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, 2021

 

 

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.

 

 

 

Item 1.

Reports to Stockholders.

 

  (a)

The Report to Shareholders is attached herewith.

 

  (b)

Not applicable.

 

SEMIANNUAL REPORT
VIRTUS OPPORTUNITIES TRUST
March 31, 2021
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
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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
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.
Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents
1
2
4
6
Fund Schedule
of
Investments
7
18
24
37
50
59
63
67
69
72
78
90
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.

Table of Contents
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, 2021.
Monetary support and fiscal stimulus drove strong returns for global markets during the period as optimism about vaccinations increased and economic indicators improved. For the six months, U.S. small-cap stocks, which gained 48.06% as measured by the Russell 2000® Index, strongly outperformed large-capitalization stocks, which returned 19.07%, as measured by the S&P 500® Index. Within international equities, developed markets, as measured by the MSCI EAFE® Index (net), returned 20.08%, and emerging markets, as measured by the MSCI Emerging Markets Index (net), gained 22.43%.
In fixed income markets, the yield on the 10-year Treasury rose sharply to 1.74% on March 31, 2021, from 0.69% on September 30, 2020, based on inflation fears. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, was down 2.73% for the six-month period, but non-investment grade bonds, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, were up 7.36%.
On behalf of the Virtus Funds and our investment managers, I thank you for entrusting us with your assets. To learn more about the other investment strategies we offer, please visit Virtus.com. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.
Sincerely,
George R. Aylward
President, Virtus Funds
May 2021
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. Investing involves risk, including the risk of loss of principal invested.
1

Table of Contents
VIRTUS OPPORTUNITIES TRUST
DISCLOSURE OF FUND EXPENSES (Unaudited)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Newfleet Core Plus Bond Fund
               
  Class A $ 1,000.00   $ 995.60   0.79 %   $ 3.93
  Class C 1,000.00   992.30   1.55   7.70
  Class I 1,000.00   997.00   0.55   2.74
  Class R6 1,000.00   996.80   0.43   2.14
Newfleet High Yield Fund
               
  Class A 1,000.00   1,088.50   0.99   5.15
  Class C 1,000.00   1,083.00   1.75   9.09
  Class I 1,000.00   1,087.10   0.75   3.90
  Class R6 1,000.00   1,090.50   0.62   3.23
Newfleet Low Duration Core Plus Bond Fund
               
  Class A 1,000.00   1,008.00   0.75   3.75
  Class C 1,000.00   1,004.30   1.50   7.50
  Class I 1,000.00   1,010.20   0.50   2.51
  Class R6 1,000.00   1,009.60   0.43   2.15
Newfleet Multi-Sector Intermediate Bond Fund
               
  Class A 1,000.00   1,038.00   0.99   5.03
  Class C 1,000.00   1,033.70   1.74   8.82
  Class I 1,000.00   1,038.70   0.74   3.76
  Class R6 1,000.00   1,040.60   0.60   3.05
Newfleet Senior Floating Rate Fund
               
  Class A 1,000.00   1,058.00   1.03   5.28
  Class C 1,000.00   1,054.10   1.78   9.12
  Class I 1,000.00   1,059.40   0.78   4.00
  Class R6 1,000.00   1,060.20   0.64   3.29
Newfleet Tax-Exempt Bond Fund
               
  Class A 1,000.00   1,012.10   0.85   4.26
  Class C 1,000.00   1,007.40   1.60   8.01
  Class I 1,000.00   1,013.40   0.60   3.01
    
* 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 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.
2

Table of Contents
VIRTUS OPPORTUNITIES TRUST
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Newfleet Core Plus Bond Fund
               
  Class A $ 1,000.00   $ 1,020.99   0.79 %   $ 3.98
  Class C 1,000.00   1,017.20   1.55   7.80
  Class I 1,000.00   1,022.19   0.55   2.77
  Class R6 1,000.00   1,022.79   0.43   2.17
Newfleet High Yield Fund
               
  Class A 1,000.00   1,020.00   0.99   4.99
  Class C 1,000.00   1,016.21   1.75   8.80
  Class I 1,000.00   1,021.19   0.75   3.78
  Class R6 1,000.00   1,021.84   0.62   3.13
Newfleet Low Duration Core Plus Bond Fund
               
  Class A 1,000.00   1,021.19   0.75   3.78
  Class C 1,000.00   1,017.45   1.50   7.54
  Class I 1,000.00   1,022.44   0.50   2.52
  Class R6 1,000.00   1,022.79   0.43   2.17
Newfleet Multi-Sector Intermediate Bond Fund
               
  Class A 1,000.00   1,020.00   0.99   4.99
  Class C 1,000.00   1,016.26   1.74   8.75
  Class I 1,000.00   1,021.24   0.74   3.73
  Class R6 1,000.00   1,021.94   0.60   3.02
Newfleet Senior Floating Rate Fund
               
  Class A 1,000.00   1,019.80   1.03   5.19
  Class C 1,000.00   1,016.06   1.78   8.95
  Class I 1,000.00   1,021.04   0.78   3.93
  Class R6 1,000.00   1,021.74   0.64   3.23
Newfleet Tax-Exempt Bond Fund
               
  Class A 1,000.00   1,020.69   0.85   4.28
  Class C 1,000.00   1,016.95   1.60   8.05
  Class I 1,000.00   1,021.94   0.60   3.02
    
* 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 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.
3

Table of Contents
VIRTUS OPPORTUNITIES TRUST
KEY INVESTMENT TERMS (Unaudited)
March 31, 2021
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.
Asset-Backed Securities (“ABS”)
Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.
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.
Build America Municipal Insured (“BAM”)
Build America Municipal Insured Bonds are municipal bonds insured against default by Build America Mutual, a Financial Guaranty insurance company.
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.
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.
Morgan Stanley Structured Asset Security (“MASTR”)
A flexible and evolving segment of the capital markets, structured investments typically combine a debt security or certificate of deposit (CD) with exposure to other underlying asset classes (such as equities, commodities, currencies or interest rates) to create a way for investors to express a market view (bullish, bearish or market neutral), complement an investment objective (conservative, moderate or aggressive), hedge an existing position or gain exposure to a variety of underlying asset classes.
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.
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Table of Contents
VIRTUS OPPORTUNITIES TRUST
KEY INVESTMENT TERMS (Unaudited) (Continued)
March 31, 2021
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.
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.
S&P Depositary Receipt (“SPDR”)
The S&P Depositary Receipt is an Exchange-Traded Fund (ETF) set up to mimic the movements of an index produced by Standard & Poor’s.
5

Table of Contents
VIRTUS OPPORTUNITIES TRUST
PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)
March 31, 2021
For each Fund, the following tables present asset allocations within certain sectors as a percentage of total investments as of March 31, 2021.
Newfleet Core Plus Bond Fund
Corporate Bonds and Notes   35%
Financials 12%  
Information Technology 4  
Energy 3  
All other Corporate Bonds and Notes 16  
Mortgage-Backed Securities   25
U.S. Government Securities   13
Asset-Backed Securities   10
Leveraged Loans   9
Short-Term Investment   2
Foreign Government Securities   2
Other (includes securities lending collateral)   4
Total   100%
Newfleet High Yield Fund
Corporate Bonds and Notes   90%
Consumer Discretionary 15%  
Communication Services 13  
Energy 12  
Industrials 10  
Health Care 9  
Financials 9  
Materials 8  
All other Corporate Bonds and Notes 14  
Leveraged Loans   7
Securities Lending Collateral   3
Other   1
Total   100%
 
Newfleet Low Duration Core Plus Bond Fund
Asset-Backed Securities   33%
Mortgage-Backed Securities   32
Corporate Bonds and Notes   17
Financials 6%  
Information Technology 2  
Industrials 2  
All other Corporate Bonds and Notes 7  
Leveraged Loans   7
U.S. Government Securities   5
Short-Term Investment   3
Preferred Stocks   1
Other (includes securities lending collateral)   2
Total   100%
Newfleet Multi-Sector Intermediate Bond Fund
Corporate Bonds and Notes   47%
Energy 9%  
Financials 8  
Consumer Discretionary 6  
All other Corporate Bonds and Notes 24  
Leveraged Loans   19
Mortgage-Backed Securities   14
Asset-Backed Securities   10
Foreign Government Securities   7
Preferred Stocks   2
Securities Lending Collateral   1
Total   100%
 
Newfleet Senior Floating Rate Fund
Leveraged Loans   94%
Healthcare 15%  
Service 11  
Information Technology 7  
Forest Prod / Containers 6  
Gaming / Leisure 6  
Manufacturing 6  
Food / Tobacco 5  
All other Leveraged Loans 38  
Corporate Bonds and Notes   4
Common Stocks   1
Other (includes short-term investment)   1
Total   100%
Newfleet Tax-Exempt Bond Fund
Texas 14%
Illinois 14
Florida 13
Colorado 6
Arizona 5
District of Columbia 5
New Jersey 4
Other (includes exchange-traded fund) 39
Total 100%
 
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Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Par Value   Value
U.S. Government Securities—13.7%
U.S. Treasury Bonds      
2.500%, 2/15/46 $1,115   $ 1,136
3.000%, 8/15/48 4,100   4,601
2.000%, 2/15/50 975   892
1.375%, 8/15/50 1,595   1,245
1.625%, 11/15/50 455   379
1.875%, 2/15/51 565   501
U.S. Treasury Notes      
0.125%, 5/31/22 825   825
0.250%, 5/31/25 800   785
2.875%, 8/15/28 1,180   1,298
2.625%, 2/15/29 585   633
1.500%, 2/15/30 2,155   2,129
0.875%, 11/15/30 820   758
Total U.S. Government Securities
(Identified Cost $15,183) 		  15,182
       
 
       
 
Municipal Bonds—1.4%
California—0.3%    
Santa Clara Valley Water District Series B, Taxable
2.967%, 6/1/50 		250   245
University of California, Series B-A, Taxable
4.428%, 5/15/48 		140   152
      397
       
 
Idaho—0.2%    
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable
5.020%, 3/1/48 		170   196
Illinois—0.0%    
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured)
3.411%, 1/1/43 		30   31
Texas—0.6%    
City of San Antonio, General Obligation Taxable
1.963%, 2/1/33 		255   249
State of Texas, General Obligation Taxable
3.211%, 4/1/44 		80   84
Texas Public Finance Authority Revenue Taxable
2.140%, 2/1/35 		205   196
  Par Value   Value
       
Texas—continued    
Texas Transportation Commission State Highway Fund Revenue Taxable
4.000%, 10/1/33 		$ 80   $ 95
      624
       
 
Virginia—0.3%    
City of Bristol, General Obligation Taxable (State AID Withholding Insured)
4.210%, 1/1/42 		285   297
Total Municipal Bonds
(Identified Cost $1,513) 		  1,545
       
 
       
 
Foreign Government Securities—1.7%
Emirate of Dubai RegS
5.250%, 1/30/43(1) 		200   216
Federative Republic of Brazil
3.875%, 6/12/30 		210   204
Kingdom of Saudi Arabia 144A
3.250%, 10/22/30(2) 		200   210
Oman Government International Bond 144A
7.375%, 10/28/32(2) 		205   227
Republic of South Africa
4.850%, 9/27/27 		210   217
Republic of Turkey
5.875%, 6/26/31 		410   370
State of Qatar 144A
4.400%, 4/16/50(2) 		200   232
United Mexican States
2.659%, 5/24/31 		225   212
Total Foreign Government Securities
(Identified Cost $2,005) 		  1,888
       
 
       
 
Mortgage-Backed Securities—25.7%
Agency—1.0%    
Federal National Mortgage Association      
Pool #323702
6.000%, 5/1/29 		10   11
Pool #535371
6.500%, 5/1/30 		— (3)   1
Pool #590108
7.000%, 7/1/31 		5   5
Pool #880117
5.500%, 4/1/36 		23   27
Pool #938574
5.500%, 9/1/36 		70   82
Pool #909092
6.000%, 9/1/37 		11   13
Pool #909220
6.000%, 8/1/38 		115   135
  Par Value   Value
       
Agency—continued    
Pool #986067
6.000%, 8/1/38 		$ 3   $ 4
Pool #AA7001
5.000%, 6/1/39 		276   321
Pool #CA4978
3.000%, 1/1/50 		521   544
Government National Mortgage Association I Pool #443000
6.500%, 9/15/28 		12   13
      1,156
       
 
Non-Agency—24.7%    
ACRES Commercial Realty Corp. 2020-RSO8, A (1 month LIBOR + 1.150%) 144A
1.258%, 3/15/35(2)(4) 		186   186
Ajax Mortgage Loan Trust      
2021-A, A1 144A
1.065%, 9/25/65(2)(4) 		304   301
2019-D, A1 144A
2.956%, 9/25/65(2)(4) 		258   261
American Homes 4 Rent Trust      
2014-SFR2, C 144A
4.705%, 10/17/36(2) 		335   359
2015-SFR1, A 144A
3.467%, 4/17/52(2) 		201   215
2015-SFR2, C 144A
4.691%, 10/17/52(2) 		125   135
AMSR Trust      
2020-SFR1, A 144A
1.819%, 4/17/37(2) 		110   111
2020-SFR1, B 144A
2.120%, 4/17/37(2) 		255   256
2020-SFR2, C 144A
2.533%, 7/17/37(2) 		100   102
2020-SFR2, D 144A
3.282%, 7/17/37(2) 		250   258
Angel Oak Mortgage Trust I LLC 2019-2, A1 144A
3.628%, 3/25/49(2)(4) 		114   116
Angel Oak Mortgage Trust LLC 2019-3, A1 144A
2.930%, 5/25/59(2)(4) 		106   106
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A
2.068%, 5/25/50(2)(4) 		347   347
Arroyo Mortgage Trust      
2018-1, A1 144A
3.763%, 4/25/48(2)(4) 		181   182
2019-1, A1 144A
3.805%, 1/25/49(2)(4) 		90   93
2019-2, A1 144A
3.347%, 4/25/49(2)(4) 		91   93
See Notes to Financial Statements
7

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Banc of America Funding Trust      
2004-B, 2A1
2.673%, 11/20/34(4) 		$ 27   $ 29
2005-1, 1A1
5.500%, 2/25/35 		40   41
Bayview Opportunity Master Fund IVa Trust      
2016-SPL1, B1 144A
4.250%, 4/28/55(2) 		160   167
2017-SPL5, B1 144A
4.000%, 6/28/57(2)(4) 		100   106
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A
4.250%, 6/28/53(2)(4) 		100   104
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%) 144A
0.828%, 3/15/37(2)(4) 		225   223
BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%) 144A
1.356%, 2/15/29(2)(4) 		340   340
BX Commercial Mortgage Trust 2019-XL, C (1 month LIBOR + 1.250%) 144A
1.356%, 10/15/36(2)(4) 		160   160
BX Trust 2019-OC11, D 144A
4.075%, 12/9/41(2)(4) 		245   254
Cascade MH Asset Trust 2021-MH1, A1 144A
1.753%, 2/25/46(2) 		551   549
CF Hippolyta LLC 2020-1, A1 144A
1.690%, 7/15/60(2) 		196   197
CHL Mortgage Pass-Through Trust 2004-6, 1A2
3.273%, 5/25/34(4) 		73   73
Citigroup Commercial Mortgage Trust      
2019-SST2, A (1 month LIBOR + 0.920%) 144A
1.026%, 12/15/36(2)(4) 		200   200
2015-GC27, A4
2.878%, 2/10/48 		245   256
Citigroup Mortgage Loan Trust, Inc. 2019-IMC1, A1 144A
2.720%, 7/25/49(2)(4) 		116   118
COLT Mortgage Loan Trust Funding LLC      
2019-3, A1 144A
2.764%, 8/25/49(2)(4) 		118   119
2020-1, A1 144A
2.488%, 2/25/50(2)(4) 		57   57
  Par Value   Value
       
Non-Agency—continued    
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A
0.857%, 5/25/65(2)(4) 		$ 146   $ 145
COLT Trust 2020-RPL1, A1 144A
1.390%, 1/25/65(2)(4) 		200   199
COMM Mortgage Trust 2020-CBM, B 144A
3.099%, 2/10/37(2) 		210   210
CoreVest American Finance Trust      
2020-4, A 144A
1.174%, 12/15/52(2) 		325   321
2018-2, A 144A
4.026%, 11/15/52(2) 		105   112
2019-3, C 144A
3.265%, 10/15/52(2) 		220   223
2020-1, A1 144A
1.832%, 3/15/50(2) 		261   265
2020-3, A 144A
1.358%, 8/15/53(2) 		353   348
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A
1.086%, 5/15/36(2)(4) 		370   370
Credit Suisse Mortgage Capital Trust      
2020-RPL4, A1 144A
2.000%, 1/25/60(2)(4) 		326   334
2020-NQM1, A1 144A
1.208%, 5/25/65(2)(4) 		125   126
Ellington Financial Mortgage Trust 2019-2, A3 144A
3.046%, 11/25/59(2)(4) 		63   64
FirstKey Homes Trust      
2020-SFR1, B 144A
1.740%, 9/17/25(2) 		100   99
2020-SFR2, B 144A
1.567%, 10/19/37(2) 		425   423
Flagstar Mortgage Trust 2017-1, 1A3 144A
3.500%, 3/25/47(2)(4) 		119   120
Galton Funding Mortgage Trust      
2017-1, A21 144A
3.500%, 7/25/56(2)(4) 		30   30
2018-1, A23 144A
3.500%, 11/25/57(2)(4) 		29   30
2018-2, A41 144A
4.500%, 10/25/58(2)(4) 		46   46
2019-H1, A1 144A
2.657%, 10/25/59(2)(4) 		99   101
2020-H1, A1 144A
2.310%, 1/25/60(2)(4) 		203   207
GCAT LLC 2019-NQM1, A1 144A
2.985%, 2/25/59(2)(4) 		93   94
  Par Value   Value
       
Non-Agency—continued    
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%) 144A
0.906%, 2/15/38(2)(4) 		$ 395   $ 395
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A 144A
3.551%, 4/10/34(2) 		255   259
GS Mortgage Securities Trust 2020-GC45, AS
3.173%, 2/13/53(4) 		245   259
GS Mortgage-Backed Securities Trust 2020-NQM1, A3 144A
2.352%, 9/27/60(2)(4) 		304   309
Home Partners of America Trust 2020-2, A 144A
1.532%, 1/17/41(2) 		210   206
Homeward Opportunities Fund I Trust      
2018-2, A1 144A
3.985%, 11/25/58(2)(4) 		193   196
2019-1, A1 144A
3.454%, 1/25/59(2)(4) 		88   89
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5
5.950%, 11/25/33 		43   44
JPMorgan Chase Mortgage Trust      
2016-SH1, M2 144A
3.750%, 4/25/45(2)(4) 		130   132
2016-SH2, M2 144A
3.750%, 12/25/45(2)(4) 		222   230
2017-1, A2 144A
3.500%, 1/25/47(2)(4) 		123   125
2017-3, 2A2 144A
2.500%, 8/25/47(2)(4) 		53   54
2017-5, A1 144A
3.115%, 10/26/48(2)(4) 		115   119
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%) 144A
1.106%, 12/15/37(2)(4) 		190   190
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A
0.906%, 5/15/36(2)(4) 		215   215
LHOME Mortgage Trust      
2019-RTL1, A1 144A
4.580%, 10/25/23(2)(4) 		118   119
2021-RTL1, A1 144A
2.090%, 9/25/26(2)(4) 		270   270
See Notes to Financial Statements
8

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A
1.309%, 6/25/52(2)(4) 		$ 85   $ 85
MetLife Securitization Trust      
2017-1A, M1 144A
3.553%, 4/25/55(2)(4) 		305   320
2019-1A, A1A 144A
3.750%, 4/25/58(2)(4) 		255   265
Mill City Mortgage Loan Trust      
2017-1, M2 144A
3.250%, 11/25/58(2)(4) 		175   185
2019-1, M2 144A
3.500%, 10/25/69(2)(4) 		155   162
Morgan Stanley - Bank of America (Merrill Lynch) Trust      
2013-C13, AS
4.266%, 11/15/46 		360   385
2015-C22, AS
3.561%, 4/15/48 		310   330
New Residential Mortgage Loan Trust      
2016-4A, B1A 144A
4.500%, 11/25/56(2)(4) 		150   166
2017-2A, A3 144A
4.000%, 3/25/57(2)(4) 		125   133
2018-2A, A1 144A
4.500%, 2/25/58(2)(4) 		206   220
2014-1A, A 144A
3.750%, 1/25/54(2)(4) 		88   92
2015-2A, A1 144A
3.750%, 8/25/55(2)(4) 		65   69
2016-1A, A1 144A
3.750%, 3/25/56(2)(4) 		54   57
2018-1A, A1A 144A
4.000%, 12/25/57(2)(4) 		166   177
2019-NQM4, A1 144A
2.492%, 9/25/59(2)(4) 		160   163
2020-1A, A1B 144A
3.500%, 10/25/59(2)(4) 		261   276
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%)
1.834%, 3/25/35(4) 		33   33
OBX Trust      
2019-INV1, A3 144A
4.500%, 11/25/48(2)(4) 		69   72
2018-EXP2, 1A1 144A
4.000%, 7/25/58(2)(4) 		121   122
Preston Ridge Partners Mortgage LLC      
2020-1A, A1 144A
2.981%, 2/25/25(2)(4) 		289   290
2020-2, A1 144A
3.671%, 8/25/25(2)(4) 		134   135
2020-3, A1 144A
2.857%, 9/25/25(2)(4) 		366   368
  Par Value   Value
       
Non-Agency—continued    
2020-6, A1 144A
2.363%, 11/25/25(2)(4) 		$ 384   $ 384
2021-2, A1 144A
2.115%, 3/25/26(2)(4) 		335   335
Pretium Mortgage Credit Partners I LLC      
2020-NPL3, A1 144A
3.105%, 6/27/60(2)(4) 		282   285
2021-NPL1, A1 144A
2.240%, 9/27/60(2)(4)(5) 		260   260
Progress Residential Trust      
2021-SFR2, D 144A
2.197%, 4/19/38(2) 		280   280
2018-SFR2, B 144A
3.841%, 8/17/35(2) 		100   101
2019-SFR2, A 144A
3.147%, 5/17/36(2) 		332   340
2019-SFR3, B 144A
2.571%, 9/17/36(2) 		235   237
Provident Funding Mortgage Trust 2019-1, A2 144A
3.000%, 12/25/49(2)(4) 		194   196
Provident Funding Mortgage Warehouse Securitization Trust 2021-1, C (1 month LIBOR + 1.150%) 144A
1.260%, 2/25/55(2)(4)(5) 		185   185
RCKT Mortgage Trust 2020-1, A1 144A
3.000%, 2/25/50(2)(4) 		347   354
RCO V Mortgage LLC 2019-2, A1 144A
3.475%, 11/25/24(2)(4) 		266   268
Residential Mortgage Loan Trust 2019-2, A1 144A
2.913%, 5/25/59(2)(4) 		147   150
Sequoia Mortgage Trust 2013-8, B1
3.511%, 6/25/43(4) 		54   56
SG Residential Mortgage Trust 2019-3, A1 144A
2.703%, 9/25/59(2)(4) 		195   198
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A
3.468%, 2/25/49(2)(4) 		146   146
Towd Point Mortgage Trust      
2016-4, B1 144A
3.848%, 7/25/56(2)(4) 		310   332
2015-5, A2 144A
3.500%, 5/25/55(2)(4) 		220   224
2016-3, M1 144A
3.500%, 4/25/56(2)(4) 		525   553
2017-1, M1 144A
3.750%, 10/25/56(2)(4) 		100   107
2017-4, A2 144A
3.000%, 6/25/57(2)(4) 		335   351
2018-SJ1, A1 144A
4.000%, 10/25/58(2)(4) 		6   6
  Par Value   Value
       
Non-Agency—continued    
2019-1, A1 144A
3.735%, 3/25/58(2)(4) 		$ 218   $ 231
2018-6, A2 144A
3.750%, 3/25/58(2)(4) 		600   644
2020-MH1, A2 144A
2.500%, 2/25/60(2)(4) 		405   407
2019-2, A2 144A
3.750%, 12/25/58(2)(4) 		190   204
2015-2, 1M1 144A
3.250%, 11/25/60(2)(4) 		165   170
Towd Point Trust 2019-HE1, A1 (1 month LIBOR + 0.900%) 144A
1.009%, 4/25/48(2)(4) 		393   394
Tricon American Homes Trust      
2017-SFR1, A 144A
2.716%, 9/17/34(2) 		197   198
2019-SFR1, C 144A
3.149%, 3/17/38(2) 		190   197
2020-SFR2, D 144A
2.281%, 11/17/39(2) 		210   204
TVC Mortgage Trust 2020-RTL1, A1 144A
3.474%, 9/25/24(2) 		200   201
VCAT LLC      
2020-NPL1, A1 144A
3.671%, 8/25/50(2)(4) 		55   56
2021-NPL1, A2 144A
4.826%, 12/26/50(2)(4) 		220   220
2021-NPL2, A1 144A
2.115%, 3/27/51(2)(4) 		225   225
Vericrest Opportunity Loan Trust 2020-NPL2, A1A 144A
2.981%, 2/25/50(2)(4) 		174   175
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A
1.893%, 2/27/51(2)(4) 		270   270
Verus Securitization Trust      
2019-2, A1 144A
3.211%, 5/25/59(2)(4) 		90   90
2019-INV1, A1 144A
3.402%, 12/25/59(2)(4) 		67   67
2019-INV2, A1 144A
2.913%, 7/25/59(2)(4) 		227   231
Visio Trust 2020-1R, A2 144A
1.567%, 11/25/55(2) 		242   243
Wells Fargo Commercial Mortgage Trust 2014-C24, AS
3.931%, 11/15/47 		100   106
See Notes to Financial Statements
9

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A
3.000%, 7/25/50(2)(4) 		$ 196   $ 199
      27,377
       
 
Total Mortgage-Backed Securities
(Identified Cost $28,218) 		  28,533
       
 
       
 
Asset-Backed Securities—10.2%
Automobiles—5.3%    
ACC Trust 2019-1, A 144A
3.750%, 5/20/22(2) 		29   29
American Credit Acceptance Receivables Trust      
2018-4, C 144A
3.970%, 1/13/25(2) 		78   78
2019-2, C 144A
3.170%, 6/12/25(2) 		220   223
AmeriCredit Automobile Receivables Trust 2020-3, C
1.060%, 8/18/26 		215   215
Avis Budget Rental Car Funding LLC      
(AESOP) 2016-1A, A 144A
2.990%, 6/20/22(2) 		100   100
(AESOP) 2019-3A, A 144A
2.360%, 3/20/26(2) 		270   281
Capital Auto Receivables Asset Trust 2017-1, C 144A
2.700%, 9/20/22(2) 		185   186
Carvana Auto Receivables Trust      
2019-1A, D 144A
3.880%, 10/15/24(2) 		225   234
2019-3A, D 144A
3.040%, 4/15/25(2) 		240   249
Credit Acceptance Auto Loan Trust 2020-3A, B 144A
1.770%, 12/17/29(2) 		265   269
Drive Auto Receivables Trust 2019-4, C
2.510%, 11/17/25 		240   245
DT Auto Owner Trust      
2019-2A, B 144A
2.990%, 4/17/23(2) 		149   150
2019-2A, C 144A
3.180%, 2/18/25(2) 		295   300
Exeter Automobile Receivables Trust      
2018-3A, C 144A
3.710%, 6/15/23(2) 		84   84
  Par Value   Value
       
Automobiles—continued    
2019-2A, C 144A
3.300%, 3/15/24(2) 		$ 225   $ 229
2019-4A, C 144A
2.440%, 9/16/24(2) 		285   290
Flagship Credit Auto Trust      
2019-2, C 144A
3.090%, 5/15/25(2) 		260   270
2020-3, C 144A
1.730%, 9/15/26(2) 		260   265
2021-1, C 144A
0.910%, 3/15/27(2) 		340   338
GLS Auto Receivables Issuer Trust      
2019-2A, B 144A
3.320%, 3/15/24(2) 		260   265
2019-4A, C 144A
3.060%, 8/15/25(2) 		260   271
GLS Auto Receivables Trust 2018-3A, C 144A
4.180%, 7/15/24(2) 		240   249
Hertz Vehicle Financing II LP 2019-1A, A 144A
3.710%, 3/25/23(2) 		25   25
OneMain Direct Auto Receivables Trust 2018-1A, C 144A
3.850%, 10/14/25(2) 		145   147
Prestige Auto Receivables Trust 2017-1A, C 144A
2.810%, 1/17/23(2) 		106   107
Skopos Auto Receivables Trust 2019-1A, C 144A
3.630%, 9/16/24(2) 		240   246
United Auto Credit Securitization Trust 2019-1, D 144A
3.470%, 8/12/24(2) 		215   217
Veros Automobile Receivables Trust 2020-1, B 144A
2.190%, 6/16/25(2) 		270   273
      5,835
       
 
Credit Card—0.6%    
Fair Square Issuance Trust 2020-AA, A 144A
2.900%, 9/20/24(2) 		410   415
Genesis Private Label Amortizing Trust 2020-1, B 144A
2.830%, 7/20/30(2) 		305   306
      721
       
 
Other—4.1%    
Aqua Finance Trust      
2017-A, A 144A
3.720%, 11/15/35(2) 		68   70
  Par Value   Value
       
Other—continued    
2019-A, A 144A
3.140%, 7/16/40(2) 		$ 253   $ 260
2019-A, C 144A
4.010%, 7/16/40(2) 		265   280
2020-AA, B 144A
2.790%, 7/17/46(2) 		270   275
Arby’s Funding LLC 2020-1A, A2 144A
3.237%, 7/30/50(2) 		259   264
Bankers Healthcare Group Securitization Trust 2020-A, A 144A
2.560%, 9/17/31(2) 		198   198
CCG Receivables Trust 2021-1, C 144A
0.840%, 6/14/27(2) 		285   283
DB Master Finance LLC 2017-1A, A2I 144A
3.629%, 11/20/47(2) 		180   183
Diamond Resorts Owner Trust 2017-1A, A 144A
3.270%, 10/22/29(2) 		42   43
Foundation Finance Trust      
2019-1A, A 144A
3.860%, 11/15/34(2) 		106   110
2021-1A, A 144A
1.270%, 5/15/41(2) 		280   279
Jersey Mike’s Funding 2019-1A, A2 144A
4.433%, 2/15/50(2) 		245   259
Lendmark Funding Trust 2019-1A, A 144A
3.000%, 12/20/27(2) 		270   277
MVW LLC 2020-1A, A 144A
1.740%, 10/20/37(2) 		172   175
MVW Owner Trust 2019-1A, A 144A
2.890%, 11/20/36(2) 		137   141
NMEF Funding LLC 2019-A, C 144A
3.300%, 8/17/26(2) 		200   205
Oasis LLC 2020-1A, A 144A
3.820%, 1/15/32(2) 		107   108
Octane Receivables Trust      
2019-1A, A 144A
3.160%, 9/20/23(2) 		88   89
2020-1A, A 144A
1.710%, 2/20/25(2) 		252   254
OneMain Financial Issuance Trust 2018-1A, A 144A
3.300%, 3/14/29(2) 		174   174
Orange Lake Timeshare Trust 2019-A, B 144A
3.360%, 4/9/38(2) 		149   155
Small Business Lending Trust 2019-A, A 144A
2.850%, 7/15/26(2) 		41   41
See Notes to Financial Statements
10

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Other—continued    
Trinity Rail Leasing LLC 2019-1A, A 144A
3.820%, 4/17/49(2) 		$ 170   $ 174
Upstart Securitization Trust 2021-1, A 144A
0.870%, 3/20/31(2) 		271   271
      4,568
       
 
Student Loan—0.2%    
Commonbond Student Loan Trust 2019-AGS, A1 144A
2.540%, 1/25/47(2) 		164   168
Total Asset-Backed Securities
(Identified Cost $11,134) 		  11,292
       
 
       
 
Corporate Bonds and Notes—35.0%
Communication Services—2.2%    
Cable Onda S.A. 144A
4.500%, 1/30/30(2) 		200   212
CCO Holdings LLC 144A
4.750%, 3/1/30(2) 		110   114
Consolidated Communications, Inc. 144A
6.500%, 10/1/28(2) 		160   173
Diamond Sports Group LLC      
144A 5.375%, 8/15/26(2) 100   72
144A 6.625%, 8/15/27(2)(6) 55   29
DISH DBS Corp.      
5.000%, 3/15/23 95   99
7.750%, 7/1/26 50   55
Level 3 Financing, Inc. 144A
4.250%, 7/1/28(2) 		225   228
Meredith Corp.
6.875%, 2/1/26 		72   74
Radiate Holdco LLC 144A
4.500%, 9/15/26(2) 		35   35
Sprint Spectrum Co. LLC 144A
4.738%, 3/20/25(2) 		200   214
Telesat Canada 144A
6.500%, 10/15/27(2) 		85   85
T-Mobile USA, Inc. 144A
3.875%, 4/15/30(2) 		300   326
TripAdvisor, Inc. 144A
7.000%, 7/15/25(2) 		160   173
Univision Communications, Inc. 144A
6.625%, 6/1/27(2) 		160   171
Verizon Communications, Inc.
2.550%, 3/21/31 		156   156
Virgin Media Finance plc 144A
5.000%, 7/15/30(2) 		200   200
      2,416
       
 
  Par Value   Value
       
Consumer Discretionary—2.8%    
American Axle & Manufacturing, Inc.
6.500%, 4/1/27(6) 		$ 145   $ 150
American Builders & Contractors Supply Co., Inc. 144A
4.000%, 1/15/28(2) 		200   200
Aramark Services, Inc. 144A
6.375%, 5/1/25(2) 		100   106
Block Financial LLC
3.875%, 8/15/30 		245   253
Caesars Entertainment, Inc. 144A
6.250%, 7/1/25(2) 		50   53
Crocs, Inc. 144A
4.250%, 3/15/29(2) 		170   166
Ford Motor Co.
9.000%, 4/22/25 		206   250
Gateway Casinos & Entertainment Ltd. 144A
8.250%, 3/1/24(2) 		95   91
Hanesbrands, Inc. 144A
5.375%, 5/15/25(2) 		195   206
International Game Technology plc 144A
4.125%, 4/15/26(2) 		220   226
M/I Homes, Inc.
4.950%, 2/1/28 		190   197
Marriott International, Inc.
2.850%, 4/15/31 		30   29
Marriott Ownership Resorts, Inc.
4.750%, 1/15/28 		165   167
Nissan Motor Co. Ltd. 144A
4.810%, 9/17/30(2) 		200   219
PulteGroup, Inc.
6.375%, 5/15/33 		120   153
QVC, Inc.
4.375%, 3/15/23 		145   152
Scientific Games International, Inc.      
144A 5.000%, 10/15/25(2) 130   135
144A 8.250%, 3/15/26(2) 70   75
144A 7.000%, 5/15/28(2) 35   37
Tenneco, Inc. 144A
5.125%, 4/15/29(2) 		205   202
Under Armour, Inc.
3.250%, 6/15/26 		100   100
      3,167
       
 
Consumer Staples—1.1%    
Albertsons Cos., Inc.      
144A 3.250%, 3/15/26(2) 210   209
144A 3.500%, 3/15/29(2) 20   19
Anheuser-Busch InBev Worldwide, Inc.      
4.000%, 4/13/28 200   223
4.750%, 1/23/29 52   61
Bacardi Ltd. 144A
4.700%, 5/15/28(2) 		170   195
  Par Value   Value
       
Consumer Staples—continued    
BAT Capital Corp.
4.906%, 4/2/30 		$ 240   $ 274
Post Holdings, Inc. 144A
4.500%, 9/15/31(2) 		145   143
Vector Group Ltd. 144A
5.750%, 2/1/29(2) 		55   57
      1,181
       
 
Energy—3.2%    
Aker BP ASA 144A
2.875%, 1/15/26(2) 		265   274
Alliance Resource Operating Partners LP 144A
7.500%, 5/1/25(2) 		120   112
Boardwalk Pipelines LP
4.950%, 12/15/24 		185   207
Cheniere Energy, Inc. 144A
4.625%, 10/15/28(2) 		80   83
Chesapeake Energy Corp. 144A
5.500%, 2/1/26(2) 		170   177
CrownRock LP 144A
5.625%, 10/15/25(2) 		115   117
EQM Midstream Partners LP      
144A 6.000%, 7/1/25(2) 25   27
144A 6.500%, 7/1/27(2) 30   32
144A 4.500%, 1/15/29(2) 50   49
144A 4.750%, 1/15/31(2) 45   43
HollyFrontier Corp.
5.875%, 4/1/26 		210   238
Indigo Natural Resources LLC 144A
5.375%, 2/1/29(2) 		85   84
Kinder Morgan Energy Partners LP
7.500%, 11/15/40 		320   438
Occidental Petroleum Corp.
5.500%, 12/1/25 		5   5
Parsley Energy LLC 144A
4.125%, 2/15/28(2) 		100   106
Patterson-UTI Energy, Inc.
5.150%, 11/15/29 		150   149
Pertamina Persero PT 144A
6.450%, 5/30/44(2) 		300   371
Petroleos Mexicanos      
6.500%, 3/13/27 155   162
7.690%, 1/23/50 190   176
Petronas Capital Ltd. 144A
3.500%, 4/21/30(2) 		200   214
Sabine Pass Liquefaction LLC      
6.250%, 3/15/22 140   145
4.200%, 3/15/28 80   88
Targa Resources Partners LP
5.875%, 4/15/26 		185   194
See Notes to Financial Statements
11

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Energy—continued    
Transocean Guardian Ltd. 144A
5.875%, 1/15/24(2) 		$ 36   $ 32
      3,523
       
 
Financials—11.7%    
AerCap Ireland Capital DAC
3.650%, 7/21/27 		150   157
Allstate Corp. (The) Series B
5.750%, 8/15/53 		200   212
Ares Finance Co. LLC 144A
4.000%, 10/8/24(2) 		270   288
Ascot Group Ltd. 144A
4.250%, 12/15/30(2) 		265   274
Athene Global Funding 144A
2.450%, 8/20/27(2) 		265   268
Bank of America Corp.      
3.004%, 12/20/23 285   296
4.200%, 8/26/24 448   494
(3 month LIBOR + 0.770%)
0.965%, 2/5/26(4) 		225   226
Bank of New York Mellon Corp. (The) Series G
4.700% (7) 		240   260
BBVA Bancomer S.A. 144A
5.125%, 1/18/33(2) 		200   206
Brighthouse Financial, Inc.      
3.700%, 6/22/27 38   40
5.625%, 5/15/30 163   191
Brightsphere Investment Group, Inc.
4.800%, 7/27/26(6) 		200   217
Brookfield Finance, Inc.
4.250%, 6/2/26 		370   417
Capital One Financial Corp.      
4.200%, 10/29/25 200   221
3.750%, 7/28/26 225   244
Charles Schwab Corp. (The) Series H
4.000% (7) 		275   270
Citadel LP 144A
4.875%, 1/15/27(2) 		190   202
Citigroup, Inc.      
3.200%, 10/21/26 371   399
(3 month LIBOR + 1.250%)
1.452%, 7/1/26(4) 		600   614
Corporate Office Properties LP
2.750%, 4/15/31 		254   246
Discover Bank
4.682%, 8/9/28 		500   533
Drawbridge Special Opportunities Fund LP 144A
3.875%, 2/15/26(2) 		280   287
Fairfax Financial Holdings Ltd.
4.850%, 4/17/28 		225   250
ICAHN Enterprises LP      
6.250%, 5/15/26 225   236
  Par Value   Value
       
Financials—continued    
144A 4.375%, 2/1/29(2) $ 20   $ 20
Jefferies Group LLC
4.850%, 1/15/27 		115   132
JPMorgan Chase & Co.
2.956%, 5/13/31 		495   504
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(2) 		210   207
Liberty Mutual Group, Inc.      
144A 4.250%, 6/15/23(2) 65   70
144A 4.569%, 2/1/29(2) 210   244
MetLife, Inc. Series G
3.850% (7) 		280   289
Morgan Stanley      
3.125%, 7/27/26 410   441
6.375%, 7/24/42 215   314
OneMain Finance Corp.      
6.875%, 3/15/25 110   125
7.125%, 3/15/26 40   46
Prudential Financial, Inc.      
5.875%, 9/15/42 85   90
5.625%, 6/15/43 270   289
Santander Holdings USA, Inc.      
3.700%, 3/28/22 169   174
4.400%, 7/13/27 80   89
Societe Generale S.A. 144A
4.750%, 11/24/25(2) 		200   222
SVB Financial Group
4.100% (7) 		295   296
Synovus Financial Corp.
5.900%, 2/7/29 		90   97
Toronto-Dominion Bank (The)
3.625%, 9/15/31 		270   296
UBS AG
7.625%, 8/17/22 		500   545
Voya Financial, Inc.
5.650%, 5/15/53 		195   209
Wells Fargo & Co.      
3.900% (7) 420   424
2.393%, 6/2/28 540   553
Zions Bancorp NA
3.250%, 10/29/29 		250   253
      12,977
       
 
Health Care—1.9%    
Anthem, Inc.
2.875%, 9/15/29 		185   192
Bausch Health Cos., Inc. 144A
5.750%, 8/15/27(2) 		70   75
Centene Corp.      
4.625%, 12/15/29 80   87
2.500%, 3/1/31 210   201
Charles River Laboratories International, Inc. 144A
4.000%, 3/15/31(2)(6) 		55   56
DaVita, Inc. 144A
4.625%, 6/1/30(2) 		220   224
HCA, Inc.
5.250%, 6/15/49 		140   171
  Par Value   Value
       
Health Care—continued    
Illumina, Inc.
2.550%, 3/23/31 		$ 138   $ 137
Jaguar Holding Co. II 144A
5.000%, 6/15/28(2) 		80   83
Legacy LifePoint Health LLC 144A
4.375%, 2/15/27(2) 		75   73
Par Pharmaceutical, Inc. 144A
7.500%, 4/1/27(2) 		65   69
Tenet Healthcare Corp.      
144A 5.125%, 11/1/27(2) 63   66
144A 7.500%, 4/1/25(2) 25   27
Teva Pharmaceutical Finance Netherlands III B.V.
3.150%, 10/1/26 		170   163
Universal Health Services, Inc. 144A
2.650%, 10/15/30(2) 		273   264
Utah Acquisition Sub, Inc.
3.950%, 6/15/26 		230   253
      2,141
       
 
Industrials—2.3%    
American Airlines, Inc. 144A
5.750%, 4/20/29(2) 		15   16
Ashtead Capital, Inc. 144A
4.375%, 8/15/27(2) 		280   292
Aviation Capital Group LLC 144A
3.500%, 11/1/27(2) 		200   206
Avolon Holdings Funding Ltd. 144A
4.375%, 5/1/26(2) 		215   225
Boeing Co. (The)      
5.150%, 5/1/30 140   161
5.930%, 5/1/60 179   230
BWX Technologies, Inc. 144A
4.125%, 4/15/29(2) 		75   76
Dycom Industries, Inc. 144A
4.500%, 4/15/29(2) 		85   85
Fortress Transportation & Infrastructure Investors LLC 144A
6.500%, 10/1/25(2) 		10   11
GFL Environmental, Inc. 144A
3.750%, 8/1/25(2) 		170   173
Howmet Aerospace, Inc.
6.875%, 5/1/25 		205   238
Kazakhstan Temir Zholy Finance BV 144A
6.950%, 7/10/42(2) 		215   286
Spirit AeroSystems, Inc. 144A
5.500%, 1/15/25(2) 		215   227
Stanley Black & Decker, Inc.
4.000%, 3/15/60 		204   215
See Notes to Financial Statements
12

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Industrials—continued    
TransDigm, Inc.
5.500%, 11/15/27 		$ 155   $ 160
      2,601
       
 
Information Technology—3.6%    
Broadcom, Inc.      
4.150%, 11/15/30 255   275
144A 2.450%, 2/15/31(2) 152   143
Citrix Systems, Inc.
3.300%, 3/1/30 		365   375
Dell International LLC 144A
8.100%, 7/15/36(2) 		95   139
Flex Ltd.
3.750%, 2/1/26 		191   205
Hewlett Packard Enterprise Co.
4.900%, 10/15/25 		255   291
HP, Inc.
3.400%, 6/17/30 		320   334
Leidos, Inc. 144A
2.300%, 2/15/31(2) 		295   279
Microchip Technology, Inc. 144A
4.250%, 9/1/25(2) 		210   219
Motorola Solutions, Inc.      
4.600%, 2/23/28 163   186
4.600%, 5/23/29 85   96
NCR Corp. 144A
5.125%, 4/15/29(2) 		130   131
Oracle Corp.
2.875%, 3/25/31 		270   275
Science Applications International Corp. 144A
4.875%, 4/1/28(2) 		205   212
Seagate HDD Cayman 144A
3.375%, 7/15/31(2) 		110   106
SK Hynix, Inc. 144A
1.500%, 1/19/26(2) 		400   394
Vontier Corp. 144A
2.950%, 4/1/31(2) 		237   231
Xerox Holdings Corp. 144A
5.500%, 8/15/28(2) 		155   161
      4,052
       
 
Materials—2.3%    
Ardagh Packaging Finance plc 144A
4.125%, 8/15/26(2) 		200   205
Avient Corp. 144A
5.750%, 5/15/25(2) 		200   213
Chemours Co. (The) 144A
5.750%, 11/15/28(2) 		160   168
Cleveland-Cliffs, Inc. 144A
6.750%, 3/15/26(2) 		165   179
Commercial Metals Co.
3.875%, 2/15/31 		110   108
Glencore Funding LLC 144A
1.625%, 9/1/25(2) 		275   275
  Par Value   Value
       
Materials—continued    
Inversiones CMPC S.A. 144A
3.850%, 1/13/30(2) 		$ 290   $ 309
Louisiana-Pacific Corp. 144A
3.625%, 3/15/29(2) 		185   180
Nutrition & Biosciences, Inc. 144A
2.300%, 11/1/30(2) 		215   208
Olin Corp.
5.625%, 8/1/29 		225   243
Resolute Forest Products, Inc. 144A
4.875%, 3/1/26(2) 		170   170
Teck Resources Ltd.
6.125%, 10/1/35 		215   264
      2,522
       
 
Real Estate—2.4%    
American Assets Trust LP
3.375%, 2/1/31 		330   324
EPR Properties
4.750%, 12/15/26 		275   289
ESH Hospitality, Inc. 144A
4.625%, 10/1/27(2) 		190   201
GLP Capital LP
5.750%, 6/1/28 		231   267
Iron Mountain, Inc. 144A
4.875%, 9/15/29(2) 		190   192
iStar, Inc.
4.250%, 8/1/25 		190   191
MPT Operating Partnership LP      
5.000%, 10/15/27 80   84
4.625%, 8/1/29 45   47
3.500%, 3/15/31 185   182
Office Properties Income Trust
4.500%, 2/1/25 		215   226
Retail Opportunity Investments Partnership LP
4.000%, 12/15/24 		155   164
Retail Properties of America, Inc.
4.750%, 9/15/30 		285   302
Service Properties Trust
4.950%, 2/15/27 		245   242
      2,711
       
 
Utilities—1.5%    
American Electric Power Co., Inc.
2.300%, 3/1/30 		285   278
DPL, Inc.
4.350%, 4/15/29 		193   207
Edison International
4.125%, 3/15/28 		265   284
Exelon Corp.
3.497%, 6/1/22 		135   139
  Par Value   Value
       
Utilities—continued    
FirstEnergy Transmission LLC 144A
2.866%, 9/15/28(2) 		$ 147   $ 148
National Fuel Gas Co.
2.950%, 3/1/31 		90   87
Southern Power Co.
4.150%, 12/1/25 		255   284
Talen Energy Supply LLC 144A
6.625%, 1/15/28(2) 		105   105
TerraForm Power Operating LLC 144A
5.000%, 1/31/28(2) 		110   119
      1,651
       
 
Total Corporate Bonds and Notes
(Identified Cost $37,204) 		  38,942
       
 
       
 
Leveraged Loans(4)—9.4%
Aerospace—0.7%    
AI Convoy (Luxembourg) S.a.r.l. Tranche B (6 month LIBOR + 3.500%)
4.500%, 1/18/27 		158   158
American Airlines, Inc. (3 month LIBOR + 4.750%)
0.000%, 4/20/28(8) 		170   174
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%)
6.250%, 6/21/27 		210   223
TransDigm, Inc. Tranche E (1 month LIBOR + 2.250%)
2.359%, 5/30/25 		230   225
      780
       
 
Chemicals—0.6%    
Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%)
3.500%, 12/31/27 		65   65
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%)
2.109%, 4/1/24 		133   132
Ineos U.S. Petrochem LLC 2026, Tranche B (3 month LIBOR + 2.750%)
3.250%, 1/29/26 		170   169
Starfruit Finco B.V. (1 month LIBOR + 2.750%)
2.860%, 10/1/25 		224   220
See Notes to Financial Statements
13

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Chemicals—continued    
Trinseo Materials Operating SCA Tranche B-2, First Lien (3 month LIBOR + 2.500%)
0.000%, 3/17/28(8) 		$ 100   $ 99
      685
       
 
Consumer Durables—0.2%    
CP Atlas Buyer, Inc. Tranche B (3 month LIBOR + 3.750%)
4.250%, 11/23/27 		55   55
Resideo Funding, Inc. Tranche B (3 month LIBOR + 2.250%)
2.750%, 2/11/28 		110   109
Weber-Stephen Products LLC Tranche B (3 month LIBOR + 3.250%)
4.000%, 10/30/27 		110   110
      274
       
 
Energy—0.1%    
Buckeye Partners LP Tranche B, First Lien (3 month LIBOR + 2.250%)
2.359%, 11/1/26 		45   44
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 6.250%)
7.250%, 3/28/24 		76   76
      120
       
 
Financial—0.2%    
Avolon TLB Borrower 1 US LLC Tranche B-5 (1 month LIBOR + 2.500%)
3.250%, 12/1/27 		110   110
Citadel Securities LP 2021 (3 month LIBOR + 2.500%)
2.615%, 2/2/28 		130   128
      238
       
 
Food / Tobacco—0.5%    
Aramark Services, Inc. Tranche B-4 (1 month LIBOR + 1.750%)
1.859%, 1/15/27 		45   44
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%)
2.859%, 3/31/25 		68   67
City Brewing Co. LLC First Lien (3 month LIBOR + 3.500%)
0.000%, 10/1/26(8) 		40   40
  Par Value   Value
       
Food / Tobacco—continued    
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 3.000%)
0.000%, 8/3/25(8) 		$ 224   $ 222
JBS USA Lux S.A. (3 month LIBOR + 2.000%)
0.000%, 5/1/26(8) 		224   223
      596
       
 
Forest Prod / Containers—0.5%    
Berry Global, Inc. Tranche Z (3 month LIBOR + 1.750%)
1.898%, 7/1/26 		222   220
Reynolds Group Holdings, Inc. (3 month LIBOR + 2.750%)
0.000%, 2/6/23(8) 		225   224
Schweitzer-Mauduit International, Inc. Tranche B (3 month LIBOR + 4.000%)
0.000%, 1/27/28(8) 		130   130
      574
       
 
Gaming / Leisure—0.9%    
Aristocrat Technologies, Inc. (3 month LIBOR + 3.750%)
4.750%, 10/19/24 		25   25
CityCenter Holdings LLC (3 month LIBOR + 2.250%)
0.000%, 4/18/24(8) 		225   222
Hilton Worldwide Finance LLC Tranche B-2 (3 month LIBOR + 1.750%)
0.000%, 6/22/26(8) 		225   223
Playtika Holding Corp. Tranche B-1 (3 month LIBOR + 2.750%)
0.000%, 3/5/28(8) 		170   169
Pug LLC Tranche B (1 month LIBOR + 3.500%)
3.609%, 2/12/27 		119   114
Seminole Tribe of Florida (1 month LIBOR + 1.750%)
1.859%, 7/8/24 		133   133
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)
2.500%, 2/8/27 		69   68
      954
       
 
Healthcare—0.8%    
Bausch Health Cos., Inc.      
(1 month LIBOR + 2.750%)
2.859%, 11/27/25 		26   26
  Par Value   Value
       
Healthcare—continued    
(1 month LIBOR + 3.000%)
3.109%, 6/2/25 		$ 15   $ 14
Catalent Pharma Solutions, Inc. Tranche B-3 (1 month LIBOR + 2.000%)
2.500%, 2/22/28 		130   130
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%)
4.000%, 6/7/23 		116   116
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%)
3.500%, 10/27/22 		196   196
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%)
1.953%, 6/11/25 		126   126
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%)
3.859%, 11/17/25 		154   153
PPD, Inc. (1 month LIBOR + 2.250%)
2.750%, 1/13/28 		155   154
      915
       
 
Housing—0.3%    
CPG International LLC (3 month LIBOR + 2.500%)
3.250%, 5/6/24(5) 		75   74
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%)
2.109%, 11/21/24 		224   224
      298
       
 
Information Technology—0.7%    
Applied Systems, Inc. First Lien (3 month LIBOR + 3.000%)
3.524%, 9/19/24 		174   174
Boxer Parent Co., Inc. 2021 (1 month LIBOR + 3.750%)
3.859%, 10/2/25 		189   188
Sophia LP (3 month LIBOR + 3.750%)
3.953%, 10/7/27 		185   184
UKG, Inc. 2021 (3 month LIBOR + 3.250%)
4.000%, 5/4/26 		119   120
Ultra Clean Holdings, Inc. (3 month LIBOR + 3.750%)
0.000%, 2/24/28(8) 		65   65
      731
       
 
See Notes to Financial Statements
14

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Manufacturing—0.5%    
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)
4.250%, 10/8/27 		$ 105   $ 104
Gardner Denver, Inc. Tranche A (1 month LIBOR + 2.750%)
2.859%, 3/1/27 		20   20
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%)
3.500%, 3/31/27 		224   224
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%)
1.859%, 3/1/27 		20   20
Star US Bidco LLC (1 month LIBOR + 4.250%)
5.250%, 3/17/27 		179   177
      545
       
 
Media / Telecom - Broadcasting—0.2%    
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)
2.615%, 9/18/26 		180   179
Media / Telecom - Cable/Wireless
Video—0.2% 		   
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%)
2.356%, 1/15/26 		147   145
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%)
4.250%, 9/25/26 		30   30
Virgin Media Bristol LLC Tranche B (3 month LIBOR + 3.250%)
0.000%, 1/31/29(8) 		35   35
      210
       
 
Media / Telecom - Diversified
Media—0.2% 		   
Newco Financing Partnership Tranche AV1 (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		85   84
UPC Financing Partnership Tranche AV (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		85   85
      169
       
 
  Par Value   Value
       
Media / Telecom -
Telecommunications—0.2% 		   
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%)
2.359%, 3/15/27 		$ 64   $ 63
Consolidated Communications, Inc. (1 month LIBOR + 4.750%)
5.750%, 10/2/27 		50   50
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%)
3.109%, 3/9/27 		163   162
      275
       
 
Media / Telecom - Wireless
Communications—0.2% 		   
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)
1.860%, 4/11/25 		225   222
Retail—0.3%    
Harbor Freight Tools USA, Inc. 2020 (1 month LIBOR + 3.000%)
3.750%, 10/19/27 		165   164
PetsMart LLC (3 month LIBOR + 3.750%)
4.500%, 2/12/28 		125   125
      289
       
 
Service—1.2%    
AlixPartners LLP (1 month LIBOR + 2.750%)
3.250%, 2/4/28 		270   269
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)
3.359%, 2/6/26 		278   276
Peraton Corp.      
(3 month LIBOR + 3.750%)
0.000%, 2/1/28(8) 		78   78
Tranche B, First Lien (3 month LIBOR + 3.750%)
4.500%, 2/1/28 		44   45
PODS LLC (3 month LIBOR + 3.000%)
0.000%, 3/31/28(8) 		125   124
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%)
3.359%, 12/31/25 		216   212
TKC Holdings, Inc. First Lien (6 month LIBOR + 3.750%)
4.750%, 2/1/23 		110   107
  Par Value   Value
       
Service—continued    
WEX, Inc.      
Tranche B, First Lien (3 month LIBOR + 2.250%)
0.000%, 3/20/28(8) 		$ 85   $ 85
Tranche B-3 (3 month LIBOR + 2.250%)
0.000%, 5/15/26(8) 		170   169
      1,365
       
 
Transportation - Automotive—0.2%    
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 11/2/23 		128   123
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%)
3.620%, 11/6/24 		92   92
      215
       
 
Transportation - Land
Transportation—0.2% 		   
Genesee & Wyoming, Inc. (3 month LIBOR + 2.000%)
0.000%, 12/30/26(8) 		224   223
Utility—0.5%    
APLP Holdings LP 2020, Tranche B (3 month LIBOR + 2.500%)
3.500%, 4/14/25 		94   93
Astoria Energy LLC Tranche B (3 month LIBOR + 3.500%)
4.500%, 12/10/27 		154   154
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)
3.250%, 8/1/25 		211   209
Calpine Corp. 2019 (1 month LIBOR + 2.000%)
2.110%, 4/5/26 		147   146
      602
       
 
Total Leveraged Loans
(Identified Cost $10,461) 		  10,459
       
 
       
 
    
  Shares  
Preferred Stocks—1.0%
Financials—0.8%  
Discover Financial Services Series D, 6.125% 85 (9) 94
Fifth Third Bancorp Series L, 4.500% 220 (9) 234
See Notes to Financial Statements
15

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Shares   Value
Financials—continued    
JPMorgan Chase & Co. Series HH, 4.600% 86 (9)   $ 87
KeyCorp Series D, 5.000% 140 (9)   153
MetLife, Inc. Series D, 5.875% 88 (9)   97
Truist Financial Corp. Series Q, 5.100% 250 (9)   273
      938
       
 
Industrials—0.2%    
General Electric Co. Series D, 3.514%(4) 231 (9)   218
Total Preferred Stocks
(Identified Cost $1,079) 		  1,156
       
 
       
 
Exchange-Traded Funds—0.6%
iShares iBoxx High Yield Corporate Bond ETF(6)(10) 3,651   318
iShares JP Morgan USD Emerging Markets Bond ETF(10) 2,935   320
Total Exchange-Traded Funds
(Identified Cost $647) 		  638
       
 
       
 
Total Long-Term Investments—98.7%
(Identified Cost $107,444) 		  109,635
       
 
       
 
Short-Term Investment—2.3%
Money Market Mutual Fund—2.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(10) 2,562,053   2,562
Total Short-Term Investment
(Identified Cost $2,562) 		  2,562
       
 
       
 
  Shares   Value
       
       
Securities Lending Collateral—0.7%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(10)(11) 778,635   $ 779
Total Securities Lending Collateral
(Identified Cost $779) 		  779
       
 
       
 
TOTAL INVESTMENTS—101.7%
(Identified Cost $110,785) 		  $112,976
Other assets and liabilities, net—(1.7)%   (1,904)
NET ASSETS—100.0%   $111,072
    
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
WaMu Washington Mutual
    
Footnote Legend:
(1) Regulation S security. Security is offered and sold outside of the United States; it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.
(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, 2021, these securities amounted to a value of $52,867 or 47.6% of net assets.
(3) Amount is less than $500.
(4) Variable rate security. Rate disclosed is as of March 31, 2021. 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) All or a portion of security is on loan.
(7) No contractual maturity date.
(8) This loan will settle after March 31, 2021, 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) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(11) Represents security purchased with cash collateral received for securities on loan.
    
Country Weightings†
United States 92%
Canada 2
Mexico 1
Switzerland 1
Luxembourg 1
Bermuda 1
Netherlands 1
Other 1
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
16

Table of Contents
Newfleet Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Securities:              
Asset-Backed Securities $ 11,292   $ —   $ 11,292   $ —
Corporate Bonds and Notes 38,942   —   38,942   —
Foreign Government Securities 1,888   —   1,888   —
Leveraged Loans 10,459   —   10,385   74
Mortgage-Backed Securities 28,533   —   28,088   445
Municipal Bonds 1,545   —   1,545   —
U.S. Government Securities 15,182   —   15,182   —
Equity Securities:              
Preferred Stocks 1,156   —   1,156   —
Securities Lending Collateral 779   779   —   —
Exchange-Traded Funds 638   638   —   —
Money Market Mutual Fund 2,562   2,562   —   —
Total Investments $112,976   $3,979   $108,478   $519
Security held by the Fund with an end of period value of $74 was 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, 2021.
See Notes to Financial Statements
17

Table of Contents
Newfleet High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Par Value   Value
Mortgage-Backed Security—0.2%
Non-Agency—0.2%    
LHOME Mortgage Trust 2019-RTL1, A1 144A
4.580%, 10/25/23(1)(2) 		$109   $ 110
Total Mortgage-Backed Security
(Identified Cost $109) 		  110
       
 
       
 
Corporate Bonds and Notes—90.2%
Communication Services—15.1%    
Altice France Holding S.A. 144A
6.000%, 2/15/28(1) 		200   197
Altice France S.A. 144A
7.375%, 5/1/26(1) 		340   354
Cars.com, Inc. 144A
6.375%, 11/1/28(1) 		295   308
CCO Holdings LLC      
144A 5.125%, 5/1/27(1) 350   370
144A 4.750%, 3/1/30(1) 325   337
Cincinnati Bell, Inc. 144A
7.000%, 7/15/24(1) 		265   273
Cinemark USA, Inc. 144A
5.875%, 3/15/26(1) 		295   302
Clear Channel Outdoor Holdings, Inc. 144A
7.750%, 4/15/28(1) 		5   5
Clear Channel Worldwide Holdings, Inc.      
9.250%, 2/15/24 81   84
144A 5.125%, 8/15/27(1) 100   101
Consolidated Communications, Inc. 144A
6.500%, 10/1/28(1) 		175   189
CSC Holdings LLC 144A
5.750%, 1/15/30(1) 		600   632
Diamond Sports Group LLC      
144A 5.375%, 8/15/26(1) 105   76
144A 6.625%, 8/15/27(1)(3) 280   146
DISH DBS Corp.
7.750%, 7/1/26 		325   359
Frontier Communications Corp. 144A
6.750%, 5/1/29(1) 		390   411
iHeartCommunications, Inc.
8.375%, 5/1/27 		272   291
Level 3 Financing, Inc. 144A
3.625%, 1/15/29(1) 		305   295
Live Nation Entertainment, Inc.      
144A 5.625%, 3/15/26(1) 290   301
144A 4.750%, 10/15/27(1) 195   196
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A
7.875%, 5/15/24(1) 		210   207
Meredith Corp.
6.875%, 2/1/26 		264   271
  Par Value   Value
       
Communication Services—continued    
Northwest Fiber LLC 144A
10.750%, 6/1/28(1) 		$265   $ 299
Playtika Holding Corp. 144A
4.250%, 3/15/29(1) 		305   300
Radiate Holdco LLC      
144A 4.500%, 9/15/26(1) 140   142
144A 6.500%, 9/15/28(1) 235   248
Telesat Canada 144A
6.500%, 10/15/27(1) 		575   576
T-Mobile USA, Inc.      
2.625%, 4/15/26 65   66
3.375%, 4/15/29 85   86
3.500%, 4/15/31 240   242
TripAdvisor, Inc. 144A
7.000%, 7/15/25(1) 		280   303
Twitter, Inc. 144A
3.875%, 12/15/27(1) 		300   315
Univision Communications, Inc.      
144A 5.125%, 2/15/25(1) 325   329
144A 9.500%, 5/1/25(1) 85   93
Virgin Media Finance plc 144A
5.000%, 7/15/30(1) 		250   250
      8,954
       
 
Consumer Discretionary—16.8%    
Adtalem Global Education, Inc. 144A
5.500%, 3/1/28(1) 		410   405
American Axle & Manufacturing, Inc.
6.500%, 4/1/27(3) 		410   425
Aramark Services, Inc. 144A
6.375%, 5/1/25(1) 		260   276
Aston Martin Capital Holdings Ltd. 144A
10.500%, 11/30/25(1) 		320   353
BCPE Ulysses Intermediate, Inc. PIK 144A
7.750%, 4/1/27(1)(4) 		305   316
Caesars Entertainment, Inc.      
144A 6.250%, 7/1/25(1) 135   144
144A 8.125%, 7/1/27(1) 105   116
Carnival Corp.      
144A 11.500%, 4/1/23(1) 160   183
144A 7.625%, 3/1/26(1) 40   43
Carvana Co.      
144A 5.625%, 10/1/25(1) 235   241
144A 5.875%, 10/1/28(1) 120   123
Clarios Global LP 144A
8.500%, 5/15/27(1) 		255   274
Crocs, Inc. 144A
4.250%, 3/15/29(1) 		300   292
Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A
10.500%, 2/15/23(1) 		280   290
FirstCash, Inc. 144A
4.625%, 9/1/28(1) 		250   255
Ford Motor Co.      
9.000%, 4/22/25 108   131
  Par Value   Value
       
Consumer Discretionary—continued    
9.625%, 4/22/30 $ 69   $ 96
Ford Motor Credit Co. LLC      
5.125%, 6/16/25 285   308
4.125%, 8/17/27 200   206
Gateway Casinos & Entertainment Ltd. 144A
8.250%, 3/1/24(1) 		315   300
Golden Nugget, Inc. 144A
8.750%, 10/1/25(1)(3) 		260   274
International Game Technology plc 144A
6.250%, 1/15/27(1) 		200   222
Legends Hospitality Holding Co. LLC 144A
5.000%, 2/1/26(1) 		310   315
M/I Homes, Inc.
4.950%, 2/1/28 		280   290
Marriott Ownership Resorts, Inc.
4.750%, 1/15/28 		295   298
Mohegan Gaming & Entertainment 144A
8.000%, 2/1/26(1) 		295   297
NCL Corp., Ltd. 144A
5.875%, 3/15/26(1) 		195   197
NCL Finance Ltd. 144A
6.125%, 3/15/28(1) 		90   92
NMG Holding Co., Inc. 144A
7.125%, 4/1/26(1) 		145   148
PetSmart, Inc. 144A
7.750%, 2/15/29(1) 		250   271
PulteGroup, Inc.
7.875%, 6/15/32 		180   253
Royal Caribbean Cruises Ltd.      
144A 9.125%, 6/15/23(1) 225   248
144A 5.500%, 4/1/28(1) 30   30
Scientific Games International, Inc.      
144A 8.250%, 3/15/26(1) 120   129
144A 7.000%, 5/15/28(1) 160   171
Station Casinos LLC 144A
4.500%, 2/15/28(1) 		335   334
Tenneco, Inc.      
5.375%, 12/15/24 150   151
144A 5.125%, 4/15/29(1) 265   262
Vista Outdoor, Inc. 144A
4.500%, 3/15/29(1) 		365   361
Weekley Homes LLC 144A
4.875%, 9/15/28(1) 		310   318
Wynn Macau Ltd. 144A
5.625%, 8/26/28(1) 		500   523
      9,961
       
 
Consumer Staples—4.2%    
Albertsons Cos., Inc. 144A
4.625%, 1/15/27(1) 		585   606
Chobani LLC 144A
7.500%, 4/15/25(1) 		315   328
Dole Food Co., Inc. 144A
7.250%, 6/15/25(1) 		325   334
H-Food Holdings LLC 144A
8.500%, 6/1/26(1) 		270   276
See Notes to Financial Statements
18

Table of Contents
Newfleet High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Consumer Staples—continued    
Post Holdings, Inc. 144A
4.500%, 9/15/31(1) 		$385   $ 381
Triton Water Holdings, Inc. 144A
6.250%, 4/1/29(1) 		120   122
Turning Point Brands, Inc. 144A
5.625%, 2/15/26(1) 		305   316
Vector Group Ltd. 144A
5.750%, 2/1/29(1) 		145   150
      2,513
       
 
Energy—12.6%    
Alliance Resource Operating Partners LP 144A
7.500%, 5/1/25(1) 		285   265
Antero Midstream Partners LP      
144A 7.875%, 5/15/26(1) 150   161
144A 5.750%, 1/15/28(1) 340   340
Antero Resources Corp.      
144A 8.375%, 7/15/26(1) 120   132
144A 7.625%, 2/1/29(1) 105   112
Ascent Resources Utica Holdings LLC 144A
8.250%, 12/31/28(1) 		200   208
BP Capital Markets plc
4.875% (5) 		285   305
Callon Petroleum Co.
6.125%, 10/1/24(3) 		141   120
Cheniere Energy Partners LP
5.625%, 10/1/26 		160   167
Cheniere Energy, Inc. 144A
4.625%, 10/15/28(1) 		175   182
Chesapeake Energy Corp.      
144A 5.500%, 2/1/26(1) 320   333
144A 5.875%, 2/1/29(1) 60   64
Citgo Holding, Inc. 144A
9.250%, 8/1/24(1) 		140   139
CrownRock LP 144A
5.625%, 10/15/25(1) 		260   265
CSI Compressco LP      
7.250%, 8/15/22 205   195
144A 7.500%, 4/1/25(1)(3) 195   198
EQM Midstream Partners LP      
144A 6.000%, 7/1/25(1) 75   81
144A 6.500%, 7/1/27(1) 90   98
144A 4.500%, 1/15/29(1) 60   59
144A 4.750%, 1/15/31(1) 60   58
Geopark Ltd. 144A
6.500%, 9/21/24(1) 		215   222
Hilcorp Energy I LP      
144A 5.750%, 2/1/29(1) 195   197
144A 6.000%, 2/1/31(1) 195   198
Indigo Natural Resources LLC 144A
5.375%, 2/1/29(1) 		300   296
Kosmos Energy Ltd. 144A
7.500%, 3/1/28(1) 		365   346
  Par Value   Value
       
Energy—continued    
Magnolia Oil & Gas Operating LLC 144A
6.000%, 8/1/26(1) 		$235   $ 243
Mesquite Energy, Inc. 144A
7.250%, 2/15/23(6) 		115   — (7)
Northriver Midstream Finance LP 144A
5.625%, 2/15/26(1) 		210   218
Occidental Petroleum Corp.      
2.700%, 8/15/22 83   83
5.875%, 9/1/25 130   139
5.500%, 12/1/25 70   74
3.500%, 8/15/29 160   150
6.625%, 9/1/30 135   152
6.125%, 1/1/31 115   127
Parsley Energy LLC 144A
4.125%, 2/15/28(1) 		175   185
Patterson-UTI Energy, Inc.
5.150%, 11/15/29 		300   298
Sunoco LP 144A
4.500%, 5/15/29(1) 		435   433
Targa Resources Partners LP 144A
4.875%, 2/1/31(1) 		120   122
Transocean, Inc. 144A
11.500%, 1/30/27(1) 		143   123
USA Compression Partners LP
6.875%, 4/1/26 		170   174
WPX Energy, Inc.
4.500%, 1/15/30 		188   202
      7,464
       
 
Financials—4.5%    
Acrisure LLC      
144A 7.000%, 11/15/25(1) 240   248
144A 4.250%, 2/15/29(1) 95   93
Burford Capital Global Finance LLC 144A
6.250%, 4/15/28(1) 		295   302
ICAHN Enterprises LP      
6.250%, 5/15/26 220   231
5.250%, 5/15/27 265   274
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) 		305   300
Navient Corp.
5.875%, 10/25/24 		185   194
NMI Holdings, Inc. 144A
7.375%, 6/1/25(1) 		135   156
OneMain Finance Corp.
6.875%, 3/15/25 		370   421
Prospect Capital Corp.
3.706%, 1/22/26 		455   449
      2,668
       
 
Health Care—8.6%    
Advanz Pharma Corp., Ltd.
8.000%, 9/6/24 		41   42
Akumin, Inc. 144A
7.000%, 11/1/25(1) 		320   340
  Par Value   Value
       
Health Care—continued    
Bausch Health Americas, Inc.      
144A 9.250%, 4/1/26(1) $135   $ 150
144A 8.500%, 1/31/27(1) 270   300
Bausch Health Cos., Inc. 144A
7.000%, 1/15/28(1) 		190   206
Charles River Laboratories International, Inc.      
144A 3.750%, 3/15/29(1) 105   105
144A 4.000%, 3/15/31(1)(3) 90   92
Cheplapharm Arzneimittel GmbH 144A
5.500%, 1/15/28(1) 		325   338
Community Health Systems, Inc.      
144A 6.625%, 2/15/25(1) 280   296
144A 6.875%, 4/15/29(1) 25   26
144A 4.750%, 2/15/31(1) 160   156
DaVita, Inc. 144A
4.625%, 6/1/30(1) 		285   290
Endo Dac 144A
9.500%, 7/31/27(1) 		50   54
Jaguar Holding Co. II 144A
5.000%, 6/15/28(1) 		215   224
Legacy LifePoint Health LLC      
144A 6.750%, 4/15/25(1) 5   5
144A 4.375%, 2/15/27(1) 290   284
LifePoint Health, Inc. 144A
5.375%, 1/15/29(1) 		100   99
Ortho-Clinical Diagnostics, Inc.      
144A 7.375%, 6/1/25(1) 84   90
144A 7.250%, 2/1/28(1) 81   89
Par Pharmaceutical, Inc. 144A
7.500%, 4/1/27(1) 		256   272
Select Medical Corp. 144A
6.250%, 8/15/26(1) 		440   468
Surgery Center Holdings, Inc.      
144A 6.750%, 7/1/25(1) 180   184
144A 10.000%, 4/15/27(1) 130   143
Team Health Holdings, Inc. 144A
6.375%, 2/1/25(1) 		180   159
Tenet Healthcare Corp.      
144A 4.875%, 1/1/26(1) 180   187
144A 6.250%, 2/1/27(1) 130   137
144A 5.125%, 11/1/27(1) 60   63
144A 7.500%, 4/1/25(1) 80   86
Teva Pharmaceutical Finance Netherlands III B.V.
3.150%, 10/1/26 		245   234
      5,119
       
 
Industrials—9.1%    
Allied Universal Holdco LLC 144A
6.625%, 7/15/26(1) 		380   403
See Notes to Financial Statements
19

Table of Contents
Newfleet High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Industrials—continued    
American Airlines Group, Inc. 144A
5.000%, 6/1/22(1) 		$190   $ 187
American Airlines, Inc.      
144A 11.750%, 7/15/25(1) 530   656
144A 5.500%, 4/20/26(1) 55   57
144A 5.750%, 4/20/29(1) 20   21
Boeing Co. (The)
5.930%, 5/1/60 		231   296
Bombardier, Inc.      
144A 8.750%, 12/1/21(1) 125   131
144A 7.500%, 12/1/24(1) 155   155
BWX Technologies, Inc. 144A
4.125%, 4/15/29(1) 		200   203
Cleaver-Brooks, Inc. 144A
7.875%, 3/1/23(1)(3) 		300   294
CP Atlas Buyer, Inc. 144A
7.000%, 12/1/28(1) 		290   305
Delta Air Lines, Inc.
3.750%, 10/28/29 		315   307
Dycom Industries, Inc. 144A
4.500%, 4/15/29(1) 		150   150
Fortress Transportation & Infrastructure Investors LLC      
144A 6.750%, 3/15/22(1) 90   90
144A 6.500%, 10/1/25(1) 235   246
144A 9.750%, 8/1/27(1) 40   46
LBM Acquisition LLC 144A
6.250%, 1/15/29(1) 		160   165
Spirit AeroSystems, Inc.      
3.950%, 6/15/23 165   163
144A 5.500%, 1/15/25(1) 290   307
Titan Acquisition Ltd. 144A
7.750%, 4/15/26(1) 		295   306
TransDigm, Inc.      
144A 6.250%, 3/15/26(1) 115   122
5.500%, 11/15/27 450   466
Uber Technologies, Inc. 144A
7.500%, 5/15/25(1) 		270   291
      5,367
       
 
Information Technology—5.8%    
Banff Merger Sub, Inc. 144A
9.750%, 9/1/26(1) 		170   181
J2 Global, Inc. 144A
4.625%, 10/15/30(1) 		335   338
NCR Corp. 144A
5.125%, 4/15/29(1) 		315   317
Plantronics, Inc. 144A
4.750%, 3/1/29(1) 		305   300
Rocket Software, Inc. 144A
6.500%, 2/15/29(1) 		295   298
Science Applications International Corp. 144A
4.875%, 4/1/28(1) 		435   450
  Par Value   Value
       
Information Technology—continued    
Seagate HDD Cayman 144A
3.375%, 7/15/31(1) 		$310   $ 298
SS&C Technologies, Inc. 144A
5.500%, 9/30/27(1) 		300   320
Veritas US, Inc. 144A
7.500%, 9/1/25(1) 		290   301
Viasat, Inc. 144A
5.625%, 9/15/25(1) 		305   310
Xerox Holdings Corp. 144A
5.500%, 8/15/28(1) 		295   305
      3,418
       
 
Materials—8.2%    
ARD Finance S.A. PIK 144A
6.500%, 6/30/27(1)(8) 		595   625
Chemours Co. (The) 144A
5.750%, 11/15/28(1) 		280   295
Cleveland-Cliffs, Inc.      
144A 6.750%, 3/15/26(1) 115   125
144A 7.000%, 3/15/27(1) 170   171
Commercial Metals Co.
3.875%, 2/15/31 		285   280
Freeport-McMoRan, Inc.
5.450%, 3/15/43 		235   283
Hecla Mining Co.
7.250%, 2/15/28 		305   327
INEOS Group Holdings S.A. 144A
5.625%, 8/1/24(1) 		315   319
Louisiana-Pacific Corp. 144A
3.625%, 3/15/29(1) 		445   433
Mauser Packaging Solutions Holding Co. 144A
7.250%, 4/15/25(1) 		300   300
Resolute Forest Products, Inc. 144A
4.875%, 3/1/26(1)(3) 		250   250
Taseko Mines Ltd. 144A
7.000%, 2/15/26(1) 		165   168
Teck Resources Ltd.
6.125%, 10/1/35 		265   325
Trident TPI Holdings, Inc.      
144A 9.250%, 8/1/24(1) 150   160
144A 6.625%, 11/1/25(1) 265   269
Trinseo Materials Operating SCA 144A
5.125%, 4/1/29(1) 		120   124
United States Steel Corp.      
6.250%, 3/15/26 235   237
6.875%, 3/1/29 155   158
      4,849
       
 
Real Estate—3.5%    
ESH Hospitality, Inc. 144A
4.625%, 10/1/27(1) 		345   365
  Par Value   Value
       
Real Estate—continued    
Iron Mountain, Inc. 144A
4.875%, 9/15/29(1) 		$315   $ 319
iStar, Inc.
4.250%, 8/1/25 		290   292
MPT Operating Partnership LP
3.500%, 3/15/31 		315   309
Service Properties Trust      
5.500% 150   159
7.500%, 9/15/25 270   307
Uniti Group, Inc. 144A
7.125%, 12/15/24(1) 		300   308
      2,059
       
 
Utilities—1.8%    
Ferrellgas Escrow LLC      
144A 5.375%, 4/1/26(1) 90   89
144A 5.875%, 4/1/29(1) 90   89
Ferrellgas Partners LP
8.625%, 6/15/20(9) 		140   102
PG&E Corp.
5.250%, 7/1/30 		295   313
Talen Energy Supply LLC 144A
6.625%, 1/15/28(1) 		205   205
TerraForm Power Operating LLC 144A
5.000%, 1/31/28(1) 		240   259
Texas Competitive Electric Holdings Co. 144A
11.500%, 10/1/20(1)(6) 		500   —
      1,057
       
 
Total Corporate Bonds and Notes
(Identified Cost $51,958) 		  53,429
       
 
       
 
Leveraged Loans(2)—7.1%
Aerospace—0.6%    
American Airlines, Inc. (3 month LIBOR + 4.750%)
0.000%, 4/20/28(10) 		50   51
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%)
6.250%, 6/21/27 		295   313
      364
       
 
Consumer Non-Durables—0.3%    
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%)
4.109%, 6/30/24 		168   166
See Notes to Financial Statements
20

Table of Contents
Newfleet High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Energy—0.6%    
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 6.250%)
7.250%, 3/28/24 		$ 85   $ 85
Fieldwood Energy LLC First Lien (3 month PRIME + 4.250%)
7.500%, 4/11/22(11) 		245   93
Traverse Midstream Partners LLC (1 month LIBOR + 5.500%)
6.500%, 9/27/24 		194   192
      370
       
 
Financial—0.2%    
Asurion LLC Tranche B-3, Second Lien (1 month LIBOR + 5.250%)
5.359%, 1/31/28 		85   86
Food / Tobacco—0.2%    
Milk Specialties Co. (1 month LIBOR + 4.000%)
5.000%, 8/16/23 		140   140
Forest Prod / Containers—0.4%    
Klockner Pentaplast of America, Inc. Tranche B (3 month LIBOR + 4.750%)
0.000%, 2/12/26(10) 		215   214
Gaming / Leisure—0.6%    
ECL Entertainment LLC (3 month LIBOR + 8.000%)
0.000%, 3/31/28(10) 		115   114
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)
3.750%, 4/29/24 		248   237
      351
       
 
Healthcare—1.6%    
Envision Healthcare Corp. (1 month LIBOR + 3.750%)
3.859%, 10/10/25 		133   115
One Call Corp. First Lien (3 month LIBOR + 5.250%)
6.250%, 11/27/22 		489   485
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%)
3.859%, 7/2/25 		322   312
      912
       
 
  Par Value   Value
       
Information Technology—0.3%    
Infinite Bidco LLC Second Lien (3 month LIBOR + 7.000%)
7.500%, 2/24/29 		$175   $ 175
Ultimate Software Group, Inc. (The) Second Lien (3 month LIBOR + 6.750%)
7.500%, 5/3/27 		15   16
      191
       
 
Media / Telecom - Cable/Wireless
Video—0.3% 		   
Intelsat Jackson Holdings S.A. Tranche B-5 (6 month LIBOR + 8.625%)
8.625%, 1/2/24(11) 		186   190
Media / Telecom -
Telecommunications—0.3% 		   
Securus Technologies Holdings, Inc. First Lien (3 month LIBOR + 4.500%)
5.500%, 11/1/24 		204   189
Service—1.3%    
Carlisle Food Service Products, Inc. First Lien (3 month LIBOR + 3.000%)
4.000%, 3/20/25 		79   76
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)
3.359%, 2/6/26 		148   148
Grab Holdings, Inc. (6 month LIBOR + 4.500%)
5.500%, 1/29/26 		385   391
TKC Holdings, Inc. First Lien (6 month LIBOR + 3.750%)
4.750%, 2/1/23 		152   148
      763
       
 
Transportation - Automotive—0.4%    
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 11/2/23 		255   245
Total Leveraged Loans
(Identified Cost $4,230) 		  4,181
       
 
       
 
  Shares   Value
Preferred Stocks—0.8%
Financials—0.8%    
Capital Farm Credit ACA Series 1 144A, 5.000%(1) 250 (12)   $ 256
Citigroup, Inc. Series T, 6.250% 190 (12)   217
      473
       
 
Total Preferred Stocks
(Identified Cost $442) 		  473
       
 
       
 
Common Stocks—0.3%
Communication Services—0.0%    
Clear Channel Outdoor Holdings, Inc. Class A(13) 7,282   13
Consumer Discretionary—0.3%    
MYT Holding LLC Class B(13) 33,144   172
Energy—0.0%    
Frontera Energy Corp. 1,088   6
Financials—0.0%    
Neiman Marcus Group, Inc.(13) 116   8
Total Common Stocks
(Identified Cost $259) 		  199
       
 
       
 
Rights—0.0%
Utilities—0.0%    
Vistra Energy Corp.(6)(13) 8,563   9
Total Rights
(Identified Cost $7) 		  9
       
 
       
 
Warrant—0.1%
Communication Services—0.1%    
iHeartMedia, Inc.(6) 3,097   38
Total Warrant
(Identified Cost $54) 		  38
       
 
       
 
Total Long-Term Investments—98.7%
(Identified Cost $57,059) 		  58,439
       
 
       
 
See Notes to Financial Statements
21

Table of Contents
Newfleet High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Shares   Value
       
       
Securities Lending Collateral—2.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(14)(15) 1,471,816   $ 1,472
Total Securities Lending Collateral
(Identified Cost $1,472) 		  1,472
       
 
       
 
TOTAL INVESTMENTS—101.2%
(Identified Cost $58,531) 		  $59,911
Other assets and liabilities, net—(1.2)%   (701)
NET ASSETS—100.0%   $59,210
    
Abbreviations:
ACA American Capital Access Financial Guarantee Corp.
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, 2021, these securities amounted to a value of $41,883 or 70.7% of net assets.
(2) Variable rate security. Rate disclosed is as of March 31, 2021. 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) All or a portion of security is on loan.
(4) The first payment of cash and/or principal will be made on 10/1/21.
(5) No contractual maturity date.
(6) 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.
(7) Amount is less than $500.
(8) 100% of the income received was in cash.
(9) Security in default; no interest payments are being received during the bankruptcy proceedings.
(10) This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(11) Security in default, interest payments are being received during the bankruptcy proceedings.
(12) Value shown as par value.
(13) Non-income producing.
(14) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(15) Represents security purchased with cash collateral received for securities on loan.
    
Country Weightings†
United States 83%
Canada 6
Luxembourg 2
Netherlands 2
Cayman Islands 1
United Kingdom 1
Bermuda 1
Other 4
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
22

Table of Contents
Newfleet High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Securities:              
Corporate Bonds and Notes $53,429   $ —   $53,429   $— (1)(2)
Leveraged Loans 4,181   —   4,181   —
Mortgage-Backed Security 110   —   110   —
Equity Securities:              
Common Stocks 199   19   180   —
Preferred Stocks 473   —   473   —
Rights 9   —   —   9
Warrant 38   —   —   38
Securities Lending Collateral 1,472   1,472   —   —
Total Investments $59,911   $1,491   $58,373   $47
    
(1) Includes internally fair valued securities currently priced at zero ($0).
(2) Amount is less than $500.
Securities held by the Fund with an end of period value of $9 were transferred from Level 2 to Level 3 due to an 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, 2021.
See Notes to Financial Statements
23

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Par Value   Value
U.S. Government Securities—5.3%
U.S. Treasury Notes      
1.750%, 6/15/22 $13,145   $ 13,405
0.375%, 11/30/25 3,000   2,934
0.375%, 12/31/25 19,485   19,029
Total U.S. Government Securities
(Identified Cost $35,631) 		  35,368
       
 
       
 
Foreign Government Securities—0.8%
Kingdom of Saudi Arabia 144A
4.000%, 4/17/25(1) 		425   468
Republic of Indonesia      
144A
5.875%, 1/15/24(1) 		755   854
144A
4.125%, 1/15/25(1) 		435   476
Republic of Kazakhstan 144A
5.125%, 7/21/25(1) 		570   661
Republic of South Africa      
5.875%, 9/16/25 265   292
4.850%, 9/27/27 975   1,006
Republic of Turkey
7.375%, 2/5/25 		1,225   1,263
State of Qatar Government International Bond 144A
3.400%, 4/16/25(1) 		300   326
Total Foreign Government Securities
(Identified Cost $5,201) 		  5,346
       
 
       
 
Mortgage-Backed Securities—31.5%
Agency—0.6%    
Federal National Mortgage Association      
Pool #AD6058
4.000%, 8/1/25 		19   21
Pool #AO5149
3.000%, 6/1/27 		59   62
Pool #AL7532
3.000%, 11/1/27 		294   310
Pool #AS5730
3.000%, 9/1/30 		624   659
Pool #AS5927
3.000%, 10/1/30 		259   274
Pool #MA0908
4.000%, 11/1/31 		166   182
Pool #AC3654
5.000%, 10/1/39 		123   143
Pool #AD3841
4.500%, 4/1/40 		40   45
Pool #MA3663
3.500%, 5/1/49 		480   507
Pool #CA4978
3.000%, 1/1/50 		1,523   1,589
  Par Value   Value
       
Agency—continued    
Federal National Mortgage Association REMIC 1997-70, PE (P.O.)
0.000%, 4/25/22 		$ —(2)   $ —(2)
Government National Mortgage Association      
Pool #345039
7.000%, 9/15/23 		1   1
Pool #780023
7.000%, 9/15/24 		1   2
      3,795
       
 
Non-Agency—30.9%    
ACRES Commercial Realty Corp. 2020-RSO8, A (1 month LIBOR + 1.150%) 144A
1.258%, 3/15/35(1)(3) 		896   896
Ajax Mortgage Loan Trust      
2021-A, A1 144A
1.065%, 9/25/65(1)(3) 		1,385   1,373
2019-D, A1 144A
2.956%, 9/25/65(1)(3) 		786   795
American Homes 4 Rent Trust      
2014-SFR3, A 144A
3.678%, 12/17/36(1) 		2,672   2,869
2015-SFR1, A 144A
3.467%, 4/17/52(1) 		178   191
AMSR Trust      
2020-SFR1, A 144A
1.819%, 4/17/37(1) 		939   950
2020-SFR1, B 144A
2.120%, 4/17/37(1) 		940   944
2020-SFR3, B 144A
1.806%, 9/17/37(1) 		2,400   2,388
Angel Oak Mortgage Trust I LLC 2018-3, A1 144A
3.649%, 9/25/48(1)(3) 		944   953
Angel Oak Mortgage Trust LLC      
2020-R1, A2 144A
1.247%, 4/25/53(1)(3) 		2,523   2,526
2019-3, A1 144A
2.930%, 5/25/59(1)(3) 		1,835   1,845
2020-6, A1 144A
1.261%, 5/25/65(1)(3) 		498   500
2020-4, A1 144A
1.469%, 6/25/65(1)(3) 		2,226   2,234
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A
2.068%, 5/25/50(1)(3) 		972   973
Arroyo Mortgage Trust      
2018-1, A1 144A
3.763%, 4/25/48(1)(3) 		2,230   2,239
2019-1, A1 144A
3.805%, 1/25/49(1)(3) 		1,383   1,418
  Par Value   Value
       
Non-Agency—continued    
2019-2, A1 144A
3.347%, 4/25/49(1)(3) 		$2,933   $2,995
2020-1, A1B 144A
2.100%, 3/25/55(1) 		2,609   2,644
Banc of America Funding Trust      
2004-B, 2A1
2.673%, 11/20/34(3) 		18   19
2005-1, 1A1
5.500%, 2/25/35 		69   71
2006-2, 3A1
6.000%, 3/25/36 		13   13
Bayview Koitere Fund Trust 2017-RT4, A 144A
3.500%, 7/28/57(1)(3) 		148   152
Bayview Opportunity Master Fund IVa Trust 2017-RT1, A1 144A
3.000%, 3/28/57(1)(3) 		324   330
BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%) 144A
1.356%, 2/15/29(1)(3) 		755   755
BRAVO Residential Funding Trust 2021-A, A1 144A
1.991%, 1/25/24(1)(3)(4) 		873   872
Bunker Hill Loan Depositary Trust 2019-2, A1 144A
2.879%, 7/25/49(1)(3) 		1,136   1,163
BX Commercial Mortgage Trust      
2019-XL, C (1 month LIBOR + 1.250%) 144A
1.356%, 10/15/36(1)(3) 		973   973
2020-BXLP, D (1 month LIBOR + 1.250%) 144A
1.356%, 12/15/36(1)(3) 		479   479
BX Trust 2018-GW, B (1 month LIBOR + 1.020%) 144A
1.126%, 5/15/35(1)(3) 		1,265   1,264
Cascade MH Asset Trust 2021-MH1, A1 144A
1.753%, 2/25/46(1) 		2,506   2,498
Centex Home Equity Loan Trust 2004-D, AF5
5.850%, 9/25/34(3) 		61   62
CF Hippolyta LLC 2020-1, A1 144A
1.690%, 7/15/60(1) 		902   909
Citigroup Commercial Mortgage Trust      
2019-SST2, A (1 month LIBOR + 0.920%) 144A
1.026%, 12/15/36(1)(3) 		1,200   1,200
2015-GC27, A4
2.878%, 2/10/48 		1,200   1,252
See Notes to Financial Statements
24

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Citigroup Mortgage Loan Trust, Inc.      
2004-NCM2, 2CB2
6.750%, 8/25/34 		$ 87   $ 94
2014-A, A 144A
4.000%, 1/25/35(1)(3) 		157   166
2015-PS1, A1 144A
3.750%, 9/25/42(1)(3) 		84   86
2019-IMC1, A1 144A
2.720%, 7/25/49(1)(3) 		1,144   1,165
2015-A, A1 144A
3.500%, 6/25/58(1)(3) 		94   96
2019-RP1, A1 144A
3.500%, 1/25/66(1)(3) 		1,342   1,409
COLT Mortgage Loan Trust Funding LLC      
2019-3, A1 144A
2.764%, 8/25/49(1)(3) 		2,071   2,080
2020-1, A1 144A
2.488%, 2/25/50(1)(3) 		836   844
2020-1R, A1 144A
1.255%, 9/25/65(1)(3) 		1,607   1,614
2020-2R, A1 144A
1.325%, 10/26/65(1)(3) 		756   757
2021-2R, A1 144A
0.798%, 7/27/54(1)(3) 		1,463   1,458
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A
0.857%, 5/25/65(1)(3) 		1,431   1,427
COLT Trust 2020-RPL1, A1 144A
1.390%, 1/25/65(1)(3) 		1,188   1,177
COMM Mortgage Trust 2020-CBM, B 144A
3.099%, 2/10/37(1) 		1,035   1,034
CoreVest American Finance Trust      
2017-1, A 144A
2.968%, 10/15/49(1) 		780   785
2020-4, A 144A
1.174%, 12/15/52(1) 		1,593   1,571
2018-2, A 144A
4.026%, 11/15/52(1) 		1,071   1,144
2020-1, A1 144A
1.832%, 3/15/50(1) 		1,210   1,229
2020-3, A 144A
1.358%, 8/15/53(1) 		2,949   2,908
Credit Suisse First Boston Mortgage Securities Corp.      
2003-27, 5A3
5.250%, 11/25/33 		5   5
2003-AR30, 5A1
2.704%, 1/25/34(3) 		91   92
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A
1.086%, 5/15/36(1)(3) 		1,455   1,456
  Par Value   Value
       
Non-Agency—continued    
Credit Suisse Mortgage Capital Trust      
2013-HYB1, A16 144A
2.929%, 4/25/43(1)(3) 		$ 94   $ 96
2014-IVR2, A2 144A
3.762%, 4/25/44(1)(3) 		258   263
2020-RPL4, A1 144A
2.000%, 1/25/60(1)(3) 		2,059   2,113
2020-NQM1, A1 144A
1.208%, 5/25/65(1)(3) 		2,183   2,192
2021-AFC1, A1 144A
0.830%, 3/25/56(1)(3) 		1,574   1,571
2021-NQM1, A1 144A
0.809%, 5/25/65(1)(3) 		1,303   1,297
2021-NQM2, A1 144A
1.179%, 2/25/66(1)(3) 		1,575   1,575
CSMC Trust 2017-RPL1, A1 144A
2.750%, 7/25/57(1)(3) 		897   931
Deephaven Residential Mortgage Trust      
2017-1A, A1 144A
2.725%, 12/26/46(1)(3) 		21   21
2017-1A, A2 144A
2.928%, 12/26/46(1)(3) 		35   35
2017-2A, A1 144A
2.453%, 6/25/47(1)(3) 		322   322
Ellington Financial Mortgage Trust      
2019-2, A3 144A
3.046%, 11/25/59(1)(3) 		746   760
2020-1, A1 144A
2.006%, 5/25/65(1)(3) 		882   895
2020-2, A1 144A
1.178%, 10/25/65(1)(3) 		1,643   1,642
2021-1, A2 144A
1.003%, 2/25/66(1)(3) 		1,447   1,443
FirstKey Homes Trust      
2020-SFR1, B 144A
1.740%, 9/17/25(1) 		800   796
2020-SFR2, A 144A
1.266%, 10/19/37(1) 		1,202   1,191
2020-SFR2, B 144A
1.567%, 10/19/37(1) 		2,045   2,035
Galton Funding Mortgage Trust      
2017-1, A21 144A
3.500%, 7/25/56(1)(3) 		371   376
2018-1, A23 144A
3.500%, 11/25/57(1)(3) 		219   226
2018-2, A41 144A
4.500%, 10/25/58(1)(3) 		413   417
2019-2, A52 144A
3.500%, 6/25/59(1)(3) 		1,115   1,145
2019-H1, A1 144A
2.657%, 10/25/59(1)(3) 		487   496
2020-H1, A1 144A
2.310%, 1/25/60(1)(3) 		1,811   1,845
GCAT LLC 2019-NQM1, A1 144A
2.985%, 2/25/59(1)(3) 		1,568   1,574
  Par Value   Value
       
Non-Agency—continued    
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%) 144A
0.906%, 2/15/38(1)(3) 		$2,085   $2,085
GS Mortgage Securities Trust      
2020-TWN3, A (1 month LIBOR + 2.000%) 144A
2.106%, 11/15/37(1)(3) 		1,540   1,547
2020-GC45, AS
3.173%, 2/13/53(3) 		1,225   1,297
GS Mortgage-Backed Securities Trust 2020-NQM1, A3 144A
2.352%, 9/27/60(1)(3) 		581   590
GSR Mortgage Loan Trust 2003-3F, 1A6
6.000%, 4/25/33 		134   139
Hilton USA Trust 2016-SFP, B 144A
3.323%, 11/5/35(1) 		1,070   1,071
Homeward Opportunities Fund I Trust      
2018-2, A1 144A
3.985%, 11/25/58(1)(3) 		2,502   2,546
2019-1, A1 144A
3.454%, 1/25/59(1)(3) 		1,887   1,907
2019-3, A1 144A
2.675%, 11/25/59(1)(3) 		2,016   2,041
IMC Home Equity Loan Trust 1997-5, A9
7.310%, 11/20/28 		46   46
JP Morgan Chase Mortgage Trust 2005-A5, 1A2
2.803%, 8/25/35(3) 		169   175
JPMorgan Chase Mortgage Trust      
2014-2, AM 144A
3.358%, 6/25/29(1)(3) 		585   593
2014-2, 2A2 144A
3.500%, 6/25/29(1)(3) 		411   419
2006-A2, 4A1
3.053%, 8/25/34(3) 		40   42
2014-1, 2A12 144A
3.500%, 1/25/44(1)(3) 		278   281
2015-1, AM1 144A
2.126%, 12/25/44(1)(3) 		129   131
2016-SH1, M2 144A
3.750%, 4/25/45(1)(3) 		328   334
2015-5, A2 144A
2.482%, 5/25/45(1)(3) 		716   742
2016-SH2, M2 144A
3.750%, 12/25/45(1)(3) 		494   512
2017-3, 2A2 144A
2.500%, 8/25/47(1)(3) 		419   424
2017-5, A1 144A
3.115%, 10/26/48(1)(3) 		1,420   1,461
See Notes to Financial Statements
25

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
JPMorgan Chase WaMu Mortgage Pass-Through Certificates Trust 2003-AR6, A1
3.072%, 6/25/33(3) 		$ 89   $ 92
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%) 144A
1.106%, 12/15/37(1)(3) 		945   944
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A
0.906%, 5/15/36(1)(3) 		1,040   1,041
LHOME Mortgage Trust 2019-RTL1, A1 144A
4.580%, 10/25/23(1)(3) 		725   729
MASTR Alternative Loan Trust      
2004-4, 6A1
5.500%, 4/25/34 		64   66
2004-7, 9A1
6.000%, 8/25/34 		54   56
2005-2, 2A1
6.000%, 1/25/35 		243   256
Mello Warehouse Securitization Trust      
2019-1, C (1 month LIBOR + 1.200%) 144A
1.309%, 6/25/52(1)(3) 		1,040   1,041
2021-1, C (1 month LIBOR + 1.100%) 144A
1.209%, 2/25/55(1)(3) 		775   775
MetLife Securitization Trust      
2018-1A, A 144A
3.750%, 3/25/57(1)(3) 		482   505
2019-1A, A1A 144A
3.750%, 4/25/58(1)(3) 		4,709   4,892
MFA Trust      
2020-NQM3, A1 144A
1.014%, 1/26/65(1)(3) 		2,256   2,254
2021-INV1, A1 144A
0.852%, 1/25/56(1)(3) 		386   385
Mill City Mortgage Loan Trust 2021-NMR1, A1 144A
1.125%, 11/25/60(1)(3) 		1,322   1,329
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS
4.266%, 11/15/46 		1,515   1,619
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A
2.200%, 9/13/31(1) 		1,660   1,661
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%) 144A
0.806%, 11/15/34(1)(3) 		1,380   1,380
  Par Value   Value
       
Non-Agency—continued    
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A
2.522%, 6/25/44(1)(3) 		$ 340   $ 353
National City Mortgage Capital Trust 2008-1, 2A1
6.000%, 3/25/38 		56   57
New Residential Mortgage Loan Trust      
2017-2A, A3 144A
4.000%, 3/25/57(1)(3) 		1,441   1,538
2020-NPL2, A1 144A
3.228%, 8/25/60(1)(3) 		257   260
2014-1A, A 144A
3.750%, 1/25/54(1)(3) 		763   807
2014-2A, A3 144A
3.750%, 5/25/54(1)(3) 		71   75
2014-3A, AFX3 144A
3.750%, 11/25/54(1)(3) 		1,868   1,990
2015-2A, A1 144A
3.750%, 8/25/55(1)(3) 		860   912
2016-1A, A1 144A
3.750%, 3/25/56(1)(3) 		508   536
2016-2A, A1 144A
3.750%, 11/26/35(1)(3) 		1,208   1,280
2016-3A, A1 144A
3.750%, 9/25/56(1)(3) 		519   553
2016-4A, A1 144A
3.750%, 11/25/56(1)(3) 		2,205   2,347
2018-1A, A1A 144A
4.000%, 12/25/57(1)(3) 		1,727   1,843
2019-NQM4, A1 144A
2.492%, 9/25/59(1)(3) 		863   877
2020-1A, A1B 144A
3.500%, 10/25/59(1)(3) 		1,409   1,487
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%)
1.834%, 3/25/35(3) 		276   277
OBX Trust      
2019-INV1, A3 144A
4.500%, 11/25/48(1)(3) 		205   213
2018-1, A2 (1 month LIBOR + 0.650%) 144A
0.759%, 6/25/57(1)(3) 		207   207
2018-EXP2, 1A1 144A
4.000%, 7/25/58(1)(3) 		525   531
2019-EXP3, 1A8 144A
3.500%, 10/25/59(1)(3) 		590   602
2021-NQM1, A1 144A
1.072%, 2/25/66(1)(3)(5) 		965   966
Preston Ridge Partners Mortgage LLC      
2020-1A, A1 144A
2.981%, 2/25/25(1)(3) 		919   921
2020-3, A1 144A
2.857%, 9/25/25(1)(3) 		1,979   1,994
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A
2.240%, 9/27/60(1)(3)(5) 		750   750
  Par Value   Value
       
Non-Agency—continued    
Progress Residential Trust      
2017-SFR1, B 144A
3.017%, 8/17/34(1) 		$ 690   $ 694
2018-SFR2, B 144A
3.841%, 8/17/35(1) 		1,750   1,759
2018-SFR3, A 144A
3.880%, 10/17/35(1) 		1,662   1,686
2019-SFR2, A 144A
3.147%, 5/17/36(1) 		1,211   1,238
2019-SFR3, B 144A
2.571%, 9/17/36(1) 		685   692
2020-SFR2, A 144A
2.078%, 6/17/37(1) 		1,500   1,532
2020-SFR3, A 144A
1.294%, 10/17/27(1) 		345   342
2021-SFR1, C 144A
1.555%, 4/17/38(1) 		1,050   1,023
Provident Funding Mortgage Trust 2019-1, A2 144A
3.000%, 12/25/49(1)(3) 		218   221
Provident Funding Mortgage Warehouse Securitization Trust 2021-1, C (1 month LIBOR + 1.150%) 144A
1.260%, 2/25/55(1)(3)(5) 		1,160   1,159
PSMC Trust 2018-2, A1 144A
3.500%, 6/25/48(1)(3) 		409   414
RCKT Mortgage Trust 2020-1, A1 144A
3.000%, 2/25/50(1)(3) 		858   874
RCO V Mortgage LLC 2019-2, A1 144A
3.475%, 11/25/24(1)(3) 		1,156   1,162
Residential Mortgage Loan Trust      
2020-1, A1 144A
2.376%, 2/25/24(1)(3) 		2,324   2,351
2019-2, A1 144A
2.913%, 5/25/59(1)(3) 		277   282
SG Residential Mortgage Trust 2019-3, A1 144A
2.703%, 9/25/59(1)(3) 		1,254   1,272
Spruce Hill Mortgage Loan Trust      
2019-SH1, A1 144A
3.395%, 4/29/49(1)(3) 		1,218   1,236
2020-SH1, A1 144A
2.521%, 1/28/50(1)(3) 		573   583
STAR Trust 2021-1, A1 144A
1.219%, 5/25/65(1)(3)(5) 		2,175   2,175
Starwood Mortgage Residential Trust      
2019-IMC1, A1 144A
3.468%, 2/25/49(1)(3) 		871   871
2020-1, A1 144A
2.275%, 2/25/50(1)(3) 		669   681
2020-2, A1 144A
2.718%, 4/25/60(1)(3) 		4,720   4,801
2020-3, A1 144A
1.486%, 4/25/65(1)(3) 		632   639
See Notes to Financial Statements
26

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Structured Adjustable Rate Mortgage Loan Trust 2004-14, 7A
2.524%, 10/25/34(3) 		$ 87   $ 89
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2003-34A, 6A
2.521%, 11/25/33(3) 		162   158
Towd Point Mortgage Trust      
2015-3, A1B 144A
3.000%, 3/25/54(1)(3) 		6   6
2015-4, M1 144A
3.750%, 4/25/55(1)(3) 		526   550
2015-5, A2 144A
3.500%, 5/25/55(1)(3) 		275   280
2018-4, A1 144A
3.000%, 6/25/58(1)(3) 		172   179
2018-SJ1, A1 144A
4.000%, 10/25/58(1)(3) 		520   520
2019-1, A1 144A
3.735%, 3/25/58(1)(3) 		514   544
2020-MH1, A2 144A
2.500%, 2/25/60(1)(3) 		830   835
Towd Point Trust      
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A
1.009%, 4/25/48(1)(3) 		1,323   1,325
2021-HE1, M1 144A
1.500%, 2/25/63(1)(3) 		1,502   1,508
Tricon American Homes Trust 2017-SFR1, A 144A
2.716%, 9/17/34(1) 		2,481   2,498
VCAT LLC 2021-NPL2, A1 144A
2.115%, 3/27/51(1)(3) 		1,290   1,290
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A
3.000%, 5/25/47(1)(3) 		1   1
Vericrest Opportunity Loan Trust 2020-NPL2, A1A 144A
2.981%, 2/25/50(1)(3) 		619   621
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A
1.893%, 2/27/51(1)(3) 		1,385   1,385
Vericrest Opportunity Loan Trust XCIV LLC 2021-NPL3, A1 144A
2.240%, 2/27/51(1)(3) 		462   462
Vericrest Opportunity Loan Trust XCV LLC 2021-NPL4, A1 144A
2.240%, 3/27/51(1)(3) 		645   645
Verus Securitization Trust      
2019-2, A1 144A
3.211%, 5/25/59(1)(3) 		2,475   2,481
2019-INV1, A1 144A
3.402%, 12/25/59(1)(3) 		442   447
  Par Value   Value
       
Non-Agency—continued    
2019-INV2, A1 144A
2.913%, 7/25/59(1)(3) 		$3,122   $ 3,181
2020-1, A1 144A
2.417%, 1/25/60(1)(3) 		1,664   1,682
2020-4, A1 144A
1.502%, 5/25/65(1)(3) 		3,984   4,016
2021-1, A1 144A
0.815%, 1/25/66(1)(3) 		1,374   1,369
2021-R1, A1 144A
0.820%, 10/25/63(1)(3) 		1,858   1,857
2021-R2, A1 144A
0.918%, 2/25/64(1)(3)(5) 		780   780
Visio Trust 2019-1, A1 144A
3.572%, 6/25/54(1)(3) 		1,428   1,437
Wells Fargo Commercial Mortgage Trust 2014-C24, AS
3.931%, 11/15/47 		485   513
Wells Fargo Mortgage Backed Securities Trust      
2004-K, 1A2
2.990%, 7/25/34(3) 		64   64
2004-U, A1
3.273%, 10/25/34(3) 		23   23
2020-4, A1 144A
3.000%, 7/25/50(1)(3) 		670   682
      206,498
       
 
Total Mortgage-Backed Securities
(Identified Cost $208,946) 		  210,293
       
 
       
 
Asset-Backed Securities—33.1%
Automobiles—18.2%    
ACC Trust      
2019-1, A 144A
3.750%, 5/20/22(1) 		134   135
2019-2, A 144A
2.820%, 2/21/23(1) 		2,047   2,060
2020-A, A 144A
6.000%, 3/20/23(1) 		1,023   1,054
American Credit Acceptance Receivables Trust      
2018-3, C 144A
3.750%, 10/15/24(1) 		116   116
2018-4, C 144A
3.970%, 1/13/25(1) 		444   447
2019-1, C 144A
3.500%, 4/14/25(1) 		1,032   1,046
2019-2, C 144A
3.170%, 6/12/25(1) 		1,040   1,054
2020-4, D 144A
1.770%, 12/14/26(1) 		1,280   1,301
2021-1, C 144A
0.830%, 3/15/27(1) 		1,710   1,704
AmeriCredit Automobile Receivables Trust      
2017-1, C
2.710%, 8/18/22 		320   321
2018-1, D
3.820%, 3/18/24 		975   1,021
  Par Value   Value
       
Automobiles—continued    
2019-1, C
3.360%, 2/18/25 		$1,200   $1,252
2020-3, C
1.060%, 8/18/26 		2,140   2,145
Arivo Acceptance Auto Loan Receivables Trust 2021-1A, A 144A
1.190%, 1/15/27(1) 		1,548   1,554
Avis Budget Rental Car Funding LLC      
(AESOP) 2016-1A, A 144A
2.990%, 6/20/22(1) 		400   401
(AESOP) 2017-1A, A 144A
3.070%, 9/20/23(1) 		1,110   1,145
(AESOP) 2019-3A, A 144A
2.360%, 3/20/26(1) 		1,270   1,321
(AESOP) 2020-1A, A 144A
2.330%, 8/20/26(1) 		1,475   1,531
Capital Auto Receivables Asset Trust 2017-1, C 144A
2.700%, 9/20/22(1) 		920   926
CarMax Auto Owner Trust 2019-1, C
3.740%, 1/15/25 		1,175   1,238
CarNow Auto Receivables Trust      
2019-1A, A 144A
2.720%, 11/15/22(1) 		213   214
2020-1A, B 144A
2.710%, 7/17/23(1) 		1,420   1,436
2020-1A, C 144A
3.840%, 9/16/24(1) 		730   747
Carvana Auto Receivables Trust      
2019-1A, D 144A
3.880%, 10/15/24(1) 		1,195   1,244
2019-1A, E 144A
5.640%, 1/15/26(1) 		1,480   1,575
2019-2A, D 144A
3.280%, 1/15/25(1) 		470   488
2019-3A, C 144A
2.710%, 10/15/24(1) 		1,580   1,624
2019-3A, D 144A
3.040%, 4/15/25(1) 		1,445   1,498
2020-N1A, D 144A
3.430%, 1/15/26(1) 		1,270   1,323
2020-P1, B
0.920%, 11/9/26 		1,340   1,322
2021-N1, C
1.300%, 1/10/28 		1,610   1,609
CPS Auto Receivables Trust      
2018-C, D 144A
4.400%, 6/17/24(1) 		905   933
2018-D, D 144A
4.340%, 9/16/24(1) 		1,450   1,503
See Notes to Financial Statements
27

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Automobiles—continued    
2020-A, C 144A
2.540%, 12/15/25(1) 		$1,225   $1,252
2020-C, C 144A
1.710%, 8/17/26(1) 		1,265   1,288
2021-A, B 144A
0.610%, 2/18/25(1) 		1,435   1,435
Credit Acceptance Auto Loan Trust      
2019-1A, A 144A
3.330%, 2/15/28(1) 		1,228   1,244
2019-3A, B 144A
2.860%, 1/16/29(1) 		1,180   1,227
2021-2A, A 144A
0.960%, 2/15/30(1) 		605   604
Drive Auto Receivables Trust      
2018-4, D
4.090%, 1/15/26 		220   228
2019-3, C
2.900%, 8/15/25 		1,255   1,285
2019-4, C
2.510%, 11/17/25 		1,120   1,143
DT Auto Owner Trust      
2019-1A, C 144A
3.610%, 11/15/24(1) 		800   810
2019-2A, B 144A
2.990%, 4/17/23(1) 		721   724
2019-2A, C 144A
3.180%, 2/18/25(1) 		1,040   1,057
2019-4A, C 144A
2.730%, 7/15/25(1) 		1,390   1,419
2020-2A, C 144A
3.280%, 3/16/26(1) 		1,335   1,399
Exeter Automobile Receivables Trust      
2017-3A, D 144A
5.280%, 10/15/24(1) 		1,580   1,642
2018-2A, C 144A
3.690%, 3/15/23(1) 		104   104
2018-3A, C 144A
3.710%, 6/15/23(1) 		451   453
2018-4A, D 144A
4.350%, 9/16/24(1) 		1,365   1,419
2019-2A, E 144A
4.680%, 5/15/26(1) 		1,605   1,697
2019-3A, C 144A
2.790%, 5/15/24(1) 		1,060   1,080
2019-4A, C 144A
2.440%, 9/16/24(1) 		1,370   1,392
2020-1A, D 144A
2.730%, 12/15/25(1) 		1,225   1,262
FHF Trust 2020-1A, A 144A
2.590%, 12/15/23(1) 		1,237   1,246
First Investors Auto Owner Trust      
2017-1A, D 144A
3.600%, 4/17/23(1) 		880   891
2018-1A, D 144A
4.110%, 6/17/24(1) 		1,175   1,209
2019-1A, C 144A
3.260%, 3/17/25(1) 		1,240   1,275
  Par Value   Value
       
Automobiles—continued    
2021-1A, B 144A
0.890%, 3/15/27(1) 		$2,150   $2,150
Flagship Credit Auto Trust      
2016-3, D 144A
3.890%, 11/15/22(1) 		1,189   1,201
2019-2, C 144A
3.090%, 5/15/25(1) 		1,250   1,299
2020-1, C 144A
2.240%, 1/15/26(1) 		1,490   1,535
2020-3, C 144A
1.730%, 9/15/26(1) 		1,205   1,229
2021-1, C 144A
0.910%, 3/15/27(1) 		1,790   1,778
Foursight Capital Automobile Receivables Trust 2019-1, E 144A
4.300%, 9/15/25(1) 		1,290   1,358
GLS Auto Receivables Issuer Trust      
2019-1A, B 144A
3.650%, 12/16/24(1) 		1,250   1,266
2019-2A, B 144A
3.320%, 3/15/24(1) 		1,240   1,262
2019-3A, B 144A
2.720%, 6/17/24(1) 		1,285   1,312
2019-4A, B 144A
2.780%, 9/16/24(1) 		1,400   1,434
2019-4A, C 144A
3.060%, 8/15/25(1) 		2,730   2,840
2019-4A, D 144A
4.090%, 8/17/26(1) 		670   696
2020-1A, B 144A
2.430%, 11/15/24(1) 		1,810   1,855
2020-2A, B 144A
3.160%, 6/16/25(1) 		1,385   1,447
2020-4A, C 144A
1.140%, 11/17/25(1) 		1,615   1,622
GLS Auto Receivables Trust      
2017-1A, C 144A
3.500%, 7/15/22(1) 		135   135
2018-3A, B 144A
3.780%, 8/15/23(1) 		157   159
2018-3A, C 144A
4.180%, 7/15/24(1) 		1,790   1,855
Hertz Vehicle Financing II LP      
2015-3A, A 144A
2.670%, 9/25/21(1) 		133   133
2016-4A, A 144A
2.650%, 7/25/22(1) 		289   291
2018-1A, A 144A
3.290%, 2/25/24(1) 		82   82
2019-1A, A 144A
3.710%, 3/25/23(1) 		536   538
OneMain Direct Auto Receivables Trust      
2018-1A, A 144A
3.430%, 12/16/24(1) 		459   462
2018-1A, C 144A
3.850%, 10/14/25(1) 		1,130   1,149
  Par Value   Value
       
Automobiles—continued    
Oscar US Funding XII LLC 2021-1A, A4 144A
1.000%, 4/10/28(1) 		$1,140   $ 1,133
Santander Consumer Auto Receivables Trust 2021-AA, C 144A
1.030%, 11/16/26(1) 		590   585
Santander Drive Auto Receivables Trust      
2018-2, C
3.350%, 7/17/23 		298   300
2020-4, C
1.010%, 1/15/26 		2,385   2,393
Skopos Auto Receivables Trust 2019-1A, C 144A
3.630%, 9/16/24(1) 		2,030   2,083
Tesla Auto Lease Trust      
2018-B, B 144A
4.120%, 10/20/21(1) 		925   933
2020-A, C 144A
1.680%, 2/20/24(1) 		1,205   1,221
Tidewater Auto Receivables Trust 2020-AA, C 144A
1.910%, 9/15/26(1) 		1,530   1,559
United Auto Credit Securitization Trust      
2019-1, D 144A
3.470%, 8/12/24(1) 		1,035   1,047
2019-1, E 144A
4.290%, 8/12/24(1) 		1,500   1,532
2020-1, C 144A
2.150%, 2/10/25(1) 		1,410   1,428
2021-1, D 144A
1.140%, 6/10/26(1) 		1,840   1,837
US Auto Funding LLC 2019-1A, B 144A
3.990%, 12/15/22(1) 		711   718
USASF Receivables LLC 2020-1A, B 144A
3.220%, 5/15/24(1) 		1,855   1,894
Veros Automobile Receivables Trust 2020-1, B 144A
2.190%, 6/16/25(1) 		1,270   1,282
Westlake Automobile Receivables Trust      
2018-2A, D 144A
4.000%, 1/16/24(1) 		1,285   1,302
2018-3A, C 144A
3.610%, 10/16/23(1) 		877   882
2018-3A, D 144A
4.000%, 10/16/23(1) 		1,435   1,473
2020-2A, C 144A
2.010%, 7/15/25(1) 		1,645   1,683
2020-3A, C 144A
1.240%, 11/17/25(1) 		1,275   1,286
      121,732
       
 
See Notes to Financial Statements
28

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Consumer Loans—1.6%    
Affirm Asset Securitization Trust 2021-A, A 144A
0.880%, 8/15/25(1) 		$ 945   $ 946
CFMT Issuer Trust 2021-GRN1, A 144A
1.100%, 3/20/41(1) 		1,733   1,732
LL ABS Trust 2020-1A, A 144A
2.330%, 1/17/28(1) 		852   858
Marlette Funding Trust 2019-4A, A 144A
2.390%, 12/17/29(1) 		449   452
Oportun Funding IX LLC 2018-B, A 144A
3.910%, 7/8/24(1) 		905   906
Oportun Funding XIV LLC 2021-A, A 144A
1.210%, 3/8/28(1) 		1,955   1,954
Prosper Marketplace Issuance Trust Series 2019-4A, A 144A
2.480%, 2/17/26(1) 		223   224
Regional Management Issuance Trust 2021-1, A 144A
1.680%, 3/17/31(1) 		1,815   1,809
Upstart Securitization Trust      
2019-3, A 144A
2.684%, 1/21/30(1) 		479   482
2020-3, A 144A
1.702%, 11/20/30(1) 		1,020   1,028
      10,391
       
 
Credit Card—1.0%    
Fair Square Issuance Trust 2020-AA, A 144A
2.900%, 9/20/24(1) 		2,435   2,462
Genesis Private Label Amortizing Trust 2020-1, B 144A
2.830%, 7/20/30(1) 		1,380   1,386
Genesis Sales Finance Master Trust 2020-AA, A 144A
1.650%, 9/22/25(1) 		1,325   1,333
Mercury Financial Credit Card Master Trust 2021-1A, A 144A
1.540%, 3/20/26(1) 		1,620   1,620
      6,801
       
 
Equipment—1.4%    
BCC Funding Corp. XVI LLC 2019-1A, B 144A
2.640%, 9/20/24(1) 		1,370   1,384
BCC Funding XVII LLC 2020-1, B 144A
1.460%, 9/22/25(1) 		1,280   1,282
  Par Value   Value
       
Equipment—continued    
CLI Funding VI LLC 2020-1A, A 144A
2.080%, 9/18/45(1) 		$1,522   $1,518
NMEF Funding LLC      
2019-A, A 144A
2.730%, 8/17/26(1) 		385   387
2019-A, B 144A
3.060%, 8/17/26(1) 		1,205   1,227
2021-A, B 144A
1.850%, 12/15/27(1) 		1,400   1,396
Pawnee Equipment Receivables Series LLC      
2019-1, B 144A
2.520%, 10/15/24(1) 		1,365   1,380
2020-1, A 144A
1.370%, 11/17/25(1) 		948   951
      9,525
       
 
Other—10.3%    
Amur Equipment Finance Receivables V LLC 2018-1A, A2 144A
3.240%, 12/20/23(1) 		109   109
Amur Equipment Finance Receivables VI LLC 2018-2A, A2 144A
3.890%, 7/20/22(1) 		399   405
Amur Equipment Finance Receivables VIII LLC 2020-1A, B 144A
2.500%, 3/20/26(1) 		1,633   1,671
Aqua Finance Trust      
2017-A, A 144A
3.720%, 11/15/35(1) 		286   294
2019-A, A 144A
3.140%, 7/16/40(1) 		1,505   1,544
2019-A, C 144A
4.010%, 7/16/40(1) 		1,450   1,533
2020-AA, B 144A
2.790%, 7/17/46(1) 		1,355   1,382
Arby’s Funding LLC 2020-1A, A2 144A
3.237%, 7/30/50(1) 		1,189   1,212
Bankers Healthcare Group Securitization Trust 2020-A, A 144A
2.560%, 9/17/31(1) 		904   906
BRE Grand Islander Timeshare Issuer LLC      
2017-1A, A 144A
2.940%, 5/25/29(1) 		286   293
2019-A, A 144A
3.280%, 9/26/33(1) 		775   811
BXG Receivables Note Trust      
2013-A, A 144A
3.010%, 12/4/28(1) 		315   315
2015-A, A 144A
2.880%, 5/2/30(1) 		104   105
2020-A, B 144A
2.490%, 2/28/36(1) 		1,112   1,119
  Par Value   Value
       
Other—continued    
CCG Receivables Trust      
2019-2, B 144A
2.550%, 3/15/27(1) 		$1,185   $1,218
2021-1, C 144A
0.840%, 6/14/27(1) 		1,510   1,500
Consumer Loan Underlying Bond CLUB Credit Trust      
2019-P2, A 144A
2.470%, 10/15/26(1) 		207   208
2020-P1, B 144A
2.920%, 3/15/28(1) 		1,175   1,197
Consumer Loan Underlying Bond Credit Trust 2019-P1, B 144A
3.280%, 7/15/26(1) 		1,275   1,291
Crossroads Asset Trust      
2021-A, A2 144A
0.820%, 3/20/24(1) 		2,100   2,100
2021-A, B 144A
1.120%, 6/20/25(1) 		1,350   1,347
DB Master Finance LLC 2017-1A, A2I 144A
3.629%, 11/20/47(1) 		1,114   1,134
Dext ABS LLC 2020-1, A 144A
1.460%, 2/16/27(1) 		1,865   1,870
Diamond Resorts Owner Trust      
2017-1A, A 144A
3.270%, 10/22/29(1) 		571   582
2019-1A, B 144A
3.530%, 2/20/32(1) 		1,328   1,361
Foundation Finance Trust      
2017-1A, A 144A
3.300%, 7/15/33(1) 		1,200   1,221
2019-1A, A 144A
3.860%, 11/15/34(1) 		1,385   1,433
2021-1A, A 144A
1.270%, 5/15/41(1) 		1,605   1,597
FREED ABS Trust 2019-2, B 144A
3.190%, 11/18/26(1) 		1,370   1,392
Gold Key Resorts LLC 2014-A, A 144A
3.220%, 3/17/31(1) 		51   52
GoldentTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month LIBOR + 1.070%) 144A
1.195%, 1/20/33(1)(3) 		1,435   1,435
Hardee’s Funding LLC 2020-1A, A2 144A
3.981%, 12/20/50(1) 		1,317   1,359
Hilton Grand Vacations Trust      
2017-AA, A 144A
2.660%, 12/26/28(1) 		249   256
2018-AA, A 144A
3.540%, 2/25/32(1) 		581   613
2020-AA, A 144A
2.740%, 2/25/39(1) 		758   788
See Notes to Financial Statements
29

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Other—continued    
HIN Timeshare Trust 2020-A, C 144A
3.420%, 10/9/39(1) 		$1,277   $1,325
Jersey Mike’s Funding 2019-1A, A2 144A
4.433%, 2/15/50(1) 		1,875   1,982
Lendmark Funding Trust 2018-2A, A 144A
4.230%, 4/20/27(1) 		1,425   1,453
Mariner Finance Issuance Trust      
2019-AA, A 144A
2.960%, 7/20/32(1) 		1,045   1,068
2020-AA, A 144A
2.190%, 8/21/34(1) 		1,090   1,106
Marlette Funding Trust 2019-2A, A 144A
3.130%, 7/16/29(1) 		207   209
MVW LLC 2020-1A, A 144A
1.740%, 10/20/37(1) 		1,193   1,213
MVW Owner Trust      
2015-1A, B 144A
2.960%, 12/20/32(1) 		68   69
2016-1A, A 144A
2.250%, 12/20/33(1) 		348   352
2019-1A, A 144A
2.890%, 11/20/36(1) 		660   677
Oasis LLC 2020-1A, A 144A
3.820%, 1/15/32(1) 		519   522
Oasis Securitization Funding LLC 2021-1A, A 144A
2.579%, 2/15/33(1) 		1,955   1,955
Octane Receivables Trust      
2019-1A, A 144A
3.160%, 9/20/23(1) 		440   445
2019-1A, C 144A
4.740%, 6/20/25(1) 		1,715   1,801
OneMain Financial Issuance Trust 2018-1A, A 144A
3.300%, 3/14/29(1) 		1,829   1,835
Orange Lake Timeshare Trust      
2015-AA, A 144A
2.880%, 9/8/27(1) 		71   71
2018-A, A 144A
3.100%, 11/8/30(1) 		112   115
2019-A, B 144A
3.360%, 4/9/38(1) 		705   730
Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month LIBOR + 0.900%) 144A
1.055%, 4/20/29(1)(3) 		1,390   1,391
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A
4.666%, 9/5/48(1) 		1,570   1,604
  Par Value   Value
       
Other—continued    
Republic Finance Issuance Trust 2020-A, A 144A
2.470%, 11/20/30(1) 		$1,020   $1,038
Sierra Timeshare Receivables Funding LLC      
2017-1A, A 144A
2.910%, 3/20/34(1) 		256   260
2018-2A, A 144A
3.500%, 6/20/35(1) 		261   271
2019-1A, B 144A
3.420%, 1/20/36(1) 		457   472
2019-2A, B 144A
2.820%, 5/20/36(1) 		469   477
2020-2A, B 144A
2.320%, 7/20/37(1) 		904   920
Small Business Lending Trust      
2019-A, A 144A
2.850%, 7/15/26(1) 		226   226
2020-A, A 144A
2.620%, 12/15/26(1) 		417   419
SoFi Consumer Loan Program LLC      
2017-5, A2 144A
2.780%, 9/25/26(1) 		80   80
2017-6, A2 144A
2.820%, 11/25/26(1) 		22   22
Towd Point Mortgage Trust 2019-MH1, A1 144A
3.000%, 11/25/58(1)(3) 		800   819
Trinity Rail Leasing LLC 2019-1A, A 144A
3.820%, 4/17/49(1) 		1,167   1,194
TRIP Rail Master Funding LLC 2017-1A, A1 144A
2.709%, 8/15/47(1) 		208   208
Upstart Pass-Through Trust 2020-ST1, A 144A
3.750%, 2/20/28(1) 		639   657
Upstart Securitization Trust      
2019-2, A 144A
2.897%, 9/20/29(1) 		241   242
2021-1, A 144A
0.870%, 3/20/31(1) 		1,436   1,437
Venture 41 CLO Ltd. 2021-41A, A1N (3 month LIBOR + 1.330%) 144A
1.533%, 1/20/34(1)(3) 		1,395   1,393
VSE VOI Mortgage LLC      
2016-A, A 144A
2.540%, 7/20/33(1) 		301   303
2017-A, A 144A
2.330%, 3/20/35(1) 		298   304
Welk Resorts LLC      
2013-AA, A 144A
3.100%, 3/15/29(1) 		15   15
2015-AA, A 144A
2.790%, 6/16/31(1) 		491   492
  Par Value   Value
       
Other—continued    
Westgate Resorts LLC      
2018-1A, A 144A
3.380%, 12/20/31(1) 		$ 573   $ 580
2020-1A, A 144A
2.713%, 3/20/34(1) 		1,191   1,217
      68,622
       
 
Student Loan—0.6%    
Commonbond Student Loan Trust      
2017-AGS, A1 144A
2.550%, 5/25/41(1) 		209   214
2019-AGS, A1 144A
2.540%, 1/25/47(1) 		800   820
2020-1, A 144A
1.690%, 10/25/51(1) 		607   607
Earnest Student Loan Program LLC 2017-A, A2 144A
2.650%, 1/25/41(1) 		130   131
Navient Private Education Loan Trust 2017-A, A2A 144A
2.880%, 12/16/58(1) 		558   567
Navient Private Education Refi Loan Trust 2021-A, A 144A
0.840%, 5/15/69(1) 		1,654   1,649
SoFi Professional Loan Program LLC 2016-A, A2 144A
2.760%, 12/26/36(1) 		94   96
      4,084
       
 
Total Asset-Backed Securities
(Identified Cost $218,367) 		  221,155
       
 
       
 
Corporate Bonds and Notes—16.9%
Communication Services—0.9%    
AT&T, Inc. (3 month LIBOR + 0.890%)
1.084%, 2/15/23(3) 		475   480
Diamond Sports Group LLC 144A
5.375%, 8/15/26(1) 		470   339
Level 3 Financing, Inc. 144A
4.625%, 9/15/27(1) 		490   504
Sprint Spectrum Co. LLC 144A
3.360%, 9/20/21(1) 		300   302
T-Mobile USA, Inc.      
3.375%, 4/15/29 310   312
144A 1.500%, 2/15/26(1) 475   470
TripAdvisor, Inc. 144A
7.000%, 7/15/25(1) 		740   800
See Notes to Financial Statements
30

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Communication Services—continued    
Verizon Communications, Inc.      
1.450%, 3/20/26 $1,090   $1,090
2.100%, 3/22/28 820   824
(3 month LIBOR + 1.100%)
1.298%, 5/15/25(3) 		1,226   1,254
      6,375
       
 
Consumer Discretionary—1.0%    
Daimler Finance North America LLC 144A
2.200%, 10/30/21(1) 		1,195   1,208
Ford Motor Co.
9.000%, 4/22/25 		1,146   1,388
General Motors Financial Co., Inc.      
3.200%, 7/6/21 975   979
1.250%, 1/8/26 840   824
Hanesbrands, Inc. 144A
5.375%, 5/15/25(1) 		905   958
MGM Growth Properties Operating Partnership LP 144A
4.625%, 6/15/25(1) 		170   179
Nissan Motor Co. Ltd. 144A
4.345%, 9/17/27(1) 		1,010   1,098
      6,634
       
 
Consumer Staples—0.4%    
BAT Capital Corp.
2.259%, 3/25/28 		1,565   1,541
Kraft Heinz Foods Co.
3.875%, 5/15/27 		820   893
Vector Group Ltd. 144A
5.750%, 2/1/29(1) 		195   201
      2,635
       
 
Energy—1.4%    
Aker BP ASA 144A
2.875%, 1/15/26(1) 		755   780
Boardwalk Pipelines LP
4.950%, 12/15/24 		955   1,069
BP Capital Markets plc
4.875% (4) 		790   846
Chesapeake Energy Corp. 144A
5.500%, 2/1/26(1) 		925   963
Energy Transfer Operating LP
4.250%, 3/15/23 		380   401
Energy Transfer Partners LP
4.500%, 11/1/23 		310   334
EQM Midstream Partners LP      
144A 6.000%, 7/1/25(1) 905   974
144A 6.500%, 7/1/27(1) 140   152
Kinder Morgan, Inc.
3.150%, 1/15/23 		1,005   1,049
  Par Value   Value
       
Energy—continued    
Occidental Petroleum Corp.
5.500%, 12/1/25 		$ 25   $ 27
Petroleos Mexicanos      
4.625%, 9/21/23 855   882
6.500%, 3/13/27 520   543
Sabine Pass Liquefaction LLC
6.250%, 3/15/22 		1,475   1,532
Transocean Guardian Ltd. 144A
5.875%, 1/15/24(1) 		196   171
      9,723
       
 
Financials—6.0%    
Ares Capital Corp.
3.500%, 2/10/23 		740   772
Athene Global Funding 144A
2.450%, 8/20/27(1) 		1,540   1,558
Banco BBVA Peru S.A. RegS
5.000%, 8/26/22(6) 		520   548
Banco Santander Chile 144A
2.700%, 1/10/25(1) 		950   993
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 144A
5.375%, 4/17/25(1) 		490   550
Bank of America Corp.      
4.200%, 8/26/24 2,155   2,377
3.950%, 4/21/25 1,395   1,530
(3 month LIBOR + 0.770%)
0.965%, 2/5/26(3) 		705   708
Brookfield Finance, Inc.
3.900%, 1/25/28 		1,190   1,308
Capital One Financial Corp.
3.750%, 7/28/26 		710   771
Charles Schwab Corp. (The)      
Series G
5.375%(4) 		275   304
Series H
4.000%(4) 		945   929
Citadel LP 144A
4.875%, 1/15/27(1) 		1,140   1,209
Citigroup, Inc.      
3.200%, 10/21/26 715   768
(3 month LIBOR + 1.250%)
1.452%, 7/1/26(3) 		1,080   1,106
Drawbridge Special Opportunities Fund LP 144A
3.875%, 2/15/26(1) 		1,430   1,467
Goldman Sachs Group, Inc. (The)      
3.000%, 4/26/22 1,375   1,377
(3 month LIBOR + 1.170%)
1.364%, 5/15/26(3) 		475   481
  Par Value   Value
       
Financials—continued    
(3 month LIBOR + 1.750%)
1.969%, 10/28/27(3) 		$2,880   $ 3,014
ICAHN Enterprises LP
6.250%, 5/15/26 		1,060   1,110
JPMorgan Chase & Co. (3 month LIBOR + 0.900%)
1.118%, 4/25/23(3) 		1,520   1,531
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) 		1,405   1,384
Lincoln National Corp.      
4.200%, 3/15/22 470   487
(3 month LIBOR + 2.040%)
2.264%, 4/20/67(3) 		935   771
Mizuho Financial Group, Inc.
2.273%, 9/13/21 		565   570
Morgan Stanley      
4.100%, 5/22/23 730   781
3.875%, 4/29/24 655   715
(3 month LIBOR + 0.930%)
1.152%, 7/22/22(3) 		725   727
Navient Corp.
5.875%, 10/25/24 		930   977
Prudential Financial, Inc.
5.625%, 6/15/43 		1,168   1,252
Santander Holdings USA, Inc.
3.244%, 10/5/26 		1,260   1,332
Spirit Realty LP      
4.450%, 9/15/26 619   686
2.100%, 3/15/28 534   519
Turkiye Is Bankasi AS 144A
5.500%, 4/21/22(1) 		800   799
UBS Group Funding Switzerland AG 144A
2.650%, 2/1/22(1) 		400   408
Wells Fargo & Co.      
1.654%, 6/2/24 925   945
4.100%, 6/3/26 1,810   2,012
(3 month LIBOR + 1.230%)
1.442%, 10/31/23(3) 		1,175   1,193
      39,969
       
 
Health Care—0.9%    
AbbVie, Inc.      
2.300%, 5/14/21 495   495
2.850%, 5/14/23 495   516
HCA, Inc.
5.375%, 2/1/25 		570   636
Perrigo Finance Unlimited Co.
3.900%, 12/15/24 		945   1,005
Royalty Pharma plc      
144A 1.200%, 9/2/25(1) 190   186
144A 1.750%, 9/2/27(1) 1,035   1,005
See Notes to Financial Statements
31

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Health Care—continued    
Tenet Healthcare Corp.      
4.625%, 7/15/24 $ 550   $ 561
144A 7.500%, 4/1/25(1) 70   76
Utah Acquisition Sub, Inc.
3.950%, 6/15/26 		1,280   1,410
      5,890
       
 
Industrials—1.6%    
Ashtead Capital, Inc. 144A
5.250%, 8/1/26(1) 		1,275   1,338
Aviation Capital Group LLC 144A
3.875%, 5/1/23(1) 		1,058   1,104
Boeing Co. (The)      
2.350%, 10/30/21 450   452
4.875%, 5/1/25 335   373
5.040%, 5/1/27 507   578
CNH Industrial N.V.
4.500%, 8/15/23 		899   974
Dycom Industries, Inc. 144A
4.500%, 4/15/29(1) 		485   486
GFL Environmental, Inc. 144A
3.750%, 8/1/25(1) 		1,360   1,380
Howmet Aerospace, Inc.
6.875%, 5/1/25 		965   1,118
Spirit AeroSystems, Inc. 144A
5.500%, 1/15/25(1) 		1,260   1,333
Stanley Black & Decker, Inc.
4.000%, 3/15/60 		1,287   1,363
      10,499
       
 
Information Technology—1.8%    
Broadcom, Inc.      
3.150%, 11/15/25 1,135   1,210
144A 1.950%, 2/15/28(1)(7) 727   711
Citrix Systems, Inc.
1.250%, 3/1/26 		175   172
Flex Ltd.
3.750%, 2/1/26 		892   957
Hewlett Packard Enterprise Co.      
2.250%, 4/1/23 660   680
4.900%, 10/15/25 385   439
(3 month LIBOR + 0.720%)
0.958%, 10/5/21(3) 		145   145
Leidos, Inc. 144A
3.625%, 5/15/25(1) 		832   903
Microchip Technology, Inc. 144A
2.670%, 9/1/23(1) 		1,165   1,213
Open Text Corp. 144A
3.875%, 2/15/28(1) 		855   861
Oracle Corp.
2.300%, 3/25/28 		1,625   1,645
SK Hynix, Inc. 144A
1.500%, 1/19/26(1) 		1,160   1,141
  Par Value   Value
       
Information Technology—continued    
Vontier Corp.      
144A 1.800%, 4/1/26(1) $ 552   $ 549
144A 2.400%, 4/1/28(1) 644   633
Xerox Holdings Corp. 144A
5.000%, 8/15/25(1) 		515   537
      11,796
       
 
Materials—0.7%    
Ardagh Packaging Finance plc 144A
4.125%, 8/15/26(1) 		925   948
Glencore Funding LLC 144A
1.625%, 9/1/25(1) 		1,275   1,274
Nutrition & Biosciences, Inc.      
144A 1.230%, 10/1/25(1) 643   632
144A 1.832%, 10/15/27(1) 693   678
Silgan Holdings, Inc. 144A
1.400%, 4/1/26(1) 		1,113   1,089
Syngenta Finance NV 144A
3.933%, 4/23/21(1) 		365   366
      4,987
       
 
Real Estate—0.8%    
GLP Capital LP
5.250%, 6/1/25 		965   1,082
iStar, Inc.
4.250%, 8/1/25 		965   972
Office Properties Income Trust      
4.150%, 2/1/22 915   935
4.500%, 2/1/25 595   626
Retail Opportunity Investments Partnership LP
5.000%, 12/15/23 		405   436
Service Properties Trust      
4.500%, 6/15/23 420   427
4.650%, 3/15/24 430   430
4.350%, 10/1/24 455   452
      5,360
       
 
Utilities—1.4%    
American Electric Power Co., Inc. Series N
1.000%, 11/1/25 		395   387
CenterPoint Energy, Inc.
3.850%, 2/1/24 		630   682
Dominion Energy, Inc. Series A
1.450%, 4/15/26 		1,620   1,614
DPL, Inc. 144A
4.125%, 7/1/25(1) 		605   641
Exelon Corp.
3.497%, 6/1/22 		864   891
FirstEnergy Transmission LLC 144A
2.866%, 9/15/28(1) 		837   844
NRG Energy, Inc. 144A
3.750%, 6/15/24(1) 		1,161   1,243
  Par Value   Value
       
Utilities—continued    
Pacific Gas and Electric Co. (3 month LIBOR + 1.375%)
1.573%, 11/15/21(3) 		$1,377   $ 1,380
Southern Co. (The)
2.950%, 7/1/23 		920   963
TerraForm Power Operating LLC 144A
4.250%, 1/31/23(1) 		735   759
      9,404
       
 
Total Corporate Bonds and Notes
(Identified Cost $110,935) 		  113,272
       
 
       
 
Leveraged Loans(3)—7.5%
Aerospace—0.5%    
American Airlines, Inc. (3 month LIBOR + 4.750%)
0.000%, 4/20/28(8) 		1,295   1,325
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%)
6.250%, 6/21/27 		890   945
TransDigm, Inc.      
Tranche E (1 month LIBOR + 2.250%)
2.359%, 5/30/25 		226   221
Tranche F (1 month LIBOR + 2.250%)
2.359%, 12/9/25 		713   698
      3,189
       
 
Chemicals—0.6%    
Element Solutions, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
0.000%, 2/2/26(8) 		658   654
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%)
2.109%, 4/1/24 		1,062   1,049
Ineos U.S. Petrochem LLC 2026, Tranche B (3 month LIBOR + 2.750%)
3.250%, 1/29/26 		860   857
Starfruit Finco B.V. (1 month LIBOR + 2.750%)
2.860%, 10/1/25 		811   798
Trinseo Materials Operating SCA Tranche B-2, First Lien (3 month LIBOR + 2.500%)
0.000%, 3/17/28(8) 		570   563
      3,921
       
 
See Notes to Financial Statements
32

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Consumer Durables—0.4%    
Resideo Funding, Inc. Tranche B (3 month LIBOR + 2.250%)
2.750%, 2/11/28 		$ 645   $ 643
Weber-Stephen Products LLC Tranche B (3 month LIBOR + 3.250%)
4.000%, 10/30/27 		798   797
Zodiac Pool Solutions LLC Tranche B1 (1 month LIBOR + 2.000%)
0.000%, 7/2/25(8) 		962   953
      2,393
       
 
Energy—0.0%    
Paragon Offshore Finance Co. (3 month PRIME + 0.000%)
3.250%, 7/16/21(5)(9) 		1   —
Financial—0.4%    
Avolon TLB Borrower 1 US LLC Tranche B-5 (1 month LIBOR + 2.500%)
3.250%, 12/1/27 		1,930   1,928
Citadel Securities LP 2021 (3 month LIBOR + 2.500%)
2.615%, 2/2/28 		665   657
      2,585
       
 
Food / Tobacco—0.4%    
Aramark Services, Inc.      
Tranche B-2 (1 month LIBOR + 1.750%)
1.859%, 3/28/24 		212   211
Tranche B-3 (1 month LIBOR + 1.750%)
1.859%, 3/11/25 		345   341
Tranche B-4 (1 month LIBOR + 1.750%)
1.859%, 1/15/27 		213   209
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 3.000%)
0.000%, 8/3/25(8) 		1,005   999
JBS USA Lux S.A. (3 month LIBOR + 2.000%)
0.000%, 5/1/26(8) 		1,287   1,279
      3,039
       
 
  Par Value   Value
       
Forest Prod / Containers—0.3%    
Berry Global, Inc. Tranche Z (3 month LIBOR + 1.750%)
1.898%, 7/1/26 		$1,191   $1,180
Reynolds Group Holdings, Inc. (3 month LIBOR + 2.750%)
0.000%, 2/6/23(8) 		630   627
      1,807
       
 
Gaming / Leisure—0.9%    
Aristocrat Technologies, Inc.      
(3 month LIBOR + 3.750%)
4.750%, 10/19/24 		249   249
Tranche B-3 (3 month LIBOR + 1.750%)
0.000%, 10/19/24(8) 		965   959
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.250%)
2.331%, 9/15/23 		1,024   1,021
CityCenter Holdings LLC (3 month LIBOR + 2.250%)
3.000%, 4/18/24 		1,294   1,276
Hilton Worldwide Finance LLC Tranche B-2 (3 month LIBOR + 1.750%)
1.868%, 6/22/26 		1,413   1,399
Playtika Holding Corp. Tranche B-1 (3 month LIBOR + 2.750%)
0.000%, 3/5/28(8) 		775   770
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)
2.500%, 2/8/27 		351   346
      6,020
       
 
Healthcare—1.1%    
Bausch Health Cos., Inc.      
(1 month LIBOR + 2.750%)
2.859%, 11/27/25 		154   153
(1 month LIBOR + 3.000%)
3.109%, 6/2/25 		349   348
Catalent Pharma Solutions, Inc. Tranche B-3 (1 month LIBOR + 2.000%)
2.500%, 2/22/28 		164   164
  Par Value   Value
       
Healthcare—continued    
Elanco Animal Health, Inc. (1 month LIBOR + 1.750%)
1.865%, 8/1/27 		$ 644   $ 635
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%)
3.500%, 10/27/22 		769   769
HCA, Inc. Tranche B-13 (1 month LIBOR + 1.750%)
1.859%, 3/18/26 		1,752   1,751
Horizon Therapeutics USA, Inc Tranche B-2 (3 month LIBOR + 2.000%)
2.500%, 2/26/28 		1,350   1,345
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%)
1.953%, 6/11/25 		520   516
PPD, Inc. (1 month LIBOR + 2.250%)
2.750%, 1/13/28 		1,030   1,024
Select Medical Corp. Tranche B (1 month LIBOR + 2.250%)
0.000%, 3/6/25(8) 		645   640
      7,345
       
 
Housing—0.3%    
SiteOne Landscape Supply LLC Tranche B (3 month LIBOR + 2.000%)
2.500%, 3/23/28 		875   873
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%)
2.109%, 11/21/24 		1,287   1,281
      2,154
       
 
Information Technology—0.5%    
Dell International LLC Tranche B-2 (1 month LIBOR + 1.750%)
2.000%, 9/19/25 		1,534   1,531
Go Daddy Operating Co. LLC Tranche B-2 (1 month LIBOR + 1.750%)
0.000%, 2/15/24(8) 		1,310   1,300
SS&C Technologies, Inc. Tranche B-5 (1 month LIBOR + 1.750%)
1.859%, 4/16/25 		455   450
      3,281
       
 
See Notes to Financial Statements
33

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Manufacturing—0.3%    
Gardner Denver, Inc. Tranche A (1 month LIBOR + 2.750%)
2.859%, 3/1/27 		$ 35   $ 35
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%)
0.000%, 3/31/27(8) 		963   959
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%)
1.859%, 3/1/27 		450   444
NCR Corp. (3 month LIBOR + 2.500%)
2.720%, 8/28/26 		790   780
      2,218
       
 
Media / Telecom - Broadcasting—0.1%    
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)
2.615%, 9/18/26 		903   895
Media / Telecom - Cable/Wireless
Video—0.4% 		   
Charter Communications Operating LLC Tranche B2 (1 month LIBOR + 1.750%)
1.870%, 2/1/27 		810   806
CSC Holdings LLC      
2018 (1 month LIBOR + 2.250%)
2.356%, 1/15/26 		730   719
2019 (1 month LIBOR + 2.500%)
2.606%, 4/15/27 		277   273
Virgin Media Bristol LLC Tranche B (3 month LIBOR + 3.250%)
0.000%, 1/31/29(8) 		925   922
      2,720
       
 
Media / Telecom - Diversified
Media—0.2% 		   
Newco Financing Partnership Tranche AV1 (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		520   519
UPC Financing Partnership Tranche AV (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		520   518
      1,037
       
 
  Par Value   Value
       
Media / Telecom -
Telecommunications—0.2% 		   
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%)
2.359%, 3/15/27 		$ 834   $ 825
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%)
1.859%, 3/1/27 		440   434
      1,259
       
 
Media / Telecom - Wireless
Communications—0.2% 		   
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)
1.860%, 4/11/25 		1,072   1,059
Service—0.3%    
Trans Union LLC Tranche B-5 (1 month LIBOR + 1.750%)
1.859%, 11/16/26 		687   682
WEX, Inc.      
Tranche B, First Lien (3 month LIBOR + 2.250%)
0.000%, 3/20/28(8) 		485   483
Tranche B-3 (3 month LIBOR + 2.250%)
0.000%, 5/15/26(8) 		957   953
      2,118
       
 
Transportation - Land
Transportation—0.1% 		   
Genesee & Wyoming, Inc. (3 month LIBOR + 2.000%)
0.000%, 12/30/26(8) 		963   959
Utility—0.3%    
Calpine Corp. 2020 (1 month LIBOR + 2.500%)
2.610%, 12/2/27 		855   849
Vistra Operations Co. LLC 2018 (1 month LIBOR + 1.750%)
1.858%, 12/31/25 		1,137   1,128
      1,977
       
 
Total Leveraged Loans
(Identified Cost $50,093) 		  49,976
       
 
       
 
  Shares   Value
Preferred Stocks—0.8%
Financials—0.7%    
Bank of New York Mellon Corp. (The) Series E, 3.607%(3) 1,380 (10)   $ 1,380
Citigroup, Inc. Series T, 6.250% 1,020 (10)   1,165
JPMorgan Chase & Co. Series Z, 4.005%(3) 1,155 (10)   1,157
JPMorgan Chase & Co. Series HH, 4.600% 1,106 (10)   1,119
      4,821
       
 
Industrials—0.1%    
General Electric Co. Series D, 3.514%(3) 575 (10)   543
Total Preferred Stocks
(Identified Cost $5,242) 		  5,364
       
 
       
 
Exchange-Traded Funds—0.4%
iShares iBoxx High Yield Corporate Bond ETF(7)(11) 15,597   1,359
SPDR Bloomberg Barclays High Yield Bond Fund ETF(7)(11) 13,326   1,450
Total Exchange-Traded Funds
(Identified Cost $2,775) 		  2,809
       
 
       
 
Total Long-Term Investments—96.3%
(Identified Cost $637,190) 		  643,583
       
 
       
 
Short-Term Investment—3.1%
Money Market Mutual Fund—3.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(11) 20,576,822   20,577
Total Short-Term Investment
(Identified Cost $20,577) 		  20,577
       
 
       
 
See Notes to Financial Statements
34

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Shares   Value
       
       
Securities Lending Collateral—0.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(11)(12) 3,508,855   $ 3,509
Total Securities Lending Collateral
(Identified Cost $3,509) 		  3,509
       
 
       
 
TOTAL INVESTMENTS—99.9%
(Identified Cost $661,276) 		  $667,669
Other assets and liabilities, net—0.1%   385
NET ASSETS—100.0%   $668,054
    
Abbreviations:
ABS Asset-Backed Securities
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
SPDR S&P Depositary Receipt
WaMu Washington Mutual
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, 2021, these securities amounted to a value of $449,001 or 67.2% of net assets.
(2) Amount is less than $500.
(3) Variable rate security. Rate disclosed is as of March 31, 2021. 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) No contractual maturity date.
(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) Regulation S security. Security is offered and sold outside of the United States; it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.
(7) All or a portion of security is on loan.
(8) This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(9) Security in default; no interest payments are being received during the bankruptcy proceedings.
(10) Value shown as par value.
(11) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(12) Represents security purchased with cash collateral received for securities on loan.
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Securities:              
Asset-Backed Securities $221,155   $ —   $221,155   $ —
Corporate Bonds and Notes 113,272   —   113,272   —
Foreign Government Securities 5,346   —   5,346   —
Leveraged Loans 49,976   —   49,976   — (1)
Mortgage-Backed Securities 210,293   —   204,463   5,830
U.S. Government Securities 35,368   —   35,368   —
Equity Securities:              
Preferred Stocks 5,364   —   5,364   —
Securities Lending Collateral 3,509   3,509   —   —
Exchange-Traded Funds 2,809   2,809   —   —
Money Market Mutual Fund 20,577   20,577   —   —
Total Investments $667,669   $26,895   $634,944   $5,830
    
(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, 2021.
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.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
35

Table of Contents
Newfleet Low Duration Core Plus Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Total   Leveraged
Loans 		  Mortgage
Backed
Securities
Investments in Securities          
Balance as of September 30, 2020: $ —(a)   $— (a)   $ —
Accrued discount/(premium) — (b)   — (b)   — (b)
Change in unrealized appreciation (depreciation)(c) 3   — (b)   3
Purchases 5,827   —   5,827
Balance as of March 31, 2021 $5,830   $— (a)   $5,830
(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, 2021, was $3.
See Notes to Financial Statements
36

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Par Value   Value
Municipal Bonds—0.1%
Illinois—0.0%    
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured)
3.411%, 1/1/43 		$ 100   $ 102
Virginia—0.1%    
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable
6.706%, 6/1/46 		305   320
Total Municipal Bonds
(Identified Cost $403) 		  422
       
 
       
 
Foreign Government Securities—7.3%
Abu Dhabi Government International Bond 144A
3.125%, 4/16/30(1) 		200   214
Dominican Republic      
144A
6.875%, 1/29/26(1) 		160   186
144A
5.950%, 1/25/27(1) 		420   473
144A
4.500%, 1/30/30(1) 		185   187
144A
5.875%, 1/30/60(1) 		395   378
Emirate of Dubai RegS
5.250%, 1/30/43(2) 		1,175   1,268
Federative Republic of Brazil
3.875%, 6/12/30 		240   233
Kingdom of Morocco 144A
5.500%, 12/11/42(1) 		410   450
Kingdom of Saudi Arabia      
144A
3.625%, 3/4/28(1) 		1,205   1,309
144A
4.500%, 10/26/46(1) 		770   846
Oman Government International Bond      
144A
6.250%, 1/25/31(1) 		200   209
144A
7.375%, 10/28/32(1) 		915   1,015
Republic of Angola 144A
8.250%, 5/9/28(1) 		465   445
Republic of Argentine
0.125%, 7/9/35(3) 		1,385   413
Republic of Colombia      
3.125%, 4/15/31 325   318
4.125%, 5/15/51 225   214
Republic of Ecuador 144A
0.500%, 7/31/35(1) 		465   209
Republic of Egypt 144A
7.600%, 3/1/29(1) 		800   851
Republic of Ghana 144A
8.125%, 3/26/32(1) 		755   728
  Par Value   Value
       
Foreign Government Securities—continued
Republic of Indonesia      
2.850%, 2/14/30 $2,905   $ 2,957
144A
4.350%, 1/8/27(1) 		570   639
Republic of Ivory Coast 144A
6.125%, 6/15/33(1) 		435   444
Republic of Kenya 144A
8.000%, 5/22/32(1) 		210   223
Republic of Nigeria      
144A
6.500%, 11/28/27(1) 		260   268
144A
7.875%, 2/16/32(1) 		540   555
Republic of Pakistan 144A
8.250%, 9/30/25(1) 		385   426
Republic of Panama
3.160%, 1/23/30 		280   291
Republic of Philippines
3.700%, 3/1/41 		765   799
Republic of South Africa      
4.850%, 9/27/27 250   258
5.875%, 6/22/30(4) 480   514
5.650%, 9/27/47 245   225
Republic of Turkey      
4.875%, 10/9/26 915   842
7.625%, 4/26/29 460   473
5.250%, 3/13/30 420   372
Republic of Venezuela      
9.375%, 1/13/34(5) 920   94
RegS
7.650%, 4/21/25(2)(5) 		1,500   152
Russian Federation RegS
4.375%, 3/21/29(2) 		1,200   1,311
State of Israel
2.750%, 7/3/30 		355   371
State of Qatar      
144A
3.750%, 4/16/30(1) 		620   693
144A
4.400%, 4/16/50(1) 		430   499
Ukraine Government 144A
7.253%, 3/15/33(1) 		940   935
United Mexican States
4.500%, 1/31/50 		890   902
Total Foreign Government Securities
(Identified Cost $26,162) 		  24,189
       
 
       
 
Mortgage-Backed Securities—13.7%
Non-Agency—13.7%    
American Homes 4 Rent Trust      
2014-SFR2, C 144A
4.705%, 10/17/36(1) 		1,320   1,416
2015-SFR2, C 144A
4.691%, 10/17/52(1) 		1,011   1,092
AMSR Trust      
2020-SFR2, D 144A
3.282%, 7/17/37(1) 		660   680
  Par Value   Value
       
Non-Agency—continued    
2020-SFR3, B 144A
1.806%, 9/17/37(1) 		$2,000   $1,990
Arroyo Mortgage Trust      
2018-1, A1 144A
3.763%, 4/25/48(1)(3) 		1,124   1,129
2019-1, A1 144A
3.805%, 1/25/49(1)(3) 		296   303
2019-2, A1 144A
3.347%, 4/25/49(1)(3) 		281   287
Banc of America Funding Trust      
2005-1, 1A1
5.500%, 2/25/35 		186   191
2006-2, 3A1
6.000%, 3/25/36 		77   77
Bayview Opportunity Master Fund IVa Trust      
2016-SPL1, B1 144A
4.250%, 4/28/55(1) 		625   653
2017-SPL5, B1 144A
4.000%, 6/28/57(1)(3) 		1,000   1,055
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A
4.250%, 6/28/53(1)(3) 		445   464
Bunker Hill Loan Depositary Trust 2019-2, A1 144A
2.879%, 7/25/49(1)(3) 		222   227
BX Trust 2019-OC11, D 144A
4.075%, 12/9/41(1)(3) 		972   1,010
Citigroup Mortgage Loan Trust, Inc.      
2019-IMC1, A1 144A
2.720%, 7/25/49(1)(3) 		375   382
2015-A, A1 144A
3.500%, 6/25/58(1)(3) 		55   56
2019-RP1, A1 144A
3.500%, 1/25/66(1)(3) 		630   662
CoreVest American Finance Trust 2019-3, C 144A
3.265%, 10/15/52(1) 		250   253
Credit Suisse Mortgage Capital Trust      
2014-IVR2, A2 144A
3.762%, 4/25/44(1)(3) 		103   105
2020-RPL4, A1 144A
2.000%, 1/25/60(1)(3) 		899   923
Deephaven Residential Mortgage Trust      
2017-1A, A2 144A
2.928%, 12/26/46(1)(3) 		22   22
2017-2A, A2 144A
2.606%, 6/25/47(1)(3) 		24   25
Ellington Financial Mortgage Trust 2019-2, A3 144A
3.046%, 11/25/59(1)(3) 		116   119
See Notes to Financial Statements
37

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
FirstKey Homes Trust      
2020-SFR1, B 144A
1.740%, 9/17/25(1) 		$ 770   $ 766
2020-SFR2, B 144A
1.567%, 10/19/37(1) 		1,245   1,239
Galton Funding Mortgage Trust      
2018-1, A23 144A
3.500%, 11/25/57(1)(3) 		192   197
2018-2, A41 144A
4.500%, 10/25/58(1)(3) 		95   96
2020-H1, A1 144A
2.310%, 1/25/60(1)(3) 		662   674
JPMorgan Chase Mortgage Trust      
2014-2, 2A2 144A
3.500%, 6/25/29(1)(3) 		90   92
2014-5, B2 144A
2.930%, 10/25/29(1)(3) 		238   241
2016-SH1, M2 144A
3.750%, 4/25/45(1)(3) 		321   326
2016-SH2, M2 144A
3.750%, 12/25/45(1)(3) 		557   577
LHOME Mortgage Trust 2021-RTL1, A1 144A
2.090%, 9/25/26(1)(3) 		450   450
MASTR Alternative Loan Trust 2005-2, 2A1
6.000%, 1/25/35 		226   238
Mello Warehouse Securitization Trust 2019-1, C (1 month LIBOR + 1.200%) 144A
1.309%, 6/25/52(1)(3) 		400   400
MetLife Securitization Trust 2017-1A, M1 144A
3.553%, 4/25/55(1)(3) 		425   445
Mill City Mortgage Loan Trust      
2017-1, M2 144A
3.250%, 11/25/58(1)(3) 		375   396
2019-1, M2 144A
3.500%, 10/25/69(1)(3) 		779   816
New Residential Mortgage Loan Trust      
2017-2A, A3 144A
4.000%, 3/25/57(1)(3) 		418   446
2018-2A, A1 144A
4.500%, 2/25/58(1)(3) 		63   67
2020-NPL2, A1 144A
3.228%, 8/25/60(1)(3) 		245   247
OBX Trust 2019-INV1, A3 144A
4.500%, 11/25/48(1)(3) 		273   283
Preston Ridge Partners Mortgage LLC      
2020-1A, A1 144A
2.981%, 2/25/25(1)(3) 		1,135   1,138
  Par Value   Value
       
Non-Agency—continued    
2020-2, A1 144A
3.671%, 8/25/25(1)(3) 		$1,004   $1,015
2020-6, A1 144A
2.363%, 11/25/25(1)(3) 		1,450   1,454
Pretium Mortgage Credit Partners I LLC 2020-NPL3, A1 144A
3.105%, 6/27/60(1)(3) 		1,130   1,141
Progress Residential Trust      
2019-SFR2, D 144A
3.794%, 5/17/36(1) 		410   418
2017-SFR1, B 144A
3.017%, 8/17/34(1) 		940   946
2018-SFR2, B 144A
3.841%, 8/17/35(1) 		1,380   1,387
2019-SFR3, B 144A
2.571%, 9/17/36(1) 		1,000   1,010
RCO V Mortgage LLC 2019-2, A1 144A
3.475%, 11/25/24(1)(3) 		322   324
Residential Mortgage Loan Trust 2019-2, A1 144A
2.913%, 5/25/59(1)(3) 		459   467
Sequoia Mortgage Trust 2013-8, B1
3.511%, 6/25/43(3) 		367   379
SG Residential Mortgage Trust 2019-3, A1 144A
2.703%, 9/25/59(1)(3) 		185   188
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A
3.468%, 2/25/49(1)(3) 		424   424
Towd Point Mortgage Trust      
2016-4, B1 144A
3.848%, 7/25/56(1)(3) 		485   519
2016-1, M1 144A
3.500%, 2/25/55(1)(3) 		380   399
2015-5, A2 144A
3.500%, 5/25/55(1)(3) 		690   704
2017-1, M1 144A
3.750%, 10/25/56(1)(3) 		450   483
2017-4, A2 144A
3.000%, 6/25/57(1)(3) 		570   598
2018-SJ1, A1 144A
4.000%, 10/25/58(1)(3) 		24   24
2018-6, A2 144A
3.750%, 3/25/58(1)(3) 		1,925   2,065
2019-2, A2 144A
3.750%, 12/25/58(1)(3) 		1,198   1,289
2015-2, 1M1 144A
3.250%, 11/25/60(1)(3) 		710   733
Tricon American Homes Trust      
2019-SFR1, C 144A
3.149%, 3/17/38(1) 		610   631
2020-SFR2, D 144A
2.281%, 11/17/39(1) 		840   815
  Par Value   Value
       
Non-Agency—continued    
TVC Mortgage Trust 2020-RTL1, M 144A
5.193%, 9/25/24(1)(3) 		$1,405   $ 1,342
UBS Commercial Mortgage Trust 2012-C1, D 144A
5.570%, 5/10/45(1)(3) 		1,259   991
VCAT LLC      
2020-NPL1, A1 144A
3.671%, 8/25/50(1)(3) 		430   434
2021-NPL1, A2 144A
4.826%, 12/26/50(1)(3) 		415   414
Vericrest Opportunity Loan Trust 2020-NPL2, A1A 144A
2.981%, 2/25/50(1)(3) 		183   183
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A
1.893%, 2/27/51(1)(3) 		980   980
Verus Securitization Trust 2019-INV1, A1 144A
3.402%, 12/25/59(1)(3) 		291   294
Visio Trust 2020-1R, A2 144A
1.567%, 11/25/55(1) 		408   410
Wells Fargo Commercial Mortgage Trust 2014-C24, AS
3.931%, 11/15/47 		665   704
      45,420
       
 
Total Mortgage-Backed Securities
(Identified Cost $45,060) 		  45,420
       
 
       
 
Asset-Backed Securities—9.9%
Automobiles—3.9%    
ACC Trust 2019-1, B 144A
4.470%, 10/20/22(1) 		640   649
Avid Automobile Receivables Trust 2019-1, C 144A
3.140%, 7/15/26(1) 		930   954
CIG Auto Receivables Trust 2020-1A, E 144A
4.430%, 2/12/27(1) 		1,040   1,072
Exeter Automobile Receivables Trust 2019-1A, D 144A
4.130%, 12/16/24(1) 		1,415   1,474
GLS Auto Receivables Issuer Trust      
2019-4A, D 144A
4.090%, 8/17/26(1) 		750   779
2020-3A, E 144A
4.310%, 7/15/27(1) 		940   989
See Notes to Financial Statements
38

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Automobiles—continued    
GLS Auto Receivables Trust      
2017-1A, C 144A
3.500%, 7/15/22(1) 		$ 284   $ 285
2018-3A, C 144A
4.180%, 7/15/24(1) 		1,015   1,052
Hertz Vehicle Financing II LP 2018-1A, A 144A
3.290%, 2/25/24(1) 		268   268
OneMain Direct Auto Receivables Trust 2018-1A, C 144A
3.850%, 10/14/25(1) 		660   671
Prestige Auto Receivables Trust 2019-1A, D 144A
3.010%, 8/15/25(1) 		710   729
United Auto Credit Securitization Trust 2019-1, E 144A
4.290%, 8/12/24(1) 		670   684
USASF Receivables LLC      
2020-1A, B 144A
3.220%, 5/15/24(1) 		615   628
2020-1A, C 144A
5.940%, 8/15/24(1) 		1,435   1,511
Veros Automobile Receivables Trust 2020-1, B 144A
2.190%, 6/16/25(1) 		1,220   1,232
      12,977
       
 
Credit Card—0.4%    
Fair Square Issuance Trust 2020-AA, A 144A
2.900%, 9/20/24(1) 		820   829
Genesis Private Label Amortizing Trust 2020-1, B 144A
2.830%, 7/20/30(1) 		470   472
      1,301
       
 
Equipment—0.1%    
NMEF Funding LLC 2019-A, A 144A
2.730%, 8/17/26(1) 		314   316
Other—5.5%    
Aqua Finance Trust      
2017-A, A 144A
3.720%, 11/15/35(1) 		367   378
2019-A, C 144A
4.010%, 7/16/40(1) 		915   967
2020-AA, D 144A
7.150%, 7/17/46(1) 		815   845
Arby’s Funding LLC 2020-1A, A2 144A
3.237%, 7/30/50(1) 		935   954
BCC Funding Corp. XVI LLC 2019-1A, D 144A
3.940%, 7/20/27(1) 		930   940
  Par Value   Value
       
Other—continued    
BCC Funding XVII LLC 2020-1, D 144A
4.890%, 9/22/25(1) 		$1,050   $ 1,051
Business Jet Securities LLC      
2019-1, A 144A
4.212%, 7/15/34(1) 		357   363
2020-1A, A 144A
2.981%, 11/15/35(1) 		775   784
Conn’s Receivables Funding LLC 2020-A, B 144A
4.270%, 6/16/25(1) 		840   849
Dext ABS LLC 2020-1, D 144A
7.210%, 2/15/28(1) 		840   845
FREED ABS Trust      
2019-1, B 144A
3.870%, 6/18/26(1) 		336   339
2019-2, B 144A
3.190%, 11/18/26(1) 		775   787
Hardee’s Funding LLC 2020-1A, A2 144A
3.981%, 12/20/50(1) 		1,057   1,091
HIN Timeshare Trust 2020-A, C 144A
3.420%, 10/9/39(1) 		788   817
Jersey Mike’s Funding 2019-1A, A2 144A
4.433%, 2/15/50(1) 		785   830
Mariner Finance Issuance Trust 2020-AA, A 144A
2.190%, 8/21/34(1) 		1,010   1,025
Oasis LLC 2020-1A, A 144A
3.820%, 1/15/32(1) 		340   342
Oasis Securitization Funding LLC 2021-1A, A 144A
2.579%, 2/15/33(1) 		805   805
Octane Receivables Trust 2020-1A, B 144A
1.980%, 6/20/25(1) 		1,290   1,308
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A
4.666%, 9/5/48(1) 		994   1,016
Republic Finance Issuance Trust 2020-A, A 144A
2.470%, 11/20/30(1) 		835   850
Upstart Pass-Through Trust Series 2021-ST2, A 144A
2.500%, 4/20/27(1) 		1,015   1,025
      18,211
       
 
Total Asset-Backed Securities
(Identified Cost $31,968) 		  32,805
       
 
       
 
  Par Value   Value
       
       
Corporate Bonds and Notes—46.1%
Communication Services—5.3%    
Altice France Holding S.A. 144A
6.000%, 2/15/28(1) 		$705   $ 695
Altice France S.A. 144A
7.375%, 5/1/26(1) 		330   343
Baidu, Inc.
3.425%, 4/7/30 		490   513
Cable Onda S.A. 144A
4.500%, 1/30/30(1) 		790   839
Cars.com, Inc. 144A
6.375%, 11/1/28(1) 		675   704
CCO Holdings LLC      
144A 4.750%, 3/1/30(1) 960   995
144A 4.500%, 8/15/30(1) 585   596
Cinemark USA, Inc. 144A
5.875%, 3/15/26(1) 		635   650
Clear Channel Outdoor Holdings, Inc. 144A
7.750%, 4/15/28(1) 		15   15
Clear Channel Worldwide Holdings, Inc.      
9.250%, 2/15/24 87   90
144A 5.125%, 8/15/27(1) 250   251
Consolidated Communications, Inc. 144A
6.500%, 10/1/28(1) 		450   486
CSC Holdings LLC 144A
5.750%, 1/15/30(1) 		970   1,022
Diamond Sports Group LLC      
144A 5.375%, 8/15/26(1) 320   230
144A 6.625%, 8/15/27(1)(4) 620   322
DISH DBS Corp.
7.750%, 7/1/26 		450   497
Frontier Communications Corp. 144A
6.750%, 5/1/29(1) 		900   949
iHeartCommunications, Inc.
8.375%, 5/1/27 		426   457
Live Nation Entertainment, Inc.      
144A 5.625%, 3/15/26(1) 370   384
144A 4.750%, 10/15/27(1) 770   776
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A
7.875%, 5/15/24(1) 		513   505
Meredith Corp.
6.875%, 2/1/26 		350   360
See Notes to Financial Statements
39

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Communication Services—continued    
Northwest Fiber LLC      
144A 6.000%, 2/15/28(1) $ 80   $ 80
144A 10.750%, 6/1/28(1) 340   384
Playtika Holding Corp. 144A
4.250%, 3/15/29(1) 		540   532
Radiate Holdco LLC      
144A 4.500%, 9/15/26(1) 140   142
144A 6.500%, 9/15/28(1) 485   512
Telesat Canada 144A
6.500%, 10/15/27(1) 		1,235   1,237
T-Mobile USA, Inc.      
2.625%, 4/15/26 85   87
3.375%, 4/15/29 120   121
3.500%, 4/15/31 360   363
TripAdvisor, Inc. 144A
7.000%, 7/15/25(1) 		485   525
Univision Communications, Inc.      
144A 5.125%, 2/15/25(1) 760   769
144A 6.625%, 6/1/27(1) 190   203
Virgin Media Finance plc 144A
5.000%, 7/15/30(1) 		955   954
      17,588
       
 
Consumer Discretionary—5.7%    
Adtalem Global Education, Inc. 144A
5.500%, 3/1/28(1) 		810   800
American Axle & Manufacturing, Inc.
6.500%, 4/1/27(4) 		935   970
Aramark Services, Inc. 144A
6.375%, 5/1/25(1) 		485   514
Aston Martin Capital Holdings Ltd. 144A
10.500%, 11/30/25(1) 		480   530
BCPE Ulysses Intermediate, Inc. PIK 144A
7.750%, 4/1/27(1)(6) 		645   669
Block Financial LLC
3.875%, 8/15/30 		740   764
Carnival Corp.      
144A 11.500%, 4/1/23(1) 250   287
144A 7.625%, 3/1/26(1) 95   102
Carvana Co.      
144A 5.625%, 10/1/25(1) 485   498
144A 5.875%, 10/1/28(1) 295   302
Clarios Global LP 144A
8.500%, 5/15/27(1) 		445   479
  Par Value   Value
       
Consumer Discretionary—continued    
Cooper-Standard Automotive, Inc. 144A
13.000%, 6/1/24(1) 		$545   $ 621
Crocs, Inc. 144A
4.250%, 3/15/29(1) 		585   570
Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A
10.500%, 2/15/23(1) 		736   762
Ford Motor Credit Co. LLC      
5.125%, 6/16/25 280   302
4.125%, 8/17/27 485   501
Gateway Casinos & Entertainment Ltd. 144A
8.250%, 3/1/24(1) 		746   711
Golden Nugget, Inc. 144A
8.750%, 10/1/25(1)(4) 		590   622
International Game Technology plc      
144A 4.125%, 4/15/26(1) 200   206
144A 5.250%, 1/15/29(1) 200   209
Legends Hospitality Holding Co. LLC 144A
5.000%, 2/1/26(1) 		600   610
M/I Homes, Inc.
4.950%, 2/1/28 		800   828
Marriott Ownership Resorts, Inc.
4.750%, 1/15/28 		665   672
Mohegan Gaming & Entertainment 144A
8.000%, 2/1/26(1) 		620   625
NCL Corp., Ltd. 144A
5.875%, 3/15/26(1) 		410   414
NCL Finance Ltd. 144A
6.125%, 3/15/28(1) 		225   229
Nissan Motor Co. Ltd. 144A
4.810%, 9/17/30(1) 		655   718
PulteGroup, Inc.
7.875%, 6/15/32 		525   739
Royal Caribbean Cruises Ltd. 144A
9.125%, 6/15/23(1) 		495   545
Scientific Games International, Inc.      
144A 8.250%, 3/15/26(1) 570   611
144A 7.000%, 5/15/28(1) 175   187
Tenneco, Inc. 144A
5.125%, 4/15/29(1) 		745   736
Vista Outdoor, Inc. 144A
4.500%, 3/15/29(1) 		650   643
Wynn Macau Ltd. 144A
5.625%, 8/26/28(1) 		975   1,019
      18,995
       
 
  Par Value   Value
       
Consumer Staples—1.2%    
Albertsons Cos., Inc. 144A
4.625%, 1/15/27(1) 		$760   $ 788
BAT Capital Corp.
4.906%, 4/2/30 		630   719
Chobani LLC 144A
7.500%, 4/15/25(1) 		785   817
Post Holdings, Inc. 144A
4.500%, 9/15/31(1) 		615   608
Triton Water Holdings, Inc. 144A
6.250%, 4/1/29(1) 		165   168
Turning Point Brands, Inc. 144A
5.625%, 2/15/26(1) 		605   628
Vector Group Ltd. 144A
5.750%, 2/1/29(1) 		285   294
      4,022
       
 
Energy—8.3%    
Alliance Resource Operating Partners LP 144A
7.500%, 5/1/25(1) 		660   614
Antero Midstream Partners LP      
144A 7.875%, 5/15/26(1) 430   463
144A 5.750%, 1/15/28(1) 740   740
Antero Resources Corp.      
144A 8.375%, 7/15/26(1) 340   375
144A 7.625%, 2/1/29(1) 215   229
Ascent Resources Utica Holdings LLC 144A
8.250%, 12/31/28(1) 		415   432
BP Capital Markets plc
4.875% (7) 		865   927
Callon Petroleum Co.
6.125%, 10/1/24(4) 		290   247
CGG SA PIK Interest Capitalization, 144A
5.000%, 2/21/24(1)(8) 		6   6
Cheniere Energy Partners LP
5.625%, 10/1/26 		332   347
Cheniere Energy, Inc. 144A
4.625%, 10/15/28(1) 		395   410
Chesapeake Energy Corp.      
144A 5.500%, 2/1/26(1) 610   635
144A 5.875%, 2/1/29(1) 120   127
Citgo Holding, Inc. 144A
9.250%, 8/1/24(1) 		250   248
CrownRock LP 144A
5.625%, 10/15/25(1) 		670   684
CSI Compressco LP 144A
7.500%, 4/1/25(1) 		740   751
EQM Midstream Partners LP      
144A 6.000%, 7/1/25(1) 190   205
See Notes to Financial Statements
40

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Energy—continued    
144A 6.500%, 7/1/27(1) $ 220   $ 239
144A 4.500%, 1/15/29(1) 185   180
144A 4.750%, 1/15/31(1) 185   180
Geopark Ltd. 144A
6.500%, 9/21/24(1) 		395   408
Hilcorp Energy I LP      
144A 5.750%, 2/1/29(1) 480   484
144A 6.000%, 2/1/31(1) 480   487
HollyFrontier Corp.
5.875%, 4/1/26 		900   1,020
Indigo Natural Resources LLC 144A
5.375%, 2/1/29(1) 		605   596
KazMunayGas National Co., JSC      
144A 4.750%, 4/19/27(1) 780   889
144A 6.375%, 10/24/48(1) 470   600
Kinder Morgan, Inc.
7.750%, 1/15/32 		805   1,131
Kosmos Energy Ltd. 144A
7.500%, 3/1/28(1) 		800   758
Magnolia Oil & Gas Operating LLC 144A
6.000%, 8/1/26(1) 		650   672
Mesquite Energy, Inc. 144A
7.250%, 2/15/23(9) 		375   1
Northriver Midstream Finance LP 144A
5.625%, 2/15/26(1) 		585   608
Occidental Petroleum Corp.      
2.700%, 8/15/22 174   174
5.875%, 9/1/25 410   438
5.500%, 12/1/25 20   21
3.500%, 8/15/29 340   319
6.125%, 1/1/31 395   436
Odebrecht Oil & Gas Finance Ltd. 144A
0.000% (1)(7)(9) 		124   1
Parsley Energy LLC 144A
4.125%, 2/15/28(1) 		600   635
Patterson-UTI Energy, Inc.
5.150%, 11/15/29 		635   631
Pertamina Persero PT 144A
6.450%, 5/30/44(1) 		1,015   1,256
Petrobras Global Finance B.V.
5.600%, 1/3/31 		410   432
Petroleos de Venezuela S.A. 144A
6.000%, 5/16/24(1)(5) 		1,580   69
Petroleos Mexicanos      
6.875%, 8/4/26 485   519
5.950%, 1/28/31 1,875   1,800
6.375%, 1/23/45 130   108
6.350%, 2/12/48 480   395
  Par Value   Value
       
Energy—continued    
Petronas Capital Ltd. 144A
3.500%, 4/21/30(1) 		$ 765   $ 818
Plains All American Pipeline LP
3.800%, 9/15/30 		870   886
Saudi Arabian Oil Co. 144A
2.250%, 11/24/30(1) 		890   852
Sunoco LP 144A
4.500%, 5/15/29(1) 		985   981
Transocean, Inc. 144A
11.500%, 1/30/27(1) 		31   27
USA Compression Partners LP
6.875%, 4/1/26 		400   410
WPX Energy, Inc.
4.500%, 1/15/30 		699   753
      27,654
       
 
Financials—8.1%    
Acrisure LLC 144A
7.000%, 11/15/25(1) 		780   805
AerCap Ireland Capital DAC
3.650%, 7/21/27 		555   582
Allstate Corp. (The) Series B
5.750%, 8/15/53 		845   894
Ascot Group Ltd. 144A
4.250%, 12/15/30(1) 		990   1,025
Athene Global Funding 144A
2.450%, 8/20/27(1) 		1,215   1,229
Banco de Bogota S.A. 144A
6.250%, 5/12/26(1) 		330   370
Bank of New York Mellon Corp. (The) Series G
4.700% (7) 		795   861
BBVA Bancomer S.A. 144A
5.125%, 1/18/33(1) 		890   916
Brighthouse Financial, Inc.
5.625%, 5/15/30 		663   777
Brightsphere Investment Group, Inc.
4.800%, 7/27/26 		785   850
Charles Schwab Corp. (The) Series H
4.000% (7) 		1,035   1,017
Citadel LP 144A
4.875%, 1/15/27(1) 		605   642
Citigroup, Inc. Series W
4.000% (7) 		625   631
Corporate Office Properties LP
2.750%, 4/15/31 		710   687
Discover Bank
4.682%, 8/9/28 		865   923
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A
5.250%, 5/30/23(1) 		395   386
  Par Value   Value
       
Financials—continued    
Drawbridge Special Opportunities Fund LP 144A
3.875%, 2/15/26(1) 		$ 970   $ 995
Fairfax Financial Holdings Ltd.
4.850%, 4/17/28 		845   940
ICAHN Enterprises LP      
6.250%, 5/15/26 765   801
144A 4.375%, 2/1/29(1) 85   83
Intercorp Peru Ltd. 144A
3.875%, 8/15/29(1) 		740   762
Itau Unibanco Holding SA 144A
3.875%, 4/15/31(1) 		775   752
JPMorgan Chase & Co.
2.956%, 5/13/31 		775   789
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) 		355   350
Lincoln National Corp. (3 month LIBOR + 2.040%)
2.264%, 4/20/67(3) 		870   717
MetLife, Inc. Series G
3.850% (7) 		875   903
NMI Holdings, Inc. 144A
7.375%, 6/1/25(1) 		300   346
OneMain Finance Corp.
7.125%, 3/15/26 		670   773
Prospect Capital Corp.
3.706%, 1/22/26 		975   963
Prudential Financial, Inc.      
5.875%, 9/15/42 485   512
5.625%, 6/15/43 450   482
Santander Holdings USA, Inc.
4.400%, 7/13/27 		700   779
SVB Financial Group
4.100% (7) 		885   887
Synovus Financial Corp.
5.900%, 2/7/29 		437   472
Voya Financial, Inc.
5.650%, 5/15/53 		615   658
Wells Fargo & Co.
3.900% (7) 		1,295   1,308
      26,867
       
 
Health Care—3.1%    
Advanz Pharma Corp., Ltd.
8.000%, 9/6/24 		104   107
Akumin, Inc. 144A
7.000%, 11/1/25(1) 		655   697
Bausch Health Americas, Inc. 144A
8.500%, 1/31/27(1) 		315   349
Bausch Health Cos., Inc. 144A
7.000%, 1/15/28(1) 		455   494
See Notes to Financial Statements
41

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Health Care—continued    
Charles River Laboratories International, Inc.      
144A 3.750%, 3/15/29(1) $215   $ 215
144A 4.000%, 3/15/31(1)(4) 200   203
Cheplapharm Arzneimittel GmbH 144A
5.500%, 1/15/28(1) 		700   727
Community Health Systems, Inc.      
144A 6.625%, 2/15/25(1) 375   396
144A 6.875%, 4/15/29(1) 65   68
144A 4.750%, 2/15/31(1) 640   625
DaVita, Inc. 144A
4.625%, 6/1/30(1) 		550   560
Endo Luxembourg Finance Co. I S.a.r.l. 144A
6.125%, 4/1/29(1) 		320   323
Illumina, Inc.
2.550%, 3/23/31 		460   456
Legacy LifePoint Health LLC      
144A 6.750%, 4/15/25(1) 320   340
144A 4.375%, 2/15/27(1) 305   299
LifePoint Health, Inc. 144A
5.375%, 1/15/29(1) 		225   222
Ortho-Clinical Diagnostics, Inc.      
144A 7.375%, 6/1/25(1) 222   239
144A 7.250%, 2/1/28(1) 66   72
Par Pharmaceutical, Inc. 144A
7.500%, 4/1/27(1) 		335   355
Select Medical Corp. 144A
6.250%, 8/15/26(1) 		520   553
Surgery Center Holdings, Inc.      
144A 6.750%, 7/1/25(1) 670   685
144A 10.000%, 4/15/27(1) 290   320
Team Health Holdings, Inc. 144A
6.375%, 2/1/25(1) 		505   445
Tenet Healthcare Corp.      
144A 5.125%, 11/1/27(1) 735   769
144A 7.500%, 4/1/25(1) 65   70
Teva Pharmaceutical Finance Netherlands III B.V.
3.150%, 10/1/26 		850   813
      10,402
       
 
  Par Value   Value
       
Industrials—4.4%    
Alaska Airlines Pass-Through Trust 144A
4.800%, 8/15/27(1) 		$ 870   $ 952
American Airlines Group, Inc. 144A
5.000%, 6/1/22(1) 		465   457
American Airlines, Inc.      
144A 11.750%, 7/15/25(1) 1,035   1,280
144A 5.500%, 4/20/26(1) 95   99
144A 5.750%, 4/20/29(1) 45   48
Ashtead Capital, Inc. 144A
4.375%, 8/15/27(1) 		870   907
Aviation Capital Group LLC 144A
3.500%, 11/1/27(1) 		705   726
Avolon Holdings Funding Ltd. 144A
4.375%, 5/1/26(1) 		597   624
Boeing Co. (The)      
5.150%, 5/1/30 550   633
3.750%, 2/1/50 450   431
5.930%, 5/1/60 220   282
Bombardier, Inc. 144A
8.750%, 12/1/21(1) 		435   456
BWX Technologies, Inc. 144A
4.125%, 4/15/29(1) 		325   329
Cleaver-Brooks, Inc. 144A
7.875%, 3/1/23(1) 		655   642
CoStar Group, Inc. 144A
2.800%, 7/15/30(1) 		780   763
CP Atlas Buyer, Inc. 144A
7.000%, 12/1/28(1) 		785   825
Delta Air Lines, Inc.
3.750%, 10/28/29 		631   615
Dycom Industries, Inc. 144A
4.500%, 4/15/29(1) 		380   381
Fortress Transportation & Infrastructure Investors LLC      
144A 6.500%, 10/1/25(1) 60   63
144A 9.750%, 8/1/27(1) 105   120
Spirit AeroSystems, Inc.
3.950%, 6/15/23 		520   515
Stanley Black & Decker, Inc.
4.000%, 3/15/60 		841   890
Titan Acquisition Ltd. 144A
7.750%, 4/15/26(1) 		638   663
TransDigm, Inc.      
144A 6.250%, 3/15/26(1) 290   307
5.500%, 11/15/27 640   663
  Par Value   Value
       
Industrials—continued    
Uber Technologies, Inc. 144A
7.500%, 5/15/25(1) 		$ 835   $ 901
      14,572
       
 
Information Technology—2.9%    
Banff Merger Sub, Inc. 144A
9.750%, 9/1/26(1) 		493   525
Broadcom, Inc. 144A
2.450%, 2/15/31(1) 		648   612
Dell International LLC 144A
8.100%, 7/15/36(1) 		295   432
J2 Global, Inc. 144A
4.625%, 10/15/30(1) 		955   964
NCR Corp. 144A
5.125%, 4/15/29(1) 		565   569
Plantronics, Inc. 144A
4.750%, 3/1/29(1) 		610   599
Rocket Software, Inc. 144A
6.500%, 2/15/29(1) 		590   595
Science Applications International Corp. 144A
4.875%, 4/1/28(1) 		995   1,029
SK Hynix, Inc. 144A
2.375%, 1/19/31(1) 		1,220   1,154
Veritas US, Inc. 144A
7.500%, 9/1/25(1) 		540   561
Viasat, Inc. 144A
5.625%, 9/15/25(1) 		830   844
Vontier Corp. 144A
2.950%, 4/1/31(1) 		845   824
Xerox Holdings Corp. 144A
5.500%, 8/15/28(1) 		700   725
      9,433
       
 
Materials—3.2%    
ARD Finance S.A. PIK 144A
6.500%, 6/30/27(1)(10) 		1,160   1,218
Chemours Co. (The) 144A
5.750%, 11/15/28(1) 		595   626
Cleveland-Cliffs, Inc. 144A
6.750%, 3/15/26(1) 		740   805
Commercial Metals Co.
3.875%, 2/15/31 		605   594
Freeport-McMoRan, Inc.
5.450%, 3/15/43 		625   752
Hecla Mining Co.
7.250%, 2/15/28 		560   601
INEOS Group Holdings S.A. 144A
5.625%, 8/1/24(1) 		335   339
Inversiones CMPC S.A. 144A
3.850%, 1/13/30(1) 		700   746
See Notes to Financial Statements
42

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Materials—continued    
Louisiana-Pacific Corp. 144A
3.625%, 3/15/29(1) 		$985   $ 958
Mauser Packaging Solutions Holding Co. 144A
7.250%, 4/15/25(1) 		480   480
Resolute Forest Products, Inc. 144A
4.875%, 3/1/26(1)(4) 		405   406
Syngenta Finance N.V. 144A
4.441%, 4/24/23(1) 		315   330
Taseko Mines Ltd. 144A
7.000%, 2/15/26(1) 		320   326
Teck Resources Ltd.
6.125%, 10/1/35 		510   625
Trident TPI Holdings, Inc.      
144A 9.250%, 8/1/24(1) 730   777
144A 6.625%, 11/1/25(1) 446   454
Trinseo Materials Operating SCA 144A
5.125%, 4/1/29(1) 		165   170
United States Steel Corp.
6.875%, 3/1/29 		400   409
      10,616
       
 
Real Estate—2.2%    
American Assets Trust LP
3.375%, 2/1/31 		995   978
ESH Hospitality, Inc. 144A
4.625%, 10/1/27(1) 		770   814
GLP Capital LP      
5.750%, 6/1/28 229   264
5.300%, 1/15/29 336   377
iStar, Inc.
4.250%, 8/1/25 		770   775
MPT Operating Partnership LP      
5.000%, 10/15/27 302   318
3.500%, 3/15/31 640   628
Office Properties Income Trust
4.500%, 2/1/25 		900   947
Retail Properties of America, Inc.
4.750%, 9/15/30 		840   889
Service Properties Trust      
7.500%, 9/15/25 110   125
4.950%, 2/15/27 900   890
Uniti Group LP 144A
7.875%, 2/15/25(1) 		345   373
      7,378
       
 
  Par Value   Value
       
Utilities—1.7%    
CMS Energy Corp.
4.750%, 6/1/50 		$860   $ 929
DPL, Inc.
4.350%, 4/15/29 		733   787
Edison International
4.125%, 3/15/28 		855   917
Eskom Holdings SOC Ltd. 144A
7.125%, 2/11/25(1) 		750   773
Ferrellgas Escrow LLC      
144A 5.375%, 4/1/26(1) 150   149
144A 5.875%, 4/1/29(1) 170   168
Ferrellgas Partners LP
8.625%, 6/15/20(5) 		135   99
National Fuel Gas Co.
2.950%, 3/1/31 		480   462
PG&E Corp.
5.250%, 7/1/30 		495   525
Talen Energy Supply LLC      
144A 7.250%, 5/15/27(1) 145   148
144A 6.625%, 1/15/28(1) 560   559
Texas Competitive Electric Holdings Co. 144A
11.500%, 10/1/20(1)(9) 		375   —
      5,516
       
 
Total Corporate Bonds and Notes
(Identified Cost $149,232) 		  153,043
       
 
       
 
Leveraged Loans(3)—19.1%
Aerospace—0.7%    
AI Convoy (Luxembourg) S.a.r.l. Tranche B (6 month LIBOR + 3.500%)
4.500%, 1/18/27 		644   642
Amentum Government Services Holdings LLC Tranche 2, First Lien (3 month LIBOR + 4.750%)
5.500%, 1/29/27 		535   536
American Airlines, Inc. (3 month LIBOR + 4.750%)
0.000%, 4/20/28(11) 		120   123
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%)
6.250%, 6/21/27 		695   738
TransDigm, Inc.      
Tranche E (1 month LIBOR + 2.250%)
2.359%, 5/30/25 		213   209
  Par Value   Value
       
Aerospace—continued    
Tranche F (1 month LIBOR + 2.250%)
2.359%, 12/9/25 		$139   $ 136
      2,384
       
 
Chemicals—0.3%    
Aruba Investments Holdings LLC First Lien (3 month LIBOR + 4.000%)
4.750%, 11/24/27 		455   454
CPC Acquisition Corp. First Lien (3 month LIBOR + 3.750%)
4.500%, 12/29/27 		145   145
Innophos Holdings, Inc. (1 month LIBOR + 3.500%)
3.609%, 2/5/27 		396   394
      993
       
 
Consumer Durables—0.1%    
Resideo Funding, Inc. Tranche B (3 month LIBOR + 2.250%)
2.750%, 2/11/28 		400   399
Consumer Non-Durables—1.0%    
American Greetings Corp. (1 month LIBOR + 4.500%)
5.500%, 4/6/24 		373   372
Diamond (BC) B.V. (1 month LIBOR + 3.000%)
3.109%, 9/6/24 		806   801
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%)
4.109%, 6/30/24 		848   839
Rodan & Fields LLC (1 month LIBOR + 4.000%)
4.106%, 6/16/25 		695   587
ZEP, Inc. First Lien (3 month LIBOR + 4.000%)
5.000%, 8/12/24 		726   717
      3,316
       
 
Energy—0.5%    
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 6.250%)
7.250%, 3/28/24 		322   322
See Notes to Financial Statements
43

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Energy—continued    
Fieldwood Energy LLC First Lien (3 month PRIME + 4.250%)
7.500%, 4/11/22(12) 		$880   $ 334
Hamilton Projects Acquiror LLC (3 month LIBOR + 4.750%)
5.750%, 6/17/27 		481   483
Traverse Midstream Partners LLC (1 month LIBOR + 5.500%)
6.500%, 9/27/24 		620   615
      1,754
       
 
Financial—1.1%    
Asurion LLC      
Tranche B-3, Second Lien (1 month LIBOR + 5.250%)
5.359%, 1/31/28 		360   366
Tranche B-9 (1 month LIBOR + 3.250%)
3.359%, 7/31/27 		350   347
Avolon TLB Borrower 1 US LLC Tranche B-5 (1 month LIBOR + 2.500%)
3.250%, 12/1/27 		339   339
Citadel Securities LP 2021 (3 month LIBOR + 2.500%)
2.615%, 2/2/28 		585   578
Deerfield Dakota Holding LLC First Lien (1 month LIBOR + 3.750%)
4.750%, 4/9/27 		382   382
iStar, Inc. Tranche B (1 month LIBOR + 2.750%)
2.854%, 6/28/23 		511   509
RealPage, Inc. First Lien (3 month LIBOR + 3.750%)
0.000%, 2/18/28(11) 		480   478
Sedgwick Claims Management Services, Inc. 2019 (1 month LIBOR + 3.750%)
3.859%, 9/3/26 		769   764
      3,763
       
 
Food / Tobacco—0.8%    
Arterra Wines Canada, Inc. Tranche B-1 (3 month LIBOR + 3.500%)
4.250%, 11/24/27 		55   55
  Par Value   Value
       
Food / Tobacco—continued    
Chobani LLC (1 month LIBOR + 3.500%)
4.500%, 10/20/27 		$338   $ 338
City Brewing Co. LLC First Lien (3 month LIBOR + 3.500%)
0.000%, 10/1/26(11) 		125   124
Dole Food Co., Inc. Tranche B (3 month LIBOR + 2.750%)
3.754%, 4/6/24 		456   456
H-Food Holdings LLC (1 month LIBOR + 3.688%)
3.796%, 5/23/25 		343   339
Milk Specialties Co. (1 month LIBOR + 4.000%)
5.000%, 8/16/23 		280   280
Shearer’s Foods LLC First Lien (3 month LIBOR + 3.500%)
4.250%, 9/23/27 		673   671
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%)
0.000%, 3/31/28(11) 		340   338
      2,601
       
 
Forest Prod / Containers—0.8%    
Anchor Glass Container Corp. 2017 (3 month LIBOR + 2.750%)
0.000%, 12/7/23(11) 		279   246
BWay Holding Co. (3 month LIBOR + 3.250%)
3.443%, 4/3/24 		315   308
Klockner Pentaplast of America, Inc. Tranche B (3 month LIBOR + 4.750%)
0.000%, 2/12/26(11) 		835   832
Schweitzer-Mauduit International, Inc. Tranche B (3 month LIBOR + 4.000%)
0.000%, 1/27/28(11) 		490   488
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%)
4.250%, 1/31/25 		483   459
TricorBraun, Inc.      
(6 month LIBOR + 3.250%)
3.750%, 3/3/28 		361   357
  Par Value   Value
       
Forest Prod / Containers—continued    
(6 month LIBOR + 3.250%)
0.608%, 3/3/28(13) 		$ 78   $ 77
(6 month LIBOR + 3.250%)
0.608%, 3/3/28 		3   3
      2,770
       
 
Gaming / Leisure—1.1%    
Carnival Corp. (1 month LIBOR + 7.500%)
8.500%, 6/30/25 		144   148
CCM Merger, Inc. Tranche B (3 month LIBOR + 3.750%)
4.500%, 11/4/25 		373   374
ECL Entertainment LLC (3 month LIBOR + 8.000%)
0.000%, 3/31/28(11) 		100   99
Enterprise Development Authority Tranche B (3 month LIBOR + 4.250%)
0.000%, 2/18/28(11) 		140   140
Everi Payments, Inc.      
(1 month LIBOR + 10.500%)
11.500%, 5/9/24 		45   47
Tranche B (1 month LIBOR + 2.750%)
3.500%, 5/9/24 		255   253
Landry’s Finance Acquisition Co. 2020 (3 month LIBOR + 12.000%)
13.000%, 10/6/23 		45   51
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)
3.750%, 4/29/24 		871   836
Pug LLC Tranche B (1 month LIBOR + 3.500%)
3.609%, 2/12/27 		642   619
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%)
2.859%, 8/14/24 		330   323
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 3.000%)
3.750%, 4/29/26 		619   616
      3,506
       
 
See Notes to Financial Statements
44

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Healthcare—4.2%    
Accelerated Health Systems LLC (1 month LIBOR + 3.500%)
3.611%, 10/31/25 		$396   $393
AHP Health Partners, Inc. Tranche B-1 (1 month LIBOR + 3.750%)
4.750%, 6/30/25 		483   483
ASP Navigate Acquisition Corp. (3 month LIBOR + 4.500%)
5.500%, 10/6/27 		354   353
AthenaHealth, Inc. Tranche B-1 (3 month LIBOR + 4.250%)
4.453%, 2/11/26 		220   220
Azalea TopCo, Inc. (3 month LIBOR + 4.000%)
4.750%, 7/24/26 		673   674
Cano Health LLC      
(3 month LIBOR + 4.750%)
5.500%, 11/19/27 		519   519
(3 month LIBOR + 4.750%)
4.750%, 11/19/27(13) 		190   190
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%)
4.000%, 6/7/23 		554   552
CPI Holdco LLC Tranche B-1, First Lien (1 month LIBOR + 4.000%)
4.109%, 11/4/26 		45   45
Envision Healthcare Corp. (1 month LIBOR + 3.750%)
3.859%, 10/10/25 		284   244
eResearch Technology, Inc. First Lien (3 month LIBOR + 4.500%)
0.000%, 2/4/27(11) 		95   95
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%)
3.865%, 11/17/25 		563   561
Milano Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)
4.750%, 10/1/27 		633   630
National Mentor Holdings, Inc.      
First Lien (3 month LIBOR + 1.000%)
1.000%, 3/1/28(13) 		46   46
  Par Value   Value
       
Healthcare—continued    
First Lien (3 month LIBOR + 3.750%)
4.500%, 3/1/28 		$ 420   $ 417
Tranche C, First Lien (3 month LIBOR + 0.000%)
0.750%, 3/1/28 		14   14
One Call Corp. First Lien (3 month LIBOR + 5.250%)
6.250%, 11/27/22 		1,232   1,223
Ortho-Clinical Diagnostics, Inc. (3 month LIBOR + 3.250%)
3.359%, 6/30/25 		196   196
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%)
4.500%, 11/30/27 		415   414
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%)
2.859%, 2/14/25 		598   587
PetVet Care Centers LLC 2021, First Lien (1 month LIBOR + 3.500%)
4.250%, 2/14/25 		418   417
Phoenix Guarantor, Inc.      
Tranche B (1 month LIBOR + 3.750%)
4.250%, 3/5/26 		309   306
Tranche B-1 (1 month LIBOR + 3.250%)
3.361%, 3/5/26 		737   728
Pluto Acquisition I, Inc. 2020, First Lien (1 month LIBOR + 5.000%)
5.500%, 6/22/26 		419   419
Precision Medicine Group LLC      
(3 month LIBOR + 1.000%)
1.000%, 11/18/27(13) 		77   76
(3 month LIBOR + 3.000%)
3.750%, 11/18/27 		717   711
Southern Veterinary Partners LLC      
(3 month LIBOR + 4.000%)
4.000%, 10/1/27(13) 		88   89
First Lien (3 month LIBOR + 4.000%)
5.000%, 10/5/27 		639   640
  Par Value   Value
       
Healthcare—continued    
Sterigenics-Nordion Holdings LLC (3 month LIBOR + 2.750%)
3.250%, 12/13/26 		$ 285   $ 284
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%)
0.000%, 10/1/26(11) 		285   284
Surgery Center Holdings, Inc. 2020 (1 month LIBOR + 8.000%)
9.000%, 9/30/24 		74   76
TTF Holdings LLC (3 month LIBOR + 4.250%)
0.000%, 3/31/28(11) 		195   194
Verscend Holding Corp. Tranche B (3 month LIBOR + 4.250%)
0.000%, 8/27/25(11) 		160   160
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%)
3.859%, 7/2/25 		1,139   1,103
Waystar Technologies, Inc. 2021 (1 month LIBOR + 4.000%)
4.109%, 10/22/26 		471   471
      13,814
       
 
Housing—0.1%    
Hillman Group, Inc. (The)      
(3 month LIBOR + 2.750%)
0.000%, 2/24/28(11)(13) 		38   38
(3 month LIBOR + 2.750%)
0.000%, 2/24/28(11) 		34   34
Tranche B-1 (3 month LIBOR + 2.750%)
0.000%, 2/24/28(11) 		356   353
      425
       
 
Information Technology—2.6%    
Applied Systems, Inc. Second Lien (3 month LIBOR + 5.500%)
6.250%, 9/19/25 		370   372
Aston Finco S.a.r.l. First Lien (1 month LIBOR + 4.250%)
4.360%, 10/9/26 		466   462
Barracuda Networks, Inc. First Lien (3 month LIBOR + 3.750%)
4.500%, 2/12/25 		577   576
See Notes to Financial Statements
45

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Information Technology—continued    
Boxer Parent Co., Inc. 2021 (1 month LIBOR + 3.750%)
0.000%, 10/2/25 		$544   $542
Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%)
4.000%, 7/30/27 		816   813
Greeneden US Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%)
4.750%, 12/1/27 		500   500
Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%)
4.250%, 7/1/24 		811   810
Infinite Bidco LLC      
First Lien (3 month LIBOR + 3.750%)
4.250%, 3/2/28 		595   590
Second Lien (3 month LIBOR + 7.000%)
7.500%, 2/24/29 		225   225
Ion Trading Finance Ltd. (3 month LIBOR + 4.750%)
0.000%, 3/26/28(11) 		115   115
Masergy Holdings, Inc. 2017, First Lien (3 month LIBOR + 3.250%)
4.250%, 12/15/23 		612   609
Project Ruby Ultimate Parent Corp. First Lien (3 month LIBOR + 3.250%)
4.000%, 3/3/28 		375   373
Sophia LP (3 month LIBOR + 3.750%)
3.953%, 10/7/27 		858   857
Turing Midco LLC (1 month LIBOR + 3.250%)
3.750%, 3/17/28 		180   179
UKG, Inc. 2021 (3 month LIBOR + 3.250%)
4.000%, 5/4/26 		861   861
Ultimate Software Group, Inc. (The) Second Lien (3 month LIBOR + 6.750%)
7.500%, 5/3/27 		25   26
  Par Value   Value
       
Information Technology—continued    
Ultra Clean Holdings, Inc. (3 month LIBOR + 3.750%)
0.000%, 2/24/28(11) 		$240   $ 240
Vertiv Group Corp. Tranche B (1 month LIBOR + 2.750%)
2.869%, 3/2/27 		342   339
Virtusa Corp. (1 month LIBOR + 4.250%)
5.000%, 2/11/28 		95   95
      8,584
       
 
Manufacturing—1.4%    
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)
4.250%, 10/8/27 		519   517
Backyard Acquireco, Inc. (3 month LIBOR + 4.000%)
4.750%, 11/2/27 		923   924
CIRCOR International, Inc. (3 month LIBOR + 3.250%)
0.000%, 12/11/24(11) 		625   618
Filtration Group Corp.      
(1 month LIBOR + 3.000%)
3.109%, 3/31/25 		515   508
Tranche A (1 month LIBOR + 3.750%)
4.500%, 3/29/25 		343   343
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%)
3.500%, 3/31/27 		603   601
Star US Bidco LLC (1 month LIBOR + 4.250%)
5.250%, 3/17/27 		587   580
Truck Hero, Inc. (1 month LIBOR + 3.750%)
4.500%, 1/29/28 		245   244
US Farathane LLC Tranche B-5 (3 month LIBOR + 4.250%)
5.250%, 12/23/24 		359   357
      4,692
       
 
Media / Telecom - Broadcasting—0.1%    
Diamond Sports Group LLC (1 month LIBOR + 3.250%)
3.360%, 8/24/26 		276   188
  Par Value   Value
       
Media / Telecom - Cable/Wireless
Video—0.1% 		   
Intelsat Jackson Holdings S.A. Tranche B-5 (6 month LIBOR + 8.625%)
8.625%, 1/2/24(12) 		$318   $324
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%)
4.250%, 9/25/26 		116   116
      440
       
 
Media / Telecom - Diversified
Media—0.2% 		   
Newco Financing Partnership Tranche AV1 (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		400   399
UPC Financing Partnership Tranche AV (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		400   399
      798
       
 
Media / Telecom -
Telecommunications—0.2% 		   
Consolidated Communications, Inc. (1 month LIBOR + 4.750%)
5.750%, 10/2/27 		268   268
Securus Technologies Holdings, Inc. First Lien (3 month LIBOR + 4.500%)
5.500%, 11/1/24 		449   414
      682
       
 
Retail—0.8%    
CNT Holdings I Corp. First Lien (6 month LIBOR + 3.750%)
4.500%, 11/8/27 		495   494
Gloves Buyer, Inc. First Lien (1 month LIBOR + 4.000%)
4.750%, 1/20/28 		480   479
Great Outdoors Group LLC Tranche B-1 (3 month LIBOR + 4.250%)
0.000%, 3/5/28(11) 		500   500
See Notes to Financial Statements
46

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Retail—continued    
Michaels Stores, Inc. 2020, Tranche B (1 month LIBOR + 3.500%)
4.250%, 10/1/27 		$251   $ 250
Petco Health and Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%)
4.000%, 3/4/28 		420   418
PetsMart LLC (3 month LIBOR + 3.750%)
4.500%, 2/12/28 		440   439
      2,580
       
 
Service—2.3%    
Acuris Finance US, Inc. (3 month LIBOR + 4.000%)
4.500%, 2/16/28 		140   139
Cardtronics USA, Inc. (1 month LIBOR + 4.000%)
5.000%, 6/29/27 		501   500
Carlisle Food Service Products, Inc. First Lien (3 month LIBOR + 3.000%)
4.000%, 3/20/25 		486   469
DG Investment Intermediate Holdings 2, Inc.      
First Lien (3 month LIBOR + 3.750%)
0.000%, 12/23/24(11)(13) 		39   39
First Lien (3 month LIBOR + 3.750%)
0.000%, 3/31/28(11) 		302   300
First Lien (3 month LIBOR + 3.750%)
0.000%, 3/31/28(11) 		24   24
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)
3.359%, 2/6/26 		594   590
DXP Enterprises, Inc. (1 month LIBOR + 4.750%)
5.750%, 12/16/27 		344   343
  Par Value   Value
       
Service—continued    
Ensemble RCM LLC (3 month LIBOR + 3.750%)
3.962%, 8/3/26 		$145   $ 144
Grab Holdings, Inc. (6 month LIBOR + 4.500%)
5.500%, 1/29/26 		840   853
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%)
4.500%, 6/30/24 		629   616
NAB Holdings LLC 2018 (3 month LIBOR + 3.000%)
4.000%, 7/1/24 		647   644
Peraton Corp.      
(3 month LIBOR + 3.750%)
0.000%, 2/1/28(11) 		428   427
Tranche B, First Lien (3 month LIBOR + 3.750%)
4.500%, 2/1/28 		243   243
Pi US Mergerco, Inc. Tranche B-1 (1 month LIBOR + 3.500%)
4.500%, 1/3/25 		468   467
Pike Corp. 2028 (3 month LIBOR + 3.000%)
3.130%, 1/21/28 		641   638
PODS LLC (3 month LIBOR + 3.000%)
0.000%, 3/31/28(11) 		265   264
TKC Holdings, Inc. First Lien (6 month LIBOR + 3.750%)
4.750%, 2/1/23 		318   310
Weld North Education LLC 2020 (1 month LIBOR + 4.000%)
4.750%, 12/15/27 		653   652
      7,662
       
 
Transportation - Automotive—0.4%    
Clarios Global LP First Lien (1 month LIBOR + 3.250%)
3.359%, 4/30/26 		334   330
  Par Value   Value
       
Transportation - Automotive—continued    
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 11/2/23 		$866   $ 835
PAI Holdco, Inc. Tranche B (3 month LIBOR + 4.000%)
5.000%, 10/28/27 		135   135
      1,300
       
 
Utility—0.3%    
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)
3.250%, 8/1/25 		690   683
PG&E Corp. Tranche B (3 month LIBOR + 3.000%)
3.500%, 6/23/25 		149   149
      832
       
 
Total Leveraged Loans
(Identified Cost $63,633) 		  63,483
       
 
       
 
    
  Shares  
Preferred Stocks—1.9%
Financials—1.6%  
Capital Farm Credit ACA Series 1 144A, 5.000%(1) 525 (14) 537
Discover Financial Services Series D, 6.125% 360 (14) 400
Fifth Third Bancorp Series L, 4.500% 755 (14) 802
KeyCorp Series D, 5.000% 755 (14) 827
MetLife, Inc. Series D, 5.875% 478 (14) 529
Truist Financial Corp. Series Q, 5.100% 880 (14) 959
Zions Bancorp NA, 6.950% 38,525 1,075
    5,129
     
 
See Notes to Financial Statements
47

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Shares   Value
       
Industrials—0.3%    
General Electric Co. Series D, 3.514%(3) 1,055 (14)   $ 997
Total Preferred Stocks
(Identified Cost $5,691) 		  6,126
       
 
       
 
Common Stocks—0.1%
Communication Services—0.0%    
Clear Channel Outdoor Holdings, Inc. Class A(15) 11,677   21
Consumer Discretionary—0.1%    
Mark IV Industries 446   1
MYT Holding LLC Class B(15) 42,729   222
      223
       
 
Energy—0.0%    
Frontera Energy Corp. 6,656   34
Financials—0.0%    
Neiman Marcus Group, Inc.(15) 836   58
Total Common Stocks
(Identified Cost $482) 		  336
       
 
       
 
Rights—0.0%
Utilities—0.0%    
Vistra Energy Corp.(9)(15) 6,252   7
Total Rights
(Identified Cost $5) 		  7
       
 
       
 
Warrant—0.0%
Communication Services—0.0%    
iHeartMedia, Inc.(9) 4,966   61
Total Warrant
(Identified Cost $86) 		  61
       
 
       
 
Total Long-Term Investments—98.2%
(Identified Cost $322,722) 		  325,892
       
 
       
 
  Shares   Value
       
       
Securities Lending Collateral—0.9%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(16)(17) 2,881,793   $ 2,882
Total Securities Lending Collateral
(Identified Cost $2,882) 		  2,882
       
 
       
 
TOTAL INVESTMENTS—99.1%
(Identified Cost $325,604) 		  $328,774
Other assets and liabilities, net—0.9%   2,890
NET ASSETS—100.0%   $331,664
    
Abbreviations:
ABS Asset-Backed Securities
ACA American Capital Access Financial Guarantee Corp.
BAM Build America Municipal Insured
JSC Joint Stock Company
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 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, 2021, these securities amounted to a value of $186,918 or 56.4% of net assets.
(2) Regulation S security. Security is offered and sold outside of the United States; it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.
(3) Variable rate security. Rate disclosed is as of March 31, 2021. 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) All or a portion of security is on loan.
(5) Security in default; no interest payments are being received during the bankruptcy proceedings.
(6) The first payment of cash and/or principal will be made on 10/1/21.
(7) No contractual maturity date.
(8) 37% of the income received was in cash and 63% was in PIK.
(9) 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.
(10) 100% of the income received was in cash.
(11) This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(12) Security in default, interest payments are being received during the bankruptcy proceedings.
(13) Represents unfunded portion of security and commitment fee earned on this portion.
(14) Value shown as par value.
(15) Non-income producing.
(16) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(17) Represents security purchased with cash collateral received for securities on loan.
    
Country Weightings†
United States 81%
Canada 2
Indonesia 2
Mexico 2
Luxembourg 1
Netherlands 1
Saudi Arabia 1
Other 10
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
48

Table of Contents
Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Securities:              
Asset-Backed Securities $ 32,805   $ —   $ 32,805   $—
Corporate Bonds and Notes 153,043   —   153,041   2 (1)
Foreign Government Securities 24,189   —   24,189   —
Leveraged Loans 63,483   —   63,483   —
Mortgage-Backed Securities 45,420   —   45,420   —
Municipal Bonds 422   —   422   —
Equity Securities:              
Preferred Stocks 6,126   —   6,126   —
Common Stocks 336   55   281   —
Rights 7   —   —   7
Warrant 61   —   —   61
Securities Lending Collateral 2,882   2,882   —   —
Total Investments $328,774   $2,937   $325,767   $70
    
(1) Includes internally fair valued securities currently priced at zero ($0).
Securities held by the Fund with an end of period value of $8 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, 2021.
See Notes to Financial Statements
49

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Par Value   Value
Corporate Bonds and Notes—4.6%
Communication Services—0.8%    
Clear Channel Worldwide Holdings, Inc. 144A
5.125%, 8/15/27(1) 		$ 130   $ 131
Diamond Sports Group LLC 144A
5.375%, 8/15/26(1) 		445   320
iHeartCommunications, Inc.      
6.375%, 5/1/26 258   273
8.375%, 5/1/27 467   501
Level 3 Financing, Inc. 144A
4.250%, 7/1/28(1) 		55   56
Radiate Holdco LLC 144A
4.500%, 9/15/26(1) 		280   283
      1,564
       
 
Consumer Discretionary—0.5%    
Caesars Entertainment, Inc. 144A
6.250%, 7/1/25(1) 		95   101
Carnival Corp. 144A
11.500%, 4/1/23(1) 		230   263
MGM Growth Properties Operating Partnership LP 144A
4.625%, 6/15/25(1) 		70   74
NCL Corp., Ltd. 144A
5.875%, 3/15/26(1) 		180   182
PetSmart, Inc. 144A
4.750%, 2/15/28(1) 		300   307
Tenneco, Inc.
5.375%, 12/15/24 		205   206
      1,133
       
 
Consumer Staples—0.4%    
Dole Food Co., Inc. 144A
7.250%, 6/15/25(1) 		855   878
Kronos Acquisition Holdings, Inc. 144A
5.000%, 12/31/26(1) 		5   5
      883
       
 
Financials—0.5%    
Acrisure LLC 144A
4.250%, 2/15/29(1) 		240   236
ICAHN Enterprises LP
4.750%, 9/15/24 		550   571
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) 		225   222
      1,029
       
 
Health Care—1.2%    
Community Health Systems, Inc. 144A
6.625%, 2/15/25(1) 		430   454
  Par Value   Value
       
Health Care—continued    
Legacy LifePoint Health LLC      
144A 6.750%, 4/15/25(1) $ 10   $ 11
144A 4.375%, 2/15/27(1) 260   255
One Call Corp. PIK Interest Capitalization 144A
8.750%, 7/1/24(1)(2) 		1,740   1,788
Tenet Healthcare Corp. 144A
7.500%, 4/1/25(1) 		55   59
      2,567
       
 
Industrials—0.4%    
American Airlines, Inc.      
144A 5.500%, 4/20/26(1) 135   140
144A 5.750%, 4/20/29(1) 50   53
Spirit AeroSystems, Inc.
3.950%, 6/15/23 		230   228
TransDigm, Inc. 144A
8.000%, 12/15/25(1) 		435   474
      895
       
 
Materials—0.4%    
Ardagh Packaging Finance plc      
144A 4.125%, 8/15/26(1) 590   605
144A 5.250%, 8/15/27(1) 200   204
Cleveland-Cliffs, Inc. 144A
6.750%, 3/15/26(1) 		95   103
      912
       
 
Real Estate—0.4%    
iStar, Inc.
4.250%, 8/1/25 		875   881
Utilities—0.0%    
Texas Competitive Electric Holdings Co. 144A
11.500%, 10/1/20(1)(3) 		9,165   —
Total Corporate Bonds and Notes
(Identified Cost $9,575) 		  9,864
       
 
       
 
Leveraged Loans(4)—99.0%
Aerospace—3.5%    
AI Convoy (Luxembourg) S.a.r.l. Tranche B (6 month LIBOR + 3.500%)
4.500%, 1/18/27 		832   830
Amentum Government Services Holdings LLC Tranche 2, First Lien (3 month LIBOR + 4.750%)
5.500%, 1/29/27 		1,005   1,006
American Airlines, Inc.      
(3 month LIBOR + 4.750%)
0.000%, 4/20/28(5) 		390   399
  Par Value   Value
       
Aerospace—continued    
2017, Tranche B (1 month LIBOR + 2.000%)
2.106%, 12/14/23 		$ 800   $ 764
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%)
3.860%, 12/6/25 		650   649
Kestrel Bidco, Inc. (4 month LIBOR + 3.000%)
4.000%, 12/11/26 		833   807
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%)
6.250%, 6/21/27 		1,075   1,141
TransDigm, Inc. Tranche F (1 month LIBOR + 2.250%)
2.359%, 12/9/25 		1,776   1,738
      7,334
       
 
Chemicals—4.6%    
Aruba Investments Holdings LLC First Lien (3 month LIBOR + 4.000%)
4.750%, 11/24/27 		545   544
Ascend Performance Materials Operations LLC 2021 (3 month LIBOR + 4.750%)
5.500%, 8/27/26 		458   464
CPC Acquisition Corp. First Lien (3 month LIBOR + 3.750%)
4.500%, 12/29/27 		235   235
Element Solutions, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.109%, 2/2/26 		992   986
Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%)
3.500%, 12/31/27 		480   477
H.B. Fuller Co. Tranche B (1 month LIBOR + 2.000%)
2.111%, 10/20/24 		816   812
Hexion, Inc. Tranche B (3 month LIBOR + 3.500%)
3.740%, 7/1/26 		694   694
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%)
2.109%, 4/1/24 		2,106   2,080
Ineos U.S. Petrochem LLC 2026, Tranche B (3 month LIBOR + 2.750%)
3.250%, 1/29/26 		640   638
Innophos Holdings, Inc. (1 month LIBOR + 3.500%)
3.609%, 2/5/27 		861   858
See Notes to Financial Statements
50

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Chemicals—continued    
Starfruit Finco B.V. (1 month LIBOR + 2.750%)
2.860%, 10/1/25 		$1,269   $ 1,248
Trinseo Materials Operating SCA Tranche B-2, First Lien (3 month LIBOR + 2.500%)
0.000%, 3/17/28(5) 		625   618
      9,654
       
 
Consumer Durables—1.5%    
CP Atlas Buyer, Inc. Tranche B (3 month LIBOR + 3.750%)
4.250%, 11/23/27 		335   333
Plantronics, Inc. Tranche B (1 month LIBOR + 2.500%)
2.650%, 7/2/25 		696   686
Resideo Funding, Inc. Tranche B (3 month LIBOR + 2.250%)
2.750%, 2/11/28 		250   249
Serta Simmons Bedding LLC First Lien (3 month LIBOR + 3.500%)
4.500%, 11/8/23 		1,645   1,071
Zodiac Pool Solutions LLC Tranche B1 (1 month LIBOR + 2.000%)
2.109%, 7/2/25 		837   829
      3,168
       
 
Consumer Non-Durables—3.0%    
Diamond (BC) B.V. (1 month LIBOR + 3.000%)
3.109%, 9/6/24 		1,391   1,383
Isagenix International LLC (3 month LIBOR + 5.750%)
6.750%, 6/16/25 		830   617
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.750%)
4.250%, 		1,252   1,233
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%)
4.109%, 6/30/24 		1,172   1,159
Rodan & Fields LLC (1 month LIBOR + 4.000%)
4.106%, 6/16/25 		819   692
  Par Value   Value
       
Consumer Non-Durables—continued    
ZEP, Inc. First Lien (3 month LIBOR + 4.000%)
5.000%, 8/12/24 		$1,182   $ 1,167
      6,251
       
 
Energy—1.6%    
CITGO Holding, Inc. (3 month LIBOR + 7.000%)
8.000%, 8/1/23 		310   298
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 6.250%)
7.250%, 3/28/24 		673   674
Fieldwood Energy LLC First Lien (3 month PRIME + 4.250%)
7.500%, 4/11/22(6) 		733   279
Hamilton Projects Acquiror LLC (3 month LIBOR + 4.750%)
5.750%, 6/17/27 		835   837
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%)
4.250%, 10/30/24 		630   623
Paragon Offshore Finance Co. (3 month PRIME + 0.000%)
3.250%, 7/16/21(3)(7) 		11   —
Traverse Midstream Partners LLC (1 month LIBOR + 5.500%)
6.500%, 9/27/24 		601   595
      3,306
       
 
Financial—3.5%    
Acrisure LLC 2020, Tranche B (3 month LIBOR + 3.500%)
3.703%, 2/15/27 		1,255   1,239
Asurion LLC      
Tranche B-3, Second Lien (1 month LIBOR + 5.250%)
5.359%, 1/31/28 		425   433
Tranche B-8 (1 month LIBOR + 3.250%)
3.359%, 12/23/26 		941   935
Tranche B-9 (1 month LIBOR + 3.250%)
3.359%, 7/31/27 		495   491
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%)
3.109%, 6/16/25 		719   708
  Par Value   Value
       
Financial—continued    
Citadel Securities LP 2021 (3 month LIBOR + 2.500%)
2.615%, 2/2/28 		$1,505   $ 1,487
Deerfield Dakota Holding LLC First Lien (1 month LIBOR + 3.750%)
4.750%, 4/9/27 		1,197   1,196
iStar, Inc. Tranche B (1 month LIBOR + 2.750%)
2.854%, 6/28/23 		337   336
RealPage, Inc. First Lien (3 month LIBOR + 3.750%)
0.000%, 2/18/28(5) 		565   562
      7,387
       
 
Food / Tobacco—5.6%    
Aramark Services, Inc. Tranche B-2 (1 month LIBOR + 1.750%)
1.859%, 3/28/24 		850   846
Arterra Wines Canada, Inc. Tranche B-1 (3 month LIBOR + 3.500%)
4.250%, 11/24/27 		618   618
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%)
2.859%, 3/31/25 		765   754
Chobani LLC (1 month LIBOR + 3.500%)
4.500%, 10/20/27 		1,070   1,068
City Brewing Co. LLC First Lien (3 month LIBOR + 3.500%)
0.000%, 10/1/26(5) 		240   239
Dole Food Co., Inc. Tranche B (3 month LIBOR + 2.750%)
3.754%, 4/6/24 		447   446
Froneri US, Inc. Tranche B-2 (1 month LIBOR + 2.250%)
2.359%, 1/29/27 		938   924
H-Food Holdings LLC (1 month LIBOR + 3.688%)
3.796%, 5/23/25 		1,588   1,571
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 3.000%)
3.000%, 8/3/25 		829   824
Milk Specialties Co. (1 month LIBOR + 4.000%)
5.000%, 8/16/23 		1,110   1,109
See Notes to Financial Statements
51

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Food / Tobacco—continued    
Shearer’s Foods LLC First Lien (3 month LIBOR + 3.500%)
4.250%, 9/23/27 		$1,605   $ 1,601
Sigma Bidco B.V. Tranche B-2 (3 month LIBOR + 3.000%)
3.260%, 7/2/25 		1,360   1,340
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%)
0.000%, 3/31/28(5) 		475   473
      11,813
       
 
Forest Prod / Containers—6.6%    
Anchor Glass Container Corp.      
(3 month LIBOR + 5.000%)
6.000%, 12/7/23 		387   344
2017 (3 month LIBOR + 2.750%)
3.750%, 12/7/23 		965   850
Second Lien (3 month LIBOR + 7.750%)
8.750%, 12/7/24 		269   135
Berlin Packaging LLC First Lien (1 month LIBOR + 3.000%)
3.120%, 11/7/25 		1,050   1,030
Berry Global, Inc. Tranche Z (3 month LIBOR + 1.750%)
1.898%, 7/1/26 		1,554   1,540
BWay Holding Co. (3 month LIBOR + 3.250%)
3.443%, 4/3/24 		1,261   1,233
Fort Dearborn Holding Co., Inc. First Lien (3 month LIBOR + 4.000%)
5.000%, 10/19/23 		1,298   1,294
Klockner Pentaplast of America, Inc. Tranche B (3 month LIBOR + 4.750%)
0.000%, 2/12/26(5) 		1,415   1,410
Reynolds Group Holdings, Inc.      
(3 month LIBOR + 2.750%)
2.859%, 2/6/23 		583   580
Tranche B-2 (1 month LIBOR + 3.250%)
3.359%, 2/5/26 		1,631   1,611
  Par Value   Value
       
Forest Prod / Containers—continued    
Schweitzer-Mauduit International, Inc. Tranche B (3 month LIBOR + 4.000%)
0.000%, 1/27/28(5) 		$1,000   $ 996
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%)
4.250%, 1/31/25 		1,148   1,090
TricorBraun, Inc.      
(4 month LIBOR + 0.500%)
0.500%, 3/3/28(8) 		156   144
(6 month LIBOR + 3.250%)
3.750%, 3/3/28 		720   712
(6 month LIBOR + 3.250%)
3.750%, 3/3/28 		5   16
Trident TPI Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.000%)
4.000%, 10/17/24 		1,045   1,033
      14,018
       
 
Gaming / Leisure—6.0%    
Aristocrat Technologies, Inc.      
(3 month LIBOR + 3.750%)
4.750%, 10/19/24 		119   119
Tranche B-3 (3 month LIBOR + 1.750%)
1.973%, 10/19/24 		1,075   1,068
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.250%)
2.331%, 9/15/23 		841   839
Caesars Resort Collection LLC Tranche B-1 (1 month LIBOR + 4.500%)
4.609%, 7/21/25 		851   852
Carnival Corp. (1 month LIBOR + 7.500%)
8.500%, 6/30/25 		159   164
CCM Merger, Inc. Tranche B (3 month LIBOR + 3.750%)
4.500%, 11/4/25 		458   459
CityCenter Holdings LLC (3 month LIBOR + 2.250%)
3.000%, 4/18/24 		1,086   1,071
ECL Entertainment LLC (3 month LIBOR + 8.000%)
0.000%, 3/31/28(5) 		175   173
  Par Value   Value
       
Gaming / Leisure—continued    
Enterprise Development Authority Tranche B (3 month LIBOR + 4.250%)
0.000%, 2/18/28(5) 		$ 195   $ 195
Everi Payments, Inc. Tranche B (1 month LIBOR + 2.750%)
3.500%, 5/9/24 		1,220   1,212
Golden Nugget, Inc. First Lien (2 month LIBOR + 2.500%)
3.250%, 10/4/23 		1,309   1,287
Landry’s Finance Acquisition Co. 2020 (3 month LIBOR + 12.000%)
13.000%, 10/6/23 		30   34
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)
3.750%, 4/29/24 		1,117   1,071
Playtika Holding Corp. Tranche B-1 (3 month LIBOR + 2.750%)
0.000%, 3/5/28(5) 		420   417
Pug LLC Tranche B (1 month LIBOR + 3.500%)
3.609%, 2/12/27 		889   857
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%)
2.859%, 8/14/24 		1,226   1,202
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)
2.500%, 2/8/27 		572   562
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 3.000%)
3.750%, 4/29/26 		1,189   1,183
      12,765
       
 
Healthcare—15.3%    
Agiliti Health, Inc. (3 month LIBOR + 2.750%)
3.500%, 1/5/26 		469   463
AHP Health Partners, Inc. Tranche B-1 (1 month LIBOR + 3.750%)
4.750%, 6/30/25 		1,183   1,183
ASP Navigate Acquisition Corp. (3 month LIBOR + 4.500%)
5.500%, 10/6/27 		439   438
See Notes to Financial Statements
52

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Healthcare—continued    
AthenaHealth, Inc. Tranche B-1 (3 month LIBOR + 4.250%)
4.453%, 2/11/26 		$ 285   $ 285
Azalea TopCo, Inc.      
(3 month LIBOR + 4.000%)
4.750%, 7/24/26 		170   170
First Lien (3 month LIBOR + 3.500%)
3.712%, 7/27/26 		606   600
Bausch Health Cos., Inc.      
(1 month LIBOR + 2.750%)
2.859%, 11/27/25 		439   436
(1 month LIBOR + 3.000%)
3.109%, 6/2/25 		1,290   1,285
Cano Health LLC      
(3 month LIBOR + 4.750%)
5.500%, 11/19/27 		643   643
(3 month LIBOR + 4.750%)
4.750%, 11/19/27(8) 		235   235
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%)
4.000%, 6/7/23 		930   926
Concordia International Corp. (1 month LIBOR + 5.500%)
6.500%, 9/6/24 		712   711
CPI Holdco LLC Tranche B-1, First Lien (1 month LIBOR + 4.000%)
4.109%, 11/4/26 		485   485
Endo Luxembourg Finance Co. S.a.r.l. Tranche B (3 month LIBOR + 5.000%)
5.750%, 4/29/24 		853   843
Envision Healthcare Corp. (1 month LIBOR + 3.750%)
3.859%, 10/10/25 		1,186   1,021
eResearch Technology, Inc. First Lien (3 month LIBOR + 4.500%)
5.500%, 2/4/27 		938   938
Gentiva Health Services, Inc. Tranche B-1 (1 month LIBOR + 2.750%)
2.875%, 7/2/25 		556   552
HAH Group Holding Co. LLC      
First Lien (3 month LIBOR + 0.000%)
5.000%, 10/22/27(8) 		124   124
  Par Value   Value
       
Healthcare—continued    
First Lien (3 month LIBOR + 5.000%)
6.000%, 10/22/27 		$ 981   $ 984
Heartland Dental LLC (1 month LIBOR + 3.500%)
3.609%, 4/30/25 		769   755
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%)
1.953%, 6/11/25 		801   796
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%)
3.865%, 11/17/25 		1,337   1,334
Milano Acquisition Corp. Tranche B (3 month LIBOR + 4.000%)
4.750%, 10/1/27 		1,087   1,082
National Mentor Holdings, Inc.      
First Lien (3 month LIBOR + 1.000%)
1.000%, 3/1/28(8) 		108   107
First Lien (3 month LIBOR + 3.750%)
4.500%, 3/1/28 		980   973
Tranche C, First Lien (3 month LIBOR + 0.000%)
0.750%, 3/1/28 		33   32
One Call Corp. First Lien (3 month LIBOR + 5.250%)
6.250%, 11/27/22 		218   217
Ortho-Clinical Diagnostics, Inc. (3 month LIBOR + 3.250%)
3.359%, 6/30/25 		753   751
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%)
4.500%, 11/30/27 		665   664
Parexel International Corp. (3 month LIBOR + 2.750%)
2.859%, 9/27/24 		1,164   1,150
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%)
2.859%, 2/14/25 		1,535   1,508
PetVet Care Centers LLC 2021, First Lien (1 month LIBOR + 3.500%)
4.250%, 2/14/25 		488   486
Phoenix Guarantor, Inc.      
Tranche B (1 month LIBOR + 3.750%)
4.250%, 3/5/26 		364   361
  Par Value   Value
       
Healthcare—continued    
Tranche B-1 (1 month LIBOR + 3.250%)
3.361%, 3/5/26 		$ 305   $ 301
Tranche B-3
0.000%, 3/5/26 		655   649
Pluto Acquisition I, Inc. 2020, First Lien (1 month LIBOR + 5.000%)
5.500%, 6/22/26 		499   499
PPD, Inc. (1 month LIBOR + 2.250%)
2.750%, 1/13/28 		510   507
Precision Medicine Group LLC      
(3 month LIBOR + 1.000%)
1.000%, 11/18/27(8) 		76   75
(3 month LIBOR + 3.000%)
3.750%, 11/18/27 		712   706
Select Medical Corp. Tranche B (1 month LIBOR + 2.250%)
2.360%, 3/6/25 		633   628
Southern Veterinary Partners LLC      
(3 month LIBOR + 4.000%)
4.000%, 10/1/27(8) 		105   105
First Lien (3 month LIBOR + 4.000%)
5.000%, 10/5/27 		759   761
Sterigenics-Nordion Holdings LLC (3 month LIBOR + 2.750%)
3.250%, 12/13/26 		580   578
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%)
0.000%, 10/1/26(5) 		535   534
Surgery Center Holdings, Inc.      
(1 month LIBOR + 3.250%)
4.250%, 9/2/24 		1,140   1,128
2020 (1 month LIBOR + 8.000%)
9.000%, 9/30/24 		59   61
Team Health Holdings, Inc. (1 month LIBOR + 2.750%)
3.750%, 2/6/24 		454   421
TTF Holdings LLC (3 month LIBOR + 4.250%)
0.000%, 3/31/28(5) 		340   338
See Notes to Financial Statements
53

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Healthcare—continued    
Verscend Holding Corp. Tranche B (3 month LIBOR + 4.250%)
0.000%, 8/27/25(5) 		$ 275   $ 275
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%)
3.859%, 7/2/25 		1,561   1,512
Waystar Technologies, Inc. 2021 (1 month LIBOR + 4.000%)
5.480%, 10/22/26 		805   804
      32,420
       
 
Housing—1.9%    
84 Lumber Co. Tranche B-1 (3 month LIBOR + 3.000%)
3.750%, 11/13/26 		185   184
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%)
2.109%, 1/15/27 		1,519   1,506
CPG International LLC (3 month LIBOR + 2.500%)
3.250%, 5/6/24(3) 		557   557
Hillman Group, Inc. (The)      
(3 month LIBOR + 2.750%)
0.000%, 2/24/28(5)(8) 		60   60
Tranche B-1 (3 month LIBOR + 2.750%)
0.000%, 2/24/28(5) 		297   295
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%)
2.109%, 11/21/24 		1,480   1,473
      4,075
       
 
Information Technology—7.5%    
Applied Systems, Inc.      
First Lien (3 month LIBOR + 3.000%)
3.512%, 9/19/24 		1,181   1,176
Second Lien (3 month LIBOR + 5.500%)
6.250%, 9/19/25 		755   759
Aston Finco S.a.r.l. First Lien (1 month LIBOR + 4.250%)
4.360%, 10/9/26 		779   772
Barracuda Networks, Inc. First Lien (3 month LIBOR + 3.750%)
4.500%, 2/12/25 		751   750
  Par Value   Value
       
Information Technology—continued    
Boxer Parent Co., Inc. 2021 (1 month LIBOR + 3.750%)
3.859%, 10/2/25 		$1,494   $ 1,487
Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%)
4.000%, 7/30/27 		985   981
Greeneden US Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%)
4.750%, 12/1/27 		710   710
Hyland Software, Inc.      
(3 month LIBOR + 6.250%)
0.000%, 7/7/25(5) 		85   85
2018 (1 month LIBOR + 3.500%)
4.250%, 7/1/24 		1,000   999
Infinite Bidco LLC      
First Lien (3 month LIBOR + 3.750%)
4.250%, 3/2/28 		840   833
Second Lien (3 month LIBOR + 7.000%)
7.500%, 2/24/29 		290   290
Ion Trading Finance Ltd. (3 month LIBOR + 4.750%)
0.000%, 3/26/28(5) 		215   215
Masergy Holdings, Inc. 2017, First Lien (3 month LIBOR + 3.250%)
4.250%, 12/15/23 		855   852
Project Ruby Ultimate Parent Corp. First Lien (3 month LIBOR + 3.250%)
4.000%, 3/3/28 		185   184
Sophia LP (3 month LIBOR + 3.750%)
3.953%, 10/7/27 		983   981
Turing Midco LLC (1 month LIBOR + 3.250%)
3.750%, 3/17/28 		330   329
Uber Technologies, Inc. 2021 (1 month LIBOR + 3.500%)
3.609%, 2/25/27 		1,231   1,225
UKG, Inc. 2021 (3 month LIBOR + 3.250%)
4.000%, 5/4/26 		1,657   1,657
Ultimate Software Group, Inc. (The) Second Lien (3 month LIBOR + 6.750%)
7.500%, 5/3/27 		40   41
Ultra Clean Holdings, Inc. (3 month LIBOR + 3.750%)
0.000%, 2/24/28 		315   315
  Par Value   Value
       
Information Technology—continued    
Vertiv Group Corp. Tranche B (1 month LIBOR + 2.750%)
2.869%, 3/2/27 		$1,049   $ 1,040
Virtusa Corp. (1 month LIBOR + 4.250%)
5.000%, 2/11/28 		300   300
      15,981
       
 
Manufacturing—5.9%    
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)
4.250%, 10/8/27 		998   995
Backyard Acquireco, Inc. (3 month LIBOR + 4.000%)
4.750%, 11/2/27 		898   899
Blue Tree Holdings, Inc. (3 month LIBOR + 2.500%)
2.610%, 3/4/28(3) 		820   816
CIRCOR International, Inc. (3 month LIBOR + 3.250%)
4.250%, 12/11/24 		961   950
Filtration Group Corp.      
(1 month LIBOR + 3.000%)
3.109%, 3/31/25 		1,494   1,472
Tranche A (1 month LIBOR + 3.750%)
4.500%, 3/29/25 		413   412
Gardner Denver, Inc.      
Tranche A (1 month LIBOR + 2.750%)
2.859%, 3/1/27 		55   54
Tranche B-1 (3 month LIBOR + 1.750%)
1.859%, 3/1/27 		823   812
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%)
3.500%, 3/31/27 		1,569   1,563
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%)
1.859%, 3/1/27 		361   356
NCR Corp. (3 month LIBOR + 2.500%)
2.720%, 8/28/26 		934   922
Ozark Holdings LLC 2020 (1 month LIBOR + 4.000%)
4.750%, 12/10/27 		224   224
Star US Bidco LLC (1 month LIBOR + 4.250%)
5.250%, 3/17/27 		953   943
See Notes to Financial Statements
54

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Manufacturing—continued    
Titan Acquisition Ltd. (3 month LIBOR + 3.000%)
3.267%, 3/28/25 		$1,083   $ 1,060
Truck Hero, Inc. (1 month LIBOR + 3.750%)
4.500%, 1/29/28 		460   459
US Farathane LLC Tranche B-5 (3 month LIBOR + 4.250%)
5.250%, 12/23/24 		583   579
      12,516
       
 
Media / Telecom - Broadcasting—2.9%    
Diamond Sports Group LLC (1 month LIBOR + 3.250%)
3.360%, 8/24/26 		701   478
iHeartCommunications, Inc. (1 month LIBOR + 3.000%)
3.109%, 5/1/26 		1,407   1,389
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)
2.615%, 9/18/26 		1,119   1,109
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%)
2.360%, 1/3/24 		1,015   1,008
Univision Communications, Inc. 2017 (1 month LIBOR + 2.750%)
3.750%, 3/15/24 		2,110   2,093
      6,077
       
 
Media / Telecom - Cable/Wireless
Video—3.0% 		   
Charter Communications Operating LLC Tranche B2 (1 month LIBOR + 1.750%)
1.870%, 2/1/27 		2,331   2,318
CSC Holdings LLC      
2017 (1 month LIBOR + 2.250%)
2.356%, 7/17/25 		1,593   1,569
2018 (1 month LIBOR + 2.250%)
2.356%, 1/15/26 		999   985
Intelsat Jackson Holdings S.A. Tranche B-5 (6 month LIBOR + 8.625%)
8.625%, 1/2/24(6) 		691   704
  Par Value   Value
       
Media / Telecom - Cable/Wireless
Video—continued 		   
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%)
4.250%, 9/25/26 		$ 149   $ 149
Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%)
2.606%, 1/31/28 		620   614
      6,339
       
 
Media / Telecom - Diversified
Media—1.7% 		   
Clear Channel Outdoor Holdings, Inc. Tranche B (3 month LIBOR + 3.500%)
3.712%, 8/21/26 		861   826
McGraw Hill LLC (3 month LIBOR + 4.750%)
5.750%, 11/1/24 		1,086   1,084
Meredith Corp. Tranche B-2 (1 month LIBOR + 2.500%)
2.609%, 1/31/25 		689   681
Newco Financing Partnership Tranche AV1 (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		550   548
UPC Financing Partnership Tranche AV (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		550   548
      3,687
       
 
Media / Telecom -
Telecommunications—3.8% 		   
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%)
2.359%, 3/15/27 		893   883
Consolidated Communications, Inc. (1 month LIBOR + 4.750%)
5.750%, 10/2/27 		646   646
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%)
1.859%, 3/1/27 		2,124   2,095
Numericable U.S. LLC      
Tranche B-11 (1 month LIBOR + 2.750%)
2.859%, 7/31/25 		979   958
  Par Value   Value
       
Media / Telecom -
Telecommunications—continued 		   
Tranche B-12 (1 month LIBOR + 3.688%)
3.794%, 1/31/26 		$ 534   $ 529
Tranche B-13 (3 month LIBOR + 4.000%)
4.198%, 8/14/26 		635   633
Securus Technologies Holdings, Inc. First Lien (3 month LIBOR + 4.500%)
5.500%, 11/1/24 		728   672
West Corp.      
Tranche B (3 month LIBOR + 4.000%)
5.000%, 10/10/24 		498   481
Tranche B-1 (3 month LIBOR + 3.500%)
4.500%, 10/10/24 		452   434
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%)
3.109%, 3/9/27 		715   708
      8,039
       
 
Media / Telecom - Wireless
Communications—0.6% 		   
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)
1.860%, 4/11/25 		1,376   1,359
Metals / Minerals—0.2%    
Covia Holdings Corp. (1 month LIBOR + 4.000%)
5.000%, 7/31/26 		491   473
Retail—3.1%    
CNT Holdings I Corp. First Lien (6 month LIBOR + 3.750%)
4.500%, 11/8/27 		830   828
Gloves Buyer, Inc. First Lien (1 month LIBOR + 4.000%)
4.750%, 1/20/28 		675   673
Great Outdoors Group LLC Tranche B-1 (3 month LIBOR + 4.250%)
5.000%, 3/5/28 		1,516   1,517
Harbor Freight Tools USA, Inc. 2020 (1 month LIBOR + 3.000%)
3.750%, 10/19/27 		1,589   1,586
See Notes to Financial Statements
55

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Retail—continued    
Michaels Stores, Inc. 2020, Tranche B (1 month LIBOR + 3.500%)
4.250%, 10/1/27 		$1,019   $ 1,018
Petco Health and Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%)
4.000%, 3/4/28 		655   652
PetsMart LLC (3 month LIBOR + 3.750%)
4.500%, 2/12/28 		195   194
      6,468
       
 
Service—11.5%    
Acuris Finance US, Inc. (3 month LIBOR + 4.000%)
4.500%, 2/16/28 		250   248
Adtalem Global Education, Inc. Tranche B, First Lien (3 month LIBOR + 4.500%)
0.000%, 2/14/28(5) 		1,050   1,039
AlixPartners LLP (1 month LIBOR + 2.750%)
3.250%, 2/4/28 		430   428
Cardtronics USA, Inc. (1 month LIBOR + 4.000%)
5.000%, 6/29/27 		660   658
Carlisle Food Service Products, Inc. First Lien (3 month LIBOR + 3.000%)
4.000%, 3/20/25 		613   591
DG Investment Intermediate Holdings 2, Inc.      
First Lien (3 month LIBOR + 3.750%)
0.000%, 12/23/24(5)(8) 		73   72
First Lien (3 month LIBOR + 3.750%)
0.000%, 12/23/24(5) 		44   44
First Lien (3 month LIBOR + 3.750%)
0.000%, 3/31/28(5) 		558   555
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)
3.359%, 2/6/26 		1,423   1,415
DXP Enterprises, Inc. (1 month LIBOR + 4.750%)
5.750%, 12/16/27 		339   338
Ensemble RCM LLC (3 month LIBOR + 3.750%)
3.962%, 8/3/26 		299   298
  Par Value   Value
       
Service—continued    
Garda World Security Corp. Tranche B-2 (3 month LIBOR + 4.250%)
0.000%, 10/30/26(5) 		$ 740   $ 740
GFL Environmental, Inc. 2020 (3 month LIBOR + 3.000%)
3.500%, 5/30/25 		812   812
Grab Holdings, Inc. (6 month LIBOR + 4.500%)
5.500%, 1/29/26 		1,275   1,294
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%)
4.500%, 6/30/24 		1,070   1,048
NAB Holdings LLC 2018 (3 month LIBOR + 3.000%)
4.000%, 7/1/24 		1,050   1,045
Patriot Container Corp. First Lien (1 month LIBOR + 3.500%)
4.500%, 3/20/25 		935   925
Peraton Corp.      
(3 month LIBOR + 3.750%)
0.000%, 2/1/28(5) 		803   803
Tranche B, First Lien (3 month LIBOR + 3.750%)
4.500%, 2/1/28 		457   456
Pi US Mergerco, Inc. Tranche B-1 (1 month LIBOR + 3.500%)
4.500%, 1/3/25 		913   911
Pike Corp. 2028 (3 month LIBOR + 3.000%)
3.130%, 1/21/28 		316   315
PODS LLC (3 month LIBOR + 3.000%)
0.000%, 3/31/28(5) 		590   587
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%)
3.359%, 12/31/25 		2,091   2,061
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.250%)
3.360%, 7/17/25 		989   977
Tempo Acquisition LLC (1 month LIBOR + 3.250%)
3.750%, 11/2/26 		876   875
TKC Holdings, Inc. First Lien (6 month LIBOR + 3.750%)
4.750%, 2/1/23 		885   863
  Par Value   Value
       
Service—continued    
Trans Union LLC Tranche B-5 (1 month LIBOR + 1.750%)
1.859%, 11/16/26 		$1,490   $ 1,479
TRC Cos, Inc. (1 month LIBOR + 4.500%)
5.250%, 6/21/24 		569   570
Weld North Education LLC 2020 (1 month LIBOR + 4.000%)
4.750%, 12/15/27 		783   781
WEX, Inc.      
Tranche B, First Lien (3 month LIBOR + 2.250%)
0.000%, 3/20/28(5) 		805   802
Tranche B-3 (3 month LIBOR + 2.250%)
2.359%, 5/15/26 		1,444   1,437
      24,467
       
 
Transportation - Automotive—3.7%    
Accuride Corp. 2017 (3 month LIBOR + 5.250%)
6.250%, 11/17/23 		849   801
American Axle & Manufacturing, Inc. Tranche B (1 month LIBOR + 2.250%)
3.000%, 4/6/24 		1,302   1,293
Clarios Global LP First Lien (1 month LIBOR + 3.250%)
3.359%, 4/30/26 		929   919
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 11/2/23 		955   919
DexKo Global, Inc. Tranche B (3 month LIBOR + 3.500%)
4.500%, 7/24/24 		606   604
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%)
3.620%, 11/6/24 		1,075   1,075
PAI Holdco, Inc. Tranche B (3 month LIBOR + 4.000%)
5.000%, 10/28/27 		180   180
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%)
3.109%, 10/1/25 		1,268   1,234
See Notes to Financial Statements
56

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Transportation - Automotive—continued    
TI Group Automotive Systems LLC First Lien (1 month LIBOR + 3.750%)
4.500%, 12/16/24 		$ 790   $ 787
      7,812
       
 
Utility—2.0%    
Astoria Energy LLC Tranche B (3 month LIBOR + 3.500%)
4.500%, 12/10/27 		507   507
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)
3.250%, 8/1/25 		1,917   1,899
Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.000%)
2.109%, 1/15/25 		648   640
Calpine Corp. Tranche B-10 (1 month LIBOR + 2.000%)
2.109%, 8/12/26 		446   440
Lightstone Holdco LLC      
2018, Tranche B (3 month LIBOR + 3.750%)
4.750%, 1/30/24 		777   609
2018, Tranche C (3 month LIBOR + 3.750%)
4.750%, 1/30/24 		44   34
PG&E Corp. Tranche B (3 month LIBOR + 3.000%)
3.500%, 6/23/25 		194   193
      4,322
       
 
Total Leveraged Loans
(Identified Cost $212,085) 		  209,731
       
 
       
 
    
  Shares  
Common Stocks—0.8%
Communication Services—0.5%  
Clear Channel Outdoor Holdings, Inc. Class A(9) 107,177 193
iHeartMedia, Inc. Class A(9) 45,578 827
    1,020
     
 
Consumer Discretionary—0.0%  
Libbey Glass Inc.(9) 40,573 60
  Shares   Value
       
Financials—0.1%    
Neiman Marcus Group, Inc.(9) 3,033   $ 212
Materials—0.2%    
Covia Holdings LLC(9) 48,743   384
Total Common Stocks
(Identified Cost $1,768) 		  1,676
       
 
       
 
Rights—0.1%
Utilities—0.1%    
Vistra Energy Corp.(3)(9) 152,810   168
Total Rights
(Identified Cost $130) 		  168
       
 
       
 
Total Long-Term Investments—104.5%
(Identified Cost $223,558) 		  221,439
       
 
       
 
Short-Term Investment—0.6%
Money Market Mutual Fund—0.6%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(10) 1,263,479   1,263
Total Short-Term Investment
(Identified Cost $1,263) 		  1,263
       
 
       
 
TOTAL INVESTMENTS—105.1%
(Identified Cost $224,821) 		  $222,702 (11)
Other assets and liabilities, net—(5.1)%   (10,793)
NET ASSETS—100.0%   $211,909
    
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, 2021, these securities amounted to a value of $7,204 or 3.4% 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, 2021. 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) This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(6) Security in default, interest payments are being received during the bankruptcy proceedings.
(7) Security in default; no interest payments are being received during the bankruptcy proceedings.
(8) Represents unfunded portion of security and commitment fee earned on this portion.
(9) Non-income producing.
(10) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(11) All or a portion of securities is segregated as collateral for borrowings.
    
Country Weightings†
United States 94%
Netherlands 2
Canada 1
Luxembourg 1
France 1
Singapore 1
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
57

Table of Contents
Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Securities:              
Corporate Bonds and Notes $ 9,864   $ —   $ 9,864   $ —(1)
Leveraged Loans 209,731   —   208,358   1,373 (1)
Equity Securities:              
Rights 168   —   —   168
Common Stocks 1,676   1,020   656   —
Money Market Mutual Fund 1,263   1,263   —   —
Total Investments $222,702   $2,283   $218,878   $1,541
    
(1) Includes internally fair valued securities currently priced at zero ($0).
Securities held by the Fund with an end of period value of $725 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.
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 		  Right
Investments in Securities              
Balance as of September 30, 2020: $ 2(a)   $ —(a)   $ 2(a)   $ —
Accrued discount/(premium) — (b)   —   — (b)   —
Realized gain (loss) (784)   —   (784)   —
Change in unrealized appreciation (depreciation)(c) 780   —   780   —
Purchases 818   —   818   —
Transfers into Level 3(d) 725   —   557   168
Balance as of March 31, 2021 $ 1,541(a)   $ —(a)   $ 1,373(a)   $ 168
(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, 2021, was $780.
(d) “Transfers into and/or from” represent the ending value as of March 31, 2021, 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
58

Table of Contents
Newfleet Tax-Exempt Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Par Value   Value
Municipal Bonds(1)—96.8%
Alabama—2.3%    
Black Belt Energy Gas District, Natural Gas Purchase Revenue, Mandatory Put 12/1/23,
4.000%, 12/1/48(2) 		$ 910   $ 988
Pell City Special Care Facilities Financing Authority, Noland Health Services Revenue,      
4.000%, 12/1/25 500   511
5.000%, 12/1/25 1,000   1,028
      2,527
       
 
Arizona—4.8%    
Arizona Board of Regents, Arizona State University System Revenue,      
5.000%, 7/1/36 1,000   1,195
5.000%, 7/1/37 360   430
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   656
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   1,096
      5,200
       
 
Arkansas—0.6%    
University of Arkansas, Facility Revenue,
5.000%, 11/1/33 		505   602
California—3.2%    
California Municipal Finance Authority, Bowles Hall Foundation Revenue,      
4.000%, 6/1/21 100   100
4.500%, 6/1/23 225   240
4.500%, 6/1/24 150   163
California State Health Facilities Financing Authority, Providence St. Joseph Health,
4.000%, 10/1/36 		275   312
  Par Value   Value
       
California—continued    
California State Municipal Finance Authority, Community Medical Centers,
5.000%, 2/1/27 		$ 400   $ 457
Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue,
5.000%, 6/1/47 		800   828
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue, (BAM Insured)
5.000%, 5/1/32 		545   666
Santa Clarita Community College District, General Obligation,
3.000%, 8/1/44 		500   528
Temecula Valley Unified School District Financing Authority, Special Tax Revenue, (BAM Insured)
5.000%, 9/1/25 		175   202
      3,496
       
 
Colorado—5.8%    
Denver Convention Center Hotel Authority Revenue, Senior Lien,
5.000%, 12/1/27 		400   472
Public Authority For Colorado Energy, Natural Gas Purchase Revenue,      
6.125%, 11/15/23 1,395   1,517
6.250%, 11/15/28 2,250   2,815
Regional Transportation District, Sales Tax Revenue, Fastracks Project,
5.000%, 11/1/32 		1,195   1,443
      6,247
       
 
Connecticut—2.9%    
Connecticut Housing Finance Authority, Mortgage Revenue, (GNMA / FNMA / FHLMC Insured)
3.200%, 11/15/33 		445   472
Connecticut State Health & Educational Facilities Authority Revenue,
4.000%, 7/1/40 		725   821
  Par Value   Value
       
Connecticut—continued    
Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program Revenue,
3.000%, 11/15/35 		$ 200   $ 204
Connecticut, State of,      
General Obligation,
5.000%, 9/15/34 		750   932
Special Tax Revenue,
3.125%, 5/1/40 		610   653
      3,082
       
 
District of Columbia—4.7%    
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, (AGC Insured)
6.500%, 10/1/41 		4,000   5,066
Florida—12.6%    
Brevard County Health Facilities Authority, Health First Revenue,
5.000%, 4/1/21 		115   115
Brevard County School Board, Certificates of Participation,
5.000%, 7/1/32 		1,000   1,224
Broward County School Board, Certificates of Participation,
5.000%, 7/1/32 		300   359
Central Florida Expressway Authority, Senior Lien Toll Revenue,
4.000%, 7/1/30 		230   265
Florida, State of, General Obligation,
5.000%, 7/1/31 		4,000   5,138
Miami Beach Redevelopment Agency,      
Tax Increment Revenue,
5.000%, 2/1/32 		320   359
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   229
Miami-Dade County School Board, Certificates of Participation,
5.000%, 2/1/34 		1,700   2,004
See Notes to Financial Statements
59

Table of Contents
Newfleet Tax-Exempt Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Florida—continued    
Seminole County School Board, Certificates of Participation,
5.000%, 7/1/29 		$1,935   $ 2,335
South Florida Water Management District, Certificates of Participation,
5.000%, 10/1/35 		750   890
Tallahassee, City of, Health Facilities Revenue, Tallahassee Memorial Healthcare,
5.000%, 12/1/36 		500   569
      13,532
       
 
Georgia—0.6%    
Atlanta Water & Wastewater Revenue,
5.000%, 11/1/31 		550   640
Idaho—1.7%    
Idaho Health Facilities Authority, St. Luke’s Health System Revenue,
5.000%, 3/1/37 		235   283
Idaho Housing & Finance Association, Federal Highway Grant Anticipation Revenue,
4.500%, 7/15/29 		1,500   1,515
      1,798
       
 
Illinois—13.2%    
Chicago, City of,      
Sales Tax Revenue, (Pre-Refunded 1/1/22 @ 100)
5.250%, 1/1/38 		25   26
Waterworks Revenue, Second Lien,
5.000%, 11/1/22 		500   535
Waterworks Revenue, Second Lien,
5.000%, 11/1/30 		500   603
Waterworks Revenue, Second Lien, (AGM Insured)
5.000%, 11/1/31 		500   623
Waterworks Revenue, Second Lien, (AGM Insured)
5.250%, 11/1/32 		350   440
  Par Value   Value
       
Illinois—continued    
Cook County School District No. 78 Rosemont, General Obligation, (AGM Insured)
5.000%, 12/1/38 		$1,000   $ 1,263
Illinois Finance Authority, Rush University Medical Center Revenue,
5.000%, 11/15/21 		250   257
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior Lien,
5.000%, 1/1/32 		1,000   1,211
Illinois, State of, General Obligation,      
5.000%, 4/1/22 815   850
5.000%, 2/1/26 1,490   1,639
5.000%, 2/1/27 1,250   1,488
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project Revenue, (AGM Insured)
0.000%, 6/15/26 		1,000   939
Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue,
5.000%, 6/1/27 		450   536
Sales Tax Securitization Corp., Chicago Sales Tax Revenue, Sales Tax Revenue,
5.000%, 1/1/30 		1,500   1,822
University of Illinois, Auxiliary Facilities System Revenue,      
5.500%, 4/1/31 1,540   1,545
5.125%, 4/1/36 500   502
      14,279
       
 
Indiana—2.7%    
Indiana Finance Authority,      
Indiana University Health Center Revenue,
5.000%, 12/1/22 		800   864
Parkview Health System,
5.000%, 11/1/43 		1,700   2,053
      2,917
       
 
Maine—2.4%    
Portland, City of, General Airport Revenue,      
5.000%, 7/1/26 1,000   1,096
  Par Value   Value
       
Maine—continued    
5.000%, 7/1/29 $ 580   $ 632
5.000%, 7/1/30 770   837
      2,565
       
 
Maryland—2.2%    
Maryland Community Development Administration, Revenue,      
1.250%, 3/1/30 200   196
1.950%, 9/1/41 500   479
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue,      
5.000%, 8/15/26 800   930
5.000%, 5/15/42 600   718
      2,323
       
 
Massachusetts—0.6%    
Massachusetts Port Authority, Transportation Revenue,
5.000%, 7/1/31 		500   610
Michigan—2.4%    
Michigan Finance Authority, Beaumont Health Credit Group Revenue,
5.000%, 8/1/27 		1,250   1,432
Michigan State Building Authority, Facilities Program Lease Revenue,      
5.000%, 4/15/25 500   589
4.000%, 10/15/36 500   567
      2,588
       
 
Mississippi—1.1%    
Mississippi, State of, General Obligation,
4.000%, 10/1/39 		1,000   1,184
New Jersey—4.1%    
Camden County Improvement Authority Healthcare Redevelopment Project, Cooper Health System Revenue,
5.000%, 2/15/22 		950   983
See Notes to Financial Statements
60

Table of Contents
Newfleet Tax-Exempt Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
New Jersey—continued    
New Jersey Housing & Mortgage Finance Agency, Mortgage Revenue, (Pre-Refunded 10/1/21 @ 100)
4.375%, 4/1/28 		$1,630   $ 1,664
New Jersey Turnpike Authority, Toll Revenue,
4.000%, 1/1/35 		240   275
New Jersey, State of, Sales Tax Revenue
4.000%, 6/1/31 		220   269
Tobacco Settlement Financing Corp., Tobacco Settlement Revenue,      
5.000%, 6/1/31 250   309
5.000%, 6/1/32 250   308
5.000%, 6/1/33 250   306
5.000%, 6/1/34 250   305
      4,419
       
 
New York—1.8%    
Buffalo & Erie County Industrial Land Development Corp., Catholic Health System Revenue,
5.000%, 7/1/23 		550   601
Dutchess County Local Development Corp., The Culinary Institute of America Revenue,
5.000%, 7/1/33 		180   208
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue,      
(AGM Insured)
3.000%, 1/1/36 		250   269
(AGM Insured)
3.000%, 1/1/37 		100   107
New York State Dormitory Authority,      
New York University Hospitals Center Revenue,
5.000%, 7/1/33 		150   175
Orange Regional Medical Center Revenue,
144A 5.000%, 12/1/23(3) 		300   333
TSASC, Inc., Tobacco Settlement Revenue,
5.000%, 6/1/34 		190   229
      1,922
       
 
  Par Value   Value
       
Ohio—2.3%    
Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Revenue,
4.000%, 6/1/48 		$ 500   $ 558
New Albany Community Authority, Community Facilities Revenue,
5.000%, 10/1/24 		1,250   1,336
Northeast Ohio Regional Sewer District Revenue,
3.000%, 11/15/40 		500   542
      2,436
       
 
Oregon—2.5%    
Oregon State Housing & Community, Mortgage Revenue, Residential Finance Program Revenue,
4.500%, 1/1/49 		390   428
Oregon, State of, General Obligation,
5.000%, 5/1/33 		1,095   1,317
Washington & Multnomah Counties, Beaverton School District No. 48J, General Obligation, (SCH BD GTY Insured)
5.000%, 6/15/36 		800   978
      2,723
       
 
Pennsylvania—3.3%    
Butler County Hospital Authority, Butler Health System Revenue,
5.000%, 7/1/30 		250   287
Delaware River Joint Toll Bridge Commission, Bridge System Revenue,
5.000%, 7/1/34 		250   306
Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien, Toll Highway Revenue,
6.375%, 12/1/38 		2,000   2,631
Philadelphia, City of, Water & Wastewater Revenue,
5.000%, 10/1/42 		300   365
      3,589
       
 
South Carolina—0.3%    
South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue,
5.000%, 12/1/24 		290   336
  Par Value   Value
       
Tennessee—2.2%    
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue,
5.000%, 10/1/26 		$1,000   $ 1,119
Tennessee State School Bond Authority, Higher Education Program Revenue, (ST HGR ED INTERCEPT PROG Insured)
5.000%, 11/1/34 		1,000   1,236
      2,355
       
 
Texas—14.0%    
Hidalgo County Drain District No. 1, General Obligation,
5.000%, 9/1/28 		1,000   1,185
Lamar Consolidated Independent School District, General Obligation, (PSF-GTD Insured)
5.000%, 2/15/34 		1,000   1,217
North Texas Tollway Authority, Special Project System Revenue, (Pre-Refunded 9/1/31 @ 100)
0.000%, 9/1/43 		2,835   3,862
Southmost Regional Water Authority, Desalination Plant Project Revenue,      
(AGM Insured)
5.000%, 9/1/23 		460   489
(AGM Insured)
5.000%, 9/1/25 		1,015   1,078
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, Senior Lien,
6.250%, 12/15/26 		1,235   1,451
Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue,
0.811%, 9/15/27(2) 		2,400   2,407
Texas Water Development Board Revenue,
5.000%, 8/1/29 		1,020   1,341
Upper Trinity Regional Water District Authority, Regional Treated Supply System Revenue, (BAM Insured)
5.000%, 8/1/24 		1,140   1,308
See Notes to Financial Statements
61

Table of Contents
Newfleet Tax-Exempt Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Texas—continued    
Wharton Independent School District, General Obligation, (PSF-GTD Insured)
3.000%, 2/15/32 		$ 645   $ 731
      15,069
       
 
Vermont—0.3%    
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue,
5.000%, 12/1/35 		300   354
Virginia—0.6%    
Virginia College Building Authority, Marymount University Revenue,      
144A 5.000%, 7/1/21(3) 400   402
144A 5.000%, 7/1/22(3) 195   201
      603
       
 
West Virginia—0.3%    
Monongalia County Building Commission, Monongalia Health System Revenue,
5.000%, 7/1/23 		300   325
Wisconsin—1.3%    
Public Finance Authority,      
Renown Regional Medical Center Revenue,
5.000%, 6/1/33 		1,000   1,179
  Par Value   Value
       
Wisconsin—continued    
Waste Management, Inc. Revenue,
2.875%, 5/1/27 		$ 250   $ 273
      1,452
       
 
Total Municipal Bonds
(Identified Cost $95,638) 		  104,239
       
 
       
 
    
  Shares  
Exchange-Traded Fund—1.0%
VanEck Vectors High Yield Muni ETF(4) 18,000 1,119
Total Exchange-Traded Fund
(Identified Cost $1,073) 		1,119
     
 
     
 
Total Long-Term Investments—97.8%
(Identified Cost $96,711) 		105,358
     
 
     
 
TOTAL INVESTMENTS—97.8%
(Identified Cost $96,711) 		$105,358
Other assets and liabilities, net—2.2% 2,387
NET ASSETS—100.0% $107,745
    
Abbreviations:
AGC Assured Guaranty Corp.
AGM Assured Guaranty Municipal 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”)
PSF-GTD Permanent School Fund Guarantee Program
SCH BD GTY School Bond Guaranty
Footnote Legend:
(1) At March 31, 2021, 16.3% 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, 2021. 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) 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, 2021, these securities amounted to a value of $936 or 0.9% of net assets.
(4) 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, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs
Assets:          
Debt Securities:          
Municipal Bonds $104,239   $ —   $104,239
Exchange-Traded Fund 1,119   1,119   —
Total Investments $105,358   $1,119   $104,239
There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
62

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VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
March 31, 2021
(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)(2)
$ 112,976   $ 59,911   $ 667,669
Cash
2,045   1,431   2,171
Receivables          
Investment securities sold
614   71   1,223
Fund shares sold
280   10   25,233
Dividends and interest
556   789   1,736
Securities lending income
1   2   3
Prepaid Trustees’ retainer
1   1   7
Prepaid expenses
33   29   65
Other assets
10   5   58
Total assets
116,516   62,249   698,165
Liabilities          
Payables          
Fund shares repurchased
589   116   936
Investment securities purchased
3,968   1,342   25,148
Collateral on securities loaned
779   1,472   3,509
Dividend distributions
8   24   84
Investment advisory fees
21   17   139
Distribution and service fees
10   12   35
Administration and accounting fees
10   5   57
Transfer agent and sub-transfer agent fees and expenses
20   14   104
Professional fees
20   20   20
Trustee deferred compensation plan
10   5   58
Interest expense and/or commitment fees
— (a)   — (a)   1
Other accrued expenses
9   12   20
Total liabilities
5,444   3,039   30,111
Net Assets
$ 111,072   $ 59,210   $ 668,054
Net Assets Consist of:          
Common stock $0.001 par value
$ —   $ —   $ 61
Capital paid in on shares of beneficial interest
108,226   61,808   663,960
Accumulated earnings (loss)
2,846   (2,598)   4,033
Net Assets
$ 111,072   $ 59,210   $ 668,054
Net Assets:          
Class A
$ 36,064   $ 48,361   $ 94,817
Class C
$ 3,001   $ 1,605   $ 16,850
Class I
$ 70,950   $ 7,613   $ 556,098
Class R6
$ 1,057   $ 1,631   $ 289
Shares Outstanding (unlimited number of shares authorized, no par value):(3)          
Class A
3,090,842   11,391,224   8,653,154
Class C
263,333   384,648   1,537,720
Class I
5,982,664   1,790,447   50,759,223
Class R6
89,111   383,724   26,396
Net Asset Value and Redemption Price Per Share:*          
Class A
$ 11.67   $ 4.25   $ 10.96
Class C
$ 11.40   $ 4.17   $ 10.96
Class I
$ 11.86   $ 4.25   $ 10.96
Class R6
$ 11.86   $ 4.25   $ 10.96
See Notes to Financial Statements
63

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(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
$ 12.12   $ 4.42   $ 11.21
Maximum Sales Charge - Class A
3.75%   3.75%   2.25%
(1) Investment in securities at cost
$ 110,785   $ 58,531   $ 661,276
(2) Market value of securities on loan
$ 754   $ 1,397   $ 3,450
(3) 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.
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
See Notes to Financial Statements
64

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(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)(2)
$ 328,774   $ 222,702   $ 105,358
Cash
10,546   3,605   1,275
Receivables          
Investment securities sold
4,459   2,740   —
Fund shares sold
725   273   44
Dividends and interest
2,572   573   1,298
Securities lending income
5   —   —
Prepaid Trustees’ retainer
4   2   1
Prepaid expenses
44   36   25
Other assets
34   19   10
Total assets
347,163   229,950   108,011
Liabilities          
Payables          
Fund shares repurchased
1,017   267   132
Investment securities purchased
10,865   15,303   —
Borrowings (See Note 10)
—   2,000   —
Collateral on securities loaned
2,882   —   —
Dividend distributions
380   221   25
Investment advisory fees
154   72   27
Distribution and service fees
37   29   13
Administration and accounting fees
29   18   9
Transfer agent and sub-transfer agent fees and expenses
62   40   26
Professional fees
24   24   18
Trustee deferred compensation plan
34   19   10
Interest expense and/or commitment fees
1   34   — (a)
Other accrued expenses
14   14   6
Total liabilities
15,499   18,041   266
Net Assets
$ 331,664   $ 211,909   $ 107,745
Net Assets Consist of:          
Common stock $0.001 par value
$ —   $ —   $ 9
Capital paid in on shares of beneficial interest
341,538   281,524   98,984
Accumulated earnings (loss)
(9,874)   (69,615)   8,752
Net Assets
$ 331,664   $ 211,909   $ 107,745
Net Assets:          
Class A
$ 84,599   $ 67,159   $ 38,756
Class C
$ 22,281   $ 15,114   $ 4,741
Class I
$ 218,668   $ 127,594   $ 64,248
Class R6
$ 6,116   $ 2,042   $ —
Shares Outstanding (unlimited number of shares authorized, no par value):(3)          
Class A
8,238,641   7,521,392   3,406,943
Class C
2,146,200   1,691,168   416,783
Class I
21,325,737   14,309,240   5,648,159
Class R6
593,953   229,097   —
Net Asset Value and Redemption Price Per Share:*          
Class A
$ 10.27   $ 8.93   $ 11.38
Class C
$ 10.38   $ 8.94   $ 11.37
Class I
$ 10.25   $ 8.92   $ 11.38
Class R6
$ 10.30   $ 8.91   $ —
See Notes to Financial Statements
65

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(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
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):          
Class A
$ 10.67   $ 9.18   $ 11.70
Maximum Sales Charge - Class A
3.75%   2.75%   2.75%
(1) Investment in securities at cost
$ 325,604   $ 224,821   $ 96,711
(2) Market value of securities on loan
$ 2,727   $ —   $ —
(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.
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
See Notes to Financial Statements
66

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF OPERATIONS (Unaudited)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
  Newfleet
Core Plus Bond Fund 		  Newfleet
High Yield
Fund 		  Newfleet
Low Duration
Core Plus
Bond Fund
Investment Income          
Dividends
$ 13   $ —(1)   $ 66
Interest
1,623   1,761   6,652
Securities lending, net of fees
2   5   5
Total investment income
1,638   1,766   6,723
Expenses          
Investment advisory fees
248   175   1,137
Distribution and service fees, Class A
46   59   114
Distribution and service fees, Class C
21   11   97
Administration and accounting fees
59   34   294
Transfer agent fees and expenses
27   19   123
Sub-transfer agent fees and expenses, Class A
10   10   22
Sub-transfer agent fees and expenses, Class C
2   1   6
Sub-transfer agent fees and expenses, Class I
24   6   162
Custodian fees
1   — (1)   1
Printing fees and expenses
5   4   20
Professional fees
16   16   17
Interest expense and/or commitment fees
— (1)   — (1)   1
Registration fees
23   21   37
Trustees’ fees and expenses
5   2   20
Miscellaneous expenses
13   17   24
Total expenses
500   375   2,075
Less net expenses reimbursed and/or waived by investment adviser(2)
(130)   (81)   (442)
Less low balance account fees
(1)   (2)   — (1)
Net expenses
369   292   1,633
Net investment income (loss)
1,269   1,474   5,090
Net Realized and Unrealized Gain (Loss) on Investments          
Net realized gain (loss) from:          
Investments
1,071   973   1,180
Net change in unrealized appreciation (depreciation) on:          
Investments
(2,871)   2,588   (1,953)
Net realized and unrealized gain (loss) on investments
(1,800)   3,561   (773)
Net increase (decrease) in net assets resulting from operations
$ (531)   $5,035   $ 4,317
    
(1) Amount is less than $500.
(2) See Note 3D in Notes to Financial Statements.
See Notes to Financial Statements
67

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VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
  Newfleet
Multi-Sector
Intermediate
Bond Fund 		  Newfleet
Senior Floating
Rate Fund 		  Newfleet
Tax-Exempt
Bond Fund
Investment Income          
Dividends
$ 158   $ 1   $ 10
Net increase from payment by affiliate (1)
— (2)   —   —
Interest
9,092   4,419   1,618
Securities lending, net of fees
15   —   —
Total investment income
9,265   4,420   1,628
Expenses          
Investment advisory fees
1,114   461   250
Distribution and service fees, Class A
101   75   46
Distribution and service fees, Class C
144   119   37
Administration and accounting fees
207   107   59
Transfer agent fees and expenses
88   45   25
Sub-transfer agent fees and expenses, Class A
25   17   10
Sub-transfer agent fees and expenses, Class C
10   10   2
Sub-transfer agent fees and expenses, Class I
90   43   31
Custodian fees
1   1   — (2)
Printing fees and expenses
16   9   5
Professional fees
20   19   14
Interest expense and/or commitment fees
2   90   — (2)
Registration fees
36   32   19
Trustees’ fees and expenses
16   8   5
Miscellaneous expenses
18   17   8
Total expenses
1,888   1,053   511
Less net expenses reimbursed and/or waived by investment adviser(3)
(146)   (65)   (95)
Less low balance account fees
— (2)   — (2)   — (2)
Net expenses
1,742   988   416
Net investment income (loss)
7,523   3,432   1,212
Net Realized and Unrealized Gain (Loss) on Investments          
Net realized gain (loss) from:          
Investments
7,088   (4,350)   289
Foreign currency transactions
(148)   —   —
Net change in unrealized appreciation (depreciation) on:          
Investments
1,699   12,374   (102)
Net realized and unrealized gain (loss) on investments
8,639   8,024   187
Net increase (decrease) in net assets resulting from operations
$16,162   $11,456   $1,399
    
(1) See Note 3G in Notes to Financial Statements.
(2) Amount is less than $500.
(3) See Note 3D in Notes to Financial Statements.
See Notes to Financial Statements
68

Table of Contents
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,
2021
(Unaudited) 		  Year Ended
September 30,
2020 		  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations              
Net investment income (loss)
$ 1,269   $ 2,759   $ 1,474   $ 3,074
Net realized gain (loss)
1,071   1,537   973   (532)
Net change in unrealized appreciation (depreciation)
(2,871)   1,003   2,588   (832)
Increase (decrease) in net assets resulting from operations
(531)   5,299   5,035   1,710
Dividends and Distributions to Shareholders              
Net Investment Income and Net Realized Gains:              
Class A
(398)   (936)   (1,144)   (2,421)
Class C
(31)   (79)   (47)   (101)
Class I
(824)   (1,709)   (239)   (481)
Class R6
(13)   (28)   (33)   (53)
Total dividends and distributions to shareholders
(1,266)   (2,752)   (1,463)   (3,056)
Change in Net Assets from Capital Transactions (See Note 5):              
Class A
(867)   218   340   (3,447)
Class C
(1,636)   883   (1,089)   389
Class I
8,893   7,773   (2,272)   1,601
Class R6
(48)   64   407   324
Increase (decrease) in net assets from capital transactions
6,342   8,938   (2,614)   (1,133)
Net increase (decrease) in net assets
4,545   11,485   958   (2,479)
Net Assets              
Beginning of period
106,527   95,042   58,252   60,731
End of Period
$ 111,072   $ 106,527   $ 59,210   $ 58,252
See Notes to Financial Statements
69

Table of Contents
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,
2021
(Unaudited) 		  Year Ended
September 30,
2020 		  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations              
Net investment income (loss)
$ 5,090   $ 11,484   $ 7,523   $ 13,381
Net realized gain (loss)
1,180   (642)   6,940   177
Net increase from payment by affiliate(1)
—   —   — (2)   —
Net change in unrealized appreciation (depreciation)
(1,953)   2,787   1,699   58
Increase (decrease) in net assets resulting from operations
4,317   13,629   16,162   13,616
Dividends and Distributions to Shareholders              
Net Investment Income and Net Realized Gains:              
Class A
(727)   (1,836)   (1,346)   (3,033)
Class C
(83)   (313)   (366)   (1,082)
Class I
(4,164)   (9,305)   (5,300)   (8,980)
Class R6
(3)   (9)   (109)   (214)
Total dividends and distributions to shareholders
(4,977)   (11,463)   (7,121)   (13,309)
Change in Net Assets from Capital Transactions (See Note 5):              
Class A
7,136   5,929   4,553   (5,766)
Class C
(3,270)   (835)   (9,271)   (8,312)
Class I
154,980   47,610   (87,686)   119,448
Class R6
(98)   101   (75)   1,136
Increase (decrease) in net assets from capital transactions
158,748   52,805   (92,479)   106,506
Net increase (decrease) in net assets
158,088   54,971   (83,438)   106,813
Net Assets              
Beginning of period
509,966   454,995   415,102   308,289
End of Period
$ 668,054   $ 509,966   $ 331,664   $ 415,102
    
(1) See Note 3G in Notes to Financial Statements.
(2) Amount is less than $500.
See Notes to Financial Statements
70

Table of Contents
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,
2021
(Unaudited) 		  Year Ended
September 30,
2020 		  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations              
Net investment income (loss)
$ 3,432   $ 11,164   $ 1,212   $ 2,824
Net realized gain (loss)
(4,350)   (21,951)   289   1,031
Net change in unrealized appreciation (depreciation)
12,374   (1,499)   (102)   (322)
Increase (decrease) in net assets resulting from operations
11,456   (12,286)   1,399   3,533
Dividends and Distributions to Shareholders              
Net Investment Income and Net Realized Gains:              
Class A
(995)   (4,504)   (671)   (799)
Class C
(305)   (1,388)   (110)   (136)
Class I
(2,093)   (5,837)   (1,305)   (1,835)
Class R6
(46)   (89)   —   —
Total dividends and distributions to shareholders
(3,439)   (11,818)   (2,086)   (2,770)
Change in Net Assets from Capital Transactions (See Note 5):              
Class A
7,079   (98,504)   1,920   (1,607)
Class C
(13,226)   (16,903)   (3,365)   (3,084)
Class I
12,916   (39,041)   (3,270)   (17,081)
Class R6
(809)   2,917   —   —
Increase (decrease) in net assets from capital transactions
5,960   (151,531)   (4,715)   (21,772)
Net increase (decrease) in net assets
13,977   (175,635)   (5,402)   (21,009)
Net Assets              
Beginning of period
197,932   373,567   113,147   134,156
End of Period
$ 211,909   $ 197,932   $ 107,745   $ 113,147
See Notes to Financial Statements
71

Table of Contents
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                                    
10/1/20 to 3/31/21(6)   $11.85  0.13  (0.18)  (0.05)  (0.13)  —  —  (0.13)  —  (0.18)  $11.67  (0.44)  % $ 36,064  0.79 %  1.04 %  2.18 %  28 % 
10/1/19 to 9/30/20   11.51  0.30  0.34  0.64  (0.30)  —  —  (0.30)  —  0.34  11.85  5.66   37,507  0.81  (7) 1.07   2.61   65  
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  
Class C                                    
10/1/20 to 3/31/21(6)   $11.57  0.08  (0.17)  (0.09)  (0.08)  —  —  (0.08)  —  (0.17)  $11.40  (0.77)  % $ 3,001  1.55 %  1.79 %  1.44 %  28 % 
10/1/19 to 9/30/20   11.24  0.21  0.33  0.54  (0.21)  —  —  (0.21)  —  0.33  11.57  4.85   4,676  1.56  (7) 1.82   1.84   65  
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  
Class I                                    
10/1/20 to 3/31/21(6)   $12.04  0.15  (0.18)  (0.03)  (0.15)  —  —  (0.15)  —  (0.18)  $11.86  (0.30)  % $ 70,950  0.55 %  0.78 %  2.42 %  28 % 
10/1/19 to 9/30/20   11.70  0.33  0.34  0.67  (0.33)  —  —  (0.33)  —  0.34  12.04  5.87   63,222  0.56  (7) 0.80   2.85   65  
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  
Class R6                                    
10/1/20 to 3/31/21(6)   $12.05  0.15  (0.19)  (0.04)  (0.15)  —  —  (0.15)  —  (0.19)  $11.86  (0.32)  % $ 1,057  0.43 %  0.72 %  2.55 %  28 % 
10/1/19 to 9/30/20   11.71  0.35  0.34  0.69  (0.35)  —  —  (0.35)  —  0.34  12.05  6.00   1,122  0.44  (7) 0.74   2.99   65  
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                                    
10/1/20 to 3/31/21(6)   $ 4.00  0.10  0.25  0.35  (0.10)  —  —  (0.10)  —  0.25  $ 4.25  8.85  % $ 48,361  0.99 %  1.26 %  4.90 %  44 % 
10/1/19 to 9/30/20   4.10  0.21  (0.10)  0.11  (0.21)  —  —  (0.21)  —  (0.10)  4.00  2.88   45,234  1.00   1.37   5.31   88  
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  
Class C                                    
10/1/20 to 3/31/21(6)   $ 3.93  0.08  0.24  0.32  (0.08)  —  —  (0.08)  —  0.24  $ 4.17  8.30  % $ 1,605  1.75 %  2.02 %  4.15 %  44 % 
10/1/19 to 9/30/20   4.02  0.18  (0.09)  0.09  (0.18)  —  —  (0.18)  —  (0.09)  3.93  2.33   2,542  1.75   2.11   4.55   88  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
72

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                                    
10/1/20 to 3/31/21(6)   $ 4.01  0.11  0.24  0.35  (0.11)  —  —  (0.11)  —  0.24  $ 4.25  8.71  % $ 7,613  0.75 %  1.07 %  5.13 %  44 % 
10/1/19 to 9/30/20   4.10  0.22  (0.09)  0.13  (0.22)  —  —  (0.22)  —  (0.09)  4.01  3.40   9,319  0.75   1.17   5.54   88  
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  
Class R6                                    
10/1/20 to 3/31/21(6)   $ 4.00  0.11  0.25  0.36  (0.11)  —  —  (0.11)  —  0.25  $ 4.25  9.05  % $ 1,631  0.62 %  (7) 0.94 %  5.26 %  44 % 
10/1/19 to 9/30/20   4.10  0.22  (0.10)  0.12  (0.22)  —  —  (0.22)  —  (0.10)  4.00  3.20   1,157  0.69   1.05   5.58   88  
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                                    
10/1/20 to 3/31/21(6)   $10.96  0.09  —  0.09  (0.09)  —  —  (0.09)  —  —  $10.96  0.80  % $ 94,817  0.75 %  0.89 %  1.63 %  29 % 
10/1/19 to 9/30/20   10.86  0.24  0.10  0.34  (0.24)  —  —  (0.24)  —  0.10  10.96  3.21   87,690  0.75   0.91   2.24   57  
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  
Class C                                    
10/1/20 to 3/31/21(6)   $10.96  0.05  —  0.05  (0.05)  —  —  (0.05)  —  —  $10.96  0.43  % $ 16,850  1.50 %  1.66 %  0.89 %  29 % 
10/1/19 to 9/30/20   10.86  0.16  0.10  0.26  (0.16)  —  —  (0.16)  —  0.10  10.96  2.44   20,105  1.50   1.67   1.50   57  
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  
Class I                                    
10/1/20 to 3/31/21(6)   $10.95  0.10  0.01  0.11  (0.10)  —  —  (0.10)  —  0.01  $10.96  1.02  % $556,098  0.50 %  0.66 %  1.86 %  29 % 
10/1/19 to 9/30/20   10.85  0.27  0.10  0.37  (0.27)  —  —  (0.27)  —  0.10  10.95  3.46   401,784  0.50   0.67   2.49   57  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
73

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 Low Duration Core Plus Bond Fund (Continued)                                    
Class R6                                    
10/1/20 to 3/31/21(6)   $10.96  0.11  —  0.11  (0.11)  —  —  (0.11)  —  —  $10.96    0.96  % $ 289  0.43 %  0.60 %  1.97 %  29 % 
10/1/19 to 9/30/20   10.86  0.28  0.10  0.38  (0.28)  —  —  (0.28)  —  0.10  10.96  3.54   387  0.43   0.61   2.56   57  
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)
                                     
Newfleet Multi-Sector Intermediate Bond Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $10.06  0.18  0.20  0.38  (0.17)  —  —  (0.17)    —  (9) 0.21  $10.27    3.80  % $ 84,599  0.99 %  1.07 %  3.59 %  45 % 
10/1/19 to 9/30/20   10.16  0.39  (0.11)  0.28  (0.38)  —  —  (0.38)  —  (0.10)  10.06  2.86   78,378  0.99   1.09   3.87   95  
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  
Class C                                    
10/1/20 to 3/31/21(6)   $10.17  0.15  0.19  0.34  (0.13)  —  —  (0.13)    —  (9) 0.21  $10.38    3.37  % $ 22,281  1.74 %  1.82 %  2.83 %  45 % 
10/1/19 to 9/30/20   10.26  0.31  (0.10)  0.21  (0.30)  —  —  (0.30)  —  (0.09)  10.17  2.16   30,872  1.74   1.83   3.12   95  
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  
Class I                                    
10/1/20 to 3/31/21(6)   $10.05  0.20  0.19  0.39  (0.19)  —  —  (0.19)    —  (9) 0.20  $10.25    3.87  % $218,668  0.74 %  0.81 %  3.83 %  45 % 
10/1/19 to 9/30/20   10.15  0.41  (0.10)  0.31  (0.41)  —  —  (0.41)  —  (0.10)  10.05  3.19   299,784  0.74   0.83   4.09   95  
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  
Class R6                                    
10/1/20 to 3/31/21(6)   $10.08  0.21  0.20  0.41  (0.19)  —  —  (0.19)    —  (9) 0.22  $10.30    4.06  % $ 6,116  0.60 %  0.75 %  3.98 %  45 % 
10/1/19 to 9/30/20   10.17  0.42  (0.10)  0.32  (0.41)  —  —  (0.41)  —  (0.09)  10.08  3.28   6,068  0.60   0.76   4.25   95  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
74

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 Senior Floating Rate Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $ 8.58  0.14  0.36  0.50  (0.15)  —  —  (0.15)  —  0.35  $ 8.93    5.80  % $ 67,159      1.03 %  (15)   1.08 %    3.29 %    36 % 
10/1/19 to 9/30/20   9.11  0.38  (0.54)  (0.16)  (0.37)  —  —  (0.37)  —  (0.53)  8.58  (1.66)   57,743    1.12   (15) 1.13   4.31   40  
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   (15) 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   (16) 1.24   3.67   48  
Class C                                    
10/1/20 to 3/31/21(6)   $ 8.59  0.11  0.35  0.46  (0.11)  —  —  (0.11)  —  0.35  $ 8.94   5.41  % $ 15,114       1.78 %  (15)   1.86 %    2.56 %    36 % 
10/1/19 to 9/30/20   9.12  0.30  (0.52)  (0.22)  (0.31)  —  —  (0.31)  —  (0.53)  8.59  (2.36)   27,287     1.86   (15) 1.92   3.47   40  
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   (15) 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   1.99   2.92   48  
Class I                                    
10/1/20 to 3/31/21(6)   $ 8.57  0.16  0.35  0.51  (0.16)  —  —  (0.16)  —  0.35  $ 8.92   5.94  % $127,594       0.78 %  (15)   0.84 %    3.53 %    36 % 
10/1/19 to 9/30/20   9.10  0.39  (0.52)  (0.13)  (0.40)  —  —  (0.40)  —  (0.53)  8.57  (1.39)   110,156     0.86   (15) 0.91   4.45   40  
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   (15) 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   0.98   3.91   48  
Class R6                                    
10/1/20 to 3/31/21(6)   $ 8.57  0.16  0.34  0.50  (0.16)  —  —  (0.16)  —  0.34  $ 8.91    6.02  % $ 2,042       0.64 %  (15)   0.77 %    3.70 %    36 % 
10/1/19 to 9/30/20   9.11  0.37  (0.50)  (0.13)  (0.41)  —  —  (0.41)  —  (0.54)  8.57  (1.33)   2,746    0.70   (15) 0.82   4.51   40  
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   (15) 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                                    
10/1/20 to 3/31/21(6)   $11.45  0.12  0.02  0.14  (0.12)  —  (0.09)  (0.21)  —  (0.07)  $11.38   1.21  % $ 38,756     0.85 %    1.00 %    2.08 %    3 % 
10/1/19 to 9/30/20   11.34  0.25  0.11  0.36  (0.25)  —  —  (0.25)  —  0.11  11.45  3.17   37,078  0.85   1.01   2.21   6  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
75

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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 C                                    
10/1/20 to 3/31/21(6)   $11.45  0.08  —  (9) 0.08  (0.07)  —  (0.09)  (0.16)  —  (0.08)  $11.37     0.74  % $ 4,741     1.60 %    1.75 %     1.33 %     3 % 
10/1/19 to 9/30/20   11.34  0.17  0.10  0.27  (0.16)  —  —  (0.16)  —  0.11  11.45  2.40   8,145  1.60   1.74   1.47   6  
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  
Class I                                    
10/1/20 to 3/31/21(6)   $11.45  0.13  0.02  0.15  (0.13)  —  (0.09)  (0.22)  —  (0.07)  $11.38     1.34  % $ 64,248     0.60 %    0.78 %     2.33 %     3 % 
10/1/19 to 9/30/20   11.34  0.28  0.10  0.38  (0.27)  —  —  (0.27)  —  0.11  11.45  3.43   67,924  0.60   0.78   2.46   6  
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  
    
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
76

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VIRTUS OPPORTUNITIES TRUST
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) Ratios of total expenses excluding interest expense on borrowings for period ended March 31, 2021, year ended September 30, 2020 and 2019, were 0.94% (Class A), 1.69% (Class C), 0.69% (Class I) and 0.55% (Class R6).
(16) The share class is currently under its expense limitation.
See Notes to Financial Statements
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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited)
March 31, 2021
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, 20 funds of the Trust are offered for sale, of which 6 (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 are diversified.
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. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019, to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares of Newfleet Core Plus Bond Fund, Newfleet High Yield Fund, Newfleet Multi-Sector Intermediate Bond Fund, Newfleet Senior Floating Rate Fund and Newfleet Tax-Exempt Bond Fund, and purchase greater than $249,999 of Class C shares of Newfleet Low Duration Core Plus Bond Fund, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. 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 $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as “Less low balance account fees” in each Fund’s Statement of Operations for the period, as applicable.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds’ Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.
Note 2. Significant Accounting Policies
($ 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.
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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.
  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, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2017 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, 2021, the Funds had the following unfunded loan commitments:
    
Fund/Borrower   Unfunded Loan Commitment
Virtus Newfleet Multi-Sector Intermediate Bond
Fund 		   
Cano Health LLC (3 month LIBOR + 4.750%) 4.750%, 11/19/27
  $190
DG Investment Intermediate Holdings 2, Inc. (3 month LIBOR + 3.750%) 0.000%, 12/23/24
  39
Hillman Group, Inc. (The) (3 month LIBOR + 2.750%) 0.000%, 2/24/28
  38
National Mentor Holdings, Inc. (3 month LIBOR + 1.000%) 1.000%, 3/1/28
  46
Precision Medicine Group LLC (3 month LIBOR + 1.000%) 1.000%, 11/18/27
  76
Southern Veterinary Partners LLC (3 month LIBOR + 4.000%) 4.000%, 10/1/27
  89
TricorBraun, Inc. (6 month LIBOR + 3.250%) 0.608%, 3/3/28
  77
Virtus Newfleet Senior Floating Rate Fund    
Cano Health LLC (3 month LIBOR + 4.750%) 4.750%, 11/19/27
  235
DG Investment Intermediate Holdings 2, Inc. (3 month LIBOR + 3.750%) 0.000%, 12/23/24
  72
HAH Group Holding Co. LLC (3 month LIBOR + 0.000%) 5.000%, 10/22/27
  124
Hillman Group, Inc. (The) (3 month LIBOR + 2.750%) 0.000%, 2/24/28
  60
National Mentor Holdings, Inc. (3 month LIBOR + 1.000%) 1.000%, 3/1/28
  107
Precision Medicine Group LLC (3 month LIBOR + 1.000%) 1.000%, 11/18/27
  75
Southern Veterinary Partners LLC (3 month LIBOR + 4.000%) 4.000%, 10/1/27
  105
TricorBraun, Inc. (4 month LIBOR + 0.500%) 0.500%, 3/3/28
  144
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J. Securities Lending
  Effective October 1, 2020, the Funds may resume loaning 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 a Master Securities Lending Agreement (“MSLA”) which 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.
  At March 31, 2021, the securities loaned were subject to a MSLA on a net payment basis as follows:
    
Fund   Counterparty   Value of
Securities
on Loan 		  Cash
Collateral
Received(1) 		  Net
Amount(2)
Newfleet Core Plus Bond Fund   BNYM   $ 754   $ 754   $ —
Newfleet High Yield Fund   BNYM   1,397   1,397   —
Newfleet Low Duration Core Plus Bond Fund   BNYM   3,450   3,450   —
Newfleet Multi-Sector Intermediate Bond Fund   BNYM   2,727   2,727   —
(1) Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments.
(2) Net amount represents the net amount receivable due from the counterparty in the event of default.
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  
    
  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*
0.55 %   0.50  %   0.45 %
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 December 1, 2020. Prior to December 1, 2020, the Adviser’s fee on average daily net assets was as follows: 0.65% on the first $1 billion, 0.60% on the next $1 billion and 0.55% in excess of $2 billion.
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.
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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 February 1, 2022. 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
Newfleet Core Plus Bond Fund
  0.80 %   1.55 %   0.55 %   0.43 %
Newfleet High Yield Fund
  1.00    1.75    0.75    0.59  *
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 
* Effective December 1, 2020. For the period October 1, 2020 through November 30, 2020, the expense cap for Class R6 shares was 0.69%.
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   2021   2022   2023   2024   Total
Newfleet Core Plus Bond Fund                    
Class A
  $ 39   $ 89   $ 94   $ 44   $ 266
Class C
  11   12   11   5   39
Class I
  29   84   147   80   340
Class R6
  1   2   3   1   7
Newfleet High Yield Fund                    
Class A
  71   182   169   61   483
Class C
  14   8   8   3   33
Class I
  11   26   36   15   88
Class R6
  7   4   3   2   16
Newfleet Low Duration Core Plus Bond Fund                    
Class A
  129   158   133   65   485
Class C
  37   46   35   16   134
Class I
  412   612   646   361   2,031
Class R6
  —   — (1)   1   — (1)   1
Newfleet Multi-Sector Intermediate Bond Fund                    
Class A
  38   85   76   30   229
Class C
  24   50   33   12   119
Class I
  82   168   203   100   553
Class R6
  14   9   8   4   35
Newfleet Senior Floating Rate Fund                    
Class A
  21   25   18   16   80
Class C
  25   40   21   9   95
Class I
  63   111   68   38   280
Class R6
  — (1)   — (1)   3   2   5
Newfleet Tax-Exempt Bond Fund                    
Class A
  23   53   57   28   161
Class C
  9   18   14   5   46
Class I
  55   160   138   62   415
(1) Amount is less than $500.
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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, 2021, it retained net commissions of $10 for Class A shares and CDSC of $—(1) and $7 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.
  (1) Amount is less than $500.
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, 2021, the Funds incurred administration fees totaling $680 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, 2021, the Funds incurred transfer agent fees totaling $307 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G. Payment from Affiliate
  During the period ended March 31, 2021, Newfleet reimbursed Newfleet Multi-Sector Intermediate Bond Fund for losses. These amounts are included in “Net increase from payment by affiliates” in the Statements of Operations. There was no impact on the total return.
H. Investments in Affiliates
  The Funds are permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
  During the period ended March 31, 2021, the Funds did not engage in Rule 17a-7 of the 1940 Act transactions.
I. Trustee Compensation
  The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at March 31, 2021.
Note 4. Purchases and Sales of Securities
($ 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, 2021, were as follows:
  Purchases   Sales
Newfleet Core Plus Bond Fund
$ 31,979   $ 25,589
Newfleet High Yield Fund
25,521   27,422
Newfleet Low Duration Core Plus Bond Fund
278,326   133,483
Newfleet Multi-Sector Intermediate Bond Fund
172,653   258,512
Newfleet Senior Floating Rate Fund
86,504   76,046
Newfleet Tax-Exempt Bond Fund
3,119   7,738
Purchases and sales of long-term U.S. Government and agency securities for the Funds during the period ended March 31, 2021, were as follows:
  Purchases   Sales
Newfleet Core Plus Bond Fund
$ 4,239   $ 4,243
Newfleet Low Duration Core Plus Bond Fund
36,576   24,978
Newfleet Multi-Sector Intermediate Bond Fund
7,466   15,389
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March 31, 2021
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, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class A                              
Shares sold and cross class
conversions 		313   $ 3,735   379   $ 4,391   428   $ 1,798   505   $ 1,995
Reinvestment of distributions 30   354   72   830   240   1,006   533   2,107
Shares repurchased and cross
class conversions 		(418)     (4,956)     (434)     (5,003)     (588)     (2,464)     (1,909)     (7,549)  
Net Increase / (Decrease) (75)   $ (867)   17   $ 218   80   $ 340   (871)   $ (3,447)
Class C                              
Shares sold and cross class
conversions 		61   $ 704   296   $ 3,363   28   $ 113   272   $ 1,038
Reinvestment of distributions 2   30   7   76   11   47   26   100
Shares repurchased and cross
class conversions 		(204)     (2,370)     (230)     (2,556)     (301)     (1,249)     (200)     (749)  
Net Increase / (Decrease) (141)   $ (1,636)   73   $ 883   (262)   $ (1,089)   98   $ 389
Class I                              
Shares sold and cross class
conversions 		1,410   $ 17,044   2,331   $ 27,455   578   $ 2,431   1,354   $ 5,388
Reinvestment of distributions 68   823   144   1,700   57   239   121   480
Shares repurchased and cross
class conversions 		(745)     (8,974)     (1,843)     (21,382)     (1,171)     (4,942)     (1,052)     (4,267)  
Net Increase / (Decrease) 733   $ 8,893   632   $ 7,773   (536)   $ (2,272)   423   $ 1,601
Class R6                              
Shares sold and cross class
conversions 		25   $ 298   60   $ 712   143   $ 602   164   $ 625
Reinvestment of distributions 1   12   2   25   7   30   12   47
Shares repurchased and cross
class conversions 		(30)     (358)     (57)     (673)     (55)     (225)     (89)     (348)  
Net Increase / (Decrease) (4)   $ (48)   5   $ 64   95   $ 407   87   $ 324
    
  Newfleet Low Duration Core Plus Bond Fund   Newfleet Multi-Sector Intermediate Bond Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class A                              
Shares sold and cross class
conversions 		1,986   $ 21,845   3,156   $ 34,300   1,206   $ 12,422   1,689   $ 16,867
Reinvestment of distributions 53   582   147   1,585   108   1,110   266   2,642
Shares repurchased and cross
class conversions 		(1,390)     (15,291)     (2,795)     (29,956)     (869)     (8,979)     (2,633)     (25,275)  
Net Increase / (Decrease) 649   $ 7,136   508   $ 5,929   445   $ 4,553   (678)   $ (5,766)
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  Newfleet Low Duration Core Plus Bond Fund   Newfleet Multi-Sector Intermediate Bond Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class C                              
Shares sold and cross class
conversions 		366   $ 4,017   855   $ 9,220   168   $ 1,756   796   $ 8,032
Reinvestment of distributions 7   78   25   267   32   332   88   882
Shares repurchased and cross
class conversions 		(670)     (7,365)     (956)     (10,322)     (1,090)     (11,359)     (1,724)     (17,226)  
Net Increase / (Decrease) (297)   $ (3,270)   (76)   $ (835)   (890)   $ (9,271)   (840)   $ (8,312)
Class I                              
Shares sold and cross class
conversions 		21,391   $ 235,369   20,700   $ 223,570   3,638   $ 37,479   20,726   $ 200,606
Reinvestment of distributions 342   3,760   787   8,507   273   2,806   544   5,397
Shares repurchased and cross
class conversions 		(7,655)     (84,149)     (17,292)     (184,467)     (12,426)     (127,971)     (8,918)     (86,555)  
Net Increase / (Decrease) 14,078   $ 154,980   4,195   $ 47,610   (8,515)   $ (87,686)   12,352   $ 119,448
Class R6                              
Shares sold and cross class
conversions 		—   $ —   9   $ 95   109   $ 1,138   230   $ 2,255
Reinvestment of distributions — (1)   2   1   7   8   80   17   169
Shares repurchased and cross
class conversions 		(9)     (100)     (—)  (1)   (1)     (125)     (1,293)     (127)     (1,288)  
Net Increase / (Decrease) (9)   $ (98)   10   $ 101   (8)   $ (75)   120   $ 1,136
(1) Amount is less than 500 shares.
    
  Newfleet Senior Floating Rate Fund   Newfleet Tax-Exempt Bond Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class A                              
Shares sold and cross class
conversions 		1,383   $ 12,300   3,363   $ 28,888   345   $ 3,936   349   $ 3,963
Reinvestment of distributions 97   852   477   4,209   50   577   58   656
Shares repurchased and cross
class conversions 		(688)     (6,073)     (15,504)     (131,601)     (227)     (2,593)     (551)     (6,226)  
Net Increase / (Decrease) 792   $ 7,079   (11,664)   $ (98,504)   168   $ 1,920   (144)   $ (1,607)
Class C                              
Shares sold and cross class
conversions 		45   $ 400   207   $ 1,818   18   $ 206   143   $ 1,644
Reinvestment of distributions 33   293   136   1,174   9   108   11   124
Shares repurchased and cross
class conversions 		(1,564)     (13,919)     (2,322)     (19,895)     (322)     (3,679)     (429)     (4,852)  
Net Increase / (Decrease) (1,486)   $ (13,226)   (1,979)   $ (16,903)   (295)   $ (3,365)   (275)   $ (3,084)
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  Newfleet Senior Floating Rate Fund   Newfleet Tax-Exempt Bond Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class I                              
Shares sold and cross class
conversions 		4,282   $ 37,768   5,589   $ 48,418   507   $ 5,818   827   $ 9,363
Reinvestment of distributions 114   1,007   396   3,427   103   1,175   125   1,425
Shares repurchased and cross
class conversions 		(2,944)     (25,859)     (10,563)     (90,886)     (894)     (10,263)     (2,476)     (27,869)  
Net Increase / (Decrease) 1,452   $ 12,916   (4,578)   $ (39,041)   (284)   $ (3,270)   (1,524)   $ (17,081)
Class R6                              
Shares sold and cross class
conversions 		5   $ 47   579   $ 5,154   —   $ —   —   $ —
Reinvestment of distributions 5   44   10   84   —   —   —   —
Shares repurchased and cross
class conversions 		(101)     (900)     (292)     (2,321)     —    —    —    — 
Net Increase / (Decrease) (91)   $ (809)   297   $ 2,917   —   $ —   —   $ —
Note 6. 10% Shareholders
As of March 31, 2021, 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
24%   1
Newfleet Low Duration Core Plus Bond Fund
48   3
Newfleet Multi-Sector Intermediate Bond Fund
31   2
Newfleet Senior Floating Rate Fund
33   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.
In July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that certain LIBORs may continue beyond 2021 and certain of the most widely used LIBORs may continue until mid-2023. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain how such changes would be implemented and the effects such changes would have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.
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.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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 the 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. At March 31, 2021, the Funds did not hold any securities that were restricted.
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 10, 2022. 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. Total commitment fees paid for the period ended March, 31, 2021, are included in the “Interest expense and/or commitment fees” line on the Statements of Operations. 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 Fund 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
Newfleet Multi-Sector Intermediate Bond Fund
  $1   $6,780   1.29%   5
Note 11. Borrowings
($ reported in thousands)
On May 6, 2020, 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 $70,000. 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, 2021, were $72 and are included in the “Interest expense and/or commitment fees” line on the Statements of Operations. The Agreement has a term that extends until the 179th 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, 2021, the average daily borrowings under the Agreement and the weighted daily average interest rate were $3,401 and 1.023%, respectively. At March 31, 2021, the Fund had $2,000 outstanding borrowings with an interest rate of 1.009%.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
Note 12. Federal Income Tax Information
($ reported in thousands)
At March 31, 2021, 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)
Newfleet Core Plus Bond Fund
  $ 110,872   $ 3,384   $ (1,280)   $ 2,104
Newfleet High Yield Fund
  58,516   2,436   (1,041)   1,395
Newfleet Low Duration Core Plus Bond Fund
  661,276   8,227   (1,834)   6,393
Newfleet Multi-Sector Intermediate Bond Fund
  325,709   9,894   (6,829)   3,065
Newfleet Senior Floating Rate Fund
  224,975   1,460   (3,733)   (2,273)
Newfleet Tax-Exempt Bond Fund
  97,119   8,276   (37)   8,239
Certain Funds have capital loss carryovers available to offset future realized capital gains, if any, to the extent permitted by the Internal Revenue Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the fiscal year ended September 30, 2020, the Funds’ capital loss carryovers were as follows:
  Short-Term   Long-Term
Newfleet Core Plus Bond Fund
$ —   $ 477
Newfleet High Yield Fund
978   3,876
Newfleet Low Duration Core Plus Bond Fund
1,672   1,513
Newfleet Multi-Sector Intermediate Bond Fund
2,875   17,276
Newfleet Senior Floating Rate Fund
3,415   39,749
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, 2020, the following Funds deferred and recognized qualified late year losses as follows:
  Capital
Loss
Deferred 		  Capital
Loss
Recognized
Newfleet Core Plus Bond Fund
$ —   $ (103)
Newfleet High Yield Fund
457   (698)
Newfleet Low Duration Core Plus Bond Fund
745   (328)
Newfleet Multi-Sector Intermediate Bond Fund
—   (4,622)
Newfleet Senior Floating Rate Fund
19,778   (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 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 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 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 (each, a “Subadvisory Agreement” and collectively, the “Subadvisory Agreements”)(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 virtual meetings held on November 3, 2020, and November 16-18, 2020 (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: (a) the nature, extent and quality of the services provided to the Funds by VIA and the Subadviser; (b) the performance of the Funds as compared to an appropriate peer group and an appropriate index; (c) 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); (d) the profitability of VIA under the Advisory Agreement; (e) 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); (f) the anticipated effect of growth in size on each Fund’s performance and expenses; (g) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) 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, 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 respective 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’ summary and statutory 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 their respective portfolio compositions, as well as the Subadviser’s investment strategy(ies). 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, 2020.
Virtus Newfleet Core Plus Bond Fund. 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- and 3-year periods, that the Fund’s performance was equal to the median of its Performance Universe for the 5-year period and that the Fund outperformed its benchmark for the 10-year period.
Virtus Newfleet High Yield 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 underperformed its benchmark for the 1-, 3- and 5-year periods.
Virtus Newfleet Low Duration Core Plus Bond Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 3-, 5- and 10-year periods and underperformed the median of its Performance Universe for the 1-year period. The Board also noted that the Fund outperformed its benchmark for the 10-year period and underperformed its benchmark for the 1-, 3- and 5-year periods.
Virtus Newfleet Multi-Sector Intermediate Bond Fund. 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 10-year period and underperformed its benchmark for the 1-, 3- and 5- 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 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.
Virtus Newfleet Tax-Exempt Bond Fund. 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 underperformed its benchmark for the 1-, 3- 5- and 10-year periods.
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 the Funds and their shareholders, and that VIA had proposed to lower the expense cap in place for Virtus Newfleet High Yield Fund Class R6 shares. The Board also noted that the subadvisory fees were paid by VIA out of its advisory 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 third 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 second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe.
Virtus Newfleet Multi-Sector Intermediate Bond Fund. The Board considered that the Fund’s net management fee was in the third quintile of the Expense Group and net total expenses after waivers were in the fourth 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 second 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 Class R6 share expense cap to limit the total expenses of Virtus Newfleet High Yield Fund and approved implementing a five basis point breakpoint reduction to 0.55% for assets under management up to one billion, 0.50% for assets under management of one billion or greater up to two billion, and 0.45% for assets under management of two billion or greater for Virtus Newfleet High Yield 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, 2022, and had agreed to lower the Class R6 share expense cap applicable to Virtus Newfleet High Yield 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
101 Munson Street
Greenfield, MA 01301-9668
Trustees
Philip R. McLoughlin, Chairman
George R. Aylward
Donald C. Burke
Sidney E. Harris
John R. Mallin
Connie D. McDaniel
Geraldine M. McNamara
James M. Oates
R. Keith Walton
Brian T. Zino
Advisory Board Members
Sarah E. Cogan
Deborah A. DeCotis
F. Ford Drummond
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
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 05-21

SEMIANNUAL REPORT
VIRTUS OPPORTUNITIES TRUST
March 31, 2021
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*
Virtus FORT Trend Fund
Virtus KAR Emerging Markets Small-Cap Fund
Virtus KAR International Small-Cap Fund
Virtus KAR International Small-Mid Cap Fund
Virtus Vontobel Global Opportunities Fund
Virtus Vontobel Greater European Opportunities Fund
*Prospectus supplement applicable to this fund appears at the back of this annual report.
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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
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.
Not FDIC Insured • No Bank Guarantee • May Lose Value

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1
2
5
7
Fund Schedule
of
Investments
9
10
12
14
15
17
19
21
23
25
27
33
36
41
49
66
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, 2021.
Monetary support and fiscal stimulus drove strong returns for global markets during the period as optimism about vaccinations increased and economic indicators improved. For the six months, U.S. small-cap stocks, which gained 48.06% as measured by the Russell 2000® Index, strongly outperformed large-capitalization stocks, which returned 19.07%, as measured by the S&P 500® Index. Within international equities, developed markets, as measured by the MSCI EAFE® Index (net), returned 20.08%, and emerging markets, as measured by the MSCI Emerging Markets Index (net), gained 22.43%.
In fixed income markets, the yield on the 10-year Treasury rose sharply to 1.74% on March 31, 2021, from 0.69% on September 30, 2020, based on inflation fears. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, was down 2.73% for the six-month period, but non-investment grade bonds, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, were up 7.36%.
On behalf of the Virtus Funds and our investment managers, I thank you for entrusting us with your assets. To learn more about the other investment strategies we offer, please visit Virtus.com. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.
Sincerely,
George R. Aylward
President, Virtus Funds
May 2021
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. Investing involves risk, including the risk of loss of principal invested.
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VIRTUS OPPORTUNITIES TRUST
DISCLOSURE OF FUND EXPENSES (Unaudited)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Duff & Phelps Global Infrastructure Fund
               
  Class A $ 1,000.00   $ 1,108.50   1.28 %   $ 6.73
  Class C 1,000.00   1,103.80   2.01   10.54
  Class I 1,000.00   1,109.80   1.03   5.42
  Class R6 1,000.00   1,111.00   0.85   4.47
Duff & Phelps Global Real Estate Securities Fund
               
  Class A 1,000.00   1,193.20   1.40   7.66
  Class C 1,000.00   1,188.70   2.15   11.73
  Class I 1,000.00   1,194.90   1.15   6.29
  Class R6 1,000.00   1,196.50   0.89   4.87
Duff & Phelps International Real Estate Securities Fund
               
  Class A 1,000.00   1,160.50   1.50   8.08
  Class C 1,000.00   1,156.00   2.25   12.09
  Class I 1,000.00   1,162.20   1.25   6.74
Duff & Phelps Real Asset Fund
               
  Class A 1,000.00   1,152.30   0.88   4.72
  Class C 1,000.00   1,147.20   1.71   9.15
  Class I 1,000.00   1,153.50   0.63   3.38
FORT Trend Fund
               
  Class A 1,000.00   1,001.40   1.58   7.88
  Class C 1,000.00   997.10   2.35   11.70
  Class I 1,000.00   1,002.00   1.35   6.74
  Class R6 1,000.00   1,002.70   1.24   6.19
KAR Emerging Markets Small-Cap Fund
               
  Class A 1,000.00   1,154.30   1.85   9.94
  Class C 1,000.00   1,150.70   2.60   13.94
  Class I 1,000.00   1,155.80   1.60   8.60
  Class R6 1,000.00   1,157.30   1.42   7.64
KAR International Small-Cap Fund
               
  Class A 1,000.00   1,233.40   1.52   8.46
  Class C 1,000.00   1,229.60   2.24   12.45
  Class I 1,000.00   1,235.40   1.25   6.97
  Class R6 1,000.00   1,236.20   1.15   6.41
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VIRTUS OPPORTUNITIES TRUST
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
    Beginning
Account Value
October 1, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
KAR International Small-Mid Cap Fund
               
  Class A $1,000.00   $1,201.50   1.45%   $ 7.96
  Class C 1,000.00   1,197.50   2.20   12.05
  Class I 1,000.00   1,203.00   1.20   6.59
  Class R6 1,000.00   1,203.60   1.10   6.04
Vontobel Global Opportunities Fund
               
  Class A 1,000.00   1,109.50   1.36   7.15
  Class C 1,000.00   1,105.20   2.11   11.07
  Class I 1,000.00   1,110.30   1.09   5.73
  Class R6 1,000.00   1,111.60   0.90   4.74
Vontobel Greater European Opportunities Fund
               
  Class A 1,000.00   1,105.50   1.42   7.45
  Class C 1,000.00   1,101.80   2.17   11.37
  Class I 1,000.00   1,107.40   1.16   6.09
    
* 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 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.
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Duff & Phelps Global Infrastructure Fund
               
  Class A $ 1,000.00   $ 1,018.55   1.28 %   $ 6.44
  Class C 1,000.00   1,014.91   2.01   10.10
  Class I 1,000.00   1,019.80   1.03   5.19
  Class R6 1,000.00   1,020.69   0.85   4.28
Duff & Phelps Global Real Estate Securities Fund
               
  Class A 1,000.00   1,017.95   1.40   7.04
  Class C 1,000.00   1,014.21   2.15   10.80
  Class I 1,000.00   1,019.20   1.15   5.79
  Class R6 1,000.00   1,020.49   0.89   4.48
Duff & Phelps International Real Estate Securities Fund
               
  Class A 1,000.00   1,017.45   1.50   7.54
  Class C 1,000.00   1,013.71   2.25   11.30
  Class I 1,000.00   1,018.70   1.25   6.29
Duff & Phelps Real Asset Fund
               
  Class A 1,000.00   1,020.54   0.88   4.43
  Class C 1,000.00   1,016.40   1.71   8.60
  Class I 1,000.00   1,021.79   0.63   3.18
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VIRTUS OPPORTUNITIES TRUST
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
    Beginning
Account Value
October 1, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
FORT Trend Fund
               
  Class A $1,000.00   $1,017.05   1.58%   $ 7.95
  Class C 1,000.00   1,013.21   2.35   11.80
  Class I 1,000.00   1,018.20   1.35   6.79
  Class R6 1,000.00   1,018.75   1.24   6.24
KAR Emerging Markets Small-Cap Fund
               
  Class A 1,000.00   1,015.71   1.85   9.30
  Class C 1,000.00   1,011.97   2.60   13.04
  Class I 1,000.00   1,016.95   1.60   8.05
  Class R6 1,000.00   1,017.85   1.42   7.14
KAR International Small-Cap Fund
               
  Class A 1,000.00   1,017.35   1.52   7.64
  Class C 1,000.00   1,013.76   2.24   11.25
  Class I 1,000.00   1,018.70   1.25   6.29
  Class R6 1,000.00   1,019.20   1.15   5.79
KAR International Small-Mid Cap Fund
               
  Class A 1,000.00   1,017.70   1.45   7.29
  Class C 1,000.00   1,013.96   2.20   11.05
  Class I 1,000.00   1,018.95   1.20   6.04
  Class R6 1,000.00   1,019.45   1.10   5.54
Vontobel Global Opportunities Fund
               
  Class A 1,000.00   1,018.15   1.36   6.84
  Class C 1,000.00   1,014.41   2.11   10.60
  Class I 1,000.00   1,019.50   1.09   5.49
  Class R6 1,000.00   1,020.44   0.90   4.53
Vontobel Greater European Opportunities Fund
               
  Class A 1,000.00   1,017.85   1.42   7.14
  Class C 1,000.00   1,014.11   2.17   10.90
  Class I 1,000.00   1,019.15   1.16   5.84
    
* 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 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, 2021
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.
Crest Depository Interest (“CDI”)
A Crest Depository Interest is a UK financial security that represents a stock traded on a stock exchange outside the UK. CDIs are issued by CREST, and one CDI is the equivalent of one share of an eligible foreign stock.
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.
Global Depositary Receipt (GDR)
A certificate issued by a bank that represents shares in a foreign stock on two or more global markets.
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.
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VIRTUS OPPORTUNITIES TRUST
KEY INVESTMENT TERMS (Unaudited) (Continued) March 31, 2021
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.
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, 2021
For each Fund, the following tables present asset allocations within certain sectors as a percentage of total investments as of March 31, 2021.
Duff & Phelps Global Infrastructure Fund
Utilities 44%
Industrials 31
Energy 12
Real Estate 10
Communication Services 3
Total 100%
Duff & Phelps Global Real Estate Securities Fund
Industrial/Office REITs 22%
Residential REITs 19
Retail REITs 12
Real Estate Operating Companies 10
Office REITs 7
Health Care REITs 6
Diversified REITs 5
Other (includes short-term investment) 19
Total 100%
 
Duff & Phelps International Real Estate Securities Fund
Real Estate Operating Companies 24%
Office REITs 18
Industrial/Office REITs 16
Residential REITs 12
Retail REITs 10
Diversified Real Estate Activities REITs 7
Diversified REITs 7
Other REITs 6
Total 100%
Duff & Phelps Real Asset Fund
Affiliated Mutual Funds   66%
Exchange-Traded Funds   31
Short-Term Investment   3
Total   100%
 
FORT Trend Fund
Short-Term Investments   100%
Money Market Mutual Fund 6%  
U.S. Government Securities 94  
Total   100%
KAR Emerging Markets Small-Cap Fund
Industrials 33%
Information Technology 14
Consumer Staples 13
Communication Services 12
Financials 10
Consumer Discretionary 7
Health Care 3
Other (includes short-term investment) 8
Total 100%
 
KAR International Small-Cap Fund
Industrials 27%
Communication Services 18
Financials 18
Information Technology 10
Consumer Discretionary 7
Health Care 4
Consumer Staples 4
Other (includes short-term investment) 12
Total 100%
KAR International Small-Mid Cap Fund
Industrials 30%
Communication Services 22
Financials 12
Information Technology 10
Consumer Discretionary 10
Health Care 3
Energy 2
Other (includes short-term investment) 11
Total 100%
 
7

Table of Contents
VIRTUS OPPORTUNITIES TRUST
PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited) (Continued)
March 31, 2021
Vontobel Global Opportunities Fund
Information Technology 26%
Consumer Discretionary 19
Health Care 14
Consumer Staples 13
Financials 9
Communication Services 8
Industrials 8
Other 3
Total 100%
Vontobel Greater European Opportunities Fund
Industrials 24%
Consumer Discretionary 17
Consumer Staples 17
Health Care 14
Information Technology 10
Financials 6
Materials 6
Other (includes short-term investment) 6
Total 100%
 
8

Table of Contents
Duff & Phelps Global Infrastructure Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Common Stocks—99.7%
Communication Services—2.8%    
Cellnex Telecom SA (Spain) 41,710   $ 2,402
Energy—11.8%    
Cheniere Energy, Inc. (United States)(1) 28,852   2,078
Enbridge, Inc. (Canada) 97,683   3,556
ONEOK, Inc. (United States) 16,840   853
Pembina Pipeline Corp. (Canada) 35,597   1,028
Targa Resources Corp. (United States) 30,390   965
TC Energy Corp. (Canada) 38,845   1,777
      10,257
       
 
Industrials—30.6%    
Aena SME SA (Spain) 24,456   3,966
Aeroports de Paris (France)(1) 14,890   1,779
Atlantia SpA (Italy)(1) 93,163   1,743
Auckland International Airport Ltd. (New Zealand)(1) 211,992   1,161
Canadian Pacific Railway Ltd. (Canada) 4,065   1,542
Flughafen Zuerich AG (Switzerland)(1) 8,075   1,327
Norfolk Southern Corp. (United States) 10,691   2,871
Sydney Airport (Australia)(1) 436,137   2,050
Transurban Group (Australia) 461,477   4,669
Union Pacific Corp. (United States) 15,214   3,353
Vinci SA (France) 20,583   2,109
      26,570
       
 
Real Estate—9.9%    
American Tower Corp. (United States) 20,392   4,875
  Shares   Value
       
Real Estate—continued    
Crown Castle International Corp. (United States) 21,600   $ 3,718
      8,593
       
 
Utilities—44.6%    
Ameren Corp. (United States) 16,713   1,360
American Electric Power Co., Inc. (United States) 10,921   925
American Water Works Co., Inc. (United States) 9,094   1,363
Atmos Energy Corp. (United States) 19,300   1,908
CenterPoint Energy, Inc. (United States) 70,625   1,600
CMS Energy Corp. (United States) 22,866   1,400
Dominion Energy, Inc. (United States) 48,684   3,698
DTE Energy Co. (United States) 9,784   1,303
Edison International (United States) 24,941   1,461
Enel SpA (Italy) 143,720   1,431
Energias de Portugal SA (Portugal) 275,937   1,576
Essential Utilities, Inc. (United States) 28,191   1,262
Iberdrola SA (Spain) 126,013   1,623
National Grid plc (United Kingdom) 191,874   2,285
Naturgy Energy Group SA (Spain) 45,429   1,113
NextEra Energy, Inc. (United States) 77,439   5,855
Orsted A/S (Denmark) 13,451   2,172
Public Service Enterprise Group, Inc. (United States) 39,505   2,379
Sempra Energy (United States) 23,244   3,082
  Shares   Value
       
Utilities—continued    
Southern Co. (The) (United States) 13,995   $ 870
      38,666
       
 
Total Common Stocks
(Identified Cost $72,245) 		  86,488
       
 
       
 
Total Long-Term Investments—99.7%
(Identified Cost $72,245) 		  86,488
       
 
       
 
TOTAL INVESTMENTS—99.7%
(Identified Cost $72,245) 		  $86,488
Other assets and liabilities, net—0.3%   296
NET ASSETS—100.0%   $86,784
    
Footnote Legend:
(1) Non-income producing.
    
Country Weightings†
United States 54%
Spain 11
Canada 9
Australia 7
France 5
Italy 4
United Kingdom 3
Other 7
Total 100%
† % of total investments as of March 31, 2021.
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $86,488   $86,488
Total Investments $86,488   $86,488
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
See Notes to Financial Statements
9

Table of Contents
Duff & Phelps Global Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Common Stocks—96.1%
Australia—3.5%    
Dexus 591,339   $ 4,379
GPT Group (The) - In Specie(1)(2) 13,566   —
National Storage REIT 2,673,333   4,061
NEXTDC Ltd.(2) 373,476   2,956
      11,396
       
 
Belgium—1.0%    
Warehouses De Pauw CVA 99,337   3,283
Canada—4.3%    
Allied Properties Real Estate Investment Trust 97,650   3,158
Boardwalk Real Estate Investment Trust 160,000   4,623
Granite Real Estate Investment Trust 51,829   3,151
Summit Industrial Income REIT 280,400   3,182
      14,114
       
 
France—2.5%    
Gecina SA 24,200   3,332
Klepierre SA 211,580   4,934
      8,266
       
 
Germany—4.5%    
Aroundtown SA 795,180   5,660
Deutsche Wohnen SE 70,500   3,289
Vonovia SE 88,294   5,767
      14,716
       
 
Hong Kong—2.8%    
Link REIT 386,504   3,520
Swire Properties Ltd. 1,811,000   5,603
      9,123
       
 
India—1.0%    
Ascendas India Trust 2,940,800   3,236
Ireland—1.0%    
Irish Residential Properties REIT plc 1,690,800   3,236
Japan—9.6%    
Invesco Office J-REIT, Inc. 25,727   4,050
Kenedix Office Investment Corp. 439   3,121
Kenedix Residential Next Investment Corp. 1,885   3,677
Mitsubishi Estate Co., Ltd. 541,400   9,449
Mitsui Fudosan Logistics Park, Inc. 1,252   6,185
Nippon Prologis REIT, Inc. 1,605   5,153
      31,635
       
 
Singapore—0.8%    
Mapletree Industrial Trust 1,366,800   2,784
  Shares   Value
       
Spain—2.3%    
Inmobiliaria Colonial Socimi SA 313,500   $ 3,035
Merlin Properties Socimi SA 452,100   4,623
      7,658
       
 
Sweden—2.6%    
Catena AB 85,000   3,747
Kungsleden AB 448,900   4,690
      8,437
       
 
United Kingdom—5.4%    
Derwent London plc 71,810   3,196
Safestore Holdings plc 296,757   3,255
Segro plc 187,928   2,429
UNITE Group plc (The)(2) 393,500   5,788
Workspace Group plc 291,800   3,218
      17,886
       
 
United States—54.8%    
Alexandria Real Estate Equities, Inc. 19,729   3,241
American Homes 4 Rent Class A 149,550   4,986
Apartment Income REIT Corp. 90,478   3,869
AvalonBay Communities, Inc. 46,565   8,592
Boston Properties, Inc. 46,685   4,727
Brixmor Property Group, Inc. 314,033   6,353
Cousins Properties, Inc. 160,900   5,688
CubeSmart 191,175   7,232
CyrusOne, Inc. 46,985   3,182
Douglas Emmett, Inc. 99,405   3,121
Duke Realty Corp. 191,366   8,024
Equinix, Inc. 12,025   8,172
Equity Residential 96,465   6,910
Extra Space Storage, Inc. 55,165   7,312
Healthcare Trust of America, Inc. Class A 142,600   3,933
Healthpeak Properties, Inc. 229,900   7,297
Host Hotels & Resorts, Inc.(2) 104,806   1,766
Invitation Homes, Inc. 152,710   4,885
Mid-America Apartment Communities, Inc. 38,800   5,601
Prologis, Inc. 153,434   16,264
Regency Centers Corp. 71,850   4,075
Rexford Industrial Realty, Inc. 59,700   3,009
RLJ Lodging Trust 141,507   2,191
Ryman Hospitality Properties, Inc.(2) 47,635   3,692
SBA Communications, Corp. 15,100   4,191
Simon Property Group, Inc. 64,131   7,296
Spirit Realty Capital, Inc. 152,216   6,469
STORE Capital Corp. 146,035   4,892
  Shares   Value
       
United States—continued    
Sun Communities, Inc. 53,906   $ 8,088
VEREIT, Inc. 125,880   4,862
VICI Properties, Inc. 110,250   3,113
Welltower, Inc. 101,300   7,256
      180,289
       
 
Total Common Stocks
(Identified Cost $263,451) 		  316,059
       
 
       
 
Total Long-Term Investments—96.1%
(Identified Cost $263,451) 		  316,059
       
 
       
 
Short-Term Investment—1.0%
Money Market Mutual Fund—1.0%    
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) 3,172,288   3,172
Total Short-Term Investment
(Identified Cost $3,172) 		  3,172
       
 
       
 
TOTAL INVESTMENTS—97.1%
(Identified Cost $266,623) 		  $319,231
Other assets and liabilities, net—2.9%   9,453
NET ASSETS—100.0%   $328,684
    
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) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
    
Country Weightings†
United States 58%
Japan 10
United Kingdom 6
Germany 5
Canada 4
Australia 3
Hong Kong 3
Other 11
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 5.
See Notes to Financial Statements
10

Table of Contents
Duff & Phelps Global Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 3
Significant
Unobservable
Inputs
Assets:          
Equity Securities:          
Common Stocks $316,059   $316,059   $— (1)
Money Market Mutual Fund 3,172   3,172   —
Total Investments $319,231   $319,231   $—
    
(1) Includes internally fair valued securities currently priced at zero ($0).
There were no securities valued using significant observable inputs (Level 2) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
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, 2021.
See Notes to Financial Statements
11

Table of Contents
Duff & Phelps International Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Common Stocks—98.5%
Australia—8.6%    
Dexus 127,718   $ 946
GPT Group (The) - In Specie(1)(2) 588,920   —
National Storage REIT 401,504   610
NEXTDC Ltd.(2) 54,339   430
Scentre Group 240,000   514
      2,500
       
 
Belgium—1.6%    
Warehouses De Pauw CVA 13,766   455
Canada—8.4%    
Allied Properties Real Estate Investment Trust 22,300   721
Boardwalk Real Estate Investment Trust 29,600   855
Granite Real Estate Investment Trust 7,176   437
Summit Industrial Income REIT 37,900   430
      2,443
       
 
China—1.0%    
GDS Holdings Ltd. ADR(2) 3,600   292
France—2.6%    
Klepierre SA 31,831   742
Germany—10.5%    
Aroundtown SA 146,640   1,044
Deutsche Wohnen SE 14,100   658
Vonovia SE 20,749   1,355
      3,057
       
 
Hong Kong—12.5%    
Hysan Development Co., Ltd. 168,000   657
Link REIT 176,441   1,607
Swire Properties Ltd. 446,000   1,379
      3,643
       
 
India—1.9%    
Ascendas India Trust 504,100   555
Ireland—2.7%    
Irish Residential Properties REIT plc 416,000   796
  Shares   Value
       
Japan—24.2%    
Ichigo Office REIT Investment Corp. 525   $ 450
Invesco Office J-REIT, Inc. 5,234   824
Kenedix Office Investment Corp. 132   938
Kenedix Residential Next Investment Corp. 426   831
Mitsubishi Estate Co., Ltd. 111,200   1,941
Mitsui Fudosan Logistics Park, Inc. 199   983
Nippon Prologis REIT, Inc. 338   1,085
      7,052
       
 
Singapore—2.6%    
Mapletree Industrial Trust 372,000   758
Spain—5.2%    
Inmobiliaria Colonial Socimi SA 58,500   566
Merlin Properties Socimi SA 92,800   949
      1,515
       
 
Sweden—4.5%    
Catena AB 9,300   410
Kungsleden AB 85,500   893
      1,303
       
 
United Kingdom—12.2%    
Derwent London plc 14,331   638
Safestore Holdings plc 60,726   666
Segro plc 36,368   470
UNITE Group plc (The)(2) 60,000   883
Workspace Group plc 81,000   893
      3,550
       
 
Total Common Stocks
(Identified Cost $22,559) 		  28,661
       
 
       
 
Total Long-Term Investments—98.5%
(Identified Cost $22,559) 		  28,661
       
 
       
 
TOTAL INVESTMENTS—98.5%
(Identified Cost $22,559) 		  $28,661
Other assets and liabilities, net—1.5%   443
NET ASSETS—100.0%   $29,104
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.
    
Country Weightings†
Japan 25%
Hong Kong 13
United Kingdom 12
Germany 11
Australia 9
Canada 8
Spain 5
Other 17
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 5.
See Notes to Financial Statements
12

Table of Contents
Duff & Phelps International Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 3
Significant
Unobservable
Inputs
Assets:          
Equity Securities:          
Common Stocks $28,661   $28,661   $— (1)
Total Investments $28,661   $28,661   $—
    
(1) Includes internally fair valued securities currently priced at zero ($0).
There were no securities valued using significant observable inputs (Level 2) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
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, 2021.
See Notes to Financial Statements
13

Table of Contents
Duff & Phelps Real Asset Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Affiliated Mutual Funds(1)—66.0%
Equity Funds—57.9%    
Virtus Duff & Phelps Global Infrastructure Fund Class R6 315,044   $ 4,997
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6 147,117   5,046
Virtus Duff & Phelps Select MLP and Energy Fund Class I 350,359   2,617
      12,660
       
 
Fixed Income Fund—8.1%    
Virtus Newfleet Senior Floating Rate Fund Class R6 197,017   1,756
Total Affiliated Mutual Funds
(Identified Cost $10,252) 		  14,416
       
 
       
 
Exchange-Traded Funds(1)—31.2%
Invesco DB Agriculture Fund(2) 26,000   440
Invesco DB Commodity Index Tracking Fund(2) 123,224   2,047
Invesco DB Gold Fund(2) 17,500   864
  Shares   Value
       
       
Schwab U.S. TIPS ETF 14,200   $ 868
SPDR S&P Global Natural Resources ETF 51,750   2,601
Total Exchange-Traded Funds
(Identified Cost $6,074) 		  6,820
       
 
       
 
Total Long-Term Investments—97.2%
(Identified Cost $16,326) 		  21,236
       
 
       
 
Short-Term Investment—3.0%
Money Market Mutual Fund(1)—3.0%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%) 655,354   655
Total Short-Term Investment
(Identified Cost $655) 		  655
       
 
       
 
TOTAL INVESTMENTS—100.2%
(Identified Cost $16,981) 		  $21,891
Other assets and liabilities, net—(0.2)%   (38)
NET ASSETS—100.0%   $21,853
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 this fund are publicly offered, and its prospectus and annual report are publicly available.
(2) Non-income producing.
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Affiliated Mutual Funds $14,416   $14,416
Exchange-Traded Funds 6,820   6,820
Money Market Mutual Fund 655   655
Total Investments $21,891   $21,891
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 5.
See Notes to Financial Statements
14

Table of Contents
FORT Trend Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Short-Term Investments—95.2%
Money Market Mutual Fund—5.6%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(1) 9,935,372   $ 9,935
Total Money Market Mutual Fund
(Identified Cost $9,935) 		  9,935
       
 
       
 
    
  Par Value  
U.S. Government Securities—89.6%
U.S. Treasury Bills    
0.000%, 4/22/21 $24,000 24,000
  Par Value   Value
0.000%, 5/20/21 $25,000   $ 24,999
0.000%, 6/24/21 24,500   24,499
0.000%, 7/8/21 28,000   27,999
0.000%, 7/22/21 31,600   31,598
0.000%, 8/26/21 27,200   27,198
Total U.S. Government Securities
(Identified Cost $160,269) 		  160,293
       
 
       
 
Total Short-Term Investments
(Identified Cost $170,204) 		  170,228
       
 
       
 
TOTAL INVESTMENTS—95.2%
(Identified Cost $170,204) 		  $170,228
Other assets and liabilities, net—4.8%   8,557
NET ASSETS—100.0%   $178,785
Footnote Legend:
(1) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
Exchange-Traded Futures contracts as of March 31, 2021 were as follows:
Issue Expiration Contracts
Purchased/(Sold) 		Notional Value Value /
Unrealized
Appreciation 		Value /
Unrealized
(Depreciation)
CAC 40 Index Future April 2021 22 $ 1,565 $ 8 $ —
FTSE Taiwan Index Future April 2021 84 4,867 74 —
Hang Seng Index Future April 2021 5 911 3 —
5,000-oz. Silver Future May 2021 (4) (491) 30 —
Copper Future May 2021 6 599 — (19)
Crude Oil Future May 2021 (30) (1,775) 54 —
Gasoline RBOB Future May 2021 (41) (3,375) 10 —
Low Sulphur Gasoil Future May 2021 (44) (2,233) — (33)
Natural Gas Future May 2021 (42) (1,095) — (1)
NY Harbor ULSD Future May 2021 (59) (4,386) 39 —
10 Year Euro-Bund Future June 2021 137 27,518 1 —
10 Year Japanese Bond Future June 2021 19 25,939 20 —
10 Year U.K. Gilt Future June 2021 8 1,407 — (12)
10 Year U.S. Treasury Note Future June 2021 77 10,082 — (207)
30 Year U.S. Treasury Bond Future June 2021 66 10,203 — (292)
5 Year U.S. Treasury Note Future June 2021 202 24,927 — (69)
ASX SPI 200TM Future June 2021 13 1,670 — (a) —
Brent Crude Future June 2021 (15) (941) 26 —
British Pound Future June 2021 16 1,378 — (3)
DAX Index Future June 2021 3 1,322 28 —
Dow Jones Index E-Mini Future June 2021 33 5,428 29 —
Euro Currency Future June 2021 (46) (6,752) 91 —
Euro Stoxx 50 Future June 2021 85 3,854 81 —
Euro-Bobl Future June 2021 454 71,917 28 —
Euro-Schatz Future June 2021 511 67,176 — (2)
FTSE 100 Index Future June 2021 13 1,197 — (5)
Gold Future June 2021 (4) (686) 8 —
Japanese Yen Future June 2021 (62) (7,002) 129 —
Nasdaq 100 E-Mini Future June 2021 26 6,807 40 —
Nikkei 225 Stock Average Future June 2021 5 1,318 24 —
Russell 2000 E-Mini Future June 2021 9 1,000 — (48)
S&P 500 E-Mini Future June 2021 85 16,861 153 —
S&P MidCap 400 E-Mini Future June 2021 4 1,042 — (5)
S&P/TSX 60 Index Future June 2021 7 1,238 — (9)
Swiss Franc Future June 2021 (54) (7,152) 125 —
TOPIX Index Future June 2021 18 3,177 103 —
90-Day Sterling Future September 2021 (24) (4,132) 1 —
3-Month EURIBOR Future September 2021 544 160,348 5 —
See Notes to Financial Statements
15

Table of Contents
FORT Trend Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
Exchange-Traded Futures contracts as of March 31, 2021 were as follows:
Issue Expiration Contracts
Purchased/(Sold) 		Notional Value Value /
Unrealized
Appreciation 		  Value /
Unrealized
(Depreciation)
90-Day Eurodollar Future September 2021 1,199 $299,181 $ —   $ (33)
90-Day Sterling Future December 2021 (244) (41,993) 10   —
3-Month EURIBOR Future December 2021 313 92,264 —   (2)
90-Day Eurodollar Future December 2021 502 125,167 —   (6)
3-Month EURIBOR Future March 2022 407 119,961 —   (7)
90-Day Eurodollar Future March 2022 60 14,965 —   (3)
90-Day Sterling Future March 2022 122 20,981 —   — (a)
90-Day Sterling Future June 2022 (14) (2,407) — (a)   —
3-Month EURIBOR Future June 2022 240 70,735 —   (1)
90-Day Eurodollar Future June 2022 146 36,394 —   (8)
3-Month EURIBOR Future September 2022 275 81,046 —   (1)
90-Day Eurodollar Future September 2022 336 83,689 —   (33)
90-Day Sterling Future September 2022 203 34,875 —   (45)
3-Month EURIBOR Future December 2022 297 87,513 —   (3)
90-Day Eurodollar Future December 2022 270 67,163 —   (36)
90-Day Sterling Future December 2022 220 37,769 —   (80)
3-Month EURIBOR Future March 2023 265 78,060 3   —
90-Day Eurodollar Future March 2023 246 61,128 —   (39)
90-Day Sterling Future March 2023 220 37,741 —   (2)
Total       $1,123   $(1,004)
Footnote Legend:
(a)Amount is less than $500.            
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs
Assets:          
Debt Securities:          
U.S. Government Securities $160,293   $ —   $160,293
Money Market Mutual Fund 9,935   9,935   —
Other Financial Instruments:          
Futures Contracts 1,123   1,123   —
Total Assets 171,351   11,058   160,293
Liabilities:          
Other Financial Instruments:          
Futures Contracts (1,004)   (1,004)   —
Total Liabilities (1,004)   (1,004)   —
Total Investments $170,347   $ 10,054   $160,293
There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
See Notes to Financial Statements
16

Table of Contents
KAR Emerging Markets Small-Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Common Stocks—93.3%
Communication Services—11.9%    
Addcn Technology Co., Ltd. (Taiwan) 592,000   $ 4,980
Autohome, Inc. ADR (China) 89,162   8,316
Sarana Menara Nusantara Tbk PT (Indonesia) 92,634,800   7,015
Tongdao Liepin Group (China)(1) 1,919,800   5,408
Wirtualna Polska Holding SA (Poland)(1) 400,438   10,032
Yandex N.V. Class A (Russia)(1) 115,804   7,418
      43,169
       
 
Consumer Discretionary—6.7%    
Allegro.eu SA (Poland)(1) 164,175   2,308
Union Auction PCL (Thailand)(2) 30,130,000   10,606
Vasta Platform Ltd. (Brazil)(1) 874,745   8,616
Vivo Energy plc (United Kingdom) 1,880,608   2,515
      24,045
       
 
Consumer Staples—13.6%    
Anhui Gujing Distillery Co., Ltd. Class B (China) 868,800   12,181
BIM Birlesik Magazalar AS (Turkey) 824,000   7,045
Carlsberg Brewery Malaysia Bhd (Malaysia) 1,507,700   8,676
Clicks Group Ltd. (South Africa) 321,123   5,230
Heineken Malaysia Bhd (Malaysia) 1,742,500   10,842
Taisun International Holding Corp. (Taiwan) 1,230,074   5,195
      49,169
       
 
Financials—9.6%    
Kaspi.KZ JSC GDR, 144A (Kazakhstan)(3) 146,387   10,394
Multi Commodity Exchange of India Ltd. (India) 338,141   6,997
VNV Global AB (Sweden)(1) 1,390,730   17,389
      34,780
       
 
Health Care—2.6%    
Haw Par Corp., Ltd. (Singapore) 977,114   9,552
Industrials—33.1%    
Boa Vista Servicos SA (Brazil) 4,188,336   8,654
HeadHunter Group plc ADR (Russia) 430,800   14,613
IndiaMart InterMesh Ltd. (India) 104,754   11,086
  Shares   Value
       
Industrials—continued    
Kerry TJ Logistics Co., Ltd. (Taiwan) 5,731,631   $ 8,879
Marel HF (Iceland) 1,298,773   8,895
NICE Information Service Co., Ltd. (South Korea) 551,305   12,349
S-1 Corp. (South Korea) 166,525   12,021
SaraminHR Co., Ltd. (South Korea) 331,017   10,295
Sporton International, Inc. (Taiwan) 1,130,720   9,748
Taiwan Secom Co., Ltd. (Taiwan) 1,137,874   3,721
Tegma Gestao Logistica SA (Brazil) 2,644,365   8,870
Voltronic Power Technology Corp. (Taiwan) 272,178   10,541
      119,672
       
 
Information Technology—13.7%    
Computer Age Management Services Ltd. (India) 294,150   7,428
Douzone Bizon Co., Ltd. (South Korea) 36,709   3,185
Humanica PCL Foreign Shares (Thailand) 21,856,600   7,344
Oracle Financial Services Software Ltd. (India) 250,474   10,959
TOTVS SA (Brazil) 879,052   4,529
Webcash Corp. (South Korea) 181,389   11,460
Younglimwon Soft Lab Co., Ltd. (South Korea)(2) 407,309   4,733
      49,638
       
 
Materials—2.1%    
Corp. Moctezuma SAB de C.V. (Mexico) 1,735,583   5,181
Indigo Paints Ltd. (India)(1) 70,693   2,316
      7,497
       
 
Total Common Stocks
(Identified Cost $270,288) 		  337,522
       
 
       
 
Warrant—0.1%
Financials—0.1%    
VNV Global AB (Sweden)(1) 231,788   511
Total Warrant
(Identified Cost $0) 		  511
       
 
       
 
Total Long-Term Investments—93.4%
(Identified Cost $270,288) 		  338,033
       
 
       
 
  Shares   Value
       
       
Short-Term Investment—6.2%
Money Market Mutual Fund—6.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(4) 22,217,975   $ 22,218
Total Short-Term Investment
(Identified Cost $22,218) 		  22,218
       
 
       
 
TOTAL INVESTMENTS—99.6%
(Identified Cost $292,506) 		  $360,251
Other assets and liabilities, net—0.4%   1,512
NET ASSETS—100.0%   $361,763
    
Abbreviations:
ADR American Depositary Receipt
GDR Global Depositary Receipt
JSC Joint Stock Company
    
Footnote Legend:
(1) Non-income producing.
(2) Affiliated company. See Note 4G in Notes to Financial Statements.
(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, 2021, these securities amounted to a value of $10,394 or 2.9% of net assets.
(4) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
    
Country Weightings†
South Korea 15%
Taiwan 12
India 11
Brazil 7
China 7
United States 6
Russia 6
Other 36
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 5.
See Notes to Financial Statements
17

Table of Contents
KAR Emerging Markets Small-Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $337,522   $337,522
Warrant 511   511
Money Market Mutual Fund 22,218   22,218
Total Investments $360,251   $360,251
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
See Notes to Financial Statements
18

Table of Contents
KAR International Small-Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Common Stocks—90.7%
Communication Services—18.1%    
Adevinta ASA (Norway)(1) 4,447,414   $ 65,464
Ascential plc (United Kingdom)(1) 13,356,562   61,869
Auto Trader Group plc (United Kingdom)(1) 12,236,194   93,521
CTS Eventim AG & Co. KGaA (Germany)(1) 612,781   35,528
Karnov Group AB (Sweden)(2) 9,819,441   58,691
MarkLines Co., Ltd. (Japan)(2) 1,094,400   24,710
New Work SE (Germany) 237,930   61,803
Rightmove plc (United Kingdom)(1) 11,657,449   93,565
      495,151
       
 
Consumer Discretionary—6.7%    
Allegro.eu SA (Poland)(1) 846,885   11,909
Goldlion Holdings Ltd. (Hong Kong) 21,115,882   4,862
Max Stock Ltd. (Israel)(1)(2) 7,952,458   31,994
Mercari, Inc. (Japan)(1) 1,042,800   47,278
Moneysupermarket.com Group plc (United Kingdom) 10,990,193   40,393
Redbubble Ltd. (Australia)(1) 12,274,673   46,709
      183,145
       
 
Consumer Staples—3.9%    
Anhui Gujing Distillery Co., Ltd. Class B (China) 3,615,401   50,691
Heineken Malaysia Bhd (Malaysia) 8,825,500   54,914
      105,605
       
 
Energy—3.0%    
Computer Modelling Group Ltd. (Canada)(2) 5,619,390   25,712
Pason Systems, Inc. (Canada)(2) 7,901,518   55,833
      81,545
       
 
Financials—17.9%    
Cerved Group SpA (Italy)(1) 4,573,500   50,576
Euroz Ltd. (Australia) 6,426,441   7,590
Gruppo Mutuionline SpA (Italy) 1,547,597   81,578
  Shares   Value
       
Financials—continued    
Kaspi.KZ JSC GDR, 144A (Kazakhstan)(3) 750,501   $ 53,286
Mortgage Advice Bureau Holdings Ltd. (United Kingdom)(2) 5,218,095   80,929
Nordnet AB publ (Sweden)(1) 2,127,128   34,342
Numis Corp. plc (United Kingdom) 5,237,820   27,223
Sabre Insurance Group plc (United Kingdom)(2) 18,172,326   63,383
VNV Global AB (Sweden)(1)(2) 7,325,890   91,600
      490,507
       
 
Health Care—4.2%    
Haw Par Corp., Ltd. (Singapore) 9,267,073   90,590
Nakanishi, Inc. (Japan) 1,173,200   24,423
      115,013
       
 
Industrials—26.3%    
AIT Corp. (Japan) 286,865   2,593
Boa Vista Servicos SA (Brazil) 11,062,623   22,858
BTS Group AB Class B (Sweden) 849,029   25,276
CAE, Inc. (Canada)(1) 2,855,934   81,380
Enento Group Oyj (Finland)(1)(2) 1,674,508   68,926
Golden Friends Corp. (Taiwan) 1,363,036   2,771
Haitian International Holdings Ltd. (Hong Kong) 13,880,000   55,348
HeadHunter Group plc ADR (Russia)(2) 3,662,906   124,246
Howden Joinery Group plc (United Kingdom)(1) 3,915,226   39,564
Kerry TJ Logistics Co., Ltd. (Taiwan) 15,556,000   24,097
Lumax International Corp., Ltd. (Taiwan)(2) 7,818,259   20,578
Marel HF (Iceland) 11,643,556   79,742
Meitec Corp. (Japan) 162,280   8,955
Rotork plc (United Kingdom) 7,060,300   34,709
S-1 Corp. (South Korea) 832,034   60,064
Voltronic Power Technology Corp. (Taiwan) 1,743,027   67,502
      718,609
       
 
  Shares   Value
       
Information Technology—9.4%    
Alten SA (France)(1) 557,686   $ 65,465
Bouvet ASA (Norway)(2) 750,682   55,469
Brockhaus Capital Management AG (Germany)(1)(2) 761,996   21,759
FDM Group Holdings plc (United Kingdom) 2,599,590   36,125
Fineos Corp., Ltd. CDI (Australia)(1) 14,247,455   42,204
SimCorp A/S (Denmark) 220,886   27,353
Webstep AS (Norway)(2) 3,119,279   10,211
      258,586
       
 
Materials—1.2%    
Corp. Moctezuma SAB de C.V. (Mexico) 11,417,218   34,079
Total Common Stocks
(Identified Cost $1,899,326) 		  2,482,240
       
 
       
 
Warrant—0.1%
Financials—0.1%    
VNV Global AB (Sweden)(1) 1,738,308   3,831
Total Warrant
(Identified Cost $0) 		  3,831
       
 
       
 
Total Long-Term Investments—90.8%
(Identified Cost $1,899,326) 		  2,486,071
       
 
       
 
Short-Term Investment—8.2%
Money Market Mutual Fund—8.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(4) 224,606,019   224,606
Total Short-Term Investment
(Identified Cost $224,606) 		  224,606
       
 
       
 
TOTAL INVESTMENTS—99.0%
(Identified Cost $2,123,932) 		  $2,710,677
Other assets and liabilities, net—1.0%   26,668
NET ASSETS—100.0%   $2,737,345
See Notes to Financial Statements
19

Table of Contents
KAR International Small-Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
Abbreviations:
ADR American Depositary Receipt
CDI CREST Depositary Interest
GDR Global Depositary Receipt
JSC Joint Stock Company
    
Footnote Legend:
(1) Non-income producing.
(2) Affiliated company. See Note 4G in Notes to Financial Statements.
(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, 2021, these securities amounted to a value of $53,286 or 1.9% of net assets.
(4) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
Country Weightings†
United Kingdom 21%
United States 8
Sweden 8
Canada 6
Italy 5
Norway 5
Russia 5
Other 42
Total 100%
† % of total investments as of March 31, 2021.
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $2,482,240   $2,482,240
Warrant 3,831   3,831
Money Market Mutual Fund 224,606   224,606
Total Investments $2,710,677   $2,710,677
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 5.
See Notes to Financial Statements
20

Table of Contents
KAR International Small-Mid Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Common Stocks—90.4%
Communication Services—21.6%    
Adevinta ASA (Norway)(1) 74,696   $ 1,099
Ascential plc (United Kingdom)(1) 164,935   764
Auto Trader Group plc (United Kingdom)(1) 165,870   1,268
CTS Eventim AG & Co. KGaA (Germany)(1) 10,857   629
Infrastrutture Wireless Italiane SpA (Italy) 51,850   578
Karnov Group AB (Sweden) 121,254   725
MarkLines Co., Ltd. (Japan) 14,100   318
New Work SE (Germany) 3,421   889
Rightmove plc (United Kingdom)(1) 166,878   1,339
Yandex N.V. Class A (Russia)(1) 8,703   558
      8,167
       
 
Consumer Discretionary—9.4%    
Allegro.eu SA (Poland)(1) 13,500   190
Max Stock Ltd. (Israel)(1) 123,069   495
Mercari, Inc. (Japan)(1) 16,900   766
Sonans Holding AS (Norway)(1) 198,148   1,288
Union Auction PCL (Thailand) 935,000   329
Vasta Platform Ltd. (Brazil)(1) 50,591   498
      3,566
       
 
Consumer Staples—0.9%    
Heineken Malaysia Bhd (Malaysia) 51,800   322
Energy—2.1%    
Pason Systems, Inc. (Canada) 112,022   792
Financials—12.2%    
Cerved Group SpA (Italy)(1) 32,164   356
Gruppo Mutuionline SpA (Italy) 19,061   1,005
Kaspi.KZ JSC GDR, 144A (Kazakhstan)(2) 10,152   721
Mortgage Advice Bureau Holdings Ltd. (United Kingdom) 48,115   746
Nordnet AB publ (Sweden)(1) 27,510   444
Sabre Insurance Group plc (United Kingdom) 149,420   521
VNV Global AB (Sweden)(1) 67,427   843
      4,636
       
 
Health Care—3.2%    
Haw Par Corp., Ltd. (Singapore) 84,225   823
Nakanishi, Inc. (Japan) 19,500   406
      1,229
       
 
  Shares   Value
       
Industrials—29.7%    
Boa Vista Servicos SA (Brazil) 163,043   $ 337
BTS Group AB Class B (Sweden) 26,623   792
CAE, Inc. (Canada)(1) 35,937   1,024
CTT Systems AB (Sweden) 19,039   335
Enento Group Oyj (Finland)(1) 22,130   911
Fintel plc (United Kingdom) 350,066   1,057
Haitian International Holdings Ltd. (Hong Kong) 141,000   562
HeadHunter Group plc ADR (Russia) 51,463   1,746
Knorr-Bremse AG (Germany) 2,641   329
Marel HF (Iceland) 126,260   865
Meitec Corp. (Japan) 2,639   146
MTU Aero Engines AG (Germany) 1,982   466
Rotork plc (United Kingdom) 78,525   386
S-1 Corp. (South Korea) 11,386   822
Tegma Gestao Logistica SA (Brazil) 140,925   473
Voltronic Power Technology Corp. (Taiwan) 8,100   314
Wolters Kluwer NV (Netherlands) 7,971   693
      11,258
       
 
Information Technology—10.4%    
Admicom Oyj (Finland) 2,298   258
Alten SA (France)(1) 6,918   812
Atled Corp. (Japan) 1,759   36
Bouvet ASA (Norway) 9,399   695
Brockhaus Capital Management AG (Germany)(1) 9,880   282
FDM Group Holdings plc (United Kingdom) 32,198   447
Fineos Corp., Ltd. CDI (Australia)(1) 48,425   143
Mintra Holding AS (Norway)(1) 607,271   440
SimCorp A/S (Denmark) 2,597   322
Webcash Corp. (South Korea) 4,795   303
Webstep AS (Norway) 61,541   202
      3,940
       
 
Materials—0.9%    
Corp. Moctezuma SAB de C.V. (Mexico) 115,888   346
Total Common Stocks
(Identified Cost $26,501) 		  34,256
       
 
       
 
  Shares   Value
       
       
Warrant—0.1%
Financials—0.1%    
VNV Global AB (Sweden)(1) 10,587   $ 23
Total Warrant
(Identified Cost $0) 		  23
       
 
       
 
Total Long-Term Investments—90.5%
(Identified Cost $26,501) 		  34,279
       
 
       
 
Short-Term Investment—9.3%
Money Market Mutual Fund—9.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) 3,523,292   3,523
Total Short-Term Investment
(Identified Cost $3,523) 		  3,523
       
 
       
 
TOTAL INVESTMENTS—99.8%
(Identified Cost $30,024) 		  $37,802
Other assets and liabilities, net—0.2%   68
NET ASSETS—100.0%   $37,870
    
Abbreviations:
ADR American Depositary Receipt
CDI CREST Depositary Interest
GDR Global Depositary Receipt
JSC Joint Stock Company
    
Footnote Legend:
(1) Non-income producing.
(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, 2021, these securities amounted to a value of $721 or 1.9% of net assets.
(3) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
    
Country Weightings†
United Kingdom 17%
Norway 10
United States 9
Sweden 8
Germany 7
Russia 6
Italy 6
Other 37
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 5.
See Notes to Financial Statements
21

Table of Contents
KAR International Small-Mid Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $34,256   $34,256
Warrant 23   23
Money Market Mutual Fund 3,523   3,523
Total Investments $37,802   $37,802
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
See Notes to Financial Statements
22

Table of Contents
Vontobel Global Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Common Stocks—99.9%
Communication Services—7.9%    
Alphabet, Inc. Class C (United States)(1) 6,706   $ 13,872
Comcast Corp. Class A (United States) 74,927   4,054
NetEase, Inc. (China) 218,976   4,456
Tencent Holdings Ltd. (China) 84,900   6,662
Walt Disney Co. (The) (United States)(1) 21,236   3,919
      32,963
       
 
Consumer Discretionary—19.1%    
Alibaba Group Holding Ltd. (China)(1) 381,947   10,809
Amazon.com, Inc. (United States)(1) 6,250   19,338
Booking Holdings, Inc. (Netherlands)(1) 3,099   7,220
EssilorLuxottica SA (France) 32,701   5,325
Flutter Entertainment plc (Ireland)(1) 57,382   12,335
LVMH Moet Hennessy Louis Vuitton SE (France) 13,700   9,127
NIKE, Inc. Class B (United States) 59,790   7,945
Ross Stores, Inc. (United States) 58,868   7,059
      79,158
       
 
Consumer Staples—12.8%    
Coca-Cola Co. (The) (United States) 251,328   13,247
Heineken NV (Netherlands) 103,956   10,682
Nestle S.A. Registered Shares (Switzerland) 142,251   15,854
PepsiCo, Inc. (United States) 48,155   6,812
Unilever plc (United Kingdom) 115,994   6,472
      53,067
       
 
Financials—8.9%    
Berkshire Hathaway, Inc. Class B (United States)(1) 37,601   9,606
  Shares   Value
       
Financials—continued    
CME Group, Inc. Class A (United States) 62,865   $ 12,839
Housing Development Finance Corp., Ltd. (India) 426,011   14,555
      37,000
       
 
Health Care—13.8%    
Becton Dickinson and Co. (United States) 45,327   11,021
Boston Scientific Corp. (United States)(1) 292,347   11,299
Hoya Corp. (Japan) 76,159   8,945
Intuitive Surgical, Inc. (United States)(1) 5,393   3,985
Johnson & Johnson (United States) 51,659   8,490
UnitedHealth Group, Inc. (United States) 35,911   13,362
      57,102
       
 
Industrials—7.8%    
IHS Markit Ltd. (United States) 52,349   5,066
Otis Worldwide Corp. (United States) 81,515   5,580
Rentokil Initial plc
(United Kingdom)(1) 		615,729   4,112
Safran SA (France)(1) 36,405   4,954
Teleperformance (France) 15,643   5,702
Wolters Kluwer NV (Netherlands) 78,934   6,861
      32,275
       
 
Information Technology—26.6%    
Adobe, Inc. (United States)(1) 14,008   6,659
Keysight Technologies, Inc. (United States)(1) 51,317   7,359
Mastercard, Inc. Class A (United States) 42,769   15,228
Microsoft Corp. (United States) 95,399   22,492
PayPal Holdings, Inc. (United States)(1) 44,486   10,803
SAP SE (Germany) 39,925   4,889
ServiceNow, Inc. (United States)(1) 10,623   5,313
Synopsys, Inc. (United States)(1) 20,715   5,133
  Shares   Value
       
Information Technology—continued    
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) 64,656   $ 7,648
Tata Consultancy Services Ltd. (India) 118,790   5,163
Teradyne, Inc. (United States) 55,221   6,719
Visa, Inc. Class A (United States) 60,981   12,911
      110,317
       
 
Materials—3.0%    
Air Liquide SA (France) 50,856   8,308
Sherwin-Williams Co. (The) (United States) 5,446   4,019
      12,327
       
 
Total Common Stocks
(Identified Cost $261,912) 		  414,209
       
 
       
 
Total Long-Term Investments—99.9%
(Identified Cost $261,912) 		  414,209
       
 
       
 
TOTAL INVESTMENTS—99.9%
(Identified Cost $261,912) 		  $414,209
Other assets and liabilities, net—0.1%   392
NET ASSETS—100.0%   $414,601
    
Abbreviation:
ADR American Depositary Receipt
    
Footnote Legend:
(1) Non-income producing.
    
Country Weightings†
United States 61%
France 8
Netherlands 7
China 5
India 5
Switzerland 4
Ireland 3
Other 7
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 5.
See Notes to Financial Statements
23

Table of Contents
Vontobel Global Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $414,209   $414,209
Total Investments $414,209   $414,209
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
See Notes to Financial Statements
24

Table of Contents
Vontobel Greater European Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
  Shares   Value
Preferred Stock—1.0%
Health Care—1.0%    
Grifols SA (Preference Shares), Class B, 0.000% (Spain) 4,651   $ 79
Total Preferred Stock
(Identified Cost $73) 		  79
       
 
       
 
Common Stocks—95.5%
Communication Services—3.1%    
Cellnex Telecom SA (Spain) 2,527   146
CTS Eventim AG & Co. KGaA (Germany)(1) 1,695   98
      244
       
 
Consumer Discretionary—16.6%    
adidas AG (Germany)(1) 459   143
Booking Holdings, Inc. (Netherlands)(1) 65   152
Cie Financiere Richemont SA (Switzerland) 826   79
EssilorLuxottica SA (France) 1,167   190
Ferrari NV (Italy) 618   129
Flutter Entertainment plc (Ireland)(1) 1,130   243
La Francaise des Jeux SAEM (France) 2,467   112
LVMH Moet Hennessy Louis Vuitton SE (France) 232   155
Prosus NV (Netherlands)(1) 1,096   122
      1,325
       
 
Consumer Staples—16.4%    
Anheuser-Busch InBev NV (Belgium) 2,288   144
Diageo plc (United Kingdom) 3,877   160
Heineken NV (Netherlands) 1,393   143
L’Oreal SA (France) 224   86
Nestle S.A. Registered Shares (Switzerland) 3,187   355
Pernod Ricard SA (France) 600   113
Unilever plc (United Kingdom) 5,561   310
      1,311
       
 
Financials—6.2%    
Groupe Bruxelles Lambert SA (Belgium) 1,495   155
KBC Group NV (Belgium)(1) 1,152   84
London Stock Exchange Group plc
(United Kingdom) 		2,165   207
  Shares   Value
       
Financials—continued    
UBS Group AG Registered Shares (Switzerland) 3,169   $ 49
      495
       
 
Health Care—12.3%    
Alcon, Inc. (Switzerland)(1) 3,318   232
Eurofins Scientific SE (Luxembourg)(1) 2,317   221
Lonza Group AG Registered Shares (Switzerland)(1) 341   191
Medtronic plc (United States) 2,053   243
Sartorius Stedim Biotech (France) 227   93
      980
       
 
Industrials—23.1%    
Ashtead Group plc (United Kingdom) 4,228   252
DCC plc (Ireland) 1,158   100
Experian plc (Ireland) 2,830   97
IHS Markit Ltd. (United States) 1,348   131
IMCD NV (Netherlands) 985   137
RELX plc (United Kingdom) 4,573   115
Rentokil Initial plc
(United Kingdom)(1) 		28,160   188
Safran SA (France)(1) 954   130
Teleperformance (France) 755   275
Vinci SA (France) 1,493   153
Wolters Kluwer NV (Netherlands) 3,064   266
      1,844
       
 
Information Technology—10.0%    
Accenture plc Class A (United States) 1,054   291
Adyen NV (Netherlands)(1) 59   132
Amadeus IT Group SA (Spain)(1) 2,237   158
Halma plc (United Kingdom) 3,192   105
SAP SE (Germany) 916   112
      798
       
 
Materials—5.4%    
Air Liquide SA (France) 1,351   220
Sika AG Registered Shares (Switzerland) 738   211
      431
       
 
  Shares   Value
       
Utilities—2.4%    
Energias de Portugal SA (Portugal) 34,082   $ 195
Total Common Stocks
(Identified Cost $5,504) 		  7,623
       
 
       
 
Total Long-Term Investments—96.5%
(Identified Cost $5,577) 		  7,702
       
 
       
 
Short-Term Investment—0.9%
Money Market Mutual Fund—0.9%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) 73,797   74
Total Short-Term Investment
(Identified Cost $74) 		  74
       
 
       
 
TOTAL INVESTMENTS—97.4%
(Identified Cost $5,651) 		  $7,776
Other assets and liabilities, net—2.6%   206
NET ASSETS—100.0%   $7,982
    
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†
France 19%
United Kingdom 17
Switzerland 15
Netherlands 13
United States 10
Ireland 5
Belgium 5
Other 16
Total 100%
† % of total investments as of March 31, 2021.
See Notes to Financial Statements
25

Table of Contents
Vontobel Greater European Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $7,623   $7,623
Preferred Stock 79   79
Money Market Mutual Fund 74   74
Total Investments $7,776   $7,776
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
See Notes to Financial Statements
26

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
March 31, 2021
(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 		  Duff & Phelps
Real Asset Fund
Assets              
Investment in securities at value(1)
$ 86,488   $ 319,231   $ 28,661   $ 7,475
Investment in affiliated funds at value(2)
—   —   —   14,416
Foreign currency at value(3)
— (a)   —   — (a)   —
Cash
125   5,166   165   —
Receivables              
Investment securities sold
—   324   200   —
Fund shares sold
140   4,320   25   —
Dividends
83   1,209   113   6
Tax reclaims
39   109   35   —
Prepaid Trustees’ retainer
1   3   — (a)   — (a)
Prepaid expenses
31   36   19   17
Other assets
8   28   3   2
Total assets
86,915   330,426   29,221   21,916
Liabilities              
Due to custodian
—   2   —   —
Payables              
Fund shares repurchased
15   184   — (a)   28
Investment securities purchased
—   1,160   56   6
Investment advisory fees
46   185   19   —
Distribution and service fees
13   10   1   3
Administration and accounting fees
7   26   3   2
Transfer agent and sub-transfer agent fees and expenses
17   113   9   7
Professional fees
19   20   22   13
Trustee deferred compensation plan
8   28   3   2
Interest expense and/or commitment fees
— (a)   — (a)   — (a)   — (a)
Other accrued expenses
6   14   4   2
Total liabilities
131   1,742   117   63
Net Assets
$ 86,784   $ 328,684   $ 29,104   $ 21,853
Net Assets Consist of:              
Capital paid in on shares of beneficial interest
$ 71,563   $ 278,520   $ 28,804   $ 43,817
Accumulated earnings (loss)
15,221   50,164   300   (21,964)
Net Assets
$ 86,784   $ 328,684   $ 29,104   $ 21,853
Net Assets:              
Class A
$ 34,550   $ 23,106   $ 2,404   $ 12,580
Class C
$ 6,901   $ 5,577   $ 339   $ 377
Class I
$ 35,756   $ 235,078   $ 26,361   $ 8,896
Class R6
$ 9,577   $ 64,923   $ —   $ —
Shares Outstanding (unlimited number of shares authorized, no par value):              
Class A
2,181,750   656,376   304,990   1,088,351
Class C
436,625   167,953   43,583   32,198
Class I
2,257,203   6,884,870   3,346,756   772,650
Class R6
603,855   1,893,028   —   —
Net Asset Value and Redemption Price Per Share:*              
Class A
$ 15.84   $ 35.20   $ 7.88   $ 11.56
Class C
$ 15.80   $ 33.20   $ 7.78   $ 11.69
Class I
$ 15.84   $ 34.14   $ 7.88   $ 11.51
Class R6
$ 15.86   $ 34.30   $ —   $ —
See Notes to Financial Statements
27

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(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 		  Duff & Phelps
Real Asset Fund
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):              
Class A
$ 16.76   $ 37.25   $ 8.34   $ 12.23
Maximum Sales Charge - Class A
5.50%   5.50%   5.50%   5.50%
(1) Investment in securities at cost
$ 72,245   $ 266,623   $ 22,559   $ 6,729
(2) Investment in affiliated funds at cost
$ —   $ —   $ —   $ 10,252
(3) Foreign currency at cost
$ —(a)   $ —   $ —(a)   $ —
    
(a) Amount is less than $500.
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
See Notes to Financial Statements
28

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(Reported in thousands except shares and per share amounts)
  FORT
Trend
Fund(a) 		  KAR Emerging Markets
Small-Cap Fund 		  KAR
International
Small-Cap
Fund 		  KAR
International Small-Mid Cap Fund
Assets              
Investment in securities at value(1)
$ 170,228   $ 344,912   $ 1,976,636   $ 37,802
Investment in affiliated securities at value(2)
—   15,339   734,041   —
Foreign currency at value(3)
—   605   137   2
Cash
—   188   21,166   — (b)
Due from broker
1,889   —   —   —
Cash pledged as collateral for futures
7,391   —   —   —
Securities lending cash collateral received
—   —   —   —
Variation margin receivable on futures contracts
282   —   —   —
Receivables              
Investment securities sold
—   —   2,636   —
Fund shares sold
13   2,821   9,343   245
Dividends and interest
— (b)   924   5,315   70
Tax reclaims
—   3   243   6
Prepaid Trustees’ retainer
1   5   35   1
Prepaid expenses
83   50   140   30
Other assets
16   32   245   3
Total assets
179,903   364,879   2,749,937   38,159
Liabilities              
Due to broker
346   —   —   —
Payables              
Fund shares repurchased
481   169   2,515   —
Investment securities purchased
—   836   6,600   252
Foreign capital gains tax
—   1,539   —   —
Investment advisory fees
154   388   2,239   24
Distribution and service fees
52   14   56   — (b)
Administration and accounting fees
14   32   227   4
Transfer agent and sub-transfer agent fees and expenses
55   80   636   6
Professional fees
—   19   —   —
Trustee deferred compensation plan
16   32   245   3
Interest expense and/or commitment fees
— (b)   — (b)   2   — (b)
Other accrued expenses
—   7   72   —
Total liabilities
1,118   3,116   12,592   289
Net Assets
$ 178,785   $ 361,763   $ 2,737,345   $ 37,870
Net Assets Consist of:              
Capital paid in on shares of beneficial interest
$ 589,194   $ 286,981   $ 2,108,183   $ 28,566
Accumulated earnings (loss)
(410,409)   74,782   629,162   9,304
Net Assets
$ 178,785   $ 361,763   $ 2,737,345   $ 37,870
Net Assets:              
Class A
$ 116,679   $ 57,090   $ 97,382   $ 259
Class C
$ 27,574   $ 2,237   $ 40,681   $ 302
Class I
$ 33,857   $ 301,378   $ 2,350,400   $ 33,212
Class R6
$ 675   $ 1,058   $ 248,882   $ 4,097
Shares Outstanding (unlimited number of shares authorized, no par value):              
Class A
8,010,663   3,345,490   4,162,223   17,140
Class C
2,014,727   132,149   1,767,584   20,157
Class I
2,284,660   17,579,192   100,031,804   2,196,487
Class R6
45,194   61,728   10,583,711   270,712
See Notes to Financial Statements
29

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(Reported in thousands except shares and per share amounts)
  FORT
Trend
Fund(a) 		  KAR Emerging Markets
Small-Cap Fund 		  KAR
International
Small-Cap
Fund 		  KAR
International Small-Mid Cap Fund
Net Asset Value and Redemption Price Per Share:*              
Class A
$ 14.57   $ 17.06   $ 23.40   $ 15.09
Class C
$ 13.69   $ 16.93   $ 23.02   $ 15.00
Class I
$ 14.82   $ 17.14   $ 23.50   $ 15.12
Class R6
$ 14.94   $ 17.15   $ 23.52   $ 15.13
Maximum Offering Price per Share (NAV/(1-Maximum Sales Charge)):              
Class A
$ 15.42   $ 18.05   $ 24.76   $ 15.97
Maximum Sales Charge - Class A
5.50%   5.50%   5.50%   5.50%
(1) Investment in securities at cost
$ 170,204   $ 279,196   $ 1,590,827   $ 30,024
(2) Investment in affiliated securities at cost
$ —   $ 13,310   $ 533,105   $ —
(3) Foreign currency at cost
$ —   $ 603   $ 143   $ 2
    
(a) Consolidated Statement of Assets and Liabilities
(b) Amount is less than $500.
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
See Notes to Financial Statements
30

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(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)
$ 414,209   $ 7,776
Foreign currency at value(2)
—   — (a)
Cash
4,328   258
Receivables      
Fund shares sold
152   29
Receivable from adviser
—   1
Dividends
168   5
Tax reclaims
202   22
Prepaid Trustees’ retainer
5   — (a)
Prepaid expenses
44   19
Other assets
37   1
Total assets
419,145   8,111
Liabilities      
Due to custodian
2   —
Payables      
Fund shares repurchased
188   5
Investment securities purchased
3,443   98
Foreign capital gains tax
363   —
Investment advisory fees
278   —
Distribution and service fees
46   1
Administration and accounting fees
34   1
Transfer agent and sub-transfer agent fees and expenses
63   1
Professional fees
26   21
Trustee deferred compensation plan
37   1
Interest expense and/or commitment fees
1   — (a)
Other accrued expenses
63   1
Total liabilities
4,544   129
Net Assets
$ 414,601   $ 7,982
Net Assets Consist of:      
Capital paid in on shares of beneficial interest
$ 237,730   $ 5,827
Accumulated earnings (loss)
176,871   2,155
Net Assets
$ 414,601   $ 7,982
Net Assets:      
Class A
$ 126,280   $ 2,135
Class C
$ 21,877   $ 460
Class I
$ 178,213   $ 5,387
Class R6
$ 88,231   $ —
Shares Outstanding (unlimited number of shares authorized, no par value):      
Class A
6,240,675   179,861
Class C
1,329,082   40,363
Class I
8,779,020   453,378
Class R6
4,330,310   —
Net Asset Value and Redemption Price Per Share:*      
Class A
$ 20.24   $ 11.87
Class C
$ 16.46   $ 11.40
Class I
$ 20.30   $ 11.88
Class R6
$ 20.38   $ —
See Notes to Financial Statements
31

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(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
$ 21.42   $ 12.56
Maximum Sales Charge - Class A
5.50%   5.50%
(1) Investment in securities at cost
$ 261,912   $ 5,651
(2) Foreign currency at cost
$ —   $ —(a)
    
(a) Amount is less than $500.
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
See Notes to Financial Statements
32

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF OPERATIONS (Unaudited)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
  Duff & Phelps
Global
Infrastructure
Fund 		  Duff & Phelps
Global
Real Estate
Securities Fund 		  Duff & Phelps
International
Real Estate
Securities Fund 		  Duff & Phelps
Real Asset Fund
Investment Income              
Dividends
$ 877   $ 3,836   $ 450   $ 45
Dividends from affiliated funds
—   —   —   71
Foreign taxes withheld
(66)   (209)   (47)   —
Total investment income
811   3,627   403   116
Expenses              
Investment advisory fees
276   1,156   144   —
Distribution and service fees, Class A
40   26   3   15
Distribution and service fees, Class C
46   31   2   3
Administration and accounting fees
46   141   18   15
Transfer agent fees and expenses
19   59   6   5
Sub-transfer agent fees and expenses, Class A
16   151   1   7
Sub-transfer agent fees and expenses, Class C
4   3   — (1)   1
Sub-transfer agent fees and expenses, Class I
18   114   14   5
Custodian fees
1   1   1   — (1)
Printing fees and expenses
6   14   3   3
Professional fees
14   16   15   14
Interest expense and/or commitment fees
— (1)   1   — (1)   — (1)
Registration fees
24   31   17   15
Trustees’ fees and expenses
4   10   1   1
Miscellaneous expenses
6   12   3   3
Total expenses
520   1,766   228   87
Less net expenses reimbursed and/or waived by investment adviser(2)
(4)   (224)   (43)   —
Less low balance account fees
— (1)   — (1)   —   — (1)
Net expenses
516   1,542   185   87
Net investment income (loss)
295   2,085   218   29
Net Realized and Unrealized Gain (Loss) on Investments              
Net realized gain (loss) from:              
Investments
2,330   4,385   1,020   129
Affiliated funds
—   —   —   602
Foreign currency transactions
(2)   (8)   — (1)   —
Capital gain received from investments in underlying funds
—   —   —   62
Net change in unrealized appreciation (depreciation) on:              
Investments
6,090   41,058   3,019   486
Affiliated funds
—   —   —   1,780
Foreign currency transactions
— (1)   (9)   (2)   —
Net realized and unrealized gain (loss) on investments
8,418   45,426   4,037   3,059
Net increase (decrease) in net assets resulting from operations
$8,713   $47,511   $4,255   $3,088
    
(1) Amount is less than $500.
(2) See Note 4D in Notes to Financial Statements.
See Notes to Financial Statements
33

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
  FORT
Trend
Fund(1) 		  KAR Emerging Markets
Small-Cap Fund 		  KAR
International
Small-Cap
Fund 		  KAR
International Small-Mid Cap Fund
Investment Income              
Dividends
$ —   $ 1,675   $ 8,320   $ 158
Dividends from affiliated securities
—   22   5,546   —
Interest
77   —   —   —
Foreign taxes withheld
—   (157)   (1,354)   (17)
Total investment income
77   1,540   12,512   141
Expenses              
Investment advisory fees
957 (2)   1,745   11,464   141
Distribution and service fees, Class A
131   62   111   — (3)
Distribution and service fees, Class C
251   9   192   1
Administration and accounting fees
101   153   1,197   20
Transfer agent fees and expenses
45   65   507   7
Sub-transfer agent fees and expenses, Class A
45   28   48   — (3)
Sub-transfer agent fees and expenses, Class C
32   1   16   — (3)
Sub-transfer agent fees and expenses, Class I
21   137   1,055   18
Custodian fees
2   2   9   1
Printing fees and expenses
13   13   103   1
Professional fees
20   19   71   14
Interest expense and/or commitment fees
1   1   5   — (3)
Registration fees
23   29   69   16
Trustees’ fees and expenses
9   8   75   1
Miscellaneous expenses
19   12   90   2
Total expenses
1,670   2,284   15,012   222
Less net expenses reimbursed and/or waived by investment adviser(4)
(7)   —   —   (34)
Less low balance account fees
— (3)   —   —   —
Plus net expenses recaptured
—   116   —   —
Net expenses
1,663   2,400   15,012   188
Net investment income (loss)
(1,586)   (860)   (2,500)   (47)
Net Realized and Unrealized Gain (Loss) on Investments              
Net realized gain (loss) from:              
Investments
51   13,122   36,461   1,762
Affiliated securities
—   —   25,724   —
Foreign currency transactions
(28)   139   42   (4)
Foreign capital gains tax
—   (16)   —   —
Futures
1,096   —   —   —
Net change in unrealized appreciation (depreciation) on:              
Investments
22   26,018   267,544   3,554
Affiliated securities
—   (2,567)   136,876   —
Foreign currency transactions
1   (18)   (63)   — (3)
Futures
441   —   —   —
Foreign capital gains tax
—   (928)   —   —
Net realized and unrealized gain (loss) on investments
1,583   35,750   466,584   5,312
Net increase (decrease) in net assets resulting from operations
$ (3)   $34,890   $464,084   $5,265
    
(1) Consolidated Statement of Operations.
(2) See Note 4A in Notes to Financial Statements.
(3) Amount is less than $500.
(4) See Note 4D in Notes to Financial Statements.
See Notes to Financial Statements
34

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
  Vontobel
Global
Opportunities
Fund 		  Vontobel
Greater
European
Opportunities Fund
Investment Income      
Dividends
$ 1,531   $ 23
Securities lending, net of fees
—   — (1)
Foreign taxes withheld
(53)   (1)
Total investment income
1,478   22
Expenses      
Investment advisory fees
1,712   29
Distribution and service fees, Class A
150   2
Distribution and service fees, Class C
126   3
Administration and accounting fees
207   7
Transfer agent fees and expenses
92   2
Sub-transfer agent fees and expenses, Class A
42   1
Sub-transfer agent fees and expenses, Class C
10   — (1)
Sub-transfer agent fees and expenses, Class I
73   2
Custodian fees
2   1
Printing fees and expenses
19   1
Professional fees
15   14
Interest expense and/or commitment fees
1   — (1)
Registration fees
38   17
Trustees’ fees and expenses
15   — (1)
Miscellaneous expenses
30   2
Total expenses
2,532   81
Less net expenses reimbursed and/or waived by investment adviser(2)
(131)   (37)
Less low balance account fees
(1)   —
Net expenses
2,400   44
Net investment income (loss)
(922)   (22)
Net Realized and Unrealized Gain (Loss) on Investments      
Net realized gain (loss) from:      
Investments
29,170   101
Foreign currency transactions
(32)   (1)
Foreign capital gains tax
(331)   —
Net change in unrealized appreciation (depreciation) on:      
Investments
14,023   604
Foreign currency transactions
(3)   (1)
Foreign capital gains tax
(300)   —
Net realized and unrealized gain (loss) on investments
42,527   703
Net increase (decrease) in net assets resulting from operations
$41,605   $681
    
(1) Amount is less than $500.
(2) See Note 4D in Notes to Financial Statements.
See Notes to Financial Statements
35

Table of Contents
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,
2021
(Unaudited) 		  Year Ended
September 30,
2020 		  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations              
Net investment income (loss)
$ 295   $ 1,327   $ 2,085   $ 3,813
Net realized gain (loss)
2,328   702   4,377   (1,907)
Net change in unrealized appreciation (depreciation)
6,090   (13,005)   41,049   (33,434)
Increase (decrease) in net assets resulting from operations
8,713   (10,976)   47,511   (31,528)
Dividends and Distributions to Shareholders              
Net Investment Income and Net Realized Gains:              
Class A
(546)   (1,696)   —   (1,296)
Class C
(124)   (554)   —   (598)
Class I
(622)   (2,070)   (974)   (15,782)
Class R6
(180)   (498)   (407)   (223)
Total dividends and distributions to shareholders
(1,472)   (4,818)   (1,381)   (17,899)
Change in Net Assets from Capital Transactions (See Note 5):              
Class A
1,653   (3,035)   722   875
Class C
(3,724)   (3,660)   (1,811)   (1,490)
Class I
(545)   (8,104)   35,653   3,586
Class R6
214   434   (449)   54,268
Increase (decrease) in net assets from capital transactions
(2,402)   (14,365)   34,115   57,239
Net increase (decrease) in net assets
4,839   (30,159)   80,245   7,812
Net Assets              
Beginning of period
81,945   112,104   248,439   240,627
End of Period
$ 86,784   $ 81,945   $ 328,684   $ 248,439
See Notes to Financial Statements
36

Table of Contents
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,
2021
(Unaudited) 		  Year Ended
September 30,
2020 		  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations              
Net investment income (loss)
$ 218   $ 659   $ 29   $ 1,140
Net realized gain (loss)
1,020   (2,677)   793   532
Net change in unrealized appreciation (depreciation)
3,017   (4,127)   2,266   (5,449)
Increase (decrease) in net assets resulting from operations
4,255   (6,145)   3,088   (3,777)
Dividends and Distributions to Shareholders              
Net Investment Income and Net Realized Gains:              
Class A
—   (194)   (84)   (481)
Class C
—   (58)   —   (16)
Class I
—   (4,068)   (81)   (823)
Total dividends and distributions to shareholders
—   (4,320)   (165)   (1,320)
Change in Net Assets from Capital Transactions (See Note 5):              
Class A
268   71   (1,034)   (2,123)
Class C
(264)   (74)   (312)   (1,345)
Class I
(3,054)   (15,747)   (1,051)   (9,149)
Increase (decrease) in net assets from capital transactions
(3,050)   (15,750)   (2,397)   (12,617)
Net increase (decrease) in net assets
1,205   (26,215)   526   (17,714)
Net Assets              
Beginning of period
27,899   54,114   21,327   39,041
End of Period
$ 29,104   $ 27,899   $ 21,853   $ 21,327
See Notes to Financial Statements
37

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)
  FORT Trend Fund   KAR Emerging Markets Small-Cap
Fund
  Six Months Ended
March 31,
2021(1)
(Unaudited) 		  Year Ended
September 30,
2020(1) 		  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations              
Net investment income (loss)
$ (1,586)   $ (1,130)   $ (860)   $ 70
Net realized gain (loss)
1,119   23,870   13,245   4,258
Net change in unrealized appreciation (depreciation)
464   (38,436)   22,505   35,362
Increase (decrease) in net assets resulting from operations
(3)   (15,696)   34,890   39,690
Dividends and Distributions to Shareholders              
Net Investment Income and Net Realized Gains:              
Class A
—   —   (503)   (540)
Class C
—   —   (10)   (12)
Class I
—   —   (2,695)   (2,019)
Class R6
—   —   (2)   (2)
Total dividends and distributions to shareholders
—   —   (3,210)   (2,573)
Change in Net Assets from Capital Transactions (See Note 5):              
Class A
12,611   (1,537)   11,236   6,476
Class C
(34,035)   (58,300)   846   287
Class I
(6,310)   (29,428)   95,107   64,066
Class R6
(47)   148   933   3
Increase (decrease) in net assets from capital transactions
(27,781)   (89,117)   108,122   70,832
Net increase (decrease) in net assets
(27,784)   (104,813)   139,802   107,949
Net Assets              
Beginning of period
206,569   311,382   221,961   114,012
End of Period
$ 178,785   $ 206,569   $ 361,763   $ 221,961
    
(1) Consolidated Statement of Changes in Net Assets.
See Notes to Financial Statements
38

Table of Contents
VIRTUS OPPORTUNITIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)
  KAR International Small-Cap Fund   KAR
International Small-Mid Cap Fund
  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020 		  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020(1)
Increase (Decrease) in Net Assets Resulting from Operations              
Net investment income (loss)
$ (2,500)   $ 5,775   $ (47)   $ 19
Net realized gain (loss)
62,227   62,355   1,758   786
Net change in unrealized appreciation (depreciation)
404,357   132,967   3,554   4,224
Increase (decrease) in net assets resulting from operations
464,084   201,097   5,265   5,029
Dividends and Distributions to Shareholders              
Net Investment Income and Net Realized Gains:              
Class A
(842)   (1,433)   (6)   —
Class C
(123)   (432)   (6)   —
Class I
(24,779)   (33,317)   (851)   —
Class R6
(2,466)   (943)   (127)   —
Total dividends and distributions to shareholders
(28,210)   (36,125)   (990)   —
Change in Net Assets from Capital Transactions (See Note 5):              
Class A
2,225   (4,023)   69   136
Class C
(350)   (7,229)   104   135
Class I
259,806   194,887   9,882   15,532
Class R6
147,517   22,080   2   2,706
Increase (decrease) in net assets from capital transactions
409,198   205,715   10,057   18,509
Net increase (decrease) in net assets
845,072   370,687   14,332   23,538
Net Assets              
Beginning of period
1,892,273   1,521,586   23,538   —
End of Period
$ 2,737,345   $ 1,892,273   $ 37,870   $ 23,538
    
(1) Inception date October 1, 2019.
See Notes to Financial Statements
39

Table of Contents
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,
2021
(Unaudited) 		  Year Ended
September 30,
2020 		  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations              
Net investment income (loss)
$ (922)   $ (459)   $ (22)   $ (4)
Net realized gain (loss)
28,807   9,094   100   331
Net change in unrealized appreciation (depreciation)
13,720   42,213   603   (17)
Increase (decrease) in net assets resulting from operations
41,605   50,848   681   310
Dividends and Distributions to Shareholders              
Net Investment Income and Net Realized Gains:              
Class A
(2,494)   (2,055)   (67)   (172)
Class C
(678)   (674)   (25)   (68)
Class I
(3,522)   (3,014)   (229)   (268)
Class R6
(1,766)   (1,610)   —   —
Total dividends and distributions to shareholders
(8,460)   (7,353)   (321)   (508)
Change in Net Assets from Capital Transactions (See Note 5):              
Class A
5,365   (1,928)   557   198
Class C
(5,676)   (5,447)   5   (126)
Class I
10,588   13,655   2,582   367
Class R6
(9,593)   12,855   —   —
Increase (decrease) in net assets from capital transactions
684   19,135   3,144   439
Net increase (decrease) in net assets
33,829   62,630   3,504   241
Net Assets              
Beginning of period
380,772   318,142   4,478   4,237
End of Period
$ 414,601   $ 380,772   $ 7,982   $ 4,478
See Notes to Financial Statements
40

Table of Contents
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 		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)
                                     
Duff & Phelps Global Infrastructure Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $14.54  0.05  —  1.51  1.56  (0.08)  (0.18)  (0.26)  —  1.30  $15.84  10.85 %  $ 34,550  1.28 %  1.28 %  0.61 %  12 % 
10/1/19 to 9/30/20   16.26  0.20  —  (1.17)  (0.97)  (0.23)  (0.52)  (0.75)  —  (1.72)  14.54  (6.11)   30,172  1.27   1.27   1.35   31  
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  
Class C                                    
10/1/20 to 3/31/21(6)   $14.50  —  (9) —  1.49  1.49  (0.01)  (0.18)  (0.19)  —  1.30  $15.80  10.38 %  $ 6,901  2.01 %  2.01 %  (0.02) %  12 % 
10/1/19 to 9/30/20   16.20  0.09  —  (1.16)  (1.07)  (0.11)  (0.52)  (0.63)  —  (1.70)  14.50  (6.83)   9,833  2.03   2.03   0.59   31  
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  
Class I                                    
10/1/20 to 3/31/21(6)   $14.54  0.07  —  1.51  1.58  (0.10)  (0.18)  (0.28)  —  1.30  $15.84  10.98 %  $ 35,756  1.03 %  1.03 %  0.87 %  12 % 
10/1/19 to 9/30/20   16.27  0.24  —  (1.19)  (0.95)  (0.26)  (0.52)  (0.78)  —  (1.73)  14.54  (5.94)   33,326  1.04   1.04   1.61   31  
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  
Class R6                                    
10/1/20 to 3/31/21(6)   $14.55  0.08  —  1.52  1.60  (0.11)  (0.18)  (0.29)  —  1.31  $15.86  11.10 %  $ 9,577  0.85 %  0.93 %  1.07 %  12 % 
10/1/19 to 9/30/20   16.27  0.26  —  (1.18)  (0.92)  (0.28)  (0.52)  (0.80)  —  (1.72)  14.55  (5.75)   8,614  0.85   0.94   1.74   31  
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   (10) 0.93   2.02   30  
1/30/18 (11) 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   (12)
                                     
Duff & Phelps Global Real Estate Securities Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $29.50  0.23  —  5.47  5.70  —  —  —  —  5.70  $35.20  19.32 %  $ 23,106  1.40 %  2.78 %  1.42 %  8 % 
10/1/19 to 9/30/20   34.82  0.41  —  (3.66)  (3.25)  (1.29)  (0.78)  (2.07)  —  (5.32)  29.50  (10.01)   18,740  1.40   2.59   1.34   32  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
41

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 		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)
Duff & Phelps Global Real Estate Securities Fund (Continued)                                    
Class C                                    
10/1/20 to 3/31/21(6)   $27.93  0.20  —  5.07  5.27  —  —  —  —  5.27  $33.20  18.87 %  $ 5,577  2.15 %  2.17 %  1.28 %  8 % 
10/1/19 to 9/30/20   33.42  0.16  —  (3.47)  (3.31)  (1.40)  (0.78)  (2.18)  —  (5.49)  27.93  (10.67)   6,297  2.15   2.19   0.53   32  
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  
Class I                                    
10/1/20 to 3/31/21(6)   $28.73  0.22  —  5.36  5.58  (0.17)  —  (0.17)  —  5.41  $34.14  19.49 %  $ 235,078  1.15 %  1.18 %  1.38 %  8 % 
10/1/19 to 9/30/20   34.33  0.47  —  (3.54)  (3.07)  (1.75)  (0.78)  (2.53)  —  (5.60)  28.73  (9.79)   168,410  1.15   1.20   1.55   32  
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  
Class R6                                    
10/1/20 to 3/31/21(6)   $28.86  0.33  —  5.32  5.65  (0.21)  —  (0.21)  —  5.44  $34.30  19.65 %  $ 64,923  0.89 %  1.06 %  2.07 %  8 % 
10/1/19 to 9/30/20   34.41  0.65  —  (3.64)  (2.99)  (1.78)  (0.78)  (2.56)  —  (5.55)  28.86  (9.52)   54,992  0.89   1.09   2.29   32  
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   (10) 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   (10) 1.09   2.92   41  
11/3/16 (11) 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   (12)
                                     
Duff & Phelps International Real Estate Securities Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $ 6.79  0.05  —  1.04  1.09  —  —  —  —  1.09  $ 7.88  16.05 %  $ 2,404  1.50 %  1.79 %  1.37 %  2 % 
10/1/19 to 9/30/20   7.96  0.09  —  (0.63)  (0.54)  (0.63)  —  (0.63)  —  (1.17)  6.79  (7.72)   1,843  1.50   1.75   1.32   34  
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  
Class C                                    
10/1/20 to 3/31/21(6)   $ 6.73  0.02  —  1.03  1.05  —  —  —  —  1.05  $ 7.78  15.60 %  $ 339  2.25 %  2.57 %  0.46 %  2 % 
10/1/19 to 9/30/20   7.92  0.04  —  (0.63)  (0.59)  (0.60)  —  (0.60)  —  (1.19)  6.73  (8.37)   526  2.25   2.50   0.61   34  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
42

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 		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)
Duff & Phelps International Real Estate Securities Fund (Continued)                                    
Class I                                    
10/1/20 to 3/31/21(6)   $ 6.78  0.06  —  1.04  1.10  —  —  —  —  1.10  $ 7.88  16.22 %  $ 26,361  1.25 %  1.55 %  1.55 %  2 % 
10/1/19 to 9/30/20   7.93  0.11  —  (0.62)  (0.51)  (0.64)  —  (0.64)  —  (1.15)  6.78  (7.37)   25,530  1.25   1.49   1.50   34  
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  
                                     
Duff & Phelps Real Asset Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $10.10  0.01  0.03  1.49  1.53  (0.07)  —  (0.07)  —  1.46  $11.56  15.23 %  $ 12,580  0.88 %  (8) 0.88 %  0.16 %  11 % 
10/1/19 to 9/30/20   11.38  0.27  0.26  (1.46)  (0.93)  (0.35)  —  (0.35)  —  (1.28)  10.10  (8.50)   11,964  1.05   (8) 1.05   2.57   75  
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  
Class C                                    
10/1/20 to 3/31/21(6)   $10.19  (0.01)  0.03  1.48  1.50  —  —  —  —  1.50  $11.69  14.72 %  $ 377  1.71 %  (8) 1.71 %  (0.17) %  11 % 
10/1/19 to 9/30/20   11.32  0.31  0.26  (1.60)  (1.03)  (0.10)  —  (0.10)  —  (1.13)  10.19  (9.17)   604  1.74   (8) 1.74   2.85   75  
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  —  (9) 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  
Class I                                    
10/1/20 to 3/31/21(6)   $10.07  0.02  0.03  1.49  1.54  (0.10)  —  (0.10)  —  1.44  $11.51  15.35 %  $ 8,896  0.63 %  (8) 0.63 %  0.44 %  11 % 
10/1/19 to 9/30/20   11.35  0.48  0.26  (1.64)  (0.90)  (0.38)  —  (0.38)  —  (1.28)  10.07  (8.32)   8,759  0.72   (8) 0.72   4.52   75  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
43

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 		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)
                                     
FORT Trend Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)(13)   $14.55  (0.11)  —  0.13  0.02  —  —  —  —  0.02  $14.57  0.14 %  $ 116,679  1.58 %  (14) 1.58 %  (1.50) %  0 % 
10/1/19 to 9/30/20(13)   15.16  (0.04)  —  (0.57)  (0.61)  —  —  —  —  (0.61)  14.55  (4.02)   104,017  1.59   (14) 1.59   (0.25)   198  
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   (14) 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   (14) 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   (10) 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)(10) 1.58   (0.05)   229  
Class C                                    
10/1/20 to 3/31/21(6)(13)   $13.73  (0.15)  —  0.11  (0.04)  —  —  —  —  (0.04)  $13.69  (0.29) %  $ 27,574  2.35 %  2.37 %  (2.26) %  0 % 
10/1/19 to 9/30/20(13)   14.41  (0.13)  —  (0.55)  (0.68)  —  —  —  —  (0.68)  13.73  (4.72)   61,735  2.34   (14) 2.34   (0.96)   198  
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   (14) 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   (14) 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   (10) 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)(10) 2.33   (0.69)   229  
Class I                                    
10/1/20 to 3/31/21(6)(13)   $14.79  (0.09)  —  0.12  0.03  —  —  —  —  0.03  $14.82  0.20 %  $ 33,857  1.35 %  1.36 %  (1.27) %  0 % 
10/1/19 to 9/30/20(13)   15.37  0.01  —  (0.59)  (0.58)  —  —  —  —  (0.58)  14.79  (3.77)   40,098  1.33   (14) 1.33   0.05   198  
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   (14) 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   (14) 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   (10) 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)(10) 1.33   0.16   229  
Class R6                                    
10/1/20 to 3/31/21(6)(13)   $14.90  (0.09)  —  0.13  0.04  —  —  —  —  0.04  $14.94  0.27 %  $ 675  1.24 %  (14) 1.24 %  (1.16) %  0 % 
10/1/19 to 9/30/20(13)   15.47  0.01  —  (0.58)  (0.57)  —  —  —  —  (0.57)  14.90  (3.68)   719  1.24   (14) 1.24   0.09   198  
10/1/18 to 9/30/19   16.05  0.08  —  (0.66)  (0.58)  —  —  —  —  (0.58)  15.47  (3.61)   602  1.21   (14) 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   (14) 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   (10) 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)(10) 1.25   0.49   229  
                                     
KAR Emerging Markets Small-Cap Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $14.93  (0.07)  —  2.37  2.30  (0.17)  —  (0.17)  —  2.13  $17.06  15.43 %  $ 57,090  1.85 %  (14)(15) 1.78 %  (0.79) %  10 % 
10/1/19 to 9/30/20   12.10  (0.02)  —  3.08  3.06  (0.23)  —  (0.23)  —  2.83  14.93  25.70   39,799  1.85   1.90   (0.17)   47  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
44

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 		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)
KAR Emerging Markets Small-Cap Fund (Continued)                                    
Class C                                    
10/1/20 to 3/31/21(6)   $14.80  (0.13)  —  2.36  2.23  (0.10)  —  (0.10)  —  2.13  $16.93  15.07 %  $ 2,237  2.60 %  (14)(15) 2.49 %  (1.55) %  10 % 
10/1/19 to 9/30/20   12.03  (0.11)  —  3.05  2.94  (0.17)  —  (0.17)  —  2.77  14.80  24.75   1,208  2.60   2.61   (0.87)   47  
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  
Class I                                    
10/1/20 to 3/31/21(6)   $15.01  (0.05)  —  2.38  2.33  (0.20)  —  (0.20)  —  2.13  $17.14  15.58 %  $ 301,378  1.60 %  (14)(15) 1.52 %  (0.54) %  10 % 
10/1/19 to 9/30/20   12.16  0.01  —  3.10  3.11  (0.26)  —  (0.26)  —  2.85  15.01  26.01   180,829  1.60   1.62   0.11   47  
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  
Class R6                                    
10/1/20 to 3/31/21(6)   $15.01  (0.02)  —  2.38  2.36  (0.22)  —  (0.22)  —  2.14  $17.15  15.73 %  $ 1,058  1.42 %  (14)(15) 1.41 %  (0.12) %  10 % 
10/1/19 to 9/30/20   12.16  0.02  —  3.10  3.12  (0.27)  —  (0.27)  —  2.85  15.01  26.13   125  1.50   1.51   0.17   47  
8/1/19 (11) 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   (12)
                                     
KAR International Small-Cap Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $19.15  (0.05)  —  4.51  4.46  (0.16)  (0.05)  (0.21)  —  4.25  $23.40  23.34 %  $ 97,382  1.52 %  (14) 1.52 %  (0.47) %  14 % 
10/1/19 to 9/30/20   16.95  0.02  —  2.51  2.53  (0.33)  —  (0.33)  —  2.20  19.15  14.98   78,101  1.56   (14) 1.56   0.13   48  
10/1/18 to 9/30/19   17.15  0.44  —  (0.47)  (0.03)  (0.06)  (0.11)  (0.17)  —  (9) (0.20)  16.95  (0.05)   (16) 70,958  1.55   (14) 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  
Class C                                    
10/1/20 to 3/31/21(6)   $18.78  (0.13)  —  4.44  4.31  (0.02)  (0.05)  (0.07)  —  4.24  $23.02  22.96 %  $ 40,681  2.24 %  (14) 2.24 %  (1.20) %  14 % 
10/1/19 to 9/30/20   16.64  (0.11)  —  2.45  2.34  (0.20)  —  (0.20)  —  2.14  18.78  14.07   33,524  2.27   (14) 2.27   (0.65)   48  
10/1/18 to 9/30/19   16.89  0.32  —  (0.46)  (0.14)  —  (0.11)  (0.11)  —  (9) (0.25)  16.64  (0.78)   (16) 37,210  2.29   (14) 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   (14) 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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
45

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 		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)
KAR International Small-Cap Fund (Continued)                                    
Class I                                    
10/1/20 to 3/31/21(6)   $19.25  (0.02)  —  4.54  4.52  (0.22)  (0.05)  (0.27)  —  4.25  $23.50  23.54 %  $2,350,400  1.25 %  (14) 1.25 %  (0.19) %  14 % 
10/1/19 to 9/30/20   17.03  0.06  —  2.53  2.59  (0.37)  —  (0.37)  —  2.22  19.25  15.28   1,705,562  1.28   (14) 1.28   0.35   48  
10/1/18 to 9/30/19   17.24  0.50  —  (0.49)  0.01  (0.11)  (0.11)  (0.22)  —  (9) (0.21)  17.03  0.18   (16) 1,372,552  1.30   (14) 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  
Class R6                                    
10/1/20 to 3/31/21(6)   $19.27  (0.01)  —  4.55  4.54  (0.24)  (0.05)  (0.29)  —  4.25  $23.52  23.62 %  $ 248,882  1.15 %  (14) 1.15 %  (0.07) %  14 % 
10/1/19 to 9/30/20   17.05  0.11  —  2.50  2.61  (0.39)  —  (0.39)  —  2.22  19.27  15.35   75,086  1.18   (14) 1.18   0.65   48  
10/1/18 to 9/30/19   17.26  0.43  —  (0.41)  0.02  (0.12)  (0.11)  (0.23)  —  (9) (0.21)  17.05  0.24   (16) 40,866  1.19   (14) 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   (14) 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  
                                     
KAR International Small-Mid Cap Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $12.93  (0.04)  —  2.64  2.60  (0.09)  (0.35)  (0.44)  —  2.16  $15.09  20.15 %  $ 259  1.45 %  1.56 %  (0.52) %  18 % 
10/1/19 (11) to 9/30/20   10.00  (0.02)  —  2.95  2.93  —  —  —  —  2.93  12.93  29.30   161  1.45   2.40   (0.22)   58   (12)
Class C                                    
10/1/20 to 3/31/21(6)   $12.83  (0.09)  —  2.62  2.53  (0.01)  (0.35)  (0.36)  —  2.17  $15.00  19.75 %  $ 302  2.20 %  2.31 %  (1.28) %  18 % 
10/1/19 (11) to 9/30/20   10.00  (0.11)  —  2.94  2.83  —  —  —  —  2.83  12.83  28.30   168  2.20   3.15   (0.96)   58   (12)
Class I                                    
10/1/20 to 3/31/21(6)   $12.96  (0.02)  —  2.64  2.62  (0.11)  (0.35)  (0.46)  —  2.16  $15.12  20.30 %  $ 33,212  1.20 %  1.42 %  (0.30) %  18 % 
10/1/19 (11) to 9/30/20   10.00  0.02  —  2.94  2.96  —  —  —  —  2.96  12.96  29.60   19,699  1.20   2.24   0.22   58   (12)
Class R6                                    
10/1/20 to 3/31/21(6)   $12.97  (0.02)  —  2.65  2.63  (0.12)  (0.35)  (0.47)  —  2.16  $15.13  20.36 %  $ 4,097  1.10 %  1.30 %  (0.23) %  18 % 
10/1/19 (11) to 9/30/20   10.00  0.02  —  2.95  2.97  —  —  —  —  2.97  12.97  29.70   3,510  1.10   2.11   0.14   58   (12)
                                     
Vontobel Global Opportunities Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $18.63  (0.06)  —  2.09  2.03  —  (0.42)  (0.42)  —  1.61  $20.24  10.95 %  $ 126,280  1.36 %  1.39 %  (0.62) %  25 % 
10/1/19 to 9/30/20   16.37  (0.05)  —  2.65  2.60  —  (0.34)  (0.34)  —  2.26  18.63  16.03   111,264  1.36   1.41   (0.28)   48  
10/1/18 to 9/30/19   17.02  0.02  —  0.97  0.99  —  (9) (1.64)  (1.64)  —  (0.65)  16.37  7.62   99,951  1.37   (10) 1.40   0.11   35  
10/1/17 to 9/30/18   16.22  0.02  —  1.68  1.70  —  (9) (0.90)  (0.90)  —  0.80  17.02  10.80   104,081  1.40   (14) 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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
46

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 		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)
Vontobel Global Opportunities Fund (Continued)                                    
Class C                                    
10/1/20 to 3/31/21(6)   $15.28  (0.11)  —  1.71  1.60  —  (0.42)  (0.42)  —  1.18  $16.46  10.52 %  $ 21,877  2.11 %  2.13 %  (1.39) %  25 % 
10/1/19 to 9/30/20   13.58  (0.14)  —  2.18  2.04  —  (0.34)  (0.34)  —  1.70  15.28  15.19   25,626  2.11   2.13   (1.03)   48  
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   (10) 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   (14) 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  
Class I                                    
10/1/20 to 3/31/21(6)   $18.67  (0.04)  —  2.09  2.05  —  (0.42)  (0.42)  —  1.63  $20.30  11.03 %  $ 178,213  1.09 %  1.14 %  (0.36) %  25 % 
10/1/19 to 9/30/20   16.39  —  (9) —  2.66  2.66  (0.04)  (0.34)  (0.38)  —  2.28  18.67  16.41   153,902  1.09   1.17   (0.02)   48  
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   (10) 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   (14) 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  
Class R6                                    
10/1/20 to 3/31/21(6)   $18.72  (0.02)  —  2.10  2.08  —  (0.42)  (0.42)  —  1.66  $20.38  11.16 %  $ 88,231  0.90 %  1.06 %  (0.17) %  25 % 
10/1/19 to 9/30/20   16.42  0.03  —  2.66  2.69  (0.05)  (0.34)  (0.39)  —  2.30  18.72  16.59   89,980  0.90   1.08   0.18   48  
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   (10) 1.08   0.80   35  
1/30/18 (11) to 9/30/18   17.27  0.06  —  (0.30)  (0.24)  —  —  —  —  (0.24)  17.03  1.39   425  1.11   (14) 1.11   0.56   38   (12)
                                     
Vontobel Greater European Opportunities Fund                                    
Class A                                    
10/1/20 to 3/31/21(6)   $11.24  (0.05)  —  1.23  1.18  —  (0.55)  (0.55)  —  0.63  $11.87  10.55 %  $ 2,135  1.42 %  (10) 2.55 %  (0.77) %  14 % 
10/1/19 to 9/30/20   11.55  (0.02)  —  1.09  1.07  (0.06)  (1.32)  (1.38)  —  (0.31)  11.24  9.82   1,486  1.45   3.58   (0.19)   51  
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  
Class C                                    
10/1/20 to 3/31/21(6)   $10.85  (0.09)  —  1.19  1.10  —  (0.55)  (0.55)  —  0.55  $11.40  10.18 %  $ 460  2.17 %  (10) 3.29 %  (1.53) %  14 % 
10/1/19 to 9/30/20   11.21  (0.09)  —  1.05  0.96  —  (1.32)  (1.32)  —  (0.36)  10.85  9.01   430  2.20   4.31   (0.91)   51  
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  
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
47

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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 		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)
Vontobel Greater European Opportunities Fund (Continued)                                    
Class I                                    
10/1/20 to 3/31/21(6)   $11.23  (0.03)  —  1.23  1.20  —  (0.55)  (0.55)  —  0.65  $11.88  10.74 %  $ 5,387  1.16 %  (10) 2.25 %  (0.51) %  14 % 
10/1/19 to 9/30/20   11.55  0.01  —  1.09  1.10  (0.10)  (1.32)  (1.42)  —  (0.32)  11.23  10.06   2,562  1.20   3.31   0.12   51  
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  
    
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) 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)
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)
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) Amount is less than $0.005 per share.
(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.
(13) Consolidated Financial Highlights.
(14) The share class is currently under its expense limitation.
(15) See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived.
(16) Payment from affiliate had no impact on total return.
See Notes to Financial Statements
48

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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited)
March 31, 2021
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, 20 funds of the Trust are offered for sale, of which 10 (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.
FORT Trend Fund
  Long-term 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.
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, FORT Trend Fund, KAR Emerging Markets Small-Cap Fund, KAR International Small-Cap Fund, KAR International Small-Mid Cap Fund, and Vontobel Global Opportunities Fund also offer Class R6 shares.
Effective February 1, 2021, Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Prior to February 1, 2021, Class A shares were 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. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019, to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. 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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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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 and for derivatives, included in Note 3 below. 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. Basis of Consolidation
  The accompanying consolidated financial statements of FORT Trend Fund include the account of VATS Offshore Fund, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of FORT Trend Fund and is organized as a company under the laws of the Cayman Islands and primarily invests in commodity-related instruments. The Subsidiary is not registered under the 1940 Act. The Subsidiary enables FORT Trend Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. FORT Trend Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at March 31, 2021 were $24,225 and 14% of FORT Trend Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to FORT Trend Fund, except that the Subsidiary may invest without limitation in commodity-related instruments.
B. 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 and futures, 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.
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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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.
C. 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.
  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.
D. 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. The Subsidiary is classified as a controlled foreign corporation under Subchapter M of the Internal Revenue Code. Therefore, the FORT Trend Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the FORT Trend Fund in the current period nor carried forward to offset taxable income in future periods.
  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, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2017 forward (with limited exceptions).
E. 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.
F. 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.
G. 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.
H. Securities Lending
  Effective October 1, 2020, the Funds may resume loaning 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 a Master Securities Lending Agreement (“MSLA”) which 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.
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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  At March 31, 2021, the Funds did not loan securities.
Note 3. Derivative Financial Instruments and Transactions
($ reported in thousands)
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.
A. Futures Contracts
  A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the “initial margin” requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts.
  During the fiscal period, FORT Trend Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund’s success in using futures will be dependent upon the subadviser’s ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end are listed after the Fund’s Consolidated Schedule of Investments.
  The following is a summary of derivative instruments categorized by primary risk exposure, presented in the financial statements as of March 31, 2021:
    
  Fair Values of Derivative Financial Instruments as of
March 31, 2021
  Derivative Assets
    FORT Trend Fund
Primary Risk Statement of Assets and
Liabilities Location 		Value
Interest rate contracts Unrealized appreciation on futures contracts(1) $ 68
Foreign currency
exchange contracts 		Unrealized appreciation on futures contracts(1) 345
Equity contracts Unrealized appreciation on futures contracts(1) 543
Commodity contracts Unrealized appreciation on futures contracts(1) 167
Total   $1,123
    
  Fair Value of Derivative Financial Instruments as of March 31, 2021
  Derivative Liabilities
    FORT Trend Fund
Primary Risk Statement of Assets and
Liabilities Location 		Value
Interest rate contracts Unrealized appreciation on futures contracts(1) $ (881)
Foreign currency
exchange contracts 		Unrealized appreciation on futures contracts(1) (3)
Equity contracts Unrealized appreciation on futures contracts(1) (67)
Commodity contracts Unrealized appreciation on futures contracts(1) (53)
Total   $(1,004)
(1) Includes cumulative appreciation (depreciation) on futures contracts as reported in the Consolidated Schedule of Investments. Current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
The Effect of Derivative Financial Instruments in the Statements of Operations for the
Period Ended March 31, 2021 		 
Net Realized Gain (Loss) From  
  FORT Trend Fund  
Interest rate contracts:    
Futures contracts(1) $(8,102)  
Foreign currency exchange contracts:    
Futures contacts(1) 426  
Equity contracts:    
Futures contracts(1) 6,847  
Commodity contracts:    
Futures contracts(1) 1,925  
Total $ 1,096  
 
(1)  Included in net realized gain (loss) from futures within the Consolidated Statement of Operations.
    
The Effect of Derivative Financial Instruments in the Statements of Operations for the
Period Ended March 31, 2021 		 
Net Change in Unrealized Appreciation/(Depreciation) on  
  FORT Trend Fund  
Interest rate contracts:    
Futures contracts(1) $(610)  
Foreign currency exchange contracts:    
Futures contracts(1) 380  
Equity contracts:    
Futures contracts(1) 355  
Commodity contracts:    
Futures contracts(1) 316  
Total $ 441  
 
(1)  Included in net change in unrealized appreciation (depreciation) from futures within the Consolidated Statement of Operations.
The quarterly average values (unless otherwise specified) of the derivatives held by the Funds in the tables shown below indicate the volume of derivative activity for each applicable Fund for the period ended March 31, 2021.
  FORT Trend Fund
Futures Contracts - Long Positions(1)
$211,596
Futures Contracts - Short Positions(1)
191,696
(1)  Average unrealized for the period.
B. Derivative Risks
  A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
  With exchange traded futures, generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.
C. Collateral Requirements and Master Netting Agreements (“MNA”)
  For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.
  Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
  The following tables present the FORT Trend Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of March 31, 2021:
    
At March 31, 2021, the Fund’s derivative assets and liabilities (by type) are as follows:    
  FORT Trend Fund  
  Assets Liabilities  
Derivative Financial Instruments:      
Futures contracts $ 282 $—  
Total derivative assets and
liabilities in the Statements of
Assets and Liabilities 		$ 282 $—  
Derivatives not subject to a MNA
or similar agreement 		(282) —  
Total assets and liabilities
subject to a MNA 		$ — $—  
Note 4. Investment Advisory Fees and Related Party Transactions
($ reported in thousands)
A. Investment Adviser
  Virtus Investment Advisers, Inc. is the investment adviser to the Funds, with the exception of the FORT Trend Fund, which advised by Virtus Alternative Investment Advisers, Inc. (each an “Adviser” and collectively, the “Advisers”). Each Adviser is an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”). Each Adviser manages the applicable Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers.
  As compensation for its services to the Funds, the applicable 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 $1 Billion   $1+ Billion
FORT Trend Fund
1.00 %   0.95  %
KAR Emerging Markets Small-Cap Fund
1.20   1.15  
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March 31, 2021
  First $1 Billion   $1+ Billion
KAR International Small-Cap Fund
1.00  %   0.95  %
KAR International Small-Mid Cap Fund
0.90   0.85  
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.
For FORT Trend Fund, the assets of the Subsidiary are excluded from the assets on which the above-described management fee is calculated. However, under the terms of a separate investment advisory agreement, the Subsidiary pays the applicable Adviser an investment management fee calculated on the value of the Subsidiary’s average daily managed assets at the same annual rates.
B. Subadvisers
  The subadvisers manage the investments of each Fund for which they are paid a fee by the applicable 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 (1)
FORT Trend Fund
  FORT (2)
KAR Emerging Markets Small-Cap Fund
  KAR (3)
KAR International Small-Cap Fund
  KAR (3)
KAR International Small-Mid Cap Fund
  KAR (3)
Vontobel Global Opportunities Fund
  Vontobel (4)
Vontobel Greater European Opportunities Fund
  Vontobel (4)
(1) Duff & Phelps Investment Management Co. (“DPIM”), an indirect, wholly-owned subsidiary of Virtus.
(2) FORT, LP (“FORT”).
(3) Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus.
(4) Vontobel Asset Management, Inc. (“Vontobel”).
C. Expense Limits and Fee Waivers
  Each 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 February 1, 2022. 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 
FORT Trend Fund
  1.60  *   2.35    1.35    1.26  *
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 
Vontobel Global Opportunities Fund
  1.36    2.11    1.09    0.90 
Vontobel Greater European Opportunities Fund**
  1.40    2.15    1.15    N/A 
* Each share class is currently below its expense cap.
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March 31, 2021
** Effective December 1, 2020. For the period October 1, 2020 through November 30, 2020, the expense caps were as follows for Class A shares, Class C shares, and Class I shares, respectively: 1.45%, 2.20%, and 1.20%.
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, each 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   2021   2022   2023   2024   Total
Duff & Phelps Global Infrastructure Fund                    
Class R6
  $ —   $ 2   $ 9   $ 4   $ 15
Duff & Phelps Global Real Estate Securities Fund                    
Class A
  124   226   251   143   744
Class C
  2   5   3   1   11
Class I
  18   71   86   29   204
Class R6
  4   4   46   51   105
Duff & Phelps International Real Estate Securities Fund                    
Class A
  3   4   5   3   15
Class C
  1   2   2   1   6
Class I
  39   81   100   39   259
FORT Trend Fund                    
Class C
  —   —   —   6   6
Class I
  —   —   —   1   1
KAR Emerging Markets Small-Cap Fund                    
Class A
  —   —   14   —   14
KAR International Small-Mid Cap Fund                    
Class A
  —   —   1   — (1)   1
Class C
  —   —   1   — (1)   1
Class I
  —   —   76   30   106
Class R6
  —   —   30   4   34
Vontobel Global Opportunities Fund                    
Class A
  —   34   52   15   101
Class C
  —   13   4   3   20
Class I
  —   66   109   43   218
Class R6
  —   55   134   70   259
Vontobel Greater European Opportunities Fund                    
Class A
  13   34   29   9   85
Class C
  7   14   10   3   34
Class I
  9   35   47   25   116
(1) Amount is less than $500.
During the period ended March 31, 2021, each Adviser recaptured expenses previously waived for the following Funds:
Fund   Class A   Class C   Class I   Class R6   Total
Duff & Phelps Global Real Estate

Securities Fund
  $ —   $ — (1)   $ —   $ —   $ — (1)
FORT Trend Fund
  — (1)   — (1)   — (1)   —   — (1)
KAR Emerging Markets Small-Cap

Fund
  17   1   98   — (1)   116
(1) Amount is less than $500.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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, 2021, it retained net commissions of $23 for Class A shares and CDSC of $9 for 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.
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, 2021, the Funds incurred administration fees totaling $1,717 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, 2021, the Funds incurred transfer agent fees totaling $778 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
  The Funds are permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
  During the period ended March 31, 2021, the Funds did not engage in Rule 17a-7 of the 1940 Act transactions.
  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, 2021, 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—66.0%(3)                    
Equity Funds—57.9%                        
Virtus Duff & Phelps
  Global Infrastructure
  Fund
  Class R6
$ 5,484   $ 98   $1,060   $343   $ 132   $ 4,997   315,044   $35   $62
Virtus Duff & Phelps
  Global Real Estate
  Securities Fund
  Class R6
5,464   36   1,375   210   711   5,046   147,117   36   —
Virtus Duff & Phelps
  Select MLP and
  Energy Fund
  Class I
1,673   47   —   2   895   2,617   350,359   —   —
Fixed Income Fund—8.1%                        
Virtus Newfleet
  Senior Floating Rate
  Fund
  Class R6
2,392   40   765   47   42   1,756   197,017   —   —
Total $15,013   $221   $3,200   $602   $1,780   $14,416       $71   $62
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
An affiliated issuer includes any company in which the Fund held 5% or more of a company’s outstanding voting shares at any point during the period. The tables below represent transactions in and earnings from these affiliated issuers during the period ended March 31, 2021:
KAR Emerging Markets Small-Cap Fund
  Value,
beginning
of period 		  Purchases   Sales
proceeds 		  Net
realized
gain (loss)
on
affiliated
securities 		  Net change in
unrealized
appreciation
(depreciation)
on affiliated
securities 		  Value,
end of
period 		  Shares   Dividend
income 		  Distributions
of realized
gains
Common Stocks—4.2%                        
Union
  Auction
   PCL
$10,763   $2,025   $—   $—   $(2,182)   $10,606   30,130,000   $ —   $—
Younglimwon
  Soft Lab Co.,
   Ltd.
3,392   1,726   —   —   (385)   4,733   407,309   22   —
Total $14,155   $3,751   $—   $—   $(2,567)   $15,339       $22   $—
KAR International Small-Cap Fund
  Value,
beginning
of period 		  Purchases   Sales
proceeds 		  Net
realized
gain (loss)
on
affiliated
securities 		  Net change in
unrealized
appreciation
(depreciation)
on affiliated
securities 		  Value,
end of
period 		  Shares   Dividend
income 		  Distributions
of realized
gains
Common Stocks—26.5%                        
Bouvet
   ASA
$ 48,449   $ —   $ —   $ —   $ 7,020   $ 55,469   750,682   $ 686   $—
Brockhaus
  Capital
  Management
   AG
26,802   —   —   —   (5,043)   21,759   761,996   —   —
Computer
  Modelling
  Group
   Ltd.
21,776   —   —   —   3,936   25,712   5,619,390   441   —
Enento
  Group
   Oyj
62,776   5,407   1,919   260   2,402   68,926   1,674,508   2,504   —
HeadHunter
  Group
  plc
   ADR
114,050   —   28,325   9,828   28,693   124,246   3,662,906   —   —
Karnov
  Group AB
  Class B
40,186   20,524   —   —   (2,019)   58,691   9,819,441   —   —
Lumax
  International
  Corp.,
   Ltd.
17,126   —   —   —   3,452   20,578   7,818,259   —   —
MarkLines
  Co.,
   Ltd.
24,763   —   —   —   (53)   24,710   1,094,400   221   —
Max
  Stock
   Ltd.
25,543   2,318   —   —   4,133   31,994   7,952,458   —   —
Mortgage
  Advice
  Bureau
  Holdings
   Ltd.
60,141   —   16,871   5,966   31,693   80,929   5,218,095   525   —
Pason
  Systems,
   Inc.
31,391   —   —   —   24,442   55,833   7,901,518   626   —
Sabre
  Insurance
  Group
   plc
36,542   23,319   —   —   3,522   63,383   18,172,326   —   —
VNV
  Global
   AB
83,617   —   33,331   9,670   31,644   91,600   7,325,890   —   —
Webstep
   AS
7,157   —   —   —   3,054   10,211   3,119,279   543   —
Total $ 600,319   $ 51,568   $ 80,446   $ 25,724   $ 136,876   $ 734,041       $ 5,546   $—
(1) The Duff & Phelps Real Asset Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund’s net assets. At March 31, 2021, the Fund was the owner of record of 36% of the Virtus Duff & Phelps Select MLP and Energy Fund and the owner of record of less than 10% of all other affiliated underlying funds.
(2) Includes reinvested dividends from income and capital gain distributions.
(3) Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available.
H. Trustee Compensation
  The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at March 31, 2021.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
Note 5. Purchases and Sales of Securities
($ 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, 2021, were as follows:
  Purchases   Sales
Duff & Phelps Global Infrastructure Fund
$ 10,261   $ 13,764
Duff & Phelps Global Real Estate Securities Fund
50,010   21,344
Duff & Phelps International Real Estate Securities Fund
658   3,555
Duff & Phelps Real Asset Fund
2,360   5,017
KAR Emerging Markets Small-Cap Fund
114,567   26,233
KAR International Small-Cap Fund
540,417   292,795
KAR International Small-Mid Cap Fund
12,423   5,136
Vontobel Global Opportunities Fund
95,942   99,610
Vontobel Greater European Opportunities Fund
3,660   872
There were no purchases or sales of long-term securities for FORT Trend Fund during the period ended March 31, 2021.
There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2021.
Note 6. 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, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class A                              
Shares sold and cross class
conversions 		251   $ 3,885   230   $ 3,466   114   $ 3,759   390   $ 11,764
Reinvestment of distributions 33   510   107   1,629   —   —   30   999
Shares repurchased and cross
class conversions 		(177)     (2,742)     (570)     (8,130)     (93)     (3,037)     (405)     (11,888)  
Net Increase / (Decrease) 107   $ 1,653   (233)   $ (3,035)   21   $ 722   15   $ 875
Class C                              
Shares sold and cross class
conversions 		21   $ 324   44   $ 682   6   $ 190   25   $ 769
Reinvestment of distributions 8   122   33   513   —   —   19   591
Shares repurchased and cross
class conversions 		(271)     (4,170)     (328)     (4,855)     (64)     (2,001)     (100)     (2,850)  
Net Increase / (Decrease) (242)   $ (3,724)   (251)   $ (3,660)   (58)   $ (1,811)   (56)   $ (1,490)
Class I                              
Shares sold and cross class
conversions 		203   $ 3,146   1,210   $ 18,995   2,187   $ 71,818   2,891   $ 88,567
Reinvestment of distributions 40   615   134   2,031   30   952   477   15,409
Shares repurchased and cross
class conversions 		(277)     (4,306)     (2,132)     (29,130)     (1,194)     (37,117)     (3,528)     (100,390)  
Net Increase / (Decrease) (34)   $ (545)   (788)   $ (8,104)   1,023   $ 35,653   (160)   $ 3,586
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  Duff & Phelps Global Infrastructure Fund   Duff & Phelps Global Real Estate Securities Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class R6                              
Shares sold and cross class
conversions 		83   $ 1,322   213   $ 3,301   43   $ 1,321   1,926   $ 57,252
Reinvestment of distributions 12   179   33   492   13   402   5   161
Shares repurchased and cross
class conversions 		(83)     (1,287)     (234)     (3,359)     (68)     (2,172)     (109)     (3,145)  
Net Increase / (Decrease) 12   $ 214   12   $ 434   (12)   $ (449)   1,822   $ 54,268
    
  Duff & Phelps International Real Estate Securities Fund   Duff & Phelps Real Asset Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class A                              
Shares sold and cross class
conversions 		77   $ 594   169   $ 1,235   30   $ 342   155   $ 1,633
Reinvestment of distributions —   —   24   185   7   75   38   438
Shares repurchased and cross
class conversions 		(43)     (326)     (213)     (1,349)     (134)     (1,451)     (405)     (4,194)  
Net Increase / (Decrease) 34   $ 268   (20)   $ 71   (97)   $ (1,034)   (212)   $ (2,123)
Class C                              
Shares sold and cross class
conversions 		— (1)   $ —(2)   8   $ 63   1   $ 7   1   $ 18
Reinvestment of distributions —   —   7   56   —   —   1   14
Shares repurchased and cross
class conversions 		(35)     (264)     (30)     (193)     (28)     (319)     (131)     (1,377)  
Net Increase / (Decrease) (35)   $ (264)   (15)   $ (74)   (27)   $ (312)   (129)   $ (1,345)
Class I                              
Shares sold and cross class
conversions 		189   $ 1,431   2,146   $ 15,190   36   $ 393   614   $ 6,818
Reinvestment of distributions —   —   529   4,066   7   79   54   621
Shares repurchased and cross
class conversions 		(610)     (4,485)     (5,343)     (35,003)     (140)     (1,523)     (1,650)     (16,588)  
Net Increase / (Decrease) (421)   $ (3,054)   (2,668)   $ (15,747)   (97)   $ (1,051)   (982)   $ (9,149)
    
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  FORT Trend Fund   KAR Emerging Markets Small-Cap Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class A                              
Shares sold and cross class
conversions 		1,838   $ 26,801   1,963   $ 26,957   1,075   $ 17,785   1,549   $ 20,012
Reinvestment of distributions —   —   —   —   30   503   40   495
Shares repurchased and cross
class conversions 		(974)     (14,190)     (2,006)     (28,494)     (426)     (7,052)     (1,194)     (14,031)  
Net Increase / (Decrease) 864   $ 12,611   (43)   $ (1,537)   679   $ 11,236   395   $ 6,476
Class C                              
Shares sold and cross class
conversions 		7   $ 99   63   $ 868   60   $ 1,009   36   $ 470
Reinvestment of distributions —   —   —   —   1   10   1   12
Shares repurchased and cross
class conversions 		(2,489)     (34,134)     (4,460)     (59,168)     (10)     (173)     (16)     (195)  
Net Increase / (Decrease) (2,482)   $ (34,035)   (4,397)   $ (58,300)   51   $ 846   21   $ 287
Class I                              
Shares sold and cross class
conversions 		83   $ 1,232   299   $ 4,390   7,287   $ 124,243   10,200   $ 127,501
Reinvestment of distributions —   —   —   —   161   2,693   159   1,996
Shares repurchased and cross
class conversions 		(509)     (7,542)     (2,380)     (33,818)     (1,919)     (31,829)     (5,358)     (65,431)  
Net Increase / (Decrease) (426)   $ (6,310)   (2,081)   $ (29,428)   5,529   $ 95,107   5,001   $ 64,066
Class R6                              
Shares sold and cross class
conversions 		1   $ 11   9   $ 148   54   $ 936   — (1)   $ 3
Reinvestment of distributions —   —   —   —   —   —   — (1)   — (2)
Shares repurchased and cross
class conversions 		(4)     (58)     —    —    (—)     (3)     (—)  (1)   (—)  (2)
Net Increase / (Decrease) (3)   $ (47)   9   $ 148   54   $ 933   —   $ 3
    
  KAR International Small-Cap Fund   KAR International Small-Mid Cap Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020(a)
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class A                              
Shares sold and cross class
conversions 		785   $ 17,610   3,517   $ 57,391   6   $ 79   14   $ 153
Reinvestment of distributions 37   830   76   1,419   — (1)   1   —   —
Shares repurchased and cross
class conversions 		(739)     (16,215)     (3,699)     (62,833)     (1)     (11)     (2)     (17)  
Net Increase / (Decrease) 83   $ 2,225   (106)   $ (4,023)   5   $ 69   12   $ 136
Class C                              
Shares sold and cross class
conversions 		160   $ 3,503   295   $ 5,310   7   $ 105   13   $ 135
Reinvestment of distributions 6   122   23   428   — (1)   2   —   —
Shares repurchased and cross
class conversions 		(183)     (3,975)     (770)     (12,967)     (—)  (1)   (3)     —    — 
Net Increase / (Decrease) (17)   $ (350)   (452)   $ (7,229)   7   $ 104   13   $ 135
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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  KAR International Small-Cap Fund   KAR International Small-Mid Cap Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020(a)
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class I                              
Shares sold and cross class
conversions 		20,309   $ 456,661   50,348   $ 882,925   659   $ 9,625   1,691   $ 17,417
Reinvestment of distributions 1,018   23,007   1,672   31,331   57   837   —   —
Shares repurchased and cross
class conversions 		(9,889)     (219,862)     (44,001)     (719,369)     (40)     (580)     (171)     (1,885)  
Net Increase / (Decrease) 11,438   $ 259,806   8,019   $ 194,887   676   $ 9,882   1,520   $ 15,532
Class R6                              
Shares sold and cross class
conversions 		7,083   $ 156,447   3,624   $ 58,808   — (1)   $ 2   271   $ 2,706
Reinvestment of distributions 88   1,989   50   943   — (1)   — (2)   —   —
Shares repurchased and cross
class conversions 		(483)     (10,919)     (2,175)     (37,671)     —    —    —    — 
Net Increase / (Decrease) 6,688   $ 147,517   1,499   $ 22,080   — (1)   $ 2   271   $ 2,706
    
  Vontobel Global Opportunities Fund   Vontobel Greater European Opportunities Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class A                              
Shares sold and cross class
conversions 		519   $ 10,349   778   $ 12,863   67   $ 787   97   $ 1,056
Reinvestment of distributions 112   2,199   108   1,870   6   66   16   168
Shares repurchased and cross
class conversions 		(362)     (7,183)     (1,021)     (16,661)     (25)     (296)     (100)     (1,026)  
Net Increase / (Decrease) 269   $ 5,365   (135)   $ (1,928)   48   $ 557   13   $ 198
Class C                              
Shares sold and cross class
conversions 		96   $ 1,551   313   $ 4,232   13   $ 146   5   $ 48
Reinvestment of distributions 41   658   44   629   2   25   7   68
Shares repurchased and cross
class conversions 		(485)     (7,885)     (753)     (10,308)     (14)     (166)     (24)     (242)  
Net Increase / (Decrease) (348)   $ (5,676)   (396)   $ (5,447)   1   $ 5   (12)   $ (126)
Class I                              
Shares sold and cross class
conversions 		1,222   $ 24,306   4,582   $ 74,517   231   $ 2,657   81   $ 863
Reinvestment of distributions 172   3,388   168   2,900   19   220   25   268
Shares repurchased and cross
class conversions 		(861)     (17,106)     (4,091)     (63,762)     (25)     (295)     (75)     (764)  
Net Increase / (Decrease) 533   $ 10,588   659   $ 13,655   225   $ 2,582   31   $ 367
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VIRTUS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  Vontobel Global Opportunities Fund   Vontobel Greater European Opportunities Fund
  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020 		  Six Months Ended
March 31, 2021
(Unaudited) 		  Year Ended
September 30, 2020
  SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT   SHARES   AMOUNT
Class R6                              
Shares sold and cross class
conversions 		413   $ 8,327   1,453   $ 23,913   —   $ —   —   $ —
Reinvestment of distributions 86   1,700   89   1,540   —   —   —   —
Shares repurchased and cross
class conversions 		(977)     (19,620)     (737)     (12,598)     —    —    —    — 
Net Increase / (Decrease) (478)   $ (9,593)   805   $ 12,855   —   $ —   —   $ —
(a) Inception date October 1, 2019.
(1) Amount is less than 500 shares.
(2) Amount is less than $500.
Note 7. 10% Shareholders
As of March 31, 2021, 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 Infrastructure Fund
10%   1
Duff & Phelps Global Real Estate Securities Fund
54   3
Duff & Phelps International Real Estate Securities Fund
71   2
Duff & Phelps Real Asset Fund
28   2
FORT Trend Fund
15   1
KAR Emerging Markets Small-Cap Fund
55   3
KAR International Small-Cap Fund
52   4
KAR International Small-Mid Cap Fund
90   2 *
Vontobel Greater European Opportunities Fund
47   2
* Includes affiliated shareholder account(s).
Note 8. 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 the Fund did not concentrate its investments in such sectors.
At March 31, 2021, 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   44%
Duff & Phelps Global Infrastructure Fund
  Industrials   31
KAR Emerging Markets Small-Cap Fund
  Industrials   33
KAR International Small-Cap Fund
  Industrials   27
KAR International Small-Mid Cap Fund
  Industrials   30
Vontobel Global Opportunities Fund
  Information Technology   26
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
Note 9.  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 10. 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, 2021, the Funds did not hold any securities that were restricted.
Note 11. Redemption Facility
($ reported in thousands)
On September 18, 2017, the Funds and certain other affiliated funds entered into an $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Funds to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of each Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 10, 2022. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the period ended March, 31, 2021, are included in the “Interest expense and/or commitment fees” line on the Statements of Operations. The Funds and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.
The Funds had no borrowings at any time during the period ended March 31, 2021.
Note 12. Federal Income Tax Information
($ reported in thousands)
At March 31, 2021, 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
  $ 72,923   $ 16,105   $ (2,540)   $ 13,565
Duff & Phelps Global Real Estate Securities Fund
  271,338   53,339   (5,446)   47,893
Duff & Phelps International Real Estate Securities Fund
  24,641   5,442   (1,422)   4,020
Duff & Phelps Real Asset Fund
  25,285   4,923   (8,317)   (3,394)
FORT Trend Fund
  181,067   21   (1,705)   (1,684)
KAR Emerging Markets Small-Cap Fund
  293,771   78,417   (11,937)   66,480
KAR International Small-Cap Fund
  2,132,373   647,531   (69,227)   578,304
KAR International Small-Mid Cap Fund
  30,093   7,552   (157)   7,709
Vontobel Global Opportunities Fund
  263,714   151,892   (1,397)   150,495
Vontobel Greater European Opportunities Fund
  5,698   2,140   (62)   2,078
Certain Funds have capital loss carryovers available to offset future realized capital gains, if any, to the extent permitted by the Internal Revenue Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the fiscal year ended September 30, 2020, the Funds’ capital loss carryovers were as follows:
  Short-Term   Long-Term
Duff & Phelps International Real Estate Securities Fund
$ 322   $—
Duff & Phelps Real Asset Fund
142   —
FORT Trend Fund
406,199   —
KAR Emerging Markets Small-Cap Fund
1,254   —
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, 2020, the following Funds deferred and recognized qualified late year losses as follows:
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  Late Year
Ordinary
Losses
Deferred 		  Late Year
Ordinary
Losses
Recognized 		  Capital
Loss
Deferred 		  Capital
Loss
Recognized
Duff & Phelps Global Infrastructure Fund
$ —   $ (8)   $ —   $ (417)
Duff & Phelps Global Real Estate Securities Fund
—   —   3,493   —
Duff & Phelps International Real Estate Securities Fund
641   —   3,991   —
Duff & Phelps Real Asset Fund
—   —   18,938   (206)
FORT Trend Fund
768   (123)   278   (6,561)
KAR Emerging Markets Small-Cap Fund
—   —   —   (3,708)
KAR International Small-Cap Fund
—   —   —   (52,302)
Vontobel Global Opportunities Fund
123   —   —   —
Note 13. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Advisers 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 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. 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 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, VIRTUS FORT TREND FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-MID CAP 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 each investment advisory agreement (each, an “Advisory Agreement” and collectively, the “Advisory Agreements”) among the Trust and Virtus Investment Advisers, Inc. (“VIA”), the Trust and Virtus Alternative Investment Advisers, Inc. (“VAIA”) with respect to Virtus FORT Trend Fund only (each of VAIA and VIA, an “Adviser”, and collectively, the “Advisers”) and of each subadvisory agreement (each, a “Subadvisory Agreement” and collectively, the “Subadvisory Agreements”)(together with the Advisory Agreements, 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, Virtus Duff & Phelps International Real Estate Securities Fund and Virtus Duff & Phelps Real Asset Fund; the Trust, VAIA and FORT L.P. (“FORT”) with respect to Virtus FORT Trend Fund; the Trust, VIA and Kayne Anderson Rudnick Investment Management, LLC (“KAR”) with respect to Virtus KAR Emerging Markets Small-Cap Fund, Virtus KAR International Small-Cap Fund and Virtus KAR International Small-Mid Cap 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, FORT, KAR and Vontobel, a “Subadviser” and collectively, the “Subadvisers”). At virtual meetings held on November 3, 2020, and November 16-18, 2020 (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. (The subadvisory agreement with FORT with respect to Virtus FORT Trend Fund was not due for renewal since it had been approved earlier in the year.) 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 each Adviser and 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 the Advisers and 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 the Advisers 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: (a) the nature, extent and quality of the services provided to the Funds by each of the Advisers and Subadvisers; (b) the performance of the Funds as compared to an appropriate peer group and an appropriate index; (c) 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); (c) the profitability of each Adviser under the respective Advisory Agreement; (e) any “fall-out” benefits to the Advisers, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, VAIA, the Subadvisers or their affiliates from the applicable Adviser’s or the applicable Subadviser’s relationship with the Trust); (f) the anticipated effect of growth in size on
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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 DUFF & PHELPS REAL ASSET FUND, VIRTUS FORT TREND FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-MID CAP 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)
each Fund’s performance and expenses; (g) fees paid to the Advisers and the Subadvisers by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.
Nature, Extent and Quality of Services
The Trustees received in advance of the Meetings information provided by each Adviser and Subadviser, including completed questionnaires, 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, each Adviser is responsible for the management of the respective Fund’s(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 each Advisory Agreement with the Advisers, the Board considered each Adviser’s process for supervising and managing the respective Fund’s(s’) subadvisers, including (a) each Adviser’s ability to select and monitor subadvisers; (b) each Adviser’s ability to provide the services necessary to monitor the subadvisers’ compliance with the Fund’s(s’) respective investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) each Adviser’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. For each Adviser, the Trustees also considered: (a) the experience and capability of the Adviser’s management and other personnel; (b) the financial condition of the Adviser, and whether it had the financial wherewithal to provide a high level and quality of services to the respective Fund(s); (c) the quality of the Adviser’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 the Adviser and its affiliates to the Fund(s); (e) the Adviser’s supervision of the Fund’s(s’) other service providers; and (f) the Adviser’s risk management processes. It was noted that affiliates of the Advisers serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of each Adviser’s management and the quality of the performance of each Adviser’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(s’) 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 each Adviser’s and 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 Fund’s(s’) summary and statutory 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.
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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 DUFF & PHELPS REAL ASSET FUND, VIRTUS FORT TREND FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-MID CAP 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)
After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by each Adviser and 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).
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 their respective portfolio compositions, as well as each Subadviser’s investment strategies. The Board noted each Adviser’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each respective Subadviser. The Board also noted each Subadviser’s performance record with respect to each applicable Fund. The Board was mindful of each Adviser’s focus on each respective Subadviser’s performance and noted each Adviser’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, 2020.
Virtus Duff & Phelps Global Infrastructure Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 3-, 5- and 10-year periods and underperformed the median of its Performance Universe for the 1-year period. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, 5- and 10-year periods.
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 Duff & Phelps Real Asset Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.
Virtus FORT Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the 1- and 3- year periods and outperformed the median of its Performance Universe for the 5-year period. The Board also noted that the Fund 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 KAR International Small-Mid Cap Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the year to date period.
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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 DUFF & PHELPS REAL ASSET FUND, VIRTUS FORT TREND FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-MID CAP 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 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-, 3-, 5- and 10-year periods.
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 Duff & Phelps Real Asset Fund and Virtus FORT Trend Fund, the Board also considered that each Fund had changed 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 Vontobel Greater European Opportunities Fund. The Board also noted that the subadvisory fees were paid by each Adviser out of its advisory fees rather than paid separately by the Fund(s). 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 each Adviser 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 each in the fourth quintile of the Expense Universe.
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 each in the fourth quintile of the Expense Universe.
Virtus Duff & Phelps Real Asset 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 quintile of the Expense Universe.
Virtus FORT 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 third 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 DUFF & PHELPS REAL ASSET FUND, VIRTUS FORT TREND FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-MID CAP 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 KAR Emerging Markets Small-Cap Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were each in the fifth quintile of the Expense Universe.
Virtus KAR International Small-Cap Fund. The Board considered that the Fund’s net management fee and net total expenses were each in the fourth quintile of the Expense Universe.
Virtus KAR International Small-Mid Cap 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 fourth 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 each 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 fifth 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 Vontobel Greater European Opportunities Fund.
Profitability
The Board also considered certain information relating to profitability that had been provided by the Advisers. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of each Adviser for its management of the Fund(s) 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 the Advisers’ affiliates. In addition to the fees paid to each Adviser and its affiliates, including the applicable Subadvisers, the Board considered any other benefits derived by each Adviser or its affiliates from their relationships with the Fund(s). 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 each Adviser and its affiliates from each Fund was reasonable in light of the quality of the services rendered to the Fund(s) by each Adviser 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 each Adviser out of the fees that the respective Adviser receive under the respective 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. and FORT L.P., the unaffiliated Subadvisers, the Board relied on the ability of each Adviser 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 each Adviser realizes economies of scale as the Fund’s(s’) assets grow. The Board noted that the management fees for all of the Funds with investment advisory fees
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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 DUFF & PHELPS REAL ASSET FUND, VIRTUS FORT TREND FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-MID CAP 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)
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, 2022 (except with respect to Virtus FORT Trend Fund, which had previously been extended to that date), and had agreed to lower the expense caps applicable to Virtus Vontobel Greater European Opportunities Fund. 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 the Advisers and the Funds may realize certain economies of scale if the assets of the Fund(s) were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Fund(s) 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 each Adviser and 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 the Advisers, Duff & Phelps and KAR, 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 the Advisers 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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Virtus Duff & Phelps Real Asset Fund (the “Fund”),
a series of Virtus Opportunities Trust
Supplement dated March 1, 2021, to the Summary Prospectus
and Statutory Prospectus, each dated February 1, 2021
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 10 Years
Class I      
Return Before Taxes -2.71% 4.43% 2.25%
Return After Taxes on Distributions -2.82% 3.81% 1.79%
Return After Taxes on Distributions and Sale of Fund Shares -1.36% 3.32% 1.70%
Class A      
Return Before Taxes -8.26% 3.00% 1.42%
Class C      
Return Before Taxes -3.69% 3.38% 1.22%
MSCI All-Country World Index (net) (reflects no deduction for fees, expenses or taxes) 16.25% 12.26% 9.13%
S&P 500® Index (reflects no deduction for fees, expenses or taxes) 18.40% 15.22% 13.88%
Investors should retain this supplement with the
Prospectuses for future reference.
VOT 8020/DPIM Real Asset Performance Reclass (03/2021)

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VIRTUS OPPORTUNITIES TRUST
101 Munson Street
Greenfield, MA 01301-9668
Trustees
Philip R. McLoughlin, Chairman
George R. Aylward
Donald C. Burke
Sidney E. Harris
John R. Mallin
Connie D. McDaniel
Geraldine M. McNamara
James M. Oates
R. Keith Walton
Brian T. Zino
Advisory Board Members
Sarah E. Cogan
Deborah A. DeCotis
F. Ford Drummond
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
Investment Advisers
Virtus Investment Advisers, Inc.
One Financial Plaza
Hartford, CT 06103-2608
Virtus Alternative 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 05-21

SEMIANNUAL REPORT
VIRTUS OPPORTUNITIES TRUST
March 31, 2021
Virtus Duff & Phelps Real Estate Securities Fund
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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
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.
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”)
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, 2021.
Monetary support and fiscal stimulus drove strong returns for global markets during the period as optimism about vaccinations increased and economic indicators improved. For the six months, U.S. small-cap stocks, which gained 48.06% as measured by the Russell 2000® Index, strongly outperformed large-capitalization stocks, which returned 19.07%, as measured by the S&P 500® Index. Within international equities, developed markets, as measured by the MSCI EAFE® Index (net), returned 20.08%, and emerging markets, as measured by the MSCI Emerging Markets Index (net), gained 22.43%.
In fixed income markets, the yield on the 10-year Treasury rose sharply to 1.74% on March 31, 2021, from 0.69% on September 30, 2020, based on inflation fears. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, was down 2.73% for the six-month period, but non-investment grade bonds, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, were up 7.36%.
On behalf of the Virtus Funds and our investment managers, I thank you for entrusting us with your assets. To learn more about the other investment strategies we offer, please visit Virtus.com. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.
Sincerely,
George R. Aylward
President, Virtus Funds
May 2021
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. Investing involves risk, including the risk of loss of principal invested.
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DUFF & PHELPS REAL ESTATE SECURITIES FUND
DISCLOSURE OF FUND EXPENSES (Unaudited)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Class A
$ 1,000.00   $ 1,209.80   1.40 %   $ 7.71
Class C
1,000.00   1,205.20   2.11   11.60
Class I
1,000.00   1,211.40   1.11   6.12
Class R6
1,000.00   1,213.40   0.79   4.36
    
* 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 365 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, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Class A
$ 1,000.00   $ 1,017.95   1.40 %   $ 7.04
Class C
1,000.00   1,014.41   2.11   10.60
Class I
1,000.00   1,019.40   1.11   5.59
Class R6
1,000.00   1,020.99   0.79   3.98
    
* 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 365 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, 2021
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, 2021
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, 2021
($ reported in thousands)
Asset Allocation
The following table presents the asset allocation within certain sectors as a percentage of total investments as of March 31, 2021.
Industrial 14%
Apartments 13
Data Centers 11
Office 11
Health Care 10
Free Standing 8
Self Storage 7
Other 26
Total 100%
  Shares   Value
Common Stocks—99.1%
Real Estate Investment Trusts—99.1%    
Data Centers—11.4%    
CyrusOne, Inc. 223,678   $ 15,148
Equinix, Inc. 57,631   39,165
      54,313
       
 
Diversified—3.1%    
VEREIT, Inc. 378,480   14,617
Health Care—9.6%    
Healthcare Trust of America, Inc. Class A 469,400   12,946
Healthpeak Properties, Inc. 512,600   16,270
Welltower, Inc. 236,580   16,946
      46,162
       
 
Industrial/Office—23.8%    
Industrial—14.2%    
Duke Realty Corp. 521,193   21,854
  Shares   Value
       
Industrial/Office—continued    
Industrial—continued    
Prologis, Inc. 371,744   $ 39,405
Rexford Industrial Realty, Inc. 130,125   6,558
      67,817
       
 
Office—9.6%    
Alexandria Real Estate Equities, Inc. 54,734   8,993
Boston Properties, Inc. 119,800   12,131
Cousins Properties, Inc. 462,603   16,353
Douglas Emmett, Inc. 274,668   8,624
      46,101
Total Industrial/Office   113,918
       
 
Lodging/Resorts—3.5%    
Host Hotels & Resorts, Inc.(1) 323,294   5,447
RLJ Lodging Trust 357,605   5,536
 
See Notes to Financial Statements
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Duff & Phelps Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Shares   Value
       
Lodging/Resorts—continued    
Ryman Hospitality Properties, Inc.(1) 76,760   $ 5,950
      16,933
       
 
Residential—22.3%    
Apartments—12.6%    
Apartment Income REIT Corp. 265,495   11,353
AvalonBay Communities, Inc. 111,715   20,613
Equity Residential 220,054   15,762
Mid-America Apartment Communities, Inc. 86,480   12,484
      60,212
       
 
Manufactured Homes—4.3%    
Sun Communities, Inc. 138,065   20,715
Single Family Homes—5.4%    
American Homes 4 Rent Class A 512,900   17,100
Invitation Homes, Inc. 267,360   8,553
      25,653
Total Residential   106,580
       
 
Retail—15.6%    
Free Standing—5.3%    
Spirit Realty Capital, Inc. 346,893   14,743
STORE Capital Corp. 315,050   10,554
      25,297
       
 
Regional Malls—3.4%    
Simon Property Group, Inc. 144,741   16,467
Shopping Centers—6.9%    
Brixmor Property Group, Inc. 671,356   13,582
  Shares   Value
       
Shopping Centers—continued    
Regency Centers Corp. 209,100   $ 11,858
Weingarten Realty Investors 277,600   7,470
      32,910
Total Retail     74,674
       
 
Self Storage—7.1%    
CubeSmart 469,450   17,759
Extra Space Storage, Inc. 124,129   16,454
      34,213
       
 
Specialty—2.7%    
SBA Communications, Corp. 25,600   7,105
VICI Properties, Inc. 203,800   5,755
      12,860
Total Common Stocks
(Identified Cost $299,653) 		  474,270
Total Long-Term Investments—99.1%
(Identified Cost $299,653) 		  474,270
TOTAL INVESTMENTS—99.1%
(Identified Cost $299,653) 		  $474,270
Other assets and liabilities, net—0.9%   4,092
NET ASSETS—100.0%   $478,362
Abbreviation:
REIT Real Estate Investment Trust
    
Footnote Legend:
(1) Non-income producing.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
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Duff & Phelps Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $474,270   $474,270
Total Investments $474,270   $474,270
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
See Notes to Financial Statements
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DUFF & PHELPS REAL ESTATE SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
March 31, 2021
(Reported in thousands except shares and per share amounts)
Assets  
Investment in securities at value(1)
$ 474,270
Cash
3,324
Receivables  
Investment securities sold
480
Fund shares sold
499
Dividends
1,855
Prepaid Trustees’ retainer
3
Prepaid expenses
40
Other assets
43
Total assets
480,514
Liabilities  
Payables  
Fund shares repurchased
1,050
Investment securities purchased
529
Investment advisory fees
284
Distribution and service fees
32
Administration and accounting fees
39
Transfer agent and sub-transfer agent fees and expenses
129
Professional fees
18
Trustee deferred compensation plan
43
Interest expense and/or commitment fees
1
Other accrued expenses
27
Total liabilities
2,152
Net Assets
$ 478,362
Net Assets Consist of:  
Capital paid in on shares of beneficial interest
$ 306,006
Accumulated earnings (loss)
172,356
Net Assets
$ 478,362
Net Assets:  
Class A
$ 129,459
Class C
$ 6,035
Class I
$ 211,170
Class R6
$ 131,698
Shares Outstanding (unlimited number of shares authorized, no par value):  
Class A
5,989,307
Class C
279,688
Class I
9,804,283
Class R6
6,090,700
See Notes to Financial Statements
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DUFF & PHELPS REAL ESTATE SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(Reported in thousands except shares and per share amounts)
Net Asset Value and Redemption Price Per Share:*  
Class A
$ 21.62
Class C
$ 21.58
Class I
$ 21.54
Class R6
$ 21.62
Maximum Offering Price per Share (NAV/(1-5.50%**)):  
Class A
$ 22.88
(1) Investment in securities at cost
$ 299,653
   
    
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
** Maximum sales charge.
See Notes to Financial Statements
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DUFF & PHELPS REAL ESTATE SECURITIES FUND
STATEMENT OF OPERATIONS (Unaudited)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
Investment Income  
Dividends
$ 6,284
Total investment income
6,284
Expenses  
Investment advisory fees
1,822
Distribution and service fees, Class A
187
Distribution and service fees, Class C
36
Administration and accounting fees
249
Transfer agent fees and expenses
108
Sub-transfer agent fees and expenses, Class A
146
Sub-transfer agent fees and expenses, Class C
5
Sub-transfer agent fees and expenses, Class I
170
Custodian fees
— (1)
Printing fees and expenses
34
Professional fees
16
Interest expense and/or commitment fees
1
Registration fees
33
Trustees’ fees and expenses
22
Miscellaneous expenses
29
Total expenses
2,858
Less net expenses reimbursed and/or waived by investment adviser(2)
(90)
Less low balance account fees
— (1)
Net expenses
2,768
Net investment income (loss)
3,516
Net Realized and Unrealized Gain (Loss) on Investments  
Net realized gain (loss) from:  
Investments
8,553
Net change in unrealized appreciation (depreciation) on:  
Investments
82,585
Net realized and unrealized gain (loss) on investments
91,138
Net increase (decrease) in net assets resulting from operations
$94,654
    
   
(1) Amount is less than $500.
(2) See Note 3D in Notes to Financial Statements.
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,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations      
Net investment income (loss)
$ 3,516   $ 7,234
Net realized gain (loss)
8,553   25,755
Net change in unrealized appreciation (depreciation)
82,585   (102,595)
Increase (decrease) in net assets resulting from operations
94,654   (69,606)
Dividends and Distributions to Shareholders      
Net Investment Income and Net Realized Gains:      
Class A
(6,873)   (29,177)
Class C
(339)   (1,965)
Class I
(11,159)   (63,465)
Class R6
(6,568)   (7,100)
Total dividends and distributions to shareholders
(24,939)   (101,707)
Change in Net Assets from Capital Transactions      
Shares sold and cross class conversions:      
Class A (450 and 5,966 shares, respectively)
9,210   114,435
Class C (16 and 49 shares, respectively)
331   1,039
Class I (887 and 3,463 shares, respectively)
18,078   69,626
Class R6 (4,136 and 1,121 shares, respectively)
79,426   22,360
Reinvestment of distributions:      
Class A (332 and 1,331 shares, respectively)
6,663   28,097
Class C (17 and 87 shares, respectively)
338   1,842
Class I (549 and 3,010 shares, respectively)
11,011   63,323
Class R6 (326 and 338 shares, respectively)
6,564   7,090
Shares repurchased and cross class conversions:      
Class A ((5,917) and (2,822) shares, respectively)
(118,591)   (58,871)
Class C ((141) and (218) shares, respectively)
(2,917)   (4,382)
Class I ((6,147) and (6,185) shares, respectively)
(119,681)   (128,253)
Class R6 ((695) and (615) shares, respectively)
(14,327)   (12,604)
Increase (decrease) in net assets from capital transactions
(123,895)   103,702
Net increase (decrease) in net assets
(54,180)   (67,611)
Net Assets      
Beginning of period
532,542   600,153
End of Period
$ 478,362   $ 532,542
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              
10/1/20 to 3/31/21(6) $18.82  0.18  3.68  3.86  (0.32)  (0.74)  (1.06) 
10/1/19 to 9/30/20 26.33  0.26  (3.23)  (2.97)  (0.33)  (4.21)  (4.54) 
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) 
Class C              
10/1/20 to 3/31/21(6) $18.79  0.14  3.64  3.78  (0.25)  (0.74)  (0.99) 
10/1/19 to 9/30/20 26.26  0.08  (3.18)  (3.10)  (0.16)  (4.21)  (4.37) 
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) 
Class I              
10/1/20 to 3/31/21(6) $18.76  0.14  3.74  3.88  (0.36)  (0.74)  (1.10) 
10/1/19 to 9/30/20 26.28  0.30  (3.23)  (2.93)  (0.38)  (4.21)  (4.59) 
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) 
Class R6              
10/1/20 to 3/31/21(6) $18.81  0.10  3.83  3.93  (0.38)  (0.74)  (1.12) 
10/1/19 to 9/30/20 26.30  0.37  (3.24)  (2.87)  (0.41)  (4.21)  (4.62) 
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) 
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)
               
               
2.80  $21.62  20.98 % $129,459  1.40 %  1.40 %  1.81 %  5 % 
(7.51)  18.82  (12.99)  209,309  1.35   1.35   1.25   40  
(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  
               
2.79  $21.58  20.52 % $ 6,035  2.11 %  2.11 %  1.41 %  5 % 
(7.47)  18.79  (13.65)  7,280  2.11   2.11   0.38   40  
(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  
               
2.78  $21.54  21.14 % $211,170  1.11 %  1.11 %  1.43 %  5 % 
(7.52)  18.76  (12.80)  272,248  1.10   1.10   1.43   40  
(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  
               
2.81  $21.62  21.34 % $131,698  0.79 %  0.95 %  0.98 %  5 % 
(7.49)  18.81  (12.52)  43,705  0.79   0.96   1.80   40  
(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  
    
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
15

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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
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 less than 0.01%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by less than 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.
See Notes to Financial Statements
16

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DUFF & PHELPS REAL ESTATE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited)
March 31, 2021
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, 20 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.
Effective February 1, 2021, Class A shares are sold with a front-end sales charge of up to 5.50% with some exceptions. Prior to February 1, 2021, Class A shares were 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 such 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. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019, to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. 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
17

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DUFF & PHELPS REAL ESTATE SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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).
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:
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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 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,
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  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, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2017 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 which 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
  Effective October 1, 2020, the Fund may resume loaning 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”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts
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March 31, 2021
  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.
  At March 31, 2021, the Fund did not loan securities.
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 February 1, 2022. Following the contractual period, the Adviser may discontinue this expense reimbursement arrangement at any time. The waivers and reimbursements are accrued 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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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  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   2024   Total
Class R6
$4   $26   $64   $90   $184
                   
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, 2021, it retained net commissions of $2 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, 2021, the Fund incurred administration fees totaling $227 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, 2021, the Fund incurred transfer agent fees totaling $102 which are included in the Statement of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G. Investments in Affiliates
  The Fund is permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
  During the period ended March 31, 2021, the Fund did not engage in Rule 17a-7 of the 1940 Act transactions.
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March 31, 2021
H. Trustee Compensation
  The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2021.
Note 4. Purchases and Sales of Securities
($ reported in thousands)
Purchases and sales of securities (excluding short-term securities) during the period ended March 31, 2021, were as follows:
Purchases   Sales
$24,297   $152,445
There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2021.
Note 5. 10% Shareholders
As of March 31, 2021, 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*
27%   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
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March 31, 2021
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, 2021, 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 $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Fund to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 10, 2022. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the period ended March 31, 2021, are included in the “Interest expense and/or commitment fees” line on the Statement of Operations. The Fund and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.
The Fund had no borrowings at any time during the period ended March 31, 2021.
Note 10. Federal Income Tax Information
($ reported in thousands)
At March 31, 2021, 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)
$305,479   $169,756   $ (965)   $168,791
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 activities. At this time, the Adviser believes that
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.
Note 12. 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”)(together with the Advisory Agreement, the “Agreements”) among the Trust, VIA and Duff & Phelps Investment Management Co. (the “Subadviser”) with respect to Virtus Duff & Phelps Real Estate Securities Fund (the “Fund”). At virtual meetings held on November 3, 2020, and November 16-18, 2020 (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 with respect to the Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index; (c) 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); (d) the profitability of VIA under the Advisory Agreement; (e) 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); (f) the anticipated effect of growth in size on the Fund’s performance and expenses; (g) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) 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, 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 summary and statutory 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 its 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, 2020.
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 1-, 3-, 5- and 10-year periods.
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 advisory 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
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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS
BY THE BOARD OF TRUSTEES (Unaudited) (Continued)
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 and net total expenses were each 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, 2022. 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
101 Munson Street
Greenfield, MA 01301-9668
Trustees
Philip R. McLoughlin, Chairman
George R. Aylward
Donald C. Burke
Sidney E. Harris
John R. Mallin
Connie D. McDaniel
Geraldine M. McNamara
James M. Oates
R. Keith Walton
Brian T. Zino
Advisory Board Members
Sarah E. Cogan
Deborah A. DeCotis
F. Ford Drummond
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
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.

Table of Contents
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 05-21

SEMIANNUAL REPORT
VIRTUS OPPORTUNITIES TRUST
March 31, 2021
Virtus Vontobel Foreign Opportunities Fund
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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
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.
Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents
Virtus Vontobel Foreign Opportunities Fund
(“Vontobel Foreign Opportunities Fund”)
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.

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, 2021.
Monetary support and fiscal stimulus drove strong returns for global markets during the period as optimism about vaccinations increased and economic indicators improved. For the six months, U.S. small-cap stocks, which gained 48.06% as measured by the Russell 2000® Index, strongly outperformed large-capitalization stocks, which returned 19.07%, as measured by the S&P 500® Index. Within international equities, developed markets, as measured by the MSCI EAFE® Index (net), returned 20.08%, and emerging markets, as measured by the MSCI Emerging Markets Index (net), gained 22.43%.
In fixed income markets, the yield on the 10-year Treasury rose sharply to 1.74% on March 31, 2021, from 0.69% on September 30, 2020, based on inflation fears. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, was down 2.73% for the six-month period, but non-investment grade bonds, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, were up 7.36%.
On behalf of the Virtus Funds and our investment managers, I thank you for entrusting us with your assets. To learn more about the other investment strategies we offer, please visit Virtus.com. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.
Sincerely,
George R. Aylward
President, Virtus Funds
May 2021
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. Investing involves risk, including the risk of loss of principal invested.
1

VONTOBEL FOREIGN OPPORTUNITIES FUND
DISCLOSURE OF FUND EXPENSES (Unaudited)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Class A
$ 1,000.00   $ 1,078.00   1.39 %   $ 7.20
Class C
1,000.00   1,074.50   2.05   10.60
Class I
1,000.00   1,079.80   1.07   5.55
Class R6
1,000.00   1,080.20   0.95   4.93
    
* 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 365 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.
2

VONTOBEL FOREIGN OPPORTUNITIES FUND
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Class A
$ 1,000.00   $ 1,018.00   1.39 %   $ 6.99
Class C
1,000.00   1,014.71   2.05   10.30
Class I
1,000.00   1,019.60   1.07   5.39
Class R6
1,000.00   1,020.19   0.95   4.78
    
* 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 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.
3

VONTOBEL FOREIGN OPPORTUNITIES FUND
KEY INVESTMENT TERMS (Unaudited)
March 31, 2021
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.
4

VONTOBEL FOREIGN OPPORTUNITIES FUND
KEY INVESTMENT TERMS (Unaudited) (Continued)
March 31, 2021
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.
5

Vontobel Foreign Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
Asset Allocation
The following table presents the asset allocation within certain sectors as a percentage of total investments as of March 31, 2021.
Information Technology 23%
Industrials 23
Consumer Staples 15
Consumer Discretionary 15
Health Care 13
Financials 4
Materials 4
Other 3
Total 100%
  Shares   Value
Common Stocks—98.2%
Communication Services—2.8%    
CTS Eventim AG & Co. KGaA (Germany)(1) 255,490   $ 14,813
NetEase, Inc. (China) 712,196   14,493
      29,306
       
 
Consumer Discretionary—14.7%    
adidas AG (Germany)(1) 80,128   25,014
Ferrari NV (Italy) 152,729   31,943
Flutter Entertainment plc (Ireland)(1) 152,315   32,741
LVMH Moet Hennessy Louis Vuitton SE (France) 53,786   35,833
Yum China Holdings, Inc. (China) 538,313   31,437
      156,968
       
 
Consumer Staples—14.7%    
Asahi Group Holdings Ltd. (Japan) 384,166   16,186
Budweiser Brewing Co. APAC Ltd. (Hong Kong) 9,434,504   28,155
Diageo plc (United Kingdom) 678,108   27,947
  Shares   Value
       
Consumer Staples—continued    
Mondelez International, Inc. Class A (United States) 289,357   $ 16,936
Nestle S.A. Registered Shares (Switzerland) 335,193   37,358
Unilever plc (United Kingdom) 546,229   30,478
      157,060
       
 
Financials—4.4%    
Housing Development Finance Corp., Ltd. (India) 921,257   31,477
London Stock Exchange Group plc
(United Kingdom) 		164,467   15,735
      47,212
       
 
Health Care—12.6%    
Alcon, Inc. (Switzerland)(1) 436,967   30,597
Eurofins Scientific SE (Luxembourg)(1) 399,988   38,234
Hoya Corp. (Japan) 280,164   32,906
Medtronic plc (United States) 137,289   16,218
 
See Notes to Financial Statements
6

Vontobel Foreign Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Shares   Value
       
Health Care—continued    
Sartorius Stedim Biotech (France) 40,047   $ 16,493
      134,448
       
 
Industrials—22.1%    
Ashtead Group plc (United Kingdom) 523,401   31,222
Boyd Group Services, Inc. (Canada) 126,077   21,363
Canadian National Railway Co. (Canada) 259,357   30,098
Experian plc (Ireland) 633,592   21,811
IMCD NV (Netherlands) 115,054   15,988
Rentokil Initial plc
(United Kingdom)(1) 		4,229,699   28,246
Safran SA (France)(1) 115,448   15,711
Techtronic Industries Co., Ltd.
(Hong Kong) 		1,058,143   18,103
Teleperformance (France) 59,204   21,578
Wolters Kluwer NV (Netherlands) 370,119   32,171
      236,291
       
 
Information Technology—22.9%    
Adyen NV (Netherlands)(1) 9,087   20,284
Constellation Software, Inc. (Canada) 27,352   38,199
Douzone Bizon Co., Ltd. (South Korea) 51,243   4,446
Halma plc (United Kingdom) 1,014,215   33,193
Keyence Corp. (Japan) 46,305   21,023
Mastercard, Inc. Class A (United States) 100,885   35,920
Obic Co. Ltd. (Japan) 148,737   27,175
Samsung Electronics Co., Ltd. (South Korea) 369,032   26,542
  Shares   Value
       
Information
Technology—continued 		   
Tata Consultancy Services Ltd. (India) 858,901   $ 37,332
      244,114
       
 
Materials—4.0%    
Air Liquide SA (France) 188,878   30,855
Asian Paints Ltd. (India) 336,875   11,691
      42,546
       
 
Total Common Stocks
(Identified Cost $757,118) 		  1,047,945
       
 
Total Long-Term Investments—98.2%
(Identified Cost $757,118) 		  1,047,945
       
 
TOTAL INVESTMENTS—98.2%
(Identified Cost $757,118) 		  $1,047,945
Other assets and liabilities, net—1.8%   19,355
NET ASSETS—100.0%   $1,067,300
Footnote Legend:
(1) Non-income producing.
    
Country Weightings†
United Kingdom 16%
France 12
Japan 9
Canada 9
India 8
Netherlands 7
United States 6
Other 33
Total 100%
† % of total investments as of March 31, 2021.
See Notes to Financial Statements
7

Vontobel Foreign Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $1,047,945   $1,047,945
Total Investments $1,047,945   $1,047,945
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
See Notes to Financial Statements
8

VONTOBEL FOREIGN OPPORTUNITIES FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
March 31, 2021
(Reported in thousands except shares and per share amounts)
Assets  
Investment in securities at value(1)
$ 1,047,945
Foreign currency at value(2)
158
Cash
21,930
Receivables  
Investment securities sold
5,731
Fund shares sold
851
Dividends
922
Tax reclaims
2,075
Prepaid Trustees’ retainer
10
Prepaid expenses
50
Other assets
97
Total assets
1,079,769
Liabilities  
Payables  
Fund shares repurchased
1,121
Investment securities purchased
8,252
Foreign capital gains tax
1,784
Investment advisory fees
750
Distribution and service fees
59
Administration and accounting fees
85
Transfer agent and sub-transfer agent fees and expenses
202
Professional fees
34
Trustee deferred compensation plan
97
Interest expense and/or commitment fees
2
Other accrued expenses
83
Total liabilities
12,469
Net Assets
$ 1,067,300
Net Assets Consist of:  
Common stock $0.001 par value
$ 33
Capital paid in on shares of beneficial interest
672,717
Accumulated earnings (loss)
394,550
Net Assets
$ 1,067,300
Net Assets:  
Class A
$ 189,654
Class C
$ 21,148
Class I
$ 786,312
Class R6
$ 70,186
See Notes to Financial Statements
9

VONTOBEL FOREIGN OPPORTUNITIES FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(Reported in thousands except shares and per share amounts)
Shares Outstanding (unlimited number of shares authorized, $0.001 par value):  
Class A
5,933,609
Class C
690,152
Class I
24,615,578
Class R6
2,196,510
Net Asset Value and Redemption Price Per Share:*  
Class A
$ 31.96
Class C
$ 30.64
Class I
$ 31.94
Class R6
$ 31.95
Maximum Offering Price per Share (NAV/(1-5.50%**)):  
Class A
$ 33.82
(1) Investment in securities at cost
$ 757,118
(2) Foreign currency at cost
$ 122
   
    
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
** Maximum sales charge.
See Notes to Financial Statements
10

VONTOBEL FOREIGN OPPORTUNITIES FUND
STATEMENT OF OPERATIONS (Unaudited)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
Investment Income  
Dividends
$ 3,668
Securities lending, net of fees
1
Foreign taxes withheld
(286)
Total investment income
3,383
Expenses  
Investment advisory fees
4,645
Distribution and service fees, Class A
231
Distribution and service fees, Class C
141
Administration and accounting fees
552
Transfer agent fees and expenses
242
Sub-transfer agent fees and expenses, Class A
102
Sub-transfer agent fees and expenses, Class C
12
Sub-transfer agent fees and expenses, Class I
329
Custodian fees
5
Printing fees and expenses
33
Professional fees
26
Interest expense and/or commitment fees
3
Registration fees
38
Trustees’ fees and expenses
44
Miscellaneous expenses
59
Total expenses
6,462
Less net expenses reimbursed and/or waived by investment adviser(1)
(226)
Less low balance account fees
(1)
Net expenses
6,235
Net investment income (loss)
(2,852)
Net Realized and Unrealized Gain (Loss) on Investments  
Net realized gain (loss) from:  
Investments
137,272
Foreign currency transactions
(244)
Foreign capital gains tax
(782)
Net change in unrealized appreciation (depreciation) on:  
Investments
(48,094)
Foreign currency transactions
(51)
Foreign capital gains tax
(1,416)
Net realized and unrealized gain (loss) on investments
86,685
Net increase (decrease) in net assets resulting from operations
$ 83,833
    
   
(1) See Note 3D in Notes to Financial Statements.
See Notes to Financial Statements
11

VONTOBEL FOREIGN OPPORTUNITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
(reported in thousands)
  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations      
Net investment income (loss)
$ (2,852)   $ (1,006)
Net realized gain (loss)
136,246   70,926
Net change in unrealized appreciation (depreciation)
(49,561)   46,475
Increase (decrease) in net assets resulting from operations
83,833   116,395
Dividends and Distributions to Shareholders      
Net Investment Income and Net Realized Gains:      
Class A
(12,411)   (13,501)
Class C
(2,092)   (2,849)
Class I
(55,581)   (57,692)
Class R6
(5,866)   (5,387)
Total dividends and distributions to shareholders
(75,950)   (79,429)
Change in Net Assets from Capital Transactions      
Shares sold and cross class conversions:      
Class A (599 and 956 shares, respectively)
19,407   28,119
Class C (25 and 63 shares, respectively)
789   1,814
Class I (1,910 and 7,330 shares, respectively)
61,953   204,841
Class R6 (570 and 551 shares, respectively)
18,544   15,995
Reinvestment of distributions:      
Class A (349 and 402 shares, respectively)
11,130   12,115
Class C (67 and 89 shares, respectively)
2,045   2,601
Class I (1,683 and 1,843 shares, respectively)
53,587   55,430
Class R6 (171 and 159 shares, respectively)
5,460   4,770
Shares repurchased and cross class conversions:      
Class A ((562) and (1,927) shares, respectively)
(18,187)   (54,470)
Class C ((391) and (572) shares, respectively)
(12,179)   (15,942)
Class I ((3,697) and (9,486) shares, respectively)
(119,715)   (266,050)
Class R6 ((1,214) and (315) shares, respectively)
(39,332)   (9,125)
Increase (decrease) in net assets from capital transactions
(16,498)   (19,902)
Net increase (decrease) in net assets
(8,615)   17,064
Net Assets      
Beginning of period
1,075,915   1,058,851
End of Period
$ 1,067,300   $ 1,075,915
See Notes to Financial Statements
12

THIS PAGE INTENTIONALLY BLANK.

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              
10/1/20 to 3/31/21(6) $31.75  (0.12)  2.59  2.47  —  (2.26)  (2.26) 
10/1/19 to 9/30/20 30.44  (0.10)  3.64  3.54  (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) 
Class C              
10/1/20 to 3/31/21(6) $30.62  (0.23)  2.51  2.28  —  (2.26)  (2.26) 
10/1/19 to 9/30/20 29.54  (0.29)  3.51  3.22  —  (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) 
Class I              
10/1/20 to 3/31/21(6) $31.74  (0.07)  2.59  2.52  (0.06)  (2.26)  (2.32) 
10/1/19 to 9/30/20 30.43  —  (10) 3.63  3.63  (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) 
Class R6              
10/1/20 to 3/31/21(6) $31.76  (0.06)  2.60  2.54  (0.09)  (2.26)  (2.35) 
10/1/19 to 9/30/20 30.44  0.03  3.64  3.67  (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) 
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
14

VONTOBEL FOREIGN OPPORTUNITIES 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)
               
               
0.21  $31.96  7.80 % $ 189,654  1.39 %  1.40 %  (0.77) %  48 % 
1.31  31.75  12.02  176,146  1.39   1.43   (0.35)   63  
(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  
               
0.02  $30.64  7.45 % $ 21,148  2.05 %  2.12 %  (1.45) %  48 % 
1.08  30.62  11.26  30,294  2.05   2.12   (1.01)   63  
(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  
               
0.20  $31.94  7.98 % $ 786,312  1.07 %  1.11 %  (0.45) %  48 % 
1.31  31.74  12.37  784,711  1.07   1.13   (0.02)   63  
(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  
               
0.19  $31.95  8.02 % $ 70,186  0.95 %  1.03 %  (0.34) %  48 % 
1.32  31.76  12.49  84,764  0.95   1.04   0.11   63  
(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  
    
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
15

VONTOBEL FOREIGN OPPORTUNITIES 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) 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 less than 0.01%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by less than 0.01%.
(9) Net expense ratio includes extraordinary proxy expenses.
(10) Amount is less than $0.005 per share.
See Notes to Financial Statements
16

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited)
March 31, 2021
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, 20 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.
Effective February 1, 2021, Class A shares are sold with a front-end sales charge of up to 5.50% with some exceptions. Prior to February 1, 2021, Class A shares were 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 such 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. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019, to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. 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,
17

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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).
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:
18

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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 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,
19

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  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, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2017 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 which 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
  Effective October 1, 2020, the Fund may resume loaning securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon
20

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  (“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”) which 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.
  At March 31, 2021, the Fund did not loan securities.
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 $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 Limitations
  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 February 1, 2022. Following the contractual period, the Adviser may
21

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  discontinue this expense reimbursement arrangement at any time. The waivers and reimbursements are accrued 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 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   2024   Total
Class A
$ 57   $ 77   $ 11   $ 145
Class C
32   25   10   67
Class I
383   415   172   970
Class R6
34   68   33   135
               
During the period ended March 31, 2021, the Adviser recaptured expenses previously waived as follows:
Class A
$ — (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 the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2021, it retained net commissions of $6 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
22

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  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, 2021, the Fund incurred administration fees totaling $506 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, 2021, the Fund incurred transfer agent fees totaling $230 which are included in the Statement of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G. Investments in Affiliates
  The Fund is permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
  During the period ended March 31, 2021, the Fund did not engage in Rule 17a-7 of the 1940 Act transactions.
H. Trustee Compensation
  The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2021.
Note 4. Purchases and Sales of Securities
($ reported in thousands)
Purchases and sales of securities (excluding short-term securities) during the period ended March 31, 2021, were as follows:
Purchases   Sales
$499,497   $591,321
There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2021.
23

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
Note 5. 10% Shareholders
As of March 31, 2021, 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*
31%   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.
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, 2021, the Fund did not hold any securities that were restricted.
24

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
Note 9. Redemption Facility
($ reported in thousands)
On September 18, 2017, the Fund and certain other affiliated funds entered into an $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Fund to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 10, 2022. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the period ended March 31, 2021, are included in the “Interest expense and/or commitment fees” line on the Statement of Operations. The Fund and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.
The Fund had no borrowings at any time during the period ended March 31, 2021.
Note 10. Federal Income Tax Information
($ reported in thousands)
At March 31, 2021, 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)
$ 760,057   $ 307,666   $ (19,778)   $ 287,888
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, 2020, the Fund deferred qualified late year losses as follows:
Late Year
Ordinary
Losses
Deferred
$ 508
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 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.
25

VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
Note 12. 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.
26

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”) (together with the Advisory Agreement, the “Agreements”) among the Trust, VIA and Vontobel Asset Management, Inc. (the “Subadviser”) with respect to Virtus Vontobel Foreign Opportunities Fund (the “Fund”). At virtual meetings held on November 3, 2020, and November 16-18, 2020 (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 with respect to the Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index; (c) 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); (d) the profitability of VIA under the Advisory Agreement; (e) 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); (f) the anticipated effect of growth in size on the Fund’s performance and expenses; (g) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) 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, concerning a number of topics, including, among other items, such company’s investment philosophy, investment process and strategies,
27

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS
BY THE BOARD OF TRUSTEES (Unaudited) (Continued)
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 summary and statutory 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.
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.
28

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 its portfolio composition, as well as the Subadviser’s investment strategy(ies). 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, 2020.
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 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 1- and 3-year periods. 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 advisory 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.
29

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS
BY THE BOARD OF TRUSTEES (Unaudited) (Continued)
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 and net total expenses after waivers were each 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 the 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 also noted that VIA had agreed to implement an extension of the Fund’s expense cap through January 31, 2022. 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.
30

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.
31

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VIRTUS OPPORTUNITIES TRUST
101 Munson Street
Greenfield, MA 01301-9668
Trustees
Philip R. McLoughlin, Chairman
George R. Aylward
Donald C. Burke
Sidney E. Harris
John R. Mallin
Connie D. McDaniel
Geraldine M. McNamara
James M. Oates
R. Keith Walton
Brian T. Zino
Advisory Board Members
Sarah E. Cogan
Deborah A. DeCotis
F. Ford Drummond
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
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.

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 05-21

SEMIANNUAL REPORT
VIRTUS OPPORTUNITIES TRUST
March 31, 2021
Virtus Newfleet Multi-Sector Short Term Bond Fund
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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
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.
Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents
Virtus Newfleet Multi-Sector Short Term Bond Fund
(“Newfleet Multi-Sector Short Term Bond Fund”)
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.

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, 2021.
Monetary support and fiscal stimulus drove strong returns for global markets during the period as optimism about vaccinations increased and economic indicators improved. For the six months, U.S. small-cap stocks, which gained 48.06% as measured by the Russell 2000® Index, strongly outperformed large-capitalization stocks, which returned 19.07%, as measured by the S&P 500® Index. Within international equities, developed markets, as measured by the MSCI EAFE® Index (net), returned 20.08%, and emerging markets, as measured by the MSCI Emerging Markets Index (net), gained 22.43%.
In fixed income markets, the yield on the 10-year Treasury rose sharply to 1.74% on March 31, 2021, from 0.69% on September 30, 2020, based on inflation fears. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, was down 2.73% for the six-month period, but non-investment grade bonds, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, were up 7.36%.
On behalf of the Virtus Funds and our investment managers, I thank you for entrusting us with your assets. To learn more about the other investment strategies we offer, please visit Virtus.com. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.
Sincerely,
George R. Aylward
President, Virtus Funds
May 2021
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. Investing involves risk, including the risk of loss of principal invested.
1

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
DISCLOSURE OF FUND EXPENSES (Unaudited)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Class A
$ 1,000.00   $ 1,017.50   0.96 %   $ 4.83
Class C
1,000.00   1,018.10   1.21   6.09
Class C1
1,000.00   1,013.50   1.71   8.58
Class I
1,000.00   1,020.90   0.71   3.58
Class R6
1,000.00   1,019.10   0.55   2.77
    
* 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 365 to reflect the one-half year period.
2

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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.
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Class A
$ 1,000.00   $ 1,020.14   0.96 %   $ 4.84
Class C
1,000.00   1,018.90   1.21   6.09
Class C1
1,000.00   1,016.40   1.71   8.60
Class I
1,000.00   1,021.39   0.71   3.58
Class R6
1,000.00   1,022.19   0.55   2.77
    
* 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 365 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.
3

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
KEY INVESTMENT TERMS (Unaudited)
March 31, 2021
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.
Asset-Backed Securities (“ABS”)
Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.
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.
Morgan Stanley Structured Asset Security (“MASTR”)
A flexible and evolving segment of the capital markets, structured investments typically combine a debt security or certificate of deposit (CD) with exposure to other underlying asset classes (such as equities, commodities, currencies or interest rates) to create a way for investors to express a market view (bullish, bearish or market neutral), complement an investment objective (conservative, moderate or aggressive), hedge an existing position or gain exposure to a variety of underlying asset classes.
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.
4

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
KEY INVESTMENT TERMS (Unaudited) (Continued)
March 31, 2021
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.
5

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
Asset Allocation
The following table presents the asset allocation within certain sectors as a percentage of total investments as of March 31, 2021.
Corporate Bonds and Notes   29%
Financials 7%  
Energy 4  
Communication Services 3  
Consumer Discretionary 3  
Information Technology 2  
Industrials 2  
Materials 2  
All other Corporate Bonds and Notes 6  
Mortgage-Backed Securities   27
Asset-Backed Securities   24
Leveraged Loans   13
Foreign Government Securities   4
Securities Lending Collateral   1
Other   2
Total   100%
    
  Par Value   Value
U.S. Government Securities—0.8%
U.S. Treasury Notes      
0.125%, 5/31/22 $19,155   $ 19,161
0.250%, 5/31/25 17,675   17,338
0.625%, 12/31/27 15,150   14,426
Total U.S. Government Securities
(Identified Cost $51,794) 		  50,925
       
 
  Par Value   Value
       
Municipal Bond—0.1%
Virginia—0.1%    
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable
6.706%, 6/1/46 		$4,455   $ 4,675
Total Municipal Bond
(Identified Cost $4,176) 		  4,675
 
See Notes to Financial Statements
6

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
 
Foreign Government Securities—3.9%
Arab Republic of Egypt      
144A
5.750%, 5/29/24(1) 		$ 1,000   $ 1,048
144A
5.875%, 6/11/25(1)(2) 		5,315   5,607
Bolivarian Republic of Venezuela      
RegS
7.000%, 12/1/18(3)(4) 		20,999   2,047
RegS
7.750%, 10/13/19(3)(4) 		9,851   961
Dominican Republic      
144A
6.875%, 1/29/26(1) 		4,355   5,054
144A
5.950%, 1/25/27(1) 		7,280   8,190
Federal Republic of Brazil      
2.875%, 6/6/25 300   303
4.625%, 1/13/28 8,370   8,844
Kingdom of Saudi Arabia      
144A
4.000%, 4/17/25(1) 		15,800   17,383
144A
3.250%, 10/26/26(1) 		10,800   11,616
144A
2.500%, 2/3/27(1) 		11,000   11,353
Republic of Angola 144A
9.500%, 11/12/25(1) 		4,050   4,232
Republic of Argentine
0.125%, 7/9/30 		11,365   3,802
Republic of Colombia
4.000%, 2/26/24 		5,800   6,165
Republic of Cote d’Ivoire 144A
6.375%, 3/3/28(1) 		2,900   3,143
Republic of Ecuador 144A
0.500%, 7/31/30(1) 		4,755   2,770
Republic of Ghana 144A
7.875%, 3/26/27(1) 		4,200   4,271
  Par Value   Value
       
Foreign Government Securities—continued
Republic of Indonesia      
144A
3.375%, 4/15/23(1) 		$11,800   $12,380
144A
5.875%, 1/15/24(1) 		14,420   16,312
144A
4.125%, 1/15/25(1) 		9,765   10,695
144A
4.750%, 1/8/26(1) 		14,300   16,185
Republic of Kazakhstan 144A
5.125%, 7/21/25(1) 		1,830   2,123
Republic of Kenya 144A
7.000%, 5/22/27(1) 		4,650   4,933
Republic of Nigeria 144A
6.500%, 11/28/27(1) 		6,965   7,180
Republic of Pakistan 144A
8.250%, 9/30/25(1) 		3,165   3,503
Republic of Panama
3.875%, 3/17/28 		8,650   9,450
Republic of Qatar 144A
3.250%, 6/2/26(1) 		4,500   4,887
Republic of South Africa
4.850%, 9/27/27 		8,645   8,917
Republic of Turkey      
6.350%, 8/10/24 12,350   12,365
7.375%, 2/5/25 4,510   4,650
Russian Federation      
RegS
4.875%, 9/16/23(4) 		5,200   5,665
RegS
4.750%, 5/27/26(4) 		4,800   5,376
Sultanate of Oman      
144A
4.875%, 2/1/25(1) 		3,300   3,437
144A
5.625%, 1/17/28(1) 		10,100   10,428
See Notes to Financial Statements
7

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Foreign Government Securities—continued
Ukraine Government 144A
7.750%, 9/1/25(1) 		$11,800   $ 12,817
United Mexican States
4.150%, 3/28/27 		3,800   4,214
Total Foreign Government Securities
(Identified Cost $271,432) 		  252,306
       
 
Mortgage-Backed Securities—27.0%
Agency—1.1%    
Federal National Mortgage Association      
Pool #AD6058
4.000%, 8/1/25 		1,778   1,893
Pool #AO5149
3.000%, 6/1/27 		193   204
Pool #AS5927
3.000%, 10/1/30 		7,702   8,141
Pool #AZ4794
3.000%, 10/1/30 		13,772   14,571
Pool #890710
3.000%, 2/1/31 		5,208   5,508
Pool #254549
6.000%, 12/1/32 		15   18
Pool #695237
5.500%, 2/1/33 		14   16
Pool #773385
5.500%, 5/1/34 		96   112
Pool #725762
6.000%, 8/1/34 		81   96
Pool #806318
5.500%, 11/1/34 		124   138
Pool #806328
5.500%, 11/1/34 		111   124
Pool #800267
5.500%, 12/1/34 		23   26
Pool #808018
5.500%, 1/1/35 		95   111
Pool #941322
6.000%, 7/1/37 		6   7
  Par Value   Value
       
Agency—continued    
Pool #889578
6.000%, 4/1/38 		$ 50   $ 60
Pool #AC6992
5.000%, 12/1/39 		1,455   1,681
Pool #AD3841
4.500%, 4/1/40 		2,108   2,363
Pool #AD4224
5.000%, 8/1/40 		2,377   2,749
Pool #AE4799
4.000%, 10/1/40 		34   37
Pool #AH4009
4.000%, 3/1/41 		2,098   2,322
Pool #AI2472
4.500%, 5/1/41 		1,523   1,696
Pool #AS6515
4.000%, 1/1/46 		3,958   4,315
Pool #AS9393
4.000%, 4/1/47 		2,487   2,686
Pool #CA4978
3.000%, 1/1/50 		16,365   17,081
Government National Mortgage Association Pool #563381
6.500%, 11/15/31 		10   11
      65,966
       
 
Non-Agency—25.9%    
ACRES Commercial Realty Corp. 2020-RSO8, A (1 month LIBOR + 1.150%) 144A
1.258%, 3/15/35(1)(5) 		8,667   8,667
Adjustable Rate Mortgage Trust 2005-1, 3A1
2.682%, 5/25/35(5) 		1,309   1,316
Ajax Mortgage Loan Trust      
2021-A, A1 144A
1.065%, 9/25/65(1)(5) 		10,513   10,425
See Notes to Financial Statements
8

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
2019-D, A1 144A
2.956%, 9/25/65(1)(5) 		$ 5,819   $ 5,887
American Homes 4 Rent Trust      
2014-SFR3, A 144A
3.678%, 12/17/36(1) 		20,058   21,532
2015-SFR1, A 144A
3.467%, 4/17/52(1) 		10,870   11,633
AMSR Trust      
2020-SFR1, A 144A
1.819%, 4/17/37(1) 		8,627   8,729
2020-SFR1, B 144A
2.120%, 4/17/37(1) 		6,739   6,766
2020-SFR2, D 144A
3.282%, 7/17/37(1) 		1,680   1,732
2020-SFR3, B 144A
1.806%, 9/17/37(1) 		4,362   4,341
Angel Oak Mortgage Trust I LLC      
2018-3, A1 144A
3.649%, 9/25/48(1)(5) 		2,047   2,066
2019-2, A1 144A
3.628%, 3/25/49(1)(5) 		3,240   3,300
Angel Oak Mortgage Trust LLC      
2019-3, A1 144A
2.930%, 5/25/59(1)(5) 		4,025   4,048
2020-6, A1 144A
1.261%, 5/25/65(1)(5) 		5,827   5,846
2020-4, A1 144A
1.469%, 6/25/65(1)(5) 		14,260   14,311
Arroyo Mortgage Trust      
2018-1, A1 144A
3.763%, 4/25/48(1)(5) 		23,590   23,691
2019-1, A1 144A
3.805%, 1/25/49(1)(5) 		8,821   9,041
2019-2, A1 144A
3.347%, 4/25/49(1)(5) 		8,951   9,140
Banc of America Funding Trust      
2004-B, 2A1
2.673%, 11/20/34(5) 		237   257
2004-D, 5A1
2.770%, 1/25/35(5) 		1,623   1,657
  Par Value   Value
       
Non-Agency—continued    
2005-1, 1A1
5.500%, 2/25/35 		$ 207   $ 213
2006-2, 3A1
6.000%, 3/25/36 		781   788
Bayview Koitere Fund Trust 2017-RT4, A 144A
3.500%, 7/28/57(1)(5) 		4,175   4,288
Bayview Opportunity Master Fund IVa Trust      
2016-SPL1, B1 144A
4.250%, 4/28/55(1) 		8,108   8,474
2017-RT1, A1 144A
3.000%, 3/28/57(1)(5) 		1,719   1,746
2017-SPL5, B1 144A
4.000%, 6/28/57(1)(5) 		5,910   6,235
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A
4.250%, 6/28/53(1)(5) 		5,822   6,075
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%) 144A
0.828%, 3/15/37(1)(5) 		5,490   5,435
BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%) 144A
1.356%, 2/15/29(1)(5) 		1,975   1,975
BRAVO Residential Funding Trust 2021-A, A1 144A
1.991%, 1/25/24(1)(5)(6) 		9,119   9,111
Bunker Hill Loan Depositary Trust 2019-2, A1 144A
2.879%, 7/25/49(1)(5) 		4,886   5,002
See Notes to Financial Statements
9

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
BX Commercial Mortgage Trust      
2019-XL, C (1 month LIBOR + 1.250%) 144A
1.356%, 10/15/36(1)(5) 		$ 7,331   $ 7,331
2020-BXLP, D (1 month LIBOR + 1.250%) 144A
1.356%, 12/15/36(1)(5) 		9,047   9,039
BX Trust      
2018-GW, B (1 month LIBOR + 1.020%) 144A
1.126%, 5/15/35(1)(5) 		19,910   19,898
2019-OC11, B 144A
3.605%, 12/9/41(1) 		5,000   5,317
2019-OC11, D 144A
4.075%, 12/9/41(1)(5) 		5,615   5,832
CF Hippolyta LLC 2020-1, A1 144A
1.690%, 7/15/60(1) 		10,007   10,081
Chase Home Lending Mortgage Trust 2019-ATR1, A4 144A
4.000%, 4/25/49(1)(5) 		173   173
CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%) 144A
1.226%, 6/15/34(1)(5) 		17,536   17,442
CHL Mortgage Pass-Through Trust 2004-6, 1A2
3.273%, 5/25/34(5) 		387   389
Citigroup Commercial Mortgage Trust      
2019-SST2, A (1 month LIBOR + 0.920%) 144A
1.026%, 12/15/36(1)(5) 		7,195   7,197
  Par Value   Value
       
Non-Agency—continued    
2015-GC27, A4
2.878%, 2/10/48 		$ 8,835   $ 9,218
Citigroup Mortgage Loan Trust 2013-A, A 144A
3.000%, 5/25/42(1)(5) 		4,285   4,307
Citigroup Mortgage Loan Trust, Inc.      
2004-NCM2, 2CB2
6.750%, 8/25/34 		5,598   6,060
2014-A, A 144A
4.000%, 1/25/35(1)(5) 		2,787   2,934
2015-PS1, A1 144A
3.750%, 9/25/42(1)(5) 		1,703   1,752
2019-IMC1, A1 144A
2.720%, 7/25/49(1)(5) 		1,777   1,810
2015-A, A1 144A
3.500%, 6/25/58(1)(5) 		336   341
2020-EXP1, A1B 144A
1.804%, 5/25/60(1)(5) 		9,313   9,336
2018-RP1, A1 144A
3.000%, 9/25/64(1)(5) 		9,156   9,439
2019-RP1, A1 144A
3.500%, 1/25/66(1)(5) 		9,912   10,405
COLT Mortgage Loan Trust Funding LLC      
2020-1, A1 144A
2.488%, 2/25/50(1)(5) 		9,098   9,182
2020-1R, A1 144A
1.255%, 9/25/65(1)(5) 		3,250   3,263
2020-2R, A1 144A
1.325%, 10/26/65(1)(5) 		4,286   4,290
2021-2R, A1 144A
0.798%, 7/27/54(1)(5) 		8,381   8,347
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A
0.857%, 5/25/65(1)(5) 		19,086   19,035
See Notes to Financial Statements
10

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
COLT Trust 2020-RPL1, A1 144A
1.390%, 1/25/65(1)(5) 		$11,896   $11,792
CoreVest American Finance Trust      
2017-1, A 144A
2.968%, 10/15/49(1) 		1,461   1,471
2020-4, A 144A
1.174%, 12/15/52(1) 		16,640   16,413
2018-2, A 144A
4.026%, 11/15/52(1) 		6,255   6,685
2020-1, A1 144A
1.832%, 3/15/50(1) 		16,703   16,973
2020-3, A 144A
1.358%, 8/15/53(1) 		8,366   8,249
Credit Suisse First Boston Mortgage Securities Corp.      
2003-27, 5A3
5.250%, 11/25/33 		108   110
2003-AR30, 5A1
2.704%, 1/25/34(5) 		1,601   1,622
2004-8, 7A1
6.000%, 12/25/34 		2,246   2,315
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%) 144A
1.086%, 5/15/36(1)(5) 		27,050   27,075
Credit Suisse Mortgage Capital Trust      
2013-HYB1, A16 144A
2.929%, 4/25/43(1)(5) 		398   405
2014-IVR2, A2 144A
3.762%, 4/25/44(1)(5) 		3,539   3,611
2020-RPL4, A1 144A
2.000%, 1/25/60(1)(5) 		19,595   20,113
  Par Value   Value
       
Non-Agency—continued    
2020-NQM1, A1 144A
1.208%, 5/25/65(1)(5) 		$ 9,810   $ 9,852
2021-AFC1, A1 144A
0.830%, 3/25/56(1)(5) 		4,354   4,344
2021-NQM1, A1 144A
0.809%, 5/25/65(1)(5) 		6,855   6,821
2021-NQM2, A1 144A
1.179%, 2/25/66(1)(5) 		11,420   11,420
CSMC Trust 2017-RPL1, A1 144A
2.750%, 7/25/57(1)(5) 		7,123   7,392
Deephaven Residential Mortgage Trust      
2017-1A, A1 144A
2.725%, 12/26/46(1)(5) 		310   309
2017-1A, A2 144A
2.928%, 12/26/46(1)(5) 		79   79
2017-2A, A1 144A
2.453%, 6/25/47(1)(5) 		483   485
2017-2A, A2 144A
2.606%, 6/25/47(1)(5) 		218   219
Ellington Financial Mortgage Trust      
2019-2, A3 144A
3.046%, 11/25/59(1)(5) 		4,518   4,600
2020-1, A1 144A
2.006%, 5/25/65(1)(5) 		8,260   8,383
2020-2, A1 144A
1.178%, 10/25/65(1)(5) 		14,423   14,415
2021-1, A2 144A
1.003%, 2/25/66(1)(5) 		3,054   3,046
FirstKey Homes Trust      
2020-SFR1, B 144A
1.740%, 9/17/25(1) 		7,020   6,981
2020-SFR2, A 144A
1.266%, 10/19/37(1) 		6,680   6,617
2020-SFR2, B 144A
1.567%, 10/19/37(1) 		21,440   21,331
See Notes to Financial Statements
11

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Galton Funding Mortgage Trust      
2017-1, A21 144A
3.500%, 7/25/56(1)(5) 		$ 4,909   $ 4,976
2018-1, A23 144A
3.500%, 11/25/57(1)(5) 		3,649   3,755
2018-2, A41 144A
4.500%, 10/25/58(1)(5) 		1,976   1,997
2019-2, A52 144A
3.500%, 6/25/59(1)(5) 		11,385   11,693
2019-H1, A1 144A
2.657%, 10/25/59(1)(5) 		4,181   4,258
2020-H1, A1 144A
2.310%, 1/25/60(1)(5) 		18,120   18,457
GCAT LLC 2019-NQM1, A1 144A
2.985%, 2/25/59(1)(5) 		7,355   7,380
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%) 144A
0.906%, 2/15/38(1)(5) 		5,700   5,701
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A 144A
3.551%, 4/10/34(1) 		12,721   12,902
GS Mortgage Securities Trust      
2020-TWN3, A (1 month LIBOR + 2.000%) 144A
2.106%, 11/15/37(1)(5) 		8,285   8,322
2020-GC45, AS
3.173%, 2/13/53(5) 		4,075   4,315
Hilton USA Trust 2016-SFP, B 144A
3.323%, 11/5/35(1) 		22,020   22,050
Home Partners of America Trust 2020-2, A 144A
1.532%, 1/17/41(1) 		6,977   6,827
  Par Value   Value
       
Non-Agency—continued    
Homeward Opportunities Fund I Trust      
2018-2, A1 144A
3.985%, 11/25/58(1)(5) 		$13,214   $13,446
2019-3, A1 144A
2.675%, 11/25/59(1)(5) 		11,418   11,558
IMC Home Equity Loan Trust 1997-5, A9
7.310%, 11/20/28 		1,014   1,020
JPMorgan Chase Mortgage Trust      
2014-2, AM 144A
3.358%, 6/25/29(1)(5) 		1,955   1,982
2014-2, 2A2 144A
3.500%, 6/25/29(1)(5) 		3,140   3,207
2014-5, B1 144A
2.930%, 10/25/29(1)(5) 		1,882   1,898
2014-5, B2 144A
2.930%, 10/25/29(1)(5) 		886   900
2006-A2, 4A1
3.053%, 8/25/34(5) 		384   403
2005-A2, 4A1
2.154%, 4/25/35(5) 		295   295
2006-A6, 3A3L
2.602%, 10/25/36(5) 		452   389
2014-1, 2A12 144A
3.500%, 1/25/44(1)(5) 		1,689   1,708
2015-1, AM1 144A
2.126%, 12/25/44(1)(5) 		2,633   2,677
2016-SH1, M2 144A
3.750%, 4/25/45(1)(5) 		6,739   6,846
2015-5, A2 144A
2.482%, 5/25/45(1)(5) 		3,363   3,487
2016-SH2, M2 144A
3.750%, 12/25/45(1)(5) 		8,352   8,658
2017-3, 2A2 144A
2.500%, 8/25/47(1)(5) 		3,967   4,014
2017-5, A1 144A
3.115%, 10/26/48(1)(5) 		14,671   15,090
See Notes to Financial Statements
12

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
JPMorgan Chase WaMu Mortgage Pass-Through Certificates Trust      
2003-AR6, A1
3.072%, 6/25/33(5) 		$ 226   $ 235
2004-CB1, 2A
5.000%, 6/25/34 		710   734
KKR Industrial Portfolio Trust      
2021-KDIP, C (1 month LIBOR + 1.000%) 144A
1.106%, 12/15/37(1)(5) 		2,235   2,232
2021-KDIP, D (1 month LIBOR + 1.250%) 144A
1.356%, 12/15/37(1)(5) 		5,000   5,000
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%) 144A
0.906%, 5/15/36(1)(5) 		5,740   5,745
LHOME Mortgage Trust      
2019-RTL1, A1 144A
4.580%, 10/25/23(1)(5) 		11,380   11,438
2021-RTL1, A1 144A
2.090%, 9/25/26(1)(5) 		10,065   10,059
MASTR Alternative Loan Trust      
2004-4, 6A1
5.500%, 4/25/34 		1,044   1,075
2004-7, 9A1
6.000%, 8/25/34 		5,206   5,430
2005-2, 2A1
6.000%, 1/25/35 		1,626   1,715
2005-2, 1A1
6.500%, 3/25/35 		3,993   4,175
Mello Warehouse Securitization Trust      
2019-1, C (1 month LIBOR + 1.200%) 144A
1.309%, 6/25/52(1)(5) 		18,395   18,407
  Par Value   Value
       
Non-Agency—continued    
2021-1, C (1 month LIBOR + 1.100%) 144A
1.209%, 2/25/55(1)(5) 		$ 7,335   $ 7,334
MetLife Securitization Trust      
2017-1A, M1 144A
3.553%, 4/25/55(1)(5) 		7,930   8,308
2018-1A, A 144A
3.750%, 3/25/57(1)(5) 		5,072   5,312
2019-1A, A1A 144A
3.750%, 4/25/58(1)(5) 		13,961   14,504
MFA Trust      
2020-NQM3, A1 144A
1.014%, 1/26/65(1)(5) 		6,986   6,982
2021-INV1, A1 144A
0.852%, 1/25/56(1)(5) 		4,012   3,999
Mill City Mortgage Loan Trust      
2017-1, M2 144A
3.250%, 11/25/58(1)(5) 		1,983   2,095
2021-NMR1, A1 144A
1.125%, 11/25/60(1)(5) 		9,085   9,129
2019-1, M2 144A
3.500%, 10/25/69(1)(5) 		12,131   12,714
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS
4.266%, 11/15/46 		1,735   1,854
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A
2.200%, 9/13/31(1) 		14,805   14,814
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%) 144A
0.806%, 11/15/34(1)(5) 		11,154   11,158
See Notes to Financial Statements
13

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A
2.176%, 2/25/34(5) 		$ 486   $ 512
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A
2.522%, 6/25/44(1)(5) 		3,987   4,136
National City Mortgage Capital Trust 2008-1, 2A1
6.000%, 3/25/38 		408   412
New Residential Mortgage Loan Trust      
2017-2A, A3 144A
4.000%, 3/25/57(1)(5) 		14,679   15,665
2018-2A, A1 144A
4.500%, 2/25/58(1)(5) 		11,116   11,857
2020-NPL2, A1 144A
3.228%, 8/25/60(1)(5) 		4,350   4,385
2014-1A, A 144A
3.750%, 1/25/54(1)(5) 		5,790   6,118
2014-2A, A3 144A
3.750%, 5/25/54(1)(5) 		529   561
2014-3A, AFX3 144A
3.750%, 11/25/54(1)(5) 		4,911   5,231
2015-2A, A1 144A
3.750%, 8/25/55(1)(5) 		5,271   5,588
2016-1A, A1 144A
3.750%, 3/25/56(1)(5) 		3,009   3,178
2016-2A, A1 144A
3.750%, 11/26/35(1)(5) 		6,997   7,410
2016-3A, A1 144A
3.750%, 9/25/56(1)(5) 		3,490   3,721
2016-4A, A1 144A
3.750%, 11/25/56(1)(5) 		4,417   4,702
2018-1A, A1A 144A
4.000%, 12/25/57(1)(5) 		12,341   13,174
2020-1A, A1B 144A
3.500%, 10/25/59(1)(5) 		8,542   9,016
  Par Value   Value
       
Non-Agency—continued    
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%)
1.834%, 3/25/35(5) 		$ 628   $ 631
OBX Trust      
2019-INV1, A3 144A
4.500%, 11/25/48(1)(5) 		3,573   3,710
2018-1, A2 (1 month LIBOR + 0.650%) 144A
0.759%, 6/25/57(1)(5) 		2,660   2,665
2018-EXP2, 1A1 144A
4.000%, 7/25/58(1)(5) 		4,983   5,042
2019-EXP3, 1A8 144A
3.500%, 10/25/59(1)(5) 		3,954   4,031
2021-NQM1, A1 144A
1.072%, 2/25/66(1)(5)(7) 		8,900   8,911
Preston Ridge Partners Mortgage LLC      
2020-1A, A1 144A
2.981%, 2/25/25(1)(5) 		14,139   14,171
2020-2, A1 144A
3.671%, 8/25/25(1)(5) 		5,016   5,072
2020-3, A1 144A
2.857%, 9/25/25(1)(5) 		15,509   15,619
2020-6, A1 144A
2.363%, 11/25/25(1)(5) 		8,322   8,342
2021-2, A1 144A
2.115%, 3/25/26(1)(5)(6) 		4,000   4,000
Pretium Mortgage Credit Partners I LLC      
2020-NPL3, A1 144A
3.105%, 6/27/60(1)(5) 		16,353   16,512
2021-NPL1, A1 144A
2.240%, 9/27/60(1)(5)(7) 		10,215   10,220
See Notes to Financial Statements
14

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Progress Residential Trust      
2020-SFR2, E 144A
5.115%, 6/17/37(1) 		$ 3,250   $ 3,421
2021-SFR2, D 144A
2.197%, 4/19/38(1) 		11,495   11,475
2017-SFR1, B 144A
3.017%, 8/17/34(1) 		4,000   4,024
2018-SFR2, B 144A
3.841%, 8/17/35(1) 		9,350   9,396
2019-SFR2, A 144A
3.147%, 5/17/36(1) 		16,398   16,770
2019-SFR3, B 144A
2.571%, 9/17/36(1) 		10,340   10,446
2020-SFR3, A 144A
1.294%, 10/17/27(1) 		3,655   3,622
Provident Funding Mortgage Trust 2019-1, A2 144A
3.000%, 12/25/49(1)(5) 		4,338   4,386
Provident Funding Mortgage Warehouse Securitization Trust 2021-1, C (1 month LIBOR + 1.150%) 144A
1.260%, 2/25/55(1)(5)(7) 		11,350   11,343
RCKT Mortgage Trust 2020-1, A1 144A
3.000%, 2/25/50(1)(5) 		11,052   11,266
RCO V Mortgage LLC 2019-2, A1 144A
3.475%, 11/25/24(1)(5) 		10,745   10,806
Residential Asset Mortgage Products Trust      
2004-SL2, A3
7.000%, 10/25/31 		757   796
2004-SL1, A8
6.500%, 11/25/31 		1,134   1,132
Residential Asset Securitization Trust      
2003-A11, A9
5.750%, 11/25/33 		1,199   1,262
  Par Value   Value
       
Non-Agency—continued    
2004-A1, A5
5.500%, 4/25/34 		$ 4,803   $ 4,956
Residential Mortgage Loan Trust      
2020-1, A1 144A
2.376%, 2/25/24(1)(5) 		7,341   7,428
2019-2, A1 144A
2.913%, 5/25/59(1)(5) 		5,819   5,924
Seasoned Credit Risk Transfer Trust 2016-1, M1 144A
3.000%, 9/25/55(1)(5) 		2,938   2,948
Sequoia Mortgage Trust 2013-8, B1
3.511%, 6/25/43(5) 		3,320   3,422
SG Residential Mortgage Trust 2019-3, A1 144A
2.703%, 9/25/59(1)(5) 		5,911   5,996
Spruce Hill Mortgage Loan Trust      
2019-SH1, A1 144A
3.395%, 4/29/49(1)(5) 		2,088   2,119
2020-SH1, A1 144A
2.521%, 1/28/50(1)(5) 		4,027   4,099
STAR Trust 2021-1, A1 144A
1.219%, 5/25/65(1)(5)(7) 		12,515   12,515
Starwood Mortgage Residential Trust      
2019-IMC1, A1 144A
3.468%, 2/25/49(1)(5) 		11,173   11,169
2020-1, A1 144A
2.275%, 2/25/50(1)(5) 		4,652   4,738
2020-2, A1 144A
2.718%, 4/25/60(1)(5) 		13,194   13,419
2020-3, A1 144A
1.486%, 4/25/65(1)(5) 		9,065   9,162
Structured Adjustable Rate Mortgage Loan Trust 2004-14, 7A
2.524%, 10/25/34(5) 		2,893   2,991
See Notes to Financial Statements
15

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2003-34A, 6A
2.521%, 11/25/33(5) 		$ 1,051   $ 1,022
Sutherland Commercial Mortgage Loans 2017-SBC6, A 144A
3.192%, 5/25/37(1)(5) 		1,437   1,430
Towd Point Mortgage Trust      
2016-4, B1 144A
3.848%, 7/25/56(1)(5) 		8,095   8,657
2018-SJ1, M2 144A
4.750%, 10/25/58(1)(5) 		3,000   3,066
2015-3, A1B 144A
3.000%, 3/25/54(1)(5) 		46   46
2015-5, A2 144A
3.500%, 5/25/55(1)(5) 		3,901   3,979
2017-1, M1 144A
3.750%, 10/25/56(1)(5) 		3,665   3,933
2018-SJ1, A1 144A
4.000%, 10/25/58(1)(5) 		820   820
2018-6, A1B 144A
3.750%, 3/25/58(1)(5) 		1,705   1,829
2020-MH1, A2 144A
2.500%, 2/25/60(1)(5) 		14,281   14,361
2015-2, 1M1 144A
3.250%, 11/25/60(1)(5) 		8,448   8,721
Towd Point Trust      
2019-HE1, A1 (1 month LIBOR + 0.900%) 144A
1.009%, 4/25/48(1)(5) 		11,208   11,228
2021-HE1, M1 144A
1.500%, 2/25/63(1)(5) 		5,336   5,358
Tricon American Homes Trust      
2017-SFR1, A 144A
2.716%, 9/17/34(1) 		10,452   10,521
  Par Value   Value
       
Non-Agency—continued    
2020-SFR2, D 144A
2.281%, 11/17/39(1) 		$ 5,243   $ 5,087
TVC Mortgage Trust 2020-RTL1, A1 144A
3.474%, 9/25/24(1) 		7,960   8,015
UBS Commercial Mortgage Trust 2012-C1, D 144A
5.570%, 5/10/45(1)(5) 		7,206   5,674
VCAT LLC      
2020-NPL1, A1 144A
3.671%, 8/25/50(1)(5) 		4,675   4,721
2021-NPL1, A1 144A
2.289%, 12/26/50(1)(5) 		11,528   11,548
2021-NPL1, A2 144A
4.826%, 12/26/50(1)(5) 		1,600   1,597
2021-NPL2, A1 144A
2.115%, 3/27/51(1)(5) 		12,735   12,735
Velocity Commercial Capital Loan Trust      
2017-1, AFX 144A
3.000%, 5/25/47(1)(5) 		17   17
2020-1, AFX 144A
2.610%, 2/25/50(1)(5) 		10,692   10,814
Vericrest Opportunity Loan Transferee 2021-NPL7, A1 144A
2.116%, 4/25/51(1)(5) 		11,830   11,830
Vericrest Opportunity Loan Trust      
2020-NPL2, A1A 144A
2.981%, 2/25/50(1)(5) 		8,853   8,883
2020-NPL5, A2 144A
3.967%, 3/25/50(1)(5) 		3,760   3,682
See Notes to Financial Statements
16

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A
1.893%, 2/27/51(1)(5) 		$15,432   $15,430
Vericrest Opportunity Loan Trust XCIV LLC 2021-NPL3, A1 144A
2.240%, 2/27/51(1)(5) 		7,766   7,760
Vericrest Opportunity Loan Trust XCV LLC 2021-NPL4, A1 144A
2.240%, 3/27/51(1)(5) 		9,355   9,349
Verus Securitization Trust      
2019-2, A1 144A
3.211%, 5/25/59(1)(5) 		9,167   9,189
2019-INV1, A1 144A
3.402%, 12/25/59(1)(5) 		7,769   7,861
2019-INV2, A1 144A
2.913%, 7/25/59(1)(5) 		13,644   13,902
2020-1, A1 144A
2.417%, 1/25/60(1)(5) 		10,429   10,541
2020-4, A1 144A
1.502%, 5/25/65(1)(5) 		21,187   21,359
2021-1, A1 144A
0.815%, 1/25/66(1)(5) 		3,537   3,524
2021-R1, A1 144A
0.820%, 10/25/63(1)(5) 		15,720   15,710
2021-R2, A1 144A
0.918%, 2/25/64(1)(5)(7) 		10,552   10,558
Visio Trust 2019-1, A1 144A
3.572%, 6/25/54(1)(5) 		2,029   2,042
Wells Fargo Commercial Mortgage Trust 2014-C24, AS
3.931%, 11/15/47 		6,689   7,081
  Par Value   Value
       
Non-Agency—continued    
Wells Fargo Mortgage Backed Securities Trust      
2004-U, A1
3.273%, 10/25/34(5) 		$ 252   $ 250
2020-4, A1 144A
3.000%, 7/25/50(1)(5) 		6,042   6,146
      1,649,831
       
 
Total Mortgage-Backed Securities
(Identified Cost $1,700,629) 		  1,715,797
       
 
Asset-Backed Securities—23.8%
Automobiles—13.0%    
ACC Trust      
2019-1, A 144A
3.750%, 5/20/22(1) 		1,389   1,394
2019-1, B 144A
4.470%, 10/20/22(1) 		3,355   3,403
2019-2, A 144A
2.820%, 2/21/23(1) 		1,231   1,239
2019-2, B 144A
3.630%, 8/21/23(1) 		8,030   8,180
2020-A, A 144A
6.000%, 3/20/23(1) 		6,933   7,145
American Credit Acceptance Receivables Trust      
2018-3, C 144A
3.750%, 10/15/24(1) 		667   668
2018-4, C 144A
3.970%, 1/13/25(1) 		959   966
2019-1, C 144A
3.500%, 4/14/25(1) 		7,571   7,673
2019-2, C 144A
3.170%, 6/12/25(1) 		12,600   12,766
2020-4, D 144A
1.770%, 12/14/26(1) 		13,725   13,946
2021-1, C 144A
0.830%, 3/15/27(1) 		11,335   11,297
See Notes to Financial Statements
17

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Automobiles—continued    
AmeriCredit Automobile Receivables Trust      
2017-1, C
2.710%, 8/18/22 		$ 1,751   $ 1,757
2018-1, D
3.820%, 3/18/24 		8,090   8,471
2019-1, C
3.360%, 2/18/25 		8,800   9,182
Arivo Acceptance Auto Loan Receivables Trust 2021-1A, A 144A
1.190%, 1/15/27(1) 		16,574   16,637
Avid Automobile Receivables Trust      
2018-1, B 144A
3.850%, 7/15/24(1) 		2,538   2,541
2019-1, C 144A
3.140%, 7/15/26(1) 		3,180   3,263
2019-1, D 144A
4.030%, 7/15/26(1) 		1,615   1,642
Avis Budget Rental Car Funding LLC      
(AESOP) 2017-1A, A 144A
3.070%, 9/20/23(1) 		2,260   2,332
(AESOP) 2019-3A, A 144A
2.360%, 3/20/26(1) 		8,205   8,537
(AESOP) 2020-1A, A 144A
2.330%, 8/20/26(1) 		8,025   8,332
(AESOP) 2020-2A, A 144A
2.020%, 2/20/27(1) 		9,980   10,183
California Republic Auto Receivables Trust 2017-1, B
2.910%, 12/15/22 		6,092   6,116
Capital Auto Receivables Asset Trust      
2017-1, C 144A
2.700%, 9/20/22(1) 		3,630   3,653
  Par Value   Value
       
Automobiles—continued    
2017-1, D 144A
3.150%, 2/20/25(1) 		$ 1,980   $ 1,999
Carnow Auto Receivables Trust 2019-1A, D 144A
4.620%, 12/16/24(1) 		4,140   4,259
CarNow Auto Receivables Trust 2020-1A, B 144A
2.710%, 7/17/23(1) 		3,320   3,359
Carvana Auto Receivables Trust      
2019-1A, D 144A
3.880%, 10/15/24(1) 		6,620   6,893
2019-1A, E 144A
5.640%, 1/15/26(1) 		6,400   6,810
2019-2A, D 144A
3.280%, 1/15/25(1) 		8,750   9,078
2019-3A, C 144A
2.710%, 10/15/24(1) 		6,990   7,183
2019-3A, D 144A
3.040%, 4/15/25(1) 		4,340   4,501
2020-N1A, D 144A
3.430%, 1/15/26(1) 		11,730   12,222
2020-P1, C
1.320%, 11/9/26 		2,250   2,236
2021-N1, C
1.300%, 1/10/28 		8,500   8,493
CIG Auto Receivables Trust      
2020-1A, D 144A
2.350%, 1/12/26(1) 		7,910   8,034
2020-1A, E 144A
4.430%, 2/12/27(1) 		2,415   2,488
CPS Auto Receivables Trust      
2018-C, D 144A
4.400%, 6/17/24(1) 		1,440   1,485
2020-A, C 144A
2.540%, 12/15/25(1) 		4,200   4,293
2020-C, C 144A
1.710%, 8/17/26(1) 		3,995   4,067
2021-A, B 144A
0.610%, 2/18/25(1) 		5,110   5,110
See Notes to Financial Statements
18

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Automobiles—continued    
2021-A, C 144A
0.830%, 9/15/26(1) 		$ 6,500   $ 6,489
Credit Acceptance Auto Loan Trust      
2018-2A, B 144A
3.940%, 7/15/27(1) 		5,500   5,546
2019-1A, A 144A
3.330%, 2/15/28(1) 		2,992   3,032
2019-3A, B 144A
2.860%, 1/16/29(1) 		10,550   10,974
2020-1A, B 144A
2.390%, 4/16/29(1) 		4,650   4,788
2020-3A, B 144A
1.770%, 12/17/29(1) 		11,195   11,373
2021-2A, A 144A
0.960%, 2/15/30(1) 		3,715   3,711
Drive Auto Receivables Trust      
2018-4, D
4.090%, 1/15/26 		13,505   13,970
2019-3, C
2.900%, 8/15/25 		8,240   8,440
2019-4, C
2.510%, 11/17/25 		6,410   6,539
DT Auto Owner Trust      
2019-1A, C 144A
3.610%, 11/15/24(1) 		3,900   3,948
2019-2A, B 144A
2.990%, 4/17/23(1) 		1,968   1,976
2019-2A, C 144A
3.180%, 2/18/25(1) 		3,655   3,715
2019-4A, C 144A
2.730%, 7/15/25(1) 		13,370   13,646
2021-1A, D 144A
1.160%, 11/16/26(1) 		3,930   3,914
2021-1A, E 144A
2.380%, 1/18/28(1) 		2,000   1,986
Exeter Automobile Receivables Trust      
2017-3A, D 144A
5.280%, 10/15/24(1) 		2,430   2,526
2018-2A, C 144A
3.690%, 3/15/23(1) 		797   798
2018-3A, C 144A
3.710%, 6/15/23(1) 		2,700   2,716
2018-4A, D 144A
4.350%, 9/16/24(1) 		13,444   13,974
  Par Value   Value
       
Automobiles—continued    
2019-1A, D 144A
4.130%, 12/16/24(1) 		$14,555   $15,160
2019-2A, C 144A
3.300%, 3/15/24(1) 		6,775   6,887
2019-2A, E 144A
4.680%, 5/15/26(1) 		11,735   12,406
2019-3A, C 144A
2.790%, 5/15/24(1) 		4,580   4,665
2019-4A, C 144A
2.440%, 9/16/24(1) 		5,020   5,102
2020-1A, D 144A
2.730%, 12/15/25(1) 		8,775   9,037
2021-1A, C
0.740%, 1/15/26 		9,100   9,081
FHF Trust 2020-1A, A 144A
2.590%, 12/15/23(1) 		9,770   9,844
First Investors Auto Owner Trust      
2017-1A, D 144A
3.600%, 4/17/23(1) 		2,057   2,082
2019-1A, C 144A
3.260%, 3/17/25(1) 		4,690   4,824
2021-1A, C 144A
1.170%, 3/15/27(1) 		3,000   2,999
Flagship Credit Auto Trust      
2016-3, D 144A
3.890%, 11/15/22(1) 		3,630   3,667
2019-2, C 144A
3.090%, 5/15/25(1) 		2,360   2,452
2020-1, C 144A
2.240%, 1/15/26(1) 		13,865   14,282
2020-3, C 144A
1.730%, 9/15/26(1) 		3,490   3,559
2020-4, C 144A
1.280%, 2/16/27(1) 		5,284   5,311
2021-1, C 144A
0.910%, 3/15/27(1) 		2,930   2,910
Foursight Capital Automobile Receivables Trust      
2018-1, D 144A
4.190%, 11/15/23(1) 		1,630   1,671
2018-2, D 144A
4.330%, 7/15/24(1) 		4,650   4,860
See Notes to Financial Statements
19

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Automobiles—continued    
GLS Auto Receivables Issuer Trust      
2019-2A, A 144A
3.060%, 4/17/23(1) 		$ 974   $ 977
2019-2A, B 144A
3.320%, 3/15/24(1) 		12,130   12,347
2019-3A, B 144A
2.720%, 6/17/24(1) 		3,495   3,568
2019-3A, D 144A
3.840%, 5/15/26(1) 		3,000   3,107
2019-4A, B 144A
2.780%, 9/16/24(1) 		9,835   10,071
2019-4A, C 144A
3.060%, 8/15/25(1) 		14,775   15,372
2019-4A, D 144A
4.090%, 8/17/26(1) 		3,500   3,636
2020-2A, B 144A
3.160%, 6/16/25(1) 		2,560   2,674
2020-3A, D 144A
2.270%, 5/15/26(1) 		11,735   12,023
2020-3A, E 144A
4.310%, 7/15/27(1) 		18,060   18,998
2020-4A, C 144A
1.140%, 11/17/25(1) 		6,955   6,985
GLS Auto Receivables Trust      
2017-1A, C 144A
3.500%, 7/15/22(1) 		2,671   2,679
2018-1A, B 144A
3.520%, 8/15/23(1) 		12,181   12,324
2018-3A, B 144A
3.780%, 8/15/23(1) 		1,673   1,693
2018-3A, C 144A
4.180%, 7/15/24(1) 		4,740   4,912
Hertz Vehicle Financing II LP      
2015-3A, A 144A
2.670%, 9/25/21(1) 		3,974   3,986
2016-4A, A 144A
2.650%, 7/25/22(1) 		1,667   1,675
2018-1A, A 144A
3.290%, 2/25/24(1) 		1,018   1,021
  Par Value   Value
       
Automobiles—continued    
2019-1A, A 144A
3.710%, 3/25/23(1) 		$ 1,901   $ 1,908
Hyundai Auto Receivables Trust 2017-B, B
2.230%, 2/15/23 		3,560   3,588
OneMain Direct Auto Receivables Trust 2018-1A, C 144A
3.850%, 10/14/25(1) 		11,840   12,035
Prestige Auto Receivables Trust      
2017-1A, C 144A
2.810%, 1/17/23(1) 		3,325   3,336
2018-1A, D 144A
4.140%, 10/15/24(1) 		3,785   3,921
2019-1A, D 144A
3.010%, 8/15/25(1) 		7,060   7,251
2020-1A, C 144A
1.310%, 11/16/26(1) 		10,295   10,383
Santander Drive Auto Receivables Trust      
2018-2, C
3.350%, 7/17/23 		4,025   4,046
2020-4, C
1.010%, 1/15/26 		7,500   7,525
Skopos Auto Receivables Trust 2019-1A, C 144A
3.630%, 9/16/24(1) 		10,125   10,389
TCF Auto Receivables Owner Trust 2016-PT1A, C 144A
3.210%, 1/17/23(1) 		10,900   10,911
Tesla Auto Lease Trust      
2018-B, B 144A
4.120%, 10/20/21(1) 		2,410   2,430
2018-B, C 144A
4.360%, 10/20/21(1) 		3,250   3,287
2020-A, C 144A
1.680%, 2/20/24(1) 		3,045   3,086
See Notes to Financial Statements
20

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Automobiles—continued    
Tidewater Auto Receivables Trust 2020-AA, C 144A
1.910%, 9/15/26(1) 		$10,470   $ 10,666
United Auto Credit Securitization Trust      
2019-1, D 144A
3.470%, 8/12/24(1) 		15,480   15,653
2019-1, E 144A
4.290%, 8/12/24(1) 		4,605   4,703
2020-1, C 144A
2.150%, 2/10/25(1) 		3,990   4,042
2021-1, D 144A
1.140%, 6/10/26(1) 		10,160   10,143
US Auto Funding LLC 2019-1A, B 144A
3.990%, 12/15/22(1) 		8,073   8,151
USASF Receivables LLC      
2020-1A, B 144A
3.220%, 5/15/24(1) 		16,200   16,544
2020-1A, C 144A
5.940%, 8/15/24(1) 		3,338   3,514
Veros Automobile Receivables Trust 2020-1, B 144A
2.190%, 6/16/25(1) 		17,745   17,913
Westlake Automobile Receivables Trust      
2018-2A, D 144A
4.000%, 1/16/24(1) 		10,000   10,129
2018-3A, C 144A
3.610%, 10/16/23(1) 		878   883
2018-3A, D 144A
4.000%, 10/16/23(1) 		10,900   11,187
2020-2A, C 144A
2.010%, 7/15/25(1) 		10,355   10,594
2020-3A, C 144A
1.240%, 11/17/25(1) 		11,365   11,467
      826,426
       
 
Consumer Loans—0.8%    
CFMT Issuer Trust 2021-GRN1, A 144A
1.100%, 3/20/41(1) 		3,340   3,338
  Par Value   Value
       
Consumer Loans—continued    
Lendmark Funding Trust 2019-2A, A 144A
2.780%, 4/20/28(1) 		$ 8,000   $ 8,221
LL ABS Trust 2020-1A, A 144A
2.330%, 1/17/28(1) 		3,138   3,160
Marlette Funding Trust 2019-4A, A 144A
2.390%, 12/17/29(1) 		2,502   2,521
Oportun Funding IX LLC 2018-B, A 144A
3.910%, 7/8/24(1) 		8,455   8,460
Oportun Funding XIV LLC      
2021-A, A 144A
1.210%, 3/8/28(1) 		9,015   9,012
2021-A, B 144A
1.760%, 3/8/28(1) 		6,795   6,792
Prosper Marketplace Issuance Trust Series 2019-4A, A 144A
2.480%, 2/17/26(1) 		1,091   1,095
Regional Management Issuance Trust 2021-1, A 144A
1.680%, 3/17/31(1) 		2,610   2,602
Upstart Securitization Trust      
2019-3, A 144A
2.684%, 1/21/30(1) 		1,119   1,127
2020-3, A 144A
1.702%, 11/20/30(1) 		6,090   6,138
      52,466
       
 
Credit Card—0.7%    
Fair Square Issuance Trust 2020-AA, A 144A
2.900%, 9/20/24(1) 		25,795   26,084
Genesis Sales Finance Master Trust 2020-AA, A 144A
1.650%, 9/22/25(1) 		10,425   10,486
See Notes to Financial Statements
21

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Credit Card—continued    
Mercury Financial Credit Card Master Trust 2021-1A, A 144A
1.540%, 3/20/26(1) 		$ 5,470   $ 5,471
      42,041
       
 
Equipment—0.7%    
Amur Equipment Finance Receivables VIII LLC 2020-1A, C 144A
3.060%, 4/20/26(1) 		2,122   2,197
BCC Funding Corp. XVI LLC 2019-1A, B 144A
2.640%, 9/20/24(1) 		8,410   8,497
BCC Funding XVII LLC 2020-1, B 144A
1.460%, 9/22/25(1) 		4,575   4,583
CLI Funding VI LLC 2020-1A, A 144A
2.080%, 9/18/45(1) 		9,452   9,423
NMEF Funding LLC 2019-A, B 144A
3.060%, 8/17/26(1) 		5,620   5,720
Pawnee Equipment Receivables Series LLC      
2019-1, B 144A
2.520%, 10/15/24(1) 		3,635   3,675
2020-1, A 144A
1.370%, 11/17/25(1) 		10,046   10,076
      44,171
       
 
Other—8.3%    
Amur Equipment Finance Receivables V LLC 2018-1A, A2 144A
3.240%, 12/20/23(1) 		955   959
Aqua Finance Trust      
2017-A, A 144A
3.720%, 11/15/35(1) 		4,724   4,860
  Par Value   Value
       
Other—continued    
2019-A, A 144A
3.140%, 7/16/40(1) 		$ 9,275   $ 9,517
2019-A, C 144A
4.010%, 7/16/40(1) 		18,725   19,794
2020-AA, D 144A
7.150%, 7/17/46(1) 		7,435   7,712
Arby’s Funding LLC 2020-1A, A2 144A
3.237%, 7/30/50(1) 		14,855   15,146
Bankers Healthcare Group Securitization Trust 2020-A, A 144A
2.560%, 9/17/31(1) 		3,816   3,824
BCC Funding Corp. XVI LLC 2019-1A, D 144A
3.940%, 7/20/27(1) 		3,900   3,940
BCC Funding XVII LLC 2020-1, D 144A
4.890%, 9/22/25(1) 		3,554   3,559
BRE Grand Islander Timeshare Issuer LLC      
2017-1A, A 144A
2.940%, 5/25/29(1) 		3,571   3,656
2019-A, A 144A
3.280%, 9/26/33(1) 		5,191   5,434
Business Jet Securities LLC      
2019-1, A 144A
4.212%, 7/15/34(1) 		9,230   9,398
2020-1A, A 144A
2.981%, 11/15/35(1) 		4,835   4,894
2021-1A, A 144A
2.162%, 4/15/36(1) 		4,875   4,861
BXG Receivables Note Trust      
2013-A, A 144A
3.010%, 12/4/28(1) 		1,251   1,251
2015-A, A 144A
2.880%, 5/2/30(1) 		1,416   1,438
2017-A, A 144A
2.950%, 10/4/32(1) 		6,090   6,227
See Notes to Financial Statements
22

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Other—continued    
2020-A, B 144A
2.490%, 2/28/36(1) 		$6,182   $6,219
CCG Receivables Trust      
2019-2, B 144A
2.550%, 3/15/27(1) 		5,405   5,558
2021-1, C 144A
0.840%, 6/14/27(1) 		1,415   1,406
Conn’s Receivables Funding LLC 2020-A, B 144A
4.270%, 6/16/25(1) 		8,845   8,935
Consumer Loan Underlying Bond CLUB Credit Trust      
2019-P2, A 144A
2.470%, 10/15/26(1) 		1,256   1,261
2019-P2, B 144A
2.830%, 10/15/26(1) 		5,250   5,317
2020-P1, B 144A
2.920%, 3/15/28(1) 		4,000   4,074
DB Master Finance LLC 2017-1A, A2I 144A
3.629%, 11/20/47(1) 		2,483   2,529
Dext ABS LLC      
2020-1, A 144A
1.460%, 2/16/27(1) 		5,583   5,597
2020-1, D 144A
7.210%, 2/15/28(1) 		6,258   6,294
Diamond Resorts Owner Trust      
2017-1A, A 144A
3.270%, 10/22/29(1) 		2,730   2,784
2018-1, B 144A
4.190%, 1/21/31(1) 		2,558   2,673
2019-1A, B 144A
3.530%, 2/20/32(1) 		4,658   4,775
Drug Royalty III LP 1 2017-1A, A1 (3 month LIBOR + 2.500%) 144A
2.741%, 4/15/27(1)(5) 		344   344
Foundation Finance Trust      
2016-1A, A 144A
3.960%, 6/15/35(1) 		187   188
  Par Value   Value
       
Other—continued    
2017-1A, A 144A
3.300%, 7/15/33(1) 		$ 3,140   $ 3,193
2019-1A, A 144A
3.860%, 11/15/34(1) 		3,581   3,706
2021-1A, A 144A
1.270%, 5/15/41(1) 		8,980   8,934
FREED ABS Trust      
2018-2, B 144A
4.610%, 10/20/25(1) 		11,605   11,708
2019-1, B 144A
3.870%, 6/18/26(1) 		2,035   2,055
2019-2, B 144A
3.190%, 11/18/26(1) 		7,320   7,436
Global SC Finance VII Srl 2020-1A, A 144A
2.170%, 10/17/40(1) 		9,479   9,496
Gold Key Resorts LLC 2014-A, A 144A
3.220%, 3/17/31(1) 		1,014   1,027
GoldentTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month LIBOR + 1.070%) 144A
1.195%, 1/20/33(1)(5) 		18,315   18,321
Hardee’s Funding LLC 2020-1A, A2 144A
3.981%, 12/20/50(1) 		17,421   17,980
Hilton Grand Vacations Trust      
2017-AA, A 144A
2.660%, 12/26/28(1) 		2,040   2,092
2018-AA, A 144A
3.540%, 2/25/32(1) 		3,734   3,936
HIN Timeshare Trust 2020-A, C 144A
3.420%, 10/9/39(1) 		3,405   3,532
Jersey Mike’s Funding 2019-1A, A2 144A
4.433%, 2/15/50(1) 		20,230   21,386
Lendmark Funding Trust      
2018-2A, A 144A
4.230%, 4/20/27(1) 		8,445   8,609
See Notes to Financial Statements
23

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Other—continued    
2019-1A, A 144A
3.000%, 12/20/27(1) 		$ 8,835   $ 9,077
Mariner Finance Issuance Trust      
2019-AA, A 144A
2.960%, 7/20/32(1) 		7,255   7,417
2020-AA, A 144A
2.190%, 8/21/34(1) 		1,954   1,983
Marlette Funding Trust 2019-2A, A 144A
3.130%, 7/16/29(1) 		1,371   1,381
MVW Owner Trust      
2015-1A, B 144A
2.960%, 12/20/32(1) 		248   249
2016-1A, A 144A
2.250%, 12/20/33(1) 		1,239   1,253
2019-1A, A 144A
2.890%, 11/20/36(1) 		4,300   4,411
NMEF Funding LLC 2019-A, C 144A
3.300%, 8/17/26(1) 		9,145   9,377
Oasis LLC      
2020-1A, A 144A
3.820%, 1/15/32(1) 		3,951   3,972
2020-2A, A 144A
4.262%, 5/15/32(1) 		1,959   1,979
Oasis Securitization Funding LLC 2021-1A, A 144A
2.579%, 2/15/33(1) 		4,990   4,989
Octane Receivables Trust      
2019-1A, A 144A
3.160%, 9/20/23(1) 		5,766   5,830
2019-1A, B 144A
3.770%, 7/22/24(1) 		5,000   5,168
2019-1A, C 144A
4.740%, 6/20/25(1) 		17,822   18,719
2020-1A, A 144A
1.710%, 2/20/25(1) 		14,533   14,663
OneMain Financial Issuance Trust      
2017-1A, A1 144A
2.370%, 9/14/32(1) 		484   485
2018-1A, A 144A
3.300%, 3/14/29(1) 		21,424   21,498
  Par Value   Value
       
Other—continued    
Orange Lake Timeshare Trust      
2015-AA, A 144A
2.880%, 9/8/27(1) 		$ 1,203   $ 1,214
2018-A, A 144A
3.100%, 11/8/30(1) 		2,209   2,277
2019-A, B 144A
3.360%, 4/9/38(1) 		7,781   8,061
Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month LIBOR + 0.900%) 144A
1.055%, 4/20/29(1)(5) 		3,360   3,362
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A
4.666%, 9/5/48(1) 		13,947   14,250
Prosper Marketplace Issuance Trust 2019-3A, A 144A
3.190%, 7/15/25(1) 		126   126
Republic Finance Issuance Trust 2020-A, A 144A
2.470%, 11/20/30(1) 		6,835   6,958
Sierra Timeshare Receivables Funding LLC      
2017-1A, A 144A
2.910%, 3/20/34(1) 		1,629   1,654
2018-2A, A 144A
3.500%, 6/20/35(1) 		2,140   2,222
2019-1A, B 144A
3.420%, 1/20/36(1) 		2,006   2,072
2019-2A, B 144A
2.820%, 5/20/36(1) 		7,047   7,180
2020-2A, B 144A
2.320%, 7/20/37(1) 		5,604   5,702
Small Business Lending Trust      
2019-A, A 144A
2.850%, 7/15/26(1) 		400   399
2020-A, A 144A
2.620%, 12/15/26(1) 		1,471   1,477
See Notes to Financial Statements
24

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Other—continued    
SoFi Consumer Loan Program LLC      
2017-5, A2 144A
2.780%, 9/25/26(1) 		$ 2,060   $ 2,071
2017-6, A2 144A
2.820%, 11/25/26(1) 		310   311
Towd Point Mortgage Trust 2019-MH1, A1 144A
3.000%, 11/25/58(1)(5) 		1,703   1,744
Trinity Rail Leasing LLC 2019-1A, A 144A
3.820%, 4/17/49(1) 		16,155   16,522
TRIP Rail Master Funding LLC 2017-1A, A1 144A
2.709%, 8/15/47(1) 		1,233   1,234
Upgrade Master Pass-Thru Trust Series 2019-ST3, A 144A
3.750%, 11/15/25(1) 		3,335   3,377
Upstart Pass-Through Trust 2020-ST1, A 144A
3.750%, 2/20/28(1) 		1,916   1,972
Upstart Pass-Through Trust Series 2021-ST2, A 144A
2.500%, 4/20/27(1) 		7,215   7,284
Upstart Securitization Trust      
2019-1, B 144A
4.190%, 4/20/26(1) 		385   385
2019-2, A 144A
2.897%, 9/20/29(1) 		1,602   1,609
2019-2, B 144A
3.734%, 9/20/29(1) 		7,487   7,638
2021-1, A 144A
0.870%, 3/20/31(1) 		1,442   1,443
Venture 41 CLO Ltd. 2021-41A, A1N (3 month LIBOR + 1.330%) 144A
1.533%, 1/20/34(1)(5) 		8,380   8,367
  Par Value   Value
       
Other—continued    
VSE VOI Mortgage LLC      
2016-A, A 144A
2.540%, 7/20/33(1) 		$1,685   $ 1,697
2017-A, A 144A
2.330%, 3/20/35(1) 		3,456   3,522
Welk Resorts LLC      
2013-AA, A 144A
3.100%, 3/15/29(1) 		369   370
2015-AA, A 144A
2.790%, 6/16/31(1) 		1,094   1,095
2019-AA, B 144A
2.990%, 6/15/38(1) 		4,863   5,030
Westgate Resorts LLC      
2018-1A, A 144A
3.380%, 12/20/31(1) 		2,323   2,348
2020-1A, A 144A
2.713%, 3/20/34(1) 		3,471   3,546
      528,805
       
 
Student Loan—0.3%    
Commonbond Student Loan Trust      
2019-AGS, A1 144A
2.540%, 1/25/47(1) 		7,446   7,639
2020-1, A 144A
1.690%, 10/25/51(1) 		4,681   4,680
Earnest Student Loan Program LLC 2017-A, A2 144A
2.650%, 1/25/41(1) 		913   919
Navient Private Education Loan Trust 2017-A, A2A 144A
2.880%, 12/16/58(1) 		1,911   1,942
Navient Private Education Refi Loan Trust 2021-A, A 144A
0.840%, 5/15/69(1) 		5,543   5,525
      20,705
       
 
Total Asset-Backed Securities
(Identified Cost $1,489,814) 		  1,514,614
See Notes to Financial Statements
25

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
 
Corporate Bonds and Notes—29.4%
Communication Services—3.1%    
Altice France S.A. 144A
7.375%, 5/1/26(1) 		$11,710   $12,180
AT&T, Inc. (3 month LIBOR + 0.890%)
1.084%, 2/15/23(5) 		8,918   9,000
Clear Channel Outdoor Holdings, Inc. 144A
7.750%, 4/15/28(1) 		185   183
Clear Channel Worldwide Holdings, Inc.      
9.250%, 2/15/24 1,868   1,943
144A 5.125%, 8/15/27(1) 3,265   3,284
Consolidated Communications, Inc. 144A
6.500%, 10/1/28(1) 		7,330   7,917
Diamond Sports Group LLC      
144A 5.375%, 8/15/26(1) 4,545   3,272
144A 6.625%, 8/15/27(1)(2) 4,370   2,272
DISH DBS Corp.      
5.875%, 7/15/22 6,245   6,523
5.000%, 3/15/23 6,445   6,724
7.750%, 7/1/26 5,230   5,773
iHeartCommunications, Inc.
8.375%, 5/1/27 		213   228
Level 3 Financing, Inc. 144A
4.625%, 9/15/27(1) 		5,835   6,005
Live Nation Entertainment, Inc.      
144A 5.625%, 3/15/26(1) 3,005   3,121
144A 4.750%, 10/15/27(1) 9,355   9,425
  Par Value   Value
       
Communication
Services—continued 		   
Radiate Holdco LLC      
144A 4.500%, 9/15/26(1) $ 1,425   $ 1,441
144A 6.500%, 9/15/28(1) 4,645   4,905
Sirius XM Radio, Inc. 144A
4.625%, 7/15/24(1) 		3,565   3,672
Sprint Corp.
7.875%, 9/15/23 		11,690   13,362
Sprint Spectrum Co. LLC      
144A 3.360%, 9/20/21(1) 2,494   2,513
144A 4.738%, 3/20/25(1) 8,210   8,790
Telesat Canada 144A
6.500%, 10/15/27(1) 		9,635   9,652
T-Mobile USA, Inc.      
2.625%, 4/15/26 1,470   1,498
144A 1.500%, 2/15/26(1) 6,072   6,013
144A 2.050%, 2/15/28(1) 5,892   5,777
TripAdvisor, Inc. 144A
7.000%, 7/15/25(1) 		5,505   5,954
Twitter, Inc. 144A
3.875%, 12/15/27(1) 		8,270   8,671
Univision Communications, Inc. 144A
6.625%, 6/1/27(1) 		5,330   5,692
Verizon Communications, Inc.      
1.450%, 3/20/26 10,712   10,713
2.100%, 3/22/28 8,062   8,096
(3 month LIBOR + 1.100%)
1.298%, 5/15/25(5) 		16,061   16,422
See Notes to Financial Statements
26

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Communication
Services—continued 		   
VTR Comunicaciones SpA 144A
5.125%, 1/15/28(1) 		$ 3,100   $ 3,240
      194,261
       
 
Consumer Discretionary—2.8%    
Adtalem Global Education, Inc. 144A
5.500%, 3/1/28(1) 		6,060   5,983
American Axle & Manufacturing, Inc.      
6.250%, 4/1/25(2) 6,440   6,633
6.500%, 4/1/27(2) 2,965   3,076
Aramark Services, Inc. 144A
6.375%, 5/1/25(1) 		8,460   8,968
Boyd Gaming Corp.
6.375%, 4/1/26 		12,395   12,798
Caesars Entertainment, Inc. 144A
6.250%, 7/1/25(1) 		3,465   3,694
Carnival Corp.      
144A 11.500%, 4/1/23(1) 3,205   3,674
144A 7.625%, 3/1/26(1) 555   596
Ford Motor Co.      
8.500%, 4/21/23 11,400   12,711
9.000%, 4/22/25 1,137   1,377
Ford Motor Credit Co. LLC
3.370%, 11/17/23 		4,000   4,100
General Motors Financial Co., Inc.      
3.550%, 4/9/21 2,847   2,848
1.250%, 1/8/26 15,475   15,184
Hanesbrands, Inc. 144A
5.375%, 5/15/25(1) 		11,440   12,105
International Game Technology plc      
144A 4.125%, 4/15/26(1) 1,000   1,028
  Par Value   Value
       
Consumer
Discretionary—continued 		   
144A 5.250%, 1/15/29(1) $ 840   $ 876
Legends Hospitality Holding Co. LLC 144A
5.000%, 2/1/26(1) 		6,195   6,303
M/I Homes, Inc.
4.950%, 2/1/28 		5,890   6,100
Marriott Ownership Resorts, Inc.
4.750%, 1/15/28 		6,230   6,292
MGM Growth Properties Operating Partnership LP      
5.750%, 2/1/27 6,370   7,023
144A 4.625%, 6/15/25(1) 1,305   1,376
NCL Corp., Ltd. 144A
5.875%, 3/15/26(1) 		6,680   6,747
Nissan Motor Co. Ltd.      
144A 3.522%, 9/17/25(1) 6,300   6,674
144A 4.345%, 9/17/27(1) 7,000   7,613
Royal Caribbean Cruises Ltd.      
144A 9.125%, 6/15/23(1) 3,385   3,730
144A 5.500%, 4/1/28(1) 295   296
Scientific Games International, Inc.      
144A 5.000%, 10/15/25(1) 7,150   7,405
144A 8.250%, 3/15/26(1) 5,935   6,365
TRI Pointe Group, Inc.
5.875%, 6/15/24 		10,130   11,194
Weekley Homes LLC 144A
4.875%, 9/15/28(1) 		2,885   2,957
See Notes to Financial Statements
27

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Consumer
Discretionary—continued 		   
Wynn Macau Ltd. 144A
5.500%, 1/15/26(1) 		$ 3,000   $ 3,131
      178,857
       
 
Consumer Staples—0.9%    
Albertsons Cos., Inc.      
5.750%, 3/15/25 1,026   1,060
144A 3.250%, 3/15/26(1) 15,065   15,007
144A 4.625%, 1/15/27(1) 2,830   2,933
Altria Group, Inc.
2.350%, 5/6/25 		4,959   5,141
BAT Capital Corp.      
4.700%, 4/2/27 11,000   12,382
2.259%, 3/25/28 5,870   5,779
Kraft Heinz Foods Co.
3.875%, 5/15/27 		10,200   11,109
Turning Point Brands, Inc. 144A
5.625%, 2/15/26(1) 		3,120   3,237
Vector Group Ltd. 144A
5.750%, 2/1/29(1) 		2,155   2,222
      58,870
       
 
Energy—3.9%    
Aker BP ASA 144A
2.875%, 1/15/26(1) 		9,060   9,357
Antero Midstream Partners LP 144A
5.750%, 1/15/28(1) 		5,910   5,910
Ascent Resources Utica Holdings LLC 144A
8.250%, 12/31/28(1) 		2,960   3,078
Boardwalk Pipelines LP
4.950%, 12/15/24 		12,645   14,159
BP Capital Markets plc
4.875% (6) 		8,705   9,325
  Par Value   Value
       
Energy—continued    
Callon Petroleum Co.
6.125%, 10/1/24 		$ 4,327   $ 3,678
Cheniere Energy Partners LP
5.625%, 10/1/26 		14,860   15,539
Chesapeake Energy Corp. 144A
5.500%, 2/1/26(1) 		9,555   9,946
Citgo Holding, Inc. 144A
9.250%, 8/1/24(1) 		3,050   3,027
Citgo Petroleum Corp. 144A
7.000%, 6/15/25(1) 		8,530   8,775
CrownRock LP 144A
5.625%, 10/15/25(1) 		5,855   5,973
Energy Transfer Partners LP      
5.000%, 10/1/22 4,794   5,035
4.500%, 11/1/23 10,760   11,582
EQM Midstream Partners LP      
144A 6.000%, 7/1/25(1) 5,385   5,796
144A 6.500%, 7/1/27(1) 2,620   2,849
Indigo Natural Resources LLC 144A
5.375%, 2/1/29(1) 		4,740   4,670
KazMunayGas National Co. JSC 144A
4.750%, 4/24/25(1) 		3,000   3,371
KazMunayGas National Co., JSC 144A
4.750%, 4/19/27(1) 		3,400   3,876
Kinder Morgan, Inc. 144A
5.625%, 11/15/23(1) 		9,880   10,974
See Notes to Financial Statements
28

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Energy—continued    
Lukoil International Finance BV 144A
4.563%, 4/24/23(1) 		$ 6,700   $ 7,083
Midwest Connector Capital Co. LLC 144A
3.625%, 4/1/22(1) 		6,145   6,233
Occidental Petroleum Corp.      
2.700%, 8/15/22 5,850   5,852
5.875%, 9/1/25 6,480   6,926
5.500%, 12/1/25 3,620   3,828
Ovintiv, Inc.
3.900%, 11/15/21 		7,960   8,047
Pertamina Persero PT 144A
4.300%, 5/20/23(1) 		6,000   6,354
Petrobras Global Finance B.V.
5.999%, 1/27/28 		3,675   4,038
Petroleos de Venezuela S.A. 144A
6.000%, 5/16/24(1)(3) 		9,545   415
Petroleos Mexicanos      
4.625%, 9/21/23 15,820   16,314
6.875%, 8/4/26 5,455   5,840
6.500%, 3/13/27 13,310   13,909
Sabine Pass Liquefaction LLC
6.250%, 3/15/22 		11,580   12,026
Targa Resources Partners LP
5.875%, 4/15/26 		5,555   5,815
Transocean Guardian Ltd. 144A
5.875%, 1/15/24(1) 		2,867   2,509
Transocean, Inc. 144A
11.500%, 1/30/27(1) 		655   562
USA Compression Partners LP
6.875%, 4/1/26 		6,910   7,087
      249,758
       
 
  Par Value   Value
       
Financials—7.3%    
Ares Capital Corp.      
3.500%, 2/10/23 $ 7,365   $ 7,680
3.250%, 7/15/25 5,975   6,163
Athene Global Funding 144A
2.450%, 8/20/27(1) 		14,530   14,703
Australia & New Zealand Banking Group Ltd. 144A
4.400%, 5/19/26(1) 		14,195   15,908
Banco BBVA Peru S.A. RegS
5.000%, 8/26/22(4) 		8,905   9,381
Banco Santander Chile 144A
2.700%, 1/10/25(1) 		9,500   9,928
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 144A
5.375%, 4/17/25(1) 		9,510   10,678
Bank of America Corp.      
4.200%, 8/26/24 10,473   11,551
3.950%, 4/21/25 6,325   6,935
(3 month LIBOR + 0.770%)
0.965%, 2/5/26(5) 		11,312   11,365
(3 month LIBOR + 1.000%)
1.218%, 4/24/23(5) 		14,445   14,568
Brookfield Finance, Inc.
3.900%, 1/25/28 		9,490   10,427
Burford Capital Global Finance LLC 144A
6.250%, 4/15/28(1) 		755   774
Capital One Financial Corp.
3.750%, 7/28/26 		6,325   6,872
See Notes to Financial Statements
29

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Financials—continued    
Charles Schwab Corp. (The)      
Series G
5.375%(6) 		$ 4,332   $ 4,786
Series H
4.000%(6) 		8,541   8,396
Citadel LP 144A
4.875%, 1/15/27(1) 		6,370   6,758
Citigroup, Inc.      
3.200%, 10/21/26 24,642   26,480
(3 month LIBOR + 1.430%)
1.621%, 9/1/23(5) 		7,115   7,229
Corp Financiera de Desarrollo SA 144A
4.750%, 7/15/25(1) 		3,197   3,533
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A
5.250%, 5/30/23(1) 		6,996   6,821
Doric Nimrod Air Finance Alpha Pass-Through Trust 2012-1, A 144A
5.125%, 11/30/22(1) 		4,564   4,547
Drawbridge Special Opportunities Fund LP 144A
3.875%, 2/15/26(1) 		15,930   16,340
Goldman Sachs Group, Inc. (The)      
4.250%, 10/21/25 24,315   27,140
3.850%, 1/26/27 21,430   23,508
ICAHN Enterprises LP      
4.750%, 9/15/24 12,395   12,871
6.250%, 5/15/26 10,030   10,506
Industrial & Commercial Bank of China Ltd.
2.957%, 11/8/22 		9,450   9,761
JPMorgan Chase & Co. (3 month LIBOR + 0.900%)
1.118%, 4/25/23(5) 		18,055   18,191
  Par Value   Value
       
Financials—continued    
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) 		$10,465   $ 10,308
Lincoln National Corp. (3 month LIBOR + 2.040%)
2.264%, 4/20/67(5) 		12,860   10,602
Mizuho Financial Group, Inc.
3.922%, 9/11/24 		5,000   5,366
Morgan Stanley
3.875%, 4/29/24 		23,825   26,026
Navient Corp.
5.875%, 10/25/24 		8,642   9,075
OneMain Finance Corp.      
6.875%, 3/15/25 8,580   9,759
7.125%, 3/15/26 2,695   3,108
Prudential Financial, Inc.
5.625%, 6/15/43 		13,774   14,761
Santander Holdings USA, Inc.
3.244%, 10/5/26 		13,830   14,622
Spirit Realty LP      
4.450%, 9/15/26 6,686   7,416
2.100%, 3/15/28 5,295   5,148
Wells Fargo & Co.      
1.654%, 6/2/24 14,335   14,644
4.100%, 6/3/26 8,375   9,309
      463,944
       
 
Health Care—1.5%    
Bausch Health Americas, Inc. 144A
8.500%, 1/31/27(1) 		6,675   7,405
Cheplapharm Arzneimittel GmbH 144A
5.500%, 1/15/28(1) 		7,050   7,323
Community Health Systems, Inc. 144A
6.625%, 2/15/25(1) 		2,910   3,072
See Notes to Financial Statements
30

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Health Care—continued    
HCA, Inc.
5.375%, 2/1/25 		$ 7,250   $ 8,087
Jaguar Holding Co. II 144A
4.625%, 6/15/25(1) 		2,660   2,775
Legacy LifePoint Health LLC      
144A 6.750%, 4/15/25(1) 5,270   5,599
144A 4.375%, 2/15/27(1) 6,170   6,047
Perrigo Finance Unlimited Co.
3.900%, 12/15/24 		2,000   2,126
Royalty Pharma plc      
144A 1.200%, 9/2/25(1) 2,749   2,692
144A 1.750%, 9/2/27(1) 11,909   11,565
Tenet Healthcare Corp.      
4.625%, 7/15/24 4,350   4,440
144A 4.875%, 1/1/26(1) 8,215   8,542
144A 5.125%, 11/1/27(1) 2,750   2,876
144A 7.500%, 4/1/25(1) 915   988
Teva Pharmaceutical Finance Netherlands III B.V.      
6.000%, 4/15/24 800   852
3.150%, 10/1/26 6,295   6,020
Utah Acquisition Sub, Inc.
3.950%, 6/15/26 		12,770   14,066
      94,475
       
 
Industrials—2.3%    
Alaska Airlines Pass-Through Trust 144A
4.800%, 8/15/27(1) 		12,593   13,788
Allied Universal Holdco LLC 144A
6.625%, 7/15/26(1) 		7,985   8,468
  Par Value   Value
       
Industrials—continued    
American Airlines, Inc.      
144A 5.500%, 4/20/26(1) $ 1,205   $ 1,254
144A 5.750%, 4/20/29(1) 590   628
Ashtead Capital, Inc. 144A
5.250%, 8/1/26(1) 		12,525   13,140
Aviation Capital Group LLC 144A
3.875%, 5/1/23(1) 		9,447   9,861
Boeing Co. (The)      
2.350%, 10/30/21 5,740   5,765
4.875%, 5/1/25 4,191   4,666
5.040%, 5/1/27 6,336   7,223
Bombardier, Inc. 144A
8.750%, 12/1/21(1) 		6,867   7,205
Dycom Industries, Inc. 144A
4.500%, 4/15/29(1) 		3,335   3,343
Fortress Transportation & Infrastructure Investors LLC 144A
6.500%, 10/1/25(1) 		725   758
GFL Environmental, Inc.      
144A 3.750%, 8/1/25(1) 5,210   5,288
144A 4.000%, 8/1/28(1) 3,280   3,173
Howmet Aerospace, Inc.
6.875%, 5/1/25 		4,115   4,768
Navistar International Corp. 144A
6.625%, 11/1/25(1) 		6,040   6,267
Spirit AeroSystems, Inc. 144A
5.500%, 1/15/25(1) 		11,835   12,516
Stanley Black & Decker, Inc.
4.000%, 3/15/60 		16,812   17,797
TransDigm, Inc. 144A
6.250%, 3/15/26(1) 		9,780   10,369
See Notes to Financial Statements
31

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Industrials—continued    
Uber Technologies, Inc. 144A
7.500%, 5/15/25(1) 		$ 7,620   $ 8,223
      144,500
       
 
Information Technology—2.5%    
Banff Merger Sub, Inc. 144A
9.750%, 9/1/26(1) 		5,350   5,698
Broadcom, Inc.      
3.150%, 11/15/25 15,630   16,659
144A 1.950%, 2/15/28(1)(2) 8,066   7,885
Flex Ltd.
3.750%, 2/1/26 		11,130   11,942
Hewlett Packard Enterprise Co.      
2.250%, 4/1/23 9,470   9,754
(3 month LIBOR + 0.720%)
0.958%, 10/5/21(5) 		2,830   2,830
Leidos, Inc. 144A
3.625%, 5/15/25(1) 		10,350   11,230
Microchip Technology, Inc. 144A
2.670%, 9/1/23(1) 		14,475   15,075
NCR Corp. 144A
5.125%, 4/15/29(1) 		5,400   5,441
Open Text Corp. 144A
3.875%, 2/15/28(1) 		10,905   10,978
Oracle Corp.
2.300%, 3/25/28 		15,875   16,072
SK Hynix, Inc. 144A
1.500%, 1/19/26(1) 		12,305   12,109
Viasat, Inc. 144A
5.625%, 9/15/25(1) 		10,250   10,419
Vontier Corp.      
144A 1.800%, 4/1/26(1) 5,276   5,248
  Par Value   Value
       
Information
Technology—continued 		   
144A 2.400%, 4/1/28(1) $ 6,156   $ 6,048
Xerox Holdings Corp. 144A
5.000%, 8/15/25(1) 		7,600   7,932
      155,320
       
 
Materials—2.0%    
Anglo American Capital plc 144A
3.625%, 9/11/24(1) 		12,120   13,109
Ardagh Packaging Finance plc 144A
5.250%, 8/15/27(1) 		12,065   12,307
Avient Corp. 144A
5.750%, 5/15/25(1) 		11,748   12,482
Celanese US Holdings LLC
3.500%, 5/8/24 		9,870   10,583
Chemours Co. (The) 144A
5.750%, 11/15/28(1) 		7,105   7,481
Cleveland-Cliffs, Inc.      
144A 6.750%, 3/15/26(1) 2,585   2,811
144A 4.625%, 3/1/29(1) 3,215   3,210
Glencore Funding LLC 144A
1.625%, 9/1/25(1) 		14,745   14,740
Mauser Packaging Solutions Holding Co. 144A
7.250%, 4/15/25(1) 		3,110   3,110
NOVA Chemicals Corp. 144A
5.000%, 5/1/25(1) 		7,820   8,152
See Notes to Financial Statements
32

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Materials—continued    
Nutrition & Biosciences, Inc.      
144A 1.230%, 10/1/25(1) $ 7,666   $ 7,535
144A 1.832%, 10/15/27(1) 8,106   7,926
OCP SA      
144A 5.625%, 4/25/24(1) 3,065   3,329
RegS 5.625%, 4/25/24(4) 2,800   3,042
Silgan Holdings, Inc. 144A
1.400%, 4/1/26(1) 		11,513   11,268
Syngenta Finance NV 144A
3.933%, 4/23/21(1) 		8,635   8,651
      129,736
       
 
Real Estate—1.4%    
GLP Capital LP      
5.250%, 6/1/25 13,175   14,770
5.750%, 6/1/28 1,863   2,149
5.300%, 1/15/29 2,731   3,061
iStar, Inc.
4.250%, 8/1/25 		9,325   9,389
Office Properties Income Trust      
4.150%, 2/1/22 18,910   19,329
4.000%, 7/15/22 7,345   7,533
Retail Opportunity Investments Partnership LP
5.000%, 12/15/23 		4,474   4,815
Service Properties Trust      
4.500%, 6/15/23 10,780   10,951
4.350%, 10/1/24 9,585   9,529
Uniti Group LP 144A
7.875%, 2/15/25(1) 		5,455   5,895
  Par Value   Value
       
Real Estate—continued    
Uniti Group, Inc. 144A
7.125%, 12/15/24(1) 		$ 2,910   $ 2,994
      90,415
       
 
Utilities—1.7%    
American Electric Power Co., Inc. Series N
1.000%, 11/1/25 		4,468   4,378
Dominion Energy, Inc. Series A
1.450%, 4/15/26 		15,850   15,787
DPL, Inc. 144A
4.125%, 7/1/25(1) 		7,835   8,300
Eskom Holdings SOC Ltd. 144A
7.125%, 2/11/25(1) 		9,400   9,686
Exelon Corp.
3.497%, 6/1/22 		9,135   9,422
Ferrellgas Escrow LLC 144A
5.375%, 4/1/26(1) 		3,050   3,030
FirstEnergy Transmission LLC 144A
2.866%, 9/15/28(1) 		8,208   8,274
NRG Energy, Inc. 144A
3.750%, 6/15/24(1) 		14,667   15,707
Pacific Gas and Electric Co. (3 month LIBOR + 1.375%)
1.573%, 11/15/21(5) 		15,708   15,738
TerraForm Power Operating LLC 144A
4.250%, 1/31/23(1) 		18,640   19,246
See Notes to Financial Statements
33

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Utilities—continued    
Texas Competitive Electric Holdings Co. 144A
11.500%, 10/1/20(1)(7) 		$ 5,925   $ —
      109,568
       
 
Total Corporate Bonds and Notes
(Identified Cost $1,816,911) 		  1,869,704
       
 
Leveraged Loans—13.2%
Aerospace—0.6%    
AI Convoy (Luxembourg) S.a.r.l. Tranche B (6 month LIBOR + 3.500%)
4.500%, 1/18/27 		9,870   9,853
American Airlines, Inc. (3 month LIBOR + 4.750%)
0.000%, 4/20/28(8) 		10,340   10,582
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%)
6.250%, 6/21/27 		8,790   9,330
TransDigm, Inc.      
Tranche E (1 month LIBOR + 2.250%)
2.359%, 5/30/25 		3,246   3,176
Tranche F (1 month LIBOR + 2.250%)
2.359%, 12/9/25 		3,775   3,693
      36,634
       
 
Chemicals—0.5%    
Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%)
3.500%, 12/31/27 		3,515   3,495
  Par Value   Value
       
Chemicals—continued    
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%)
2.109%, 4/1/24 		$ 5,914   $ 5,843
Ineos U.S. Petrochem LLC 2026, Tranche B (3 month LIBOR + 2.750%)
3.250%, 1/29/26 		8,055   8,025
Starfruit Finco B.V. (1 month LIBOR + 2.750%)
2.860%, 10/1/25 		11,693   11,505
Trinseo Materials Operating SCA Tranche B-2, First Lien (3 month LIBOR + 2.500%)
0.000%, 3/17/28(8) 		5,690   5,626
      34,494
       
 
Consumer Durables—0.2%    
CP Atlas Buyer, Inc. Tranche B (3 month LIBOR + 3.750%)
4.250%, 11/23/27 		2,905   2,884
Resideo Funding, Inc. Tranche B (3 month LIBOR + 2.250%)
2.750%, 2/11/28 		5,585   5,564
Weber-Stephen Products LLC Tranche B (3 month LIBOR + 3.250%)
4.000%, 10/30/27 		6,633   6,625
      15,073
       
 
See Notes to Financial Statements
34

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Consumer Non-Durables—0.2%    
HLF Financing Sarl LLC Tranche B (3 month LIBOR + 2.500%)
0.000%, 8/18/25(7)(8) 		$ 2,978   $ 2,963
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.750%)
4.250%, 		7,950   7,828
      10,791
       
 
Energy—0.0%    
Paragon Offshore Finance Co. (3 month PRIME + 0.000%)
3.250%, 7/16/21(3)(7) 		66   —
Financial—1.2%    
Asurion LLC      
Tranche B-6 (1 month LIBOR + 3.000%)
3.109%, 11/3/23 		4,562   4,546
Tranche B-8 (1 month LIBOR + 3.250%)
0.000%, 12/23/26(8) 		5,988   5,946
Avolon TLB Borrower 1 US LLC Tranche B-5 (1 month LIBOR + 2.500%)
3.250%, 12/1/27 		17,322   17,300
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%)
3.109%, 6/16/25 		3,957   3,896
Citadel Securities LP 2021 (3 month LIBOR + 2.500%)
2.615%, 2/2/28 		9,180   9,073
  Par Value   Value
       
Financial—continued    
Delos Finance S.a.r.l. 2018 (3 month LIBOR + 1.750%)
1.953%, 10/6/23 		$ 5,774   $ 5,758
iStar, Inc. Tranche B (1 month LIBOR + 2.750%)
2.854%, 6/28/23 		9,153   9,130
RealPage, Inc. First Lien (3 month LIBOR + 3.750%)
0.000%, 2/18/28(8) 		5,525   5,497
Sedgwick Claims Management Services, Inc. 2019 (1 month LIBOR + 3.750%)
3.859%, 9/3/26 		12,940   12,855
      74,001
       
 
Food / Tobacco—1.0%    
Aramark Services, Inc.      
Tranche B-2 (1 month LIBOR + 1.750%)
1.859%, 3/28/24 		3,575   3,560
Tranche B-3 (1 month LIBOR + 1.750%)
1.859%, 3/11/25 		1,909   1,886
Tranche B-4 (1 month LIBOR + 1.750%)
1.859%, 1/15/27 		3,455   3,399
Arterra Wines Canada, Inc. Tranche B-1 (3 month LIBOR + 3.500%)
4.250%, 11/24/27 		6,728   6,725
Chobani LLC (1 month LIBOR + 3.500%)
4.500%, 10/20/27 		3,294   3,288
See Notes to Financial Statements
35

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Food / Tobacco—continued    
City Brewing Co. LLC First Lien (3 month LIBOR + 3.500%)
0.000%, 10/1/26(8) 		$ 1,815   $ 1,806
Froneri US, Inc. Tranche B-2 (1 month LIBOR + 2.250%)
2.359%, 1/29/27 		12,133   11,958
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 3.000%)
3.000%, 8/3/25 		8,820   8,766
JBS USA Lux S.A. (3 month LIBOR + 2.000%)
0.000%, 5/1/26(8) 		9,376   9,312
Shearer’s Foods LLC First Lien (3 month LIBOR + 3.500%)
4.250%, 9/23/27 		6,455   6,438
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%)
0.000%, 3/31/28(8) 		6,500   6,470
      63,608
       
 
Forest Prod / Containers—0.6%    
Berry Global, Inc. Tranche Z (3 month LIBOR + 1.750%)
1.898%, 7/1/26 		9,657   9,571
BWay Holding Co. (3 month LIBOR + 3.250%)
3.443%, 4/3/24 		8,333   8,146
  Par Value   Value
       
Forest Prod /
Containers—continued 		   
Graham Packaging Co., Inc. (1 month LIBOR + 3.000%)
3.750%, 8/4/27 		$6,495   $ 6,450
Reynolds Group Holdings, Inc. (3 month LIBOR + 2.750%)
0.000%, 2/6/23(8) 		9,500   9,454
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%)
4.250%, 1/31/25 		2,622   2,491
      36,112
       
 
Gaming / Leisure—1.1%    
Aristocrat Technologies, Inc. (3 month LIBOR + 3.750%)
4.750%, 10/19/24 		1,587   1,591
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.250%)
2.331%, 9/15/23 		6,095   6,076
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)
2.859%, 12/23/24 		5,959   5,867
Carnival Corp. (1 month LIBOR + 7.500%)
8.500%, 6/30/25 		1,588   1,636
See Notes to Financial Statements
36

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Gaming / Leisure—continued    
CityCenter Holdings LLC (3 month LIBOR + 2.250%)
0.000%, 4/18/24(8) 		$9,505   $ 9,376
Hilton Worldwide Finance LLC Tranche B-2 (3 month LIBOR + 1.750%)
1.868%, 6/22/26 		9,796   9,701
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%)
3.750%, 4/29/24 		6,584   6,312
Playtika Holding Corp. Tranche B-1 (3 month LIBOR + 2.750%)
0.000%, 3/5/28(8) 		7,480   7,433
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%)
2.859%, 8/14/24 		4,188   4,104
Seminole Tribe of Florida (1 month LIBOR + 1.750%)
1.859%, 7/8/24 		9,430   9,407
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)
2.500%, 2/8/27 		3,158   3,104
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 3.000%)
3.750%, 4/29/26 		8,898   8,856
      73,463
       
 
  Par Value   Value
       
Healthcare—1.0%    
Agiliti Health, Inc. (3 month LIBOR + 2.750%)
3.500%, 1/5/26 		$2,653   $2,620
Bausch Health Cos., Inc.      
(1 month LIBOR + 2.750%)
2.859%, 11/27/25 		1,583   1,572
(1 month LIBOR + 3.000%)
3.109%, 6/2/25 		5,015   4,996
Catalent Pharma Solutions, Inc. Tranche B-3 (1 month LIBOR + 2.000%)
2.500%, 2/22/28 		1,658   1,658
Change Healthcare Holdings LLC (3 month LIBOR + 2.500%)
3.500%, 3/1/24 		8,066   8,053
Elanco Animal Health, Inc. (1 month LIBOR + 1.750%)
1.865%, 8/1/27 		951   938
Horizon Therapeutics USA, Inc Tranche B-2 (3 month LIBOR + 2.000%)
2.500%, 2/26/28 		9,470   9,437
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%)
1.953%, 6/11/25 		7,577   7,527
Phoenix Guarantor, Inc. Tranche B (1 month LIBOR + 3.750%)
4.250%, 3/5/26 		7,242   7,178
See Notes to Financial Statements
37

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Healthcare—continued    
PPD, Inc. (1 month LIBOR + 2.250%)
2.750%, 1/13/28 		$9,365   $ 9,310
Select Medical Corp. Tranche B (1 month LIBOR + 2.250%)
0.000%, 3/6/25(8) 		6,265   6,221
Sterigenics-Nordion Holdings LLC (3 month LIBOR + 2.750%)
3.250%, 12/13/26 		2,650   2,640
      62,150
       
 
Housing—0.4%    
84 Lumber Co. Tranche B-1 (3 month LIBOR + 3.000%)
3.750%, 11/13/26 		4,516   4,508
CPG International LLC (3 month LIBOR + 2.500%)
3.250%, 5/6/24(7) 		6,863   6,855
Hillman Group, Inc. (The)      
(3 month LIBOR + 2.750%)
0.000%, 2/24/28(8)(9) 		487   485
(3 month LIBOR + 2.750%)
0.000%, 2/24/28(8) 		487   484
Tranche B-1 (3 month LIBOR + 2.750%)
0.000%, 2/24/28(8) 		4,798   4,770
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%)
0.000%, 11/21/24(8) 		6,080   6,053
      23,155
       
 
  Par Value   Value
       
Information Technology—1.1%    
Applied Systems, Inc. First Lien (3 month LIBOR + 3.000%)
3.500%, 9/19/24 		$14,684   $14,618
Boxer Parent Co., Inc. 2021 (1 month LIBOR + 3.750%)
3.859%, 10/2/25 		5,546   5,519
Dell International LLC Tranche B-2 (1 month LIBOR + 1.750%)
2.000%, 9/19/25 		13,014   12,996
SS&C Technologies, Inc.      
Tranche B-3 (1 month LIBOR + 1.750%)
1.859%, 4/16/25 		2,285   2,258
Tranche B-4 (1 month LIBOR + 1.750%)
1.859%, 4/16/25 		1,706   1,686
Tranche B-5 (1 month LIBOR + 1.750%)
1.859%, 4/16/25 		9,328   9,223
UKG, Inc. 2021 (3 month LIBOR + 3.250%)
4.000%, 5/4/26 		14,069   14,069
Ultimate Software Group, Inc. (The) Second Lien (3 month LIBOR + 6.750%)
7.500%, 5/3/27 		235   240
See Notes to Financial Statements
38

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Information
Technology—continued 		   
Vertiv Group Corp. Tranche B (1 month LIBOR + 2.750%)
2.869%, 3/2/27 		$11,152   $11,058
      71,667
       
 
Manufacturing—0.8%    
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)
4.250%, 10/8/27 		5,735   5,722
Backyard Acquireco, Inc. (3 month LIBOR + 4.000%)
4.750%, 11/2/27 		7,825   7,835
Gardner Denver, Inc. Tranche A (1 month LIBOR + 2.750%)
2.859%, 3/1/27 		769   767
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%)
3.500%, 3/31/27 		12,469   12,427
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%)
1.859%, 3/1/27 		7,059   6,962
NCR Corp. (3 month LIBOR + 2.500%)
2.720%, 8/28/26 		7,897   7,798
Ozark Holdings LLC 2020 (1 month LIBOR + 4.000%)
4.750%, 12/10/27 		6,240   6,236
Titan Acquisition Ltd. (3 month LIBOR + 3.000%)
3.267%, 3/28/25 		6,315   6,178
      53,925
       
 
  Par Value   Value
       
Media / Telecom -
Broadcasting—0.3% 		   
Diamond Sports Group LLC (1 month LIBOR + 3.250%)
3.360%, 8/24/26 		$ 3,615   $ 2,467
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)
2.615%, 9/18/26 		10,956   10,865
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%)
2.360%, 1/3/24 		6,734   6,683
      20,015
       
 
Media / Telecom - Cable/Wireless
Video—0.6% 		   
Charter Communications Operating LLC Tranche B2 (1 month LIBOR + 1.750%)
1.870%, 2/1/27 		9,332   9,280
CSC Holdings LLC      
2017 (1 month LIBOR + 2.250%)
2.356%, 7/17/25 		4,367   4,302
2018 (1 month LIBOR + 2.250%)
2.356%, 1/15/26 		7,183   7,076
2019 (1 month LIBOR + 2.500%)
2.606%, 4/15/27 		3,926   3,875
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%)
4.250%, 9/25/26 		1,090   1,088
See Notes to Financial Statements
39

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Media / Telecom - Cable/Wireless
Video—continued 		   
Virgin Media Bristol LLC Tranche B (3 month LIBOR + 3.250%)
0.000%, 1/31/29(8) 		$9,320   $ 9,295
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%)
2.606%, 4/30/28 		3,145   3,111
      38,027
       
 
Media / Telecom - Diversified
Media—0.3% 		   
Clear Channel Outdoor Holdings, Inc. Tranche B (3 month LIBOR + 3.500%)
3.712%, 8/21/26 		6,373   6,113
Newco Financing Partnership Tranche AV1 (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		6,055   6,035
UPC Financing Partnership Tranche AV (1 month LIBOR + 3.500%)
3.606%, 1/31/29 		6,055   6,036
      18,184
       
 
Media / Telecom -
Telecommunications—0.5% 		   
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%)
2.359%, 3/15/27 		9,422   9,312
Consolidated Communications, Inc. (1 month LIBOR + 4.750%)
5.750%, 10/2/27 		3,784   3,782
  Par Value   Value
       
Media / Telecom -
Telecommunications—continued 		   
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%)
1.859%, 3/1/27 		$9,084   $ 8,959
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%)
3.109%, 3/9/27 		7,982   7,912
      29,965
       
 
Retail—0.4%    
Harbor Freight Tools USA, Inc. 2020 (1 month LIBOR + 3.000%)
3.750%, 10/19/27 		9,047   9,031
Michaels Stores, Inc. 2020, Tranche B (1 month LIBOR + 3.500%)
4.250%, 10/1/27 		9,104   9,090
PetsMart LLC (3 month LIBOR + 3.750%)
4.500%, 2/12/28 		6,040   6,026
      24,147
       
 
Service—1.3%    
Adtalem Global Education, Inc. Tranche B, First Lien (3 month LIBOR + 4.500%)
0.000%, 2/14/28(8) 		6,570   6,499
AlixPartners LLP (1 month LIBOR + 2.750%)
3.250%, 2/4/28 		5,660   5,636
See Notes to Financial Statements
40

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Service—continued    
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)
0.000%, 2/6/26(8) 		$9,282   $ 9,224
GFL Environmental, Inc. 2020 (3 month LIBOR + 3.000%)
3.500%, 5/30/25 		8,345   8,345
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%)
4.500%, 6/30/24 		8,200   8,028
Peraton Corp.      
(3 month LIBOR + 3.750%)
0.000%, 2/1/28(8) 		5,139   5,135
Tranche B, First Lien (3 month LIBOR + 3.750%)
4.500%, 2/1/28 		2,920   2,917
Pike Corp. 2028 (3 month LIBOR + 3.000%)
3.130%, 1/21/28 		9,253   9,215
PODS LLC (3 month LIBOR + 3.000%)
0.000%, 3/31/28(8) 		7,825   7,782
TKC Holdings, Inc. First Lien (6 month LIBOR + 3.750%)
4.750%, 2/1/23 		5,888   5,745
Trans Union LLC Tranche B-5 (1 month LIBOR + 1.750%)
1.859%, 11/16/26 		7,661   7,603
WEX, Inc. Tranche B, First Lien (3 month LIBOR + 2.250%)
0.000%, 3/20/28(8) 		5,035   5,016
      81,145
       
 
  Par Value   Value
       
Transportation - Automotive—0.2%    
Clarios Global LP First Lien (1 month LIBOR + 3.250%)
3.359%, 4/30/26 		$ 6,722   $ 6,647
PAI Holdco, Inc. Tranche B (3 month LIBOR + 4.000%)
5.000%, 10/28/27 		1,160   1,163
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%)
3.109%, 10/1/25 		5,983   5,819
      13,629
       
 
Transportation - Land
Transportation—0.1% 		   
Genesee & Wyoming, Inc. (3 month LIBOR + 2.000%)
0.000%, 12/30/26(8) 		9,770   9,731
Utility—0.8%    
Astoria Energy LLC Tranche B (3 month LIBOR + 3.500%)
4.500%, 12/10/27 		4,152   4,151
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)
3.250%, 8/1/25 		13,976   13,847
Calpine Corp.      
2019 (1 month LIBOR + 2.000%)
2.110%, 4/5/26 		9,678   9,563
2020 (1 month LIBOR + 2.500%)
2.610%, 12/2/27 		1,910   1,897
PG&E Corp. Tranche B (3 month LIBOR + 3.000%)
3.500%, 6/23/25 		1,926   1,921
See Notes to Financial Statements
41

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Par Value   Value
       
Utility—continued    
Vistra Operations Co. LLC 2018 (1 month LIBOR + 1.750%)
1.858%, 12/31/25 		$16,833   $ 16,703
      48,082
       
 
Total Leveraged Loans
(Identified Cost $839,924) 		  837,998
    
  Shares  
Preferred Stocks—0.4%
Financials—0.3%  
Bank of New York Mellon Corp. (The) Series E, 3.607%(5) 12,070 (10) 12,067
JPMorgan Chase & Co. Series Z, 4.005%(5) 3,985 (10) 3,993
JPMorgan Chase & Co. Series HH, 4.600% 4,159 (10) 4,206
    20,266
     
 
Industrials—0.1%  
General Electric Co. Series D, 3.514%(5) 6,235 (10) 5,892
Total Preferred Stocks
(Identified Cost $26,162) 		26,158
     
 
Common Stocks—0.0%
Communication Services—0.0%  
Clear Channel Outdoor Holdings, Inc. Class A(11) 48,842 88
Energy—0.0%  
Frontera Energy Corp. 148,014 755
Total Common Stocks
(Identified Cost $2,826) 		843
     
 
  Shares   Value
       
Exchange-Traded Funds—0.7%
Invesco Senior Loan ETF(12) 963,563   $ 21,324
iShares iBoxx High Yield Corporate Bond ETF(2)(12) 278,883   24,313
Total Exchange-Traded Funds
(Identified Cost $45,163) 		  45,637
       
 
Rights—0.0%
Utilities—0.0%    
Vistra Energy Corp.(7)(11) 98,789   108
Total Rights
(Identified Cost $84) 		  108
       
 
Warrant—0.0%
Communication Services—0.0%    
iHeartMedia, Inc.(7) 20,771   254
Total Warrant
(Identified Cost $361) 		  254
       
 
Total Long-Term Investments—99.3%
(Identified Cost $6,249,276) 		  6,319,019
       
 
Securities Lending Collateral—0.6%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(12)(13) 36,512,199   36,512
Total Securities Lending Collateral
(Identified Cost $36,512) 		  36,512
See Notes to Financial Statements
42

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
    Value
     
 
TOTAL INVESTMENTS—99.9%
(Identified Cost $6,285,788) 		$6,355,531
Other assets and liabilities, net—0.1% 6,039
NET ASSETS—100.0% $6,361,570
    
Abbreviations:
ABS Asset-Backed Securities
DB Deutsche Bank AG
ETF Exchange-Traded Fund
GS Goldman Sachs & Co.
JSC Joint Stock Company
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
LLLP Limited Liability Limited Partnership
LP Limited Partnership
MASTR Morgan Stanley Structured Asset Security
WaMu Washington Mutual
    
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, 2021, these securities amounted to a value of $4,062,922 or 63.9% of net assets.
(2) All or a portion of security is on loan.
(3) Security in default; no interest payments are being received during the bankruptcy proceedings.
(4) Regulation S security. Security is offered and sold outside of the United States; it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.
(5) Variable rate security. Rate disclosed is as of March 31, 2021. 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) No contractual maturity date.
(7) 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.
(8) This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(9) Represents unfunded portion of security and commitment fee earned on this portion.
(10) Value shown as par value.
(11) Non-income producing.
(12) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(13) Represents security purchased with cash collateral received for securities on loan.
Country Weightings†
United States 89%
Canada 2
Indonesia 1
Mexico 1
Netherlands 1
United Kingdom 1
Saudi Arabia 1
Other 4
Total 100%
† % of total investments as of March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
43

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Securities:              
Asset-Backed Securities $1,514,614   $ —   $1,514,614   $ —
Corporate Bonds and Notes 1,869,704   —   1,869,704   — (1)
Foreign Government Securities 252,306   —   252,306   —
Leveraged Loans 837,998   —   828,180   9,818 (1)
Mortgage-Backed Securities 1,715,797   —   1,662,250   53,547
Municipal Bond 4,675   —   4,675   —
U.S. Government Securities 50,925   —   50,925   —
Equity Securities:              
Preferred Stocks 26,158   —   26,158   —
Common Stocks 843   843   —   —
Rights 108   —   —   108
Warrant 254   —   —   254
Securities Lending Collateral 36,512   36,512   —   —
Exchange-Traded Funds 45,637   45,637   —   —
Total Investments $6,355,531   $82,992   $6,208,812   $63,727
    
(1) Includes internally fair valued securities currently priced at zero ($0).
Securities held by the Fund with an end of period value of $6,963 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.
See Notes to Financial Statements
44

Newfleet Multi-Sector Short Term Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ 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   Corporate
Bonds
And Notes 		  Leveraged
Loans 		  Mortgage-Backed
Securities 		  Right   Warrant
Investments in Securities                      
Balance as of September 30, 2020: $ 166   $ 2(a)   $ —(a)   $ —   $ —   $ 164
Accrued discount/(premium) — (b)   —   — (b)   — (b)   —   —
Realized gain (loss) (4,672)   (4,672)   —   —   —   —
Change in unrealized appreciation (depreciation)(c) 4,775   4,670   (10)   25   —   90
Purchases 56,495   —   2,973   53,522   —   —
Transfers into Level 3(d) 6,963   —   6,855   —   108   —
Balance as of March 31, 2021 $ 63,727   $ —(a)   $ 9,818(a)   $ 53,547   $ 108   $ 254
(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, 2021, was $105.
(d) “Transfers into and/or from” represent the ending value as of March 31, 2021, 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
45

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
March 31, 2021
(Reported in thousands except shares and per share amounts)
Assets  
Investment in securities at value(1)(2)
$ 6,355,531
Cash
192,526
Receivables  
Investment securities sold
54,276
Fund shares sold
16,804
Dividends and interest
28,397
Securities lending income
57
Prepaid Trustees’ retainer
56
Prepaid expenses
138
Other assets
567
Total assets
6,648,352
Liabilities  
Payables  
Fund shares repurchased
9,086
Investment securities purchased
234,403
Collateral on securities loaned
36,512
Dividend distributions
1,484
Investment advisory fees
2,534
Distribution and service fees
418
Administration and accounting fees
506
Transfer agent and sub-transfer agent fees and expenses
1,070
Professional fees
35
Trustee deferred compensation plan
567
Interest expense and/or commitment fees
11
Other accrued expenses
156
Total liabilities
286,782
Net Assets
$ 6,361,570
Net Assets Consist of:  
Capital paid in on shares of beneficial interest
$ 6,471,158
Accumulated earnings (loss)
(109,588)
Net Assets
$ 6,361,570
Net Assets:  
Class A
$ 954,050
Class C
$ 322,697
Class C1
$ 77,297
Class I
$ 4,977,880
Class R6
$ 29,646
See Notes to Financial Statements
46

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(Reported in thousands except shares and per share amounts)
Shares Outstanding (unlimited number of shares authorized, no par value):  
Class A
200,516,616
Class C
66,875,059
Class C1
16,056,922
Class I
1,044,556,409
Class R6
6,211,310
Net Asset Value and Redemption Price Per Share:*  
Class A
$ 4.76
Class C
$ 4.83
Class C1
$ 4.81
Class I
$ 4.77
Class R6
$ 4.77
Maximum Offering Price per Share (NAV/(1-2.25%**)):  
Class A
$ 4.87
(1) Investment in securities at cost
$ 6,285,788
(2) Market value of securities on loan
$ 35,607
   
    
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
** Maximum sales charge.
See Notes to Financial Statements
47

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
STATEMENT OF OPERATIONS (Unaudited)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
Investment Income  
Dividends
$ 1,686
Interest
95,008
Securities lending, net of fees
122
Total investment income
96,816
Expenses  
Investment advisory fees
14,523
Distribution and service fees, Class A
1,103
Distribution and service fees, Class C
993
Distribution and service fees, Class C1
528
Administration and accounting fees
3,085
Transfer agent fees and expenses
1,306
Sub-transfer agent fees and expenses, Class A
287
Sub-transfer agent fees and expenses, Class C
132
Sub-transfer agent fees and expenses, Class C1
34
Sub-transfer agent fees and expenses, Class I
1,625
Custodian fees
5
Printing fees and expenses
179
Professional fees
52
Interest expense and/or commitment fees
17
Registration fees
95
Trustees’ fees and expenses
243
Miscellaneous expenses
201
Total expenses
24,408
Less net expenses reimbursed and/or waived by investment adviser(1)
(11)
Less low balance account fees
(1)
Net expenses
24,396
Net investment income (loss)
72,420
Net Realized and Unrealized Gain (Loss) on Investments  
Net realized gain (loss) from:  
Investments
17,418
Foreign currency transactions
(2,237)
Net change in unrealized appreciation (depreciation) on:  
Investments
22,721
Foreign currency transactions
(1)
Net realized and unrealized gain (loss) on investments
37,901
Net increase (decrease) in net assets resulting from operations
$110,321
    
   
(1) See Note 3D in Notes to Financial Statements.
See Notes to Financial Statements
48

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
(reported in thousands)
  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations      
Net investment income (loss)
$ 72,420   $ 165,470
Net realized gain (loss)
15,181   (12,627)
Net change in unrealized appreciation (depreciation)
22,720   6,679
Increase (decrease) in net assets resulting from operations
110,321   159,522
Dividends and Distributions to Shareholders      
Net Investment Income and Net Realized Gains:      
Class A
(9,773)   (21,578)
Class C
(3,852)   (11,346)
Class C1
(764)   (3,010)
Class I
(57,859)   (127,738)
Class R6
(299)   (320)
Return of Capital:      
Class A
—   (2,308)
Class C
—   (1,356)
Class C1
—   (455)
Class I
—   (12,460)
Class R6
—   (30)
Total dividends and distributions to shareholders
(72,547)   (180,601)
Change in Net Assets from Capital Transactions      
Shares sold and cross class conversions:      
Class A (43,012 and 45,831 shares, respectively)
205,212   214,777
Class C (—(1) and 3 shares, respectively)
— (2)   15
Class C1 (2,597 and 4,727 shares, respectively)
12,538   22,398
Class I (195,496 and 328,899 shares, respectively)
934,882   1,539,304
Class R6 (4,479 and 2,223 shares, respectively)
21,386   10,419
Reinvestment of distributions:      
Class A (1,755 and 4,513 shares, respectively)
8,361   21,038
Class C (792 and 2,666 shares, respectively)
3,830   12,596
Class C1 (138 and 487 shares, respectively)
665   2,295
Class I (10,552 and 26,392 shares, respectively)
50,395   123,234
Class R6 (51 and 49 shares, respectively)
244   231
Shares repurchased and cross class conversions:      
Class A ((25,581) and (59,515) shares, respectively)
(122,025)   (276,484)
Class C ((24,301) and (32,673) shares, respectively)
(117,592)   (154,019)
Class C1 ((10,668) and (22,152) shares, respectively)
(51,443)   (104,849)
Class I ((120,417) and (390,608) shares, respectively)
(575,504)   (1,799,312)
Class R6 ((716) and (1,232) shares, respectively)
(3,431)   (5,763)
Increase (decrease) in net assets from capital transactions
367,518   (394,120)
Net increase (decrease) in net assets
405,292   (415,199)
Net Assets      
Beginning of period
5,956,278   6,371,477
End of Period
$ 6,361,570   $ 5,956,278
    
(1) Amount is less than 500 shares.
(2) Amount is less than $500.
See Notes to Financial Statements
49

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              
10/1/20 to 3/31/21(6) $4.73  0.05  0.03  0.08  (0.05)  —  (0.05) 
10/1/19 to 9/30/20 4.72  0.12  0.02  0.14  (0.12)  (0.01)  (0.13) 
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) 
Class C              
10/1/20 to 3/31/21(6) $4.79  0.05  0.04  0.09  (0.05)  —  (0.05) 
10/1/19 to 9/30/20 4.78  0.11  0.02  0.13  (0.11)  (0.01)  (0.12) 
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) 
Class C1              
10/1/20 to 3/31/21(6) $4.78  0.04  0.02  0.06  (0.03)  —  (0.03) 
10/1/19 to 9/30/20 4.77  0.09  0.02  0.11  (0.09)  (0.01)  (0.10) 
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) 
Class I              
10/1/20 to 3/31/21(6) $4.73  0.06  0.04  0.10  (0.06)  —  (0.06) 
10/1/19 to 9/30/20 4.72  0.13  0.02  0.15  (0.13)  (0.01)  (0.14) 
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) 
Class R6              
10/1/20 to 3/31/21(6) $4.74  0.06  0.03  0.09  (0.06)  —  (0.06) 
10/1/19 to 9/30/20 4.72  0.14  0.03  0.17  (0.14)  (0.01)  (0.15) 
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
50

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)
               
               
0.03  $4.76  1.75 % $ 954,050  0.96 %  (7) 0.96 %  2.20 %  34 % 
0.01  4.73  3.10  857,107  0.98   (7) 0.98   2.58   70  
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  
               
0.04  $4.83  1.81 % $ 322,697  1.21 %  (7) 1.21 %  1.96 %  34 % 
0.01  4.79  2.81  433,279  1.21   (7) 1.21   2.35   70  
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  
               
0.03  $4.81  1.35 % $ 77,297  1.71 %  (7) 1.71 %  1.46 %  34 % 
0.01  4.78  2.31  114,699  1.71   (7) 1.71   1.85   70  
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  
               
0.04  $4.77  2.09 % $4,977,880  0.71 %  (7) 0.71 %  2.45 %  34 % 
0.01  4.73  3.36  4,539,835  0.72   (7) 0.72   2.83   70  
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  
               
0.03  $4.77  1.91 % $ 29,646  0.55 %  0.64 %  2.60 %  34 % 
0.02  4.74  3.65  11,358  0.55   0.65   2.99   70  
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
51

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
52

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited)
March 31, 2021
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, 20 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 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 such 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 following a required holding period, which as of March 1, 2021, was eight years. Class C1 shares are sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C1 shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019, to February 28, 2021, with certain exceptions, Class C1 shares and any reinvested dividends and other distributions paid on such shares, were 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. 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
53

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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 $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectus and/or statement of additional information. The fees collected will be used to offset certain expenses of the Fund. These fees are reflected as “Less low balance account fees” in the Fund’s Statement of Operations for the period, as applicable.
Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Fund’s Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of the Fund are borne pro-rata by the holders of each class of shares.
Note 2. Significant Accounting Policies
($ 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 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).
54

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
•     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 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.
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.
55

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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. 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, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2017 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 which may differ from U.S. GAAP.
56

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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. 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
57

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  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.
  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.
  As of March 31, 2021, the Fund had unfunded loan commitments:
    
  Borrower       Unfunded Loan Commitment  
Hillman Group, Inc. (The) (3 month LIBOR + 2.750%) 0.000%, 2/24/28
  $485
I. Securities Lending
  Effective October 1, 2020, the Fund may resume loaning 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”) which 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.
58

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  At March 31, 2021, the securities loaned were subject to a MSLA on a net payment basis as follows:
    
Counterparty   Value of
Securities
on Loan 		  Cash
Collateral
Received(1) 		  Net
Amount(2)
BNYM   $ 35,607   $ 35,607   $ —
(1) Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments.
(2) Net amount represents the net amount receivable due from the counterparty in the event of default.
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 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 Limitations
  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 February 1, 2022. 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.
    
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
59

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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   2024   Total
Class R6
$ 2   $ 5   $ 11   $ 11   $ 29
                   
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, 2021, it retained net commissions of $11 for Class A shares, and CDSC of $22, $—* and $8 for Class A shares, Class C shares, and Class C1 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, 2021, the Fund incurred administration fees totaling $2,840 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, 2021, the Fund incurred transfer agent fees totaling $1,290 which are included in the Statement of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
60

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
G. Investments in Affiliates
  The Fund is permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
  During the period ended March 31, 2021, the Fund did not engage in Rule 17a-7 of the 1940 Act transactions.
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 Statement of Assets and Liabilities at March 31, 2021.
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, 2021, were as follows:
Purchases   Sales
$2,294,830   $1,866,569
Purchases and sales of long-term U.S. Government and agency securities during the period ended March 31, 2021, were as follows:
Purchases   Sales
$123,820   $223,605
Note 5. 10% Shareholders
As of March 31, 2021, 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*
46%   3
* The shareholders are not affiliated with Virtus.
61

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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 July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that certain LIBORs may continue beyond 2021 and certain of the most widely used LIBORs may continue until mid-2023. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including the Fund. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain how such changes would be implemented and the effects such changes would have on the Fund, issuers of instruments in which the Fund invests, and the financial markets generally.
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.
62

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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, 2021, 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 $150,000 unsecured line of credit (“Credit Agreement”). This Credit Agreement, as amended, is with a commercial bank that allows the Fund to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 10, 2022. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the period ended March 31, 2021, are included in the “Interest expense and/or commitment fees” line on the Statement of Operations. The Fund and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.
The Fund had no borrowings at any time during the period ended March 31, 2021.
Note 10. Federal Income Tax Information
($ reported in thousands)
At March 31, 2021, 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)
$6,287,074   $ 119,912   $ (51,455)   $ 68,457
The Fund has capital loss carryovers available to offset future realized gains. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the fiscal year ended September 30, 2020, the Fund’s capital loss carryovers were as follows:
   
Short-Term   Long-Term
$70,491   $114,199
63

NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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, 2020, the Fund deferred and recognized qualified late year losses as follows:
Capital
Loss
Deferred 		  Capital
Loss
Recognized
$ 5,933   $ (44,562)
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 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 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 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.
64

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”) (together with the Advisory Agreement, the “Agreements”) among the Trust, VIA and Newfleet Asset Management, LLC (the “Subadviser”) with respect to Virtus Newfleet Multi-Sector Short Term Bond Fund (the “Fund”). At virtual meetings held on November 3, 2020, and November 16-18, 2020 (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 with respect to the Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index; (c) 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); (d) the profitability of VIA under the Advisory Agreement; (e) 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); (f) the anticipated effect of growth in size on the Fund’s performance and expenses; (g) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.
65

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, 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 summary and statutory 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.
66

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 its 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, 2020.
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 outperformed its benchmark for the 10-year period and underperformed its benchmark for the 1-, 3- and 5-year periods.
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, 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 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 advisory fees rather than paid
67

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS
BY THE BOARD OF TRUSTEES (Unaudited) (Continued)
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 and net total expenses were each in the fifth 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
68

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS
BY THE BOARD OF TRUSTEES (Unaudited) (Continued)
Fund’s expense cap through January 31, 2022. 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
101 Munson Street
Greenfield, MA 01301-9668
Trustees
Philip R. McLoughlin, Chairman
George R. Aylward
Donald C. Burke
Sidney E. Harris
John R. Mallin
Connie D. McDaniel
Geraldine M. McNamara
James M. Oates
R. Keith Walton
Brian T. Zino
Advisory Board Members
Sarah E. Cogan
Deborah A. DeCotis
F. Ford Drummond
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
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.

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 05-21

SEMIANNUAL REPORT
VIRTUS OPPORTUNITIES TRUST
March 31, 2021
Virtus Vontobel Emerging Markets Opportunities Fund
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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
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.
Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents
Virtus Vontobel Emerging Markets Opportunities Fund
(“Vontobel Emerging Markets Opportunities Fund”)
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.

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, 2021.
Monetary support and fiscal stimulus drove strong returns for global markets during the period as optimism about vaccinations increased and economic indicators improved. For the six months, U.S. small-cap stocks, which gained 48.06% as measured by the Russell 2000® Index, strongly outperformed large-capitalization stocks, which returned 19.07%, as measured by the S&P 500® Index. Within international equities, developed markets, as measured by the MSCI EAFE® Index (net), returned 20.08%, and emerging markets, as measured by the MSCI Emerging Markets Index (net), gained 22.43%.
In fixed income markets, the yield on the 10-year Treasury rose sharply to 1.74% on March 31, 2021, from 0.69% on September 30, 2020, based on inflation fears. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, was down 2.73% for the six-month period, but non-investment grade bonds, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, were up 7.36%.
On behalf of the Virtus Funds and our investment managers, I thank you for entrusting us with your assets. To learn more about the other investment strategies we offer, please visit Virtus.com. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. We appreciate your business and remain committed to your long-term financial success.
Sincerely,
George R. Aylward
President, Virtus Funds
May 2021
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. Investing involves risk, including the risk of loss of principal invested.
1

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
DISCLOSURE OF FUND EXPENSES (Unaudited)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Class A
$ 1,000.00   $ 1,194.30   1.56 %   $ 8.53
Class C
1,000.00   1,191.10   2.24   12.24
Class I
1,000.00   1,197.00   1.25   6.85
Class R6
1,000.00   1,198.70   0.98   5.37
    
* 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 365 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.
2

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF October 1, 2020 TO March 31, 2021
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, 2020 		  Ending
Account Value
March 31, 2021 		  Annualized
Expense
Ratio 		  Expenses
Paid
During
Period*
Class A
$ 1,000.00   $ 1,017.15   1.56 %   $ 7.85
Class C
1,000.00   1,013.76   2.24   11.25
Class I
1,000.00   1,018.70   1.25   6.29
Class R6
1,000.00   1,020.04   0.98   4.94
    
* 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 365 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.
3

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
KEY INVESTMENT TERMS (Unaudited)
March 31, 2021
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.
4

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
KEY INVESTMENT TERMS (Unaudited) (Continued)
March 31, 2021
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.
5

Vontobel Emerging Markets Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2021
($ reported in thousands)
Asset Allocation
The following table presents the asset allocation within certain sectors as a percentage of total investments as of March 31, 2021.
Information Technology 30%
Consumer Staples 18
Consumer Discretionary 17
Communication Services 15
Financials 15
Industrials 3
Utilities 2
Total 100%
  Shares   Value
Common Stocks—98.6%
Communication Services—14.8%    
Autohome, Inc. ADR (China) 754,978   $ 70,417
NAVER Corp. (South Korea) 468,209   155,966
NCSoft Corp. (South Korea) 47,894   36,944
NetEase, Inc. (China) 5,060,913   102,988
NetEase, Inc. ADR (China) 670,537   69,240
Telekom Indonesia Persero Tbk PT (Indonesia) 481,259,740   113,315
Tencent Holdings Ltd. (China) 5,032,118   394,848
      943,718
       
 
Consumer Discretionary—16.3%    
Alibaba Group Holding Ltd. (China)(1) 7,458,060   211,056
Baozun, Inc. Sponsored ADR (China)(1) 1,041,923   39,739
China Tourism Group Duty Free Corp. Ltd. Class A (China) 1,430,575   66,800
Eicher Motors Ltd. (India) 1,699,958   60,544
  Shares   Value
       
Consumer
Discretionary—continued 		   
Lojas Renner S.A. (Brazil) 17,817,102   $ 134,563
Meituan Class B (China)(1) 744,326   28,551
Naspers Ltd. Class N (South Africa) 766,559   183,419
Shenzhou International Group Holdings Ltd. (China) 1,752,542   36,317
Yum China Holdings, Inc. (China) 2,567,963   152,049
Yum China Holdings, Inc. (China) 2,104,726   122,914
      1,035,952
       
 
Consumer Staples—18.2%    
Ambev S.A. ADR (Brazil) 8,957,814   24,544
Anheuser-Busch InBev NV (Belgium) 1,013,913   63,910
Budweiser Brewing Co. APAC Ltd. (Hong Kong) 48,239,699   143,960
Chacha Food Co. Ltd. Class A (China) 9,058,591   67,729
CP ALL PCL (Thailand)(1) 55,928,372   123,937
 
See Notes to Financial Statements
6

Vontobel Emerging Markets Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Shares   Value
       
Consumer Staples—continued    
Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico) 1,168,773   $ 88,044
Foshan Haitian Flavouring & Food Co. Ltd. Class A (China) 1,211,848   29,543
Heineken NV (Netherlands) 908,396   93,339
LG Household & Health Care Ltd. (South Korea) 60,224   83,545
Toly Bread Co., Ltd. (China) 8,623,461   62,910
Unilever plc (United Kingdom) 1,506,803   84,075
Vietnam Dairy Products JSC (Vietnam) 6,780,442   28,914
Vitasoy International Holdings Ltd. (Hong Kong) 9,477,109   36,450
Wal-Mart de Mexico SAB de C.V. (Mexico) 27,435,870   86,645
Wuliangye Yibin Co., Ltd. Class A (China) 3,354,592   137,142
      1,154,687
       
 
Financials—14.2%    
B3 SA - Brasil Bolsa Balcao (Brazil) 4,739,835   46,037
Bank Central Asia Tbk PT (Indonesia) 47,759,939   102,178
Bank Rakyat Persero Tbk PT (Indonesia)(1) 383,279,453   116,105
HDFC Bank Ltd. (India)(1) 3,382,214   69,096
Hong Kong Exchanges & Clearing Ltd.
(Hong Kong) 		861,781   50,704
Housing Development Finance Corp., Ltd. (India) 4,008,551   136,962
Kotak Mahindra Bank Ltd. (India)(1) 4,127,876   98,972
  Shares   Value
       
Financials—continued    
Public Bank Bhd (Malaysia) 89,860,708   $ 91,020
United Overseas Bank Ltd. (Singapore) 7,835,221   150,449
XP, Inc. Class A (Brazil)(1) 1,175,772   44,291
      905,814
       
 
Health Care—0.4%    
Notre Dame Intermedica Participacoes SA (Brazil) 1,770,365   26,074
Industrials—3.2%    
Airports of Thailand PCL (Thailand) 26,283,353   58,034
BOC Aviation Ltd. (Singapore) 2,742,155   26,560
MTR Corp., Ltd. (Hong Kong) 9,577,044   54,266
Shanghai M&G Stationery, Inc. Class A (China) 2,143,713   27,932
Techtronic Industries Co., Ltd.
(Hong Kong) 		2,079,364   35,574
      202,366
       
 
Information Technology—29.6%    
HCL Technologies Ltd. (India) 15,877,321   213,392
Hundsun Technologies, Inc. (China) 6,413,513   82,187
Largan Precision Co., Ltd. (Taiwan) 528,495   59,456
Realtek Semiconductor Corp. (Taiwan) 3,630,387   62,854
Samsung Electronics Co., Ltd. (South Korea) 2,735,753   196,766
SK Hynix, Inc. (South Korea) 3,061,197   358,391
See Notes to Financial Statements
7

Vontobel Emerging Markets Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2021
($ reported in thousands)
  Shares   Value
       
Information
Technology—continued 		   
Sunny Optical Technology Group Co., Ltd. (China) 2,473,797   $ 56,387
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 21,474,555   441,789
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) 597,801   70,708
Tata Consultancy Services Ltd. (India) 4,916,227   213,681
Win Semiconductors Corp. (Taiwan) 8,978,945   123,042
      1,878,653
       
 
Utilities—1.9%    
ENN Energy Holdings Ltd. (China) 7,487,698   120,106
Total Common Stocks
(Identified Cost $4,839,035) 		  6,267,370
       
 
Total Long-Term Investments—98.6%
(Identified Cost $4,839,035) 		  6,267,370
    Value
     
 
TOTAL INVESTMENTS—98.6%
(Identified Cost $4,839,035) 		$6,267,370
Other assets and liabilities, net—1.4% 88,057
NET ASSETS—100.0% $6,355,427
Abbreviations:
ADR American Depositary Receipt
JSC Joint Stock Company
    
Footnote Legend:
(1) Non-income producing.
    
Country Weightings†
China 30%
South Korea 13
India 13
Taiwan 12
Indonesia 6
Hong Kong 6
Brazil 4
Other 16
Total 100%
† % of total investments as of March 31, 2021.
The following table summarizes the market value of the Fund’s investments as of March 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):
  Total
Value at
March 31, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $6,267,370   $6,267,370
Total Investments $6,267,370   $6,267,370
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2021.
There were no transfers into or out of Level 3 related to securities held at March 31, 2021.
For information regarding the abbreviations, see the Key Investment Terms starting on page 4.
See Notes to Financial Statements
8

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
March 31, 2021
(Reported in thousands except shares and per share amounts)
Assets  
Investment in securities at value(1)
$ 6,267,370
Foreign currency at value(2)
7,748
Cash
105,687
Receivables  
Investment securities sold
23,986
Fund shares sold
7,748
Dividends
10,300
Tax reclaims
2,723
Prepaid Trustees’ retainer
73
Prepaid expenses
113
Other assets
592
Total assets
6,426,340
Liabilities  
Payables  
Fund shares repurchased
3,838
Investment securities purchased
29,338
Foreign capital gains tax
28,780
Investment advisory fees
5,325
Distribution and service fees
172
Administration and accounting fees
537
Transfer agent and sub-transfer agent fees and expenses
1,911
Professional fees
49
Trustee deferred compensation plan
592
Interest expense and/or commitment fees
11
Other accrued expenses
360
Total liabilities
70,913
Net Assets
$ 6,355,427
Net Assets Consist of:  
Common stock $0.001 par value
$ 470
Capital paid in on shares of beneficial interest
4,726,468
Accumulated earnings (loss)
1,628,489
Net Assets
$ 6,355,427
Net Assets:  
Class A
$ 420,111
Class C
$ 89,587
Class I
$ 5,606,901
Class R6
$ 238,828
See Notes to Financial Statements
9

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)
March 31, 2021
(Reported in thousands except shares and per share amounts)
Shares Outstanding (unlimited number of shares authorized, no par value):  
Class A
32,074,249
Class C
7,084,118
Class I
413,332,265
Class R6
17,553,182
Net Asset Value and Redemption Price Per Share:*  
Class A
$ 13.10
Class C
$ 12.65
Class I
$ 13.57
Class R6
$ 13.61
Maximum Offering Price per Share (NAV/(1-5.50%**)):  
Class A
$ 13.86
(1) Investment in securities at cost
$ 4,839,035
(2) Foreign currency at cost
$ 7,766
   
    
* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.
** Maximum sales charge.
See Notes to Financial Statements
10

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
STATEMENT OF OPERATIONS (Unaudited)
SIX MONTHS ENDED March 31, 2021
($ reported in thousands)
Investment Income  
Dividends
$ 31,706
Securities lending, net of fees
32
Foreign taxes withheld
(3,856)
Total investment income
27,882
Expenses  
Investment advisory fees
30,840
Distribution and service fees, Class A
505
Distribution and service fees, Class C
528
Administration and accounting fees
3,253
Transfer agent fees and expenses
1,384
Sub-transfer agent fees and expenses, Class A
347
Sub-transfer agent fees and expenses, Class C
54
Sub-transfer agent fees and expenses, Class I
3,162
Custodian fees
159
Printing fees and expenses
227
Professional fees
69
Interest expense and/or commitment fees
17
Registration fees
69
Trustees’ fees and expenses
243
Miscellaneous expenses
324
Total expenses
41,181
Less net expenses reimbursed and/or waived by investment adviser(1)
(177)
Less low balance account fees
— (2)
Net expenses
41,004
Net investment income (loss)
(13,122)
Net Realized and Unrealized Gain (Loss) on Investments  
Net realized gain (loss) from:  
Investments
638,347
Foreign currency transactions
(1,510)
Foreign capital gains tax
(1,167)
Net change in unrealized appreciation (depreciation) on:  
Investments
502,623
Foreign currency transactions
(212)
Foreign capital gains tax
(8,579)
Net realized and unrealized gain (loss) on investments
1,129,502
Net increase (decrease) in net assets resulting from operations
$1,116,380
    
   
(1) See Note 3D in Notes to Financial Statements.
(2) Amount is less than $500.
See Notes to Financial Statements
11

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
(reported in thousands)
  Six Months Ended
March 31,
2021
(Unaudited) 		  Year Ended
September 30,
2020
Increase (Decrease) in Net Assets Resulting from Operations      
Net investment income (loss)
$ (13,122)   $ 21,845
Net realized gain (loss)
635,670   (151,418)
Net change in unrealized appreciation (depreciation)
493,832   342,789
Increase (decrease) in net assets resulting from operations
1,116,380   213,216
Dividends and Distributions to Shareholders      
Net Investment Income and Net Realized Gains:      
Class A
(1,489)   (8,478)
Class C
—   (1,441)
Class I
(35,907)   (133,209)
Class R6
(1,604)   (2,708)
Total dividends and distributions to shareholders
(39,000)   (145,836)
Change in Net Assets from Capital Transactions      
Shares sold and cross class conversions:      
Class A (5,257 and 9,057 shares, respectively)
68,366   93,018
Class C (463 and 420 shares, respectively)
5,992   4,358
Class I (35,482 and 100,907 shares, respectively)
479,328   1,037,831
Class R6 (2,821 and 10,515 shares, respectively)
38,135   114,095
Reinvestment of distributions:      
Class A (96 and 623 shares, respectively)
1,203   6,968
Class C (— and 123 shares, respectively)
—   1,335
Class I (2,444 and 9,993 shares, respectively)
31,633   115,621
Class R6 (98 and 191 shares, respectively)
1,270   2,205
Shares repurchased and cross class conversions:      
Class A ((6,810) and (21,189) shares, respectively)
(86,213)   (211,952)
Class C ((2,712) and (4,422) shares, respectively)
(34,223)   (43,221)
Class I ((78,423) and (221,600) shares, respectively)
(1,036,803)   (2,260,192)
Class R6 ((2,890) and (4,043) shares, respectively)
(38,011)   (43,156)
Increase (decrease) in net assets from capital transactions
(569,323)   (1,183,090)
Net increase (decrease) in net assets
508,057   (1,115,710)
Net Assets      
Beginning of period
5,847,370   6,963,080
End of Period
$ 6,355,427   $ 5,847,370
See Notes to Financial Statements
12

THIS PAGE INTENTIONALLY BLANK.

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              
10/1/20 to 3/31/21(6) $11.01  (0.04)  2.18  2.14  (0.05)  —  (0.05) 
10/1/19 to 9/30/20 10.65  0.01  0.55  0.56  (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) 
Class C              
10/1/20 to 3/31/21(6) $10.62  (0.09)  2.12  2.03  —  —  — 
10/1/19 to 9/30/20 10.27  (0.06)  0.52  0.46  (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)  —  —  — 
Class I              
10/1/20 to 3/31/21(6) $11.41  (0.03)  2.27  2.24  (0.08)  —  (0.08) 
10/1/19 to 9/30/20 11.03  0.04  0.58  0.62  (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) 
Class R6              
10/1/20 to 3/31/21(6) $11.44  (0.01)  2.28  2.27  (0.10)  —  (0.10) 
10/1/19 to 9/30/20 11.04  0.06  0.59  0.65  (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) 
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
14

VONTOBEL EMERGING MARKETS OPPORTUNITIES 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)
               
               
2.09  $13.10      19.43 %  $ 420,111     1.56 %     1.56 %      (0.69) %     27 % 
0.36  11.01  5.22   369,053  1.57   1.57   0.07   55  
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  
               
2.03  $12.65      19.11 %  $ 89,587     2.24 %     2.24 %      (1.39) %     27 % 
0.35  10.62  4.49   99,139  2.25   2.25   (0.61)   55  
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  
               
2.16  $13.57      19.70 %  $5,606,901     1.25 %      1.25 %      (0.38) %     27 % 
0.38  11.41  5.57   5,178,655  1.26   1.26   0.38   55  
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  
               
2.17  $13.61      19.87 %  $ 238,828      0.98 %     1.14 %      (0.12) %     27 % 
0.40  11.44  5.86   200,523  0.98   1.15   0.59   55  
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  
    
The footnote legend is at the end of the financial highlights.
See Notes to Financial Statements
15

VONTOBEL EMERGING MARKETS OPPORTUNITIES 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) 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.
See Notes to Financial Statements
16

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited)
March 31, 2021
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, 20 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.
Effective February 1, 2021, Class A shares are sold with a front-end sales charge of up to 5.50% with some exceptions. Prior to February 1, 2021, Class A shares were 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 such 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. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019, to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. 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,
17

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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).
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:
18

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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 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,
19

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  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, 2021, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2017 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 which 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
  Effective October 1, 2020, the Fund may resume loaning securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon
20

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  (“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”) which 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.
  At March 31, 2021, the Fund did not loan securities.
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 February 1, 2022. Following the contractual period, the Adviser may discontinue this expense reimbursement arrangement at any time. The waivers and reimbursements are accrued 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
21

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  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   2024   Total
Class A
$ 118   $ 241   $ 177   $ 536
               
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, 2021, it retained net commissions of $7 for Class A shares and CDSC of $10 for Class A shares and $2 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, 2021, the Fund incurred administration fees totaling $2,994 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, 2021, the Fund incurred transfer agent fees totaling $1,357 which are included in the Statement of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly.
G. Investments in Affiliates
  The Fund is permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the
22

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
  Fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
  During the period ended March 31, 2021, the Fund did not engage in Rule 17a-7 of the 1940 Act transactions.
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 Statement of Assets and Liabilities at March 31, 2021.
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, 2021, were as follows:
Purchases   Sales
$1,652,922   $2,318,909
There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2021.
Note 5. 10% Shareholders
As of March 31, 2021, 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*
47%   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
23

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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.
At March 31, 2021, the Fund held securities issued by various companies in specific sectors as detailed below:
Sector   Percentage of
Total Investments
Information Technology   30%
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, 2021, 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 10, 2022. 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. Total commitment fees paid for the period ended March 31, 2021, are included in the “Interest expense and/or commitment fees” line on the Statement of Operations. 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
24

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
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, 2021 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   $11,550   1.30%   2
Note 10. Federal Income Tax Information
($ reported in thousands)
At March 31, 2021, 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)
$ 4,889,565   $ 1,529,994   $ (152,189)   $ 1,377,805
The Fund has capital loss carryovers available to offset future realized gains. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the fiscal year ended September 30, 2020, the Fund’s capital loss carryovers were as follows:
   
Short-Term   Long-Term
$88,600   $83,520
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, 2020, the Fund deferred qualified late year losses as follows:
Capital
Loss
Deferred
$ 147,736
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 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.
25

VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
March 31, 2021
Note 12. 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.
26

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”) (together with the Advisory Agreement, the “Agreements”) among the Trust, VIA and Vontobel Asset Management, Inc. (the “Subadviser”) with respect to Virtus Vontobel Emerging Markets Opportunities Fund (the “Fund”). At virtual meetings held on November 3, 2020, and November 16-18, 2020 (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 with respect to the Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index; (c) 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); (d) the profitability of VIA under the Advisory Agreement; (e) 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); (f) the anticipated effect of growth in size on the Fund’s performance and expenses; (g) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.
27

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, 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 summary and statutory 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.
28

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 its 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, 2020.
The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 10-year period. The Board also noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1, 3- and 5-year periods.
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
29

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS
BY THE BOARD OF TRUSTEES (Unaudited) (Continued)
advisory 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 and net total expenses were each 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 the 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
30

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS
BY THE BOARD OF TRUSTEES (Unaudited) (Continued)
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 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.
31

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VIRTUS OPPORTUNITIES TRUST
101 Munson Street
Greenfield, MA 01301-9668
Trustees
Philip R. McLoughlin, Chairman
George R. Aylward
Donald C. Burke
Sidney E. Harris
John R. Mallin
Connie D. McDaniel
Geraldine M. McNamara
James M. Oates
R. Keith Walton
Brian T. Zino
Advisory Board Members
Sarah E. Cogan
Deborah A. DeCotis
F. Ford Drummond
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
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.

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 05-21

Item 2.

Code of Ethics.

Not applicable.

 

Item 3.

Audit Committee Financial Expert.

Not applicable.

 

Item 4.

Principal Accountant Fees and Services.

Not applicable.

 

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

 

Item 6.

Investments.

 

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

 

(b)

Not applicable.

 

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11.

Controls and Procedures.

 

  (a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  (b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

 

Item 13.

Exhibits.

 

(a)(1)

   Not applicable.

(a)(2)

   Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

   Not applicable.

(a)(4)

   Not applicable.

(b)

   Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)   

Virtus Opportunities Trust

                       

 

By (Signature and Title)*   

    /s/ George R. Aylward

  
       George R. Aylward, President                        
       (principal executive officer)   

 

Date

  

    6/3/2021

  

                     

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*   

    /s/ George R. Aylward

                       
       George R. Aylward, President   
       (principal executive officer)   

 

Date   

    6/3/2021

                       

 

By (Signature and Title)*   

    /s/ W. Patrick Bradley

                       
       W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer   
       (principal financial officer)   

 

Date

  

    6/3/2021

  

                     

 

* 

Print the name and title of each signing officer under his or her signature.

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, George R. Aylward, certify that:

 

1.

I have reviewed this report on Form N-CSR of Virtus Opportunities Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: 6/3/2021                                  

/s/ George R. Aylward

      George R. Aylward, President
      (principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, W. Patrick Bradley, certify that:

 

1.

I have reviewed this report on Form N-CSR of Virtus Opportunities Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: 6/3/2021                                  

/s/ W. Patrick Bradley

      W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer
      (principal financial officer)

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

I, George R. Aylward, President of Virtus Opportunities Trust (the “Registrant”), certify that:

 

  1.

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: 6/3/2021                                  

/s/ George R. Aylward

      George R. Aylward, President
      (principal executive officer)

I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Opportunities Trust (the “Registrant”), certify that:

 

  1.

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: 6/3/2021                                  

/s/ W. Patrick Bradley

      W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer
      (principal financial officer)