.35		5.97
Horizon Wealth Masters Fund
	Class A	1,000.00		711.50		1.25		5.35
	Class C	1,000.00		708.90		2.00		8.54
	Class I	1,000.00		712.50		1.00		4.28
KAR Emerging Markets Small-Cap Fund
	Class A	1,000.00		847.00		1.85		8.54
	Class C	1,000.00		843.70		2.60		11.98
	Class I	1,000.00		847.90		1.60		7.39
	Class R6	1,000.00		848.70		1.50		6.93
KAR International Small-Cap Fund
	Class A	1,000.00		848.40		1.52		7.02
	Class C	1,000.00		844.90		2.25		10.38
	Class I	1,000.00		849.20		1.26		5.82
	Class R6	1,000.00		849.40		1.16		5.36

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VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
KAR International Small-Mid Cap Fund**
	Class A	$1,000.00		$932.00		1.45%		$ 6.97
	Class C	1,000.00		928.00		2.20		10.55
	Class I	1,000.00		933.00		1.20		5.77
	Class R6	1,000.00		934.00		1.10		5.29
Rampart Equity Trend Fund
	Class A	1,000.00		810.00		1.57		7.10
	Class C	1,000.00		807.10		2.32		10.48
	Class I	1,000.00		811.30		1.32		5.98
	Class R6	1,000.00		811.20		1.22		5.52
Rampart Multi-Asset Trend Fund
	Class A	1,000.00		920.80		1.64		7.88
	Class C	1,000.00		917.40		2.39		11.46
	Class I	1,000.00		922.30		1.40		6.73
Rampart Sector Trend Fund
	Class A	1,000.00		843.00		1.00		4.61
	Class C	1,000.00		839.40		1.77		8.14
	Class I	1,000.00		843.80		0.77		3.55
Vontobel Global Opportunities Fund
	Class A	1,000.00		882.50		1.36		6.40
	Class C	1,000.00		879.00		2.11		9.91
	Class I	1,000.00		883.60		1.09		5.13
	Class R6	1,000.00		884.40		0.90		4.24
Vontobel Greater European Opportunities Fund
	Class A	1,000.00		862.70		1.45		6.75
	Class C	1,000.00		860.10		2.20		10.23
	Class I	1,000.00		864.40		1.20		5.59

    

*

Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

**

October 2, 2019, is the date the Fund started accruing expenses. Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund’s prospectus.

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VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Duff & Phelps Global Infrastructure Fund
	Class A	$ 1,000.00		$ 1,018.70		1.26 %		$ 6.36
	Class C	1,000.00		1,014.90		2.02		10.18
	Class I	1,000.00		1,019.85		1.03		5.20
	Class R6	1,000.00		1,020.75		0.85		4.29
Duff & Phelps Global Real Estate Securities Fund
	Class A	1,000.00		1,018.00		1.40		7.06
	Class C	1,000.00		1,014.25		2.15		10.83
	Class I	1,000.00		1,019.25		1.15		5.81
	Class R6	1,000.00		1,020.55		0.89		4.50
Duff & Phelps International Real Estate Securities Fund
	Class A	1,000.00		1,017.50		1.50		7.57
	Class C	1,000.00		1,013.75		2.25		11.33
	Class I	1,000.00		1,018.75		1.25		6.31
Duff & Phelps Real Asset Fund
	Class A	1,000.00		1,021.15		0.77		3.89
	Class C	1,000.00		1,017.15		1.57		7.92
	Class I	1,000.00		1,022.40		0.52		2.63
Herzfeld Fund
	Class A	1,000.00		1,017.00		1.60		8.07
	Class C	1,000.00		1,013.25		2.35		11.83
	Class I	1,000.00		1,018.25		1.35		6.81
Horizon Wealth Masters Fund
	Class A	1,000.00		1,018.75		1.25		6.31
	Class C	1,000.00		1,015.00		2.00		10.08
	Class I	1,000.00		1,020.00		1.00		5.05
KAR Emerging Markets Small-Cap Fund
	Class A	1,000.00		1,015.75		1.85		9.32
	Class C	1,000.00		1,012.00		2.60		13.08
	Class I	1,000.00		1,017.00		1.60		8.07
	Class R6	1,000.00		1,017.50		1.50		7.57
KAR International Small-Cap Fund
	Class A	1,000.00		1,017.40		1.52		7.67
	Class C	1,000.00		1,013.75		2.25		11.33
	Class I	1,000.00		1,018.70		1.26		6.36
	Class R6	1,000.00		1,019.20		1.16		5.86
KAR International Small-Mid Cap Fund
	Class A	1,000.00		1,017.75		1.45		7.31
	Class C	1,000.00		1,014.00		2.20		11.08
	Class I	1,000.00		1,019.00		1.20		6.06
	Class R6	1,000.00		1,019.50		1.10		5.55
Rampart Equity Trend Fund
	Class A	1,000.00		1,017.15		1.57		7.92
	Class C	1,000.00		1,013.40		2.32		11.68
	Class I	1,000.00		1,018.40		1.32		6.66
	Class R6	1,000.00		1,018.90		1.22		6.16
Rampart Multi-Asset Trend Fund
	Class A	1,000.00		1,016.80		1.64		8.27
	Class C	1,000.00		1,013.05		2.39		12.03
	Class I	1,000.00		1,018.00		1.40		7.06

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VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF October 1, 2019 TO March 31, 2020

		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio		Expenses Paid During Period*
Rampart Sector Trend Fund
	Class A	$1,000.00		$1,020.00		1.00%		$ 5.05
	Class C	1,000.00		1,016.15		1.77		8.92
	Class I	1,000.00		1,021.15		0.77		3.89
Vontobel Global Opportunities Fund
	Class A	1,000.00		1,018.20		1.36		6.86
	Class C	1,000.00		1,014.45		2.11		10.63
	Class I	1,000.00		1,019.55		1.09		5.50
	Class R6	1,000.00		1,020.50		0.90		4.55
Vontobel Greater European Opportunities Fund
	Class A	1,000.00		1,017.75		1.45		7.31
	Class C	1,000.00		1,014.00		2.20		11.08
	Class I	1,000.00		1,019.00		1.20		6.06

    

*

Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund’s prospectus.

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VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited)

March 31, 2020

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Bloomberg Barclays U.S. Corporate High Yield Bond Index

The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Exchange-Traded Fund (“ETF”)

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

The HFRX Equity Market Neutral Index is a common benchmark for long/short market neutral hedge funds, which employ sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between select securities for purchase and sale.

iShares^®

Represents shares of an open-end exchange-traded fund.

London Interbank Offered Rate (“LIBOR”)

A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

Master Limited Partnership (“MLP”)

A type of limited partnership that is publicly traded. The partnership must derive most of its cash flows from real estate, natural resources and commodities.

MSCI EAFE^® Index (net)

The MSCI EAFE^® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI Emerging Markets Index (net)

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Real Estate Investment Trust (“REIT”)

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

Russell 2000^® Index

The Russell 2000^® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

S&P 500^® Index

The S&P 500^® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Standard & Poor’s Depositary Receipt (SPDR^®)

A portfolio of stocks tracking an index, commonly held by ETFs that offer investors a manner in which to experience the investment performance of the index without owning each individual security.

Sponsored ADR

An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange (“NYSE”).

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VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited) (Continued) March 31, 2020

Swedish Depositary Receipt (“SDR”)

Represents common shares in foreign companies kept in safe custody with Skandinaviska Enskilda Banken AB, in order to enable listing and trading on OMS Nordic Exchange Stockholm AB (the Stockholm Exchange) in Sweden.

U.S. Treasury-Inflation Protected Securities (TIPS)

A United States Treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation.

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VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)

March 31, 2020

For each Fund, the following tables present asset allocations within certain sectors as a percentage of total investments as of March 31, 2020.

Duff & Phelps Global Infrastructure Fund

Utilities	52%
Industrials	23
Real Estate	11
Energy	11
Communication Services	3
Total	100%

Duff & Phelps Global Real Estate Securities Fund

Industrial/Office REITs	28%
Residential REITs	20
Real Estate Operating Companies	11
Retail REITs	7
Health Care REITs	6
Office REITs	6
Data Centers REITs	5
Other REITs	17
Total	100%

 

Duff & Phelps International Real Estate Securities Fund

Real Estate Operating Companies	25%
Industrial/Office REITs	24
Office REITs	13
Residential REITs	11
Retail REITs	7
Diversified Real Estate Activities REITs	7
Specialized REITs	6
Other (includes short-term investment)	7
Total	100%

Duff & Phelps Real Asset Fund

Affiliated Mutual Funds		67%
Exchange-Traded Funds		29
Short-Term Investment		4
Total		100%

 

Herzfeld Fund

Fixed Income Funds	53%
Preferred Stocks	18
Equity Funds	12
International Equity Funds	11
International Fixed Income Funds	6
Total	100%

Horizon Wealth Masters Fund

Consumer Discretionary	24%
Financials	14
Communication Services	13
Industrials	13
Information Technology	9
Real Estate	8
Consumer Staples	7
Other	12
Total	100%

 

KAR Emerging Markets Small-Cap Fund

Industrials	32%
Communication Services	24
Consumer Staples	13
Information Technology	9
Financials	5
Consumer Discretionary	3
Materials	2
Other (includes short-term investment)	12
Total	100%

KAR International Small-Cap Fund

Communication Services	29%
Industrials	27
Financials	13
Information Technology	12
Consumer Staples	6
Consumer Discretionary	6
Health Care	3
Other (includes short-term investment)	4
Total	100%

 

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VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited) (Continued)

March 31, 2020

KAR International Small-Mid Cap Fund

Communication Services	29%
Industrials	26
Information Technology	15
Financials	12
Consumer Discretionary	4
Materials	3
Health Care	2
Other (includes short-term investment)	9
Total	100%

Rampart Equity Trend Fund

Short-Term Investment	95%
Consumer Staples	2
Materials	2
Health Care	1
Total	100%

 

Rampart Multi-Asset Trend Fund

Short-Term Investment		56%
Exchange-Traded Funds		42
Common Stocks		2
Total		100%

Rampart Sector Trend Fund

Short-Term Investment	100%
Total	100%

 

Vontobel Global Opportunities Fund

Information Technology	23%
Consumer Discretionary	20
Consumer Staples	20
Health Care	13
Communication Services	10
Financials	6
Industrials	5
Other	3
Total	100%

Vontobel Greater European Opportunities Fund

Consumer Staples	23%
Industrials	21
Health Care	15
Consumer Discretionary	15
Information Technology	10
Financials	8
Materials	5
Other	3
Total	100%

 

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Duff & Phelps Global Infrastructure Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—99.2%
Communication Services—2.9%
Cellnex Telecom SA 144A (Spain)(1)	50,010		$ 2,268
Energy—10.7%
Cheniere Energy, Inc. (United States)(2)	32,162		1,078
Enbridge, Inc. (Canada)	87,464		2,544
Kinder Morgan, Inc. (United States)	86,494		1,204
Pembina Pipeline Corp. (Canada)	38,862		729
TC Energy Corp. (Canada)	42,405		1,879
Williams Cos., Inc. (The) (United States)	57,835		818
			8,252
Industrials—22.6%
Aena SME SA 144A (Spain)(1)	16,261		1,764
Atlantia SpA (Italy)(2)	95,348		1,185
Auckland International Airport Ltd. (New Zealand)	212,437		633
Canadian Pacific Railway Ltd. (Canada)	7,635		1,677
Ferrovial SA (Spain)	58,278		1,383
Fraport AG Frankfurt Airport Services Worldwide (Germany)(2)	15,335		617
Norfolk Southern Corp. (United States)	12,841		1,875
Sydney Airport (Australia)	316,428		1,093
Transurban Group (Australia)(2)	363,357		2,707
Union Pacific Corp. (United States)	19,219		2,711
Vinci SA (France)	22,463		1,835
			17,480
Real Estate—11.4%
American Tower Corp. (United States)	23,617		5,143

	Shares		Value
Real Estate—continued
Crown Castle International Corp. (United States)	25,425		$ 3,671
			8,814
Utilities—51.6%
Ameren Corp. (United States)	19,248		1,402
American Electric Power Co., Inc. (United States)	30,826		2,465
American Water Works Co., Inc. (United States)	13,699		1,638
Atmos Energy Corp. (United States)	16,550		1,642
CenterPoint Energy, Inc. (United States)	57,100		882
CMS Energy Corp. (United States)	26,321		1,546
Dominion Energy, Inc. (United States)	49,464		3,571
DTE Energy Co. (United States)	11,254		1,069
Edison International (United States)	28,721		1,574
Enel SpA (Italy)	162,100		1,118
Energias de Portugal SA (Portugal)	328,095		1,320
Essential Utilities, Inc. (United States)	32,466		1,321
Fortis, Inc. (Canada)	47,445		1,830
Iberdrola SA (Spain)	142,133		1,390
National Grid plc (United Kingdom)	216,419		2,529
Naturgy Energy Group SA (Spain)	51,229		899
NextEra Energy, Inc. (United States)	23,926		5,757
NiSource, Inc. (United States)	52,986		1,323
Orsted A/S 144A (Denmark)(1)	19,401		1,899
Public Service Enterprise Group, Inc. (United States)	41,050		1,844

	Shares		Value
Utilities—continued
Sempra Energy (United States)	24,679		$ 2,788
			39,807
Total Common Stocks (Identified Cost $79,604)			76,621
Total Long-Term Investments—99.2% (Identified Cost $79,604)			76,621
TOTAL INVESTMENTS—99.2% (Identified Cost $79,604)			$76,621
Other assets and liabilities, net—0.8%			595
NET ASSETS—100.0%			$77,216

    

Footnote Legend:
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $5,931 or 7.7% of net assets.
(2)	Non-income producing.

    

Country Weightings†
United States	59%
Canada	11
Spain	10
Australia	5
United Kingdom	3
Italy	3
Denmark	3
Other	6
Total	100%
† % of total investments as of March 31, 2020.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$76,621		$53,981		$22,640
Total Investments	$76,621		$53,981		$22,640

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

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Duff & Phelps Global Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—98.0%
Australia—2.4%
Dexus	501,339		$ 2,778
GPT Group (The) - In Specie(1)(2)	13,566		—
National Storage REIT	2,393,333		2,322
			5,100
Belgium—1.8%
Warehouses De Pauw CVA	137,484		3,924
Canada—4.1%
Boardwalk Real Estate Investment Trust	108,600		1,768
Granite Real Estate Investment Trust	119,829		4,950
Summit Industrial Income REIT	349,400		2,202
			8,920
France—1.0%
Klepierre SA	118,580		2,260
Germany—4.6%
Aroundtown SA	377,480		1,889
Deutsche Wohnen SE	69,500		2,634
Vonovia SE	106,419		5,294
			9,817
Hong Kong—2.5%
Link REIT	292,504		2,466
Swire Properties Ltd.	1,008,000		2,816
			5,282
India—0.9%
Ascendas India Trust	2,260,800		1,902
Ireland—0.9%
Irish Residential Properties REIT plc	1,421,000		1,924
Japan—11.0%
Invesco Office J-REIT, Inc.	20,792		2,754
Kenedix Office Investment Corp.	397		2,102
Kenedix Residential Next Investment Corp.	1,890		2,957
Mitsubishi Estate Co., Ltd.	553,000		8,167
Mitsui Fudosan Logistics Park, Inc.	1,080		4,569
Nippon Prologis REIT, Inc.	1,183		2,977
			23,526
Norway—1.4%
Entra ASA 144A(3)	245,302		2,930

	Shares		Value
Singapore—0.7%
Mapletree Industrial Trust	900,100		$ 1,529
Spain—2.5%
Inmobiliaria Colonial Socimi SA	313,500		2,955
Merlin Properties Socimi SA	311,000		2,347
			5,302
Sweden—2.3%
Catena AB	73,000		2,119
Kungsleden AB	380,300		2,861
			4,980
United Kingdom—5.1%
Derwent London plc	38,310		1,547
Safestore Holdings plc	255,557		2,021
Segro plc	174,928		1,654
UNITE Group plc (The)	371,900		3,711
Workspace Group plc	211,800		1,987
			10,920
United States—56.8%
Alexandria Real Estate Equities, Inc.	43,865		6,012
American Homes 4 Rent Class A	147,550		3,423
Americold Realty Trust	115,711		3,939
Apartment Investment & Management Co. Class A	81,831		2,876
AvalonBay Communities, Inc.	42,465		6,250
Brixmor Property Group, Inc.	214,533		2,038
Cousins Properties, Inc.	123,100		3,603
Crown Castle International Corp.	36,150		5,220
CubeSmart	144,475		3,870
CyrusOne, Inc.	54,861		3,388
Douglas Emmett, Inc.	85,905		2,621
Duke Realty Corp.	198,596		6,431
Equinix, Inc.	11,950		7,464
Equity Residential	104,115		6,425
Essex Property Trust, Inc.	7,077		1,559
Extra Space Storage, Inc.	50,365		4,823
Healthcare Trust of America, Inc. Class A	150,600		3,657
Healthpeak Properties, Inc.	242,400		5,781
Host Hotels & Resorts, Inc.	64,806		715
Invitation Homes, Inc.	161,610		3,454
Mid-America Apartment Communities, Inc.	30,200		3,112
Prologis, Inc.	139,234		11,190
Regency Centers Corp.	45,950		1,766
Rexford Industrial Realty, Inc.	56,700		2,325

	Shares		Value
United States—continued
RLJ Lodging Trust	56,507		$ 436
Ryman Hospitality Properties, Inc.	44,236		1,586
Simon Property Group, Inc.	31,631		1,735
Spirit Realty Capital, Inc.	98,616		2,579
STORE Capital Corp.	116,135		2,104
Sun Communities, Inc.	42,306		5,282
VICI Properties, Inc.	180,050		2,996
Welltower, Inc.	74,600		3,415
			122,075
Total Common Stocks (Identified Cost $231,070)			210,391
Total Long-Term Investments—98.0% (Identified Cost $231,070)			210,391
TOTAL INVESTMENTS—98.0% (Identified Cost $231,070)			$210,391
Other assets and liabilities, net—2.0%			4,383
NET ASSETS—100.0%			$214,774

    

Abbreviation:
REIT	Real Estate Investment Trust

    

Footnote Legend:
(1)	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.
(2)	Non-income producing.
(3)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $2,930 or 1.4% of net assets.

    

Country Weightings†
United States	58%
Japan	11
United Kingdom	5
Germany	5
Canada	4
Spain	3
Hong Kong	3
Other	11
Total	100%
† % of total investments as of March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

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Duff & Phelps Global Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Equity Securities:
Common Stocks	$210,391		$130,996		$79,395		$— (1)
Total Investments	$210,391		$130,996		$79,395		$—

    

(1)	Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2020.

See Notes to Financial Statements

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Duff & Phelps International Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—97.6%
Australia—5.8%
Dexus	216,718		$ 1,201
GPT Group (The) - In Specie(1)(2)	588,920		—
National Storage REIT	1,083,504		1,051
			2,252
Belgium—4.6%
Warehouses De Pauw CVA	62,205		1,776
Canada—7.5%
Boardwalk Real Estate Investment Trust	41,000		668
Granite Real Estate Investment Trust	33,876		1,399
Summit Industrial Income REIT	133,000		838
			2,905
China—1.7%
GDS Holdings Ltd. ADR(2)	11,700		678
France—1.8%
Klepierre SA	36,331		692
Germany—10.2%
Aroundtown SA	152,640		764
Deutsche Wohnen SE	26,800		1,016
Vonovia SE	43,374		2,157
			3,937
Hong Kong—10.5%
Hysan Development Co., Ltd.	168,000		543
Link REIT	232,441		1,959
Swire Properties Ltd.	562,000		1,570
			4,072
India—1.6%
Ascendas India Trust	754,100		634
Ireland—2.1%
Irish Residential Properties REIT plc	604,000		818
Japan—24.8%
Ichigo Office REIT Investment Corp.	555		385
Invesco Office J-REIT, Inc.	7,354		974
Kenedix Office Investment Corp.	200		1,059
Kenedix Residential Next Investment Corp.	891		1,394
LaSalle Logiport REIT	360		488
Mitsubishi Estate Co., Ltd.	169,700		2,506

	Shares		Value
Japan—continued
Mitsui Fudosan Logistics Park, Inc.	341		$ 1,443
Nippon Prologis REIT, Inc.	544		1,369
			9,618
Norway—3.0%
Entra ASA 144A(3)	96,822		1,156
Singapore—2.5%
Mapletree Industrial Trust	561,600		954
Spain—5.3%
Inmobiliaria Colonial Socimi SA	111,500		1,051
Merlin Properties Socimi SA	131,800		995
			2,046
Sweden—4.1%
Catena AB	16,800		488
Kungsleden AB	147,700		1,111
			1,599
United Kingdom—12.1%
Derwent London plc	13,481		545
Safestore Holdings plc	131,326		1,038
Segro plc	106,368		1,005
UNITE Group plc (The)	119,400		1,192
Workspace Group plc	97,700		917
			4,697
Total Common Stocks (Identified Cost $39,431)			37,834
Total Long-Term Investments—97.6% (Identified Cost $39,431)			37,834
Short-Term Investment—0.3%
Money Market Mutual Fund—0.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(4)	126,236		126
Total Short-Term Investment (Identified Cost $126)			126
TOTAL INVESTMENTS—97.9% (Identified Cost $39,557)			$37,960
Other assets and liabilities, net—2.1%			816
NET ASSETS—100.0%			$38,776

Abbreviations:
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

    

Footnote Legend:
(1)	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.
(2)	Non-income producing.
(3)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $1,156 or 3.0% of net assets.
(4)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

    

Country Weightings†
Japan	25%
United Kingdom	12
Hong Kong	11
Germany	10
Canada	8
Australia	6
Spain	5
Other	23
Total	100%
† % of total investments as of March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

13

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Table of Contents

Duff & Phelps International Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Equity Securities:
Common Stocks	$37,834		$3,582		$34,252		$— (1)
Money Market Mutual Fund	126		126		—		—
Total Investments	$37,960		$3,708		$34,252		$—

    

(1)	Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2020.

See Notes to Financial Statements

14

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Table of Contents

Duff & Phelps Real Asset Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Affiliated Mutual Funds(1)—67.1%
Equity Funds—55.4%
Virtus Duff & Phelps Global Infrastructure Fund Class R6	534,873		$ 6,686
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6	252,629		6,303
Virtus Duff & Phelps Select MLP and Energy Fund Class I	402,987		1,733
			14,722
Fixed Income Fund—11.7%
Virtus Newfleet Senior Floating Rate Fund Class R6	407,427		3,125
Total Affiliated Mutual Funds (Identified Cost $18,693)			17,847
Exchange-Traded Funds(1)—28.3%
Invesco DB Commodity Index Tracking Fund	73,524		827
Invesco DB Gold Fund	55,000		2,563
Schwab U.S. TIPS ETF	42,500		2,444

	Shares		Value
SPDR S&P Global Natural Resources ETF	55,000		$ 1,702
Total Exchange-Traded Funds (Identified Cost $8,291)			7,536
Total Long-Term Investments—95.4% (Identified Cost $26,984)			25,383
Short-Term Investment—4.4%
Money Market Mutual Fund(1)—4.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)	1,160,248		1,160
Total Short-Term Investment (Identified Cost $1,160)			1,160
TOTAL INVESTMENTS—99.8% (Identified Cost $28,144)			$26,543
Other assets and liabilities, net—0.2%			47
NET ASSETS—100.0%			$26,590

Abbreviations:
DB	Deutsche Bank AG
ETF	Exchange-Traded Fund
MLP	Master Limited Partnership
SPDR	S&P Depositary Receipt
TIPS	Treasury-Inflation Protected Securities

    

Footnote Legend:
(1)	Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices
Assets:
Equity Securities:
Exchange-Traded Funds	$ 7,536		$ 7,536
Affiliated Mutual Funds	17,847		17,847
Money Market Mutual Fund	1,160		1,160
Total Investments	$26,543		$26,543

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

15

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Table of Contents

Herzfeld Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Closed End Funds(1)—80.4%
Equity Funds—11.4%
Cornerstone Strategic Value Fund, Inc.	241,663		$ 1,962
Cornerstone Total Return Fund, Inc.	131,630		1,048
			3,010
Fixed Income Funds—52.5%
Advent Convertible and Income Fund	26,693		284
Apollo Tactical Income Fund, Inc.	62,227		705
BlackRock Debt Strategies Fund, Inc.	40,261		340
Eaton Vance Ltd. Duration Income Fund	147,531		1,559
Eaton Vance Short Duration Diversified Income Fund	133,083		1,455
Highland Income Fund	343,124		2,927
Nuveen Credit Strategies Income Fund	236,943		1,343
OFS Credit Co., Inc.	59,680		395
PGIM High Yield Bond Fund, Inc.	139,515		1,616
Pioneer Municipal High Income Advantage Trust	39,748		405
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.	57,260		733
Vertical Capital Income Fund	140,431		1,177
Western Asset High Income Fund II, Inc.	58,761		294

	Shares		Value
Fixed Income Funds—continued
Western Asset Mortgage Opportunity Fund, Inc.	44,251		$ 566
			13,799
International Equity Funds—10.9%
NexPoint Strategic Opportunities Fund	346,725		2,864
International Fixed Income Funds—5.6%
BrandywineGLOBAL Global Income Opportunities Fund, Inc.	90		1
PGIM Global High Yield Fund, Inc.	132,893		1,470
			1,471
Total Closed End Funds (Identified Cost $29,682)			21,144
Preferred Stocks—17.8%
Financials—17.8%
Allied Capital Corp., 6.875%	41,639		975
Eagle Point Credit Co., Inc., 6.750%	28,519		592
Medallion Financial Corp., 9.000%	66,421		1,422
OFS Capital Corp., 6.375%	1,899		36
Oxford Lane Capital Corp., 6.750%	42,951		795
Oxford Lane Capital Corp., 6.250%	696		12

	Shares		Value
Financials—continued
Oxford Square Capital Corp., 6.500%	8,000		$ 146
PennantPark Investment Corp. Series C, 5.500%	1,100		20
Prospect Capital Corp., 6.250%	33,589		696
			4,694
Total Preferred Stocks (Identified Cost $4,125)			4,694
Total Long-Term Investments—98.2% (Identified Cost $33,807)			25,838
TOTAL INVESTMENTS—98.2% (Identified Cost $33,807)			$25,838
Other assets and liabilities, net—1.8%			465
NET ASSETS—100.0%			$26,303

    

Footnote Legend:
(1)	Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices
Assets:
Equity Securities:
Closed End Funds	$21,144		$21,144
Preferred Stocks	4,694		4,694
Total Investments	$25,838		$25,838

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

16

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Table of Contents

Horizon Wealth Masters Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—100.0%
Communication Services—12.9%
Alphabet, Inc. Class C(1)	140		$ 163
AMC Networks, Inc. Class A(1)	5,604		136
Comcast Corp. Class A	4,347		149
Discovery, Inc. Class C(1)	8,282		145
DISH Network Corp. Class A(1)	7,159		143
Facebook, Inc. Class A(1)	1,022		171
Fox Corp. Class A	6,854		162
GCI Liberty, Inc. Class A(1)	3,550		202
IAC/InterActiveCorp (1)	1,118		200
Liberty Braves Group Class C(1)	9,922		189
Liberty Broadband Corp. Class C(1)	1,627		180
Liberty Formula One Class C(1)	6,516		177
Liberty Global plc Class C(1)	9,416		148
Liberty Latin America Ltd. Class C(1)	16,455		169
Liberty Sirius XM Group Class C(1)	5,361		170
Liberty TripAdvisor Holdings, Inc. Class A(1)	123,854		223
Lions Gate Entertainment Corp. Class B(1)	24,846		139
Madison Square Garden Co. (The) Class A(1)	765		162
MSG Networks, Inc. Class A(1)	12,909		132
News Corp. Class A	16,169		145
ViacomCBS, Inc. Class B	12,379		173
			3,478
Consumer Discretionary—24.0%
Amazon.com, Inc.(1)	83		162
American Eagle Outfitters, Inc.	17,050		136
AutoNation, Inc.(1)	5,992		168
Buckle, Inc. (The)	9,453		130
Carnival Corp.	15,658		206
Choice Hotels International, Inc.	2,794		171
Columbia Sportswear Co.	2,465		172
Designer Brands, Inc. Class A	26,826		134
Dick’s Sporting Goods, Inc.	8,401		179
Dillard’s, Inc. Class A	3,504		129
eBay, Inc.	5,278		159
Expedia Group, Inc.	3,232		182
Gap, Inc. (The)	19,354		136
Garmin Ltd.	2,229		167
Horton (D.R.), Inc.	5,209		177
Hyatt Hotels Corp. Class A	3,930		188
L Brands, Inc.	14,556		168
Lands’ End, Inc.(1)	23,061		123
Las Vegas Sands Corp.	3,878		165
Lennar Corp. Class A	4,944		189
Marriott International, Inc. Class A	2,342		175

	Shares		Value
Consumer Discretionary—continued
Marriott Vacations Worldwide Corp.	3,783		$ 210
Mohawk Industries, Inc.(1)	2,355		180
Newell Brands, Inc.	12,575		167
Nordstrom, Inc.	7,352		113
Penn National Gaming, Inc.(1)	25,685		325
Penske Automotive Group, Inc.	6,694		187
Qurate Retail, Inc. Class A(1)	35,036		214
Ralph Lauren Corp.	2,217		148
Red Rock Resorts, Inc. Class A	27,066		231
Restaurant Brands International, Inc.	5,215		209
Tenneco, Inc. Class A	48,270		174
Tesla, Inc.(1)	365		191
Under Armour, Inc. Class C(1)	19,550		158
Urban Outfitters, Inc.(1)	9,712		138
Wendy’s Co. (The)	14,647		218
WW International, Inc.(1)	10,426		176
			6,455
Consumer Staples—6.9%
Boston Beer Co., Inc. (The) Class A(1)	492		181
Brown-Forman Corp. Class B	2,775		154
Constellation Brands, Inc. Class A	1,271		182
Estee Lauder Cos., Inc. (The) Class A	999		159
Hostess Brands, Inc.(1)	15,242		163
Lancaster Colony Corp.	955		138
Monster Beverage Corp.(1)	2,882		162
Nomad Foods Ltd.(1)	9,879		184
PriceSmart, Inc.	3,355		176
Spectrum Brands Holdings, Inc.	5,781		210
Tootsie Roll Industries, Inc.	4,398		158
			1,867
Energy—4.4%
Cheniere Energy, Inc.(1)	4,928		165
Continental Resources, Inc.	17,190		131
CVR Energy, Inc.	7,876		130
Exterran Corp.(1)	31,387		151
Hess Corp.	5,044		168
Par Pacific Holdings, Inc.(1)	19,694		140
RPC, Inc.	62,478		129
W&T Offshore, Inc.(1)	95,976		163
			1,177
Financials—13.9%
American Financial Group, Inc.	2,972		208
Berkley (W.R.) Corp.	3,231		169
Berkshire Hathaway, Inc. Class B(1)	895		164
BOK Financial Corp.	3,924		167
Brown & Brown, Inc.	4,502		163

	Shares		Value
Financials—continued
Charles Schwab Corp. (The)	4,908		$ 165
Cohen & Steers, Inc.	4,037		183
Erie Indemnity Co. Class A	971		144
First Citizens BancShares, Inc. Class A	495		165
Franklin Resources, Inc.	8,040		134
Greenlight Capital Re Ltd. Class A(1)	26,850		160
Hilltop Holdings, Inc.	11,904		180
Interactive Brokers Group, Inc. Class A	3,846		166
Jefferies Financial Group, Inc.	11,425		156
Loews Corp.	4,191		146
Mercury General Corp.	4,477		182
Morningstar, Inc.	1,422		165
National General Holdings Corp.	11,349		188
PJT Partners, Inc. Class A	5,657		245
Raymond James Financial, Inc.	2,339		148
Third Point Reinsurance Ltd.(1)	25,591		190
Virtu Financial, Inc. Class A	7,566		158
			3,746
Health Care—3.2%
AquaBounty Technologies, Inc.(1)	94,468		154
Bruker Corp.	4,365		156
Danaher Corp.	1,260		174
NantKwest, Inc.(1)	53,702		155
Precigen, Inc.(1)	61,120		208
			847
Industrials—12.7%
Air Lease Corp.	10,561		234
Atlas Corp.	23,688		182
Cintas Corp.	854		148
Colfax Corp.(1)	9,772		194
Covanta Holding Corp.	17,463		149
FedEx Corp.	1,402		170
Fortive Corp.	3,391		187
Heartland Express, Inc.	8,957		166
Herc Holdings, Inc.(1)	10,723		219
Hertz Global Holdings, Inc.(1)	37,657		233
MasTec, Inc.(1)	5,726		187
MSC Industrial Direct Co., Inc. Class A	3,098		170
Navistar International Corp.(1)	8,658		143
Rollins, Inc.	4,389		159
Timken Co. (The)	5,504		178
W.W. Grainger, Inc.	666		166
Welbilt, Inc.(1)	36,756		189
Werner Enterprises, Inc.	4,602		167
XPO Logistics, Inc.(1)	3,721		181
			3,422
Information Technology—8.6%
Amkor Technology, Inc.(1)	24,137		188

See Notes to Financial Statements

17

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Table of Contents

Horizon Wealth Masters Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

	Shares		Value
Information Technology—continued
Cloudera, Inc.(1)	23,055		$ 181
Conduent, Inc.(1)	83,691		205
EchoStar Corp. Class A(1)	5,248		168
Intuit, Inc.	723		166
Oracle Corp.	3,465		168
Paychex, Inc.	2,694		170
Pegasystems, Inc.	2,363		168
RealPage, Inc.(1)	3,502		185
salesforce.com, Inc.(1)	1,120		161
SS&C Technologies Holdings, Inc.	4,108		180
TTEC Holdings, Inc.	5,368		197
Xerox Holdings Corp.	8,954		170
			2,307
Materials—4.9%
Element Solutions, Inc.(1)	21,039		176
LyondellBasell Industries NV Class A	3,617		179
NewMarket Corp.	401		153
Novagold Resources, Inc.(1)	20,901		154
Scotts Miracle-Gro Co. (The)	1,744		179
Silgan Holdings, Inc.	5,914		172
TimkenSteel Corp.(1)	47,572		154
Westlake Chemical Corp.	4,216		161
			1,328
Real Estate—8.5%
American Homes 4 Rent Class A	7,525		175
Colony Capital, Inc.	106,971		187

	Shares		Value
Real Estate—continued
Equity LifeStyle Properties, Inc.	3,361		$ 193
Equity Residential	2,581		159
Gaming and Leisure Properties, Inc.	8,903		247
Host Hotels & Resorts, Inc.	15,101		167
Howard Hughes Corp. (The)(1)	3,450		174
JBG SMITH Properties	5,453		174
Marcus & Millichap, Inc.(1)	5,765		156
Seritage Growth Properties Class A	18,378		167
Simon Property Group, Inc.	2,808		154
Urban Edge Properties	18,178		160
Vornado Realty Trust	4,740		172
			2,285
Total Common Stocks (Identified Cost $28,246)			26,912
Total Long-Term Investments—100.0% (Identified Cost $28,246)			26,912
TOTAL INVESTMENTS—100.0% (Identified Cost $28,246)			$26,912
Other assets and liabilities, net—0.0%			1
NET ASSETS—100.0%			$26,913

    

Footnote Legend:
(1)	Non-income producing.

    

Country Weightings†
United States	93%
Canada	2
Bermuda	1
Virgin Islands(British)	1
Marshall Islands	1
Netherlands	1
Switzerland	1
Total	100%
† % of total investments as of March 31, 2020.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$26,912		$26,912
Total Investments	$26,912		$26,912

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

18

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Table of Contents

KAR Emerging Markets Small-Cap Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—90.0%
Communication Services—24.0%
Addcn Technology Co., Ltd. (Taiwan)	559,000		$ 3,610
Auto Trader Group plc (United Kingdom)	752,750		4,068
Autohome, Inc. ADR (China)(1)	49,881		3,542
carsales.com Ltd. (Australia)	432,903		3,111
Sarana Menara Nusantara Tbk PT (Indonesia)	72,560,800		2,994
Sea Ltd. ADR (Thailand)(1)	118,800		5,264
Wirtualna Polska Holding SA (Poland)	186,490		2,414
Wise Talent Information Technology Co., Ltd. (China)(1)	276,400		553
Yandex N.V. Class A (Russia)(1)	72,900		2,482
			28,038
Consumer Discretionary—2.6%
Union Auction PCL (Thailand)	24,380,000		3,076
Consumer Staples—12.9%
Anhui Gujing Distillery Co., Ltd. Class B (China)	386,300		3,029
Carlsberg Brewery Malaysia Bhd (Malaysia)	250,000		1,436
Cia Cervecerias Unidas SA Sponsored ADR (Chile)	131,053		1,754
Heineken Malaysia Bhd (Malaysia)	779,600		3,923
Taisun International Holding Corp. (Taiwan)	1,230,074		4,879
			15,021
Financials—5.0%
Vostok New Ventures Ltd. SDR (Sweden)(1)	1,087,147		5,791
Health Care—1.8%
Haw Par Corp., Ltd. (Singapore)	294,000		2,123

	Shares		Value
Industrials—31.7%
51job, Inc. ADR (China)(1)	38,842		$ 2,385
HeadHunter Group plc ADR (Russia)	430,800		6,880
Kerry TJ Logistics Co., Ltd. (Taiwan)	2,986,000		3,570
Marel HF (Iceland)	833,700		3,239
NICE Information Service Co., Ltd. (South Korea)	504,160		5,432
S-1 Corp. (South Korea)	67,244		4,438
SaraminHR Co., Ltd. (South Korea)	163,400		3,206
Sporton International, Inc. (Taiwan)	520,720		2,715
Taiwan Secom Co., Ltd. (Taiwan)	406,874		1,098
Voltronic Power Technology Corp. (Taiwan)	193,500		4,021
			36,984
Information Technology—9.4%
Douzone Bizon Co., Ltd. (South Korea)	22,892		1,510
Humanica PCL Foreign Shares (Thailand)	14,226,600		2,637
TOTVS SA (Brazil)	252,959		2,264
Webcash Corp. (South Korea)	146,935		4,626
			11,037
Materials—2.6%
Corp. Moctezuma SAB de C.V. (Mexico)	1,372,583		3,027
Total Common Stocks (Identified Cost $112,614)			105,097
Total Long-Term Investments—90.0% (Identified Cost $112,614)			105,097

	Shares		Value
Short-Term Investment—9.8%
Money Market Mutual Fund—9.8%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2)	11,464,992		$ 11,465
Total Short-Term Investment (Identified Cost $11,465)			11,465
TOTAL INVESTMENTS—99.8% (Identified Cost $124,079)			$116,562
Other assets and liabilities, net—0.2%			288
NET ASSETS—100.0%			$116,850

    

Abbreviations:
ADR	American Depositary Receipt
SDR	Swedish Depositary Receipt

    

Footnote Legend:
(1)	Non-income producing.
(2)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

    

Country Weightings†
Taiwan	17%
South Korea	16
United States	10
Thailand	9
China	8
Russia	8
Sweden	5
Other	27
Total	100%
† % of total investments as of March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

19

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Table of Contents

KAR Emerging Markets Small-Cap Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$105,097		$33,864		$71,233
Money Market Mutual Fund	11,465		11,465		—
Total Investments	$116,562		$45,329		$71,233

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

20

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Table of Contents

KAR International Small-Cap Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—97.3%
Communication Services—28.4%
Addcn Technology Co., Ltd. (Taiwan)	2,497,000		$ 16,125
Adevinta ASA (Norway)(1)	3,673,743		33,259
Ascential plc (United Kingdom)	13,356,562		40,598
Auto Trader Group plc (United Kingdom)	14,369,960		77,652
carsales.com Ltd. (Australia)	2,793,361		20,071
CTS Eventim AG & Co. KGaA (Germany)	389,600		17,827
Karnov Group AB (Sweden)(1)	9,090,198		47,297
MarkLines Co., Ltd. (Japan)	791,000		11,873
Rightmove plc (United Kingdom)	13,433,610		81,017
Scout24 AG (Germany)	1,232,469		73,676
			419,395
Consumer Discretionary—5.5%
Goldlion Holdings Ltd. (Hong Kong)	25,251,816		5,666
Mercari, Inc. (Japan)(1)	2,314,200		44,944
Moneysupermarket.com Group plc (United Kingdom)	8,202,127		30,480
			81,090
Consumer Staples—6.3%
Anhui Gujing Distillery Co., Ltd. Class B (China)	2,349,934		18,428
Cia Cervecerias Unidas SA Sponsored ADR (Chile)	2,771,843		37,087
Heineken Malaysia Bhd (Malaysia)	5,639,100		28,376
Taisun International Holding Corp. (Taiwan)	2,280,626		9,047
			92,938
Energy—2.3%
Computer Modelling Group Ltd. (Canada)	5,619,390		15,293
Pason Systems, Inc. (Canada)	4,288,523		19,046
			34,339
Financials—12.7%
Euroz Ltd. (Australia)	6,082,168		2,781
Gruppo Mutuionline SpA (Italy)	1,662,916		27,914

	Shares		Value
Financials—continued
Mortgage Advice Bureau Holdings Ltd. (United Kingdom)	6,611,087		$ 43,151
Numis Corp. plc (United Kingdom)	5,334,820		13,624
Sabre Insurance Group plc (United Kingdom)	14,966,973		53,134
Vostok New Ventures Ltd. SDR (Bermuda)(1)	8,691,541		46,299
			186,903
Health Care—2.9%
Haw Par Corp., Ltd. (Singapore)	5,881,019		42,461
Industrials—26.3%
AIT Corp. (Japan)	918,500		6,207
Asiakastieto Group Oyj (Finland)	1,058,191		29,739
en-japan, Inc. (Japan)	125,200		2,326
Golden Friends Corp. (Taiwan)	4,158,000		7,682
Haitian International Holdings Ltd. (Hong Kong)	20,126,000		37,330
HeadHunter Group plc ADR (Russia)	5,323,919		85,023
Howden Joinery Group plc (United Kingdom)	4,674,700		29,407
Hy-Lok Corp. (South Korea)	566,397		4,756
JOST Werke AG (Germany)	651,634		15,712
Kerry TJ Logistics Co., Ltd. (Taiwan)	15,556,000		18,599
Lumax International Corp., Ltd. (Taiwan)	7,818,259		14,176
Marel HF (Iceland)	12,883,556		50,049
Rotork plc (United Kingdom)	7,060,300		18,680
S-1 Corp. (South Korea)	154,024		10,164
SJR in Scandinavia AB Class B (Sweden)	432,148		740
VAT Group AG (Switzerland)	175,870		23,979
Voltronic Power Technology Corp. (Taiwan)	1,660,000		34,498
			389,067
Information Technology—11.5%
Alten SA (France)	500,153		35,199
Bouvet ASA (Norway)	1,066,570		33,471
Douzone Bizon Co., Ltd. (South Korea)	242,545		16,006
e-Credible Co., Ltd. (South Korea)	307,062		4,322
FDM Group Holdings plc (United Kingdom)	2,599,590		23,596

	Shares		Value
Information Technology—continued
Fortnox AB (Sweden)	1,017,524		$ 16,869
Rakus Co., Ltd. (Japan)	213,900		3,169
SimCorp A/S (Denmark)	391,883		32,674
Webstep AS (Norway)	3,119,279		4,734
			170,040
Materials—1.4%
Corp. Moctezuma SAB de C.V. (Mexico)	9,325,218		20,563
Total Common Stocks (Identified Cost $1,684,074)			1,436,796
Total Long-Term Investments—97.3% (Identified Cost $1,684,074)			1,436,796
Short-Term Investment—1.0%
Money Market Mutual Fund—1.0%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2)	13,905,601		13,906
Total Short-Term Investment (Identified Cost $13,906)			13,906
TOTAL INVESTMENTS—98.3% (Identified Cost $1,697,980)			$1,450,702
Other assets and liabilities, net—1.7%			25,727
NET ASSETS—100.0%			$1,476,429

    

Abbreviations:
ADR	American Depositary Receipt
SDR	Swedish Depositary Receipt

    

Footnote Legend:
(1)	Non-income producing.
(2)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

    

Country Weightings†
United Kingdom	28%
Germany	7
Taiwan	7
Russia	6
Norway	5
Japan	5
Sweden	5
Other	37
Total	100%
† % of total investments as of March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

21

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Table of Contents

KAR International Small-Cap Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$1,436,796		$193,881		$1,242,915
Money Market Mutual Fund	13,906		13,906		—
Total Investments	$1,450,702		$207,787		$1,242,915

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

22

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Table of Contents

KAR International Small-Mid Cap Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—93.8%
Communication Services—29.1%
Adevinta ASA (Norway)(1)	31,678		$ 287
Ascential plc (United Kingdom)	62,587		190
Auto Trader Group plc (United Kingdom)	85,580		462
carsales.com Ltd. (Australia)	16,152		116
CTS Eventim AG & Co. KGaA (Germany)	6,177		283
Karnov Group AB (Sweden)(1)	52,174		271
MarkLines Co., Ltd. (Japan)	2,100		32
Rightmove plc (United Kingdom)	79,929		482
Scout24 AG (Germany)	6,575		393
Yandex N.V. Class A (Russia)(1)	4,479		153
			2,669
Consumer Discretionary—3.5%
Mercari, Inc. (Japan)(1)	11,100		215
Union Auction PCL (Thailand)	791,000		100
			315
Consumer Staples—1.4%
Cia Cervecerias Unidas SA Sponsored ADR (Chile)	9,776		131
Energy—1.3%
Pason Systems, Inc. (Canada)	25,899		115
Financials—11.7%
Gruppo Mutuionline SpA (Italy)	16,700		280
Mortgage Advice Bureau Holdings Ltd. (United Kingdom)	46,533		304
Sabre Insurance Group plc (United Kingdom)	58,551		208
Vostok New Ventures Ltd. SDR (Bermuda)(1)	52,937		282
			1,074
Health Care—1.8%
Haw Par Corp., Ltd. (Singapore)	23,000		166
Industrials—26.2%
51job, Inc. ADR (China)(1)	3,059		188

	Shares		Value
Industrials—continued
Asiakastieto Group Oyj (Finland)	3,385		$ 95
DSV PANALPINA A/S (Denmark)	1,640		149
en-japan, Inc. (Japan)	200		4
Haitian International Holdings Ltd. (Hong Kong)	70,000		130
HeadHunter Group plc ADR (Russia)	32,002		511
JOST Werke AG (Germany)	2,181		53
Knorr-Bremse AG (Germany)	1,870		165
Marel HF (Iceland)	50,477		196
MTU Aero Engines AG (Germany)	791		114
Rotork plc (United Kingdom)	40,194		106
S-1 Corp. (South Korea)	1,804		119
Simplybiz Group plc (The) (United Kingdom)	95,937		173
VAT Group AG (Switzerland)	1,119		153
Voltronic Power Technology Corp. (Taiwan)	12,000		249
			2,405
Information Technology—15.4%
Admicom Oyj (Finland)	1,420		104
Alten SA (France)	3,515		247
Bouvet ASA (Norway)	5,188		163
FDM Group Holdings plc (United Kingdom)	15,911		145
Fortnox AB (Sweden)	8,636		143
Freee KK (Japan)(1)	5,300		170
SimCorp A/S (Denmark)	2,913		243
Webcash Corp. (South Korea)	6,355		200
			1,415
Materials—3.4%
Chr. Hansen Holding A/S (Denmark)	2,321		171
Corp. Moctezuma SAB de C.V. (Mexico)	63,122		139
			310
Total Common Stocks (Identified Cost $8,611)			8,600
Total Long-Term Investments—93.8% (Identified Cost $8,611)			8,600

	Shares		Value
Short-Term Investment—6.4%
Money Market Mutual Fund—6.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2)	591,752		$ 592
Total Short-Term Investment (Identified Cost $592)			592
TOTAL INVESTMENTS—100.2% (Identified Cost $9,203)			$9,192
Other assets and liabilities, net—(0.2)%			(20)
NET ASSETS—100.0%			$9,172

    

Abbreviations:
ADR	American Depositary Receipt
SDR	Swedish Depositary Receipt

    

Footnote Legend:
(1)	Non-income producing.
(2)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

    

Country Weightings†
United Kingdom	23%
Germany	11
Russia	7
United States	6
Denmark	6
Norway	5
Japan	5
Other	37
Total	100%
† % of total investments as of March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

23

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Table of Contents

Table of Contents

KAR International Small-Mid Cap Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$8,600		$1,480		$7,120
Money Market Mutual Fund	592		592		—
Total Investments	$9,192		$2,072		$7,120

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

24

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Table of Contents

Table of Contents

Rampart Equity Trend Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—4.9%
Consumer Staples—1.7%
Kroger Co. (The)	117,292		$ 3,533
Health Care—1.6%
AbbVie, Inc.	9,727		741
Alexion Pharmaceuticals, Inc.(1)	1,467		132
Amgen, Inc.	4,049		821
Biogen, Inc.(1)	1,191		377
Gilead Sciences, Inc.	8,491		635
Incyte Corp.(1)	1,195		87
Regeneron Pharmaceuticals, Inc.(1)	529		258
Vertex Pharmaceuticals, Inc.(1)	1,686		401
			3,452

	Shares		Value
Materials—1.6%
Newmont Corp.	77,538		$ 3,511
Total Common Stocks (Identified Cost $10,057)			10,496
Total Long-Term Investments—4.9% (Identified Cost $10,057)			10,496
Short-Term Investment—92.3%
Money Market Mutual Fund—92.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2)	197,064,019		197,064
Total Short-Term Investment (Identified Cost $197,064)			197,064
TOTAL INVESTMENTS—97.2% (Identified Cost $207,121)			$207,560
Other assets and liabilities, net—2.8%			5,897
NET ASSETS—100.0%			$213,457

    

Footnote Legend:
(1)	Non-income producing.
(2)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$ 10,496		$ 10,496
Money Market Mutual Fund	197,064		197,064
Total Investments	$207,560		$207,560

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

25

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Table of Contents

Rampart Multi-Asset Trend Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—1.7%
Consumer Staples—0.6%
Kroger Co. (The)	7,845		$ 236
Health Care—0.6%
AbbVie, Inc.	650		49
Alexion Pharmaceuticals, Inc.(1)	98		9
Amgen, Inc.	271		55
Biogen, Inc.(1)	80		25
Gilead Sciences, Inc.	570		43
Incyte Corp.(1)	80		6
Regeneron Pharmaceuticals, Inc.(1)	35		17
Vertex Pharmaceuticals, Inc.(1)	113		27
			231
Materials—0.5%
Newmont Corp.	5,052		229
Total Common Stocks (Identified Cost $669)			696
Exchange-Traded Funds(2)—40.0%
Invesco DB Gold Fund	27,765		1,294
Invesco DB US Dollar Index Bullish Fund	49,098		1,317
iShares 1-3 Year Treasury Bond ETF	82,537		7,154

	Shares		Value
iShares 20+ Year Treasury Bond ETF	28,841		$ 4,758
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	14,464		1,325
Total Exchange-Traded Funds (Identified Cost $14,957)			15,848
Total Long-Term Investments—41.7% (Identified Cost $15,626)			16,544
Short-Term Investment—53.4%
Money Market Mutual Fund—53.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(2)	21,149,589		21,150
Total Short-Term Investment (Identified Cost $21,150)			21,150
TOTAL INVESTMENTS—95.1% (Identified Cost $36,776)			$37,694
Other assets and liabilities, net—4.9%			1,945
NET ASSETS—100.0%			$39,639

Abbreviations:
DB	Deutsche Bank AG
ETF	Exchange-Traded Fund
SPDR	S&P Depositary Receipt

    

Footnote Legend:
(1)	Non-income producing.
(2)	Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$ 696		$ 696
Exchange-Traded Funds	15,848		15,848
Money Market Mutual Fund	21,150		21,150
Total Investments	$37,694		$37,694

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

26

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Table of Contents

Rampart Sector Trend Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Short-Term Investment—95.4%
Money Market Mutual Fund—95.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.290%)(1)	144,096,815		$ 144,097
Total Short-Term Investment (Identified Cost $144,097)			144,097
TOTAL INVESTMENTS—95.4% (Identified Cost $144,097)			$144,097
Other assets and liabilities, net—4.6%			7,005
NET ASSETS—100.0%			$151,102

    

Footnote Legend:
(1)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices
Assets:
Money Market Mutual Fund	$144,097		$144,097
Total Investments	$144,097		$144,097

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

27

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Table of Contents

Vontobel Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Common Stocks—97.2%
Communication Services—9.5%
Alphabet, Inc. Class C (United States)(1)	6,220		$ 7,233
Comcast Corp. Class A (United States)	171,715		5,903
Tencent Holdings Ltd. (China)	149,684		7,398
Walt Disney Co. (The) (United States)	60,834		5,877
			26,411
Consumer Discretionary—19.2%
adidas AG (Germany)	13,522		3,002
Alibaba Group Holding Ltd. Sponsored ADR (China)(1)	43,335		8,428
Amazon.com, Inc. (United States)(1)	6,139		11,969
Booking Holdings, Inc. (Netherlands)(1)	4,430		5,960
EssilorLuxottica SA (France)	32,204		3,410
Flutter Entertainment plc (Ireland)	42,779		3,848
LVMH Moet Hennessy Louis Vuitton SE (France)	10,196		3,740
NIKE, Inc. Class B (United States)	42,856		3,546
O’Reilly Automotive, Inc. (United States)(1)	11,596		3,491
Ross Stores, Inc. (United States)	30,151		2,622
Starbucks Corp. (United States)	52,864		3,475
			53,491
Consumer Staples—19.1%
Alimentation Couche-Tard, Inc. Class B (Canada)	305,724		7,201
Anheuser-Busch InBev NV (Belgium)	113,376		5,008
Coca-Cola Co. (The) (United States)	147,208		6,514
Heineken NV (Netherlands)	64,356		5,461
Nestle S.A. Registered Shares (Switzerland)	95,000		9,725
PepsiCo, Inc. (United States)	46,842		5,626
Unilever NV (Netherlands)	215,397		10,587

	Shares		Value
Consumer Staples—continued
Wal-Mart de Mexico SAB de C.V. (Mexico)	1,356,515		$ 3,196
			53,318
Financials—5.8%
Berkshire Hathaway, Inc. Class B (United States)(1)	26,380		4,823
CME Group, Inc. (United States)	14,705		2,543
HDFC Bank Ltd. (India)	407,073		4,639
Housing Development Finance Corp., Ltd. (India)	191,937		4,143
			16,148
Health Care—12.9%
Becton, Dickinson & Co. (United States)	24,192		5,559
Boston Scientific Corp. (United States)(1)	164,405		5,364
Intuitive Surgical, Inc. (United States)(1)	6,353		3,146
Johnson & Johnson (United States)	51,354		6,734
Medtronic plc (United States)	84,449		7,616
UnitedHealth Group, Inc. (United States)	31,083		7,751
			36,170
Industrials—5.3%
RELX plc (United Kingdom)	190,707		4,077
Safran SA (France)	68,318		6,053
Teleperformance (France)	15,549		3,221
Wolters Kluwer NV (Netherlands)	18,756		1,330
			14,681
Information Technology—22.3%
Adobe, Inc. (United States)(1)	9,372		2,982
Mastercard, Inc. Class A (United States)	42,276		10,212
Microsoft Corp. (United States)	86,428		13,631
PayPal Holdings, Inc. (United States)(1)	44,103		4,222
SAP SE (Germany)	82,606		9,223
Synopsys, Inc. (United States)(1)	26,016		3,351

	Shares		Value
Information Technology—continued
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)	59,714		$ 2,854
Tata Consultancy Services Ltd. (India)	250,434		6,025
Visa, Inc. Class A (United States)	60,794		9,795
			62,295
Materials—2.5%
Air Liquide SA (France)	22,405		2,860
Sherwin-Williams Co. (The) (United States)	9,079		4,172
			7,032
Real Estate—0.6%
American Tower Corp. (United States)	7,881		1,716
Total Common Stocks (Identified Cost $223,033)			271,262
Total Long-Term Investments—97.2% (Identified Cost $223,033)			271,262
TOTAL INVESTMENTS—97.2% (Identified Cost $223,033)			$271,262
Other assets and liabilities, net—2.8%			7,926
NET ASSETS—100.0%			$279,188

    

Abbreviation:
ADR	American Depositary Receipt

    

Footnote Legend:
(1)	Non-income producing.

    

Country Weightings†
United States	55%
Netherlands	9
France	7
China	6
India	5
Germany	5
Switzerland	4
Other	9
Total	100%
† % of total investments as of March 31, 2020.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

28

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Table of Contents

Vontobel Global Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$271,262		$177,512		$93,750
Total Investments	$271,262		$177,512		$93,750

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

29

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Table of Contents

Vontobel Greater European Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

($ reported in thousands)

	Shares		Value
Preferred Stock—3.4%
Health Care—3.4%
Grifols SA (Preference Shares), Class B, 0.000% (Spain)	6,005		$ 118
Total Preferred Stock (Identified Cost $99)			118
Common Stocks—92.1%
Communication Services—2.8%
Cellnex Telecom SA 144A (Spain)(1)	2,153		98
Consumer Discretionary—13.9%
adidas AG (Germany)	286		64
Booking Holdings, Inc. (Netherlands)(2)	37		50
Brunello Cucinelli S.p.A (Italy)	255		8
EssilorLuxottica SA (France)	728		77
Ferrari NV (Italy)	178		27
Flutter Entertainment plc (Ireland)	735		66
Hermes International (France)	18		12
Industria de Diseno Textil SA (Spain)	1,297		34
La Francaise des Jeux SAEM 144A (France)(1)(2)	1,540		39
LVMH Moet Hennessy Louis Vuitton SE (France)	145		53
Prosus NV (Netherlands)(2)	796		56
			486
Consumer Staples—22.1%
Anheuser-Busch InBev NV (Belgium)	1,439		64
Diageo plc (United Kingdom)	1,799		57
Heineken NV (Netherlands)	794		67
L’Oreal SA (France)	140		36
Nestle S.A. Registered Shares (Switzerland)	1,989		204
Pernod Ricard SA (France)	299		42
Philip Morris International, Inc. (United States)	1,414		103
Reckitt Benckiser Group plc (United Kingdom)	406		31

	Shares		Value
Consumer Staples—continued
Unilever NV (Netherlands)	3,431		$ 169
			773
Financials—7.5%
Bankinter SA (Spain)	4,258		15
Groupe Bruxelles Lambert SA (Belgium)	428		34
KBC Group NV (Belgium)	516		23
London Stock Exchange Group plc (United Kingdom)	1,403		126
Pargesa Holding SA (Switzerland)	436		29
Svenska Handelsbanken AB Class A (Sweden)(2)	2,207		18
UBS Group AG Registered Shares (Switzerland)	1,987		18
			263
Health Care—10.7%
Alcon, Inc. (Switzerland)(2)	2,068		106
Coloplast A/S Class B (Denmark)	274		40
Eurofins Scientific SE (Luxembourg)	129		63
Lonza Group AG (Switzerland)	126		52
Medtronic plc (United States)	1,281		115
			376
Industrials—20.4%
Ashtead Group plc (United Kingdom)	2,640		57
DCC plc (Ireland)	1,133		71
IMCD NV (Netherlands)	559		40
Kingspan Group plc (Ireland)	776		42
RELX plc (United Kingdom)	5,015		107
Rentokil Initial plc (United Kingdom)	17,538		84
Safran SA (France)	590		52
Teleperformance (France)	520		108
Vinci SA (France)	635		52
Wolters Kluwer NV (Netherlands)	1,460		103
			716
Information Technology—9.7%
Accenture plc Class A (United States)	797		130

	Shares		Value
Information Technology—continued
Adyen NV (Netherlands)(2)	31		$ 26
Amadeus IT Group SA (Spain)	681		32
Halma plc (United Kingdom)	757		18
SAP SE (Germany)	1,210		135
			341
Materials—5.0%
Air Liquide SA (France)	720		92
Sika AG Registered Shares (Switzerland)	506		83
			175
Total Common Stocks (Identified Cost $2,534)			3,228
Total Long-Term Investments—95.5% (Identified Cost $2,633)			3,346
TOTAL INVESTMENTS—95.5% (Identified Cost $2,633)			$3,346
Other assets and liabilities, net—4.5%			159
NET ASSETS—100.0%			$3,505

    

Footnote Legend:
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to a value of $137 or 3.9% of net assets.
(2)	Non-income producing.

    

Country Weightings†
France	17%
Netherlands	15
Switzerland	15
United Kingdom	14
United States	10
Spain	9
Germany	6
Other	14
Total	100%
† % of total investments as of March 31, 2020.

See Notes to Financial Statements

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Vontobel Greater European Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of March 31, 2020, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2020		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$3,228		$424		$2,804
Preferred Stock	118		—		118
Total Investments	$3,346		$424		$2,922

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2020.

There were no transfers into or out of Level 3 related to securities held at March 31, 2020.

See Notes to Financial Statements

31

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Duff & Phelps Global Infrastructure Fund		Duff & Phelps Global Real Estate Securities Fund		Duff & Phelps International Real Estate Securities Fund
Assets
Investment in securities at value(1)	$ 76,621		$ 210,391		$ 37,960
Foreign currency at value(2)	— (a)		— (a)		— (a)
Cash	1,391		3,835		969
Receivables
Investment securities sold	1,172		—		—
Fund shares sold	31		1,057		77
Dividends	85		844		113
Tax reclaims	30		52		20
Prepaid Trustees’ retainer	3		6		2
Prepaid expenses	31		49		18
Other assets	8		21		4
Total assets	79,372		216,255		39,163
Liabilities
Payables
Fund shares repurchased	73		738		8
Investment securities purchased	1,964		461		312
Investment advisory fees	48		142		30
Distribution and service fees	16		11		1
Administration and accounting fees	9		21		5
Transfer agent and sub-transfer agent fees and expenses	15		62		7
Professional fees	16		16		19
Trustee deferred compensation plan	8		21		4
Interest expense and/or commitment fees	1		—		1
Other accrued expenses	6		9		— (a)
Total liabilities	2,156		1,481		387
Net Assets	$ 77,216		$ 214,774		$ 38,776
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$ 81,591		$ 243,175		$ 48,108
Accumulated earnings (loss)	(4,375)		(28,401)		(9,332)
Net Assets	$ 77,216		$ 214,774		$ 38,776
Net Assets:
Class A	$ 27,831		$ 18,919		$ 2,190
Class C	$ 10,465		$ 6,893		$ 586
Class I	$ 29,702		$ 166,621		$ 36,000
Class R6	$ 9,218		$ 22,341		$ —
Shares Outstanding (unlimited number of shares authorized, no par value):
Class A	2,227,537		740,023		374,660
Class C	839,931		283,737		100,733
Class I	2,376,783		6,699,816		6,179,399
Class R6	737,467		895,617		—
Net Asset Value and Redemption Price Per Share:
Class A	$ 12.49		$ 25.56		$ 5.85
Class C	$ 12.46		$ 24.29		$ 5.81
Class I	$ 12.50		$ 24.87		$ 5.83
Class R6	$ 12.50		$ 24.95		$ —

See Notes to Financial Statements

32

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Duff & Phelps Global Infrastructure Fund		Duff & Phelps Global Real Estate Securities Fund		Duff & Phelps International Real Estate Securities Fund
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):
Class A	$ 13.25		$ 27.12		$ 6.21
Maximum Sales Charge - Class A	5.75%		5.75%		5.75%
(1) Investment in securities at cost	$ 79,604		$ 231,070		$ 39,557
(2) Foreign currency at cost	$ —(a)		$ —(a)		$ —(a)

    

(a)	Amount is less than $500.

See Notes to Financial Statements

33

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Duff & Phelps Real Asset Fund		Herzfeld Fund		Horizon Wealth Masters Fund
Assets
Investment in securities at value(1)	$ 8,696		$ 25,838		$ 26,912
Investment in affiliated funds at value(2)	17,847		—		—
Cash	— (a)		—		106
Receivables
Investment securities sold	—		2,418		3,989
Fund shares sold	8		46		— (a)
Dividends	20		311		42
Securities lending income	—		—		— (a)
Prepaid Trustees’ retainer	1		1		1
Prepaid expenses	68		17		18
Other assets	3		3		3
Total assets	26,643		28,634		31,071
Liabilities
Due to custodian	—		177		—
Payables
Fund shares repurchased	14		136		346
Investment securities purchased	19		59		3,755
Redemption facility (See Note 10)	—		1,900		—
Investment advisory fees	—		24		11
Distribution and service fees	4		9		11
Administration and accounting fees	3		4		3
Transfer agent and sub-transfer agent fees and expenses	7		7		8
Professional fees	—		9		15
Trustee deferred compensation plan	3		3		3
Interest expense and/or commitment fees	— (a)		— (a)		— (a)
Other accrued expenses	3		3		6
Total liabilities	53		2,331		4,158
Net Assets	$ 26,590		$ 26,303		$ 26,913
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$ 54,991		$ 34,892		$ 29,405
Accumulated earnings (loss)	(28,401)		(8,589)		(2,492)
Net Assets	$ 26,590		$ 26,303		$ 26,913
Net Assets:
Class A	$ 11,626		$ 3,312		$ 7,261
Class C	$ 1,064		$ 8,175		$ 9,280
Class I	$ 13,900		$ 14,816		$ 10,372
Shares Outstanding (unlimited number of shares authorized, no par value):
Class A	1,318,995		401,065		655,803
Class C	119,199		993,534		877,134
Class I	1,582,806		1,793,977		930,288
Net Asset Value and Redemption Price Per Share:
Class A	$ 8.81		$ 8.26		$ 11.07
Class C	$ 8.93		$ 8.23		$ 10.58
Class I	$ 8.78		$ 8.26		$ 11.15

See Notes to Financial Statements

34

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Duff & Phelps Real Asset Fund		Herzfeld Fund		Horizon Wealth Masters Fund
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):
Class A	$ 9.35		$ 8.76		$ 11.75
Maximum Sales Charge - Class A	5.75%		5.75%		5.75%
(1) Investment in unaffiliated securities at cost	$ 9,451		$ 33,807		$ 28,246
(2) Investment in affiliated funds at cost	$ 18,693		$ —		$ —

    

(a)	Amount is less than $500.

See Notes to Financial Statements

35

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	KAR Emerging Markets Small-Cap Fund		KAR International Small-Cap Fund		KAR International Small-Mid Cap Fund
Assets
Investment in securities at value(1)	$ 116,562		$ 1,450,702		$ 9,192
Cash	188		21,176		—
Receivables
Investment securities sold	—		3,980		16
Fund shares sold	1,655		10,591		10
Receivable from adviser	—		—		7
Dividends	699		4,801		25
Tax reclaims	4		139		1
Prepaid Trustees’ retainer	3		50		—
Prepaid expenses	45		181		—
Other assets	11		143		1
Total assets	119,167		1,491,763		9,252
Liabilities
Due to custodian	11		7		— (a)
Payables
Fund shares repurchased	1,301		12,918		54
Investment securities purchased	835		397		5
Investment advisory fees	118		1,327		—
Distribution and service fees	6		44		— (a)
Administration and accounting fees	11		142		1
Transfer agent and sub-transfer agent fees and expenses	23		296		— (a)
Professional fees	—		—		3
Trustee deferred compensation plan	11		143		1
Interest expense and/or commitment fees	—		— (a)		—
Other accrued expenses	1		60		16
Total liabilities	2,317		15,334		80
Net Assets	$ 116,850		$ 1,476,429		$ 9,172
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$ 134,827		$ 1,793,324		$ 9,209
Accumulated earnings (loss)	(17,977)		(316,895)		(37)
Net Assets	$ 116,850		$ 1,476,429		$ 9,172
Net Assets:
Class A	$ 20,942		$ 80,217		$ 97
Class C	$ 768		$ 30,501		$ 105
Class I	$ 95,056		$ 1,308,041		$ 6,448
Class R6	$ 84		$ 57,670		$ 2,522
Shares Outstanding (unlimited number of shares authorized, no par value):
Class A	2,082,219		5,678,321		10,464
Class C	76,778		2,192,858		11,354
Class I	9,412,362		92,214,693		690,888
Class R6	8,326		4,063,098		270,104
Net Asset Value and Redemption Price Per Share:
Class A	$ 10.06		$ 14.13		$ 9.32
Class C	$ 10.01		$ 13.91		$ 9.28
Class I	$ 10.10		$ 14.18		$ 9.33
Class R6	$ 10.10		$ 14.19		$ 9.34

See Notes to Financial Statements

36

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	KAR Emerging Markets Small-Cap Fund		KAR International Small-Cap Fund		KAR International Small-Mid Cap Fund
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):
Class A	$ 10.67		$ 14.99		$ 9.89
Maximum Sales Charge - Class A	5.75%		5.75%		5.75%
(1) Investment in securities at cost	$ 124,079		$ 1,697,980		$ 9,203

    

(a)	Amount is less than $500.

See Notes to Financial Statements

37

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Rampart Equity Trend Fund		Rampart Multi-Asset Trend Fund		Rampart Sector Trend Fund
Assets
Investment in securities at value(1)	$ 207,560		$ 37,694		$ 144,097
Cash	13,411		2,215		7,270
Receivables
Investment securities sold	9		552		1
Fund shares sold	58		6		75
Dividends	89		8		133
Prepaid Trustees’ retainer	6		1		4
Prepaid expenses	32		28		22
Other assets	21		4		15
Total assets	221,186		40,508		151,617
Liabilities
Payables
Fund shares repurchased	350		25		306
Investment securities purchased	6,936		752		—
Investment advisory fees	201		29		64
Distribution and service fees	98		21		50
Administration and accounting fees	21		4		15
Transfer agent and sub-transfer agent fees and expenses	59		10		31
Professional fees	15		15		15
Trustee deferred compensation plan	21		4		15
Interest expense and/or commitment fees	1		— (a)		— (a)
Other accrued expenses	27		9		19
Total liabilities	7,729		869		515
Net Assets	$ 213,457		$ 39,639		$ 151,102
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$ 659,404		$ 60,054		$ 171,063
Accumulated earnings (loss)	(445,947)		(20,415)		(19,961)
Net Assets	$ 213,457		$ 39,639		$ 151,102
Net Assets:
Class A	$ 80,565		$ 10,943		$ 73,262
Class C	$ 83,324		$ 21,390		$ 34,196
Class I	$ 48,962		$ 7,306		$ 43,644
Class R6	$ 606		$ —		$ —
Shares Outstanding (unlimited number of shares authorized, no par value):
Class A	6,559,182		1,040,112		6,433,070
Class C	7,164,205		2,115,255		3,042,236
Class I	3,927,528		690,029		3,842,024
Class R6	48,278		—		—
Net Asset Value and Redemption Price Per Share:
Class A	$ 12.28		$ 10.52		$ 11.39
Class C	$ 11.63		$ 10.11		$ 11.24
Class I	$ 12.47		$ 10.59		$ 11.36
Class R6	$ 12.55		$ —		$ —
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):
Class A	$ 13.03		$ 11.16		$ 12.08
Maximum Sales Charge - Class A	5.75%		5.75%		5.75%
(1) Investment in securities at cost	$ 207,121		$ 36,776		$ 144,097

    

(a)	Amount is less than $500.

See Notes to Financial Statements

38

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Vontobel Global Opportunities Fund		Vontobel Greater European Opportunities Fund
Assets
Investment in securities at value(1)	$ 271,262		$ 3,346
Foreign currency at value(2)	764		— (a)
Cash	2,157		121
Receivables
Investment securities sold	7,247		11
Fund shares sold	3,025		—
Receivable from adviser	—		5
Dividends	212		3
Tax reclaims	224		40
Securities lending income	—		— (a)
Prepaid Trustees’ retainer	8		— (a)
Prepaid expenses	43		27
Other assets	26		— (a)
Total assets	284,968		3,553
Liabilities
Payables
Fund shares repurchased	1,039		21
Investment securities purchased	4,349		5
Investment advisory fees	190		—
Distribution and service fees	39		1
Administration and accounting fees	26		1
Transfer agent and sub-transfer agent fees and expenses	33		— (a)
Professional fees	18		18
Trustee deferred compensation plan	26		— (a)
Interest expense and/or commitment fees	2		— (a)
Other accrued expenses	58		2
Total liabilities	5,780		48
Net Assets	$ 279,188		$ 3,505
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$ 225,791		$ 2,609
Accumulated earnings (loss)	53,397		896
Net Assets	$ 279,188		$ 3,505
Net Assets:
Class A	$ 86,727		$ 1,132
Class C	$ 22,378		$ 416
Class I	$ 105,929		$ 1,957
Class R6	$ 64,154		$ —
Shares Outstanding (unlimited number of shares authorized, no par value):
Class A	6,122,342		128,144
Class C	1,918,524		48,544
Class I	7,474,488		222,001
Class R6	4,518,880		—
Net Asset Value and Redemption Price Per Share:
Class A	$ 14.17		$ 8.83
Class C	$ 11.66		$ 8.56
Class I	$ 14.17		$ 8.82
Class R6	$ 14.20		$ —

See Notes to Financial Statements

39

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

March 31, 2020

(Reported in thousands except shares and per share amounts)

	Vontobel Global Opportunities Fund		Vontobel Greater European Opportunities Fund
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):
Class A	$ 15.03		$ 9.37
Maximum Sales Charge - Class A	5.75%		5.75%
(1) Investment in securities at cost	$ 223,033		$ 2,633
(2) Foreign currency at cost	$ 764		$ —(a)

    

(a)	Amount is less than $500.

See Notes to Financial Statements

40

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

	Duff & Phelps Global Infrastructure Fund		Duff & Phelps Global Real Estate Securities Fund		Duff & Phelps International Real Estate Securities Fund
Investment Income
Dividends	$ 1,401		$ 3,562		$ 687
Foreign taxes withheld	(81)		(170)		(80)
Total investment income	1,320		3,392		607
Expenses
Investment advisory fees	348		1,070		276
Distribution and service fees, Class A	46		27		3
Distribution and service fees, Class C	70		46		4
Administration and accounting fees	60		135		32
Transfer agent fees and expenses	24		55		12
Sub-transfer agent fees and expenses, Class A	14		125		1
Sub-transfer agent fees and expenses, Class C	6		5		— (1)
Sub-transfer agent fees and expenses, Class I	22		109		24
Custodian fees	— (1)		2		1
Printing fees and expenses	7		14		4
Professional fees	13		15		14
Interest expense and/or commitment fees	1		1		1
Registration fees	37		36		23
Trustees’ fees and expenses	4		9		2
Miscellaneous expenses	6		11		3
Total expenses	658		1,660		400
Less net expenses reimbursed and/or waived by investment adviser(2)	(4)		(147)		(48)
Less low balance account fees	— (1)		— (1)		—
Net expenses	654		1,513		352
Net investment income (loss)	666		1,879		255
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	(347)		(162)		(2,962)
Foreign currency transactions	(10)		(16)		(8)
Net change in unrealized appreciation (depreciation) on:
Investments	(24,143)		(65,670)		(8,809)
Foreign currency transactions	1		6		2
Net realized and unrealized gain (loss) on investments	(24,499)		(65,842)		(11,777)
Net increase (decrease) in net assets resulting from operations	$(23,833)		$(63,963)		$(11,522)

    

(1)	Amount is less than $500.
(2)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

41

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

	Duff & Phelps Real Asset Fund		Herzfeld Fund		Horizon Wealth Masters Fund
Investment Income
Dividends	$ 616		$ 1,358		$ 343
Dividends from affiliated funds	639		—		—
Security lending, net of fees	—		27		22
Foreign taxes withheld	—		—		(1)
Total investment income	1,255		1,385		364
Expenses
Investment advisory fees	—		223		185
Distribution and service fees, Class A	19		6		14
Distribution and service fees, Class C	8		67		71
Administration and accounting fees	24		27		27
Transfer agent fees and expenses	9		10		10
Sub-transfer agent fees and expenses, Class A	8		2		5
Sub-transfer agent fees and expenses, Class C	1		6		7
Sub-transfer agent fees and expenses, Class I	10		7		9
Custodian fees	— (1)		— (1)		3
Printing fees and expenses	3		3		4
Professional fees	18		8		11
Interest expense and/or commitment fees	— (1)		— (1)		— (1)
Registration fees	23		23		23
Trustees’ fees and expenses	2		2		2
Miscellaneous expenses	3		4		4
Total expenses	128		388		375
Less net expenses reimbursed and/or waived by investment adviser(2)	—		(14)		(72)
Less low balance account fees	— (1)		—		— (1)
Net expenses	128		374		303
Net investment income (loss)	1,127		1,011		61
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Unaffiliated investments	(1,055)		(155)		2,616
Affiliated funds	1,553		—		—
Capital gain received from investments in affiliated funds	775		—		—
Capital gain received from investments in underlying funds	—		258		—
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments	(1,634)		(10,084)		(14,245)
Affiliated funds	(8,060)		—		—
Net realized and unrealized gain (loss) on investments	(8,421)		(9,981)		(11,629)
Net increase (decrease) in net assets resulting from operations	$(7,294)		$ (8,970)		$(11,568)

    

(1)	Amount is less than $500.
(2)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

42

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

	KAR Emerging Markets Small-Cap Fund		KAR International Small-Cap Fund		KAR International Small-Mid Cap Fund(1)
Investment Income
Dividends	$ 1,157		$ 12,553		$ 44
Foreign taxes withheld	(139)		(1,145)		(5)
Total investment income	1,018		11,408		39
Expenses
Investment advisory fees	756		8,691		17
Distribution and service fees, Class A	35		100		— (2)
Distribution and service fees, Class C	4		195		1
Administration and accounting fees	70		931		6
Transfer agent fees and expenses	27		381		1
Sub-transfer agent fees and expenses, Class A	18		44		—
Sub-transfer agent fees and expenses, Class C	—		17		—
Sub-transfer agent fees and expenses, Class I	56		758		—
Custodian fees	3		14		1
Printing fees and expenses	11		84		16
Professional fees	17		25		20
Interest expense and/or commitment fees	—		3		—
Registration fees	53		82		22
Trustees’ fees and expenses	4		58		1
Miscellaneous expenses	10		59		2
Total expenses	1,064		11,442		87
Less net expenses reimbursed and/or waived by investment adviser(3)	(16)		—		(66)
Net expenses	1,048		11,442		21
Net investment income (loss)	(30)		(34)		18
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	(5,293)		(12,129)		(36)
Foreign currency transactions	(209)		(283)		(8)
Net change in unrealized appreciation (depreciation) on:
Investments	(15,838)		(296,655)		(11)
Foreign currency transactions	(19)		15		— (2)
Net realized and unrealized gain (loss) on investments	(21,359)		(309,052)		(55)
Net increase (decrease) in net assets resulting from operations	$(21,389)		$(309,086)		$(37)

    

(1)	Inception date October 1, 2019.
(2)	Amount is less than $500.
(3)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

	Rampart Equity Trend Fund		Rampart Multi-Asset Trend Fund		Rampart Sector Trend Fund
Investment Income
Dividends	$ 2,426		$ 595		$ 2,019
Total investment income	2,426		595		2,019
Expenses
Investment advisory fees	1,465		235		446
Distribution and service fees, Class A	133		16		122
Distribution and service fees, Class C	584		128		237
Administration and accounting fees	156		29		107
Transfer agent fees and expenses	83		13		48
Sub-transfer agent fees and expenses, Class A	46		5		29
Sub-transfer agent fees and expenses, Class C	52		11		18
Sub-transfer agent fees and expenses, Class I	32		5		22
Custodian fees	4		4		4
Printing fees and expenses	18		4		11
Professional fees	13		11		13
Interest expense and/or commitment fees	1		— (1)		1
Registration fees	30		23		26
Trustees’ fees and expenses	12		2		8
Miscellaneous expenses	21		6		18
Total expenses	2,650		492		1,110
Less net expenses reimbursed and/or waived by investment adviser(2)	—		(21)		—
Less low balance account fees	— (1)		—		— (1)
Net expenses	2,650		471		1,110
Net investment income (loss)	(224)		124		909
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	(12,955)		(177)		(8,515)
Net change in unrealized appreciation (depreciation) on:
Investments	(37,676)		(3,342)		(21,002)
Net realized and unrealized gain (loss) on investments	(50,631)		(3,519)		(29,517)
Net increase (decrease) in net assets resulting from operations	$(50,855)		$(3,395)		$(28,608)

    

(1)	Amount is less than $500.
(2)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED March 31, 2020

($ reported in thousands)

	Vontobel Global Opportunities Fund		Vontobel Greater European Opportunities Fund
Investment Income
Dividends	$ 1,748		$ 20
Security lending, net of fees	— (1)		— (1)
Foreign taxes withheld	(76)		(2)
Total investment income	1,672		18
Expenses
Investment advisory fees	1,417		18
Distribution and service fees, Class A	128		2
Distribution and service fees, Class C	140		3
Administration and accounting fees	178		6
Transfer agent fees and expenses	78		— (1)
Sub-transfer agent fees and expenses, Class A	26		1
Sub-transfer agent fees and expenses, Class C	10		— (1)
Sub-transfer agent fees and expenses, Class I	59		1
Custodian fees	2		1
Printing fees and expenses	16		1
Professional fees	16		14
Interest expense and/or commitment fees	3		— (1)
Registration fees	39		22
Trustees’ fees and expenses	12		— (1)
Miscellaneous expenses	30		2
Total expenses	2,154		71
Less net expenses reimbursed and/or waived by investment adviser(2)	(119)		(42)
Less low balance account fees	(2)		—
Net expenses	2,033		29
Net investment income (loss)	(361)		(11)
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments	8,730		252
Foreign currency transactions	(71)		(1)
Net change in unrealized appreciation (depreciation) on:
Investments	(47,785)		(828)
Foreign currency transactions	6		1
Net realized and unrealized gain (loss) on investments	(39,120)		(576)
Net increase (decrease) in net assets resulting from operations	$(39,481)		$(587)

    

(1)	Amount is less than $500.
(2)	See Note 3D in the Notes to Financial Statements.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Duff & Phelps Global Infrastructure Fund				Duff & Phelps Global Real Estate Securities Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 666		$ 1,588		$ 1,879		$ 3,661
Net realized gain (loss)	(357)		3,244		(178)		6,956
Net change in unrealized appreciation (depreciation)	(24,142)		11,187		(65,664)		22,130
Increase (decrease) in net assets resulting from operations	(23,833)		16,019		(63,963)		32,747
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(1,516)		(1,763)		(1,296)		(245)
Class C	(533)		(815)		(598)		(192)
Class I	(1,838)		(1,856)		(15,782)		(4,838)
Class R6	(429)		(506)		(223)		(62)
Total Dividends and Distributions to Shareholders	(4,316)		(4,940)		(17,899)		(5,337)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	(855)		1,297		3,981		(554)
Class C	(1,354)		(4,772)		105		(1,321)
Class I	(6,941)		15,215		25,664		37,767
Class R6	2,411		(3,202)		26,259		(3,984)
Increase (decrease) in net assets from capital transactions	(6,739)		8,538		56,009		31,908
Net increase (decrease) in net assets	(34,888)		19,617		(25,853)		59,318
Net Assets
Beginning of period	112,104		92,487		240,627		181,309
End of Period	$ 77,216		$ 112,104		$ 214,774		$ 240,627

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Duff & Phelps International Real Estate Securities Fund				Duff & Phelps Real Asset Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 255		$ 926		$ 1,127		$ 791
Net realized gain (loss)	(2,970)		1,840		1,273		673
Net change in unrealized appreciation (depreciation)	(8,807)		2,363		(9,694)		(1,387)
Increase (decrease) in net assets resulting from operations	(11,522)		5,129		(7,294)		77
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(194)		(70)		(481)		(216)
Class C	(58)		(28)		(16)		(73)
Class I	(4,068)		(1,620)		(823)		(601)
Total Dividends and Distributions to Shareholders	(4,320)		(1,718)		(1,320)		(890)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	679		18		(755)		5,493
Class C	62		(261)		(751)		(7,376)
Class I	(237)		7,864		(2,331)		1,216
Increase (decrease) in net assets from capital transactions	504		7,621		(3,837)		(667)
Net increase (decrease) in net assets	(15,338)		11,032		(12,451)		(1,480)
Net Assets
Beginning of period	54,114		43,082		39,041		40,521
End of Period	$ 38,776		$ 54,114		$ 26,590		$ 39,041

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Herzfeld Fund				Horizon Wealth Masters Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 1,011		$ 1,341		$ 61		$ 189
Net realized gain (loss)	103		(277)		2,616		2,379
Net change in unrealized appreciation (depreciation)	(10,084)		(1,880)		(14,245)		(7,204)
Decrease in net assets resulting from operations	(8,970)		(816)		(11,568)		(4,636)
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(134)		(548)		(581)		(1,150)
Class C	(309)		(1,673)		(740)		(1,290)
Class I	(736)		(3,605)		(1,019)		(1,724)
Return of Capital:
Class A	—		(30)		—		—
Class C	—		(92)		—		—
Class I	—		(179)		—		—
Total Dividends and Distributions to Shareholders	(1,179)		(6,127)		(2,340)		(4,164)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	(445)		(580)		(2,510)		(3,268)
Class C	(4,246)		(1,744)		(1,165)		(2,611)
Class I	(9,281)		(2,608)		(4,809)		(4,486)
Increase (decrease) in net assets from capital transactions	(13,972)		(4,932)		(8,484)		(10,365)
Net increase (decrease) in net assets	(24,121)		(11,875)		(22,392)		(19,165)
Net Assets
Beginning of period	50,424		62,299		49,305		68,470
End of Period	$ 26,303		$ 50,424		$ 26,913		$ 49,305

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	KAR Emerging Markets Small-Cap Fund				KAR International Small-Cap Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ (30)		$ 2,130		$ (34)		$ 35,060
Net realized gain (loss)	(5,502)		(4,213)		(12,412)		(54,104)
Net increase from payment by affiliates	—		—		—		19
Net change in unrealized appreciation (depreciation)	(15,857)		7,448		(296,640)		27,936
Increase (decrease) in net assets resulting from operations	(21,389)		5,365		(309,086)		8,911
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(540)		(30)		(1,433)		(477)
Class C	(12)		—		(432)		(225)
Class I	(2,019)		(172)		(33,317)		(10,947)
Class R6	(2)		—		(943)		(400)
Total Dividends and Distributions to Shareholders	(2,573)		(202)		(36,125)		(12,049)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	(1,439)		21,148		23,324		23,261
Class C	193		366		(237)		1,790
Class I	28,043		53,589		248,135		598,708
Class R6	3		100		28,832		(28,632)
Increase (decrease) in net assets from capital transactions	26,800		75,203		300,054		595,127
Net increase (decrease) in net assets	2,838		80,366		(45,157)		591,989
Net Assets
Beginning of period	114,012		33,646		1,521,586		929,597
End of Period	$ 116,850		$ 114,012		$ 1,476,429		$ 1,521,586

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	KAR International Small-Mid Cap Fund		Rampart Equity Trend Fund
	From Inception October 01, 2019 to March 31, 2020(1) (Unaudited)		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 18		$ (224)		$ (426)
Net realized gain (loss)	(44)		(12,955)		48,622
Net change in unrealized appreciation (depreciation)	(11)		(37,676)		(71,222)
Decrease in net assets resulting from operations	(37)		(50,855)		(23,026)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	110		(9,412)		3,272
Class C	115		(24,875)		(77,294)
Class I	6,283		(12,931)		(31,631)
Class R6	2,701		148		—
Increase (decrease) in net assets from capital transactions	9,209		(47,070)		(105,653)
Net increase (decrease) in net assets	9,172		(97,925)		(128,679)
Net Assets
Beginning of period	—		311,382		440,061
End of Period	$ 9,172		$ 213,457		$ 311,382

    

(1)	Inception date October 1, 2019.

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Rampart Multi-Asset Trend Fund				Rampart Sector Trend Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ 124		$ 44		$ 909		$ 2,269
Net realized gain (loss)	(177)		2,697		(8,515)		14,546
Net change in unrealized appreciation (depreciation)	(3,342)		(2,016)		(21,002)		(19,111)
Increase (decrease) in net assets resulting from operations	(3,395)		725		(28,608)		(2,296)
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(86)		(44)		(1,185)		(859)
Class C	(71)		—		(110)		(63)
Class I	(71)		(92)		(745)		(778)
Total Dividends and Distributions to Shareholders	(228)		(136)		(2,040)		(1,700)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	(502)		(2,564)		(9,510)		2,723
Class C	(4,664)		(11,924)		(10,808)		(33,744)
Class I	(1,374)		(5,959)		(1,435)		(5,247)
Increase (decrease) in net assets from capital transactions	(6,540)		(20,447)		(21,753)		(36,268)
Net increase (decrease) in net assets	(10,163)		(19,858)		(52,401)		(40,264)
Net Assets
Beginning of period	49,802		69,660		203,503		243,767
End of Period	$ 39,639		$ 49,802		$ 151,102		$ 203,503

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Vontobel Global Opportunities Fund				Vontobel Greater European Opportunities Fund
	Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019		Six Months Ended March 31, 2020 (Unaudited)		Year Ended September 30, 2019
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$ (361)		$ 581		$ (11)		$ 34
Net realized gain (loss)	8,659		5,335		251		520
Net change in unrealized appreciation (depreciation)	(47,779)		19,056		(827)		(689)
Increase (decrease) in net assets resulting from operations	(39,481)		24,972		(587)		(135)
Dividends and Distributions to Shareholders
Net Investment Income and Net Realized Gains:
Class A	(2,055)		(9,904)		(172)		(723)
Class C	(674)		(3,484)		(68)		(365)
Class I	(3,014)		(7,873)		(268)		(594)
Class R6	(1,610)		(42)		—		—
Total Dividends and Distributions to Shareholders	(7,353)		(21,303)		(508)		(1,682)
Change in Net Assets from Capital Transactions (See Note 5):
Class A	451		(3,343)		129		(1,107)
Class C	(1,888)		(2,189)		(38)		(800)
Class I	1,558		42,310		272		225
Class R6	7,759		60,096		—		—
Increase (decrease) in net assets from capital transactions	7,880		96,874		363		(1,682)
Net increase (decrease) in net assets	(38,954)		100,543		(732)		(3,499)
Net Assets
Beginning of period	318,142		217,599		4,237		7,736
End of Period	$ 279,188		$ 318,142		$ 3,505		$ 4,237

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
Duff & Phelps Global Infrastructure Fund
Class A
10/1/19 to 3/31/20(6)		$16.26	0.09	—	(3.19)	(3.10)	(0.15)	—	(0.52)	(0.67)	—	(3.77)	$12.49	(19.83) %	$ 27,831	1.26 %	1.26 %	1.18 %	25 %
10/1/18 to 9/30/19		14.45	0.25	—	2.38	2.63	(0.27)	—	(0.55)	(0.82)	—	1.81	16.26	19.13	37,533	1.26	1.26	1.69	30
10/1/17 to 9/30/18		15.00	0.28	—	(0.39)	(0.11)	(0.29)	—	(0.15)	(0.44)	—	(0.55)	14.45	(0.75)	32,466	1.25	1.25	1.91	36
10/1/16 to 9/30/17		14.22	0.29	—	1.15	1.44	(0.28)	—	(0.38)	(0.66)	—	0.78	15.00	10.70   (7)	37,401	1.29   (7)	1.30	2.04   (7)	56
10/1/15 to 9/30/16		13.62	0.29	—	1.54	1.83	(0.33)	—	(0.90)	(1.23)	—	0.60	14.22	14.79	51,148	1.34   (8)	1.34	2.16	17
10/1/14 to 9/30/15		15.38	0.36	—	(1.60)	(1.24)	(0.39)	—	(0.13)	(0.52)	—	(1.76)	13.62	(8.27)	60,744	1.22	1.22	2.38	27
Class C
10/1/19 to 3/31/20(6)		$16.20	0.03	—	(3.17)	(3.14)	(0.08)	—	(0.52)	(0.60)	—	(3.74)	$12.46	(20.10) %	$ 10,465	2.02 %	2.02 %	0.43 %	25 %
10/1/18 to 9/30/19		14.39	0.14	—	2.37	2.51	(0.15)	—	(0.55)	(0.70)	—	1.81	16.20	18.32	15,046	2.01	2.01	0.97	30
10/1/17 to 9/30/18		14.94	0.17	—	(0.39)	(0.22)	(0.18)	—	(0.15)	(0.33)	—	(0.55)	14.39	(1.54)	17,972	2.00	2.00	1.16	36
10/1/16 to 9/30/17		14.17	0.18	—	1.14	1.32	(0.17)	—	(0.38)	(0.55)	—	0.77	14.94	9.84   (7)	25,144	2.04   (7)	2.05	1.30   (7)	56
10/1/15 to 9/30/16		13.57	0.19	—	1.53	1.72	(0.22)	—	(0.90)	(1.12)	—	0.60	14.17	13.94	29,616	2.08   (8)	2.08	1.42	17
10/1/14 to 9/30/15		15.33	0.25	—	(1.59)	(1.34)	(0.29)	—	(0.13)	(0.42)	—	(1.76)	13.57	(8.94)	41,039	1.97	1.97	1.66	27
Class I
10/1/19 to 3/31/20(6)		$16.27	0.12	—	(3.21)	(3.09)	(0.16)	—	(0.52)	(0.68)	—	(3.77)	$12.50	(19.71) %	$ 29,702	1.03 %	1.03 %	1.49 %	25 %
10/1/18 to 9/30/19		14.45	0.29	—	2.39	2.68	(0.31)	—	(0.55)	(0.86)	—	1.82	16.27	19.50	50,089	1.02	1.02	1.94	30
10/1/17 to 9/30/18		15.00	0.31	—	(0.38)	(0.07)	(0.33)	—	(0.15)	(0.48)	—	(0.55)	14.45	(0.52)	30,488	1.01	1.01	2.12	36
10/1/16 to 9/30/17		14.23	0.33	—	1.14	1.47	(0.32)	—	(0.38)	(0.70)	—	0.77	15.00	10.92   (7)	56,361	1.04   (7)	1.04	2.29   (7)	56
10/1/15 to 9/30/16		13.63	0.32	—	1.54	1.86	(0.36)	—	(0.90)	(1.26)	—	0.60	14.23	15.07	41,056	1.08   (8)	1.08	2.37	17
10/1/14 to 9/30/15		15.38	0.39	—	(1.58)	(1.19)	(0.43)	—	(0.13)	(0.56)	—	(1.75)	13.63	(7.98)	50,522	0.97	0.97	2.61	27
Class R6
10/1/19 to 3/31/20(6)		$16.27	0.12	—	(3.20)	(3.08)	(0.17)	—	(0.52)	(0.69)	—	(3.77)	$12.50	(19.65) %	$ 9,218	0.85 %	0.94 %	1.49 %	25 %
10/1/18 to 9/30/19		14.45	0.30	—	2.39	2.69	(0.32)	—	(0.55)	(0.87)	—	1.82	16.27	19.60	9,436	0.91   (9)	0.93	2.02	30
1/30/18 (10) to 9/30/18		15.06	0.23	—	(0.60)	(0.37)	(0.24)	—	—	(0.24)	—	(0.61)	14.45	(2.44)	11,561	0.93	0.93	2.41	36   (11)
Duff & Phelps Global Real Estate Securities Fund
Class A
10/1/19 to 3/31/20(6)		$34.82	0.21	—	(7.40)	(7.19)	(1.29)	—	(0.78)	(2.07)	—	(9.26)	$25.56	(22.03) %	$ 18,919	1.40 %	2.46 %	1.28 %	16 %
10/1/18 to 9/30/19		30.30	0.51	—	4.46	4.97	(0.44)	—	(0.01)	(0.45)	—	4.52	34.82	16.72	21,612	1.40	2.61	1.63	31
10/1/17 to 9/30/18		28.64	0.74	—	1.38	2.12	(0.40)	—	(0.06)	(0.46)	—	1.66	30.30	7.48	19,470	1.40	2.51	2.53	41
10/1/16 to 9/30/17		28.97	0.39	—	0.07	0.46	(0.72)	—	(0.07)	(0.79)	—	(0.33)	28.64	1.82	23,626	1.40	1.68	1.41	36
10/1/15 to 9/30/16		26.19	0.40	—	3.12	3.52	(0.33)	—	(0.41)	(0.74)	—	2.78	28.97	13.75	68,087	1.41   (8)	1.54	1.45	22
10/1/14 to 9/30/15		25.18	0.66	—	1.08	1.74	(0.64)	—	(0.09)	(0.73)	—	1.01	26.19	6.83	36,315	1.40	1.50	2.45	27

The footnote legend is at the end of the financial highlights.

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Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
Duff & Phelps Global Real Estate Securities Fund (Continued)
Class C
10/1/19 to 3/31/20(6)		$33.42	0.08	—	(7.03)	(6.95)	(1.40)	—	(0.78)	(2.18)	—	(9.13)	$24.29	(22.32) %	$ 6,893	2.15 %	2.18 %	0.51 %	16 %
10/1/18 to 9/30/19		29.50	0.25	—	4.29	4.54	(0.61)	—	(0.01)	(0.62)	—	3.92	33.42	15.84	9,399	2.15	2.20	0.84	31
10/1/17 to 9/30/18		28.12	0.50	—	1.36	1.86	(0.42)	—	(0.06)	(0.48)	—	1.38	29.50	6.68	9,580	2.15	2.21	1.73	41
10/1/16 to 9/30/17		28.41	0.23	—	0.02	0.25	(0.47)	—	(0.07)	(0.54)	—	(0.29)	28.12	1.06	10,771	2.15	2.31	0.86	36
10/1/15 to 9/30/16		25.71	0.20	—	3.06	3.26	(0.15)	—	(0.41)	(0.56)	—	2.70	28.41	12.89	13,560	2.16   (8)	2.29	0.73	22
10/1/14 to 9/30/15		24.77	0.45	—	1.07	1.52	(0.49)	—	(0.09)	(0.58)	—	0.94	25.71	6.07	8,421	2.15	2.26	1.68	27
Class I
10/1/19 to 3/31/20(6)		$34.33	0.25	—	(7.18)	(6.93)	(1.75)	—	(0.78)	(2.53)	—	(9.46)	$24.87	(21.91) %	$ 166,621	1.15 %	1.17 %	1.52 %	16 %
10/1/18 to 9/30/19		30.33	0.59	—	4.35	4.94	(0.93)	—	(0.01)	(0.94)	—	4.00	34.33	17.01	206,723	1.15	1.19	1.90	31
10/1/17 to 9/30/18		28.77	0.80	—	1.39	2.19	(0.57)	—	(0.06)	(0.63)	—	1.56	30.33	7.70	145,648	1.15	1.19	2.72	41
10/1/16 to 9/30/17		29.19	0.54	—	(0.02)	0.52	(0.87)	—	(0.07)	(0.94)	—	(0.42)	28.77	2.02	154,704	1.15	1.31	1.93	36
10/1/15 to 9/30/16		26.37	0.51	—	3.11	3.62	(0.39)	—	(0.41)	(0.80)	—	2.82	29.19	14.06	114,428	1.16   (8)	1.29	1.79	22
10/1/14 to 9/30/15		25.33	0.73	—	1.10	1.83	(0.70)	—	(0.09)	(0.79)	—	1.04	26.37	7.11	32,659	1.15	1.25	2.69	27
Class R6
10/1/19 to 3/31/20(6)		$34.41	0.38	—	(7.28)	(6.90)	(1.78)	—	(0.78)	(2.56)	—	(9.46)	$24.95	(21.78) %	$ 22,341	0.89 %	1.07 %	2.58 %	16 %
10/1/18 to 9/30/19		30.37	0.54	—	4.47	5.01	(0.96)	—	(0.01)	(0.97)	—	4.04	34.41	17.23	2,893	0.94   (9)	1.08	1.75	31
10/1/17 to 9/30/18		28.79	0.86	—	1.38	2.24	(0.60)	—	(0.06)	(0.66)	—	1.58	30.37	7.90	6,611	1.00   (9)	1.09	2.92	41
11/3/16 (10) to 9/30/17		26.78	0.50	—	2.47	2.97	(0.89)	—	(0.07)	(0.96)	—	2.01	28.79	11.39	7,791	1.04	1.12	1.92	36   (11)
Duff & Phelps International Real Estate Securities Fund
Class A
10/1/19 to 3/31/20(6)		$ 7.96	0.03	—	(1.51)	(1.48)	(0.63)	—	—	(0.63)	—	(2.11)	$ 5.85	(20.49) %	$ 2,190	1.50 %	1.69 %	0.73 %	22 %
10/1/18 to 9/30/19		7.41	0.14	—	0.68	0.82	(0.27)	—	—	(0.27)	—	0.55	7.96	11.65	2,318	1.50	1.71	1.87	34
10/1/17 to 9/30/18		6.93	0.30	—	0.30	0.60	(0.12)	—	—	(0.12)	—	0.48	7.41	8.72	2,145	1.50	1.85	4.07	38
10/1/16 to 9/30/17		7.25	0.13	—	(0.01)	0.12	(0.44)	—	—	(0.44)	—	(0.32)	6.93	2.53	2,506	1.50	1.99	1.94	24
10/1/15 to 9/30/16		6.63	0.11	—	0.58	0.69	(0.07)	—	—	(0.07)	—	0.62	7.25	10.47	8,680	1.51   (8)	1.91	1.60	26
10/1/14 to 9/30/15		7.03	0.28	—	(0.21)	0.07	(0.47)	—	—	(0.47)	—	(0.40)	6.63	0.94	12,415	1.50	1.78	4.09	27
Class C
10/1/19 to 3/31/20(6)		$ 7.92	—  (12)	—	(1.51)	(1.51)	(0.60)	—	—	(0.60)	—	(2.11)	$ 5.81	(20.90) %	$ 586	2.25 %	2.43 %	(0.05) %	22 %
10/1/18 to 9/30/19		7.38	0.08	—	0.68	0.76	(0.22)	—	—	(0.22)	—	0.54	7.92	10.84	736	2.25	2.44	1.06	34
10/1/17 to 9/30/18		6.89	0.25	—	0.30	0.55	(0.06)	—	—	(0.06)	—	0.49	7.38	7.97	945	2.25	2.59	3.35	38
10/1/16 to 9/30/17		7.21	0.09	—	(0.02)	0.07	(0.39)	—	—	(0.39)	—	(0.32)	6.89	1.72	957	2.25	2.73	1.32	24
10/1/15 to 9/30/16		6.59	0.07	—	0.57	0.64	(0.02)	—	—	(0.02)	—	0.62	7.21	9.69	2,006	2.26   (8)	2.68	0.97	26
10/1/14 to 9/30/15		6.97	0.23	—	(0.20)	0.03	(0.41)	—	—	(0.41)	—	(0.38)	6.59	0.29	2,226	2.25	2.52	3.36	27

The footnote legend is at the end of the financial highlights.

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Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
Duff & Phelps International Real Estate Securities Fund (Continued)
Class I
10/1/19 to 3/31/20(6)		$ 7.93	0.04	—	(1.50)	(1.46)	(0.64)	—	—	(0.64)	—	(2.10)	$ 5.83	(20.35) %	$ 36,000	1.25 %	1.43 %	0.94 %	22 %
10/1/18 to 9/30/19		7.40	0.16	—	0.67	0.83	(0.30)	—	—	(0.30)	—	0.53	7.93	11.84	51,060	1.25	1.44	2.10	34
10/1/17 to 9/30/18		6.94	0.28	—	0.34	0.62	(0.16)	—	—	(0.16)	—	0.46	7.40	9.03	39,992	1.25	1.53	3.74	38
10/1/16 to 9/30/17		7.26	0.16	—	(0.03)	0.13	(0.45)	—	—	(0.45)	—	(0.32)	6.94	2.79	21,573	1.25	1.72	2.45	24
10/1/15 to 9/30/16		6.64	0.14	—	0.56	0.70	(0.08)	—	—	(0.08)	—	0.62	7.26	10.72	24,348	1.26   (8)	1.68	1.98	26
10/1/14 to 9/30/15		7.03	0.30	—	(0.20)	0.10	(0.49)	—	—	(0.49)	—	(0.39)	6.64	1.31	24,999	1.25	1.52	4.36	27
Duff & Phelps Real Asset Fund
Class A
10/1/19 to 3/31/20(6)		$11.38	0.29	0.22	(2.73)	(2.22)	(0.35)	—	—	(0.35)	—	(2.57)	$ 8.81	(20.19) %	$ 11,626	0.77 %  (8)	0.78 %	5.17 %	61 %
10/1/18 to 9/30/19		11.63	0.14	0.16	(0.31)	(0.01)	(0.24)	—	—	(0.24)	—	(0.25)	11.38	0.18	15,897	0.76	0.76	1.25	13
10/1/17 to 9/30/18		11.05	0.12	0.13	0.44	0.69	(0.11)	—	—	(0.11)	—	0.58	11.63	6.25	10,348	0.71	0.71	1.06	17
10/1/16 to 9/30/17		10.89	0.18	0.22	(0.04)	0.36	(0.20)	—	—	(0.20)	—	0.16	11.05	3.34	11,118	0.74	0.74	1.65	4
10/1/15 to 9/30/16		9.99	0.08	0.31	0.58	0.97	(0.07)	—	—	(0.07)	—	0.90	10.89	9.74	19,171	0.74   (8)	0.74	0.80	56
10/1/14 to 9/30/15		11.31	0.19	0.09	(1.39)	(1.11)	(0.21)	—	—	(0.21)	—	(1.32)	9.99	(10.02)	25,377	0.64	0.64	1.77	46
Class C
10/1/19 to 3/31/20(6)		$11.32	0.24	0.22	(2.75)	(2.29)	(0.10)	—	—	(0.10)	—	(2.39)	$ 8.93	(20.47) %	$ 1,064	1.57 %  (8)	1.57 %	4.22 %	61 %
10/1/18 to 9/30/19		11.50	0.27	0.16	(0.52)	(0.09)	(0.09)	—	—	(0.09)	—	(0.18)	11.32	(0.65)	2,126	1.50	1.50	2.44	13
10/1/17 to 9/30/18		10.97	0.04	0.14	0.41	0.59	(0.06)	—	—	(0.06)	—	0.53	11.50	5.40	9,948	1.46	1.46	0.39	17
10/1/16 to 9/30/17		10.73	0.09	0.19	—	0.28	(0.04)	—	—	(0.04)	—	0.24	10.97	2.65	13,354	1.50	1.50	0.80	4
10/1/15 to 9/30/16		9.90	—  (12)	0.31	0.56	0.87	(0.04)	—	—	(0.04)	—	0.83	10.73	8.86	19,611	1.49   (8)	1.49	0.04	56
10/1/14 to 9/30/15		11.21	0.11	0.09	(1.39)	(1.19)	(0.12)	—	—	(0.12)	—	(1.31)	9.90	(10.66)	25,637	1.39	1.39	1.02	46
Class I
10/1/19 to 3/31/20(6)		$11.35	0.36	0.22	(2.77)	(2.19)	(0.38)	—	—	(0.38)	—	(2.57)	$ 8.78	(20.06) %	$ 13,900	0.52 %  (8)	0.52 %	6.41 %	61 %
10/1/18 to 9/30/19		11.62	0.25	0.16	(0.39)	0.02	(0.29)	—	—	(0.29)	—	(0.27)	11.35	0.44	21,018	0.51	0.51	2.26	13
10/1/17 to 9/30/18		11.03	0.16	0.13	0.42	0.71	(0.12)	—	—	(0.12)	—	0.59	11.62	6.49	20,225	0.45	0.45	1.43	17
10/1/16 to 9/30/17		10.89	0.19	0.16	0.04	0.39	(0.25)	—	—	(0.25)	—	0.14	11.03	3.69	19,910	0.49	0.49	1.73	4
10/1/15 to 9/30/16		9.98	0.11	0.31	0.56	0.98	(0.07)	—	—	(0.07)	—	0.91	10.89	9.94	19,777	0.49   (8)	0.49	1.04	56
10/1/14 to 9/30/15		11.30	0.22	0.09	(1.39)	(1.08)	(0.24)	—	—	(0.24)	—	(1.32)	9.98	(9.77)	30,543	0.39	0.39	1.99	46
Herzfeld Fund
Class A
10/1/19 to 3/31/20(6)		$11.14	0.23	0.06	(2.84)	(2.55)	(0.33)	—	—	(0.33)	—	(2.88)	$ 8.26	(23.14) %	$ 3,312	1.60 %	1.68 %	4.19 %	49 %
10/1/18 to 9/30/19		12.64	0.29	0.28	(0.78)	(0.21)	(0.36)	(0.06)	(0.87)	(1.29)	—	(1.50)	11.14	(0.37)	4,956	1.60	1.63	2.55	61
10/1/17 to 9/30/18		12.15	0.26	0.31	0.28	0.85	(0.29)	—	(0.07)	(0.36)	—	0.49	12.64	7.06	6,198	1.60	1.62	2.11	69
10/1/16 to 9/30/17		10.92	0.27	0.22	1.10	1.59	(0.36)	—	—	(0.36)	—	1.23	12.15	14.78	8,146	1.59	1.67	2.39	44
10/1/15 to 9/30/16		9.91	0.34	—	1.20	1.54	(0.43)	—	(0.10)	(0.53)	—	1.01	10.92	16.04	11,060	1.61   (8)	1.74	3.33	53
10/1/14 to 9/30/15		11.37	0.35	—	(1.12)	(0.77)	(0.37)	—	(0.32)	(0.69)	—	(1.46)	9.91	(7.17)	8,324	1.60	1.73	3.20	57

The footnote legend is at the end of the financial highlights.

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55

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Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
Herzfeld Fund (Continued)
Class C
10/1/19 to 3/31/20(6)		$11.09	0.23	0.06	(2.86)	(2.57)	(0.29)	—	—	(0.29)	—	(2.86)	$ 8.23	(23.45) %	$ 8,175	2.35 %	2.44 %	4.13 %	49 %
10/1/18 to 9/30/19		12.59	0.20	0.28	(0.78)	(0.30)	(0.27)	(0.06)	(0.87)	(1.20)	—	(1.50)	11.09	(1.14)	15,347	2.35	2.40	1.80	61
10/1/17 to 9/30/18		12.10	0.16	0.29	0.31	0.76	(0.20)	—	(0.07)	(0.27)	—	0.49	12.59	6.31	19,231	2.35	2.36	1.32	69
10/1/16 to 9/30/17		10.88	0.18	0.19	1.13	1.50	(0.28)	—	—	(0.28)	—	1.22	12.10	13.94	19,147	2.34	2.42	1.58	44
10/1/15 to 9/30/16		9.87	0.27	—	1.19	1.46	(0.35)	—	(0.10)	(0.45)	—	1.01	10.88	15.22	15,568	2.36   (8)	2.49	2.61	53
10/1/14 to 9/30/15		11.34	0.26	—	(1.11)	(0.85)	(0.30)	—	(0.32)	(0.62)	—	(1.47)	9.87	(7.94)	14,761	2.35	2.48	2.39	57
Class I
10/1/19 to 3/31/20(6)		$11.15	0.27	0.06	(2.87)	(2.54)	(0.35)	—	—	(0.35)	—	(2.89)	$ 8.26	(23.08) %	$ 14,816	1.35 %	1.40 %	4.81 %	49 %
10/1/18 to 9/30/19		12.66	0.31	0.29	(0.79)	(0.19)	(0.39)	(0.06)	(0.87)	(1.32)	—	(1.51)	11.15	(0.16)	30,121	1.35	1.37	2.78	61
10/1/17 to 9/30/18		12.17	0.29	0.29	0.31	0.89	(0.33)	—	(0.07)	(0.40)	—	0.49	12.66	7.38	36,870	1.33	1.35	2.32	69
10/1/16 to 9/30/17		10.94	0.30	0.18	1.14	1.62	(0.39)	—	—	(0.39)	—	1.23	12.17	15.07	36,645	1.35	1.41	2.64	44
10/1/15 to 9/30/16		9.92	0.37	—	1.21	1.58	(0.46)	—	(0.10)	(0.56)	—	1.02	10.94	16.40	20,511	1.36   (8)	1.49	3.59	53
10/1/14 to 9/30/15		11.39	0.37	—	(1.12)	(0.75)	(0.40)	—	(0.32)	(0.72)	—	(1.47)	9.92	(7.01)	15,148	1.35	1.47	3.39	57
Horizon Wealth Masters Fund
Class A
10/1/19 to 3/31/20(6)		$16.37	0.03	—	(4.46)	(4.43)	(0.05)	—	(0.82)	(0.87)	—	(5.30)	$11.07	(28.85) %	$ 7,261	1.25 %	1.58 %	0.41 %	15 %
10/1/18 to 9/30/19		18.80	0.07	—	(1.33)	(1.26)	—	—	(1.17)	(1.17)	—	(2.43)	16.37	(5.83)	13,275	1.25	1.52	0.46	25
10/1/17 to 9/30/18		17.07	(0.01)	—	1.89	1.88	—	—	(0.15)	(0.15)	—	1.73	18.80	11.04	18,883	1.30   (9)	1.47	(0.05)	27
10/1/16 to 9/30/17		14.60	0.05	—	2.52	2.57	(0.10)	—	—	(0.10)	—	2.47	17.07	17.67	20,639	1.45	1.52	0.32	30
10/1/15 to 9/30/16		13.25	0.07	—	1.55	1.62	(0.03)	—	(0.24)	(0.27)	—	1.35	14.60	12.44	33,204	1.46   (8)	1.54	0.53	30
10/1/14 to 9/30/15		14.50	0.05	—	(0.98)	(0.93)	(0.05)	—	(0.27)	(0.32)	—	(1.25)	13.25	(6.74)	54,109	1.45	1.46	0.36	51
Class C
10/1/19 to 3/31/20(6)		$15.69	(0.03)	—	(4.26)	(4.29)	—	—	(0.82)	(0.82)	—	(5.11)	$10.58	(29.11) %	$ 9,280	2.00 %	2.33 %	(0.33) %	15 %
10/1/18 to 9/30/19		18.21	(0.04)	—	(1.31)	(1.35)	—	—	(1.17)	(1.17)	—	(2.52)	15.69	(6.55)	15,134	2.00	2.28	(0.29)	25
10/1/17 to 9/30/18		16.65	(0.14)	—	1.85	1.71	—	—	(0.15)	(0.15)	—	1.56	18.21	10.29	20,484	2.05   (9)	2.23	(0.80)	27
10/1/16 to 9/30/17		14.26	(0.07)	—	2.46	2.39	—	—	—	—	—	2.39	16.65	16.76	21,533	2.20	2.27	(0.48)	30
10/1/15 to 9/30/16		13.02	(0.03)	—	1.51	1.48	—	—	(0.24)	(0.24)	—	1.24	14.26	11.56	24,816	2.21   (8)	2.29	(0.22)	30
10/1/14 to 9/30/15		14.32	(0.06)	—	(0.97)	(1.03)	—	—	(0.27)	(0.27)	—	(1.30)	13.02	(7.41)	34,171	2.20	2.21	(0.39)	51
Class I
10/1/19 to 3/31/20(6)		$16.51	0.05	—	(4.48)	(4.43)	(0.11)	—	(0.82)	(0.93)	—	(5.36)	$11.15	(28.75) %	$ 10,372	1.00 %	1.33 %	0.67 %	15 %
10/1/18 to 9/30/19		18.91	0.12	—	(1.35)	(1.23)	—	—	(1.17)	(1.17)	—	(2.40)	16.51	(5.62)	20,896	1.00	1.27	0.72	25
10/1/17 to 9/30/18		17.12	0.04	—	1.90	1.94	—	—	(0.15)	(0.15)	—	1.79	18.91	11.36	29,103	1.05   (9)	1.22	0.20	27
10/1/16 to 9/30/17		14.66	0.07	—	2.55	2.62	(0.16)	—	—	(0.16)	—	2.46	17.12	17.97	30,426	1.20	1.26	0.46	30
10/1/15 to 9/30/16		13.30	0.08	—	1.58	1.66	(0.06)	—	(0.24)	(0.30)	—	1.36	14.66	12.75	20,134	1.21   (8)	1.29	0.61	30
10/1/14 to 9/30/15		14.56	0.09	—	(1.00)	(0.91)	(0.08)	—	(0.27)	(0.35)	—	(1.26)	13.30	(6.53)	32,495	1.20	1.21	0.62	51

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

56

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Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
KAR Emerging Markets Small-Cap Fund
Class A
10/1/19 to 3/31/20(6)		$12.10	(0.02)	—	(1.79)	(1.81)	(0.23)	—	—	(0.23)	—	(2.04)	$10.06	(15.30) %	$ 20,942	1.85 %	1.89 %	(0.32) %	31 %
10/1/18 to 9/30/19		11.66	0.32	—	0.15	0.47	(0.03)	—	—	(0.03)	—	0.44	12.10	4.10	27,479	1.86	1.90	2.70	44
10/1/17 to 9/30/18		10.95	0.10	—	0.68	0.78	(0.07)	—	—	(0.07)	—	0.71	11.66	7.10	4,658	1.85	2.23	0.83	24
10/1/16 to 9/30/17		9.29	0.15	—	1.68	1.83	(0.17)	—	—	(0.17)	—	1.66	10.95	20.12	1,647	1.84	2.97	1.47	28
10/1/15 to 9/30/16		7.85	0.18	—	1.41	1.59	(0.15)	—	—	(0.15)	—	1.44	9.29	20.66	382	1.86   (8)	3.77	2.18	34
10/1/14 to 9/30/15		10.32	0.16	—	(2.28)	(2.12)	(0.12)	—	(0.23)	(0.35)	—	(2.47)	7.85	(21.20)	332	1.85	3.62	1.73	35
Class C
10/1/19 to 3/31/20(6)		$12.03	(0.06)	—	(1.79)	(1.85)	(0.17)	—	—	(0.17)	—	(2.02)	$10.01	(15.63) %	$ 768	2.60 %	2.61 %	(0.94) %	31 %
10/1/18 to 9/30/19		11.65	0.17	—	0.21	0.38	—	—	—	—	—	0.38	12.03	3.26	736	2.61	2.62	1.47	44
10/1/17 to 9/30/18		10.96	0.01	—	0.68	0.69	—	—	—	—	—	0.69	11.65	6.30	358	2.60	2.90	0.08	24
10/1/16 to 9/30/17		9.31	0.08	—	1.69	1.77	(0.12)	—	—	(0.12)	—	1.65	10.96	19.31	317	2.59	3.73	0.78	28
10/1/15 to 9/30/16		7.80	0.12	—	1.41	1.53	(0.02)	—	—	(0.02)	—	1.51	9.31	19.62	117	2.61   (8)	4.51	1.39	34
10/1/14 to 9/30/15		10.26	0.07	—	(2.24)	(2.17)	(0.06)	—	(0.23)	(0.29)	—	(2.46)	7.80	(21.68)	128	2.60	4.34	0.76	35
Class I
10/1/19 to 3/31/20(6)		$12.16	—  (12)	—	(1.80)	(1.80)	(0.26)	—	—	(0.26)	—	(2.06)	$10.10	(15.21) %	$ 95,056	1.60 %	1.62 %	0.04 %	31 %
10/1/18 to 9/30/19		11.70	0.34	—	0.16	0.50	(0.04)	—	—	(0.04)	—	0.46	12.16	4.33	85,699	1.61	1.67	2.85	44
10/1/17 to 9/30/18		10.99	0.14	—	0.67	0.81	(0.10)	—	—	(0.10)	—	0.71	11.70	7.36	28,630	1.60	1.93	1.16	24
10/1/16 to 9/30/17		9.31	0.16	—	1.70	1.86	(0.18)	—	—	(0.18)	—	1.68	10.99	20.42	8,673	1.59	2.75	1.60	28
10/1/15 to 9/30/16		7.88	0.20	—	1.41	1.61	(0.18)	—	—	(0.18)	—	1.43	9.31	20.82	4,420	1.61   (8)	3.53	2.44	34
10/1/14 to 9/30/15		10.34	0.18	—	(2.28)	(2.10)	(0.13)	—	(0.23)	(0.36)	—	(2.46)	7.88	(20.96)	3,871	1.60	3.35	1.87	35
Class R6
10/1/19 to 3/31/20(6)		$12.16	—  (12)	—	(1.79)	(1.79)	(0.27)	—	—	(0.27)	—	(2.06)	$10.10	(15.13) %	$ 84	1.50 %	1.51 %	0.07 %	31 %
8/1/19 (10) to 9/30/19		12.36	0.03	—	(0.23)	(0.20)	—	—	—	—	—	(0.20)	12.16	(1.62)	98	1.51   (8)	1.62	1.44	44   (11)
KAR International Small-Cap Fund
Class A
10/1/19 to 3/31/20(6)		$16.95	(0.01)	—	(2.48)	(2.49)	(0.33)	—	—	(0.33)	—	(2.82)	$14.13	(15.16) %	$ 80,217	1.52 %  (13)	1.52 %	(0.16) %	16 %
10/1/18 to 9/30/19		17.15	0.44	—	(0.47)	(0.03)	(0.06)	—	(0.11)	(0.17)	—  (12)	(0.20)	16.95	(0.05)   (14)	70,958	1.55   (13)	1.55	2.66	30
10/1/17 to 9/30/18		16.22	0.16	—	1.01	1.17	(0.08)	—	(0.16)	(0.24)	—	0.93	17.15	7.31	47,909	1.60	1.56	0.92	21
10/1/16 to 9/30/17		13.01	0.16	—	3.34	3.50	(0.29)	—	—	(0.29)	—	3.21	16.22	27.42	18,479	1.60	1.66	1.07	27
10/1/15 to 9/30/16		10.85	0.21	—	2.38	2.59	(0.20)	—	(0.23)	(0.43)	—	2.16	13.01	24.58	1,985	1.61   (8)	1.87	1.80	40
10/1/14 to 9/30/15		13.70	0.17	—	(1.83)	(1.66)	(0.23)	—	(0.96)	(1.19)	—	(2.85)	10.85	(12.58)	1,916	1.60	1.74	1.41	64
Class C
10/1/19 to 3/31/20(6)		$16.64	(0.09)	—	(2.44)	(2.53)	(0.20)	—	—	(0.20)	—	(2.73)	$13.91	(15.51) %	$ 30,501	2.25 %  (13)	2.25 %	(0.99) %	16 %
10/1/18 to 9/30/19		16.89	0.32	—	(0.46)	(0.14)	—	—	(0.11)	(0.11)	—  (12)	(0.25)	16.64	(0.78)   (14)	37,210	2.29   (13)	2.29	1.93	30
10/1/17 to 9/30/18		16.04	0.03	—	1.02	1.05	(0.04)	—	(0.16)	(0.20)	—	0.85	16.89	6.60	35,966	2.31   (13)	2.27	0.18	21
10/1/16 to 9/30/17		12.92	0.06	—	3.29	3.35	(0.23)	—	—	(0.23)	—	3.12	16.04	26.41	13,442	2.35	2.41	0.38	27
10/1/15 to 9/30/16		10.72	0.12	—	2.37	2.49	(0.06)	—	(0.23)	(0.29)	—	2.20	12.92	23.76	1,465	2.36   (8)	2.63	1.02	40
10/1/14 to 9/30/15		13.63	0.08	—	(1.82)	(1.74)	(0.21)	—	(0.96)	(1.17)	—	(2.91)	10.72	(13.28)	1,464	2.35	2.49	0.65	64

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

57

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Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
KAR International Small-Cap Fund (Continued)
Class I
10/1/19 to 3/31/20(6)		$17.03	—  (12)	—	(2.48)	(2.48)	(0.37)	—	—	(0.37)	—	(2.85)	$14.18	(15.08) %	$1,308,041	1.26 %  (13)	1.26 %	0.02 %	16 %
10/1/18 to 9/30/19		17.24	0.50	—	(0.49)	0.01	(0.11)	—	(0.11)	(0.22)	—  (12)	(0.21)	17.03	0.18   (14)	1,372,552	1.30   (13)	1.30	2.96	30
10/1/17 to 9/30/18		16.28	0.21	—	1.01	1.22	(0.10)	—	(0.16)	(0.26)	—	0.96	17.24	7.58	773,571	1.35	1.29	1.20	21
10/1/16 to 9/30/17		13.04	0.20	—	3.35	3.55	(0.31)	—	—	(0.31)	—	3.24	16.28	27.73	176,216	1.35	1.42	1.33	27
10/1/15 to 9/30/16		10.89	0.23	—	2.40	2.63	(0.25)	—	(0.23)	(0.48)	—	2.15	13.04	24.94	40,424	1.36   (8)	1.62	1.95	40
10/1/14 to 9/30/15		13.74	0.21	—	(1.85)	(1.64)	(0.25)	—	(0.96)	(1.21)	—	(2.85)	10.89	(12.43)	40,512	1.35	1.49	1.70	64
Class R6
10/1/19 to 3/31/20(6)		$17.05	0.03	—	(2.50)	(2.47)	(0.39)	—	—	(0.39)	—	(2.86)	$14.19	(15.06) %	$ 57,670	1.16 %  (13)	1.16 %	0.36 %	16 %
10/1/18 to 9/30/19		17.26	0.43	—	(0.41)	0.02	(0.12)	—	(0.11)	(0.23)	—  (12)	(0.21)	17.05	0.24   (14)	40,866	1.19   (13)	1.19	2.60	30
10/1/17 to 9/30/18		16.28	0.18	—	1.07	1.25	(0.11)	—	(0.16)	(0.27)	—	0.98	17.26	7.74	72,151	1.21   (13)	1.20	1.06	21
10/1/16 to 9/30/17		13.03	0.26	—	3.30	3.56	(0.31)	—	—	(0.31)	—	3.25	16.28	27.82	36,941	1.24	1.28	1.66	27
10/1/15 to 9/30/16		10.89	0.25	—	2.39	2.64	(0.27)	—	(0.23)	(0.50)	—	2.14	13.03	25.06	112	1.27   (8)	1.52	2.19	40
11/12/14 (10) to 9/30/15		13.43	0.22	—	(1.55)	(1.33)	(0.25)	—	(0.96)	(1.21)	—	(2.54)	10.89	(10.41)	90	1.27	1.41	2.02	64   (11)
KAR International Small-Mid Cap Fund
Class A
10/1/19 (10) to 3/31/20(6)		$10.00	(0.01)	—	(0.67)	(0.68)	—	—	—	—	—	(0.68)	$ 9.32	(6.80) %	$ 97	1.45 %	4.89 %	(0.16) %	30 %  (11)
Class C
10/1/19 (10) to 3/31/20(6)		$10.00	(0.05)	—	(0.67)	(0.72)	—	—	—	—	—	(0.72)	$ 9.28	(7.20) %	$ 105	2.20 %	5.64 %	(0.90) %	30 %  (11)
Class I
10/1/19 (10) to 3/31/20(6)		$10.00	0.20	—	(0.87)	(0.67)	—	—	—	—	—	(0.67)	$ 9.33	(6.70) %	$ 6,448	1.20 %	4.61 %	4.47 %	30 %  (11)
Class R6
10/1/19 (10) to 3/31/20(6)		$10.00	0.01	—	(0.67)	(0.66)	—	—	—	—	—	(0.66)	$ 9.34	(6.60) %	$ 2,522	1.10 %	4.63 %	0.20 %	30 %  (11)
Rampart Equity Trend Fund
Class A
10/1/19 to 3/31/20(6)		$15.16	0.01	—	(2.89)	(2.88)	—	—	—	—	—	(2.88)	$12.28	(19.00) %	$ 80,565	1.57 %  (13)	1.57 %	0.09 %	32 %
10/1/18 to 9/30/19		15.79	0.03	—	(0.66)	(0.63)	—	—	—	—	—	(0.63)	15.16	(3.99)	108,998	1.56   (13)	1.56	0.19	228
10/1/17 to 9/30/18		13.60	0.01	—	2.18	2.19	—	—	—	—	—	2.19	15.79	16.10	109,943	1.56   (13)	1.56	0.08	57
10/1/16 to 9/30/17		12.23	0.03	—	1.34	1.37	—	—	—	—	—	1.37	13.60	11.20	134,267	1.51   (9)	1.60	0.23	92
10/1/15 to 9/30/16		12.14	(0.01)	—	0.10	0.09	—	—	—	—	—	0.09	12.23	0.74	245,109	1.50   (8)(9)	1.58	(0.05)	229
10/1/14 to 9/30/15		17.39	(0.03)	—	(1.79)	(1.82)	(0.01)	—	(3.42)	(3.43)	—	(5.25)	12.14	(12.79)	520,337	1.60   (13)	1.60	(0.22)	674

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

58

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Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
Rampart Equity Trend Fund (Continued)
Class C
10/1/19 to 3/31/20(6)		$14.41	(0.05)	—	(2.73)	(2.78)	—	—	—	—	—	(2.78)	$11.63	(19.29) %	$ 83,324	2.32 %  (13)	2.32 %	(0.66) %	32 %
10/1/18 to 9/30/19		15.12	(0.08)	—	(0.63)	(0.71)	—	—	—	—	—	(0.71)	14.41	(4.70)	128,143	2.30   (13)	2.30	(0.57)	228
10/1/17 to 9/30/18		13.11	(0.09)	—	2.10	2.01	—	—	—	—	—	2.01	15.12	15.33	218,543	2.29   (13)	2.29	(0.65)	57
10/1/16 to 9/30/17		11.88	(0.06)	—	1.29	1.23	—	—	—	—	—	1.23	13.11	10.35	257,078	2.21   (9)	2.35	(0.47)	92
10/1/15 to 9/30/16		11.87	(0.08)	—	0.09	0.01	—	—	—	—	—	0.01	11.88	0.08	423,675	2.16   (8)(9)	2.33	(0.69)	229
10/1/14 to 9/30/15		17.16	(0.13)	—	(1.76)	(1.89)	—	—	(3.40)	(3.40)	—	(5.29)	11.87	(13.45)	746,390	2.36   (13)	2.36	(0.97)	674
Class I
10/1/19 to 3/31/20(6)		$15.37	0.03	—	(2.93)	(2.90)	—	—	—	—	—	(2.90)	$12.47	(18.87) %	$ 48,962	1.32 %  (13)	1.32 %	0.33 %	32 %
10/1/18 to 9/30/19		15.97	0.06	—	(0.66)	(0.60)	—	—	—	—	—	(0.60)	15.37	(3.76)	73,639	1.31   (13)	1.31	0.42	228
10/1/17 to 9/30/18		13.71	0.05	—	2.21	2.26	—	—	—	—	—	2.26	15.97	16.48	110,950	1.30   (13)	1.30	0.34	57
10/1/16 to 9/30/17		12.31	0.06	—	1.34	1.40	—	—	—	—	—	1.40	13.71	11.37	148,047	1.29   (9)	1.35	0.45	92
10/1/15 to 9/30/16		12.19	0.02	—	0.10	0.12	—	—	—	—	—	0.12	12.31	0.98	282,818	1.29   (8)(9)	1.33	0.16	229
10/1/14 to 9/30/15		17.42	0.01	—	(1.80)	(1.79)	(0.02)	—	(3.42)	(3.44)	—	(5.23)	12.19	(12.57)	594,460	1.35   (13)	1.35	0.04	674
Class R6
10/1/19 to 3/31/20(6)		$15.47	0.04	—	(2.96)	(2.92)	—	—	—	—	—	(2.92)	$12.55	(18.88) %	$ 606	1.22 %  (13)	1.22 %	0.45 %	32 %
10/1/18 to 9/30/19		16.05	0.08	—	(0.66)	(0.58)	—	—	—	—	—	(0.58)	15.47	(3.61)	602	1.21   (13)	1.21	0.53	228
10/1/17 to 9/30/18		13.77	0.08	—	2.20	2.28	—	—	—	—	—	2.28	16.05	16.56	625	1.20   (13)	1.20	0.50	57
10/1/16 to 9/30/17		12.34	0.08	—	1.35	1.43	—	—	—	—	—	1.43	13.77	11.59	203	1.16   (9)	1.23	0.58	92
10/1/15 to 9/30/16		12.20	0.06	—	0.08	0.14	—	—	—	—	—	0.14	12.34	1.15	182	1.10   (8)(9)	1.25	0.49	229
11/12/14 (10) to 9/30/15		17.20	0.01	—	(1.57)	(1.56)	(0.02)	—	(3.42)	(3.44)	—	(5.00)	12.20	(11.39)	89	1.28   (13)	1.28	0.10	674   (11)
Rampart Multi-Asset Trend Fund
Class A
10/1/19 to 3/31/20(6)		$11.50	0.05	—	(0.95)	(0.90)	(0.08)	—	—	(0.08)	—	(0.98)	$10.52	(7.92) %	$ 10,943	1.64 %  (9)	1.73 %	0.90 %	62 %
10/1/18 to 9/30/19		11.24	0.05	—	0.25	0.30	(0.04)	—	—	(0.04)	—	0.26	11.50	2.65	12,441	1.68   (13)	1.68	0.45	233
10/1/17 to 9/30/18		10.84	0.07	—	0.33	0.40	—	—	—	—	—	0.40	11.24	3.69	14,744	1.63   (13)	1.63	0.67	117
10/1/16 to 9/30/17		10.31	0.05	—	0.48	0.53	—	—	—	—	—	0.53	10.84	5.14	18,160	1.65   (13)	1.65	0.52	167
10/1/15 to 9/30/16		9.94	(0.01)	—	0.39	0.38	(0.01)	—	—	(0.01)	—	0.37	10.31	3.82	29,798	1.61   (8)(13)	1.61	(0.07)	223
10/1/14 to 9/30/15		11.85	(0.02)	—	(0.92)	(0.94)	(0.04)	—	(0.93)	(0.97)	—	(1.91)	9.94	(8.58)	55,214	1.62   (13)	1.62	(0.15)	519
Class C
10/1/19 to 3/31/20(6)		$11.05	0.01	—	(0.92)	(0.91)	(0.03)	—	—	(0.03)	—	(0.94)	$10.11	(8.26) %	$ 21,390	2.39 %  (9)	2.47 %	0.13 %	62 %
10/1/18 to 9/30/19		10.84	(0.03)	—	0.24	0.21	—	—	—	—	—	0.21	11.05	1.94	28,019	2.42   (13)	2.42	(0.29)	233
10/1/17 to 9/30/18		10.53	(0.01)	—	0.32	0.31	—	—	—	—	—	0.31	10.84	2.94	39,671	2.36   (13)	2.36	(0.08)	117
10/1/16 to 9/30/17		10.10	(0.02)	—	0.45	0.43	—	—	—	—	—	0.43	10.53	4.26	51,105	2.39   (13)	2.39	(0.23)	167
10/1/15 to 9/30/16		9.80	(0.08)	—	0.38	0.30	—	—	—	—	—	0.30	10.10	3.06	80,962	2.36   (8)(13)	2.36	(0.80)	223
10/1/14 to 9/30/15		11.73	(0.09)	—	(0.91)	(1.00)	—	—	(0.93)	(0.93)	—	(1.93)	9.80	(9.23)	139,223	2.36   (13)	2.37	(0.89)	519

The footnote legend is at the end of the financial highlights.

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59

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Table of Contents

Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
Rampart Multi-Asset Trend Fund (Continued)
Class I
10/1/19 to 3/31/20(6)		$11.57	0.07	—	(0.96)	(0.89)	(0.09)	—	—	(0.09)	—	(0.98)	$10.59	(7.77) %	$ 7,306	1.40 %  (9)	1.50 %	1.16 %	62 %
10/1/18 to 9/30/19		11.33	0.07	—	0.26	0.33	(0.09)	—	—	(0.09)	—	0.24	11.57	2.92	9,342	1.44   (13)	1.44	0.68	233
10/1/17 to 9/30/18		10.90	0.10	—	0.33	0.43	—	—	—	—	—	0.43	11.33	3.94	15,245	1.39   (13)	1.39	0.90	117
10/1/16 to 9/30/17		10.34	0.08	—	0.48	0.56	—	—	—	—	—	0.56	10.90	5.42	17,443	1.40   (13)	1.40	0.76	167
10/1/15 to 9/30/16		9.99	0.02	—	0.38	0.40	(0.05)	—	—	(0.05)	—	0.35	10.34	3.97	28,522	1.36   (8)(13)	1.36	0.16	223
10/1/14 to 9/30/15		11.88	0.01	—	(0.91)	(0.90)	(0.06)	—	(0.93)	(0.99)	—	(1.89)	9.99	(8.36)	73,528	1.36   (13)	1.36	0.11	519
Rampart Sector Trend Fund
Class A
10/1/19 to 3/31/20(6)		$13.67	0.07	—	(2.18)	(2.11)	(0.17)	—	—	(0.17)	—	(2.28)	$11.39	(15.70) %	$ 73,262	1.00 %	1.00 %	1.04 %	77 %
10/1/18 to 9/30/19		13.74	0.15	—	(0.10)	0.05	(0.12)	—	—	(0.12)	—	(0.07)	13.67	0.52	98,647	0.99	0.99	1.20	347
10/1/17 to 9/30/18		12.20	0.10	—	1.56	1.66	(0.12)	—	—	(0.12)	—	1.54	13.74	13.64	95,318	0.98	0.98	0.76	324
10/1/16 to 9/30/17		11.29	0.11	—	0.94	1.05	(0.14)	—	—	(0.14)	—	0.91	12.20	9.46   (7)	99,321	1.03   (7)	1.03	0.98   (7)	259
10/1/15 to 9/30/16		11.00	0.11	—	0.26	0.37	(0.08)	—	—	(0.08)	—	0.29	11.29	3.36	131,389	1.05   (8)	1.05	1.00	337
10/1/14 to 9/30/15		15.21	0.05	—	(0.71)	(0.66)	(0.05)	—	(3.50)	(3.55)	—	(4.21)	11.00	(6.19)	156,759	0.98	0.98	0.39	576
Class C
10/1/19 to 3/31/20(6)		$13.42	0.02	—	(2.17)	(2.15)	(0.03)	—	—	(0.03)	—	(2.18)	$11.24	(16.06) %	$ 34,196	1.77 %	1.77 %	0.26 %	77 %
10/1/18 to 9/30/19		13.47	0.05	—	(0.09)	(0.04)	(0.01)	—	—	(0.01)	—	(0.05)	13.42	(0.29)	51,461	1.75	1.75	0.43	347
10/1/17 to 9/30/18		11.94	—  (12)	—	1.53	1.53	—  (12)	—	—	—	—	1.53	13.47	12.84	88,354	1.74	1.74	(0.01)	324
10/1/16 to 9/30/17		11.04	0.02	—	0.93	0.95	(0.05)	—	—	(0.05)	—	0.90	11.94	8.68   (7)	105,603	1.78   (7)	1.78	0.22   (7)	259
10/1/15 to 9/30/16		10.76	0.03	—	0.25	0.28	—	—	—	—	—	0.28	11.04	2.60	167,265	1.80   (8)	1.80	0.24	337
10/1/14 to 9/30/15		15.02	(0.04)	—	(0.69)	(0.73)	(0.02)	—	(3.51)	(3.53)	—	(4.26)	10.76	(6.86)	206,556	1.74	1.74	(0.34)	576
Class I
10/1/19 to 3/31/20(6)		$13.65	0.09	—	(2.18)	(2.09)	(0.20)	—	—	(0.20)	—	(2.29)	$11.36	(15.62) %	$ 43,644	0.77 %	0.77 %	1.27 %	77 %
10/1/18 to 9/30/19		13.73	0.18	—	(0.10)	0.08	(0.16)	—	—	(0.16)	—	(0.08)	13.65	0.72	53,395	0.76	0.76	1.44	347
10/1/17 to 9/30/18		12.19	0.13	—	1.56	1.69	(0.15)	—	—	(0.15)	—	1.54	13.73	13.94	60,095	0.74	0.74	0.99	324
10/1/16 to 9/30/17		11.28	0.14	—	0.94	1.08	(0.17)	—	—	(0.17)	—	0.91	12.19	9.77   (7)	72,187	0.78   (7)	0.78	1.22   (7)	259
10/1/15 to 9/30/16		11.02	0.13	—	0.27	0.40	(0.14)	—	—	(0.14)	—	0.26	11.28	3.65	102,905	0.80   (8)	0.80	1.21	337
10/1/14 to 9/30/15		15.21	0.08	—	(0.71)	(0.63)	(0.05)	—	(3.51)	(3.56)	—	(4.19)	11.02	(5.90)	169,977	0.73	0.73	0.65	576
Vontobel Global Opportunities Fund
Class A
10/1/19 to 3/31/20(6)		$16.37	(0.03)	—	(1.83)	(1.86)	—	—	(0.34)	(0.34)	—	(2.20)	$14.17	(11.75) %	$ 86,727	1.36 %	1.39 %	(0.36) %	36 %
10/1/18 to 9/30/19		17.02	0.02	—	0.97	0.99	—  (12)	—	(1.64)	(1.64)	—	(0.65)	16.37	7.62	99,951	1.37   (9)	1.40	0.11	35
10/1/17 to 9/30/18		16.22	0.02	—	1.68	1.70	—  (12)	—	(0.90)	(0.90)	—	0.80	17.02	10.80	104,081	1.40   (13)	1.40	0.12	38
10/1/16 to 9/30/17		13.69	0.02	—	2.64	2.66	(0.05)	—	(0.08)	(0.13)	—	2.53	16.22	19.54   (7)	113,151	1.45   (7)	1.46	0.05   (7)	37
10/1/15 to 9/30/16		12.32	0.05	—	1.35	1.40	(0.03)	—	—	(0.03)	—	1.37	13.69	11.38	105,967	1.47   (8)	1.48	0.37	29
10/1/14 to 9/30/15		12.12	0.05	—	0.21	0.26	(0.06)	—	—	(0.06)	—	0.20	12.32	2.15	87,769	1.45	1.45	0.42	40

The footnote legend is at the end of the financial highlights.

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60

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Table of Contents

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
Vontobel Global Opportunities Fund (Continued)
Class C
10/1/19 to 3/31/20(6)		$13.58	(0.08)	—	(1.50)	(1.58)	—	—	(0.34)	(0.34)	—	(1.92)	$11.66	(12.10) %	$ 22,378	2.11 %	2.13 %	(1.11) %	36 %
10/1/18 to 9/30/19		14.51	(0.08)	—	0.79	0.71	—	—	(1.64)	(1.64)	—	(0.93)	13.58	6.89	28,147	2.12   (9)	2.16	(0.64)	35
10/1/17 to 9/30/18		14.06	(0.09)	—	1.44	1.35	—	—	(0.90)	(0.90)	—	0.45	14.51	9.92	32,003	2.16   (13)	2.16	(0.61)	38
10/1/16 to 9/30/17		11.93	(0.08)	—	2.29	2.21	—	—	(0.08)	(0.08)	—	2.13	14.06	18.61   (7)	30,065	2.21   (7)	2.22	(0.68)   (7)	37
10/1/15 to 9/30/16		10.79	(0.04)	—	1.18	1.14	—	—	—	—	—	1.14	11.93	10.57	23,070	2.23   (8)	2.24	(0.34)	29
10/1/14 to 9/30/15		10.66	(0.01)	—	0.16	0.15	(0.02)	—	—	(0.02)	—	0.13	10.79	1.42	14,431	2.21	2.21	(0.13)	40
Class I
10/1/19 to 3/31/20(6)		$16.39	(0.01)	—	(1.83)	(1.84)	(0.04)	—	(0.34)	(0.38)	—	(2.22)	$14.17	(11.64) %	$ 105,929	1.09 %	1.16 %	(0.09) %	36 %
10/1/18 to 9/30/19		17.02	0.06	—	0.99	1.05	(0.04)	—	(1.64)	(1.68)	—	(0.63)	16.39	7.98	124,340	1.10   (9)	1.17	0.41	35
10/1/17 to 9/30/18		16.23	0.07	—	1.67	1.74	(0.05)	—	(0.90)	(0.95)	—	0.79	17.02	11.07	81,090	1.16   (13)	1.16	0.43	38
10/1/16 to 9/30/17		13.69	0.06	—	2.63	2.69	(0.07)	—	(0.08)	(0.15)	—	2.54	16.23	19.83   (7)	76,222	1.20   (7)	1.21	0.38   (7)	37
10/1/15 to 9/30/16		12.32	0.08	—	1.35	1.43	(0.06)	—	—	(0.06)	—	1.37	13.69	11.65	48,155	1.23   (8)	1.23	0.64	29
10/1/14 to 9/30/15		12.11	0.08	—	0.21	0.29	(0.08)	—	—	(0.08)	—	0.21	12.32	2.37	38,104	1.20	1.20	0.67	40
Class R6
10/1/19 to 3/31/20(6)		$16.42	0.01	—	(1.84)	(1.83)	(0.05)	—	(0.34)	(0.39)	—	(2.22)	$14.20	(11.56) %	$ 64,154	0.90 %	1.07 %	0.11 %	36 %
10/1/18 to 9/30/19		17.03	0.13	—	0.94	1.07	(0.04)	—	(1.64)	(1.68)	—	(0.61)	16.42	8.19	65,704	0.90   (9)	1.08	0.80	35
1/30/18 (10) to 9/30/18		17.27	0.06	—	(0.30)	(0.24)	—	—	—	—	—	(0.24)	17.03	1.39	425	1.11   (13)	1.11	0.56	38   (11)
Vontobel Greater European Opportunities Fund
Class A
10/1/19 to 3/31/20(6)		$11.55	(0.03)	—	(1.31)	(1.34)	(0.06)	—	(1.32)	(1.38)	—	(2.72)	$ 8.83	(13.73) %	$ 1,132	1.45 %	3.41 %	(0.60) %	26 %
10/1/18 to 9/30/19		15.62	0.07	—	(0.38)	(0.31)	(0.14)	—	(3.62)	(3.76)	—	(4.07)	11.55	2.14	1,378	1.45	2.99	0.62	16
10/1/17 to 9/30/18		17.62	0.13	—	(0.16)	(0.03)	(0.24)	—	(1.73)	(1.97)	—	(2.00)	15.62	(0.49)	3,283	1.45	2.20	0.77	22
10/1/16 to 9/30/17		15.86	0.04	—	1.96	2.00	(0.24)	—	—	(0.24)	—	1.76	17.62	12.89	4,224	1.44	1.90	0.26	42
10/1/15 to 9/30/16		15.20	0.17	—	0.59	0.76	(0.10)	—	—	(0.10)	—	0.66	15.86	4.99	11,364	1.46   (8)	1.82	1.06	49
10/1/14 to 9/30/15		15.32	0.16	—	0.01	0.17	(0.10)	—	(0.19)	(0.29)	—	(0.12)	15.20	1.19	13,306	1.45	1.89	1.02	35
Class C
10/1/19 to 3/31/20(6)		$11.21	(0.07)	—	(1.26)	(1.33)	—	—	(1.32)	(1.32)	—	(2.65)	$ 8.56	(13.99) %	$ 416	2.20 %	4.24 %	(1.34) %	26 %
10/1/18 to 9/30/19		15.22	(0.04)	—	(0.35)	(0.39)	—	—	(3.62)	(3.62)	—	(4.01)	11.21	1.34	579	2.20	3.73	(0.32)	16
10/1/17 to 9/30/18		17.22	0.01	—	(0.15)	(0.14)	(0.13)	—	(1.73)	(1.86)	—	(2.00)	15.22	(1.17)	1,827	2.20	2.92	0.07	22
10/1/16 to 9/30/17		15.58	(0.02)	—	1.86	1.84	(0.20)	—	—	(0.20)	—	1.64	17.22	12.06	2,208	2.19	2.66	(0.10)	42
10/1/15 to 9/30/16		14.95	0.04	—	0.59	0.63	—	—	—	—	—	0.63	15.58	4.21	2,292	2.23   (8)	2.58	0.26	49
10/1/14 to 9/30/15		15.08	0.05	—	0.01	0.06	—  (12)	—	(0.19)	(0.19)	—	(0.13)	14.95	0.43	1,564	2.20	2.64	0.34	35

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

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VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Capital Gains Distributions Received from Underlying Funds(1)	Net Realized and Unrealized Gain (Loss)	Total from Investment Operations	Dividends from Net Investment Income	Return of Capital	Distributions from Net Realized Gains	Total Distributions	Payment from Affiliate(1)	Change in Net Asset Value	Net Asset Value, End of Period	Total Return(2)(3)	Net Assets, End of Period (in thousands)	Ratio of Net Expenses to Average Net Assets(4)(5)	Ratio of Gross Expenses to Average Net Assets(4)(5)	Ratio of Net Investment Income (Loss) to Average Net Assets(4)	Portfolio Turnover Rate(2)
Vontobel Greater European Opportunities Fund (Continued)
Class I
10/1/19 to 3/31/20(6)		$11.55	(0.02)	—	(1.29)	(1.31)	(0.10)	—	(1.32)	(1.42)	—	(2.73)	$ 8.82	(13.56) %	$ 1,957	1.20 %	3.26 %	(0.33) %	26 %
10/1/18 to 9/30/19		15.65	0.12	—	(0.41)	(0.29)	(0.19)	—	(3.62)	(3.81)	—	(4.10)	11.55	2.36	2,280	1.20	2.72	1.00	16
10/1/17 to 9/30/18		17.65	0.12	—	(0.10)	0.02	(0.29)	—	(1.73)	(2.02)	—	(2.00)	15.65	(0.19)	2,626	1.20	1.89	0.75	22
10/1/16 to 9/30/17		15.91	0.17	—	1.87	2.04	(0.30)	—	—	(0.30)	—	1.74	17.65	13.21	9,822	1.19	1.67	1.02	42
10/1/15 to 9/30/16		15.26	0.25	—	0.54	0.79	(0.14)	—	—	(0.14)	—	0.65	15.91	5.22	8,893	1.22   (8)	1.56	1.57	49
10/1/14 to 9/30/15		15.38	0.24	—	(0.02)	0.22	(0.15)	—	(0.19)	(0.34)	—	(0.12)	15.26	1.47	5,751	1.20	1.63	1.55	35

    

Footnote Legend:
(1)	Calculated using average shares outstanding.
(2)	Not annualized for periods less than one year.
(3)	Sales charges, where applicable, are not reflected in the total return calculation.
(4)	Annualized for periods less than one year.
(5)	The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio.
(6)	Unaudited.
(7)	Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows: Duff & Phelps Global Infrastructure Fund No Impact (Class A), No Impact (Class C), No Impact (Class I) Rampart Sector Trend No Impact (Class A), No Impact (Class C), No Impact (Class I) Vontobel Global Opportunities Fund 0.06% (Class A), 0.05% (Class C), 0.05% (Class I) Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: Duff & Phelps Global Infrastructure Fund No Impact (Class A), No Impact (Class C), No Impact (Class I) Rampart Sector Trend No Impact (Class A), No Impact (Class C), No Impact (Class I) Vontobel Global Opportunities Fund 0.06% (Class A), 0.05% (Class C), 0.05% (Class I)
(8)	Net expense ratio includes extraordinary proxy expenses.
(9)	Due to a change in expense cap, the ratio shown is a blended expense ratio.
(10)	Inception date.
(11)	Portfolio turnover is representative of the Fund for the entire period.
(12)	Amount is less than $0.005 per share.
(13)	The share class is currently under its expense limitation.
(14)	Payment from affiliate had no impact on total return.

See Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

March 31, 2020

Note 1. Organization

Virtus Opportunities Trust (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

As of the date of this report, 24 funds of the Trust are offered for sale, of which 14 (each a “Fund” or collectively, the “Funds”) are reported in this semiannual report.

Each Fund has a distinct investment objective and all of the Funds except the Duff & Phelps Real Asset Fund, KAR Emerging Markets Small-Cap Fund, KAR International Small-Cap Fund, and KAR International Small-Mid Cap Fund are diversified.

The Funds have the following investment objective(s):

Fund		Investment objective(s)
Duff & Phelps Global Infrastructure Fund		Capital appreciation and current income.
Duff & Phelps Global Real Estate Securities Fund		Long-term capital appreciation, with a secondary investment objective of income.
Duff & Phelps International Real Estate Securities Fund		Long-term capital appreciation, with a secondary investment objective of income.
Duff & Phelps Real Asset Fund		Long-term capital appreciation.
Herzfeld Fund		Capital appreciation and current income.
Horizon Wealth Masters Fund		Capital appreciation.
KAR Emerging Markets Small-Cap Fund		Capital appreciation.
KAR International Small-Cap Fund		Capital appreciation.
KAR International Small-Mid Cap Fund		Capital appreciation.
Rampart Equity Trend Fund		Long-term capital appreciation.
Rampart Multi-Asset Trend Fund		Capital appreciation. In pursuing this objective, the Fund maintains an emphasis on preservation of capital.
Rampart Sector Trend Fund		Long-term capital appreciation.
Vontobel Global Opportunities Fund		Capital appreciation.
Vontobel Greater European Opportunities Fund		Long-term capital appreciation.

There is no guarantee that a Fund will achieve its objective(s).

All of the Funds offer Class A shares, Class C shares, and Class I shares. The Duff & Phelps Global Infrastructure Fund, Duff & Phelps Global Real Estate Securities Fund, KAR Emerging Markets Small-Cap Fund, KAR International Small-Cap Fund, KAR International Small-Mid Cap Fund, Rampart Equity Trend Fund, and Vontobel Global Opportunities Fund also offer Class R6 shares.

Class A shares are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Effective January 1, 2019, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares ten years after the purchase date. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund’s determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds’ distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as “Less low balance account fees” in each Fund’s Statement of Operations for the period, as applicable.

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March 31, 2020

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds’ Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

•	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 Valuation Committee’s own assumptions in determining the fair value of investments).

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

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. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, 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 a Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

B.	Security Transactions and Investment Income
	Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
	Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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March 31, 2020

C.	Income Taxes
	Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.
	Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.
	Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2016 forward (with limited exceptions).
D.	Distributions to Shareholders
	Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.
E.	Expenses
	Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each Fund or an alternative allocation method can be more appropriately used.
	In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.
F.	Foreign Currency Transactions
	Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
G.	Securities Lending
	The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.
	Securities lending transactions are entered into by each Fund under Master Securities Lending Agreements (“MSLA”) which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.
	Effective March 13, 2020, the securities lending program was put on hold and all securities on loan were recalled.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands)

A.	Investment Adviser
	Virtus Investment Advisers, Inc. (the “Adviser”), an indirect wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers.
	As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets (except as otherwise noted) of the following Funds:

    

	First $2 Billion		$2+ Billion through $4 Billion		Over $4 Billion
Rampart Multi-Asset Trend Fund	1.00 %		0.95 %		0.90 %

    

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March 31, 2020

	First $1 Billion		$1+ Billion
Herzfeld Fund	1.00 %		0.95  %
Horizon Wealth Masters Fund	0.85		0.80
KAR Emerging Markets Small-Cap Fund	1.20		1.15
KAR International Small-Cap Fund	1.00		0.95
KAR International Small-Mid Cap Fund	0.90		0.85
Rampart Equity Trend Fund	1.00		0.95
Rampart Sector Trend Fund	0.45		0.40
Vontobel Greater European Opportunities Fund	0.85		0.80

    

	First $1 Billion		$1+ Billion through $2 Billion		$2+ Billion
Duff & Phelps Global Infrastructure Fund	0.65 %		0.60  %		0.55  %
Duff & Phelps Global Real Estate Securities Fund	0.85		0.80		0.75
Duff & Phelps International Real Estate Securities Fund	1.00		0.95		0.90
Vontobel Global Opportunities Fund	0.85		0.80		0.75

Duff & Phelps Real Asset Fund – the Adviser does not charge an advisory fee.

B.	Subadvisers
	The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows:

Fund		Subadviser
Duff & Phelps Global Infrastructure Fund		DPIM (1)
Duff & Phelps Global Real Estate Securities Fund		DPIM (1)
Duff & Phelps International Real Estate Securities Fund		DPIM (1)
Duff & Phelps Real Asset Fund		DPIM (2)
Herzfeld Fund		Thomas J. Herzfeld Advisors, Inc.
Horizon Wealth Masters Fund		Horizon Kinetics Asset Management, LLC
KAR Emerging Markets Small-Cap Fund		KAR (3)
KAR International Small-Cap Fund		KAR (3)
KAR International Small-Mid Cap Fund		KAR (3)
Rampart Equity Trend Fund		Rampart (4)
Rampart Multi-Asset Trend Fund		Rampart (4)
Rampart Sector Trend Fund		Rampart (4)
Vontobel Global Opportunities Fund		Vontobel (5)
Vontobel Greater European Opportunities Fund		Vontobel (5)

(1)	Duff & Phelps Investment Management Co. (“DPIM”), an indirect, wholly-owned subsidiary of Virtus.
(2)	Effective February 28, 2020, DPIM is the subadviser to the Fund. Prior to February 28, 2020, Rampart Investment Management Company, LLC (“Rampart”), an indirect, wholly-owned subsidiary of Virtus, was the subadviser to the Fund.
(3)	Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus.
(4)	Rampart.
(5)	Vontobel Asset Management, Inc. (“Vontobel”).

C.

Expense Limitations

The Adviser has contractually agreed to limit certain Funds’ annual total operating expenses subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2021 (excepted as noted). Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are accrued daily and received monthly.

    

Fund		Class A		Class C		Class I		Class R6
Duff & Phelps Global Infrastructure Fund		N/A %		N/A %		N/A %		0.85 %
Duff & Phelps Global Real Estate Securities Fund		1.40		2.15		1.15		0.89
Duff & Phelps International Real Estate Securities Fund		1.50		2.25		1.25		N/A

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March 31, 2020

Fund		Class A		Class C		Class I		Class R6
Herzfeld Fund		1.60 %		2.35 %		1.35 %		N/A %
Horizon Wealth Masters Fund		1.25		2.00		1.00		N/A
KAR Emerging Markets Small-Cap Fund		1.85		2.60		1.60		1.50
KAR International Small-Cap Fund*		1.60		2.35		1.35		1.24
KAR International Small-Mid Cap Fund		1.45		2.20		1.20		1.10
Rampart Equity Trend Fund*		1.60		2.35		1.35		1.26
Rampart Multi-Asset Trend Fund**		1.60		2.35		1.35		N/A
Vontobel Global Opportunities Fund		1.36		2.11		1.09		0.90
Vontobel Greater European Opportunities Fund		1.45		2.20		1.20		N/A

*	Each share class is currently below its expense cap.
**	Effective December 1, 2019. For the period October 1, 2019 through November 30, 2019, the expense caps were as follows for Class A shares, Class C shares, and Class I shares, respectively: 1.75%, 2.50%, and 1.50%.

The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

D.

Expense Recapture

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending:

    

		Expiration
Fund		2020		2021		2022		2023		Total
Duff & Phelps Global Infrastructure Fund
Class R6		$ —		$ —		$ 2		$ 4		$ 6
Duff & Phelps Global Real Estate Securities Fund
Class A		77		235		226		117		655
Class C		11		7		5		2		25
Class I		137		66		71		22		296
Class R6		1		7		4		6		18
Duff & Phelps International Real Estate Securities Fund
Class A		8		9		4		2		23
Class C		3		4		2		1		10
Class I		48		93		81		45		267
Herzfeld Fund
Class A		2		3		2		2		9
Class C		4		3		8		6		21
Class I		7		1		5		6		19
Horizon Wealth Masters Fund
Class A		6		34		42		18		100
Class C		7		38		48		24		117
Class I		10		51		63		30		154
KAR Emerging Markets Small-Cap Fund
Class A		6		8		12		5		31
Class C		1		1		— (1)		— (1)		2
Class I		36		56		40		11		143
Class R6		—		—		— (1)		— (1)		— (1)
KAR International Small-Mid Cap Fund
Class A		—		—		—		2		2
Class C		—		—		—		2		2
Class I		—		—		—		11		11
Class R6		—		—		—		51		51

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March 31, 2020

		Expiration
Fund		2020		2021		2022		2023		Total
Rampart Equity Trend Fund
Class A		$ 5		$ —		$ —		$ —		$ 5
Class C		10		—		—		—		10
Class I		6		—		—		—		6
Rampart Multi-Asset Trend Fund
Class A		—		—		—		6		6
Class C		—		—		—		11		11
Class I		—		—		—		4		4
Vontobel Global Opportunities Fund
Class A		—		—		34		14		48
Class C		—		—		12		2		14
Class I		—		—		66		45		111
Class R6		—		—		55		58		113
Vontobel Greater European Opportunities Fund
Class A		10		30		34		14		88
Class C		5		15		14		5		39
Class I		36		30		35		23		124

(1)	Amount is less than $500.

During the period ended March 31, 2020, the Adviser recaptured expenses previously waived for the following Funds:

Fund		Class A		Class C		Class I		Class R6		Total
KAR Emerging Markets Small-Cap Fund		$— (1)		$— (1)		$—		$— (1)		$— (1)
Vontobel Global Opportunities Fund		—		— (1)		—		—		— (1)
(1) Amount is less than $500.

E.	Distributor
	VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the fiscal year (the “period”) ended March 31, 2020, it retained net commissions of $41 of Class A shares and CDSC of $1 and $9 for Class A shares and Class C shares, respectively.
	In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%(1) for Class A shares and 1.00%(1)(2) for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.
	Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.

                ⁽¹⁾ Some of the Funds invest in ETFs. In addition to the fees listed, the Funds bear their proportionate shares of any distribution and shareholder servicing fees of the ETFs.

                ⁽²⁾ The Funds’ distributor has contractually agreed to waive its 12b-1 fees applicable to Class C shares to the extent that the Funds’ investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the Fund to exceed the limits set forth in applicable law or regulation.

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F.	Administrator and Transfer Agent
	Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.
	For the period ended March 31, 2020, the Funds incurred administration fees totaling $1,585 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly.
	For the period ended March 31, 2020, the Funds incurred transfer agent fees totaling $710 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G.	Investments in Affiliates
	A summary of the Duff & Phelps Real Asset Fund’s total long-term and short-term purchases and sales of the respective shares of the affiliated underlying funds(1) during the period ended March 31, 2020, is as follows:

    

	Value, beginning of period		Purchases (2)		Sales Proceeds		Net realized gain (loss) on affiliated fund		Net change in unrealized appreciation (depreciation) on affiliated fund		Value, end of period		Shares		Dividend Income		Distributions of Realized Gains
Affiliated Mutual Funds—67.1%(3)
Virtus Duff & Phelps Global Infrastructure Fund Class R6	$ 6,476		$ 2,940		$ 835		$ 66		$(1,961)		$ 6,686		534,873		$ 80		$217
Virtus Duff & Phelps Global Real Estate Securities Fund Class I	3,811		595		2,908		44		(1,542)		—		—		204		91
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6	—		6,298		—		—		5		6,303		252,629		—		—
Virtus Duff & Phelps International Real Estate Securities Fund Class I	3,930		675		3,859		1,037		(1,783)		—		—		344		—
Virtus Duff & Phelps Real Estate Securities Fund Class I	2,710		677		2,858		579		(1,108)		—		—		11		467
Virtus Duff & Phelps Select MLP and Energy Fund Class I	—		2,833		—		—		(1,100)		1,733		402,987		—		—
Virtus Newfleet Senior Floating Rate Fund Class I	3,447		353		3,501		2		(301)		—		—		—		—
Virtus Newfleet Senior Floating Rate Fund Class R6	—		4,750		1,180		(175)		(270)		3,125		407,427		—		—
Total	$20,374		$19,121		$15,141		$1,553		$(8,060)		$17,847				$639		$775

⁽¹⁾ The Duff & Phelps Real Asset Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund’s net assets. At September 30, 2019, the Fund was the owner of record of less than 10% of each affiliated underlying fund.

⁽²⁾ Includes reinvested dividends from income and capital gain distributions.

⁽³⁾ Shares of these funds are publicly offered, and the prospectus and annual report of each are publicly available.

H.

Trustee Compensation

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at March 31, 2020.

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Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding short-term securities) during the period ended March 31, 2020, were as follows:

	Purchases		Sales
Duff & Phelps Global Infrastructure Fund	$ 25,738		$ 34,719
Duff & Phelps Global Real Estate Securities Fund	81,492		40,018
Duff & Phelps International Real Estate Securities Fund	11,705		14,204
Duff & Phelps Real Asset Fund	22,462		26,232
Herzfeld Fund	20,698		33,085
Horizon Wealth Masters Fund	6,608		17,436
KAR Emerging Markets Small-Cap Fund	57,565		35,001
KAR International Small-Cap Fund	622,168		248,195
KAR International Small-Mid Cap Fund	9,767		1,120
Rampart Equity Trend Fund	80,586		326,511
Rampart Multi-Asset Trend Fund	26,561		55,736
Rampart Sector Trend Fund	131,593		303,429
Vontobel Global Opportunities Fund	121,940		116,121
Vontobel Greater European Opportunities Fund	1,017		1,115

There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2020.

Note 5. Capital Share Transactions

($ reported in thousands)

Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

	Duff & Phelps Global Infrastructure Fund								Duff & Phelps Global Real Estate Securities Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	106		$ 1,684		494		$ 7,590		253		$ 7,941		295		$ 9,202
Reinvestment of distributions	96		1,460		121		1,699		30		1,000		6		180
Shares repurchased and cross class conversions	(283)		(3,999)		(554)		(7,992)		(164)		(4,960)		(323)		(9,936)
Net Increase / (Decrease)	(81)		$ (855)		61		$ 1,297		119		$ 3,981		(22)		$ (554)
Class C
Shares sold and cross class conversions	30		$ 484		77		$ 1,149		17		$ 559		28		$ 867
Reinvestment of distributions	32		493		55		760		19		591		7		189
Shares repurchased and cross class conversions	(151)		(2,331)		(452)		(6,681)		(34)		(1,045)		(79)		(2,377)
Net Increase / (Decrease)	(89)		$ (1,354)		(320)		$ (4,772)		2		$ 105		(44)		$ (1,321)
Class I
Shares sold and cross class conversions	973		$ 15,711		1,517		$ 23,388		1,835		$ 59,627		2,559		$ 79,502
Reinvestment of distributions	118		1,803		127		1,809		477		15,409		168		4,704
Shares repurchased and cross class conversions	(1,794)		(24,455)		(674)		(9,982)		(1,634)		(49,372)		(1,507)		(46,439)
Net Increase / (Decrease)	(703)		$ (6,941)		970		$ 15,215		678		$ 25,664		1,220		$ 37,767

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	Duff & Phelps Global Infrastructure Fund								Duff & Phelps Global Real Estate Securities Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class R6
Shares sold and cross class conversions	194		$ 3,032		56		$ 822		831		$ 26,912		86		$ 2,587
Reinvestment of distributions	28		424		35		500		5		161		2		45
Shares repurchased and cross class conversions	(65)		(1,045)		(311)		(4,524)		(24)		(814)		(221)		(6,616)
Net Increase / (Decrease)	157		$ 2,411		(220)		$ (3,202)		812		$ 26,259		(133)		$ (3,984)

    

	Duff & Phelps International Real Estate Securities Fund								Duff & Phelps Real Asset Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	120		$ 923		58		$ 434		92		$ 1,017		700		$ 7,659
Reinvestment of distributions	24		185		10		67		38		438		18		184
Shares repurchased and cross class conversions	(61)		(429)		(66)		(483)		(208)		(2,210)		(211)		(2,350)
Net Increase / (Decrease)	83		$ 679		2		$ 18		(78)		$ (755)		507		$ 5,493
Class C
Shares sold and cross class conversions	7		$ 51		2		$ 18		1		$ 13		4		$ 47
Reinvestment of distributions	7		56		4		27		1		14		7		70
Shares repurchased and cross class conversions	(6)		(45)		(41)		(306)		(71)		(778)		(688)		(7,493)
Net Increase / (Decrease)	8		$ 62		(35)		$ (261)		(69)		$ (751)		(677)		$ (7,376)
Class I
Shares sold and cross class conversions	1,504		$ 11,244		1,990		$ 15,105		543		$ 6,138		723		$ 7,978
Reinvestment of distributions	529		4,066		238		1,620		54		621		58		590
Shares repurchased and cross class conversions	(2,290)		(15,547)		(1,196)		(8,861)		(867)		(9,090)		(670)		(7,352)
Net Increase / (Decrease)	(257)		$ (237)		1,032		$ 7,864		(270)		$ (2,331)		111		$ 1,216

    

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March 31, 2020

	Herzfeld Fund								Horizon Wealth Masters Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	49		$ 527		131		$ 1,458		39		$ 587		100		$ 1,582
Reinvestment of distributions	14		132		57		575		33		555		77		1,107
Shares repurchased and cross class conversions	(107)		(1,104)		(233)		(2,613)		(227)		(3,652)		(370)		(5,957)
Net Increase / (Decrease)	(44)		$ (445)		(45)		$ (580)		(155)		$ (2,510)		(193)		$ (3,268)
Class C
Shares sold and cross class conversions	40		$ 441		277		$ 3,100		21		$ 314		33		$ 493
Reinvestment of distributions	33		306		176		1,759		39		624		80		1,107
Shares repurchased and cross class conversions	(463)		(4,993)		(596)		(6,603)		(148)		(2,103)		(273)		(4,211)
Net Increase / (Decrease)	(390)		$ (4,246)		(143)		$ (1,744)		(88)		$ (1,165)		(160)		$ (2,611)
Class I
Shares sold and cross class conversions	144		$ 1,537		679		$ 7,714		49		$ 792		120		$ 1,924
Reinvestment of distributions	78		734		373		3,778		59		999		118		1,713
Shares repurchased and cross class conversions	(1,130)		(11,552)		(1,263)		(14,100)		(444)		(6,600)		(512)		(8,123)
Net Increase / (Decrease)	(908)		$ (9,281)		(211)		$ (2,608)		(336)		$ (4,809)		(274)		$ (4,486)

    

	KAR Emerging Markets Small-Cap Fund								KAR International Small-Cap Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	482		$ 5,872		3,674		$ 42,412		2,733		$ 44,138		3,708		$ 61,363
Reinvestment of distributions	40		495		3		29		76		1,419		31		475
Shares repurchased and cross class conversions	(711)		(7,806)		(1,805)		(21,293)		(1,316)		(22,233)		(2,346)		(38,577)
Net Increase / (Decrease)	(189)		$ (1,439)		1,872		$ 21,148		1,493		$ 23,324		1,393		$ 23,261
Class C
Shares sold and cross class conversions	16		$ 190		48		$ 568		238		$ 4,330		831		$ 13,399
Reinvestment of distributions	1		12		—		—		23		427		15		224
Shares repurchased and cross class conversions	(1)		(9)		(18)		(202)		(305)		(4,994)		(739)		(11,833)
Net Increase / (Decrease)	16		$ 193		30		$ 366		(44)		$ (237)		107		$ 1,790
Class I
Shares sold and cross class conversions	5,616		$ 66,634		9,490		$ 111,996		33,463		$ 597,242		60,562		$ 1,005,248
Reinvestment of distributions	159		1,996		14		156		1,672		31,331		718		10,919
Shares repurchased and cross class conversions	(3,412)		(40,587)		(4,902)		(58,563)		(23,494)		(380,438)		(25,568)		(417,459)
Net Increase / (Decrease)	2,363		$ 28,043		4,602		$ 53,589		11,641		$ 248,135		35,712		$ 598,708

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March 31, 2020

	KAR Emerging Markets Small-Cap Fund								KAR International Small-Cap Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class R6
Shares sold and cross class conversions	— (1)		$ 3		8		$ 100		1,761		$ 30,492		795		$ 13,619
Reinvestment of distributions	— (1)		— (2)		—		—		50		944		26		398
Shares repurchased and cross class conversions	—  (3)		—  (4)		—		—		(144)		(2,604)		(2,606)		(42,649)
Net Increase / (Decrease)	—		$ 3		8		$ 100		1,667		$ 28,832		(1,785)		$ (28,632)

(1)	Amount is less than 500 shares.
(2)	Amount is less than $500.
(3)	Amount is less than (500) shares.
(4)	Amount is less than ($500).

    

	KAR International Small-Mid Cap Fund				Rampart Equity Trend Fund
	From Inception October 01, 2019 to March 31, 2020 (Unaudited)				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	11		$ 121		414		$ 6,330		2,103		$ 30,695
Shares repurchased and cross class conversions	(1)		(11)		(1,044)		(15,742)		(1,875)		(27,423)
Net Increase / (Decrease)	10		$ 110		(630)		$ (9,412)		228		$ 3,272
Class C
Shares sold and cross class conversions	11		$ 115		33		$ 484		109		$ 1,517
Shares repurchased and cross class conversions	—		—		(1,762)		(25,359)		(5,669)		(78,811)
Net Increase / (Decrease)	11		$ 115		(1,729)		$ (24,875)		(5,560)		$ (77,294)
Class I
Shares sold and cross class conversions	698		$ 6,345		171		$ 2,672		499		$ 7,385
Shares repurchased and cross class conversions	(7)		(62)		(1,035)		(15,603)		(2,655)		(39,016)
Net Increase / (Decrease)	691		$ 6,283		(864)		$ (12,931)		(2,156)		$ (31,631)
Class R6
Shares sold and cross class conversions	270		$ 2,701		9		$ 148		—		$ —
Net Increase / (Decrease)	270		$ 2,701		9		$ 148		—		$ —

    

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March 31, 2020

	Rampart Multi-Asset Trend Fund								Rampart Sector Trend Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	82		$ 951		116		$ 1,287		514		$ 6,886		1,867		$ 23,407
Reinvestment of distributions	7		83		4		42		67		958		56		662
Shares repurchased and cross class conversions	(131)		(1,536)		(350)		(3,893)		(1,364)		(17,354)		(1,643)		(21,346)
Net Increase / (Decrease)	(42)		$ (502)		(230)		$ (2,564)		(783)		$ (9,510)		280		$ 2,723
Class C
Shares sold and cross class conversions	19		$ 211		75		$ 790		23		$ 310		164		$ 2,057
Reinvestment of distributions	6		68		—		—		7		97		5		57
Shares repurchased and cross class conversions	(446)		(4,943)		(1,198)		(12,714)		(822)		(11,215)		(2,896)		(35,858)
Net Increase / (Decrease)	(421)		$ (4,664)		(1,123)		$ (11,924)		(792)		$ (10,808)		(2,727)		$ (33,744)
Class I
Shares sold and cross class conversions	35		$ 409		103		$ 1,150		492		$ 6,240		1,179		$ 15,765
Reinvestment of distributions	6		68		8		89		51		736		65		769
Shares repurchased and cross class conversions	(159)		(1,851)		(650)		(7,198)		(613)		(8,411)		(1,709)		(21,781)
Net Increase / (Decrease)	(118)		$ (1,374)		(539)		$ (5,959)		(70)		$ (1,435)		(465)		$ (5,247)

    

	Vontobel Global Opportunities Fund								Vontobel Greater European Opportunities Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class A
Shares sold and cross class conversions	515		$ 8,353		2,000		$ 28,958		24		$ 283		16		$ 198
Reinvestment of distributions	108		1,870		656		9,077		16		169		73		720
Shares repurchased and cross class conversions	(608)		(9,772)		(2,665)		(41,378)		(31)		(323)		(180)		(2,025)
Net Increase / (Decrease)	15		$ 451		(9)		$ (3,343)		9		$ 129		(91)		$ (1,107)
Class C
Shares sold and cross class conversions	182		$ 2,496		426		$ 5,263		4		$ 40		1		$ 13
Reinvestment of distributions	44		629		283		3,269		7		68		38		363
Shares repurchased and cross class conversions	(380)		(5,013)		(842)		(10,721)		(14)		(146)		(107)		(1,176)
Net Increase / (Decrease)	(154)		$ (1,888)		(133)		$ (2,189)		(3)		$ (38)		(68)		$ (800)
Class I
Shares sold and cross class conversions	2,436		$ 39,715		4,465		$ 67,974		52		$ 549		101		$ 1,128
Reinvestment of distributions	168		2,900		543		7,501		25		268		60		594
Shares repurchased and cross class conversions	(2,715)		(41,057)		(2,186)		(33,165)		(53)		(545)		(132)		(1,497)
Net Increase / (Decrease)	(111)		$ 1,558		2,822		$ 42,310		24		$ 272		29		$ 225

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	Vontobel Global Opportunities Fund								Vontobel Greater European Opportunities Fund
	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019				Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
	SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT		SHARES		AMOUNT
Class R6
Shares sold and cross class conversions	671		$ 10,172		570		$ 9,095		—		$ —		—		$ —
Shares issued-merger (See Note 12)	—		—		3,524		52,884		—		—		—		—
Reinvestment of distributions	89		1,540		2		32		—		—		—		—
Shares repurchased and cross class conversions	(244)		(3,953)		(119)		(1,915)		—		—		—		—
Net Increase / (Decrease)	516		$ 7,759		3,977		$ 60,096		—		$ —		—		$ —

Note 6. 10% Shareholders

As of March 31, 2020, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each such Fund as detailed below:

	% of Shares Outstanding		Number of Accounts
Duff & Phelps Global Real Estate Securities Fund	39%		3
Duff & Phelps International Real Estate Securities Fund	84		3
Duff & Phelps Real Asset Fund	22		2
Herzfeld Fund	46		3
Horizon Wealth Masters Fund	12		1
KAR Emerging Markets Small-Cap Fund	63		4
KAR International Small-Cap Fund	53		4
KAR International Small-Mid Cap Fund	92		2 *
Rampart Equity Trend Fund	22		2
Rampart Multi-Asset Trend Fund	22		1
Rampart Sector Trend Fund	11		1
Vontobel Greater European Opportunities Fund	40		3

*	Includes affiliated shareholder account(s).

Note 7. Market Risk and Asset Concentration

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of the Fund’s portfolio manager(s) to invest the Fund’s assets as intended.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund’s ability to repatriate such amounts.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if a Fund did not concentrate its investments in such sectors.

At March 31, 2020, the following Funds held securities issued by various companies in specific sectors as detailed below:

Fund		Sector		Percentage of Total Investments
Duff & Phelps Global Infrastructure Fund		Utilities		52%
Duff & Phelps Global Real Estate Securities Fund		Industrial/Office REITS		28
Duff & Phelps International Real Estate Securities Fund		Real Estate Operating Companies		25
KAR Emerging Markets Small-Cap Fund		Industrials		32

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March 31, 2020

Fund		Sector		Percentage of Total Investments
KAR International Small-Cap Fund		Communication Services		29
KAR International Small-Cap Fund		Industrials		27
KAR International Small-Mid Cap Fund		Communication Services		27
KAR International Small-Mid Cap Fund		Industrials		26

Note 8.  Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust’s and/or the Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

Note 9. Restricted Securities

Restricted securities are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At March 31, 2020, the Funds did not hold any securities that were restricted.

Note 10. Redemption Facility

($ reported in thousands)

On September 18, 2017, the Funds and certain other affiliated funds entered into an $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Funds to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of each Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 11, 2021. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The following Funds had an outstanding loan during the period. The borrowings were valued at cost, which approximates fair value.

Fund		Interest Incurred on Borrowing		Average Dollar Amount of Borrowing		Weighted Average Interest Rate on Borrowing		Days Loan was Open
Duff & Phelps Global Infrastructure Fund		$ 1		$2,397		1.99%		10
Duff & Phelps International Real Estate Securities Fund		1		2,400		2.08		6
Herzfeld Fund		— (1)		578		2.14		9
Vontobel Global Opportunities Fund		2		4,481		2.20		8

(1)	Amount is less than $500.

Note 11. Federal Income Tax Information

($ reported in thousands)

At March 31, 2020, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Funds were as follows:

Fund		Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Duff & Phelps Global Infrastructure Fund		$ 80,440		$ 8,289		$ (12,108)		$ (3,819)
Duff & Phelps Global Real Estate Securities Fund		238,212		14,072		(41,893)		(27,821)
Duff & Phelps International Real Estate Securities Fund		43,623		915		(6,578)		(5,663)
Duff & Phelps Real Asset Fund		54,121		525		(28,103)		(27,578)
Herzfeld Fund		34,294		342		(8,798)		(8,456)
Horizon Wealth Masters Fund		31,730		2,091		(6,909)		(4,818)
KAR Emerging Markets Small-Cap Fund		126,027		3,847		(13,312)		(9,465)
KAR International Small-Cap Fund		1,701,867		42,739		(293,904)		(251,165)
KAR International Small-Mid Cap Fund		9,221		369		(398)		(29)

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March 31, 2020

Fund		Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Rampart Equity Trend Fund		$ 207,182		$ 382		$ (4)		$ 378
Rampart Multi-Asset Trend Fund		36,818		876		(—) (1)		876
Rampart Sector Trend Fund		144,097		—		—		—
Vontobel Global Opportunities Fund		226,431		61,529		(16,698)		44,831
Vontobel Greater European Opportunities Fund		2,674		865		(193)		672

(1)	Amount is less than ($500).

At September 30, 2019, certain Funds had capital loss carryovers available to offset future realized capital gains, through the indicated expiration dates shown below:

	No Expiration				Total
	Short-Term		Long-Term		Short-Term		Long-Term
Duff & Phelps International Real Estate Securities Fund	$ 320		$ —		$ 320		$ —
Duff & Phelps Real Asset Fund	—		— (1)		—		— (1)
Herzfeld Fund	160		50		160		50
KAR Emerging Markets Small-Cap Fund	—		94		—		94
KAR International Small-Cap Fund	828		147		828		147
Rampart Equity Trend Fund	422,036		—		422,036		—
Rampart Multi-Asset Trend Fund	20,734		—		20,734		—
Rampart Sector Trend Fund	1,528		—		1,528		—

(1)	Amount is less than $500.

    

	Late Year Ordinary Losses Deferred		Capital Loss Deferred
Duff & Phelps Global Infrastructure Fund	$ —		$ 442
Duff & Phelps Real Asset Fund	—		206
Herzfeld Fund	—		295
KAR Emerging Markets Small-Cap Fund	—		3,708
KAR International Small-Cap Fund	—		52,302
Rampart Equity Trend Fund	100		6,587
Rampart Sector Trend Fund	—		8,842

Note 12. Reorganization

($ reported in thousands)

On November 14, 2018, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Plan”) with respect to Vontobel Global Equity Institutional Fund (the “Merged Fund”), a series of Advisers Investment Trust, and Vontobel Global Opportunities Fund (the “Acquiring Fund”), a series of the Trust, which provided for the transfer of all of the assets of the Merged Fund for shares of the Acquiring Fund and the assumption of the liabilities of the Merged Fund. The purpose of the transaction was to allow shareholders of the Merged Fund to own shares of a larger fund with a substantially similar investment objective and style as, and potentially deliver better value than, the Merged Fund. The reorganization was accomplished by a tax-free exchange of shares on March 22, 2019. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2020

Merged Fund		Shares Outstanding		Acquiring Fund		Shares Converted		Merged Fund Net Assets Value of Converted Shares
Vontobel Global Equity Institutional Fund		Class I Shares 3,976,178		Vontobel Global Opportunities Fund		Class R6 Shares 3,523,715		$52,884

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

Merged Fund		Net Assets		Unrealized Appreciation (Depreciation)		Acquiring Fund		Net Assets
Vontobel Global Equity Institutional Fund		$52,884		$9,853		Vontobel Global Opportunities Fund		$447

The net assets of the Class R6 shares of the Acquiring Fund immediately following the acquisition were $53,331.

Assuming the acquisition had been completed on October 1, 2018, the Vontobel Global Equity Institutional Fund’s pro-forma results of operations for the period ended September 30, 2019, would have been as follows:

Net investment income (loss)	$655(a)
Net realized and unrealized gain (loss) on investments	23,777 (b)
Net increase (decrease) in net assets resulting from operations	$24,432

^(a) $581, as reported in the Statement of Operations, plus $74 net investment income from Vontobel Global Equity Institutional Fund pre-merger.

^(b) $24,391, as reported in the Statement of Operations, plus $(614) net realized and unrealized gain (loss) on investments from Vontobel Global Equity Institutional Fund pre-merger.

Because the Merged Fund and Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the merged Vontobel Global Equity Institutional Fund that have been included in the acquiring Vontobel Global Opportunities Fund Statement of Operations since March 22, 2019.

Note 13. Regulatory Matters and Litigation

From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

Note 14. Recent Accounting Pronouncement

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. This ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. For public companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has determined to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately.

Note 15. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

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RESULTS OF SHAREHOLDER MEETING
VIRTUS OPPORTUNITIES TRUST

FEBRUARY 25, 2020 (UNAUDITED)

At a special meeting of shareholders of Virtus Duff & Phelps Real Asset Fund (known at the time as Virtus Rampart Alternatives Diversifier Fund) (the “Fund”), a series of Virtus Opportunities Trust, held on February 25, 2020, shareholders voted on the following proposals:

Proposal 1.
	Number of Eligible Votes:

    

	FOR		AGAINST		ABSTAIN
To approve a Subadvisory Agreement by and among the Virtus Opportunities Trust, Virtus Investment Advisers, Inc. (“VIA”), and Duff & Phelps Investment Management Co.	17,501,801.21		704,103.65		1,901,964.96

Proposal 2.
	Number of Eligible Votes:

    

	FOR		AGAINST		ABSTAIN
To approve a proposal to permit VIA to Hire and Replace Subadvisers and to Modify Subadvisory Agreements without Shareholder Approval, and to Permit the Fund to Disclose Advisory and Subadvisory Fee Information in an Aggregated Manner.	16,915,250.31		1,252,711.62		1,939,907.89

Shareholders of the Fund voted to approve the above proposals.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR

VIRTUS KAR INTERNATIONAL SMALL-MID CAP FUND (the “FUND”)

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the establishment and continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and the subadvisory agreement (the “Subadvisory Agreement” and together with the Advisory Agreement, the “Agreements”) among the Trust, VIA and Kayne Anderson Rudnick Investment Management, LLC (“KAR” or the “Subadviser”). At an in-person meeting held May 22, 2019, the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), authorized the appointment of KAR as subadviser to the Fund and considered and approved the establishment of the Agreements, as further discussed below.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to whether approval of each of the Agreements would be in the best interests of the Fund and its shareholders. The Board noted the affiliation of the Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements with respect to the Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Fund by VIA and the Subadviser; (2) information regarding performance of an account managed in a similar manner as the Fund was expected to be managed; (3) the level and method of computing the Fund’s advisory and subadvisory fees, and comparisons of the Fund’s proposed advisory fee rates with those of a group of other funds with similar investment objectives; (4) historical profitability of VIA and its affiliates under similar agreements; (5) any “fall-out” benefits to VIA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA’s or the Subadviser’s relationship with the Fund); (6) possible conflicts of interest; and (7) the terms of the Agreements.

Nature, Extent and Quality of Services

The Trustees received in advance of the meeting information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which, among other items, VIA’s history, investment process, investment strategies, personnel, compliance procedures and the firm’s overall performance were reviewed and discussed. The Trustees noted that the Fund would be managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of the Fund’s portfolio. Under this structure, VIA is responsible for oversight of the Fund’s investment program and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor the subadviser; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective, policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services expected to be provided by VIA and its affiliates to the Fund; (e) VIA’s expected supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA, were expected to serve as administrator, transfer agent and distributor of the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of its duties with respect to other Virtus Funds through Board meetings, discussions and reports, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures proposed to be established pursuant to Rule 38a-1 under the 1940 Act.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR

VIRTUS KAR INTERNATIONAL SMALL-MID CAP FUND (the “FUND”)

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

With respect to the services to be provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, including the Subadviser’s Form ADV, as well as a presentation provided by portfolio management personnel of the Subadviser. With respect to the Subadvisory Agreement, the Board noted that the Subadviser would provide portfolio management, compliance with the Fund’s investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadviser’s management of the Fund is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund’s prospectuses and statement of additional information. In considering approval of the Subadvisory Agreement, the Board also considered the Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the Fund; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account the Subadviser’s risk assessment and monitoring process. The Board noted the Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services expected to be provided by VIA and the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Fund.

Investment Performance

Because the Fund had not commenced operations, the Board could not evaluate prior investment performance for the Fund. Investment performance was therefore not a material factor in the Board’s approval of the Agreements. However, the Board considered and was satisfied with the performance of other Virtus Funds managed by the Subadviser.

Management Fees and Total Expenses

The Board considered the fees proposed to be charged to the Fund for advisory services as well as the expected total expense levels of the Fund. Among other data provided, the Board noted that the proposed management fee and total expenses for the Fund were within the range of other funds deemed to be comparable to the Fund by management. The Board noted that the Fund was expected to have an expense cap in place to limit the total expenses incurred by the Fund and its shareholders. The Board also noted that the subadvisory fee for the Fund would be paid by VIA out of its management fees rather than paid separately by the Fund. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee expected to be retained by VIA after payment of the subadvisory fee. The Board also took into account the expected size of the Fund and the impact on expenses.

The Board concluded that the proposed advisory and subadvisory fees for the Fund were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Projected Profitability

The Board also considered certain information relating to profitability for its services to other Virtus Funds that had been provided by VIA, as a proxy for evaluating the projected profitability to VIA and its affiliates for their services to the Fund. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of Virtus Funds, as well as its profits and those of its affiliates for managing and providing other services to the Virtus Funds, such as distribution, transfer agency and administrative services provided to the Virtus Funds by VIA affiliates. In addition to the fees paid to VIA and its affiliates, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Virtus Funds. The Board reviewed the methodology used to allocate costs to each Virtus Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from the Virtus Funds was reasonable in light of the quality of the services rendered to the Virtus Funds by VIA and its affiliates.

In considering the projected profitability to the Subadviser in connection with its relationship to the Fund, the Board noted that the fees under the Subadvisory Agreement would be paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders would not be directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadviser, the Board noted that, because the Subadviser is an affiliate of VIA, such

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VIRTUS KAR INTERNATIONAL SMALL-MID CAP FUND (the “FUND”)

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

profitability might be directly or indirectly shared by VIA. For each of the above reasons, the Board concluded that the projected profitability to the Subadviser and its affiliates from their relationships with the Fund was not a material factor in approval of the Subadvisory Agreement.

Economies of Scale

The Board received and discussed information concerning whether VIA should be expected to realize economies of scale as the Fund’s assets grow. The Board noted that the proposed management fees for the Fund included a breakpoint based on assets under management, and that expense caps were expected to be implemented for the Fund. The Board also took into account management’s discussion of the Fund’s management fee and subadvisory fee structure. The Board also took into account the expected size of the Fund. The Board noted that VIA and the Fund may realize certain economies of scale if the assets of the Fund were to be materially higher than anticipated, particularly in relationship to certain fixed costs, and that shareholders of the Fund would have an opportunity to benefit from these economies of scale.

For similar reasons as stated above with respect to the Subadviser’s profitability, and based upon the expected size of the Fund to be managed by the Subadviser, the Board concluded that the potential for economies of scale in the Subadviser’s management of the Fund was not a material factor in the approval of the Subadvisory Agreement at this time.

Other Factors

The Board considered other benefits that may be realized by VIA and the Subadviser and their affiliates from their relationships with the Fund. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA, serves as the distributor for the Trust, and, as such, was expected to receive payments pursuant to Rule 12b-1 from the Fund to compensate it for providing selling activities, which could lead to growth in the Fund’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadviser also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while the Subadviser is an affiliate of VIA, there were no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fees to be earned under the Agreements, although there may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement was in the best interests of the Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements with respect to the Fund.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND, VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND, VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND, VIRTUS HERZFELD FUND, VIRTUS HORIZON WEALTH MASTERS FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS RAMPART ALTERNATIVES DIVERSIFIER FUND (now known as DUFF & PHELPS REAL ASSET FUND), VIRTUS RAMPART EQUITY TREND FUND, VIRTUS RAMPART MULTI-ASSET TREND FUND, VIRTUS RAMPART SECTOR TREND FUND, VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND AND VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND (each a “FUND” and collectively, the “FUNDS”) BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of each subadvisory agreement (each, a “Subadvisory Agreement” and collectively, the “Subadvisory Agreements”)(together with the Advisory Agreement, the “Agreements”) among the Trust, VIA and Duff & Phelps Investment Management Co. (“Duff & Phelps”) with respect to Virtus Duff & Phelps Global Infrastructure Fund, Virtus Duff & Phelps Global Real Estate Securities Fund, and Virtus Duff & Phelps International Real Estate Securities Fund; the Trust, VIA and Thomas J. Herzfeld Advisors, Inc. (“Herzfeld”) with respect to Virtus Herzfeld Fund; the Trust, VIA and Horizon Asset Management, LLC (“Horizon”) with respect to Virtus Horizon Wealth Masters Fund; the Trust, VIA and Kayne Anderson Rudnick Investment Management, LLC (“KAR”) with respect to Virtus KAR Emerging Markets Small-Cap Fund and Virtus KAR International Small-Cap Fund; the Trust, VIA and Rampart Investment Management Company, LLC (“Rampart”) with respect to Virtus Rampart Equity Trend Fund, Virtus Rampart Multi-Asset Trend Fund and Virtus Rampart Sector Trend Fund; and the Trust, VIA and Vontobel Asset Management, Inc. (“Vontobel”) with respect to Virtus Vontobel Global Opportunities Fund and Virtus Vontobel Greater European Opportunities Fund (each of Duff & Phelps, Herzfeld, Horizon, KAR, Rampart and Vontobel, a “Subadviser” and collectively, the “Subadvisers”). At in-person meetings held on October 30, 2019 and November 20-21, 2019 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and each Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of certain of the Subadvisers with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the applicable Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services provided to the Funds by VIA and each of the Subadvisers; (2) the performance of the Funds as compared to an appropriate peer group and an appropriate index; (3) the level and method of computing each Fund’s advisory and subadvisory fees, and comparisons of the Funds’ advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA’s or the applicable Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on each Fund’s performance and expenses; (7) fees paid to VIA and the Subadvisers by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND, VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND, VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND, VIRTUS HERZFELD FUND, VIRTUS HORIZON WEALTH MASTERS FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS RAMPART ALTERNATIVES DIVERSIFIER FUND (now known as DUFF & PHELPS REAL ASSET FUND), VIRTUS RAMPART EQUITY TREND FUND, VIRTUS RAMPART MULTI-ASSET TREND FUND, VIRTUS RAMPART SECTOR TREND FUND, VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND AND VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND (each a “FUND” and collectively, the “FUNDS”) BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Nature, Extent and Quality of Services

The Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, each concerning a number of topics, including, among other items, such company’s investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. The Trustees noted that the Funds are managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of a Fund’s portfolio. Under this structure, VIA is responsible for the management of the Funds’ investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Funds’ subadvisers, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadvisers’ compliance with the Funds’ respective investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA’s supervision of the Funds’ other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, including each Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund’s(s’) investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and each Subadviser’s management of the respective Fund(s) is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Funds’ prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each Subadviser’s risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Fund(s).

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND, VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND, VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND, VIRTUS HERZFELD FUND, VIRTUS HORIZON WEALTH MASTERS FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS RAMPART ALTERNATIVES DIVERSIFIER FUND (now known as DUFF & PHELPS REAL ASSET FUND), VIRTUS RAMPART EQUITY TREND FUND, VIRTUS RAMPART MULTI-ASSET TREND FUND, VIRTUS RAMPART SECTOR TREND FUND, VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND AND VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND (each a “FUND” and collectively, the “FUNDS”) BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Broadridge Report”) for the Funds prepared by Broadridge, an independent third party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on each Fund’s performance. The Board evaluated each Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds’ performance results and portfolio composition, as well as each Subadviser’s investment strategies. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser’s performance record with respect to a Fund. The Board was mindful of VIA’s focus on each Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to each applicable Fund. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended June 30, 2019.

Virtus Duff & Phelps Global Infrastructure Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3- and 5-year periods and outperformed its benchmark for the 1-, 5- and 10-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe for the 10-year period and underperformed its benchmark for the 3-year period.

Virtus Duff & Phelps Global Real Estate Securities Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 3-, 5- and 10-year periods.

Virtus Duff & Phelps International Real Estate Securities Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 3-, 5- and 10-year periods.

Virtus Herzfeld Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 3- and 5-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-year period.

Virtus Horizon Wealth Masters Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 3- year period. The Board also noted that the Fund underperformed the median of its Performance Universe for the 1- and 5-year periods and underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus KAR Emerging Markets Small-Cap Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus KAR International Small-Cap Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Rampart Alternatives Diversifier Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 3-year period. The Board also noted that the Fund underperformed the median of its Performance Universe for the 1- and 5-year periods and underperformed its benchmark for the 1-, 3- and 5-year periods.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND, VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND, VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND, VIRTUS HERZFELD FUND, VIRTUS HORIZON WEALTH MASTERS FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS RAMPART ALTERNATIVES DIVERSIFIER FUND (now known as DUFF & PHELPS REAL ASSET FUND), VIRTUS RAMPART EQUITY TREND FUND, VIRTUS RAMPART MULTI-ASSET TREND FUND, VIRTUS RAMPART SECTOR TREND FUND, VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND AND VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND (each a “FUND” and collectively, the “FUNDS”) BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Virtus Rampart Equity Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Rampart Multi-Asset Trend Fund. The Board noted that the Fund outperformed the median of the Performance Universe for the 1-year period and underperformed the median of its Performance Universe for the 3- and 5-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Rampart Sector Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Vontobel Global Opportunities Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Vontobel Greater European Opportunities Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-, 5- and 10-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 3-year period.

The Board also considered management’s discussion about the reasons for each applicable Fund’s underperformance relative to its peer group or benchmark. With respect to the Virtus Rampart Equity Trend Fund, Virtus Rampart Multi-Asset Trend Fund and Virtus Rampart Sector Trend Fund, the Board also considered that each Fund had changed the subadviser(s) during the performance period shown, so that some of the performance shown was that of the prior subadviser(s). After reviewing these and related factors, the Board concluded that each Fund’s overall performance, reasons discussed for certain Fund’s underperformance and/or actions taken to address the underperformance, was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund’s contractual and net management fee and net total expense level to those of its peer universe (the “Expense Universe”) and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing each Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee included advisory fees. The Board also noted that certain of the Funds had expense caps in place to limit the total expenses incurred by those Funds and their shareholders, and that VIA had proposed to lower the expense caps in place for Virtus Rampart Multi-Asset Trend Fund. The Board also noted that the subadvisory fees were paid by VIA out of its management fees rather than paid separately by the Funds. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Subadvisers provided, and the Board considered, fee information of comparable accounts managed by the Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund’s fees and expenses. In each case, the Board took into account management’s discussion of the Fund’s expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

Virtus Duff & Phelps Global Infrastructure Fund. The Board considered that the Fund’s net management fee was in the second quintile of the Expense Universe and net total expenses were in the third quintile of the Expense Universe.

Virtus Duff & Phelps Global Real Estate Securities Fund. The Board considered that the Fund’s net management fee after waivers and net total expenses after waivers were in the fourth quintile of the Expense Universe.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND, VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND, VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND, VIRTUS HERZFELD FUND, VIRTUS HORIZON WEALTH MASTERS FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS RAMPART ALTERNATIVES DIVERSIFIER FUND (now known as DUFF & PHELPS REAL ASSET FUND), VIRTUS RAMPART EQUITY TREND FUND, VIRTUS RAMPART MULTI-ASSET TREND FUND, VIRTUS RAMPART SECTOR TREND FUND, VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND AND VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND (each a “FUND” and collectively, the “FUNDS”) BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Virtus Duff & Phelps International Real Estate Securities Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were in the fourth quintile of the Expense Universe.

Virtus Herzfeld Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were in the fifth quintile of the Expense Universe.

Virtus Horizon Wealth Masters Fund. The Board considered that the Fund’s net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.

Virtus KAR Emerging Markets Small-Cap Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were in the fifth quintile of the Expense Universe.

Virtus KAR International Small-Cap Fund. The Board considered that the Fund’s net management fee was in the fifth quintile of the Expense Universe and net total expenses were in the fourth quintile of the Expense Universe.

Virtus Rampart Alternatives Diversifier Fund. The Board considered that the Fund’s net management fee was in the first quintile of the Expense Universe and net total expenses were in the third percentile of the Expense Universe. The Board also noted that the Fund is not subject to a direct investment advisory fee.

Virtus Rampart Equity Trend Fund. The Board considered that the Fund’s net management fee was in the fifth quintile of the Expense Universe and net total expenses were in the fourth quintile of the Expense Universe.

Virtus Rampart Multi-Asset Trend Fund. The Board considered that the Fund’s net management fee was in the fourth quintile of the Expense Universe and net total expenses were in the fifth quintile of the Expense Universe.

Virtus Rampart Sector Trend Fund. The Board considered that the Fund’s net management fee was in the second quintile of the Expense Universe and net total expenses were in the first quintile of the Expense Universe.

Virtus Vontobel Global Opportunities Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were in the fourth quintile of the Expense Universe.

Virtus Vontobel Greater European Opportunities Fund. The Board considered that the Fund’s net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.

The Board concluded that the advisory and subadvisory fees for each Fund, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also approved the proposed lower expense caps to limit the total expenses of Virtus Rampart Multi-Asset Trend Fund.

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds and other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA affiliates. In addition to the fees paid to VIA and its affiliates, including the applicable Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND, VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND, VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND, VIRTUS HERZFELD FUND, VIRTUS HORIZON WEALTH MASTERS FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS RAMPART ALTERNATIVES DIVERSIFIER FUND (now known as DUFF & PHELPS REAL ASSET FUND), VIRTUS RAMPART EQUITY TREND FUND, VIRTUS RAMPART MULTI-ASSET TREND FUND, VIRTUS RAMPART SECTOR TREND FUND, VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND AND VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND (each a “FUND” and collectively, the “FUNDS”) BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

to VIA and its affiliates from each Fund was reasonable in light of the quality of the services rendered to the Funds by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA. In addition, with respect to Vontobel Asset Management, Inc., Horizon Asset Management LLC and Thomas J. Herzfeld Advisors, Inc., the unaffiliated Subadvisers, the Board relied on the ability of VIA to negotiate those Subadvisory Agreements and the fees thereunder at arm’s length. For each of the above reasons, the Board concluded that the profitability to the Subadvisers and their affiliates from their relationship with the Funds was not a material factor in approval of the Subadvisory Agreements.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds’ assets grow. The Board noted that the management fees for all of the Funds with investment advisory fees included breakpoints based on assets under management, and that expense caps were also in place for certain Funds. The Board also took into account management’s discussion of the Funds’ management fee and subadvisory fee structure for each Fund. The Board also took into account the current sizes of the Funds. The Board also noted that VIA had agreed to implement an extension of each Fund’s expense cap through January 31, 2021. The Board then concluded that no changes to the advisory fee structure of the Funds with respect to economies of scale were necessary at this time. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

For similar reasons as stated above with respect to the Subadvisers’ profitability, and based upon the current sizes of the Funds managed by each Subadviser, the Board concluded that the potential for economies of scale in the Subadvisers’ management of the Funds was not a material factor in the approval of the Subadvisory Agreements at this time.

Other Factors

The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund(s). Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA, DPIM, KAR and Rampart, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fee to be earned under the applicable Agreement(s). There may be certain indirect benefits gained, including to the extent that serving the Fund(s) could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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CONSIDERATION OF SUBADVISORY AGREEMENT

FOR VIRTUS DUFF & PHELPS REAL ASSET FUND

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for the consideration and approval of advisory and subadvisory agreements for the Trust. At an in-person meeting held on September 23-25, 2019 (the “Meeting”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), authorized the appointment of Duff & Phelps Investment Management Co. (the “Subadviser”) as subadviser to Virtus Duff & Phelps Real Asset Fund (the “Fund”) and approved a new investment subadvisory agreement with the Subadviser (the “Subadvisory Agreement”). In connection with the appointment of the Subadviser, the Board also considered and approved the name change from Virtus Rampart Alternatives Diversifier Fund to Virtus Duff & Phelps Real Asset Fund.

In considering the proposal to appoint the Subadviser, the Board requested and evaluated information provided by Virtus Investment Advisers, Inc. (“VIA”) and the Subadviser which, in the Board’s view, constituted information necessary for the Board to form a judgment as to whether appointment of the Subadviser would be in the best interests of the Fund and its shareholders. The Board also took into account discussions with management and information provided to the Board in its meetings throughout the year with respect to the services to be provided by the Subadviser and its representatives to other Virtus Funds, including quarterly performance reports prepared by management containing reviews of investment results. The Board noted the affiliation of the Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. The Board considered all the criteria separately with respect to the Fund and its shareholders. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Subadvisory Agreement in private sessions with their independent legal counsel at which no representatives of management were present.

Basis for the Board’s Recommendation

In making its determination with respect to the Subadvisory Agreement, the Board considered various factors, including:

•   Nature, extent, and quality of the services to be provided by the Subadviser. The Trustees received in advance of the Meeting information provided by the Subadviser, including the Subadviser’s Form ADV, as well as a presentation provided by portfolio management personnel of the Subadviser. The Board noted that the Subadviser would provide portfolio management, compliance with the Fund’s investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadviser’s management of the Fund is subject to the oversight of the Board and must be carried out in accordance with the investment objective, policies and restrictions set forth in the Fund’s prospectuses and statement of additional information. In considering the approval of the Subadvisory Agreement, the Board also considered the Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the Fund; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account the Subadviser’s risk assessment and monitoring process. The Board noted the Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services expected to be provided by the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that the Subadviser would provide a high quality of investment services to the Fund.

•   Investment Performance. The Board took into account that the proposed portfolio managers managed other Virtus Funds on behalf of the Subadviser, and the Board considered the performance of each such fund relative to its benchmark. The Board concluded that the performance of each such fund was satisfactory.

•   Subadvisory Fee. The Board took into account that the Fund’s subadvisory fees are paid by VIA out of its management fees rather than paid separately by the Fund, so that the Fund’s shareholders would not be directly impacted by those fees. The Board also noted that the proposed subadvisory fee schedule under the Subadvisory Agreement was the same as the subadvisory fee schedule for subadvisers of the Trust’s other series. The Board concluded that the proposed subadvisory fees were fair and reasonable in light of services to be provided by the Subadviser and all factors considered.

•   Profitability and Economies of Scale. In considering the projected profitability to the Subadviser in connection with its relationship to the Fund, the Board noted that the fees under the Subadvisory Agreement would be paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders would not be directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadviser, the Board noted that, because the Subadviser is an affiliate of VIA, such profitability might be directly or indirectly shared by VIA. For each of the above reasons, the Board concluded that the projected profitability to the Subadviser and its affiliates from their relationships with the Fund was not a material factor in approval of the Subadvisory Agreement. For similar

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CONSIDERATION OF SUBADVISORY AGREEMENT

FOR VIRTUS DUFF & PHELPS REAL ASSET FUND

BY THE BOARD OF TRUSTEES (Unaudited)

reasons, and based upon the expected size of the Fund to be managed by the Subadviser, the Board concluded that the potential for economies of scale in the Subadviser’s management of the Fund was not a material factor in the approval of the Subadvisory Agreement at this time.

•  Other Factors. The Board considered other benefits that may be realized by the Subadviser and its affiliates from their relationships with the Fund. Among them, the Board recognized that VP Distributors, LLC, an affiliate of the VIA, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Fund to compensate it for providing selling activities, which could lead to growth in the Fund’s assets and corresponding benefits from such growth, including economies of scale. The Board also noted that an affiliate of VIA and the Subadviser also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while the Subadviser is an affiliate of VIA, there are no other direct benefits to the Subadviser in providing subadvisory services to the Fund, other than the fee to be earned under the Subadvisory Agreement, although there may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide subadvisory services to additional series of the Trust or certain reputational benefits.

Conclusion

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Subadvisory Agreement was in the best interests of the Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Subadvisory Agreement.

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Virtus Opportunities Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

Virtus Alternative Solutions Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated February 28, 2020

Virtus Asset Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated April 30, 2019, as supplemented

Virtus Equity Trust

Supplement dated March 18, 2020 to the Statutory Prospectus, Summary Prospectus and Statement of Additional Information, each dated January 28, 2020, as supplemented

(Unaudited)

IMPORTANT NOTICE TO INVESTORS

The information in this Supplement updates information in, and should be read in conjunction with, the Summary and Statutory Prospectuses and Statement of Additional Information for each Fund.

Change in each fund’s “Market Volatility Risk”

The section of each fund’s Summary Prospectus and Statutory Prospectus entitled “Principal Risks” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each Fund’s Prospectus entitled “More Information About Risks Related to Principal Investment Strategies” is revised to add the following to the end of the paragraph entitled “Market Volatility Risk.”

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.

The section of each fund’s SAI entitled “More Information About Fund Investment Strategies and Related Risks” is amended to add the following:

Market Volatility Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may

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be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investors should retain this supplement for future reference.

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Virtus Herzfeld Fund (the “Fund”)

a series of Virtus Opportunities Trust
(Unaudited)

Supplement dated March 11, 2020 to the Summary Prospectuses
and the Virtus Opportunities Trust Statutory Prospectus,
each dated January 28, 2020, as supplemented

IMPORTANT NOTICE TO INVESTORS

The table showing Average Annual Total Returns in the “Performance Information” section of the Fund’s summary prospectus and the summary section of the fund’s statutory prospectus, is hereby replaced in its entirety with the following:

	1 Year	5 Year	Since Inception (9/5/12)
Class I
Return Before Taxes	18.57%	6.70%	7.50%
Return After Taxes on Distributions	17.17%	4.79%	5.64%
Return After Taxes on Distributions and Sale of Fund	11.13%	4.53%	5.22%
Class A
Return Before Taxes	11.45%	5.18%	6.37%
Class C
Return Before Taxes	17.32%	5.64%	6.43%
MSCI All-Country World Index (net) (reflects no deduction for fees, expenses or taxes)	26.60%	8.41%	10.24%
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)	8.72%	3.05%	2.65%
Herzfeld Composite Benchmark (reflects no deduction for fees, expenses or taxes)	19.41%	6.43%	7.31%

Investors should retain this supplement with the Prospectuses for future reference.

VOT 8020/Herzfeld Performance Reclass (03/2020)

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VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

Philip R. McLoughlin, Chairman

George R. Aylward

Thomas J. Brown

Donald C. Burke

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

R. Keith Walton

Brian T. Zino

Advisory Board Member

William R. Moyer

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Kevin J. Carr, Senior Vice President, Chief Legal Officer, Counsel and Secretary

Nancy J. Engberg, Senior Vice President and Chief Compliance Officer

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Principal Underwriter

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

Administrator and Transfer Agent

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361

Website

Virtus.com

 

Important Notice to Shareholders
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

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P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,
please contact us at 1-800-243-1574, or Virtus.com.

8638

05-20

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