Virtus Opportunities Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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

100 Pearl Street

Hartford, CT 06103-4506

(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, 2016

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

SEMIANNUAL REPORT

Virtus Bond Fund

Virtus CA Tax-Exempt Bond Fund

Virtus Essential Resources Fund

Virtus High Yield Fund

Virtus Low Volatility Equity Fund

Virtus Multi-Sector Intermediate Bond Fund

Virtus Senior Floating Rate Fund

Virtus Wealth Masters Fund

March 31, 2016

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

Statement of Additional Information (“SAI”) supplement applicable to the Funds
appears at the back of this semiannual report.

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		4
Portfolio Holdings Summary		6
Fund	Schedule of Investments
Virtus Bond Fund (“Bond Fund”)		7
Virtus CA Tax-Exempt Bond Fund (“CA Tax-Exempt Bond Fund”)		14
Virtus Essential Resources Fund (“Essential Resources Fund”)		16
Virtus High Yield Fund (“High Yield Fund”)		18
Virtus Low Volatility Equity Fund (“Low Volatility Equity Fund”)		23
Virtus Multi-Sector Intermediate Bond Fund (“Multi-Sector Intermediate Bond Fund”)		24
Virtus Senior Floating Rate Fund (“Senior Floating Rate Fund”)		33
Virtus Wealth Masters Fund (“Wealth Masters Fund”)		39
Statements of Assets and Liabilities		42
Statements of Operations		44
Statements of Changes in Net Assets		46
Financial Highlights		50
Notes to Financial Statements		55
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		67

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

The subadvisers vote proxies 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 http://www.sec.gov.

Form N-Q 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 on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

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.

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six months ended March 31, 2016.

During the period, global equity markets were challenged by falling oil prices, China’s slowdown, and anticipation of the first rate hike by the Federal Reserve (the “Fed”) in nine years, which was finally realized in December. For the six months ended March 31, 2016, major U.S. equity markets had strong gains, with the large-cap S&P 500^® Index and Dow Jones Industrial Average^SM returning 8.49% and 10.07%, respectively, while the technology-heavy NASDAQ Composite Index^® was up 6.07%. International equities also produced positive returns, particularly emerging markets, which gained 6.41% over the six months, as measured by the MSCI Emerging Markets Index (net dividends).

U.S. Treasuries were unsettled for much of the period, though demand for this “safe haven” asset eased in late March following the Fed’s decision to delay further rate hikes in the near term. The yield on the bellwether 10-year U.S. Treasury was 1.78% on March 31, 2016 compared with 2.06% on September 30, 2015. For the six months ended March 31, 2016, the broader U.S. fixed income market, as represented by the Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, gained 2.44%, while non-investment grade bonds rose 1.22%, as measured by the Barclays U.S. Corporate High Yield Bond Index.

The strength of the global economy is likely to remain a concern for the markets in the months ahead, and investors will watch with great interest the actions of the Fed and other central banks. The U.S. economy’s continued growth, as evidenced by stronger jobs, housing, and consumer spending data, should give investors reason for optimism, but future market direction will be determined largely by the ability of corporations to continue to produce robust earnings.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to both traditional and alternative asset classes. While diversification cannot guarantee a profit or prevent a loss, owning a variety of asset classes may cushion your portfolio against inevitable market fluctuations. Your financial advisor can help you ensure that your portfolio is adequately diversified across asset classes and investment strategies.

As always, thank you for entrusting Virtus with your assets. Should you have questions about your account or require assistance, please visit our website at Virtus.com, or call our customer service team at 1-800-243-1574. We appreciate your business and remain committed to your long-term financial success.

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

April 2016

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.

1

VIRTUS OPPORTUNITIES TRUST

Disclosure of Fund Expenses (Unaudited)

For the six-month period of October 1, 2015 to March 31, 2016

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 (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 B and 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. 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. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, 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 given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each 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 the other funds.

Please note that the expenses shown in the accompanying table 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 second section of the accompanying table is 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.

Expense Table
	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Bond Fund
Actual
Class A	$	1,000.00	$	1,014.40		0.84	%	$	4.23
Class B		1,000.00		1,011.00		1.59			7.99
Class C		1,000.00		1,011.00		1.59			7.99
Class I		1,000.00		1,015.40		0.59			2.97
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.80		0.84			4.24
Class B		1,000.00		1,017.05		1.59			8.02
Class C		1,000.00		1,017.05		1.59			8.02
Class I		1,000.00		1,022.05		0.59			2.98
CA Tax Exempt Bond Fund
Actual
Class A	$	1,000.00	$	1,030.90		0.85	%	$	4.33
Class I		1,000.00		1,031.40		0.60			3.06
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.81		0.85			4.31
Class I		1,000.00		1,022.06		0.60			3.04
Essential Resources Fund
Actual
Class A	$	1,000.00	$	1,073.00		1.65	%	$	8.57
Class C		1,000.00		1,068.20		2.40			12.44
Class I		1,000.00		1,073.80		1.40			7.28
Hypothetical (5% return before expenses)
Class A		1,000.00		1,016.75		1.65			8.32
Class C		1,000.00		1,013.00		2.40			12.08
Class I		1,000.00		1,018.00		1.40			7.06
High Yield Fund
Actual
Class A	$	1,000.00	$	1,011.10		1.14	%	$	5.73
Class B		1,000.00		1,005.10		1.89			9.47
Class C		1,000.00		1,005.00		1.89			9.47
Class I		1,000.00		1,012.40		0.89			4.48
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.30		1.14			5.76
Class B		1,000.00		1,015.55		1.89			9.52
Class C		1,000.00		1,015.55		1.89			9.52
Class I		1,000.00		1,020.55		0.89			4.50
Low Volatility Equity Fund
Actual
Class A	$	1,000.00	$	984.70		1.55	%	$	7.69
Class C		1,000.00		980.20		2.30			11.39
Class I		1,000.00		984.70		1.30			6.45
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.25		1.55			7.82
Class C		1,000.00		1,013.50		2.30			11.58
Class I		1,000.00		1,018.50		1.30			6.56

2

VIRTUS OPPORTUNITIES TRUST

Disclosure of Fund Expenses (Unaudited) (Continued)

For the six-month period of October 1, 2015 to March 31, 2016

Expense Table
	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Multi-Sector Intermediate Bond Fund
Actual
Class A	$	1,000.00	$	1,014.40		1.13	%	$	5.69
Class B		1,000.00		1,010.70		1.87			9.40
Class C		1,000.00		1,010.50		1.88			9.45
Class I		1,000.00		1,015.70		0.87			4.38
Class R6		1,000.00		1,015.00		0.80			4.03
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.35		1.13			5.70
Class B		1,000.00		1,015.65		1.87			9.42
Class C		1,000.00		1,015.60		1.88			9.47
Class I		1,000.00		1,020.65		0.87			4.39
Class R6		1,000.00		1,021.00		0.80			4.04
Senior Floating Rate Fund
Actual
Class A	$	1,000.00	$	999.40		1.20	%	$	6.00
Class C		1,000.00		995.70		1.95			9.73
Class I		1,000.00		1,000.70		0.95			4.75
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.00		1.20			6.06
Class C		1,000.00		1,015.25		1.95			9.82
Class I		1,000.00		1,020.25		0.95			4.80
Wealth Masters Fund
Actual
Class A	$	1,000.00	$	1,031.20		1.45	%	$	7.36
Class C		1,000.00		1,027.20		2.20			11.15
Class I		1,000.00		1,032.90		1.20			6.10
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.75		1.45			7.31
Class C		1,000.00		1,014.00		2.20			11.08
Class I		1,000.00		1,019.00		1.20			6.06

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

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

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

3

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS

MARCH 31, 2015 (Unaudited)

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.

Barclays U.S. Aggregate Bond Index

The 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.

Barclays U.S. Corporate High Yield Bond Index

The 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.

Dow Jones Industrial Average^SM

A price weighted average of 30 blue chip stocks. The index is calculated on 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.

Exchange-Traded Funds (ETF)

A Fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

Federal Reserve (the “Fed”)

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

iShares^®

Represents shares of an open-end exchange-traded fund.

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.

NASDAQ Composite Index^®

A market-capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange. Unlike other market indexes, the NASDAQ composite is not limited to companies that have U.S. headquarters. 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.

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.

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.

4

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Continued)

MARCH 31, 2015 (Unaudited)

When-issued and Forward Commitments (Delayed Delivery)

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 a 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.

5

VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS

MARCH 31, 2016 (Unaudited)

For each Fund, the following tables present portfolio holdings within certain sectors and as a percentage of total investments attributable to each sector.

Bond Fund
Corporate Bonds and Notes			47	%
Financials	20	%
Consumer Discretionary	6
Health Care	3
All other Corporate Bonds and Notes	18
Mortgage-Backed Securities			25
U.S. Government Securities			14
Asset-Backed Securities			5
Other			9
Total			100	%

CA Tax-Exempt Bond Fund
Tax-Exempt Municipal Bonds			100	%
General Obligation	15	%
Pre-Refunded	14
Water & Sewer Revenue	12
Lease Revenue	11
Development Revenue	11
Medical Revenue	9
General Revenue	7
Other	21
Total			100	%

Essential Resources Fund
Industrials	32	%
Consumer Staples	15
Utilities	13
Materials	13
Information Technology	11
Energy	5
Financials	5
Other	6
Total	100	%

High Yield Fund
Corporate Bonds and Notes			85	%
Consumer Discretionary	23	%
Health Care	15
Energy	12
Telecommunication Services	8
Financials	8
Industrials	7
All other Corporate Bonds and Notes	12
Loan Agreements			8
Other			7
Total			100	%

Low Volatility Equity Fund
Exchange Traded Funds	102	%
Other	(2	)
Total	100	%

Multi-Sector Intermediate Bond Fund
Corporate Bonds and Notes			54	%
Financials	14	%
Energy	11
Consumer Discretionary	8
Industrials	5
All other Corporate Bonds and Notes	16
Mortgage-Backed Securities			19
Loan Agreements			8
Foreign Government Securities			7
Other			12
Total			100	%

Senior Floating Rate Fund
Loan Agreements			94%
Consumer Discretionary	27	%
Health Care	17
Industrials	12
Information Technology	9
Materials	8
Financials	6
Consumer Staples	5
All other loan agreements	10
Corporate Bonds and Notes			4
Other			2
Total			100	%

Wealth Masters Fund
Consumer Discretionary	33	%
Financials	21
Information Technology	11
Industrials	11
Energy	7
Materials	5
Consumer Staples	5
Other (includes securities lending collateral)	7
Total	100	%

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

6

VIRTUS BOND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—13.4%
U.S. Treasury Note
0.500%, 9/30/16	$	1,750		$	1,751
1.375%, 4/30/20		1,490			1,506
2.000%, 2/15/25		7,155			7,311
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $10,464)					10,568
MUNICIPAL BONDS—0.4%
Georgia—0.4%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24		255			269
Michigan—0.0%
City of Flat Rock Finance Authority, Series A, Taxable 6.750%, 10/1/16		20			20
TOTAL MUNICIPAL BONDS (Identified Cost $275)					289
FOREIGN GOVERNMENT SECURITIES—0.8%
Mongolia 144A 5.125%, 12/5/22(3)		200			156
Republic of Costa Rica 144A 7.000%, 4/4/44(3)		200			181
Republic of El Salvador 144A 6.375%, 1/18/27(3)		155			135
Republic of Poland 3.250%, 4/6/26		130			130
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $662)					602
MORTGAGE-BACKED SECURITIES—24.9%
Agency—9.9%
FHLMC
7.000%, 4/1/16		—	(11)		—	(11)
5.000%, 12/1/35		33			37
4.000%, 2/1/45		523			558
3.500%, 3/1/45		372			391
3.000%, 5/1/45		144			148
FNMA
6.500%, 6/1/16		1			1
6.000%, 7/1/17		4			4
5.500%, 9/1/17		7			7
5.000%, 4/1/20		60			62
5.000%, 8/1/21		25			26
6.000%, 5/1/29		31			36
6.500%, 5/1/30		1			1
7.000%, 7/1/31		14			15
5.500%, 4/1/36		47			53
5.500%, 9/1/36		185			209
6.000%, 9/1/37		22			26
6.000%, 8/1/38		14			16
6.000%, 8/1/38		228			260
5.000%, 6/1/39		618			693
5.000%, 9/1/39		169			190
5.500%, 9/1/39		346			390
4.500%, 9/1/40		266			294
3.500%, 12/1/42		304			320
3.000%, 3/1/43		513			526

	PAR VALUE		VALUE
Agency—continued
3.000%, 5/1/43	$	350	$	360
3.000%, 5/1/43		154		158
4.000%, 9/1/44		150		160
3.000%, 8/1/45		597		613
3.500%, 8/1/45		689		723
3.500%, 8/1/45		735		772
3.000%, 2/1/46		718		737
GNMA 6.500%, 9/15/28		29		34
				7,820
Non-Agency—15.0%
A-10 Securitization LLC 13-1, B 144A 4.120%, 11/15/25(3)		260		259
Access Point Financial, Inc. 15-A, A 144A 2.610%, 4/15/20(3)		135		134
American Homes 4 Rent
14-SFR2, C 144A 4.705%, 10/17/36(3)		195		194
15-SFR1, A 144A 3.467%, 4/17/45(3)		221		225
15-SFR2, C 144A 4.691%, 10/17/45(3)		125		122
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 4.839%, 6/25/33(2)		130		122
Aventura Mall Trust 13-AVM, C 144A 3.743%, 12/5/32(2)(3)		205		212
B2R Mortgage Trust 15-1, A1 144A 2.524%, 5/15/48(3)		107		104
Banc of America Funding Trust
04-B, 2A1 2.884%, 11/20/34(2)		87		85
05-1, 1A1 5.500%, 2/25/35		100		100
Banc of America Mortgage Trust 05-3, 1A15 5.500%, 4/25/35		91		92
Bank of America (Merrill Lynch – Countrywide) Asset-Backed Certificates 05-1, AF5A 5.136%, 7/25/35(2)		300		296
Bank of America (Merrill Lynch – Countrywide) Home Loan Mortgage Pass-Through-Trust 04-6, 1A2 2.637%, 5/25/34(2)		292		288
Bank of America (Merrill Lynch – Countrywide) Mortgage Trust 06-C1, AM 5.761%, 5/12/39(2)		100		100
Chase Mortgage Finanace Corp. 16-1, M2 144A 3.750%, 4/25/45(3)		160		159
Citigroup Commercial Mortgage Trust 07-C6, A4 5.705%, 12/10/49(2)		350		361

	PAR VALUE		VALUE
Non-Agency—continued
Credit Suisse Mortgage Trust 06-08 3A1 6.000%, 10/25/21	$	141	$	135
Credit Suisse Mortgage Trust 15-1 A9 144A 3.500%, 5/25/45(2)(3)		259		263
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.470%, 8/10/44(2)(3)		180		184
Finnish Real Estate Management Federation Mortgage Trust 15-K 720 144A 3.389%, 7/25/22(2)(3)		110		99
Freddie Mac Structured Agency Credit Risk Debt Notes 15-DNA3, M2 3.286%, 4/25/28(2)		250		252
Goldman Sachs Mortgage Securities Trust 07-GG10, A4 5.794%, 8/10/45(2)		638		657
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35(2)		71		71
GSR Mortgage Loan Trust 2006-1F 6.000%, 2/25/36		196		173
Jefferies Resecuritization Trust 14-R1, 1A1 144A 4.000%, 12/27/37(3)		75		75
JP Morgan Chase Commercial Mortgage Securities Trust 11-C4 144A 4.388%, 7/15/46(3)		325		355
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust
06-PWR13, AM 5.582%, 9/11/41(2)		385		389
07-PW15, AM 5.363%, 2/11/44		140		141
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 03-S11, 3A5 5.950%, 11/25/33		188		192
JPMorgan Chase Commercial Mortgage Securities Trust
14-1, 1A1 144A 4.000%, 1/25/44(2)(3)		121		127
06-LDP9, A3 5.336%, 5/15/47		120		122
JPMorgan Chase Mortgage Trust
04-A4, 2A1 2.627%, 9/25/34(2)		221		222
15-4, 1A4 144A 3.500%, 6/25/45(2)(3)		137		140
MASTR Adjustable Rate Mortgages Trust 05-1 2.989%, 2/25/35(2)		149		135
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35(2)(3)		136		138

See Notes to Financial Statements

7

VIRTUS BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
Morgan Stanley – Bank of America (Merrill Lynch) Trust
15-C22, AS 3.561%, 5/15/46	$	310	$	318
15-C26,C 4.412%, 10/15/48(2)		195		189
Morgan Stanley Capital I Trust
07-T27, A4 5.645%, 6/11/42(2)		551		573
08-T29, A4 6.268%, 1/11/43(2)		546		579
07-IQ14, AM 5.667%, 4/15/49(2)		190		189
07-IQ14, A4 5.692%, 4/15/49(2)		300		307
Motel 6 Trust 15-MTL6, B 144A 3.298%, 2/5/30(3)		210		210
New Residential Mortgage Loan Trust
14-1A, A 144A 3.750%, 1/25/54(2)(3)		201		207
15-2A, A1 3.750%, 8/16/55(2)		228		235
16-1A, A1 144A 3.750%, 3/25/56(2)(3)		195		201
Novastar Home Equity Loan 04-4, M5 2.158%, 3/25/35(2)		185		178
Residential Asset Securitization Trust 05-A1, A3 5.500%, 4/25/35		159		159
Sequoia Mortgage Trust 14-2, A1 144A 4.000%, 7/25/44(2)(3)		131		135
Towd Point Mortgage Trust 16-1, A1B, 144A 2.750%, 2/25/55(2)(3)		235		235
Vericrest Opportunity Loan Trust
15-NP11, A1 144A 3.625%, 7/25/45(2)(3)		137		136
15-NPL4, A1 144A 3.500%, 2/25/55(2)(3)		179		177
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50		300		289
Wells Fargo – Royal Bank of Scotland plc Commercial Mortgage Trust 11-C5, C 144A 5.634%, 11/15/44(2)(3)		205		220
WinWater Mortgage Loan Trust
14-1, A1 144A 3.947%, 6/20/44(2)(3)		98		102
14-3, A4 144A 3.500%, 11/20/44(2)(3)		284		289
16-1A5, 144A 3.500%, 1/20/46(2)(3)		178		183
				11,834
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $19,349)				19,654

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—4.8%
AmeriCredit Automobile Receivables Trust 14-1, D 2.540%, 6/8/20	$	235	$	233
Avis Budget Rental Car Funding LLC
(AESOP) 12-3A, A 144A 2.100%, 3/20/19(3)		375		374
(AESOP) 16-1A, A 144A 2.990%, 6/20/22(3)		200		200
CarFinance Capital Auto Trust 14-1A, D 144A 4.900%, 4/15/20(3)		215		214
CarMax Auto Owner Trust 15-2, C 2.390%, 3/15/21		235		236
Centre Point Funding LLC 12-2A, 1 144A 2.610%, 8/20/21(3)		261		258
Drive Auto Receivables Trust 15-DA, C 144A 3.380%, 11/15/21(3)		260		259
Drug Royalty LP II 14-1, A2 144A 3.484%, 7/15/23(3)		186		184
Exeter Automobile Receivables Trust 13-1A, C 144A 3.520%, 2/15/19(3)		235		235
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42(3)		145		146
Orange Lake Timeshare Trust 12-AA, A 144A 3.450%, 3/10/27(3)		53		53
Santander Drive Auto Receivables Trust
12-2, D 3.870%, 2/15/18		461		465
13-1, D 2.270%, 1/15/19		215		215
Sierra Timeshare Receivables Funding LLC 12-3A, A 144A 1.870%, 8/20/29(3)		104		104
Silverleaf Finance XV LLC 12-D, A 144A 3.000%, 3/17/25(3)		48		48
SoFi Professional Loan Program LLC 15-A, A2 144A 2.420%, 3/25/30(3)		132		130
TAL Advantage V LLC 14-3A, A 144A 3.270%, 11/21/39(3)		165		154
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23(3)		259		264
TOTAL ASSET-BACKED SECURITIES (Identified Cost $3,795)				3,772
CORPORATE BONDS AND NOTES—46.0%
Consumer Discretionary—6.2%
Aramark Services, Inc. 144A 5.125%, 1/15/24(3)		75		79
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23(3)		135		143

	PAR VALUE		VALUE
Consumer Discretionary—continued
Boyd Gaming Corp.
9.000%, 7/1/20	$	100	$	106
6.875%, 5/15/23		75		80
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20(4)		100		86
CCO Holding Safari LLC 144A 5.750%, 2/15/26(3)		120		125
CCO Holdings LLC 144A 5.125%, 5/1/23(3)		80		82
CCO Safari II LLC 144A 4.908%, 7/23/25(3)		80		84
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21(3)		45		42
144A 5.125%, 12/15/21(3)		110		103
Churchill Downs, Inc. 144A 5.375%, 12/15/21(3)		45		47
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		175		162
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21(3)		200		214
Delphi Automotive plc 3.150%, 11/19/20		145		148
Grupo Televisa SAB 4.625%, 1/30/26		200		211
Jarden Corp. 144A 5.000%, 11/15/23(3)		25		26
Landry’s, Inc. 144A 9.375%, 5/1/20(3)		165		174
M/I Homes, Inc. 6.750%, 1/15/21		95		94
MDC Holdings, Inc. 5.500%, 1/15/24		180		173
Meritor, Inc. 6.750%, 6/15/21		125		117
MGM Resorts International 6.000%, 3/15/23		85		88
MPG Holdco I, Inc. 7.375%, 10/15/22		145		144
New York University 4.142%, 7/1/48		70		69
Newell Rubbermaid, Inc.
4.200%, 4/1/26		25		26
5.500%, 4/1/46		60		65
Numericable Group S.A. 144A 6.000%, 5/15/22(3)		200		196
Party City Holdings, Inc. 144A 6.125%, 8/15/23(3)		20		21
Penn National Gaming, Inc. 5.875%, 11/1/21		110		110
Pinnacle Entertainment, Inc. 6.375%, 8/1/21		175		186
Priceline Group, Inc. (The) 3.650%, 3/15/25		195		200
QVC, Inc. 4.375%, 3/15/23		265		259
Scientific Games International, Inc. 6.625%, 5/15/21		95		58

See Notes to Financial Statements

8

VIRTUS BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—continued
Signet UK Finance plc 4.700%, 6/15/24	$	210	$	208
Station Casinos LLC 7.500%, 3/1/21		230		244
TI Group Auto Systems LLC 144A 8.750%, 7/15/23(3)		80		77
Toll Brothers Finance Corp.
4.000%, 12/31/18		15		16
6.750%, 11/1/19		220		246
TRI Pointe Group, Inc. 5.875%, 6/15/24		155		155
Wyndham Worldwide Corp. 5.625%, 3/1/21		235		257
				4,921
Consumer Staples—1.4%
Anheuser-Busch Inbev Finance, Inc.
3.300%, 2/1/23		90		94
3.650%, 2/1/26		185		195
Constellation Brands, Inc. 4.750%, 12/1/25		35		36
Flowers Foods, Inc. 4.375%, 4/1/22		275		295
Rite Aid Corp. 144A 6.125%, 4/1/23(3)		40		43
Safeway, Inc. 7.250%, 2/1/31		115		106
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22(3)		155		144
Whole Foods Market, Inc. 144A 5.200%, 12/3/25(3)		143		150
				1,063
Energy—3.4%
Anadarko Petroleum Corp.
4.850%, 3/15/21		40		41
5.550%, 3/15/26		60		61
6.600%, 3/15/46		85		87
Antero Resources Corp. 5.625%, 6/1/23		80		74
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(3)		45		38
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		180		159
Cimarex Energy Co. 4.375%, 6/1/24		120		118
Concho Resources, Inc. 5.500%, 4/1/23		80		79
ConocoPhillips Co.
4.950%, 3/15/26		145		151
5.950%, 3/15/46		50		54
Continental Resources, Inc.
5.000%, 9/15/22		110		95
4.500%, 4/15/23		70		59
Enbridge Energy Partners LP 4.375%, 10/15/20		30		29
Exxon Mobil Corp.
2.726%, 3/1/23		50		51
3.043%, 3/1/26		100		102

	PAR VALUE		VALUE
Energy—continued
FTS International, Inc. 6.250%, 5/1/22	$	60	$	7
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		115		116
Hess Corp. 5.600%, 2/15/41		160		143
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		245		254
MPLX LP 144A 4.875%, 12/1/24(3)		255		235
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		155		95
Occidental Petroleum Corp. 3.400%, 4/15/26		20		20
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		140		138
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23(3)		215		216
Weatherford International Ltd. 4.500%, 4/15/22		310		250
				2,672
Financials—19.7%
Air Lease Corp. 2.625%, 9/4/18		70		70
Allstate Corp. (The) 5.750%, 8/15/53(2)(6)		310		315
Ally Financial, Inc. 3.250%, 11/5/18		95		93
American Campus Communities LP 3.350%, 10/1/20		25		26
American Tower Corp.
3.300%, 2/15/21		160		163
4.400%, 2/15/26		45		48
Apollo Management Holdings LP 144A 4.000%, 5/30/24(3)		190		193
Ares Capital Corp.
4.875%, 11/30/18		26		27
3.875%, 1/15/20		71		73
Ares Finance Co., LLC Finance Co., LLC 144A 4.000%, 10/8/24(3)		270		260
Banco de Credito del Peru 144A 6.125%, 4/24/27(2)(3)		175		187
Banco de Credito e Inversiones 144A 4.000%, 2/11/23(3)		275		279
Banco Inbursa S.A. Institucion de Banca Multiple 144A 4.125%, 6/6/24(3)		160		158
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29(2)(3)		300		309
Banco Nacional de Comercio 144A 4.375%, 10/14/25(3)		200		201

	PAR VALUE		VALUE
Financials—continued
Banco Santander Chile 144A 3.875%, 9/20/22(3)	$	215	$	223
Bancolombia S.A. 5.125%, 9/11/22		260		263
Bank of America Corp.
2.000%, 1/11/18		150		151
5.625%, 7/1/20		235		264
4.450%, 3/3/26		340		351
Bank of India 144A 3.250%, 4/18/18(3)		265		270
Barclays Bank plc 144A 6.050%, 12/4/17(3)		250		265
Berkshire Hathaway, Inc.
2.750%, 3/15/23		20		20
3.125%, 3/15/26		45		46
Brixmor Operating Partnership LP 3.875%, 8/15/22		55		54
Capital One Financial Corp. 4.200%, 10/29/25		180		182
Citigroup, Inc. 4.600%, 3/9/26		230		236
Citizens Financial Group, Inc. 144A 5.500%(2)(3)(5)		160		152
Compass Bank 3.875%, 4/10/25		250		235
Corporate Office Properties LP 3.600%, 5/15/23		265		249
Corrections Corp. of America 5.000%, 10/15/22		165		173
Developers Diversified Realty Corp.
7.875%, 9/1/20		155		186
3.500%, 1/15/21		130		132
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22(3)		290		258
Digital Realty Trust LP 5.250%, 3/15/21		165		181
Discover Financial Services, Inc. 3.950%, 11/6/24		190		188
Education Realty Operating Partnership LP 4.600%, 12/1/24		205		202
ESH Hospitality, Inc. 144A 5.250%, 5/1/25(3)		155		152
Ford Motor Credit Co. LLC 5.750%, 2/1/21		235		266
FS Investment Corp.
4.250%, 1/15/20		165		165
4.750%, 5/15/22		40		40
General Motors Financial Co., Inc.
4.750%, 8/15/17		55		57
4.200%, 3/1/21		90		93
3.450%, 4/10/22		30		29
Genworth Holdings, Inc. 4.900%, 8/15/23		205		153
GLP Capital LP (GLP Financing II, Inc.) 4.875%, 11/1/20		80		84

See Notes to Financial Statements

9

VIRTUS BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Financials—continued
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22	$	500	$	577
Healthcare Realty Trust, Inc.
3.875%, 5/1/25		125		121
4.000%, 6/1/25		200		200
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%(2)(3)(5)(6)		310		320
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
4.875%, 3/15/19		15		14
5.875%, 2/1/22		65		62
ING Groep NV 6.000%(2)(5)(6)		200		188
iStar Financial, Inc. 5.000%, 7/1/19		90		87
Jefferies Group LLC 6.875%, 4/15/21		85		96
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(3)		215		191
Kilroy Realty LP 4.375%, 10/1/25		190		199
Kimco Realty Corp. 3.400%, 11/1/22		185		189
Leucadia National Corp. 5.500%, 10/18/23		150		141
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23(3)		245		253
Lincoln National Corp. 4.200%, 3/15/22		250		263
Macquarie Bank Ltd. 144A 6.625%, 4/7/21(3)		15		17
Macquarie Group Ltd. 144A 6.250%, 1/14/21(3)		210		237
Manulife Financial Corp. 4.150%, 3/4/26		215		220
McGraw Hill Financial, Inc. 4.000%, 6/15/25		195		203
Morgan Stanley
5.550%, 4/27/17		330		344
4.100%, 5/22/23		155		160
6.375%, 7/24/42		435		570
MPT Operating Partnership LP
6.375%, 3/1/24		20		21
5.500%, 5/1/24		90		90
National Retail Properties, Inc. 4.000%, 11/15/25		60		62
Nordea Bank AB 144A 4.250%, 9/21/22(3)		265		278
PKO Finance AB 144A 4.630%, 9/26/22(3)(7)		255		263
Prudential Financial, Inc.
5.875%, 9/15/42(2)		190		199
5.625%, 6/15/43(2)(6)		160		163
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24		155		148
Select Income REIT 4.500%, 2/1/25		190		181

	PAR VALUE		VALUE
Financials—continued
Societe Generale S.A. 144A 4.750%, 11/24/25(3)	$	200	$	198
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(2)(3)		160		161
Trinity Acquisition plc
3.500%, 9/15/21		15		15
4.400%, 3/15/26		80		81
UBS AG 7.625%, 8/17/22		500		573
Ventas Realty LP (Ventas Capital Corp.) 3.250%, 8/15/22		250		250
Voya Financial, Inc. 5.650%, 5/15/53(2)		280		262
WP Carey, Inc. 4.600%, 4/1/24		160		163
York Risk Services Holding Corp. 144A 8.500%, 10/1/22(3)		105		68
				15,550
Health Care—3.4%
AbbVie, Inc. 3.600%, 5/14/25		65		68
Acadia Healthcare Co., Inc.
5.125%, 7/1/22		65		66
5.625%, 2/15/23		10		10
Alere, Inc. 144A 6.375%, 7/1/23(3)		60		63
Capsugel S.A. PIK Interest Capitalization 144A, 7.000%, 5/15/19(2)(3)(8)		35		35
Cardinal Health, Inc.
3.200%, 3/15/23		130		133
3.750%, 9/15/25		165		174
Centene Escrow Corp. 144A 5.625%, 2/15/21(3)		70		73
Community Health Systems, Inc. 5.125%, 8/1/21		45		46
Concordia Healthcare Corp. 144A 7.000%, 4/15/23(3)		10		9
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22(3)		120		91
DaVita Healthcare Partners, Inc. 5.000%, 5/1/25		90		89
Endo Finance LLC 144A 6.000%, 7/15/23(3)		110		104
Forest Laboratories, Inc. 144A 4.875%, 2/15/21(3)		160		177
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(3)		35		36
HCA, Inc.
6.500%, 2/15/20		160		176
5.375%, 2/1/25		80		81
5.250%, 6/15/26		20		21
IASIS Healthcare LLC 8.375%, 5/15/19		80		79
Jaguar Holding Co. II (Pharmaceutical Product Development LLC) 144A 6.375%, 8/1/23(3)		95		98

	PAR VALUE		VALUE
Health Care—continued
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 144A 8.750%, 5/1/20(2)(3)(8)	$	85	$	83
Kinetic Concepts, Inc. 144A 7.875%, 2/15/21(3)		15		16
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23(3)		165		151
MEDNAX, Inc. 144A 5.250%, 12/1/23(3)		90		94
Mylan NV 144A 3.000%, 12/15/18(3)		55		56
Owens & Minor, Inc. 3.875%, 9/15/21		35		35
Quintiles Transnational Corp. 144A 4.875%, 5/15/23(3)		75		77
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(3)		120		120
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23(3)		160		162
Team Health, Inc. 144A 7.250%, 12/15/23(3)		5		5
Tenet Healthcare Corp.
144A 4.134%, 6/15/20(2)(3)		75		75
4.500%, 4/1/21		85		86
Valeant Pharmaceuticals International, Inc.
144A 7.500%, 7/15/21(3)		25		21
144A 5.500%, 3/1/23(3)		50		39
Zoetis, Inc. 3.450%, 11/13/20		45		46
				2,695
Industrials—2.9%
ADT Corp. (The) 6.250%, 10/15/21		260		263
Ahern Rentals, Inc. 144A 7.375%, 5/15/23(3)		150		104
Air Canada Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21(3)		85		83
Bombardier, Inc. 144A 4.750%, 4/15/19(3)		110		96
Carpenter Technology Corp. 4.450%, 3/1/23		250		234
Continental Airlines Pass-Through-Trust
99-1, A 6.545%, 2/2/19		305		322
00-1, A1 8.048%, 11/1/20		294		323
Delta Air Lines Pass-Through-Trust 12-1, A 4.750%, 5/7/20		270		286
HD Supply, Inc. 144A 5.750%, 4/15/24(3)		55		57
Masco Corp.
5.950%, 3/15/22		110		121
4.450%, 4/1/25		55		57

See Notes to Financial Statements

10

VIRTUS BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Industrials—continued
Penske Truck Leasing Co. LP 144A 3.375%, 2/1/22(3)	$	75	$	74
Standard Industries, Inc. 144A 5.125%, 2/15/21(3)		5		5
TransDigm, Inc.
6.000%, 7/15/22		115		115
6.500%, 5/15/25		45		44
United Rentals North America, Inc. 5.500%, 7/15/25		75		74
				2,258
Information Technology—2.3%
Apple, Inc.
2.850%, 2/23/23		55		57
3.250%, 2/23/26		155		162
Dun & Bradstreet Corp. (The) 4.375%, 12/1/22		270		271
Electronic Arts, Inc. 3.700%, 3/1/21		30		31
Fidelity National Information Services, Inc. 3.625%, 10/15/20		65		67
First Data Corp. 144A 5.000%, 1/15/24(3)		230		231
Flextronics International Ltd. 4.750%, 6/15/25		200		196
Hewlett Packard Enterprise Co.
144A 4.400%, 10/15/22(3)		120		125
144A 4.900%, 10/15/25(3)		120		124
Juniper Networks, Inc. 3.125%, 2/26/19		120		122
KLA-Tencor Corp. 4.650%, 11/1/24		190		192
Verisk Analytics, Inc. 4.000%, 6/15/25		190		192
Western Digital Corp. 144A 7.375%, 4/1/23(3)		25		26
				1,796
Materials—2.3%
Alpek SAB de C.V. 144A 5.375%, 8/8/23(3)		310		323
Berry Plastics Corp. 5.125%, 7/15/23		145		147
Cemex SAB de C.V. 144A 7.250%, 1/15/21(3)		265		276
Eldorado Gold Corp. 144A 6.125%, 12/15/20(3)		95		87
Fibria Overseas Finance Ltd. 5.250%, 5/12/24		150		146
Inversiones CMPC S.A. 144A 4.375%, 5/15/23(3)		375		378
Methanex Corp. 4.250%, 12/1/24		190		159
NewMarket Corp. 4.100%, 12/15/22		288		294
				1,810

	PAR VALUE		VALUE
Telecommunication Services—2.1%
AT&T, Inc. 3.875%, 8/15/21	$	425	$	452
CenturyLink, Inc. Series Y 7.500%, 4/1/24		140		141
Crown Castle International Corp. 4.450%, 2/15/26		25		26
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24(3)		215		212
Frontier Communications Corp.
6.250%, 9/15/21		100		93
144A 10.500%, 9/15/22(3)		25		26
Level 3 Financing, Inc.
144A 5.375%, 1/15/24(3)		25		25
144A 5.250%, 3/15/26(3)		145		146
T-Mobile USA, Inc. 6.500%, 1/15/26		135		141
Telefonica Emisiones SAU 4.570%, 4/27/23		225		246
Windstream Corp. 7.750%, 10/15/20		200		173
				1,681
Utilities—2.3%
AmeriGas Partners LP 7.000%, 5/20/22		140		144
Calpine Corp. 5.375%, 1/15/23		121		118
Dynegy, Inc. 7.375%, 11/1/22		215		200
Electricite de France S.A. 144A 5.250%(2)(3)(5)(6)		280		256
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25(3)		210		219
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18(3)		250		266
NRG Yield Operating LLC 5.375%, 8/15/24		60		56
Southern Power Co. 4.150%, 12/1/25		230		237
State Grid Overseas Investment Ltd. 144A 4.125%, 5/7/24(3)		200		219
TerraForm Power Operating LLC 144A 5.875%, 2/1/23(3)		145		118
				1,833
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $36,278)				36,279
LOAN AGREEMENTS(2)—3.6%
Consumer Discretionary—0.7%
Caesars Entertainment Operating Co., Inc. Tranche B-7, 11.750%, 3/1/17(4)		50		46
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		60		49

	PAR VALUE		VALUE
Consumer Discretionary—continued
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22	$	40	$	38
El Dorado Resorts, Inc. 4.250%, 7/25/22		35		35
Laureate Education, Inc. 2018 Extended 5.000%, 6/15/18		79		69
PetSmart, Inc. Tranche B-1 4.250%, 3/11/22		21		21
Staples, Inc. First Lien 4.750%, 2/2/22		235		235
U.S. Farathane Corp. 6.750%, 12/23/21		75		75
				568
Consumer Staples—0.3%
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21		112		112
Hostess Brands LLC Tranche B Second Lien, 8.500%, 8/3/23		150		145
				257
Energy—0.2%
Chelsea Petroleum I LLC 5.250%, 10/28/22		93		88
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		94		48
				136
Financials—0.1%
Capital Automotive LP Second Lien, 6.000%, 4/30/20		71		71
Health Care—1.1%
Amneal Pharmaceuticals LLC Tranche B, 5.250%, 11/1/19		56		56
Ardent Legacy Acquisitions, Inc. 6.500%, 8/4/21		80		80
Concordia Pharmaceuticals, Inc. 5.250%, 10/21/21		66		64
Greatbatch, Inc. Tranche B, 5.250%, 10/27/22		68		68
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		110		110
MI Opco Holdings, Inc. 5.750%, 10/27/22		108		108
MMM Holdings, Inc. 9.750%, 12/12/17(9)		50		30
MSO of Puerto Rico, Inc. 9.750%, 12/12/17(9)		36		22
NVA Holdings, Inc. Second Lien 8.000%, 8/14/22		64		63
Onex TSG Holdings II Corp. First Lien, 5.000%, 7/29/22		80		79

See Notes to Financial Statements

11

VIRTUS BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Health Care—continued
RCHP Tranche B-2, 6.000%, 4/23/19	$	74	$	74
Surgery Center Holdings, Inc. First Lien, 6.875%, 11/3/20		100		99
				853
Industrials—0.2%
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		78		75
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22		120		112
				187
Information Technology—0.5%
First Data Corp. Tranche B 4.182%, 7/8/22		145		144
NXP BV (NXP Funding LLC) Tranche B 3.750%, 12/7/20		139		139
On Semiconductor 0.000%, 3/31/23(10)		50		50
SS&C Technologies Holdings Europe S.a.r.l.
Tranche B-2, 4.017%, 7/8/22		7		7
Tranche B-1, 4.021%, 7/8/22		46		46
				386
Materials—0.1%
Huntsman International LLC 0.000%, 3/31/23(10)		44		44
INEOS U.S. Finance LLC 4.250%, 3/31/22		9		9
Polyone Corp. second Lien 3.750%, 11/11/22		48		48
				101
Telecommunication Services—0.1%
T-Mobile USA, Inc. Senior Lien 3.500%, 11/9/22		86		86
Utilities—0.3%
Atlantic Power LP 4.750%, 2/24/21		28		28
NRG Energy, Inc. 2.750%, 7/1/18		198		197
				225
TOTAL LOAN AGREEMENTS (Identified Cost $2,989)				2,870

	SHARES			VALUE
PREFERRED STOCKS—3.5%
Energy—0.2%
PTT Exploration & Production PCL 144A, 4.875%(2)(3)		200	(12)	$	195
Financials—2.4%
Bank of New York Mellon Corp. (The) Series E, 4.950%(2)		150	(12)		150
Citigroup, Inc. Series J, 7.125%(2)		8,000			219
Citigroup, Inc. Series N, 5.800%(2)		155	(12)		148
Goldman Sachs Group, Inc. (The) Series L, 5.700%(2)		115	(12)		112
JPMorgan Chase & Co. Series V, 5.000%(2)		315	(12)		301
JPMorgan Chase & Co. Series Z, 5.300%(2)		45	(12)		45
PNC Financial Services Group, Inc. (The) Series R, 4.850%(2)		215	(12)		203
SunTrust Bank, Inc. 5.625%(2)		45	(12)		45
Wells Fargo & Co. Series K, 7.980%(2)		230	(12)		238
XLIT Ltd. Series E, 6.50%(2)		240	(12)		166
Zions Bancorp. 6.950%(2)		8,800			257
					1,884
Industrials—0.9%
General Electric Co. 5.000%(2)		686	(12)		707
TOTAL PREFERRED STOCKS (Identified Cost $2,812)					2,786
AFFILIATED MUTUAL FUND—1.4%
Virtus Credit Opportunities Fund Class R6(14)		117,904			1,127
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,179)					1,127
TOTAL LONG TERM INVESTMENTS—98.8%
(Identified Cost $77,803)					77,947	(13)
TOTAL INVESTMENTS—98.8%
(Identified Cost $77,803)					77,947	(1)
Other assets and liabilities, net—1.2%					917
NET ASSETS—100.0%				$	78,864

Abbreviations:

FHLMC Federal Home Loan Mortgage Corporation (“Freddie Mac”).

FNMA Federal National Mortgage Association (“Fannie Mae”).

GNMA Government National Mortgage Association (“Ginnie Mae”)

PIK Payment-in-Kind Security

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2016.

⁽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, 2016, these securities amounted to a value of $20,368 or 25.8% of net assets.

⁽⁴⁾  Security in default.

⁽⁵⁾  No contractual maturity date.

⁽⁶⁾  Interest payments may be deferred.

⁽⁷⁾  This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁸⁾  100% of the income received was in cash.

⁽⁹⁾  Illiquid security.

⁽¹⁰⁾  This loan will settle after March 31, 2016, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽¹¹⁾  Amounts are less than $500 (not reported in 000s).

⁽¹²⁾  Value shown as par value.

⁽¹³⁾  All or a portion of the Fund’s assets have been segregated for delayed delivery securities.

⁽¹⁴⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

Country Weightings†
United States	87	%
Canada	1
Chile	1
France	1
Mexico	1
Switzerland	1
United Kingdom	1
Other	7
Total	100	%
† % of total investments as of March 31, 2016

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

12

VIRTUS BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	3,772	$	—	$	3,772	$	—
Corporate Bonds And Notes		36,279		—		36,279		—
Foreign Government Securities		602		—		602		—
Loan Agreements		2,870		—		2,633		237
Mortgage-Backed Securities		19,654		—		19,654		—
Municipal Bonds		289		—		289		—
U.S. Government Securities		10,568		—		10,568		—
Equity Securities:
Affiliated Mutual Fund		1,127		1,127		—		—
Preferred Stocks		2,786		476		2,310		—
Total Investments	$	77,947	$	1,603	$	76,107	$	237

Securities held by the Fund with an end of period value of $257 were transferred from Level 2 to Level 1 since an exchange price was available.

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.

	Loan Agreements
Investments in Securities
Balance as of September 30, 2015:	$	—
Accrued discount/(premium)		—	(c)
Realized gain (loss)		—	(c)
Change in unrealized appreciation (depreciation)(d)		2
Purchases		110
Sales(b)		(3	)
Transfers into Level 3(a)		128	(e)
Transfers from Level 3(a)		—
Balance as of March 31, 2016	$	237	(f)

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2016, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydowns on securities.

^(c)  Amount is less than $500.

^(d)  Included in the related net change in unrealized appreciation/(depreciation) in the Statements of Operations. The change in unrealized appreciation/(depreciation) on investments still held as of March 31, 2016, was $(27).

^(e)  The transfers into Level 3 are due to a decrease in trading activities at period end.

^(f)  The Fund’s investments that are 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.

None of the securities in this table are internally fair valued.

See Notes to Financial Statements

13

VIRTUS CA TAX-EXEMPT BOND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MUNICIPAL TAX-EXEMPT BONDS(2)—97.0%
Development Revenue—11.0%
Garden Grove Agency for Community Development Successor Agency, Garden Grove Community Project, (BAM Insured) 5.000%, 10/1/29	$	350	$	427
Lafayette Redevelopment Agency Successor Agency, Lafayette Redevelopment Project, (AGM Insured) 5.000%, 8/1/38		250		288
Los Angeles County Redevelopment Refunding Authority, Long Beach Project, 5.000%, 8/1/34		215		254
Menlo Park Community Development Agency Successor Agency, Las Pulgas Community Development Project, (AGM Insured) 5.000%, 10/1/29		100		122
Milpitas Redevelopment Agency Successor Agency Redevelopment Project Area #1, 5.000%, 9/1/30		250		302
Sacramento Redevelopment Agency Successor Agency
(BAM Insured) 5.000%, 12/1/33		75		89
(BAM Insured) 5.000%, 12/1/34		75		88
San Diego Redevelopment Agency, Center City Redevelopment Project, (AMBAC Insured) 4.750%, 9/1/30		500		508
San Marcos Redevelopment Agency Successor Agency, 5.000%, 10/1/33		250		298
San Mateo Redevelopment Agency Successor Agency, 5.000%, 8/1/30		250		297
Santa Clara Redevelopment Agency, Bayshore North Project, (NATL Insured) 5.000%, 6/1/22		500		503
Union City Redevelopment Agency Successor Agency, Union City Redevelopment Project, 5.000%, 10/1/36		200		233
				3,409
General Obligation—14.1%
Cajon Valley Union School District, Union School District, 5.000%, 8/1/31		250		299
California, State of
5.500%, 3/1/26		250		272
(AMBAC Insured) 5.000%, 2/1/27		290		374
5.000%, 9/1/32		300		350
5.000%, 12/1/37		275		292
6.000%, 4/1/38		250		286
Grossmont Health Care District 5.000%, 7/15/25		350		444

	PAR VALUE		VALUE
General Obligation—continued
Los Alamitos Unified School District, School Facilities Improvement District #1, 2008 Election 5.250%, 8/1/39	$	250	$	291
Oakland Unified School District Alameda County,
(AGM Insured) 5.000%, 8/1/24		200		247
5.000%, 8/1/33		300	��	348
Riverside Unified School District, (AGC Insured) 5.000%, 8/1/32		275		291
Ross Valley School District, 5.000%, 8/1/37		350		403
San Diego Community College District, 5.000%, 8/1/43		150		171
San Diego Unified School District, (AGM Insured) 5.500%, 7/1/25		225		298
				4,366
General Revenue—7.2%
California Infrastructure & Economic Development Bank, 5.000%, 10/1/23		200		250
California State Municipal Finance Authority, Bowles Hall Foundation 4.000%, 6/1/22		100		107
Golden State Tobacco Securitization Corp.,
5.000%, 6/1/29		350		414
5.125%, 6/1/47		950		874
Midpeninsula Regional Open Space District, 5.000%, 9/1/23		120		150
South Bay Regional Public Communications Authority, Hawthorne Projects, (ACA Insured) 4.750%, 1/1/31		435		438
				2,233
Higher Education Revenue—4.1%
California Educational Facilities Authority, Pomona College, 5.000%, 7/1/45		500		501
California State University 5.000%, 11/1/41		300		358
University of California,
5.000%, 5/15/23		100		125
5.000%, 5/15/23		225		280
				1,264
Lease Revenue—11.2%
Anaheim Public Financing Authority, Public Improvement Projects, (AGM Insured) 6.000%, 9/1/16		435		444

	PAR VALUE		VALUE
Lease Revenue—continued
California State Public Works Board,
Department of General Services, Buildings 8&9 6.125%, 4/1/29	$	500	$	570
Capital Projects, 5.750%, 10/1/30		550		631
Department of Forestry & Fire Protection, 5.000%, 11/1/32		500		529
Pomona, City of, Certificates of Participation (AMBAC Insured) 5.500%, 6/1/28		700		706
San Diego Regional Building Authority 5.000%, 10/15/35		235		281
Ventura County Public Financing Authority, 5.000%, 11/1/25		250		304
				3,465
Medical Revenue—8.7%
California Municipal Finance Authority, Community Medical Centers Revenue 5.000%, 2/1/27		100		119
California State Health Facilities Financing Authority,
El Camino Hospital, 5.000%, 2/1/26		100		121
Cedars-Sinai Medical Center, 5.000%, 11/15/31		250		305
Sutter Health, 5.000%, 11/15/35		125		150
Kaiser Permanente, 5.250%, 4/1/39		400		400
Lucille Salter Packard Children’s Hospital at Stanford, 5.000%, 8/15/43		100		116
Sutter Health, 5.000%, 8/15/43		135		158
California Statewide Communities Development Authority,
Sutter Health, (AMBAC Insured) 5.000%, 11/15/38		205		214
Cottage Health System, 5.000%, 11/1/43		250		288
St. Joseph Health System, (FGIC Insured) 5.750%, 7/1/47		350		385
Regents of the University of California, Medical Center Pooled Revenue, (NATL Insured) 4.750%, 5/15/31		300		301
San Benito Health Care District, (CHFCLIF Insured) 4.000%, 3/1/18		140		148
				2,705
Natural Gas Revenue—2.4%
Roseville Natural Gas Financing Authority,
5.000%, 2/15/24		450		522
5.000%, 2/15/27		195		226
				748

See Notes to Financial Statements

14

VIRTUS CA TAX-EXEMPT BOND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Power Revenue—2.3%
Northern California Power Agency, Hydroelectric Project No 1, 5.000%, 7/1/32	$	200	$	235
Sacramento Municipal Utility District, 5.000%, 8/15/29		150		181
Southern California Public Power Authority, Windy Point Project, 5.000%, 7/1/28		250		289
				705
Pre-Refunded—13.5%
Bay Area Toll Authority, (Pre-refunded 4/1/19 @100) 5.125%, 4/1/39		425		479
California State Health Facilities Financing Authority,
Providence Health & Services, (Pre-refunded 10/1/18 @100) 6.500%, 10/1/38		5		6
Providence Health & Services, (Pre-refunded 10/1/18 @100) 6.500%, 10/1/38		195		223
California State Infrastructure & Economic Development Bank, Bay Area Toll Bridges (Pre-refunded 7/1/26 @100) (AMBAC Insured) 5.125%, 7/1/37		530		699
California State University, (Pre-refunded 5/1/2019 @ 100) 5.250%, 11/1/38		500		558
Northern California Power Agency, (Pre-refunded 7/1/21 @ 100) (AMBAC Insured) 7.500%, 7/1/23		195		241
Riverside County Single Family, (Escrowed to Maturity) (GNMA Collateralized) 7.800%, 5/1/21		1,085		1,419
Stockton Housing Facilities Revenue, O’Connors Woods Project, (Pre-refunded 9/20/17 @ 100) (GNMA Collateralized) 5.600%, 3/20/28		155		162
University of California, (Pre-refunded 5/15/16 @100) (NATL Insured) 5.000%, 5/15/28		410		416
				4,203
Special Tax Revenue—4.9%
Chula Vista Municipal Financing Authority, 5.000%, 9/1/27		200		240
North City West School Facilities Financing Authority, (AMBAC Insured) 5.250%, 9/1/19		635		720
Sacramento Area Flood Control Agency, Consololidated Capital Assessment District (BHAC Insured) 5.500%, 10/1/28		250		278

	PAR VALUE		VALUE
Special Tax Revenue—continued
Tustin Unified School District, Community Facilities District No. 97-1, (BAM Insured) 5.000%, 9/1/33	$	250	$	292
				1,530
Transportation Revenue—6.3%
Los Angeles Department of Airports 5.000%, 5/15/32		200		241
Los Angeles Harbor Department, 5.000%, 8/1/35		235		278
San Diego County Regional Airport Authority,
5.000%, 7/1/40		250		278
5.000%, 7/1/40		400		444
San Diego Unified Port District, 5.000%, 9/1/28		200		236
San Francisco City & County Airport Commission, San Francisco International Airport, 5.000%, 5/1/43		150		170
San Francisco Municipal Transportation Agency,
5.000%, 3/1/31		125		148
5.000%, 3/1/33		150		178
					��
				1,973
Water & Sewer Revenue—11.3%
East Bay Municipal Utility District Water System Revenue 5.000%, 6/1/35		270		326
Los Angeles County Sanitation District No.14 5.000%, 10/1/25		300		381
Los Angeles Department of Water & Power, 5.000%, 7/1/35		295		354
Manteca, City of, Water Revenue, 5.000%, 7/1/27		300		354
Oakland, City of, Sewer Revenue, 5.000%, 6/15/29		200		243
Ross Valley Public Financing Authority, Sanitary District #1 (AGM Insured) 5.000%, 10/1/33		225		263
San Diego County Water Authority, 5.000%, 5/1/31		250		303
San Diego Public Facilities Financing Authority Sewer Revenue 5.000%, 5/15/39		500		602
Santa Margarita-Dana Point Authority, Water Improvement Districts #’s 2,3,4, 5.125%, 8/1/38		630		684
				3,510
TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $28,181)				30,111
TOTAL LONG TERM INVESTMENTS—97.0%
(Identified Cost $28,181)				30,111
TOTAL INVESTMENTS—97.0%
(Identified Cost $28,181)				30,111	(1)
Other assets and liabilities, net—3.0%				940
NET ASSETS—100.0%			$	31,051

Abbreviations:

ACA American Capital Access Financial Guarantee Corp.

AGC Assured Guaranty Corp.

AGM Assured Guaranty Municipal Corp.

AMBAC American Municipal Bond Assurance Corp.

BAM Build America Municipal Insured.

BHAC Berkshire Hathaway Assurance Corp.

CHFCLIF California Health Facility Construction Loan Insurance Fund.

FGIC Financial Guaranty Insurance Company

GNMA Government National Mortgage Association (“Ginnie Mae”)

NATL National Public Finance Guarantee Corp.

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  At March 31, 2016, the concentration of the Fund’s investments by state or territory determined as a percentage of net assets is as follows: California 100%. At March 31, 2016, 35.78% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. Insurers with a concentration greater than 10% of net assets are as follows: AMBAC 11.1%.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 2 Significant Observable Inputs
Debt Securities:
Municipal Tax-Exempt Bonds	$	30,111	$	30,111
Total Investments	$	30,111	$	30,111

There are no Level 1 (quoted Prices) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

15

VIRTUS ESSENTIAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—97.2%
Consumer Discretionary—4.1%
Delphi Automotive plc (United Kingdom)		456	$	34
EnerCare, Inc. (Canada)		5,851		69
Johnson Controls, Inc. (United States)		2,004		78
				181
Consumer Staples—14.4%
Adecoagro SA (Brazil)(2)		5,120		59
AG Growth International, Inc. (Canada)		1,000		27
Andersons, Inc. (The) (United States)		524		16
Archer-Daniels-Midland Co. (United States)		1,631		59
Aryzta AG (Switzerland)		518		21
Bunge Ltd. (United States)		1,261		72
Golden Agri-Resources Ltd. (Singapore)		165,800		50
Greencore Group plc (Ireland)		7,986		43
JBS SA (Brazil)		6,600		20
KWS SAAT AG (Germany)		71		23
Minerva Sa/Brazil (Brazil)(2)		6,300		20
Origin Enterprises plc (Ireland)(2)		5,324		41
PureCircle Ltd. (United Kingdom)(2)		5,503		30
SLC Agricola SA (Brazil)		13,100		59
SunOpta, Inc. (Canada)(2)		7,904		35
United Natural Foods, Inc. (United States)(2)		573		23
Whitewave Foods Co. (United States)(2)		1,109		45
				643
Energy—5.2%
Chorus Gmbh (Germany)(2)		2,238		22
Cosan Ltd. (Brazil)		18,600		92
Energy Development Corp. (Philippines)		152,000		19
Innergex Renewable Energy, Inc. (Canada)		1,940		21
Pattern Energy Group, Inc. (United States)		2,975		57
TransAlta Renewables, Inc. (Canada)		2,011		20
				231
Financials—4.8%
Capital Stage AG (Germany)		2,262		19
Gladstone Land Corp. (United States)		2,328		23
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (United States)		2,311		44
PICO Holdings, Inc. (United States)(2)		5,071		52
Renewables Infrastructure Group Ltd. (The) (United Kingdom)		29,196		43
Saeta Yield SA (Spain)		3,083		31
				212

	SHARES		VALUE
Health Care—1.4%
Agilent Technologies, Inc. (United States)		940	$	38
Genus plc (United Kingdom)		1,063		23
				61
Industrials—31.0%
Advanced Drainage Systems, Inc. (United States)		1,051		22
Aegion Corp. (United States)(2)		1,137		24
Ameresco, Inc. (United States)(2)		3,621		17
Amiad Water Systems Ltd. (Israel)(2)		7,152		16
Arcadis NV (Netherlands)		2,748		51
BayWa AG (Germany)		1,791		61
China Everbright International Ltd. (Hong Kong)		16,000		18
Covanta Holding Corp. (United States)		3,576		60
CSX Corp. (United States)		2,192		57
Danaher Corp. (United States)		665		63
Deere & Co. (United States)		297		23
Dialight plc (United Kingdom)		734		6
DIRTT Environmental Solutions (Canada)(2)		1,697		7
Eaton Corp. plc (United States)		537		34
Ebara Corp. (Japan)		3,000		13
Enphase Energy Inc (United States)(2)		2,764		6
Franklin Electric Co., Inc. (United States)		272		9
FuelCell Energy, Inc. (United States)(2)		602		4
Gamesa Corp Tecnologica SA (Spain)		1,376		27
GEA Group AG (Germany)		908		44
HD Supply Holdings, Inc. (United States)(2)		2,068		68
Honeywell International, Inc. (United States)		130		15
IDEX Corp. (United States)		123		10
Kingspan Group PLC (Ireland)(2)		1,493		40
Kubota Corp. (Japan)		4,600		63
Lumenpulse, Inc. (Canada)(2)		1,468		19
MasTec, Inc. (United States)(2)		701		14
METAWATER Co. Ltd. (Japan)		300		8
Mueller Water Products, Inc. Class A (United States)		3,784		37
Noble Group Ltd. (Singapore)(2)		40,000		13
Pentair plc (United States)		1,381		75
PNE Wind AG (Germany)		9,634		20
Prysmian SpA (Italy)		771		18
Regal-Beloit Corp. (United States)		493		31
Rexnord Corp. (United States)(2)		3,229		65
SIG plc (United Kingdom)		8,258		17
Smith (A.O.) Corp. (United States)		376		29
SPX Corp. (United States)		3,928		59
SPX Flow, Inc. (United States)(2)		838		21
Stantec Inc (Canada)		598		15
Tetra Tech, Inc. (United States)		1,772		53
Wolseley plc (Jersey)		463		26
Xylem, Inc. (United States)		1,204		49
Zumtobel Group AG (Austria)		3,252		55
				1,382

	SHARES		VALUE
Information Technology—10.6%
Canadian Solar, Inc. (Canada)(2)		3,806	$	73
Daqo New Energy Corp. ADR (China)(2)		363		7
First Solar, Inc. (United States)(2)		790		54
GCL-Poly Energy Holdings Ltd. (China)		110,200		18
Infineon Technologies AG (Germany)		2,676		38
Itron, Inc. (United States)(2)		230		10
JinkoSolar Holding Co.Ltd. ADR (China)(2)		1,549		32
PSI AG Gesellschaft Fuer Produkte Und Systeme Der Informationstechnologie (Germany)(2)		729		11
Pure Technologies Ltd. (Canada)		13,455		50
SolarEdge Technologies, Inc. (United States)(2)		708		18
SunPower Corp. (United States)(2)		3,751		84
Trimble Navigation Ltd. (United States)(2)		1,451		36
Trina Solar Ltd. ADR (China)(2)		2,990		30
Universal Display Corp (United States)(2)		181		10
				471
Materials—12.7%
Agrium, Inc. (Canada)		580		51
Calgon Carbon Corp. (United States)		3,910		55
CF Industries Holdings, Inc. (United States)		914		29
Ecolab, Inc. (United States)		679		76
FMC Corp. (United States)		658		27
Israel Chemicals Ltd. (Israel)		5,824		25
Johnson Matthey PLC (United Kingdom)		549		22
Koninklijke Dsm NV (Netherlands)		282		15
Monsanto Co. (United States)		456		40
Mosaic Co. (The) (United States)		1,329		36
PhosAgro OAO GDR Registered Shares (Russia)		3,191		45
Plant Health Care plc (United Kingdom)(2)		11,001		9
Potash Corp. of Saskatchewan, Inc. (Canada)		2,137		36
Syngenta AG Registered Shares (Switzerland)		184		76
Yara International ASA (Norway)		661		25
				567
Utilities—13.0%
American Water Works Co., Inc. (United States)		292		20
Beijing Enterprises Water Group Ltd. Class H (Hong Kong)		42,000		26
California Water Service Group (United States)		707		19
Capstone Infrastructure Corp. (Canada)		25,590		96
China Everbright Water Ltd. (China)(2)		39,300		14

See Notes to Financial Statements

16

VIRTUS ESSENTIAL RESOURCES FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Utilities—continued
CT Environmental Group (Cayman Islands)		22,000	$	7
EDP Renovaveis SA (Spain)		6,942		53
Guangdong Investments Ltd. (China)		16,000		20
Huaneng Renewables Corp. Ltd. Class H (China)		126,000		39
Manila Water Co, Inc. (Philippines)		22,000		13
National Grid plc (United Kingdom)		979		14
NextEra Energy, Inc. (United States)		166		20
Northland Power, Inc. (Canada)		1,176		19
NRG Yield, Inc. (United States)		2,392		34
SevernTrent plc (United Kingdom)		1,092		34
Suez Environnement SA (France)		4,115		76
United Utilities Group plc (United Kingdom)		3,030		41
Veolia Environnement SA (France)		1,418		34
				579
TOTAL COMMON STOCKS (Identified Cost $4,640)				4,327

	SHARES		VALUE
CLOSED END FUND(3)—0.3%
Financials—0.3%
Greencoat UK Wind plc Fund (United Kingdom)		10,263	$	15
TOTAL CLOSED END FUND (Identified Cost $16)				15
TOTAL LONG TERM INVESTMENTS—97.5%
(Identified Cost $4,656)				4,342
TOTAL INVESTMENTS—97.5%
(Identified Cost $4,656)				4,342	(1)
Other assets and liabilities, net—2.5%				109
NET ASSETS—100.0%			$	4,451

Abbreviation:

ADR American Depositary Receipt

GDR Global Depositary Receipt

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽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	44	%
Canada	12
United Kingdom	7
Brazil	6
Germany	5
China	4
Ireland	3
Other	19
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Closed End Funds	$	15	$	15
Common Stocks		4,327		4,327
Total Investments	$	4,342	$	4,342

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $231 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements.)

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

17

VIRTUS HIGH YIELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES—0.6%
Mongolia 144A 10.875%, 4/6/21(3)	$	200	$	201
Provincia de Buenos Aires Argentina 144A 9.125%, 3/16/24(3)		210		216
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $413)				417
MORTGAGE-BACKED SECURITIES—2.2%
Non-Agency—2.2%
Citigroup Mortgage Loan Trust, Inc. 05-5, 2A3 5.000%, 8/25/35		106		105
Goldman Sachs Residential Mortgage Loan Trust 05-5F, B1 5.750%, 6/25/35(2)		269		261
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37(2)		415		424
JPMorgan Chase Commercial Mortgage Securities Trust 07-LDPX, AM 5.464%, 1/15/49(2)		335		332
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34(3)		226		237
Residential Accredit Loans, Inc. 05-QS1, A5 5.500%, 1/25/35		112		112
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $1,456)				1,471
ASSET-BACKED SECURITIES—1.7%
Arbys Funding LLC 15-1A, A2 144A 4.969%, 10/30/45(3)		224		234
CarFinance Capital Auto Trust 14-1A, D 144A 4.900%, 4/15/20(3)		205		204
Citi Held For Asset Issuance 15-PM3 144A 4.310%, 5/16/22(3)		360		340
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		250		247
LEAF Receivables Funding 10 LLC 15-1, E2 144A 6.000%, 6/15/23(3)		160		154
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $1,194)				1,179
CORPORATE BONDS AND NOTES—83.0%
Consumer Discretionary—22.4%
Aramark Services, Inc. 144A 5.125%, 1/15/24(3)		150		158
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23(3)		700		744
Boyd Gaming Corp.
9.000%, 7/1/20		275		291
6.875%, 5/15/23		265		284

	PAR VALUE		VALUE
Consumer Discretionary—continued
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20(4)	$	450	$	385
Caesars Entertainment Resort Properties LLC 8.000%, 10/1/20		220		216
Caesars Growth Properties Finance, Inc. 9.375%, 5/1/22		260		205
CCO Holding Safari LLC 144A 5.750%, 2/15/26(3)		300		311
CCO Holdings LLC
6.500%, 4/30/21		500		519
144A 5.125%, 5/1/23(3)		215		219
CCO Safari II LLC 144A 4.908%, 7/23/25(3)		110		116
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20(3)		400		398
Churchill Downs, Inc. 144A 5.375%, 12/15/21(3)		110		114
Clear Channel Worldwide Holdings, Inc.
Series B 7.625%, 3/15/20		1,060		978
Series A 7.625%, 3/15/20		150		129
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21(3)		245		262
CSC Holdings LLC 5.250%, 6/1/24		290		259
DISH DBS Corp. 5.000%, 3/15/23		475		424
Fiat Chrysler Automobiles NV 5.250%, 4/15/23		250		250
Hilton Worldwide Finance LLC 5.625%, 10/15/21		550		573
i Heart Communications, Inc. 9.000%, 12/15/19		115		86
Intelsat Jackson Holdings SA 5.500%, 8/1/23		425		258
Jarden Corp. 144A 5.000%, 11/15/23(3)		115		121
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18(3)		175		175
Landry’s, Inc. 144A 9.375%, 5/1/20(3)		425		448
Lennar Corp.
4.500%, 11/15/19		215		225
4.875%, 12/15/23		70		70
M/I Homes, Inc. 6.750%, 1/15/21		140		138
MDC Holdings, Inc. 5.500%, 1/15/24		325		313
Meritor, Inc. 6.750%, 6/15/21		375		350
MGM Resorts International 6.750%, 10/1/20		525		571
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		170		175
MPG Holdco I, Inc. 7.375%, 10/15/22		225		224

	PAR VALUE		VALUE
Consumer Discretionary—continued
Newell Rubbermaid, Inc.
4.200%, 4/1/26	$	15	$	16
5.375%, 4/1/36		30		32
5.500%, 4/1/46		40		43
Numericable Group S.A. 144A 6.000%, 5/15/22(3)		465		456
Party City Holdings, Inc. 144A 6.125%, 8/15/23(3)		35		36
Penn National Gaming, Inc. 5.875%, 11/1/21		490		490
Pinnacle Entertainment, Inc. 6.375%, 8/1/21		300		318
PulteGroup, Inc.
4.250%, 3/1/21		200		204
5.500%, 3/1/26		200		207
RCN Telecom Services LLC (RCN Capital Corp.) 144A 8.500%, 8/15/20(3)		670		672
Sally Holdings LLC / Sally Capital, Inc. 5.625%, 12/1/25		145		155
Scientific Games International, Inc.
6.625%, 5/15/21		150		92
144A 7.000%, 1/1/22(3)		245		251
Station Casinos LLC 7.500%, 3/1/21		200		212
TI Group Auto Systems LLC 144A 8.750%, 7/15/23(3)		290		280
Toll Brothers Finance Corp. 4.875%, 11/15/25		450		447
TRI Pointe Group, Inc. 5.875%, 6/15/24		400		399
Univision Communications, Inc. 144A 5.125%, 5/15/23(3)		195		195
UPCB Finance IV Ltd. 144A 5.375%, 1/15/25(3)		200		204
UPCB Finance V Ltd. 144A 7.250%, 11/15/21(3)		44		47
VTR Finance BV 144A 6.875%, 1/15/24(3)		450		442
				15,187
Consumer Staples—2.0%
Constellation Brands, Inc. 4.750%, 12/1/25		65		67
Dole Food Co., Inc. 144A 7.250%, 5/1/19(3)		250		249
Pinnacle Foods Corp. Finance LLC 144A 5.875%, 1/15/24(3)		35		37
Rite Aid Corp.
6.750%, 6/15/21		475		503
144A 6.125%, 4/1/23(3)		65		69
Safeway, Inc. 7.250%, 2/1/31		215		199
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22(3)		275		256
				1,380

See Notes to Financial Statements

18

VIRTUS HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Energy—11.4%
Alberta Energy Co. Ltd. 8.125%, 9/15/30	$	115	$	104
Anadarko Petroleum Corp.
4.850%, 3/15/21		120		122
5.550%, 3/15/26		50		51
6.600%, 3/15/46		75		77
Antero Resources Corp. 5.625%, 6/1/23		275		254
Archrock Partners LP (Archrock Finance Corp.) 6.000%, 10/1/22		300		217
Bill Barrett Corp. 7.625%, 10/1/19		205		139
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(3)		340		285
BreitBurn Energy Partners 7.875%, 4/15/22		150		16
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		270		239
Concho Resources, Inc. 5.500%, 4/1/23		120		118
ConocoPhillips Co.
4.200%, 3/15/21		40		42
4.950%, 3/15/26		100		104
5.950%, 3/15/46		50		54
CONSOL Energy, Inc. 5.875%, 4/15/22		200		145
Continental Resources, Inc.
5.000%, 9/15/22		240		208
4.500%, 4/15/23		145		122
Crestwood Midstream Partners LP (Crestwood Midstream Finance Corp.) 144A 6.250%, 4/1/23(3)		295		221
Enbridge Energy Partners LP 4.375%, 10/15/20		35		34
Encana Corp. 3.900%, 11/15/21		190		166
Energy Transfer Partners LP 5.875%, 1/15/24		400		344
EnQuest plc 144A 7.000%, 4/15/22(3)		250		113
EP Energy LLC (Everest Acquisition Finance, Inc.) 9.375%, 5/1/20		215		110
FTS International, Inc.
144A 8.134%, 6/15/20(2)(3)		230		155
6.250%, 5/1/22		190		22
Gulfport Energy, Corp. 7.750%, 11/1/20		150		151
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		150		151
Hess Corp.
8.125%, 2/15/19		125		137
5.600%, 2/15/41		175		156
Linn Energy LLC (Linn Energy Finance Corp.) 7.750%, 2/1/21(4)		200		24
MPLX LP 144A 4.875%, 12/1/24(3)		325		300
Newfield Exploration Co. 5.375%, 1/1/26		165		150

	PAR VALUE		VALUE
Energy—continued
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19	$	200	$	122
Pacific Exploration and Production Corp. 144A 5.375%, 1/26/19(3)(4)		100		18
QEP Resources, Inc. 5.250%, 5/1/23		300		262
Range Resources Corp. 5.000%, 3/15/23		195		166
Regency Energy Partners LP 5.875%, 3/1/22		90		87
Sabine Oil & Gas Corp. 7.250%, 6/15/19(4)		329		6
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		380		367
SM Energy Co. 6.125%, 11/15/22		200		148
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26(3)		200		201
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23(3)		695		699
Transocean, Inc.
5.800%, 12/15/16		360		360
6.800%, 3/15/38		300		152
Weatherford International Ltd. 9.625%, 3/1/19		350		352
YPF S.A. 144A 8.500%, 3/23/21(3)		230		231
				7,702
Financials—7.9%
AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.625%, 10/30/20		150		154
Aircastle Ltd.
5.125%, 3/15/21		550		575
5.000%, 4/1/23		350		353
Ally Financial, Inc.
3.250%, 2/13/18		95		94
3.250%, 11/5/18		120		118
Corrections Corp. of America 5.000%, 10/15/22		145		152
CTR Partnership LP Caretrust Capital Corp. 5.875%, 6/1/21		185		187
DuPont Fabros Technology LP 5.875%, 9/15/21		350		368
ESH Hospitality, Inc. 144A 5.250%, 5/1/25(3)		285		280
Genworth Holdings, Inc. 4.900%, 8/15/23		230		172
GLP Capital LP (GLP Financing II, Inc.) 4.875%, 11/1/20		215		225
Guanay Finance Ltd. 144A 6.000%, 12/15/20(3)		263		254
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) 5.875%, 2/1/22		220		209

	PAR VALUE		VALUE
Financials—continued
ING Groep NV 6.000%(2)(5)	$	200	$	188
iStar Financial, Inc. 5.000%, 7/1/19		500		482
MPT Operating Partnership LP 6.375%, 3/1/24		100		106
Nationstar Mortgage LLC 6.500%, 7/1/21		250		223
Sabra Health Care LP 5.500%, 2/1/21		170		171
Springleaf Finance Corp. 5.250%, 12/15/19		260		249
Sprint Capital Corp. 6.900%, 5/1/19		325		283
Voya Financial, Inc. 5.650%, 5/15/53(2)		205		192
Walter Investment Management Corp. 7.875%, 12/15/21		215		141
York Risk Services Holding Corp. 144A 8.500%, 10/1/22(3)		275		177
				5,353
Health Care—14.2%
Acadia Healthcare Co., Inc.
5.125%, 7/1/22		145		147
5.625%, 2/15/23		100		102
144A 6.500%, 3/1/24(3)		5		5
Alere, Inc.
6.500%, 6/15/20		350		358
144A 6.375%, 7/1/23(3)		115		121
Capsugel S.A. PIK Interest Capitalization 144A, 7.000%, 5/15/19(3)(7)		275		277
Centene Escrow Corp. 144A 5.625%, 2/15/21(3)		150		157
Community Health Systems, Inc.
5.125%, 8/15/18		100		101
5.125%, 8/1/21		400		407
6.875%, 2/1/22		145		132
Concordia Healthcare Corp. 144A 7.000%, 4/15/23(3)		450		388
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22(3)		225		170
DaVita Healthcare Partners, Inc.
5.125%, 7/15/24		310		314
5.000%, 5/1/25		100		99
Emdeon, Inc. 144A 6.000%, 2/15/21(3)		190		186
Endo Finance LLC 144A 5.875%, 1/15/23(3)		250		239
Envision Healthcare Corp. 144A 5.125%, 7/1/22(3)		300		306
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(3)		60		61

See Notes to Financial Statements

19

VIRTUS HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Health Care—continued
HCA, Inc.
6.500%, 2/15/20	$	425	$	466
5.375%, 2/1/25		600		607
5.250%, 6/15/26		230		236
inVentiv Health, Inc. 144A 9.000%, 1/15/18(3)		130		135
Jaguar Holding Co. II (Pharmaceutical Product Development LLC) 144A 6.375%, 8/1/23(3)		230		237
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 144A 8.750%, 5/1/20(3)(7)		245		240
Kinetic Concepts, Inc. 144A 7.875%, 2/15/21(3)		130		138
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23(3)		300		274
MEDNAX, Inc. 144A 5.250%, 12/1/23(3)		295		307
Pinnacle Merger Sub, Inc. (PRA Holdings, Inc.) 144A 9.500%, 10/1/23(3)		225		250
Prestige Brands Inc 144A 6.375%, 3/1/24(3)		200		210
Quintiles Transnational Corp. 144A 4.875%, 5/15/23(3)		300		308
Sterigenics-Nordion Holdings LLC 144A 6.500%, 5/15/23(3)		325		325
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(3)		200		201
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23(3)		400		405
Team Health, Inc. 144A 7.250%, 12/15/23(3)		20		21
Tenet Healthcare Corp.
6.000%, 10/1/20		375		401
4.500%, 4/1/21		275		278
8.125%, 4/1/22		425		438
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18(3)		140		128
144A 5.375%, 3/15/20(3)		520		426
144A 7.250%, 7/15/22(3)		70		56
				9,657
Industrials—7.2%
ADS Waste Holdings, Inc. 8.250%, 10/1/20		300		307
ADT Corp. (The) 6.250%, 10/15/21		400		404
Ahern Rentals, Inc. 144A 7.375%, 5/15/23(3)		274		190
Bombardier, Inc. 144A 6.125%, 1/15/23(3)		200		153
Builders FirstSource, Inc.
144A 7.625%, 6/1/21(3)		300		313
144A 10.750%, 8/15/23(3)		150		152

	PAR VALUE		VALUE
Industrials—continued
Cemex SAB de C.V. 144A 7.750%, 4/16/26(3)	$	200	$	206
Garda World Security Corp. 144A 7.250%, 11/15/21(3)		410		318
Harland Clarke Holdings Corp.
144A 6.875%, 3/1/20(3)		150		134
144A 9.250%, 3/1/21(3)		300		231
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22		99		94
HD Supply, Inc.
144A 5.250%, 12/15/21(3)		400		421
144A 5.750%, 4/15/24(3)		100		103
JBS Investments GmbH 144A 7.250%, 4/3/24(3)		200		185
Manitowoc Foodservice Inc 144A 9.500%, 2/15/24(3)		15		16
Masco Corp 4.375%, 4/1/26		175		179
NCI Building Systems, Inc. 144A 8.250%, 1/15/23(3)		290		307
Standard Industries, Inc.
144A 5.125%, 2/15/21(3)		10		10
144A 5.500%, 2/15/23(3)		55		56
TransDigm, Inc.
6.000%, 7/15/22		300		300
6.500%, 5/15/25		230		226
United Rentals North America, Inc. 5.500%, 7/15/25		270		268
Virgin Australia Trust 13-1A 144A 5.000%, 4/23/25(3)		334		341
				4,914
Information Technology—1.3%
First Data Corp.
144A 5.000%, 1/15/24(3)		230		231
144A 5.750%, 1/15/24(3)		450		452
Western Digital Corp.
144A 7.375%, 4/1/23(3)		35		36
144A 10.500%, 4/1/24(3)		175		175
				894
Materials—5.8%
Aleris International Inc 144A 9.500%, 4/1/21(3)		360		368
ArcelorMittal 6.125%, 6/1/25		300		279
Ardagh Packaging Finance plc
144A 6.250%, 1/31/19(3)		145		144
144A 9.125%, 10/15/20(3)		275		283
144A 6.750%, 1/31/21(3)		295		286
Berry Plastics Corp. 5.125%, 7/15/23		400		406
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17(3)		180		179
Cascades, Inc.
144A 5.500%, 7/15/22(3)		575		556
144A 5.750%, 7/15/23(3)		225		214

	PAR VALUE		VALUE
Materials—continued
Cemex SAB de C.V. 144A 7.250%, 1/15/21(3)	$	245	$	255
Eldorado Gold Corp. 144A 6.125%, 12/15/20(3)		150		138
Fortescue Metals Group (FMG) 144A 8.250%, 11/1/19(3)		75		72
Hexion U.S. Finance Corp. 6.625%, 4/15/20		175		146
INEOS Group Holdings SA 144A 5.875%, 2/15/19(3)		305		308
Reynolds Group Issuer, Inc. 8.250%, 2/15/21		190		195
Vedanta Resources plc 144A 9.500%, 7/18/18(3)		100		83
				3,912
Telecommunication Services—8.2%
Altice Financing S.A. 144A 6.625%, 2/15/23(3)		480		484
Altice Financing SA
Luxembourg, 144A 7.625%, 2/15/25(3)		290		278
144A 7.750%, 7/15/25(3)		200		198
CenturyLink, Inc.
Series V 5.625%, 4/1/20		375		381
Series Y 7.500%, 4/1/24		370		371
Crown Castle International Corp 3.400%, 2/15/21		5		5
Crown Castle International Corp. 4.450%, 2/15/26		20		21
Frontier Communications Corp.
8.500%, 4/15/20		425		438
6.250%, 9/15/21		125		116
144A 10.500%, 9/15/22(3)		45		46
Level 3 Financing, Inc.
7.000%, 6/1/20		150		157
144A 5.375%, 1/15/24(3)		95		96
144A 5.250%, 3/15/26(3)		230		232
Neptune Finance Corp.
144A 10.125%, 1/15/23(3)		210		225
144A 6.625%, 10/15/25(3)		210		228
Sprint Capital Corp. 6.875%, 11/15/28		250		184
Sprint Corp. 7.875%, 9/15/23		325		249
T-Mobile USA, Inc.
6.625%, 11/15/20		150		156
6.125%, 1/15/22		240		249
6.836%, 4/28/23		250		263
6.500%, 1/15/24		275		287
6.500%, 1/15/26		220		230
Virgin Media Finance plc 144A 6.000%, 10/23/25(3)		250		258
Windstream Corp. 7.750%, 10/1/21		300		246

See Notes to Financial Statements

20

VIRTUS HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Telecommunication Services—continued
Zayo Group LLC / Zayo Capital Inc. 6.000%, 4/1/23	$	180	$	181
				5,579
Utilities—2.6%
AmeriGas Partners LP 7.000%, 5/20/22		325		335
Calpine Corp. 5.375%, 1/15/23		350		341
Dynegy, Inc. 7.375%, 11/1/22		455		423
NRG Yield Operating LLC 5.375%, 8/15/24		190		177
Talen Energy Supply LLC 144A 4.625%, 7/15/19(3)		175		153
TerraForm Power Operating LLC 144A 5.875%, 2/1/23(3)		250		204
Texas Competitive Electric Holdings Co. LLC 144A 11.500%, 10/1/20(3)(8)		500		146
				1,779
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $59,693)				56,357
LOAN AGREEMENTS(2)—7.5%
Consumer Discretionary—1.5%
Caesars Entertainment Operating Co., Inc. Tranche B-7, 11.750%, 3/1/17(4)		165		153
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22		178		170
Graton Resort & Casino Tranche B, 4.750%, 9/1/22		110		111
Mattress Holding Corp. 0.000%, 10/20/21(9)		231		230
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 6/15/18		110		107
Transtar Holding Co. Second Lien, 10.000%, 10/9/19(12)		200		103
U.S. Farathane Corp. 6.750%, 12/23/21		145		145
				1,019
Consumer Staples—1.1%
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21		209		210
Crossmark Holdings, Inc. Second Lien, 8.750%, 12/21/20(12)		190		99
Hostess Brands LLC Tranche B Second Lien, 8.500%, 8/3/23		430		414
Pinnacle Foods Corp. Finance LLC Tranche I 3.750%, 1/13/23		32		32
				755

	PAR VALUE		VALUE
Energy—0.1%
Jonah Energy LLC Second Lien, 7.500%, 5/12/21	$	125	$	64
Sabine Oil & Gas LLC Second Lien, 12.000%, 12/31/18(4)		285		9
				73
Health Care—2.5%
21st Century Oncology, Inc. Tranche B 6.500%, 4/30/22		223		201
American Renal Holdings, Inc. Second Lien, 8.500%, 3/20/20		292		289
Ardent Legacy Acquisitions, Inc. 6.500%, 8/4/21		129		130
Greatbatch, Inc. Tranche B, 5.250%, 10/27/22		82		82
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		159		159
MI Opco Holdings, Inc. 5.750%, 10/27/22		129		129
MMM Holdings, Inc. 9.750%, 12/12/17(4)(12)		79		48
MSO of Puerto Rico, Inc. 9.750%, 12/12/17(4)(12)		58		35
NVA Holdings, Inc.
Tranche B-1 5.500%, 8/14/21		131		131
Second Lien 8.000%, 8/14/22		175		171
Onex TSG Holdings II Corp. First Lien, 5.000%, 7/29/22		151		150
RCHP Tranche B-2, 6.000%, 4/23/19		178		178
				1,703
Industrials—1.0%
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		225		217
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		81		80
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22		390		363
				660
Information Technology—1.1%
First Data Corp. Tranche B 4.182%, 7/8/22		407		405
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		134		119
NXP BV (NXP Funding LLC) Tranche B 3.750%, 12/7/20		115		115
Presidio, Inc. Refinancing Term 5.250%, 2/2/22		146		144
				783

	PAR VALUE			VALUE
Materials—0.2%
Fortescue Metals Group (FMG) Resources Property Ltd. 0.000%, 6/30/19(9)	$	125		$	106
TOTAL LOAN AGREEMENTS (Identified Cost $5,771)					5,099
	SHARES
PREFERRED STOCKS—1.3%
Financials—1.3%
Ally Financial, Inc. Series A, 8.500%(2)		11,530			294
Goldman Sachs Group, Inc. (The) Series L, 5.700%(2)		215	(10)		210
JPMorgan Chase & Co. Series V, 5.000%(2)		285	(10)		272
SunTrust Bank, Inc. 5.625%(2)		95	(10)		94
TOTAL PREFERRED STOCKS (Identified Cost $905)					870
COMMON STOCKS—0.5%
Energy—0.5%
Denbury Resources, Inc.		14,000			31
Gulfport Energy Corp.(11)		5,300			150
Meg Energy Corp(11)		13,400			67
QEP Resources, Inc.		5,300			75
SM Energy Co.		900			17
Whiting Petroleum Corp.(11)		4,200			34
TOTAL COMMON STOCKS (Identified Cost $385)					374
EXCHANGE-TRADED FUNDS—0.5%
Energy Select Sector SPDR Fund(13)		5,300			328
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $336)					328
AFFILIATED MUTUAL FUND—0.5%
Virtus Credit Opportunities Fund Class R6(13)		35,806			342
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $358)					342
TOTAL LONG TERM INVESTMENTS—97.8%
(Identified Cost $70,511)					66,437	(14)
TOTAL INVESTMENTS—97.8%
(Identified Cost $70,511)					66,437	(1)
Other assets and liabilities, net—2.2%					1,475
NET ASSETS—100.0%				$	67,912

Abbreviations:

ADS American Depositary Share

PIK Payment-in-Kind Security

SPDR S&P Depositary Receipt

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

21

VIRTUS HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2016.

⁽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, 2016, these securities amounted to a value of $25,816 or 38.0% of net assets.

⁽⁴⁾  Security in default.

⁽⁵⁾  No contractual maturity date.

⁽⁶⁾  Interest payments may be deferred.

⁽⁷⁾  100% of the income received was in cash.

⁽⁸⁾  Security in default, interest payments are being received during the bankruptcy proceedings.

⁽⁹⁾  This loan will settle after March 31, 2016, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽¹⁰⁾  Value shown as par value.

⁽¹¹⁾  Non-income producing.

⁽¹²⁾  Illiquid security.

⁽¹³⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

⁽¹⁴⁾  All or a portion of the Fund’s assets have been segregated for a delayed delivery security.

Country Weightings†
United States	81	%
Canada	4
Luxembourg	3
Bermuda	2
Netherlands	2
Cayman Islands	1
Ireland	1
Other	6
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	1,179	$	—	$	932	$	247
Corporate Bonds And Notes		56,357		—		56,357		—
Foreign Government Securities		417		—		417		—
Loan Agreements		5,099		—		4,673		426
Mortgage-Backed Securities		1,471		—		1,471		—
Equity Securities:
Affiliated Mutual Fund		342		342		—		—
Common Stocks		374		374		—		—
Exchange-Traded Fund		328		328		—		—
Preferred Stocks		870		294		576		—
Total Investments	$	66,437	$	1,338	$	64,426	$	673

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

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

	Total			Asset-Backed Securities			Loan Agreements
Investments in Securities
Balance as of September 30, 2015:	$	444		$	250		$	194
Accrued discount/(premium)		—			—	(c)		—
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)(d)		(93	)		(3	)		(90	)
Purchases		131			—			131
Sales(b)		(3	)		—			(3	)
Transfers into Level 3(a)		194	(e)		—			194	(e)
Transfers from Level 3(a)		—			—			—
Balance as of March 31, 2016	$	673		$	247	(f)	$	426	(f)

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2016, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydowns on securities.

^(c)  Amount is less than $500.

^(d)  Included in the related net change in unrealized appreciation/(depreciation) in the Statements of Operations. The change in unrealized appreciation/(depreciation) on investments still held on March 31, 2016 was $(131).

^(e)  The transfers into Level 3 are due to a decrease in trading activities at period end.

^(f)  The Fund’s investments that are 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.

None of the securities in this table are internally fair valued.

See Notes to Financial Statements

22

VIRTUS LOW VOLATILITY EQUITY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
EXCHANGE-TRADED FUNDS—101.8%
iShares S&P 100 Index Fund(2)(3)		55,300	$	5,053
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $4,621)				5,053
	CONTRACTS
PURCHASED OPTIONS—0.1%
Call Option—0.1%
CBOE Volatility Index expiration 04/20/16 strike price $23		120		3
TOTAL PURCHASED OPTIONS—0.1% (Premiums Paid $12)				3
TOTAL LONG TERM INVESTMENTS—101.9%
(Identified Cost $4,633)				5,056	(1)
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—101.9%
(Identified Cost $4,633)				5,056	(1)

	CONTRACTS		VALUE
WRITTEN OPTIONS—(2.5)%
Call Option—(2.5)%
S&P 500® Index expiration 04/15/16 strike price $2015		24	$	(121	)
TOTAL WRITTEN OPTIONS—(2.5)% (Premiums Received $82)				(121	)
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—99.4%
(Identified Cost $4,551)				4,935	(1)
Other assets and liabilities, net—0.6%				28
NET ASSETS—100.0%			$	4,963

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  All or a portion of the security is segregated as collateral for written options.

⁽³⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016			Level 1 Quoted Prices
Equity Securities:
Exchange-Traded Fund	$	5,053		$	5,053
Purchased Option		3			3
Total Investments before Written Option	$	5,056		$	5,056
Written Option		(121	)		(121	)
Total Investments Net of Written Option	$	4,935		$	4,935

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

23

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE			VALUE
MUNICIPAL BONDS—0.2%
Illinois—0.1%
Chicago Wastewater Transmission Taxable Revenue 5.180%, 1/1/27	$	250		$	266
Michigan—0.0%
Tobacco Settlement Finance Authority Taxable Series A, 7.309%, 6/1/34		145			133
Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		325			261
TOTAL MUNICIPAL BONDS (Identified Cost $708)					660
FOREIGN GOVERNMENT SECURITIES—6.7%
Argentine Republic 8.280%, 12/31/33(12)		1,570			1,884
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18(4)		216			88
RegS 7.750%, 10/13/19(4)		202			77
RegS 8.250%, 10/13/24(4)		1,110			383
RegS 7.650%, 4/21/25(4)		1,500			506
9.250%, 9/15/27		360			146
9.375%, 1/13/34		2,145			772
Federative Republic of Brazil 8.500%, 1/5/24		2,055	BRL		437
Mongolia
144A 10.875%, 4/6/21(3)		230			231
144A 5.125%, 12/5/22(3)		825			645
Provincia de Buenos Aires Argentina 144A 9.125%, 3/16/24(3)		730			752
Republic of Angola 144A 9.500%, 11/12/25(3)		275			251
Republic of Azerbaijan 144A 4.750%, 3/18/24(3)		880			836
Republic of Chile 5.500%, 8/5/20		474,000	CLP		732
Republic of Colombia 4.375%, 3/21/23		1,867,000	COP		521
Republic of Costa Rica
144A 4.375%, 4/30/25(3)		795			700
144A 7.000%, 4/4/44(3)		200			181
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(3)		905			855
Republic of El Salvador 144A 6.375%, 1/18/27(3)		1,405			1,222
Republic of Indonesia 8.375%, 9/15/26		8,898,000	IDR		702
Republic of Iraq RegS 5.800%, 1/15/28(4)		610			422
Republic of Peru 4.125%, 8/25/27		650			681
Republic of Poland 3.250%, 4/6/26		480			480

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES—continued
Republic of South Africa
Series R203, 8.250%, 9/15/17		3,690	ZAR	$	251
Series R208, 6.750%, 3/31/21		6,720	ZAR		420
Republic of Sri Lanka 144A 6.850%, 11/3/25(3)	$	800			767
Russian Federation 144A 7.850%, 3/10/18(3)		60,000	RUB		872
Ukraine 144A 7.750%, 9/1/26(3)		850			750
United Mexican States
Series M, 6.500%, 6/9/22		29,019	MXN		1,760
4.750%, 3/8/44		1,014			1,011
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $23,651)					19,335
MORTGAGE-BACKED SECURITIES—19.3%
Agency—3.7%
FNMA
3.000%, 4/1/43		1,587			1,632
3.000%, 5/1/43		807			830
3.000%, 6/1/43		2,257			2,321
3.000%, 7/1/43		1,647			1,694
4.000%, 10/1/44		1,434			1,535
3.500%, 9/1/45		2,352			2,467
					10,479
Non-Agency—15.6%
A-10 Securitization LLC 13-1, B 144A 4.120%, 11/15/25(3)		1,100			1,097
American Homes 4 Rent
14-SFR2, C 144A 4.705%, 10/17/36(3)		915			911
15-SFR2, C 144A 4.691%, 10/17/45(3)		805			789
15-SFR1, A 144A 3.467%, 4/17/52(3)		688			701
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 4.839%, 6/25/33(2)		1,135			1,070
Aventura Mall Trust 13-AVM, C 144A 3.743%, 12/5/32(2)(3)		845			873
Banc of America Alternative Loan Trust 03-2, CB3 5.750%, 4/25/33		745			760
Banc of America Funding Trust
05-1, 1A1 5.500%, 2/25/35		461			462
06-2, 3A1 6.000%, 3/25/36		250			250
Bank of America (Merrill Lynch – Countrywide) Alternative Loan Trust
04-22CB, 1A1 6.000%, 10/25/34		468			469

	PAR VALUE		VALUE
Non-Agency—continued
04-24CB, 1A1 6.000%, 11/25/34	$	107	$	108
Bank of America (Merrill Lynch – Countrywide) Asset-Backed Certificates
05-1, AF5A 5.136%, 7/25/35(2)		1,153		1,138
05-12, 2A4 4.867%, 2/25/36(2)		540		537
Bank of America (Merrill Lynch) Mortgage Investors Trust 98-C1, C 6.750%, 11/15/26(2)		1,260		1,323
Chase Mortgage Finanace Corp. 16-1, M2 144A 3.750%, 4/25/45(3)		665		661
Citigroup Mortgage Loan Trust, Inc.
05-5, 2A3 5.000%, 8/25/35		297		294
15-A, A1 144A 3.500%, 6/25/58(2)(3)		818		836
Colony American Finance Ltd. 15-1, 144A 2.896%, 10/15/47(3)		660		652
Commercial Mortgage Trust 07-GG11, AM 5.867%, 12/10/49(2)		1,200		1,234
Credit Suisse Commercial Mortgage Trust 07-C5, A1AM 5.870%, 9/15/40(2)		939		860
Credit Suisse Mortgage Trust 06-08 3A1 6.000%, 10/25/21		633		607
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.628%, 8/10/44(2)(3)		860		878
Fannie Mae Connecticut Avenue Securities 14-C02, 2M2 3.033%, 5/25/24(2)		1,080		975
Finnish Real Estate Management Federation Mortgage Trust 15-K 720 144A 3.389%, 7/25/22(2)(3)		380		343
Freddie Mac Structured Agency Credit Risk Debt Notes 15-DNA3, M2 3.286%, 4/25/28(2)		875		881
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.382%, 12/15/19(2)(3)		600		588
GMAC Mortgage Corp. Loan Trust
06-HLTV, A4 5.810%, 10/25/29		40		40
05-AR2, 2A 3.313%, 5/25/35(2)		647		604

See Notes to Financial Statements

24

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
Goldman Sachs Residential Mortgage Loan Trust 05-5F, B1 5.750%, 6/25/35(2)	$	1,314	$	1,275
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35(2)		316		320
GSR Mortgage Loan Trust 06-1F, 2A406-1F, 2A4 6.000%, 2/25/36		410		361
Home Equity Loan Trust
03-HS3, AI4 5.550%, 9/25/33(2)		242		248
07-HSA3, AI4 6.110%, 6/25/37(2)		1,481		1,511
Jefferies Resecuritization Trust 14-R1, 2A1 144A 4.000%, 12/27/37(3)		519		518
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust
07-PW15, AM 5.363%, 2/11/44		645		652
07-PW18, AM 6.084%, 6/11/50(2)		1,205		1,260
JPMorgan Chase Commercial Mortgage Securities Trust
14-1, 1A1 144A 3.934%, 1/25/44(2)(3)		694		729
07-LDPX, AM 5.464%, 1/15/49(2)		1,341		1,330
MASTR Adjustable Rate Mortgages Trust 05-1 2.989%, 2/25/35(2)		560		505
MASTR Alternative Loan Trust
04-6, 7A1 6.000%, 7/25/34		1,210		1,213
05-2, 2A1 6.000%, 1/25/35		503		520
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34(3)		601		631
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35(2)(3)		355		359
Morgan Stanley – Bank of America (Merrill Lynch) Trust
15-C22, AS 3.561%, 4/15/48		965		989
15-C26,C 4.412%, 10/15/48(2)		840		813
Morgan Stanley Capital I Trust 07-IQ14, AM 5.667%, 4/15/49(2)		925		921
Motel 6 Trust 15-MTL6, B 144A 3.298%, 2/5/30(3)		1,080		1,080
New Residential Mortgage Loan Trust 15-2A, A1 3.750%, 8/16/55(2)		845		873

	PAR VALUE		VALUE
Non-Agency—continued
Nomura Asset Acceptance Corp. 04-R3, A1 144A 6.500%, 2/25/35(3)	$	262	$	261
Resecuritization Pass-Through Trust 05-BR, A5 6.000%, 10/25/34		472		474
Residential Asset Mortgage Trust 04-RZ1, M1 4.820%, 3/25/34(2)		1,081		1,105
Residential Asset Securitization Trust 05-A1, A3 5.500%, 4/25/35		740		738
Sequoia Mortgage Trust
14-2, A1 144A 4.000%, 7/25/44(2)(3)		334		345
15-1, A1 144A 3.500%, 1/25/45(2)(3)		875		887
Vericrest Opportunity Loan Trust
15-NP11, A1 144A 3.625%, 7/25/45(2)(3)		639		633
15-NPL2, A1 144A 3.375%, 2/25/55(2)(3)		662		652
15-NPL3, A1 144A 3.375%, 10/25/58(2)(3)		613		605
VFC LLC 15-3, B 144A 4.750%, 12/20/31(3)		1,000		999
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50		875		843
Wells Fargo – Royal Bank of Scotland plc Commercial Mortgage Trust 11-C5, C 144A 5.634%, 11/15/44(2)(3)		645		694
WinWater Mortgage Loan Trust 16-1A5, 144A 3.500%, 1/20/46(2)(3)		592		609
				44,894
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $55,507)				55,373
ASSET-BACKED SECURITIES—4.8%
CarFinance Capital Auto Trust
14-1A, D 144A 4.900%, 4/15/20(3)		1,316		1,309
15-1A, C 144A 3.580%, 6/15/21(3)		2,160		2,111
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43(3)		926		925
Conseco Financial Corp. 01-3, A4 6.910%, 5/1/33(2)		321		352
DB Master Finance LLC 15-A1, A2II 144A 3.980%, 2/20/45(3)		379		371

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—continued
Domino’s Pizza Master Issuer LLC 12-1A, A2 144A 5.216%, 1/25/42(3)	$	372	$	381
Drive Auto Receivables Trust 15-AA, D 144A 4.120%, 6/15/22(3)		1,080		1,073
Exeter Automobile Receivables Trust
15-A1, C 144A 4.100%, 12/15/20(3)		900		890
15-3, 144A 6.550%, 10/17/22(3)		840		810
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42(3)		538		545
Foursight Capital Automobile Receivables Trust 15-1, B 144A 4.120%, 9/15/22(3)		1,110		1,127
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		545		538
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		225		230
LEAF Receivables Funding 10 LLC 15-1, E2 144A 6.000%, 6/15/23(3)		555		535
SoFi Professional Loan Program LLC 16-A, A2 144A 2.760%, 12/26/36(3)		425		422
SolarCity LMC Series III LLC 14-2, A 144A 4.020%, 7/20/44(3)		941		900
Trip Rail Master Funding LLC 11-1A, A1A 144A 4.370%, 7/15/41(3)		200		206
Wendy’s Funding LLC 15-1A, A2II 144A 4.080%, 6/15/45(3)		1,104		1,080
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $13,954)				13,805
CORPORATE BONDS AND NOTES—53.5%
Consumer Discretionary—7.8%
Aramark Services, Inc. 144A 5.125%, 1/15/24(3)		430		454
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23(3)		775		823
Boyd Gaming Corp.
9.000%, 7/1/20		435		461
6.875%, 5/15/23		415		444
Brookfield Residential Properties, Inc. 144A 6.125%, 7/1/22(3)		185		165

See Notes to Financial Statements

25

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—continued
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20(12)	$	535	$	457
Caesars Entertainment Resort Properties LLC 8.000%, 10/1/20		320		315
Caesars Growth Properties Finance, Inc. 9.375%, 5/1/22		495		390
CCO Holding Safari LLC 144A 5.750%, 2/15/26(3)		625		648
CCO Holdings LLC 144A 5.125%, 5/1/23(3)		390		398
CCO Safari II LLC 144A 4.908%, 7/23/25(3)		260		274
Cequel Communications Holdings I LLC (Cequel Capital Corp.)
144A 5.125%, 12/15/21(3)		655		612
144A 5.125%, 12/15/21(3)		275		258
Churchill Downs, Inc. 144A 5.375%, 12/15/21(3)		250		259
Clear Channel Worldwide Holdings, Inc.
Series B 7.625%, 3/15/20		930		858
Series A 7.625%, 3/15/20		320		275
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21(3)		200		214
Grupo Televisa SAB 4.625%, 1/30/26		825		870
International Game Technology plc
7.500%, 6/15/19		580		631
144A 6.250%, 2/15/22(3)		340		348
Jarden Corp. 144A 5.000%, 11/15/23(3)		135		142
Landry’s Holdings II, Inc. 144A 10.250%, 1/1/18(3)		425		424
Landry’s, Inc. 144A 9.375%, 5/1/20(3)		210		222
M/I Homes, Inc. 6.750%, 1/15/21		525		518
MDC Holdings, Inc. 5.500%, 1/15/24		860		828
Meritor, Inc. 6.750%, 6/15/21		715		667
MGM Resorts International 6.000%, 3/15/23		490		508
Mohegan Tribal Gaming Authority 9.750%, 9/1/21		585		602
MPG Holdco I, Inc. 7.375%, 10/15/22		830		826
New York University 4.142%, 7/1/48		545		540
Newell Rubbermaid, Inc.
5.375%, 4/1/36		180		191
5.500%, 4/1/46		230		249

	PAR VALUE		VALUE
Consumer Discretionary—continued
Numericable Group S.A. 144A 6.000%, 5/15/22(3)	$	305	$	299
Party City Holdings, Inc. 144A 6.125%, 8/15/23(3)		125		129
Penn National Gaming, Inc. 5.875%, 11/1/21		490		490
Pinnacle Entertainment, Inc. 6.375%, 8/1/21		490		520
QVC, Inc. 5.125%, 7/2/22		240		252
RCN Telecom Services LLC (RCN Capital Corp.) 144A 8.500%, 8/15/20(3)		510		512
Scientific Games International, Inc.
6.625%, 5/15/21		540		331
144A 7.000%, 1/1/22(3)		590		605
Signet UK Finance plc 4.700%, 6/15/24		895		887
TI Group Auto Systems LLC 144A 8.750%, 7/15/23(3)		490		473
Toll Brothers Finance Corp.
4.000%, 12/31/18		375		389
6.750%, 11/1/19		940		1,053
TRI Pointe Group, Inc. 5.875%, 6/15/24		890		889
VTR Finance BV 144A 6.875%, 1/15/24(3)		600		590
				22,290
Consumer Staples—1.4%
Anheuser-Busch Inbev Finance, Inc.
3.300%, 2/1/23		375		390
3.650%, 2/1/26		265		279
Constellation Brands, Inc. 4.750%, 12/1/25		180		187
Dole Food Co., Inc. 144A 7.250%, 5/1/19(3)		545		544
Pilgrim’s Pride Corp. 144A 5.750%, 3/15/25(3)		340		343
Rite Aid Corp. 144A 6.125%, 4/1/23(3)		250		266
Safeway, Inc. 7.250%, 2/1/31		510		472
Tops Holding LLC (Tops Markets II Corp.) 144A 8.000%, 6/15/22(3)		925		860
Whole Foods Market, Inc. 144A 5.200%, 12/3/25(3)		543		569
				3,910
Energy—11.3%
Afren plc 144A 11.500%, 2/1/17(3)(12)		464		3
Alberta Energy Co. Ltd. 8.125%, 9/15/30		330		299

	PAR VALUE		VALUE
Energy—continued
Anadarko Petroleum Corp.
4.850%, 3/15/21	$	150	$	153
5.550%, 3/15/26		215		218
6.600%, 3/15/46		460		471
Antero Resources Corp. 5.625%, 6/1/23		490		453
Archrock Partners LP (Archrock Finance Corp.) 6.000%, 10/1/22		740		537
Bill Barrett Corp. 7.625%, 10/1/19		495		335
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(3)		305		255
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		820		727
Cimarex Energy Co. 4.375%, 6/1/24		450		443
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21		725		297
Concho Resources, Inc. 5.500%, 4/1/23		295		291
ConocoPhillips Co.
4.950%, 3/15/26		535		559
5.950%, 3/15/46		185		198
CONSOL Energy, Inc. 5.875%, 4/15/22		325		236
Continental Resources, Inc.
5.000%, 9/15/22		510		442
4.500%, 4/15/23		305		257
Ecopetrol S.A. 5.375%, 6/26/26		910		827
Enbridge Energy Partners LP 4.375%, 10/15/20		170		166
Encana Corp. 3.900%, 11/15/21		320		280
Energy Transfer Partners LP 5.875%, 1/15/24		885		761
EnQuest plc 144A 7.000%, 4/15/22(3)		885		398
EP Energy LLC (Everest Acquisition Finance, Inc.) 9.375%, 5/1/20		420		214
Exxon Mobil Corp.
2.726%, 3/1/23		190		193
3.043%, 3/1/26		400		410
FTS International, Inc. 6.250%, 5/1/22		450		52
Gazprom OAO (Gaz Capital S.A.)
144A 3.850%, 2/6/20(3)(7)		1,115		1,083
144A 6.000%, 11/27/23(3)(7)		255		253
Gulfport Energy, Corp. 7.750%, 11/1/20		445		447
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		540		544
Hess Corp. 5.600%, 2/15/41		600		535

See Notes to Financial Statements

26

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Energy—continued
Kinder Morgan, Inc. 7.750%, 1/15/32	$	890	$	925
Laredo Petroleum, Inc. 7.375%, 5/1/22		610		531
Linn Energy LLC
6.500%, 5/15/19(12)		512		58
6.500%, 9/15/21(12)		155		19
Lukoil OAO International Finance BV
144A 7.250%, 11/5/19(3)		525		572
144A 4.563%, 4/24/23(3)		495		473
MPLX LP 144A 4.875%, 12/1/24(3)		1,390		1,282
Newfield Exploration Co. 5.625%, 7/1/24		785		736
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		925		564
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22(3)(7)		1,105		1,025
Occidental Petroleum Corp.
3.400%, 4/15/26		30		30
4.400%, 4/15/46		430		432
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22(3)		1,077		237
Pacific Exploration and Production Corp. 144A 5.375%, 1/26/19(3)(12)		610		107
Parker Drilling Co. (The) 7.500%, 8/1/20		1,075		848
Pertamina Persero PT
144A 4.300%, 5/20/23(3)		600		587
144A 6.000%, 5/3/42(3)		400		367
Petrobras Global Finance BV 5.375%, 1/27/21		830		681
Petroleos de Venezuela SA
RegS 8.500%, 11/2/17(4)		323		172
144A 6.000%, 5/16/24(3)		1,580		492
RegS 6.000%, 11/15/26(4)		790		246
Petroleos Mexicanos
144A 6.875%, 8/4/26(3)		230		249
5.500%, 6/27/44		650		541
PHI, Inc. 5.250%, 3/15/19		360		320
QEP Resources, Inc.
6.875%, 3/1/21		445		411
5.250%, 5/1/23		350		306
Range Resources Corp. 5.000%, 3/15/23		675		575
Regency Energy Partners LP 5.000%, 10/1/22		1,010		950
Sabine Oil & Gas Corp. 7.250%, 6/15/19(12)		935		18
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		915		884
SM Energy Co. 6.125%, 11/15/22		1,160		856

	PAR VALUE			VALUE
Energy—continued
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26(3)	$	400		$	402
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23(3)		1,790			1,800
TransCanada Trust 5.625%, 5/20/75(2)		940			828
Transocean, Inc.
5.800%, 12/15/16		300			300
6.800%, 3/15/38		250			126
Weatherford International Ltd. 9.625%, 3/1/19		750			754
YPF S.A. 144A 8.500%, 3/23/21(3)		490			492
					32,533
Financials—13.9%
Akbank TAS 144A 7.500%, 2/5/18(3)		1,565	TRY		514
Allstate Corp. (The) 5.750%, 8/15/53(2)(6)		845			859
American Tower Corp. 4.400%, 2/15/26		190			201
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 6.500%, 3/10/21(3)		425			464
Banco de Credito del Peru 144A 6.125%, 4/24/27(2)(3)		1,095			1,168
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29(2)(3)		395			407
Banco Nacional de Comercio 144A 4.375%, 10/14/25(3)		550			554
Bancolombia S.A. 5.125%, 9/11/22		1,015			1,025
Bank of America Corp. 4.450%, 3/3/26		1,610			1,662
Bank of China Ltd. 144A 5.000%, 11/13/24(3)		875			910
Bank of Georgia JSC 144A 7.750%, 7/5/17(3)		1,015			1,055
Brixmor Operating Partnership LP 3.875%, 8/15/22		245			239
Citigroup, Inc. 4.600%, 3/9/26		580			595
Citizens Financial Group, Inc. 144A 5.500%(2)(3)(5)		920			874
Compass Bank 3.875%, 4/10/25		900			844
Corporate Office Properties LP 3.600%, 5/15/23		950			893
Corrections Corp. of America 5.000%, 10/15/22		660			691

	PAR VALUE			VALUE
Financials—continued
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22(3)	$	1,090		$	971
Discover Financial Services, Inc. 3.950%, 11/6/24		1,250			1,238
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(3)		915			849
ESH Hospitality, Inc. 144A 5.250%, 5/1/25(3)		845			829
Eurasian Development Bank 144A 4.767%, 9/20/22(3)		925			895
First Niagara Financial Group, Inc. 7.250%, 12/15/21		1,160			1,352
FS Investment Corp.
4.250%, 1/15/20		785			786
4.750%, 5/15/22		200			198
Genworth Holdings, Inc. 4.900%, 8/15/23		1,170			875
Healthcare Realty Trust, Inc. 3.875%, 5/1/25		395			384
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%(2)(3)(5)(6)		1,130			1,167
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
4.875%, 3/15/19		65			62
6.000%, 8/1/20		370			360
5.875%, 2/1/22		415			394
ICICI Bank Ltd. 144A 4.000%, 3/18/26(3)		230			231
ING Groep NV 6.000%(2)(5)(6)		865			814
iStar Financial, Inc. 5.000%, 7/1/19		940			907
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(3)		795			705
Leucadia National Corp. 5.500%, 10/18/23		575			541
Lincoln National Corp. 6.050%, 4/20/67(2)(6)		300			195
Macquarie Bank Ltd. 144A 6.625%, 4/7/21(3)		189			215
Manulife Financial Corp. 4.150%, 3/4/26		710			725
McGraw Hill Financial, Inc. 4.000%, 6/15/25		340			354
Morgan Stanley 144A 10.090%, 5/3/17(3)		2,400	BRL		649
MPT Operating Partnership LP 5.500%, 5/1/24		455			457
National Retail Properties, Inc. 4.000%, 11/15/25		260			268

See Notes to Financial Statements

27

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Financials—continued
Nordea Bank AB 144A 4.250%, 9/21/22(3)	$	860	$	902
PKO Finance AB 144A 4.630%, 9/26/22(3)(7)		1,315		1,359
Prudential Financial, Inc. 5.875%, 9/15/42(2)		1,430		1,494
Santander Bank NA 8.750%, 5/30/18		400		446
Sberbank of Russia Via SB Capital S.A. 144A 5.500%, 2/26/24(2)(3)(7)		900		818
Select Income REIT 4.500%, 2/1/25		900		857
Springleaf Finance Corp. 5.250%, 12/15/19		440		422
SunTrust Bank, Inc. 5.400%, 4/1/20		250		277
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(2)(3)		740		746
Trinity Acquisition plc
3.500%, 9/15/21		60		61
4.400%, 3/15/26		715		726
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22(3)		500		505
Voya Financial, Inc. 5.650%, 5/15/53(2)		870		813
Welltower, Inc. 4.250%, 4/1/26		700		710
York Risk Services Holding Corp. 144A 8.500%, 10/1/22(3)		685		441
				39,953
Health Care—4.3%
Acadia Healthcare Co., Inc.
5.125%, 7/1/22		300		304
5.625%, 2/15/23		65		66
144A 6.500%, 3/1/24(3)		15		16
Alere, Inc. 144A 6.375%, 7/1/23(3)		345		363
Capsugel S.A. PIK Interest Capitalization 144A, 7.000%, 5/15/19(3)(10)		200		201
Centene Escrow Corp. 144A 5.625%, 2/15/21(3)		325		340
Community Health Systems, Inc. 6.875%, 2/1/22		525		476
Concordia Healthcare Corp. 144A 7.000%, 4/15/23(3)		65		56
Crimson Merger Sub, Inc. 144A 6.625%, 5/15/22(3)		710		538
DaVita Healthcare Partners, Inc. 5.125%, 7/15/24		565		572
Endo Finance LLC 144A 5.875%, 1/15/23(3)		660		632
HCA, Inc.
6.500%, 2/15/20		990		1,086
5.375%, 2/1/25		720		729
5.250%, 6/15/26		275		282

	PAR VALUE		VALUE
Health Care—continued
IASIS Healthcare LLC 8.375%, 5/15/19	$	545	$	540
Jaguar Holding Co. II (Pharmaceutical Product Development LLC) 144A 6.375%, 8/1/23(3)		530		545
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 144A 8.750%, 5/1/20(3)(10)		545		533
Kinetic Concepts, Inc. 144A 7.875%, 2/15/21(3)		60		64
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23(3)		645		589
MEDNAX, Inc. 144A 5.250%, 12/1/23(3)		395		411
Mylan NV 144A 3.000%, 12/15/18(3)		230		233
Quintiles Transnational Corp. 144A 4.875%, 5/15/23(3)		435		447
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(3)		570		571
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23(3)		912		923
Team Health, Inc. 144A 7.250%, 12/15/23(3)		40		43
Tenet Healthcare Corp.
4.750%, 6/1/20		575		592
6.000%, 10/1/20		180		193
8.125%, 4/1/22		440		454
Valeant Pharmaceuticals International, Inc.
144A 7.500%, 7/15/21(3)		130		109
144A 5.625%, 12/1/21(3)		140		111
144A 5.875%, 5/15/23(3)		380		300
				12,319
Industrials—4.5%
Ahern Rentals, Inc. 144A 7.375%, 5/15/23(3)		930		646
Air Canada 144A 6.750%, 10/1/19(3)		1,050		1,091
Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21(3)		1,305		1,268
American Airlines Pass-Through-Trust 14-1, B 4.375%, 10/1/22		386		383
Bombardier, Inc. 144A 6.125%, 1/15/23(3)		740		564
Builders FirstSource, Inc. 144A 10.750%, 8/15/23(3)		480		486
Carpenter Technology Corp. 5.200%, 7/15/21		600		600
Cemex SAB de C.V. 144A 7.750%, 4/16/26(3)		375		386

	PAR VALUE		VALUE
Industrials—continued
Continental Airlines Pass-Through-Trust
00-1, A1 8.048%, 11/1/20	$	547	$	599
01-1, A1 6.703%, 6/15/21		126		132
DP World Ltd. 144A 6.850%, 7/2/37(3)		400		408
Harland Clarke Holdings Corp. 144A 6.875%, 3/1/20(3)		600		537
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22		767		729
HD Supply, Inc. 144A 5.750%, 4/15/24(3)		230		237
JBS Investments GmbH 144A 7.250%, 4/3/24(3)		865		798
Masco Corp.
5.950%, 3/15/22		640		704
4.450%, 4/1/25		320		332
Pelabuhan Indonesia II PT 144A 4.250%, 5/5/25(3)		925		885
Standard Industries, Inc.
144A 5.125%, 2/15/21(3)		30		31
144A 5.500%, 2/15/23(3)		225		229
TransDigm, Inc.
6.000%, 7/15/22		630		631
6.500%, 5/15/25		270		265
United Airlines Pass-Through Trust 15-1, B 4.750%, 4/11/22		452		448
United Rentals North America, Inc. 5.500%, 7/15/25		480		476
				12,865
Information Technology—0.9%
First Data Corp. 144A 5.000%, 1/15/24(3)		490		493
Flextronics International Ltd. 4.750%, 6/15/25		930		911
Hewlett Packard Enterprise Co.
144A 4.400%, 10/15/22(3)		425		444
144A 4.900%, 10/15/25(3)		425		438
Western Digital Corp.
144A 7.375%, 4/1/23(3)		120		123
144A 10.500%, 4/1/24(3)		295		296
				2,705
Materials—3.4%
Alpek SAB de C.V. 144A 5.375%, 8/8/23(3)		1,460		1,522
ArcelorMittal 6.125%, 6/1/25		945		879
Berry Plastics Corp. 5.125%, 7/15/23		870		883

See Notes to Financial Statements

28

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE			VALUE
Materials—continued
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(2)(3)(6)	$	525		$	525
Cascades, Inc. 144A 5.500%, 7/15/22(3)		1,100			1,063
Corp Nacional del Cobre de Chile 144A 4.500%, 9/16/25(3)		820			837
Eldorado Gold Corp. 144A 6.125%, 12/15/20(3)		455			417
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17(3)(7)		550			562
Fibria Overseas Finance Ltd. 5.250%, 5/12/24		910			885
Fortescue Metals Group (FMG) Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22(3)		375			376
Gerdau Trade, Inc.144A 5.750%, 1/30/21(3)		150			134
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20(3)		735			706
Severstal OAO Via Steel Capital SA 144A 5.900%, 10/17/22(3)(7)		275			281
Vedanta Resources plc 144A 6.000%, 1/31/19(3)		995			683
					9,753
Telecommunication Services—3.0%
Altice Financing S.A. 144A 6.625%, 2/15/23(3)		720			725
Altice Financing SA 144A 7.750%, 7/15/25(3)		400			396
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		5,000	MXN		276
AT&T Inc. 5.650%, 2/15/47		300			331
CenturyLink, Inc.
Series V 5.625%, 4/1/20		570			580
Series Y 7.500%, 4/1/24		210			211
Comcel Trust via Comunicaciones Celulares SA 144A 6.875%, 2/6/24(3)(7)		475			446
Crown Castle International Corp. 4.450%, 2/15/26		90			94
Digicel Group Ltd. 144A 8.250%, 9/30/20(3)		665			574
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24(3)		430			424
Frontier Communications Corp.
6.250%, 9/15/21		670			623
144A 10.500%, 9/15/22(3)		210			216

	PAR VALUE		VALUE
Telecommunication Services—continued
Level 3 Financing, Inc.
144A 5.375%, 1/15/24(3)	$	145	$	147
144A 5.250%, 3/15/26(3)		615		621
Neptune Finance Corp.
144A 10.125%, 1/15/23(3)		340		365
144A 6.625%, 10/15/25(3)		650		704
Sprint Communications, Inc. 6.000%, 11/15/22		935		688
T-Mobile USA, Inc. 6.500%, 1/15/26		400		417
Windstream Corp. 7.750%, 10/15/20		780		675
				8,513
Utilities—3.0%
AmeriGas Partners LP 7.000%, 5/20/22		770		793
Calpine Corp. 5.375%, 1/15/23		886		863
Dynegy, Inc. 7.375%, 11/1/22		1,130		1,051
Electricite de France S.A. 144A 5.250%(2)(3)(5)(6)		1,360		1,244
Enel SpA 144A 8.750%, 9/24/73(2)(3)(6)		375		418
Lamar Funding Ltd. 144A 3.958%, 5/7/25(3)		910		816
Majapahit Holding BV 144A 7.750%, 1/20/20(3)		795		910
NRG Yield Operating LLC 5.375%, 8/15/24		345		323
Southern Power Co. 4.150%, 12/1/25		1,030		1,062
Talen Energy Supply LLC 144A 4.625%, 7/15/19(3)		625		545
TerraForm Power Operating LLC 144A 5.875%, 2/1/23(3)		860		701
Texas Competitive Electric Holdings Co. LLC Series A 10.250%, 11/1/16(11)		200		8
				8,734
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $166,037)				153,575
LOAN AGREEMENTS(2)—7.8%
Consumer Discretionary—1.6%
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22		370		337
Affinity Gaming LLC 5.250%, 11/9/17		541		545
Caesars Entertainment Operating Co., Inc.
Tranche B-6, 9.750%, 3/1/17(12)		512		474

	PAR VALUE		VALUE
Consumer Discretionary—continued
Tranche B-7, 11.750%, 3/1/17(12)	$	102	$	95
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		351		289
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22		253		241
El Dorado Resorts, Inc. 4.250%, 7/25/22		203		203
Graton Resort & Casino Tranche B, 4.750%, 9/1/22		254		256
Laureate Education, Inc. 2018 Extended 5.000%, 6/15/18		574		498
PetSmart, Inc. Tranche B-1 4.250%, 3/11/22		153		152
Staples, Inc. First Lien 4.750%, 2/2/22		935		936
Transtar Holding Co. Second Lien, 10.000%, 10/9/19(13)		380		196
U.S. Farathane Corp. 6.750%, 12/23/21		354		354
				4,576
Consumer Staples—0.8%
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21		665		667
Coty, Inc. Tranche B-2 3.750%, 10/27/22		118		118
Galleria Co. Tranche B 3.750%, 1/26/23		237		237
Hostess Brands LLC Tranche B Second Lien, 8.500%, 8/3/23		890		857
Kronos Acquisition Intermediate, Inc. (KIK Custom Products, Inc.) Second Lien, 9.750%, 4/30/20		425		425
				2,304
Energy—0.4%
Chelsea Petroleum I LLC 5.250%, 10/28/22		768		722
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		520		268
Seadrill Operating LP 4.000%, 2/21/21		500		223
				1,213
Financials—0.2%
Capital Automotive LP Second Lien, 6.000%, 4/30/20		450		450

See Notes to Financial Statements

29

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Health Care—2.0%
21st Century Oncology, Inc. Tranche B 6.500%, 4/30/22	$	226	$	204
American Renal Holdings, Inc. Second Lien, 8.500%, 3/20/20		909		900
Amneal Pharmaceuticals LLC Tranche B, 5.250%, 11/1/19		329		327
Ardent Legacy Acquisitions, Inc. 6.500%, 8/4/21		457		458
Concordia Pharmaceuticals, Inc. 5.250%, 10/21/21		287		280
Greatbatch, Inc. Tranche B, 5.250%, 10/27/22		311		311
Horizon Pharma, Inc. 4.500%, 5/7/21		194		187
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		583		584
MI Opco Holdings, Inc. 5.750%, 10/27/22		592		593
MMM Holdings, Inc. 9.750%, 12/12/17(13)		245		148
MSO of Puerto Rico, Inc. 9.750%, 12/12/17(13)		178		108
NVA Holdings, Inc. Second Lien 8.000%, 8/14/22		509		499
RCHP Tranche B-2, 6.000%, 4/23/19		533		531
Surgery Center Holdings, Inc. First Lien, 5.250%, 11/3/20		643		637
				5,767
Industrials—0.9%
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		344		332
DynCorp International, Inc. 6.625%, 7/7/16		386		375
Filtration Group Corp. Second Lien, 8.250%, 11/22/21		194		191
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		530		519
Sedgwick Claims Management Services, Inc. Second Lien, 6.750%, 2/28/22		1,105		1,029
				2,446
Information Technology—1.5%
Applied Systems, Inc. Second Lien, 7.500%, 1/24/22		287		272

	PAR VALUE			VALUE
Information Technology—continued
Blue Coat Holdings LLC, Inc. 4.500%, 5/20/22	$	195		$	192
First Data Corp.
2018 Term Loan 3.932%, 3/23/18		1,089			1,089
Tranche B 4.182%, 7/8/22		932			928
Infinity Acquisiton Ltd. 4.000%, 8/6/21		353			337
Mitchell International, Inc. Second Lien, 8.500%, 10/11/21		697			619
On Semiconductor 0.000%, 3/31/23(8)		230			231
Presidio, Inc. Refinancing Term 5.250%, 2/2/22		673			662
					4,330
Materials—0.3%
Anchor Glass Container Tranche B, 4.250%, 7/1/22		485			484
CPI Acquisition, Inc. First Lien, 5.500%, 8/17/22		359			357
Fortescue Metals Group (FMG) Resources Property Ltd. 4.250%, 6/30/19		102			86
INEOS U.S. Finance LLC 4.250%, 3/31/22		56			56
					983
Utilities—0.1%
Atlantic Power LP 4.750%, 2/24/21		160			159
Texas Competitive Electric Holdings Co. LLC 2017 Extended 4.939%, 10/10/17(11)		375			109
					268
TOTAL LOAN AGREEMENTS (Identified Cost $23,888)					22,337
	SHARES
PREFERRED STOCKS—3.6%
Energy—0.3%
PTT Exploration & Production PCL 144A, 4.875%(2)(3)		905	(9)		881
Financials—2.6%
Ally Financial, Inc. Series A, 8.500%		20,000			509

	SHARES			VALUE
Financials—continued
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%(2)		265	(9)	$	262
Citigroup, Inc. Series J, 7.125%		46,600			1,274
Citigroup, Inc. Series N, 5.800%(2)		1,065	(9)		1,020
Goldman Sachs Group, Inc. (The) Series L, 5.700%(2)		635	(9)		621
JPMorgan Chase & Co. Series V, 5.000%(2)		285	(9)		272
JPMorgan Chase & Co. Series Z, 5.300%(2)		175	(9)		176
PNC Financial Services Group, Inc. (The) Series R, 4.850%(2)		965	(9)		911
SunTrust Bank, Inc. 5.625%(2)		260	(9)		257
Wells Fargo & Co. Series K, 7.980%(2)		950	(9)		983
Zions Bancorp. 6.950%(2)		38,525			1,126
					7,411
Industrials—0.7%
General Electric Co. 5.000%(2)		1,485	(9)		1,529
Seaspan Corp. Series C, 9.500%		20,000			506
					2,035
TOTAL PREFERRED STOCKS (Identified Cost $10,039)					10,327
COMMON STOCKS—0.0%
Consumer Discretionary—0.0%
Mark IV Industries		446			13
TOTAL COMMON STOCKS (Identified Cost $4)					13
AFFILIATED MUTUAL FUND—3.1%
Virtus Credit Opportunities Fund Class R6(14)		934,418			8,933
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $9,341)					8,933
TOTAL LONG TERM INVESTMENTS—99.0%
(Identified Cost $303,129)					284,358	(15)
TOTAL INVESTMENTS—99.0% (Identified Cost $303,129)					284,358	(1)
Other assets and liabilities, net—1.0%					2,730
NET ASSETS—100.0%				$	287,088

See Notes to Financial Statements

30

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Abbreviations:

FNMA Federal National Mortgage Association (“Fannie Mae”).

PIK Payment-in-Kind Security

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2016.

⁽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, 2016, these securities amounted to a value of $109,438 or 38.1% of net assets.

⁽⁴⁾  Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁵⁾  No contractual maturity date.

⁽⁶⁾  Interest payments may be deferred.

⁽⁷⁾  This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁸⁾  This loan will settle after March 31, 2016, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾  Value shown as par value.

⁽¹⁰⁾  100% of the income received was in cash.

⁽¹¹⁾  Security in default, portion of the interest payments are being received during the bankruptcy proceedings.

⁽¹²⁾  Security in default.

⁽¹³⁾  Illiquid security.

⁽¹⁴⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

⁽¹⁵⁾  All or a portion of the Fund’s assets are segregated for delayed delivery securities.

Foreign Currencies:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

IDR Indonesian Rupiah

MXN Mexican Peso

RUB Russian Ruble

TRY Turkish Lira

ZAR South African Rand

Country Weightings†
United States	73	%
Canada	3
Mexico	3
Brazil	1
Indonesia	1
Luxembourg	1
Russia	1
Other	17
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	13,805	$	—	$	13,267	$	538
Corporate Bonds and Notes		153,575		—		153,572		3
Foreign Government Securities		19,335		—		19,335		—
Loan Agreements		22,337		—		20,823		1,514
Mortgage-Backed Securities		55,373		—		55,373		—
Municipal Bonds		660		—		660		—
Equity Securities:
Affiliated Mutual Fund		8,933		8,933		—		—
Common Stock		13		—		—		13
Preferred Stocks		10,327		3,414		6,913		—
Total Investments	$	284,358	$	12,347	$	269,943	$	2,068

Securities held by the Fund with an end of period value of $1,126 were transferred from Level 2 to Level 1 since an exchange price is available.

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

31

VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

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

	Total			Asset-Backed Securities			Common Stocks			Corporate Bonds and Notes			Loan Agreements
Investments in Securities
Balance as of September 30, 2015:	$	929		$	544		$	16		$	—		$	369
Accrued discount/(premium)		1			—	(d)		—			—			1
Realized gain (loss)		—			—	(d)		—			—			—
Change in unrealized appreciation (depreciation)(c)		(177	)		(6	)		(3	)		—			(168	)
Purchases		601			—			—			—			601
Sales(b)		(15	)		—			—			—			(15	)
Transfers into Level 3(a)		729			—			—			3	(e)		726	(e)
Transfers from Level 3(a)		—			—			—			—			—
Balance as of March 31, 2016	$	2,068		$	538	(f)	$	13	(f)	$	3	(f)	$	1,514	(f)

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2016, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydowns on securities.

^(c)  Included in the related net change in unrealized appreciation/(depreciation) in the Statements of Operations. The change in unrealized appreciation (depreciation) on investments still held on March 31, 2016 was $(351).

^(d)  Amount less than $500.

^(e)  The transfers into Level 3 are due to a decrease in trading activities at period end.

^(f)  The Fund’s investments that are 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.

None of the securities in this table are internally fair valued.

See Notes to Financial Statements

32

VIRTUS SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—0.2%
Non-Agency—0.2%
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37(2)	$	1,146	$	1,169
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,133)				1,169
ASSET-BACKED SECURITIES—0.2%
Flagship Credit Auto Trust 16-1, A 144A 2.770%, 12/15/20(3)		1,403		1,399
TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,400)				1,399
CORPORATE BONDS AND NOTES—4.0%
Consumer Discretionary—0.5%
American Axle & Manufacturing, Inc.  5.125%, 2/15/19		835		849
Argos Merger Sub, Inc. 144A 7.125%, 3/15/23(3)		905		962
Boyd Gaming Corp. 6.875%, 5/15/23		365		390
Landry’s, Inc. 144A 9.375%, 5/1/20(3)		950		1,002
				3,203
Consumer Staples—0.2%
Dole Food Co., Inc. 144A 7.250%, 5/1/19(3)		880		878
Energy—0.1%
FTS International, Inc.
144A 8.134%, 6/15/20(2)(3)		1,120		756
6.250%, 5/1/22		825		95
				851
Financials—0.6%
Ally Financial, Inc. 3.250%, 11/5/18		685		674
iStar Financial, Inc.
4.875%, 7/1/18		785		761
5.000%, 7/1/19		865		835
Springleaf Finance Corp. 5.250%, 12/15/19		1,410		1,352
				3,622
Health Care—1.0%
Capsugel S.A. PIK Interest Capitalization 144A, 7.000%, 5/15/19(3)(4)		350		352
Centene Escrow Corp. 144A 5.625%, 2/15/21(3)		535		559
Community Health Systems, Inc. 5.125%, 8/15/18		1,055		1,068
Kinetic Concepts, Inc. 144A 7.875%, 2/15/21(3)		70		74

	PAR VALUE			VALUE
Health Care—continued
Quintiles Transnational Corp. 144A 4.875%, 5/15/23(3)	$	385		$	396
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(3)		870			872
Tenet Healthcare Corp.
5.000%, 3/1/19		415			412
144A 4.134%, 6/15/20(2)(3)		730			728
6.000%, 10/1/20		435			466
Valeant Pharmaceuticals International, Inc. 144A 5.375%, 3/15/20(3)		750	��		615
					5,542
Industrials—0.3%
Air Canada 144A 6.750%, 10/1/19(3)		965			1,002
American Airlines Group, Inc. 144A 4.625%, 3/1/20(3)		460			453
Standard Industries, Inc. 144A 5.125%, 2/15/21(3)		35			36
					1,491
Information Technology—0.1%
First Data Corp.
144A 5.000%, 1/15/24(3)		600			603
144A 5.750%, 1/15/24(3)		225			226
					829
Materials—0.8%
Ardagh Packaging Finance plc 144A 6.250%, 1/31/19(3)		400			398
Beverage Packaging Holdings Luxembourg II SA 144A 6.000%, 6/15/17(3)		1,465			1,458
Hexion U.S. Finance Corp. 6.625%, 4/15/20		1,175			981
INEOS Group Holdings SA 144A 5.875%, 2/15/19(3)		1,130			1,143
Vedanta Resources plc 144A 6.000%, 1/31/19(3)		685			470
					4,450
Telecommunication Services—0.3%
Frontier Communications Corp. 6.250%, 9/15/21		1,085			1,008
Level 3 Financing, Inc. 7.000%, 6/1/20		555			579
					1,587
Utilities—0.1%
Talen Energy Supply LLC 144A 4.625%, 7/15/19(3)		780			681
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $24,644)					23,134

	PAR VALUE		VALUE
LOAN AGREEMENTS(2)—93.6%
Consumer Discretionary—26.9%
Acosta Holdco, Inc. Tranche B-1 4.250%, 9/26/21	$	1,865	$	1,826
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22		890		810
Affinity Gaming LLC 5.250%, 11/9/17		971		977
Allison Transmission Tranche B-3, 3.500%, 8/23/19		641		642
Altice U.S. Finance I Corp. 4.250%, 12/14/22		1,642		1,638
Aristocrat Leisure Ltd. 4.750%, 10/20/21		2,734		2,746
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20		4,073		4,078
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 6.500%, 10/31/16(8)		943		893
Tranche B-6, 5.625%, 3/1/17(8)		2,558		2,365
Tranche B-7, 6.625%, 3/1/17(8)		2,220		2,050
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		3,039		2,820
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		1,233		1,015
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		956		927
CCO Safari LLC
Tranche F, 3.000%, 1/3/21		6,148		6,133
Tranche H, 3.250%, 8/24/21		1,104		1,103
Tranche I, 3.500%, 1/24/23		1,348		1,351
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 7/8/22		1,605		1,534
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20		2,056		2,057
CS Intermediate Holding Co. II LLC 4.000%, 4/4/21		2,972		2,953
CSC Holdings, Inc.
Tranche B, 2.933%, 4/17/20		2,055		2,057
5.000%, 10/9/22		5,060		5,075
Delta 2 (Lux) S.A.R.L. Tranche B-3, 4.750%, 7/30/21		2,813		2,742
El Dorado Resorts, Inc. 4.250%, 7/25/22		1,037		1,037
FCA US LLC (fka Chrysler Group LLC) Tranche B, 3.250%, 12/31/18		1,504		1,504

See Notes to Financial Statements

33

VIRTUS SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—continued
Federal-Mogul Corp. Tranche C, 4.750%, 4/15/21	$	2,296	$	2,090
Gates Global LLC 0.000%, 7/6/21(7)		1,531		1,450
Graton Resort & Casino Tranche B, 4.750%, 9/1/22		1,088		1,093
Hilton Worldwide Finance LLC 3.500%, 10/26/20		11,463		11,478
iHeartCommunications, Inc. Tranche D, 7.183%, 1/30/19		4,503		3,137
Infiltrator Systems Tranche B, 5.250%, 5/27/22		720		721
Intelsat Jackson Holdings S.A. Tranche B-2, 3.750%, 6/30/19		1,838		1,719
KAR Auction Services, Inc. Tranche B-2, 3.938%, 3/11/21		2,555		2,567
Laureate Education, Inc. 2018 Extended 5.000%, 6/15/18		3,045		2,642
Leslie’s Poolmart Tranche B, 4.250%, 10/16/19		1,628		1,616
Libbey Glass, Inc. 3.750%, 4/9/21		2,448		2,428
Life Time Fitness, Inc. 4.250%, 6/10/22		2,114		2,094
Mattress Holding Corp. 6.250%, 10/20/21		2,010		2,000
MCC LLC
Tranche H, 3.250%, 1/29/21		1,635		1,630
Tranche G, 3.500%, 6/30/21		2,307		2,296
Tranche J, 3.750%, 6/30/21		921		919
Metaldyne LLC 3.750%, 10/20/21		2,593		2,566
MGM Resort International Tranche B 3.500%, 12/20/19		5,696		5,692
MGOC, Inc. 4.000%, 7/31/20		2,808		2,808
Michaels Stores, Inc. Tranche B, 3.750%, 1/28/20		2,903		2,901
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 6/15/18		2,244		2,177
Numericable SFR
Tranche B-1, 4.500%, 5/21/20		1,296		1,289
Tranche B-2, 4.500%, 5/21/20		1,130		1,125
Party City Holdings, Inc. 4.250%, 8/19/22		2,994		2,976
Peninsula Gaming LLC Tranche B, 4.250%, 11/20/17		753		754

	PAR VALUE		VALUE
Consumer Discretionary—continued
Penn National Gaming, Inc. Tranche B, 3.250%, 10/30/20	$	2,186	$	2,184
PetSmart, Inc. Tranche B-1 4.250%, 3/11/22		1,112		1,109
Scientific Games International, Inc. Tranche B-2, 6.000%, 10/1/21		2,772		2,692
ServiceMaster Co. LLC (The) 4.250%, 7/1/21		5,219		5,226
Sinclair Television Group, Inc. Tranche B-1, 3.500%, 7/30/21		3,737		3,734
Six Flags Theme Parks, Inc. Tranche B, 4.083%, 6/30/22		1,347		1,350
SRAM LLC First Lien, 4.500%, 4/10/20		1,695		1,411
Staples, Inc. First Lien 4.750%, 2/2/22		3,575		3,577
Station Casinos LLC Tranche B, 4.250%, 3/2/20		2,901		2,897
TI Group Auto Systems LLC 4.500%, 6/30/22		1,139		1,135
Transtar Holding Co.
First Lien, 5.750%, 10/9/18(10)		1,420		958
Second Lien, 10.000%, 10/9/19(10)		460		237
Tribune Media Co. Tranche B, 3.750%, 12/27/20		2,610		2,605
U.S. Farathane Corp. 6.750%, 12/23/21		1,179		1,179
Univision Communications, Inc.
Tranche C-3 4.000%, 3/1/20		6,253		6,201
Tranche C-4 4.000%, 3/1/20		4,372		4,334
Ziggo B.V.
Tranche B-1, 3.500%, 1/15/22		1,158		1,148
Tranche B-2, 3.551%, 1/15/22		746		740
Tranche B-3, 3.601%, 1/15/22		1,227		1,217
				156,435
Consumer Staples—5.3%
Albertson’s LLC
Tranche B-4, 5.500%, 8/25/21		2,257		2,264
Tranche B -5 5.500%, 12/21/22		2,035		2,040
ARAMARK Corp.
Tranche E, 3.250%, 9/7/19		3,632		3,632
Tranche F, 3.250%, 2/24/21		978		977
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-1, 4.250%, 7/2/22		974		978

	PAR VALUE		VALUE
Consumer Staples—continued
Coty, Inc. Tranche B-2 3.750%, 10/27/22	$	849	$	849
Crossmark Holdings, Inc.
First Lien, 4.500%, 12/20/19(10)		1,958		1,411
Second Lien, 8.750%, 12/21/20(10)		520		270
Dole Food Co., Inc. Tranche B, 4.667%, 11/1/18		2,167		2,162
Galleria Co. Tranche B 3.750%, 1/26/23		1,698		1,697
Hostess Brands LLC
Tranche B, First Lien, 4.500%, 8/3/22		2,557		2,563
Tranche B Second Lien, 8.500%, 8/3/23		1,900		1,829
Kronos Acquisition Intermediate, Inc. (KIK Custom Products, Inc.) Second Lien, 9.750%, 4/30/20		2,271		2,268
Pinnacle Foods Corp. Finance LLC Tranche I 3.750%, 1/13/23		454		456
Prestige Brands, Inc. Tranche B-3, 3.500%, 9/3/21		260		261
Reynolds Group Holdings, Inc. 4.500%, 12/1/18		3,988		3,995
Rite Aid Corp. Tranche 2, Second Lien, 4.875%, 6/21/21		1,150		1,153
Spectrum Brands, Inc. 3.500%, 6/23/22		1,733		1,741
				30,546
Energy—1.5%
Chelsea Petroleum I LLC 5.250%, 10/28/22		1,603		1,507
Chief Exploration & Development LLC Second Lien, 7.500%, 5/16/21		1,639		977
Drillships Financing Holding Inc. (Ocean Rig) Tranche B-1, 6.000%, 3/31/21		1,731		626
Drillships Ocean Ventures, Inc. 5.500%, 7/25/21		754		347
Fieldwood Energy LLC Second Lien, 8.375%, 9/30/20		2,613		483
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		2,045		1,053
MEG Energy Corp. 3.750%, 3/31/20		1,911		1,553
Paragon Offshore Finance Co. 4.500%, 7/16/21		1,712		394
Sabine Oil & Gas LLC Second Lien,  12.000%, 12/31/18(8)		1,290		42

See Notes to Financial Statements

34

VIRTUS SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Energy—continued
Seadrill Operating LP 4.000%, 2/21/21	$	4,082	$	1,824
				8,806
Financials—5.6%
Alix Partners LLP 4.500%, 7/28/22		3,180		3,178
Asurion LLC
Tranche B-1, 5.000%, 5/24/19		405		400
Tranche B-2, 4.250%, 7/8/20		724		700
Tranche B-4, 5.000%, 8/4/22		1,058		1,037
Capital Automotive LP
Tranche B-1, 4.000%, 4/10/19		1,212		1,215
Second Lien, 6.000%, 4/30/20		1,828		1,830
Delos Finance S.A.R.L. 3.500%, 3/6/21		4,026		4,039
DTZ U.S. Borrower, LLC (DTZ AUS Holdco PTY Ltd.) First Lien, 4.250%, 11/4/21		2,978		2,958
iStar Financial, Inc. Tranche A-2, 7.000%, 3/19/17		346		345
Realogy Corp.
Extended LOC, 2.342%, 10/10/16		203		202
Tranche B, 3.750%, 3/5/20		6,046		6,051
Starwood Property Trust, Inc. First Lien, 3.500%, 4/17/20		3,279		3,259
TransUnion LLC Tranche B-2, 3.500%, 4/9/21		5,187		5,146
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		2,803		2,447
				32,807
Health Care—17.3%
21st Century Oncology, Inc. Tranche B 6.500%, 4/30/22		1,896		1,709
Acadia Healthcare Co., Inc. 4.500%, 2/16/23		1,606		1,613
Akorn, Inc. 6.000%, 4/16/21		2,180		2,178
Alere, Inc. Tranche B, 4.250%, 6/20/22		1,561		1,555
American Renal Holdings, Inc.
Tranche B, First Lien, 4.500%, 8/20/19		1,769		1,770
Second Lien, 8.500%, 3/20/20		2,390		2,366
Amneal Pharmaceuticals LLC Tranche B, 5.250%, 11/1/19		3,368		3,353

	PAR VALUE		VALUE
Health Care—continued
AmSurg Corp. 3.500%, 7/16/21	$	1,186	$	1,188
Ardent Legacy Acquisitions, Inc. 6.500%, 8/4/21		1,551		1,555
Capsugel Holdings U.S., Inc. 3.500%, 8/1/18		3,233		3,229
Change Healthcare Holdings, Inc. Tranche B-2, 3.750%, 11/2/18		3,368		3,358
Change Healthcare Holdings, Inc. (f/k/a Emdeon Inc.) Tranche B-3, 3.750%, 11/2/18		493		491
CHG Healthcare Services, Inc. First Lien, 4.250%, 11/19/19		3,583		3,570
Community Health Systems, Inc. (CHS)
Tranche F, 3.752%, 12/31/18		1,285		1,275
Tranche G, 3.750%, 12/31/19		1,325		1,305
Tranche H, 4.000%, 1/27/21		2,439		2,401
Concentra, Inc. First Lien, Tranche B 4.750%, 6/1/22		288		286
Concordia Pharmaceuticals, Inc. 5.250%, 10/21/21		1,232		1,203
Convatec, Inc. 4.250%, 6/15/20		98		98
DaVita HealthCare Partners, Inc. Tranche B, 3.500%, 6/24/21		3,100		3,113
DJO Finance 4.250%, 6/8/20		1,455		1,427
Endo Luxembourg Finance Co. I S.a.r.l. Tranche B, 3.750%, 9/26/22		2,245		2,216
Envision Healthcare Corp.
(f/k/a Emergency Medical Services Corp.) 4.250%, 5/25/18		3,626		3,633
Tranche B-2, 4.500%, 10/28/22		265		266
FHC Health Systems, Inc. 5.000%, 12/23/21		1,586		1,534
Greatbatch, Inc. Tranche B, 5.250%, 10/27/22		840		840
HCA Inc. 3.683%, 3/17/23		1,171		1,176
Horizon Pharma, Inc. 4.500%, 5/7/21		1,214		1,171
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		1,961		1,955
IMS Health, Inc. Tranche B, 3.500%, 3/17/21		4,256		4,255
InVentiv Health, Inc. Tranche B-4, 7.750%, 5/15/18		2,887		2,892

	PAR VALUE		VALUE
Health Care—continued
Jaguar Holding Company I 4.250%, 8/18/22	$	2,467	$	2,450
Kinetic Concepts, Inc. Tranche E-1, 4.500%, 5/4/18		568		566
Mallinckrodt International Finance S.A.
Tranche B, 3.250%, 3/19/21		2,733		2,645
Tranche B-1, 3.500%, 3/19/21		288		281
MI Opco Holdings, Inc. 5.750%, 10/27/22		1,257		1,258
MMM Holdings, Inc. 9.750%, 12/12/17(10)		364		221
MPH Acquisition Holdings LLC Tranche B-1, 3.750%, 3/31/21		1,634		1,621
MSO of Puerto Rico, Inc. 9.750%, 12/12/17(10)		265		161
National Mentor Holdings, Inc. Tranche B, 4.250%, 1/31/21		1,062		1,054
National Surgical Hospitals First Lien, 4.500%, 6/1/22		1,080		1,058
NVA Holdings, Inc.
Tranche B-1 5.500%, 8/14/21		699		698
Second Lien 8.000%, 8/14/22		856		839
Onex TSG Holdings II Corp. First Lien, 5.000%, 7/29/22		1,831		1,810
Ortho-Clinical Diagnostics Holdings S.a.r.l. 4.750%, 6/30/21		2,594		2,412
PRA Holdings, Inc. Tranche B-1, 4.500%, 9/23/20		2,322		2,326
Quintiles Transnational Corp. Tranche B, 3.250%, 5/12/22		1,122		1,124
RCHP Tranche B-2, 6.000%, 4/23/19		2,231		2,222
RPI Finance Trust Tranche B-4, 3.500%, 11/9/20		1,129		1,133
Select Medical Corp. Tranche B-F 6.000%, 3/3/21		1,694		1,698
Sterigenics-Nordion 4.250%, 5/16/22		1,081		1,074
Surgery Center Holdings, Inc.
0.000%, 11/3/20(7)		1,104		1,093
First Lien, 5.250%, 11/3/20		349		346
Surgical Care Affiliates, Inc. 4.250%, 3/17/22		726		726
Team Health, Inc. 4.500%, 11/23/22		1,955		1,961
U.S. Renal Care, Inc. 5.250%, 12/30/22		2,869		2,864

See Notes to Financial Statements

35

VIRTUS SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Health Care—continued
Valeant Pharmaceuticals International, Inc.
Series D-2, Tranche B, 5.250%, 2/13/19	$	2,158	$	2,049
Series C-2, Tranche B, 5.500%, 12/11/19		2		2
Series E-1, Tranche B, 3.750%, 8/5/20		3,981		3,767
Series F-1, Tranche B, 4.000%, 4/1/22		2,514		2,383
				100,823
Industrials—12.3%
Air Canada 4.000%, 9/26/19		2,220		2,226
Allied Security Holdings LLC
First Lien, 4.250%, 2/12/21		1,371		1,340
Second Lien, 8.000%, 8/13/21		688		643
American Airlines, Inc. 3.250%, 6/27/20		9,047		9,023
Brickman Group Ltd. LLC (The) Second Lien, 7.500%, 12/17/21		1,971		1,900
Brickman Group Ltd. LLC, (The) First Lien, 4.000%, 12/18/20		3,802		3,750
Brock Holdings III, Inc. First Lien, 6.000%, 3/16/17		1,859		1,782
Builders FirstSource 6.000%, 7/29/22		2,036		2,027
DynCorp International, Inc. 6.625%, 7/7/16		2,372		2,301
Filtration Group Corp.
First Lien, 4.250%, 11/23/20		1,419		1,416
Second Lien, 8.250%, 11/22/21		543		537
Harland Clarke Holdings Corp.
Tranche B-3, 7.000%, 5/22/18		1,443		1,426
Tranche B-4, 6.000%, 8/4/19		650		632
HD Supply 3.750%, 8/13/21		2,956		2,944
Headwaters, Inc. Tranche B, 4.500%, 3/24/22		1,639		1,647
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		3,275		3,207
MRC Global (U.S.), Inc. (f/k/a McJunkin Red Man Corp.) 4.750%, 11/8/19		1,029		993
Navistar, Inc. 6.500%, 8/7/20		1,316		1,208
Nortek, Inc. Incremental-1, 3.500%, 10/30/20		4,246		4,131
Quikrete Co., Inc. First Lien, 4.000%, 9/28/20		2,829		2,829
Rexnord LLC Tranche B, 4.000%, 8/21/20		4,179		4,125

	PAR VALUE		VALUE
Industrials—continued
Science Applications Tranche B, 3.750%, 5/4/22	$	1,994	$	2,002
Sedgwick Claims Management Services, Inc.
First Lien, 3.750%, 3/1/21		3,489		3,406
Second Lien, 6.750%, 2/28/22		1,725		1,606
Spin Holdco, Inc. First Lien, 4.250%, 11/14/19		2,269		2,215
TransDigm, Inc.
Tranche C, 3.750%, 2/28/20		6,059		5,988
Tranche D, 3.750%, 6/4/21		2,628		2,597
United Airlines, Inc. (f/k/a Continental Airlines, Inc.) Tranche B-1, 3.500%, 9/15/21		1,154		1,154
Waste Industries USA, Inc. 4.250%, 2/27/20		2,174		2,181
				71,236
Information Technology—9.1%
Allflex Holdings III, Inc. First Lien, 4.250%, 7/17/20		1,560		1,543
Applied Systems, Inc.
First Lien, 5.000%, 1/25/21		566		562
Second Lien, 7.500%, 1/24/22		1,158		1,098
Avago Technologies 4.250%, 2/1/23		5,877		5,856
Blue Coat Holdings LLC, Inc. 4.500%, 5/20/22		1,647		1,625
CCC Information Services 4.000%, 12/20/19		2,263		2,231
CDW LLC 3.250%, 4/29/20		7,439		7,429
Deltek, Inc.
First Lien 5.000%, 6/25/22		190		189
Second Lien 9.500%, 6/26/23		858		828
First Data Corp.
2018 Term Loan 3.932%, 3/23/18		7,847		7,845
Tranche B 4.182%, 7/8/22		1,664		1,656
Infinity Acquisition Ltd. 4.000%, 8/6/21		2,559		2,447
Infor (U.S.), Inc.
Tranche B-3, 3.750%, 6/3/20		1,451		1,411
Tranche B-5, 3.750%, 6/3/20		3,490		3,392
Mitchell International, Inc.
4.500%, 10/13/20		3,312		3,208
Second Lien, 8.500%, 10/11/21		1,896		1,685

	PAR VALUE		VALUE
Information Technology—continued
NXP BV (NXP Funding LLC) Tranche B 3.750%, 12/7/20	$	1,507	$	1,512
On Semiconductor 0.000%, 3/31/23(7)		930		933
Presidio, Inc. Refinancing Term 5.250%, 2/2/22		1,412		1,389
Sophia, LP 4.750%, 9/30/22		2,567		2,533
SS&C Technologies Holdings Europe S.a.r.l.
Tranche A-1, 3.183%, 7/8/20		183		182
Tranche A-2, 3.183%, 7/8/20		285		282
Tranche B-2, 4.017%, 7/8/22		172		173
Tranche B-1, 4.021%, 7/8/22		1,188		1,192
Western Digital Corp. 0.000%, 3/30/23(7)		2,000		1,979
				53,180
Materials—8.2%
American Builders & Contractors Supply Co., Inc. Tranche B, 3.500%, 4/16/20		4,665		4,669
Anchor Glass Container Tranche B, 4.250%, 7/1/22		3,709		3,701
Ardagh Packaging Finance plc 4.000%, 12/17/19		858		859
Berlin Packaging, Inc. S.a.r.l. First Lien, 5.000%, 10/1/21		1,321		1,312
Berry Plastics Groups, Inc.
Tranche D, 3.500%, 2/8/20		4,509		4,498
Tranche E, 3.750%, 1/6/21		1,843		1,840
Tranche F 4.000%, 10/3/22		682		683
CPG International Inc. 4.750%, 9/30/20		1,754		1,710
Fortescue Metals Group (FMG) Resources Property Ltd. 4.250%, 6/30/19		4,014		3,402
Huntsman International LLC
3.750%, 10/1/21		3,950		3,934
0.000%, 3/31/23(7)		432		431
Ineos U.S .Finance LLC 3.750%, 12/15/20		7,658		7,552
Owens-Illinois Tranche B, 3.500%, 9/1/22		553		555
Royal Holdings, Inc. First Lien, 4.500%, 6/20/22		2,123		2,055
Solenis International LP First Lien, 4.250%, 7/31/21		2,309		2,230
Summit Materials 4.000%, 7/18/22		3,527		3,527

See Notes to Financial Statements

36

VIRTUS SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Materials—continued
Univar, Inc. 4.250%, 7/1/22	$	2,863	$	2,830
W.R. Grace & Co. 2.750%, 2/3/21		2,038		2,023
				47,811
Telecommunication Services—4.4%
Cable & Wireless / Sable International Finance
Tranche B-1, 0.000%, 12/2/22(7)		1,296		1,296
Tranche B-2, 0.000%, 12/2/22(7)		1,060		1,061
Global Tel*Link Corp. First Lien, 5.000%, 5/23/20		1,812		1,646
Level 3 Financing, Inc.
Tranche B-III, 4.000%, 8/1/19		2,575		2,584
Tranche B, 2020 4.000%, 1/15/20		3,388		3,402
Tranche B-II, 3.500%, 5/31/22		3,343		3,341
SBA Senior Finance II LLC Tranche B-1, 3.250%, 3/24/21		3,720		3,707
Securus Technologies Holdings, Inc.
First Lien, 4.750%, 4/30/20		1,489		1,390
Tranche B-2, 5.250%, 4/30/20		763		712
T-Mobile USA, Inc. Senior Lien 3.500%, 11/9/22		1,615		1,623
Virgin Media Investment Holdings Ltd. Tranche F, 3.500%, 6/30/23		2,590		2,572
West Corp. Tranche B-10, 3.250%, 6/30/18		1,097		1,093
XO Communications LLC 4.250%, 3/20/21		1,260		1,258
				25,685

	PAR VALUE		VALUE
Utilities—3.0%
Atlantic Power LP 4.750%, 2/24/21	$	945	$	944
Calpine Construction Finance Co. LP
Tranche B-1, 3.000%, 5/3/20		4,673		4,589
Tranche B-2, 3.250%, 1/31/22		3,798		3,734
3.500%, 5/27/22		936		926
NRG Energy, Inc. 2.750%, 7/1/18		4,520		4,483
Texas Competitive Electric Holdings Co. LLC 2017 Extended 4.939%, 10/10/17(5)		9,165		2,658
				17,334
TOTAL LOAN AGREEMENTS (Identified Cost $568,105)				544,663
	SHARES
AFFILIATED MUTUAL FUND—1.0%
Virtus Credit Opportunities Fund Class R6(9)		610,288		5,834
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $6,100)				5,834
TOTAL LONG TERM INVESTMENTS—99.0%
(Identified Cost $601,382)				576,199	(6)
TOTAL INVESTMENTS—99.0%
(Identified Cost $601,382)				576,199	(1)
Other assets and liabilities, net—1.0%				5,804
NET ASSETS—100.0%			$	582,003

Abbreviation:

PIK Payment-in-Kind Security

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2016.

⁽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, 2016, these securities amounted to a value of $15,062 or 2.6% of net assets.

⁽⁴⁾  100% of the income received was in cash.

⁽⁵⁾  Security in default, interest payments are being received during the bankruptcy proceedings.

⁽⁶⁾  All or a portion of the Fund’s assets have been segregated as collateral for delayed delivery settlements and leverage.

⁽⁷⁾  This loan will settle after March 31, 2016, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁸⁾  Security in default.

⁽⁹⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

⁽¹⁰⁾  Illiquid security.

Country Weightings†
United States	93	%
Luxembourg	3
Canada	2
Cayman Islands	1
Netherlands	1
Total	100	%
† % of total investments as of March 31, 2016

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

37

VIRTUS SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	1,399	$	—	$	1,399	$	—
Corporate Bonds And Notes		23,134		—		23,134		—
Loan Agreements		544,663		—		539,633		5,030
Mortgage-Backed Securities		1,169		—		1,169		—
Equity Securities:
Affiliated Mutual Fund		5,834		5,834		—		—
Total Investments	$	576,199	$	5,834	$	565,335	$	5,030

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

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.

	Loan Agreements
Investments in Securities
Balance as of September 30, 2015:	$	446
Accrued discount/(premium)		1
Realized gain (loss)		—	(e)
Change in unrealized appreciation (depreciation)(d)		(189	)
Purchases		1,276
Sales(b)		(39	)
Transfers into Level 3(a)		3,535	(c)
Transfers from Level 3(a)		—
Balance as of March 31, 2016	$	5,030	(f)

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2016, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydowns on securities.

^(c)  The transfers into Level 3 are due to a decrease in trading activities at period end.

^(d)  Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. The change in unrealized appreciation (depreciation) on investments still held at March 31, 2016, was $(668).

^(e)  Amount is less than $500.

^(f)  The Fund’s investments that are 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.

None of the securities in this table are internally fair valued.

See Notes to Financial Statements

38

VIRTUS WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.7%
Consumer Discretionary—34.0%
Amazon.com, Inc.(2)		918	$	545
AMC Networks, Inc. Class A(2)		7,827		508
American Eagle Outfitters, Inc.		30,761		513
AutoNation, Inc.(2)		10,351		483
Buckle, Inc. (The)		15,082		511
Cabela’s, Inc.(2)		10,856		529
Carnival Corp.		10,221		539
CBS Corp. Class B		9,425		519
Choice Hotels International, Inc.		9,576		518
Columbia Sportswear Co.		8,378		503
Comcast Corp. Class A		8,507		520
Dick’s Sporting Goods, Inc.		10,744		502
Dillard’s, Inc. Class A		5,929		503
Discovery Communications, Inc. Class C(2)		18,242		493
DISH Network Corp. Class A(2)		10,545		488
DreamWorks Animation SKG, Inc. Class A(2)		19,644		490
DSW, Inc. Class A		18,765		519
Expedia, Inc.		4,591		495
Federal-Mogul Corp.(2)		54,265		536
Fossil Group, Inc.(2)		11,086		493
Gap, Inc. (The)		17,045		501
Garmin Ltd.		12,745		509
Horton (D.R.), Inc.		17,004		514
Hyatt Hotels Corp. Class A(2)		10,220		506
International Speedway Corp. Class A		13,920		514
L Brands, Inc.		5,869		515
Lands’ End, Inc.(2)		19,140		488
Las Vegas Sands Corp.		9,545		493
Lennar Corp. Class A		10,766		521
Liberty Broadband Corp.(2)		8,916		517
Liberty Global plc Class C(2)		13,689		514
Liberty Global plc(2)		13,511		512
Liberty Interactive Corp. Class A(2)		20,517		518
Liberty Media Corp.(2)		13,674		521
Liberty Tripadvisor Holdings, Class A(2)		22,998		510
Liberty Ventures Class A(2)		13,102		513
Lions Gate Entertainment Corp.		22,885		500
Madison Square Garden Co. (The)(2)		3,086		513
Marriott International, Inc. Class A		7,045		502
Marriott Vacations Worldwide Corp.		7,608		514
Mohawk Industries, Inc.(2)		2,699		515
MSG Networks, Inc.(2)		28,677		496
News Corp. Class A		41,134		525
NIKE, Inc. Class B		7,863		483
Nordstrom, Inc.		8,830		505
Papa John’s International, Inc.		9,036		490
Penn National Gaming, Inc.(2)		34,358		574
Penske Automotive Group, Inc.		12,895		489
Ralph Lauren Corp.		5,125		493
Restaurant Brands International, Inc.		13,183		512
Sears Holdings Corp.(2)		33,393		511
Sears Hometown and Outlet Stores, Inc.(2)		86,921		558
Starbucks Corp.		8,615		514
Starz – Liberty Capital Class A(2)		18,305		482

	SHARES		VALUE
Consumer Discretionary—continued
Tesla Motors, Inc.(2)(3)		2,133	$	490
Twenty-First Century Fox, Inc. Class A		18,190		507
Under Armour, Inc. Class A(2)		5,954		505
Urban Outfitters, Inc.(2)		15,268		505
Viacom, Inc. Class B		12,413		512
Wendy’s Co. (The)		48,139		524
Wynn Resorts Ltd.		5,492		513
				31,105
Consumer Staples—5.1%
Boston Beer Co., Inc. (The) Class A(2)		2,703		500
Brown-Forman Corp. Class B		5,203		512
Estee Lauder Cos., Inc. (The) Class A		5,404		510
HRG Group, Inc.(2)		38,423		535
Kraft Heinz Co.(The)		6,646		522
Lancaster Colony Corp.		4,743		525
Monster Beverage Corp.(2)		3,787		505
PriceSmart, Inc.		6,069		513
Tootsie Roll Industries, Inc.(3)		15,012		525
				4,647
Energy—6.9%
Archrock, Inc.		72,213		578
Cheniere Energy, Inc.(2)		14,166		479
Chesapeake Energy Corp.		104,632		431
Clayton Williams Energy, Inc.(2)		56,687		506
Continental Resources, Inc.(2)		16,364		497
CVR Energy, Inc.		19,458		508
Exterran Corp.(2)		30,831		477
Hess Corp.		9,443		497
Par Petroleum Corp.(2)		26,306		493
RPC, Inc.		36,856		522
Transocean Ltd.(3)		48,224		441
W&T Offshore, Inc.(2)		185,516		406
Western Refining, Inc.		17,332		504
				6,339
Financials—22.1%
Altisource Portfolio Solutions SA(2)		20,758		501
American Financial Group, Inc.		7,195		506
American Homes 4 Rent Class A		32,428		516
AmTrust Financial Services, Inc.		19,555		506
Berkley (W.R.) Corp.		9,346		525
Berkshire Hathaway, Inc. Class B(2)		3,580		508
BOK Financial Corp.		8,695		475
Boston Properties, Inc.		4,039		513
Brown & Brown, Inc.		14,399		516
Charles Schwab Corp. (The)		17,995		504
Cohen & Steers, Inc.		13,655		532
Colony Financial Inc		29,872		501
Credit Acceptance Corp.(2)(3)		2,627		477
Equity Lifestyle Properties, Inc.		7,084		515
Equity Residential		6,976		523
Erie Indemnity Co. Class A		5,526		514
First Citizens BancShares, Inc. Class A		2,029		509
Franklin Resources, Inc.		13,045		509

	SHARES		VALUE
Financials—continued
Gaming and Leisure Properties, Inc.		17,098	$	529
Greenlight Capital Re Ltd. Class A(2)		23,589		514
Hilltop Holdings, Inc.(2)		27,031		510
Host Hotels & Resorts, Inc.		30,232		505
Howard Hughes Corp. (The)(2)		4,796		508
Leucadia National Corp.		30,737		497
Loews Corp.		12,940		495
Marcus & Millichap Inc(2)		19,651		499
Mercury General Corp.		9,334		518
Morningstar, Inc.		5,988		529
National General Holdings Corp		23,861		515
Ocwen Financial Corp.(2)		178,021		440
PJT Partners, Inc. Class A		18,834		453
Raymond James Financial, Inc.		10,548		502
Seritage Growth Properties		10,843		542
Simon Property Group, Inc.		2,505		520
Taubman Centers, Inc.		7,282		519
Third Point Reinsurance Ltd(2)		44,255		503
Urban Edge Properties		20,230		523
Vornado Realty Trust		5,490		518
WisdomTree Investments, Inc.(3)		40,652		465
WP Glimcher, Inc.		55,708		529
				20,283
Health Care—2.9%
Akorn, Inc.(2)		27,192		640
Bruker Corp.		18,535		519
Cerner Corp.(2)		9,567		507
Halozyme Therapeutics, Inc.(2)		56,100		531
OPKO Health, Inc.(2)		45,356		471
				2,668
Industrials—11.4%
Air Lease Corp.		15,527		499
American Railcar Industries, Inc.		11,559		471
Cintas Corp.		5,653		508
Colfax Corp.(2)		17,025		487
Covanta Holding Corp.		29,747		502
Danaher Corp.		5,363		509
FedEx Corp.		3,092		503
Heartland Express, Inc.		26,113		484
Hertz Global Holdings, Inc.(2)		45,036		474
Illinois Tool Works, Inc.		4,997		512
Manitowoc Co., Inc. (The)		113,429		491
Manitowoc Foodservice, Inc.(2)		33,652		496
MasTec, Inc.(2)		25,319		512
MSC Industrial Direct Co., Inc. Class A		6,803		519
Navistar International Corp.(2)(3)		37,316		467
Rollins, Inc.		18,991		515
Solarcity Corp.(2)(3)		19,097		469
Timken Co. (The)		15,308		513
W.W. Grainger, Inc.		2,234		521
Werner Enterprises, Inc.		18,431		501
XPO Logistics, Inc.(2)(3)		16,371		503
				10,456
Information Technology—11.8%
Alphabet, Inc. Class C(2)		686		511
Amkor Technology, Inc.(2)		88,911		524

See Notes to Financial Statements

39

VIRTUS WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Information Technology—continued
Anixter International, Inc.(2)		10,191	$	531
eBay, Inc.(2)		20,892		498
EchoStar Corp. Class A(2)		11,334		502
Facebook, Inc. Class A(2)		4,551		519
IAC/InterActiveCorp.		10,819		509
Intuit, Inc.		4,993		519
Marvell Technology Group Ltd.		48,600		501
National Instruments Corp.		16,861		508
Oracle Corp.		12,235		501
Paychex, Inc.		9,391		507
PayPal Holdings, Inc.(2)		12,358		477
Pegasystems, Inc.		20,441		519
Rackspace Hosting, Inc.(2)		24,327		525
RealPage, Inc.(2)		24,929		520
salesforce.com, Inc.(2)		7,043		520
SS&C Technologies Holdings, Inc.		8,188		519
Syntel, Inc.(2)		10,957		547
TeleTech Holdings, Inc.		18,466		513
Yahoo!, Inc.(2)		14,352		528
				10,798
Materials—5.5%
Freeport-McMoRan Copper & Gold, Inc.		47,135		487
Huntsman Corp.		38,254		509
LyondellBasell Industries N.V. Class A		5,904		505
NewMarket Corp.		1,285		509
Novagold Resources, Inc.(2)		95,728		483

	SHARES		VALUE
Materials—continued
Platform Specialty Products Corp(2)(3)		57,708	$	496
Scotts Miracle-Gro Co. (The) Class A		6,878		501
Silgan Holdings, Inc.		9,675		514
Timkensteel Corp.		55,149		502
Westlake Chemical Corp.		10,683		495
				5,001
TOTAL COMMON STOCKS (Identified Cost $85,146)				91,297
TOTAL LONG TERM INVESTMENTS—99.7%
(Identified Cost $85,146)				91,297
SECURITIES LENDING COLLATERAL—3.9%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) – Institutional Shares (seven-day effective yield 0.450%)(4)		3,601,760		3,602
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $3,602)				3,602
TOTAL INVESTMENTS—103.6% (Identified Cost $88,748)				94,899	(1)
Other assets and liabilities, net—(3.6)%				(3,280	)
NET ASSETS—100.0%			$	91,619

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  All or a portion of security is on loan.

⁽⁴⁾  Represents security purchased with cash collateral received for securities on loan.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	91,297	$	91,297
Securities Lending Collateral		3,602		3,602
Total Investments	$	94,899	$	94,899

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

40

THIS PAGE INTENTIONALLY BLANK.

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2016 (Unaudited)

(Reported in thousands except shares and per share amounts)

	Bond Fund			CA Tax-Exempt Bond			Essential Resources Fund			High Yield Fund
Assets
Investment in unaffiliated securities at value(1)	$	76,820		$	30,111		$	4,342		$	66,095
Investments in affiliated securities at value(2)		1,127			—			—			342
Foreign currency at value(3)		—			—			7			—
Cash		375			1,024			78			1,149
Receivables
Investment securities sold		1,292			—			38			859
Fund shares sold		33			—	(4)		—			76
Receivable from adviser		—			—			7			—
Dividends and interest receivable		667			382			7			1,105
Tax reclaims		—			—			2			—	(4)
Prepaid expenses		30			19			37			31
Prepaid trustee retainer		—			—	(4)		—	(4)		—
Total assets		80,344			31,536			4,518			69,657
Liabilities
Payables
Fund shares repurchased		142			70			11			100
Investment securities purchased		1,240			357			44			1,509
Dividend distributions		22			11			—			46
Investment advisory fees		8			2			—			20
Distribution and service fees		19			4			—	(4)		15
Administration fees		8			3			—	(4)		7
Transfer agent fees and expenses		21			5			—	(4)		27
Trustees’ fees and expenses		—			—	(4)		—			—
Professional fees		18			32			12			21
Other accrued expenses		2			1			—			—
Total liabilities		1,480			485			67			1,745
Net Assets	$	78,864		$	31,051		$	4,451		$	67,912
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	83,950		$	28,987		$	5,161		$	98,839
Accumulated undistributed net investment income (loss)		131			33			8			(38	)
Accumulated undistributed net realized gain (loss)		(5,360	)		101			(403	)		(26,815	)
Net unrealized appreciation (depreciation) on investments		143			1,930			(315	)		(4,074	)
Net Assets	$	78,864		$	31,051		$	4,451		$	67,912
Class A
Net asset value (net assets/shares outstanding) per share	$	11.01		$	12.06		$	8.58		$	3.92
Maximum offering price per share NAV/(1–2.75%)	$	—		$	12.40		$	—		$	—
Maximum offering price per share NAV/(1–3.75%)	$	11.44		$	—		$	—		$	4.07
Maximum offering price per share NAV/(1–5.75%)	$	—		$	—		$	9.10		$	—
Shares of beneficial interest outstanding, par value(5), unlimited authorization		4,133,878			1,657,129			10,563			14,726,277
Net Assets	$	45,527		$	19,980		$	90		$	57,679
Class B
Net asset value (net assets/shares outstanding) and offering price per share	$	10.73		$	—		$	—		$	3.81
Shares of beneficial interest outstanding, par value(5), unlimited authorization		8,105			—			—			8,527
Net Assets	$	87		$	—		$	—		$	32
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	10.77		$	—		$	8.55		$	3.85
Shares of beneficial interest outstanding, par value(5), unlimited authorization		1,078,840			—			12,371			889,974
Net Assets	$	11,618		$	—		$	106		$	3,429
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	11.18		$	12.03		$	8.58		$	3.92
Shares of beneficial interest outstanding, par value(5), unlimited authorization		1,934,243			920,224			495,692			1,727,703
Net Assets	$	21,632		$	11,071		$	4,255		$	6,772
(1) Investment in unaffiliated securities at cost	$	76,624		$	28,181		$	4,656		$	70,153
(2) Investments in affiliated securities at cost	$	1,179		$	—		$	—		$	358
(3) Foreign currency at cost	$	—		$	—		$	8		$	—
(4) Amount is less than $500.
(5) All Funds with the exception of Bond Fund have no par value. Bond Fund has a par value of $1.00.

See Notes to Financial Statements

42

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2016 (Unaudited)

(Reported in thousands except shares and per share amounts)

	Low Volatility Equity Fund			Multi-Sector Intermediate Bond Fund			Senior Floating Rate Fund			Wealth Masters Fund
Assets
Investment in unaffiliated securities at value(1)(3)	$	5,056		$	275,425		$	570,365		$	94,899
Investments in affiliated securities at value(2)		—			8,933			5,834			—
Foreign currency at value(4)		—			—	(6)		—			—
Cash		8			—			13,229			—
Deposits with prime broker		—	(6)		—			—			—
Receivables
Investment securities sold		—			6,039			2,124			8,365
Fund shares sold		—	(6)		822			990			64
Receivable from adviser		2			—			—			—
Dividends and interest receivable		—	(6)		3,580			3,023			93
Securities lending receivable		—			—			—			72
Tax reclaims		—			1			—			—
Prepaid expenses		34			50			57			22
Prepaid trustee retainer		—	(6)		—	(6)		—	(6)		—	(6)
Total assets		5,100			294,850			595,622			103,515
Liabilities
Cash overdraft		—			2,598			—			15
Written options at value(5)		121			—			—			—
Payables
Fund shares repurchased		—			1,079			1,623			509
Investment securities purchased		—			3,533			10,855			7,622
Collateral on securities loaned		—			—			—			3,602
Dividend distributions		—			177			321			—
Investment advisory fees		—			129			292			54
Distribution and service fees		2			86			150			33
Administration fees		1			28			56			9
Transfer agent fees and expenses		1			88			151			34
Trustees’ fees and expenses		—			—	(6)		7			—
Professional fees		12			21			21			16
Interest payable on line of credit		—			—			42			—
Other accrued expenses		—	(6)		23			101			2
Total liabilities		137			7,762			13,619			11,896
Net Assets	$	4,963		$	287,088		$	582,003		$	91,619
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	5,051		$	318,693		$	632,085		$	96,684
Accumulated undistributed net investment income (loss)		10			404			(213	)		197
Accumulated undistributed net realized gain (loss)		(482	)		(13,241	)		(24,686	)		(11,413	)
Net unrealized appreciation (depreciation) on investments		423			(18,768	)		(25,183	)		6,151
Net unrealized appreciation (depreciation) on written options		(39	)		—			—			—
Net Assets	$	4,963		$	287,088		$	582,003		$	91,619
Class A
Net asset value (net assets/shares outstanding) per share	$	11.08		$	9.69		$	9.18		$	13.39
Maximum offering price per share NAV/(1–2.75%)	$	—		$	—		$	9.44		$	—
Maximum offering price per share NAV/(1–3.75%)	$	—		$	10.07		$	—		$	—
Maximum offering price per share NAV/(1–5.75%)	$	11.76		$	—		$	—		$	14.21
Shares of beneficial interest outstanding, no par value, unlimited authorization		204,469			10,103,428			25,326,313			3,092,965
Net Assets	$	2,265		$	97,904		$	232,411		$	41,424
Class B
Net asset value (net assets/shares outstanding) and offering price per share	$	—		$	9.66		$	—		$	—
Shares of beneficial interest outstanding, no par value, unlimited authorization		—			225,905			—			—
Net Assets	$	—		$	2,182		$	—		$	—
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	10.94		$	9.78		$	9.19		$	13.13
Shares of beneficial interest outstanding, no par value, unlimited authorization		106,453			7,684,961			12,998,001			2,139,196
Net Assets	$	1,165		$	75,150		$	119,422		$	28,091
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	11.11		$	9.70		$	9.17		$	13.43
Shares of beneficial interest outstanding, no par value, unlimited authorization		137,916			11,362,795			25,106,631			1,645,850
Net Assets	$	1,533		$	110,181		$	230,170		$	22,104
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	—		$	9.69		$	—		$	—
Shares of beneficial interest outstanding, no par value, unlimited authorization		—			172,401			—			—
Net Assets	$	—		$	1,671		$	—		$	—
(1) Investment in unaffiliated securities at cost	$	4,633		$	293,788		$	595,282		$	88,748
(2) Investment in affiliated securities at cost	$	—		$	9,341		$	6,100		$	—
(3) Market value of securities on loan	$	—		$	—		$	—		$	3,528
(4) Foreign Currency at cost	$	—		$	—	(6)	$	—		$	—
(5) Written options at cost	$	82			—			—			—
(6) Amount is less than $500.

See Notes to Financial Statements

43

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	Bond Fund			CA Tax-Exempt Bond			Essential Resources Fund			High Yield Fund
Investment Income
Dividends	$	15		$	—		$	46		$	108
Dividends from affiliated fund		21			—			—			6
Interest		1,546			616			—			2,133
Foreign taxes withheld		—			—			(3	)		—
Total investment income		1,582			616			43			2,247
Expenses
Investment advisory fees		167			71			23			229
Service fees, Class A		58			25			—	(1)		74
Distribution and service fees, Class B		1			—			—			—	(1)
Distribution and service fees, Class C		49			—			1			18
Administration fees		46			20			3			44
Transfer agent fees and expenses		61			18			1			69
Registration fees		33			17			31			32
Printing fees and expenses		5			2			—	(1)		6
Custodian fees		3			1			13			3
Professional fees		18			16			16			18
Trustees’ fees and expenses		2			1			—	(1)		2
Miscellaneous expenses		4			1			—	(1)		4
Total expenses		447			172			88			499
Less expenses reimbursed and/or waived by investment adviser		(118	)		(53	)		(58	)		(93	)
Earnings credit from custodian		(1	)		—			—	(1)		(1	)
Net expenses		328			119			30			405
Net investment income (loss)		1,254			497			13			1,842
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(899	)		156			(373	)		(1,855	)
Net realized gain (loss) on foreign currency transactions		—	(1)		—			(1	)		—
Net increase from payments by affiliates(2)		1			—			—			2
Net change in unrealized appreciation (depreciation) on unaffiliated investments		789			302			663			436
Net change in unrealized appreciation (depreciation) on affiliated investments		(24	)		—			—			(8	)
Net change in unrealized appreciation (depreciation) on foreign currency translation		—	(1)		—			—	(1)		—
Net gain (loss) on investments		(133	)		458			289			(1,425	)
Net increase (decrease) in net assets resulting from operations	$	1,121		$	955		$	302		$	417

⁽¹⁾ Amount is less than $500.

⁽²⁾ See Note 4I in the Notes to Financials Statements.

See Notes to Financial Statements

44

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Continued)

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	Low Volatility Equity Fund			Multi-Sector Intermediate Bond Fund			Senior Floating Rate Fund			Wealth Masters Fund
Investment Income
Dividends	$	55		$	123		$	—		$	843
Dividends from affiliated funds		—			164			112			—
Interest		—			8,742			15,583			—
Security lending, net of fees		—			—			—			364
Foreign taxes withheld		—			—			—			(1	)
Total investment income		55			9,029			15,695			1,206
Expenses
Investment advisory fees		25			850			1,877			456
Service fees, Class A		3			126			306			60
Distribution and service fees, Class B		—			12			—			—
Distribution and service fees, Class C		7			398			636			157
Administration fees		4			192			388			67
Transfer agent fees and expenses		3			202			332			88
Interest expense and fees		—			—			158			—
Registration fees		22			62			38			35
Printing fees and expenses		—	(1)		21			39			9
Custodian fees		1			5			7			1
Professional fees		10			20			27			15
Trustees’ fees and expenses		—	(1)		9			16			4
Miscellaneous expenses		1			17			135			5
Total expenses		76			1,914			3,959			897
Less expenses reimbursed and/or waived by investment adviser		(32	)		(25	)		(20	)		(37	)
Earnings credit from custodian		—	(1)		—	(1)		(11	)		—	(1)
Net expenses		44			1,889			3,928			860
Net investment income (loss)		11			7,140			11,767			346
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(69	)		(6,594	)		(14,674	)		(6,171	)
Net realized gain (loss) on unaffiliated investments		—			—			(49	)		—
Net realized gain (loss) on foreign currency transactions		—			(22	)		(17	)		—
Net realized gain (loss) on written options		(356	)		—			—			—
Net change in unrealized appreciation (depreciation) on unaffiliated investments		415			3,131			827			8,206
Net change in unrealized appreciation (depreciation) on affiliated investments		—			(196	)		(90	)		—
Net change in unrealized appreciation (depreciation) on foreign currency translation		—			11			—	(1)		—
Net change in unrealized appreciation (depreciation) on written options		(92	)		—			—			—
Net gain (loss) on investments		(102	)		(3,670	)		(14,003	)		2,035
Net increase (decrease) in net assets resulting from operations	$	(91	)	$	3,470		$	(2,236	)	$	2,381

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

45

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Bond Fund						CA Tax-Exempt Bond
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	1,254		$	2,691		$	497		$	1,095
Net realized gain (loss)		(898	)		(1,801	)		156			672
Net change in unrealized appreciation (depreciation)		765			(1,079	)		302			(606	)
Increase (decrease) in net assets resulting from operations		1,121			(189	)		955			1,161
From Distributions to Shareholders
Net investment income, Class A		(708	)		(1,481	)		(291	)		(736	)
Net investment income, Class B		(1	)		(4	)		—			—
Net investment income, Class C		(116	)		(188	)		—			—
Net investment income, Class I		(290	)		(533	)		(182	)		(396	)
Net realized short-term gains, Class A		—			—			(10	)		(21	)
Net realized short-term gains, Class I		—			—			(6	)		(10	)
Net realized long-term gains, Class A		—			—			(433	)		(706	)
Net realized long-term gains, Class I		—			—			(272	)		(354	)
Return of capital Class A		—			(253	)		—			—
Return of capital Class B		—			(1	)		—			—
Return of capital Class C		—			(41	)		—			—
Return of capital Class I		—			(84	)		—			—
Decrease in net assets from distributions to shareholders		(1,115	)		(2,585	)		(1,194	)		(2,223	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(2,471	)		(3,738	)		143			(1,030	)
Change in net assets from share transactions, Class B		(39	)		(102	)		—			—
Change in net assets from share transactions, Class C		2,732			2,882			—			—
Change in net assets from share transactions, Class I		4,137			1,612			110			(53	)
Increase (decrease) in net assets from share transactions		4,359			654			253			(1,083	)
Net increase (decrease) in net assets		4,365			(2,120	)		14			(2,145	)
Net Assets
Beginning of period		74,499			76,619			31,037			33,182
End of period	$	78,864		$	74,499		$	31,051		$	31,037
Accumulated undistributed net investment income (loss) at end of period	$	131		$	(8	)	$	33		$	9

See Notes to Financial Statements

46

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Essential Resources						High Yield Fund
	Six Months Ended March 31, 2016 (Unaudited)			From Inception March 24, 2015 to September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	13		$	23		$	1,842		$	4,606
Net realized gain (loss)		(374	)		(26	)		(1,853	)		(2,049	)
Net change in unrealized appreciation (depreciation)		663			(978	)		428			(4,614	)
Increase (decrease) in net assets resulting from operations		302			(981	)		417			(2,057	)
From Distributions to Shareholders
Net investment income, Class A		—	(1)		—			(1,553	)		(4,183	)
Net investment income, Class B		—			—			(1	)		(4	)
Net investment income, Class C		—			—			(83	)		(189	)
Net investment income, Class I		(28	)		—			(212	)		(376	)
Net realized short-term gains, Class A		—	(1)		—			—			—
Net realized short-term gains, Class C		—	(1)		—			—			—
Net realized short-term gains, Class I		(3	)		—			—			—
Decrease in net assets from distributions to shareholders		(31	)		—			(1,849	)		(4,752	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		2			103			(2,221	)		(4,168	)
Change in net assets from share transactions, Class B		—			—			(7	)		(59	)
Change in net assets from share transactions, Class C		(5	)		129			(196	)		21
Change in net assets from share transactions, Class I		106			4,826			2,446			(969	)
Increase (decrease) in net assets from share transactions		103			5,058			22			(5,175	)
Net increase (decrease) in net assets		374			4,077			(1,410	)		(11,984	)
Net Assets
Beginning of period		4,077			—			69,322			81,306
End of period	$	4,451		$	4,077		$	67,912		$	69,322
Accumulated undistributed net investment income (loss) at end of period	$	8		$	23		$	(38	)	$	(30	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

47

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Low Volatility Equity Fund						Multi-Sector Intermediate Bond Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	11		$	24		$	7,140		$	17,003
Net realized gain (loss)		(425	)		74			(6,616	)		(10,025	)
Net change in unrealized appreciation (depreciation)		323			(272	)		2,946			(19,678	)
Increase (decrease) in net assets resulting from operations		(91	)		(174	)		3,470			(12,700	)
From Distributions to Shareholders
Net investment income, Class A		(8	)		(7	)		(2,179	)		(4,622	)
Net investment income, Class B		—			—			(45	)		(127	)
Net investment income, Class C		—			(2	)		(1,404	)		(2,903	)
Net investment income, Class I		(9	)		(6	)		(2,820	)		(6,036	)
Net investment income, Class R6		—			—			(39	)		(32	)
Net realized short-term gains, Class A		(13	)		—			—			(226	)
Net realized short-term gains, Class B		—			—			—			(8	)
Net realized short-term gains, Class C		(10	)		—			—			(178	)
Net realized short-term gains, Class I		(10	)		—			—			(278	)
Net realized short-term gains, Class R6		—			—			—			(2	)
Net realized long-term gains, Class A		(19	)		—			—			(1,292	)
Net realized long-term gains, Class B		—			—			—			(50	)
Net realized long-term gains, Class C		(13	)		—			—			(1,037	)
Net realized long-term gains, Class I		(13	)		—			—			(1,595	)
Net realized long-term gains, Class R6		—			—			—			(—	)(1)
Return of capital Class A		—			—			—			(625	)
Return of capital Class B		—			—			—			(21	)
Return of capital Class C		—			—			—			(491	)
Return of capital Class I		—			—			—			(770	)
Return of capital Class R6		—			—			—			(5	)
Decrease in net assets from distributions to shareholders		(95	)		(15	)		(6,487	)		(20,298	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		285			1,668			(6,050	)		(3,826	)
Change in net assets from share transactions, Class B		—			—			(661	)		(2,133	)
Change in net assets from share transactions, Class C		(202	)		1,188			(8,251	)		(3,590	)
Change in net assets from share transactions, Class I		7			77			(27,376	)		8,043
Change in net assets from share transactions, Class R6		—			—			(91	)		1,885
Increase (decrease) in net assets from share transactions		90			2,933			(42,429	)		379
Net increase (decrease) in net assets		(96	)		2,744			(45,446	)		(32,619	)
Net Assets
Beginning of period		5,059			2,315			332,534			365,153
End of period	$	4,963		$	5,059		$	287,088		$	332,534
Accumulated undistributed net investment income (loss) at end of period	$	10		$	16		$	404		$	(249	)

See Notes to Financial Statements

48

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Senior Floating Rate Fund						Wealth Masters Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	11,767		$	30,523		$	346		$	378
Net realized gain (loss)		(14,740	)		(9,938	)		(6,171	)		(563	)
Net change in unrealized appreciation (depreciation)		737			(16,754	)		8,206			(10,130	)
Increase (decrease) in net assets resulting from operations		(2,236	)		3,831			2,381			(10,315	)
From Distributions to Shareholders
Net investment income, Class A		(4,624	)		(11,297	)		(108	)		(184	)
Net investment income, Class C		(1,920	)		(5,079	)		—			—
Net investment income, Class I		(5,089	)		(14,848	)		(135	)		(252	)
Net realized short-term gains, Class A		—			(394	)		(671	)		(1,046	)
Net realized short-term gains, Class C		—			(231	)		(442	)		(622	)
Net realized short-term gains, Class I		—			(540	)		(394	)		(869	)
Net realized long-term gains, Class A		—			(341	)		(230	)		(20	)
Net realized long-term gains, Class C		—			(199	)		(151	)		(12	)
Net realized long-term gains, Class I		—			(463	)		(135	)		(17	)
Decrease in net assets from distributions to shareholders		(11,633	)		(33,392	)		(2,266	)		(3,022	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(30,848	)		(15,274	)		(12,727	)		4,094
Change in net assets from share transactions, Class C		(16,289	)		(33,299	)		(6,194	)		7,353
Change in net assets from share transactions, Class I		(48,800	)		(159,653	)		(10,350	)		(12,645	)
Increase (decrease) in net assets from share transactions		(95,937	)		(208,226	)		(29,271	)		(1,198	)
Net increase (decrease) in net assets		(109,806	)		(237,787	)		(29,156	)		(14,535	)
Net Assets
Beginning of period		691,809			929,596			120,775			135,310
End of period	$	582,003		$	691,809		$	91,619		$	120,775
Accumulated undistributed net investment income (loss) at end of period	$	(213	)	$	(347	)	$	197		$	229

See Notes to Financial Statements

49

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)(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Bond Fund
Class A
10/1/15 to 3/31/16(11)		$	11.02		0.19		(0.03	)		0.16			(0.17	)		—			—			(0.17	)		—	(5)		(0.01	)		$	11.01		1.44	%(4)		$	45,527		0.84	%(3)(12)		1.16	%(3)		3.42	%(3)		25	%(4)
10/1/14 to 9/30/15			11.43		0.40		(0.43	)		(0.03	)		(0.32	)		—			(0.06	)		(0.38	)		—			(0.41	)			11.02		(0.26	)			48,064		0.85			1.12			3.55			64
10/1/13 to 9/30/14			11.21		0.47		0.22			0.69			(0.47	)		—			—			(0.47	)		—			0.22				11.43		6.18				53,603		0.85			1.10			4.08			38
10/1/12 to 9/30/13			11.61		0.43		(0.41	)		0.02			(0.42	)		—			—			(0.42	)		—			(0.40	)			11.21		0.17				57,286		0.85			1.07			3.75			107
10/1/11 to 9/30/12			10.96		0.35		0.67			1.02			(0.37	)		—			—			(0.37	)		—			0.65				11.61		9.34				67,804		0.85			1.02			3.12			210
10/1/10 to 9/30/11			11.18		0.46		(0.21	)		0.25			(0.47	)		—			—			(0.47	)		—			(0.22	)			10.96		2.39				64,449		0.85			1.04			4.16			169
Class B
10/1/15 to 3/31/16(11)		$	10.74		0.14		(0.02	)		0.12			(0.13	)		—			—			(0.13	)		—	(5)		(0.01	)		$	10.73		1.10	%(4)		$	87		1.59	%(3)(12)		1.90	%(3)		2.67	%(3)		25	%(4)
10/1/14 to 9/30/15			11.14		0.31		(0.41	)		(0.10	)		(0.24	)		—			(0.06	)		(0.30	)		—			(0.40	)			10.74		(0.91	)			126		1.60			1.86			2.82			64
10/1/13 to 9/30/14			10.95		0.37		0.20			0.57			(0.38	)		—			—			(0.38	)		—			0.19				11.14		5.27				233		1.60			1.84			3.34			38
10/1/12 to 9/30/13			11.34		0.33		(0.38	)		(0.05	)		(0.34	)		—			—			(0.34	)		—			(0.39	)			10.95		(0.50	)			401		1.60			1.82			2.95			107
10/1/11 to 9/30/12			10.71		0.27		0.64			0.91			(0.28	)		—			—			(0.28	)		—			0.63				11.34		8.48				727		1.60			1.77			2.43			210
10/1/10 to 9/30/11			10.93		0.37		(0.20	)		0.17			(0.39	)		—			—			(0.39	)		—			(0.22	)			10.71		1.64				1,171		1.60			1.80			3.38			169
Class C
10/1/15 to 3/31/16(11)		$	10.78		0.14		(0.02	)		0.12			(0.13	)		—			—			(0.13	)		—	(5)		(0.01	)		$	10.77		1.10	%(4)		$	11,618		1.59	%(3)(12)		1.91	%(3)		2.66	%(3)		25	%(4)
10/1/14 to 9/30/15			11.19		0.30		(0.41	)		(0.11	)		(0.24	)		—			(0.06	)		(0.30	)		—			(0.41	)			10.78		(1.00	)			8,853		1.60			1.87			2.74			64
10/1/13 to 9/30/14			10.99		0.37		0.21			0.58			(0.38	)		—			—			(0.38	)		—			0.20				11.19		5.34				6,315		1.60			1.85			3.33			38
10/1/12 to 9/30/13			11.38		0.34		(0.39	)		(0.05	)		(0.34	)		—			—			(0.34	)		—			(0.39	)			10.99		(0.51	)			6,825		1.60			1.82			2.99			107
10/1/11 to 9/30/12			10.75		0.26		0.65			0.91			(0.28	)		—			—			(0.28	)		—			0.63				11.38		8.55				8,756		1.60			1.77			2.36			210
10/1/10 to 9/30/11			10.96		0.37		(0.19	)		0.18			(0.39	)		—			—			(0.39	)		—			(0.21	)			10.75		1.63				7,984		1.60			1.79			3.41			169
Class I
10/1/15 to 3/31/16(11)		$	11.19		0.20		(0.03	)		0.17			(0.18	)		—			—			(0.18	)		—	(5)		(0.01	)		$	11.18		1.54	%(4)		$	21,632		0.59	%(3)(12)		0.91	%(3)		3.66	%(3)		25	%(4)
10/1/14 to 9/30/15			11.59		0.43		(0.42	)		0.01			(0.35	)		—			(0.06	)		(0.41	)		—			(0.40	)			11.19		0.08				17,456		0.60			0.87			3.78			64
10/1/13 to 9/30/14			11.37		0.50		0.21			0.71			(0.49	)		—			—			(0.49	)		—			0.22				11.59		6.35				16,468		0.60			0.85			4.33			38
10/1/12 to 9/30/13			11.76		0.47		(0.41	)		0.06			(0.45	)		—			—			(0.45	)		—			(0.39	)			11.37		0.49				22,037		0.60			0.82			3.98			107
10/1/11 to 9/30/12			11.10		0.39		0.66			1.05			(0.39	)		—			—			(0.39	)		—			0.66				11.76		9.64				29,527		0.60			0.77			3.39			210
10/1/10 to 9/30/11			11.30		0.49		(0.19	)		0.30			(0.50	)		—			—			(0.50	)		—			(0.20	)			11.10		2.67				76,169		0.60			0.79			4.39			169
CA Tax-Exempt
Bond Fund
Class A
10/1/15 to 3/31/16(11)		$	12.14		0.19		0.18			0.37			(0.18	)		(0.27	)		—			(0.45	)		—			(0.08	)		$	12.06		3.09	%(4)		$	19,980		0.85	%(3)		1.19	%(3)		3.07	%(3)		11	%(4)
10/1/14 to 9/30/15			12.51		0.39		0.03			0.42			(0.40	)		(0.39	)		—			(0.79	)		—			(0.37	)			12.14		3.44				19,978		0.85			1.18			3.16			24
10/1/13 to 9/30/14			12.10		0.43		0.64			1.07			(0.42	)		(0.24	)		—			(0.66	)		—			0.41				12.51		9.16				21,729		0.85			1.11			3.49			7
10/1/12 to 9/30/13			12.96		0.43		(0.68	)		(0.25	)		(0.43	)		(0.18	)		—			(0.61	)		—			(0.86	)			12.10		(2.12	)			22,612		0.85			1.04			3.39			22
10/1/11 to 9/30/12			12.30		0.46		0.68			1.14			(0.48	)		—			—			(0.48	)		—			0.66				12.96		9.40				28,803		0.85			1.04			3.65			16
10/1/10 to 9/30/11			12.34		0.48		(0.04	)		0.44			(0.48	)		—			—			(0.48	)		—			(0.04	)			12.30		3.75				29,688		0.85			1.05			4.04			12
Class I
10/1/15 to 3/31/16(11)		$	12.12		0.20		0.17			0.37			(0.19	)		(0.27	)		—			(0.46	)		—			(0.09	)		$	12.03		3.14	%(4)		$	11,071		0.60	%(3)		0.94	%(3)		3.32	%(3)		11	%(4)
10/1/14 to 9/30/15			12.49		0.42		0.03			0.45			(0.43	)		(0.39	)		—			(0.82	)		—			(0.37	)			12.12		3.71				11,059		0.60			0.93			3.41			24
10/1/13 to 9/30/14			12.09		0.45		0.64			1.09			(0.45	)		(0.24	)		—			(0.69	)		—			0.40				12.49		9.36				11,453		0.60			0.83			3.74			7
10/1/12 to 9/30/13			12.95		0.46		(0.68	)		(0.22	)		(0.46	)		(0.18	)		—			(0.64	)		—			(0.86	)			12.09		(1.88	)			26,026		0.60			0.79			3.65			22
10/1/11 to 9/30/12			12.29		0.49		0.68			1.17			(0.51	)		—			—			(0.51	)		—			0.66				12.95		9.68				28,639		0.60			0.79			3.90			16
10/1/10 to 9/30/11			12.33		0.51		(0.04	)		0.47			(0.51	)		—			—			(0.51	)		—			(0.04	)			12.29		4.01				27,417		0.60			0.80			4.29			12

The footnote legend is at the end of the Financial Highlights.

See Notes to Financial Statements

50

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)(2)			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			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Essential Resources
Fund
Class A
10/1/15 to 3/31/16(11)		$	8.04		0.02			0.57			0.59			(0.04	)		(0.01	)		(0.05	)		—			0.54			$	8.58		7.30	%(4)		$	90		1.65	%(3)(12)		4.37	%(3)		0.43	%(3)		40	%(4)
3/24/15(6) to 9/30/15			10.00		0.03			(1.99	)		(1.96	)		—			—			—			—			(1.96	)			8.04		(19.60	)(4)			84		1.65	(3)		6.26	(3)		0.66	(3)		48	(4)
Class C
10/1/15 to 3/31/16(11)		$	8.01		(0.01	)		0.56			0.55			—			(0.01	)		(0.01	)		—			0.54			$	8.55		6.82	%(4)		$	106		2.40	%(3)(12)		5.10	%(3)		(0.33	)%(3)		40	%(4)
3/24/15(6) to 9/30/15			10.00		(—	)(5)		(1.99	)		(1.99	)		—			—			—			—			(1.99	)			8.01		(19.90	)(4)			104		2.40	(3)		7.26	(3)		(0.10	)(3)		48	(4)
Class I
10/1/15 to 3/31/16(11)		$	8.05		0.03			0.57			0.60			(0.06	)		(0.01	)		(0.07	)		—			0.53			$	8.58		7.38	%(4)		$	4,255		1.40	%(3)(12)		4.12	%(3)		0.67	%(3)		40	%(4)
3/24/15(6) to 9/30/15			10.00		0.05			(2.00	)		(1.95	)		—			—			—			—			(1.95	)			8.05		(19.50	)(4)			3,889		1.40	(3)		5.98	(3)		0.93	(3)		48	(4)
High Yield Fund
Class A
10/1/15 to 3/31/16(11)		$	3.98		0.10			(0.06	)		0.04			(0.10	)		—			(0.10	)		—	(5)		(0.06	)		$	3.92		1.11	%(4)		$	57,679		1.14	%(3)(12)		1.41	%(3)		5.25	%(3)		39	%(4)
10/1/14 to 9/30/15			4.35		0.22			(0.36	)		(0.14	)		(0.23	)		—			(0.23	)		—			(0.37	)			3.98		(3.39	)			60,951		1.15			1.32			5.26			94
10/1/13 to 9/30/14			4.27		0.24			0.08			0.32			(0.24	)		—			(0.24	)		—			0.08				4.35		7.53				71,042		1.15			1.31			5.55			82
10/1/12 to 9/30/13			4.28		0.26			(0.01	)		0.25			(0.26	)		—			(0.26	)		—			(0.01	)			4.27		5.98				80,155		1.15			1.31			6.05			100
10/1/11 to 9/30/12			3.85		0.28			0.44			0.72			(0.29	)		—			(0.29	)		—			0.43				4.28		19.19				98,701		1.15			1.31			6.82			92
10/1/10 to 9/30/11			4.17		0.29			(0.32	)		(0.03	)		(0.29	)		—			(0.29	)		—			(0.32	)			3.85		(0.82	)			86,530		1.21	(7)		1.35			6.93			106
Class B
10/1/15 to 3/31/16(11)		$	3.88		0.09			(0.07	)		0.02			(0.09	)		—			(0.09	)		—	(5)		(0.07	)		$	3.81		0.51	%(4)		$	32		1.89	%(3)(12)		2.15	%(3)		4.49	%(3)		39	%(4)
10/1/14 to 9/30/15			4.24		0.19			(0.35	)		(0.16	)		(0.20	)		—			(0.20	)		—			(0.36	)			3.88		(3.96	)			41		1.90			2.07			4.54			94
10/1/13 to 9/30/14			4.17		0.21			0.07			0.28			(0.21	)		—			(0.21	)		—			0.07				4.24		6.68				106		1.90			2.07			4.80			82
10/1/12 to 9/30/13			4.19		0.23			(0.02	)		0.21			(0.23	)		—			(0.23	)		—			(0.02	)			4.17		5.06				131		1.90			2.05			5.31			100
10/1/11 to 9/30/12			3.77		0.24			0.44			0.68			(0.26	)		—			(0.26	)		—			0.42				4.19		18.46				307		1.90			2.06			6.07			92
10/1/10 to 9/30/11			4.08		0.25			(0.31	)		(0.06	)		(0.25	)		—			(0.25	)		—			(0.31	)			3.77		(1.66	)			404		1.96	(7)		2.10			6.17			106
Class C
10/1/15 to 3/31/16(11)		$	3.92		0.09			(0.07	)		0.02			(0.09	)		—			(0.09	)		—	(5)		(0.07	)		$	3.85		0.50	%(4)		$	3,429		1.89	%(3)(12)		2.16	%(3)		4.49	%(3)		39	%(4)
10/1/14 to 9/30/15			4.28		0.19			(0.35	)		(0.16	)		(0.20	)		—			(0.20	)		—			(0.36	)			3.92		(3.93	)			3,705		1.90			2.07			4.52			94
10/1/13 to 9/30/14			4.21		0.21			0.07			0.28			(0.21	)		—			(0.21	)		—			0.07				4.28		6.60				4,038		1.90			2.07			4.79			82
10/1/12 to 9/30/13			4.23		0.23			(0.02	)		0.21			(0.23	)		—			(0.23	)		—			(0.02	)			4.21		5.00				3,302		1.90			2.06			5.31			100
10/1/11 to 9/30/12			3.80		0.25			0.44			0.69			(0.26	)		—			(0.26	)		—			0.43				4.23		18.59				2,944		1.90			2.07			6.07			92
10/1/10 to 9/30/11			4.11		0.25			(0.31	)		(0.06	)		(0.25	)		—			(0.25	)		—			(0.31	)			3.80		(1.65	)			2,028		1.95	(7)		2.10			6.18			106
Class I
10/1/15 to 3/31/16(11)		$	3.98		0.11			(0.06	)		0.05			(0.11	)		—			(0.11	)		—	(5)		(0.06	)		$	3.92		1.24	%(4)		$	6,772		0.89	%(3)(12)		1.16	%(3)		5.49	%(3)		39	%(4)
10/1/14 to 9/30/15			4.35		0.23			(0.36	)		(0.13	)		(0.24	)		—			(0.24	)		—			(0.37	)			3.98		(3.15	)			4,625		0.90			1.07			5.53			94
10/1/13 to 9/30/14			4.27		0.26			0.07			0.33			(0.25	)		—			(0.25	)		—			0.08				4.35		7.80				6,120		0.90			1.07			5.80			82
10/1/12 to 9/30/13			4.28		0.27			(0.01	)		0.26			(0.27	)		—			(0.27	)		—			(0.01	)			4.27		6.25				5,812		0.90			1.05			6.37			100
8/8/12(6) to 9/30/12			4.23		0.04			0.06			0.10			(0.05	)		—			(0.05	)		—			0.05				4.28		2.37	(4)			102		0.90	(3)		1.08	(3)		6.86	(3)		92	(4)
Low Volatility Equity Fund
Class A
10/1/15 to 3/31/16(11)		$	11.45		0.03			(0.19	)		(0.16	)		(0.04	)		(0.17	)		(0.21	)		—			(0.37	)		$	11.08		(1.53	)%(4)		$	2,265		1.55	%(3)(12)		2.74	%(3)		0.56	%(3)		9	%(4)
10/1/14 to 9/30/15			11.71		0.08			(0.30	)		(0.22	)		(0.04	)		—			(0.04	)		—			(0.26	)			11.45		(1.88	)			2,055		1.55			2.70			0.64			1
10/1/13 to 9/30/14			10.24		0.06			1.50			1.56			(0.09	)		—			(0.09	)		—			1.47				11.71		15.23				485		1.55			6.15			0.56			3
6/11/13(6) to 9/30/13			10.00		0.06			0.18			0.24			—			—			—			—			0.24				10.24		2.40	(4)			136		1.55	(3)		7.66	(3)		2.00	(3)		0

The footnote legend is at the end of the Financial Highlights.

See Notes to Financial Statements

51

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Low Volatility Equity Fund
(Continued)
Class C
10/1/15 to 3/31/16(11)		$	11.32		(0.02	)		(0.19	)		(0.21	)		—			(0.17	)		—			(0.17	)		(0.38	)		$	10.94		(1.98	)%(4)		$	1,165		2.30	%(3)(12)		3.48	%(3)		(0.33	)%(3)		9	%(4)
10/1/14 to 9/30/15			11.64		0.01			(0.31	)		(0.30	)		(0.02	)		—			—			(0.02	)		(0.32	)			11.32		(2.61	)			1,423		2.30			3.47			0.04			1
10/1/13 to 9/30/14			10.21		(0.02	)		1.50			1.48			(0.05	)		—			—			(0.05	)		1.43				11.64		14.47				291		2.30			6.72			(0.19	)		3
6/11/13(6) to 9/30/13			10.00		0.03			0.18			0.21			—			—			—			—			0.21				10.21		2.10	(4)			130		2.30	(3)		8.49	(3)		0.99	(3)		0
Class I
10/1/15 to 3/31/16(11)		$	11.50		0.05			(0.21	)		(0.16	)		(0.06	)		(0.17	)		—			(0.23	)		(0.39	)		$	11.11		(1.53	)%(4)		$	1,533		1.30	%(3)(12)		2.49	%(3)		0.79	%(3)		9	%(4)
10/1/14 to 9/30/15			11.73		0.09			(0.27	)		(0.18	)		(0.05	)		—			—			(0.05	)		(0.23	)			11.50		(1.57	)			1,581		1.30			2.62			0.79			1
10/1/13 to 9/30/14			10.25		0.07			1.51			1.58			(0.10	)		—			—			(0.10	)		1.48				11.73		15.45				1,539		1.30			5.32			0.67			3
6/11/13(6) to 9/30/13			10.00		0.07			0.18			0.25			—			—			—			—			0.25				10.25		2.50	(4)			1,332		1.30	(3)		7.51	(3)		2.23	(3)		0
Multi-Sector Intermediate
Bond Fund
Class A
10/1/15 to 3/31/16(11)		$	9.76		0.23			(0.09	)		0.14			(0.21	)		—			—			(0.21	)		(0.07	)		$	9.69		1.44	%(4)		$	97,904		1.13	%(3)(12)		1.14	%(3)		4.72	%(3)		24	%(4)
10/1/14 to 9/30/15			10.70		0.49			(0.85	)		(0.36	)		(0.40	)		(0.13	)		(0.05	)		(0.58	)		(0.94	)			9.76		(3.41	)			104,833		1.10			1.10			4.81			66
10/1/13 to 9/30/14			10.77		0.54			0.11			0.65			(0.52	)		(0.20	)		—			(0.72	)		(0.07	)			10.70		6.18				119,423		1.11			1.11			5.00			54
10/1/12 to 9/30/13			11.15		0.57			(0.28	)		0.29			(0.55	)		(0.12	)		—			(0.67	)		(0.38	)			10.77		2.59				184,524		1.10			1.10			5.13			77
10/1/11 to 9/30/12			10.24		0.62			0.93			1.55			(0.64	)		—			—			(0.64	)		0.91				11.15		15.51				196,554		1.13			1.13			5.73			76
10/1/10 to 9/30/11			10.77		0.66			(0.47	)		0.19			(0.72	)		—			—			(0.72	)		(0.53	)			10.24		1.58				137,395		1.16			1.16			6.07			45
Class B
10/1/15 to 3/31/16(11)		$	9.73		0.19			(0.09	)		0.10			(0.17	)		—			—			(0.17	)		(0.07	)		$	9.66		1.07	%(4)		$	2,182		1.87	%(3)(12)		1.89	%(3)		3.96	%(3)		24	%(4)
10/1/14 to 9/30/15			10.67		0.41			(0.84	)		(0.43	)		(0.33	)		(0.13	)		(0.05	)		(0.51	)		(0.94	)			9.73		(4.14	)			2,868		1.85			1.85			4.01			66
10/1/13 to 9/30/14			10.74		0.46			0.11			0.57			(0.44	)		(0.20	)		—			(0.64	)		(0.07	)			10.67		5.40				5,360		1.86			1.86			4.26			54
10/1/12 to 9/30/13			11.12		0.49			(0.28	)		0.21			(0.47	)		(0.12	)		—			(0.59	)		(0.38	)			10.74		1.83				7,603		1.85			1.85			4.39			77
10/1/11 to 9/30/12			10.22		0.54			0.92			1.46			(0.56	)		—			—			(0.56	)		0.90				11.12		14.59				9,974		1.88			1.88			5.02			76
10/1/10 to 9/30/11			10.75		0.58			(0.47	)		0.11			(0.64	)		—			—			(0.64	)		(0.53	)			10.22		0.82				10,685		1.91			1.91			5.31			45
Class C
10/1/15 to 3/31/16(11)		$	9.85		0.19			(0.09	)		0.10			(0.17	)		—			—			(0.17	)		(0.07	)		$	9.78		1.05	%(4)		$	75,150		1.88	%(3)(12)		1.89	%(3)		3.97	%(3)		24	%(4)
10/1/14 to 9/30/15			10.79		0.42			(0.85	)		(0.43	)		(0.33	)		(0.13	)		(0.05	)		(0.51	)		(0.94	)			9.85		(4.11	)			84,099		1.85			1.85			4.06			66
10/1/13 to 9/30/14			10.86		0.47			0.10			0.57			(0.44	)		(0.20	)		—			(0.64	)		(0.07	)			10.79		5.33				96,072		1.86			1.86			4.25			54
10/1/12 to 9/30/13			11.23		0.49			(0.27	)		0.22			(0.47	)		(0.12	)		—			(0.59	)		(0.37	)			10.86		1.90				104,591		1.85			1.85			4.39			77
10/1/11 to 9/30/12			10.31		0.54			0.94			1.48			(0.56	)		—			—			(0.56	)		0.92				11.23		14.65				108,595		1.88			1.88			4.98			76
10/1/10 to 9/30/11			10.84		0.58			(0.47	)		0.11			(0.64	)		—			—			(0.64	)		(0.53	)			10.31		0.80				70,735		1.91			1.91			5.32			45
Class I
10/1/15 to 3/31/16(11)		$	9.77		0.24			(0.09	)		0.15			(0.22	)		—			—			(0.22	)		(0.07	)		$	9.70		1.57	%(4)		$	110,181		0.87	%(3)(12)		0.89	%(3)		4.96	%(3)		24	%(4)
10/1/14 to 9/30/15			10.71		0.52			(0.85	)		(0.33	)		(0.43	)		(0.13	)		(0.05	)		(0.61	)		(0.94	)			9.77		(3.17	)			138,956		0.85			0.85			5.06			66
10/1/13 to 9/30/14			10.77		0.57			0.12			0.69			(0.55	)		(0.20	)		—			(0.75	)		(0.06	)			10.71		6.54				144,298		0.86			0.86			5.24			54
10/1/12 to 9/30/13			11.15		0.60			(0.28	)		0.32			(0.58	)		(0.12	)		—			(0.70	)		(0.38	)			10.77		2.85				86,387		0.85			0.85			5.38			77
10/1/11 to 9/30/12			10.24		0.64			0.93			1.57			(0.66	)		—			—			(0.66	)		0.91				11.15		15.80				74,847		0.88			0.88			5.93			76
10/1/10 to 9/30/11			10.76		0.69			(0.46	)		0.23			(0.75	)		—			—			(0.75	)		(0.52	)			10.24		1.93				22,408		0.91			0.91			6.32			45
Class R6
10/1/15 to 3/31/16(11)		$	9.77		0.24			(0.10	)		0.14			(0.22	)		—			—			(0.22	)		(0.08	)		$	9.69		1.50	%(4)		$	1,671		0.80	%(3)(12)		0.82	%(3)		5.05	%(3)		24	%(4)
11/14/14(6) to 9/30/15			10.67		0.46			(0.81	)		(0.35	)		(0.37	)		(0.13	)		(0.05	)		(0.55	)		(0.90	)			9.77		(3.31	)(4)			1,778		0.76			0.77	(3)		5.12	(3)		66

The footnote legend is at the end of the Financial Highlights.

See Notes to Financial Statements

52

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Return of Capital			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets(8)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
Senior Floating
Rate Fund
Class A
10/1/15 to 3/31/16(11)		$	9.36		0.17			(0.18	)		(0.01	)		(0.17	)		—			—			(0.17	)		(0.18	)		$	9.18		(0.06	)%(4)		$	232,411		1.20	%(3)(9)(12)		1.21	%(3)		3.81	%(3)		12	%(4)
10/1/14 to 9/30/15			9.72		0.38			(0.32	)		0.06			(0.39	)		(0.03	)		—			(0.42	)		(0.36	)			9.36		0.53				268,596		1.20	(9)		1.20			3.94			34
10/1/13 to 9/30/14			9.79		0.37			(0.07	)		0.30			(0.37	)		—			—			(0.37	)		(0.07	)			9.72		3.08				294,617		1.18	(9)		1.18			3.79			77
10/1/12 to 9/30/13			9.79		0.42			0.04			0.46			(0.46	)		(—	)(5)		—			(0.46	)		—				9.79		4.84				386,113		1.21	(9)		1.21			4.29			68
10/1/11 to 9/30/12			9.28		0.49			0.49			0.98			(0.47	)		—			—			(0.47	)		0.51				9.79		10.75				256,397		1.23	(9)		1.23			5.06			56
10/1/10 to 9/30/11			9.80		0.45			(0.27	)		0.18			(0.49	)		(0.07	)		(0.14	)		(0.70	)		(0.52	)			9.28		1.62				215,427		1.20	(10)		1.19			4.58			69
Class C
10/1/15 to 3/31/16(11)		$	9.37		0.14			(0.18	)		(0.04	)		(0.14	)		—			—			(0.14	)		(0.18	)		$	9.19		(0.43	)%(4)		$	119,422		1.95	%(3)(9)(12)		1.96	%(3)		3.06	%(3)		12	%(4)
10/1/14 to 9/30/15			9.73		0.31			(0.33	)		(0.02	)		(0.31	)		(0.03	)		—			(0.34	)		(0.36	)			9.37		(0.22	)			138,478		1.95	(9)		1.95			3.19			34
10/1/13 to 9/30/14			9.81		0.30			(0.08	)		0.22			(0.30	)		—			—			(0.30	)		(0.08	)			9.73		2.20				177,485		1.93	(9)		1.93			3.04			77
10/1/12 to 9/30/13			9.80		0.35			0.05			0.40			(0.39	)		(—	)(5)		—			(0.39	)		0.01				9.81		4.15				182,667		1.96	(9)		1.96			3.51			68
10/1/11 to 9/30/12			9.29		0.41			0.50			0.91			(0.40	)		—			—			(0.40	)		0.51				9.80		9.92				95,078		1.98	(9)		1.98			4.31			56
10/1/10 to 9/30/11			9.81		0.36			(0.26	)		0.10			(0.41	)		(0.07	)		(0.14	)		(0.62	)		(0.52	)			9.29		0.85				92,623		1.95	(10)		1.94			3.69			69
Class I
10/1/15 to 3/31/16(11)		$	9.35		0.19			(0.19	)		—			(0.18	)		—			—			(0.18	)		(0.18	)		$	9.17		0.07	%(4)		$	230,170		0.95	%(3)(9)(12)		0.96	%(3)		4.06	%(3)		12	%(4)
10/1/14 to 9/30/15			9.71		0.40			(0.32	)		0.08			(0.41	)		(0.03	)		—			(0.44	)		(0.36	)			9.35		0.78				284,735		0.95	(9)		0.95			4.20			34
10/1/13 to 9/30/14			9.79		0.40			(0.09	)		0.31			(0.39	)		—			—			(0.39	)		(0.08	)			9.71		3.23				457,494		0.93	(9)		0.93			4.06			77
10/1/12 to 9/30/13			9.78		0.43			0.07			0.50			(0.49	)		(—	)(5)		—			(0.49	)		0.01				9.79		5.21				381,791		0.96	(9)		0.96			4.41			68
10/1/11 to 9/30/12			9.27		0.51			0.49			1.00			(0.49	)		—			—			(0.49	)		0.51				9.78		11.04				94,193		0.98	(9)		0.98			5.31			56
10/1/10 to 9/30/11			9.80		0.46			(0.27	)		0.19			(0.51	)		(0.07	)		(0.14	)		(0.72	)		(0.53	)			9.27		1.78				71,584		0.95	(10)		0.93			4.67			69
Wealth Masters
Fund
Class A
10/1/15 to 3/31/16(11)		$	13.25		0.05			0.36			0.41			(0.03	)		(0.24	)		—			(0.27	)		0.14			$	13.39		3.12	%(4)		$	41,424		1.45	%(3)(12)		1.52	%(3)		0.80	%(3)		16	%(4)
10/1/14 to 9/30/15			14.50		0.05			(0.98	)		(0.93	)		(0.05	)		(0.27	)		—			(0.32	)		(1.25	)			13.25		(6.74	)			54,109		1.45			1.46			0.36			51
10/1/13 to 9/30/14			13.12		0.02			1.37			1.39			—			(0.01	)		—			(0.01	)		1.38				14.50		10.67				55,881		1.45			1.46			0.11			62
10/1/12 to 9/30/13			10.22		(0.01	)		3.05			3.04			(0.09	)		(0.05	)		—			(0.14	)		2.90				13.12		30.09				5,169		1.45			3.29			(0.10	)		22
9/5/12(6) to 9/30/12			10.00		0.01			0.21			0.22			—			—			—			—			0.22				10.22		2.20	(4)			106		1.45	(3)		44.72	(3)		0.78	(3)		26	(4)
Class C
10/1/15 to 3/31/16(11)		$	13.02		—			0.35			0.35			—			(0.24	)		—			(0.24	)		0.11			$	13.13		2.72	%(4)		$	28,091		2.20	%(3)(12)		2.27	%(3)		0.06	%(3)		16	%(4)
10/1/14 to 9/30/15			14.32		(0.06	)		(0.97	)		(1.03	)		—			(0.27	)		—			(0.27	)		(1.30	)			13.02		(7.41	)			34,171		2.20			2.21			(0.39	)		51
10/1/13 to 9/30/14			13.04		(0.09	)		1.38			1.29			—			(0.01	)		—			(0.01	)		1.28				14.32		9.90				30,511		2.20			2.22			(0.65	)		62
10/1/12 to 9/30/13			10.21		(0.08	)		3.03			2.95			(0.07	)		(0.05	)		—			(0.12	)		2.83				13.04		29.11				1,742		2.20			4.41			(0.66	)		22
9/5/12(6) to 9/30/12			10.00		(—	)(5)		0.21			0.21			—			—			—			—			0.21				10.21		2.10	(4)			107		2.20	(3)		45.67	(3)		0.04	(3)		26	(4)
Class I
10/1/15 to 3/31/16(11)		$	13.30		0.07			0.36			0.43			(0.06	)		(0.24	)		—			(0.30	)		0.13			$	13.43		3.29	%(4)		$	22,104		1.20	%(3)(12)		1.27	%(3)		1.04	%(3)		16	%(4)
10/1/14 to 9/30/15			14.56		0.09			(1.00	)		(0.91	)		(0.08	)		(0.27	)		—			(0.35	)		(1.26	)			13.30		(6.53	)			32,495		1.20			1.21			0.62			51
10/1/13 to 9/30/14			13.14		0.05			1.39			1.44			(0.01	)		(0.01	)		—			(0.02	)		1.42				14.56		10.96				48,918		1.20			1.20			0.33			62
10/1/12 to 9/30/13			10.22		0.06			3.01			3.07			(0.10	)		(0.05	)		—			(0.15	)		2.92				13.14		30.37				44,813		1.20			4.64			0.52			22
9/5/12(6) to 9/30/12			10.00		0.01			0.21			0.22			—			—			—			—			0.22				10.22		2.20	(4)			818		1.20	(3)		44.40	(3)		1.04	(3)		26	(4)

The footnote legend is at the end of the Financial Highlights.

See Notes to Financial Statements

53

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend

⁽¹⁾  Sales charges, where applicable, are not reflected in the total return calculation.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Amount is less than $0.005 per share.

⁽⁶⁾  Inception date.

⁽⁷⁾  Due to a change in expense ratio, the ratio shown is a blended expense ratio.

⁽⁸⁾  The Funds will also indirectly bear their prorated share of expenses of the underlying funds in which they invest. Such expenses are not included in the calculation of this ratio.

⁽⁹⁾  The Fund is currently under its expense limitation.

⁽¹⁰⁾  See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously waived.

⁽¹¹⁾  Unaudited.

⁽¹²⁾  Earnings credits from the custodian were not material, as reflected in the Statements of Operations and had no impact on the Financial Highlights.

See Notes to Financial Statements

54

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Note 1. Organization

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

As of the date of this report, 28 funds of the Trust are offered for sale, of which eight (each a “Fund”) are reported in this semiannual report.

Each Fund is diversified and has a distinct investment objective.

The Funds have the following investment objectives:

	Investment Objective(s)
Bond Fund	High total return from both current income and capital appreciation.
CA Tax-Exempt Bond Fund	Obtaining a high level of current income exempt from California state and local income taxes, as well as federal income tax, consistent with the preservation of capital.
Essential Resources Fund	Capital appreciation.
High Yield Fund	High current income and a secondary objective of capital growth.
Low Volatility Equity Fund	Capital appreciation, with lower volatility than U.S. markets over a full market cycle.
Multi-Sector Intermediate Bond Fund	Maximizing current income while preserving capital.
Senior Floating Rate Fund	High total return from both current income and capital appreciation.
Wealth Masters Fund	Capital appreciation.

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

All of the Funds offer Class A shares and Class C shares with the exception of the CA Tax-Exempt Bond Fund which does not offer Class C shares. All of the Funds offer Class I shares. Class B shares are no longer available for purchase by new or existing shareholders, except for existing shareholders through Qualifying Transactions. For information regarding Qualifying Transactions, refer to each Fund’s prospectus. The Multi-Sector Intermediate Bond Fund also offers Class R6 shares.

Class A shares of the CA Tax-Exempt Bond Fund and Senior Floating Rate Fund are sold with a front-end sales charge of up to 2.75% with some exceptions. Class A shares of the Bond Fund, High Yield Fund, and Multi-Sector Intermediate Bond Fund are sold with a front-end sales charge of up to 3.75% with some exceptions. Class A shares of the Essential Resources, Low Volatility Equity and Wealth Masters Funds are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class B shares were generally sold with a CDSC, which declines from 5% to zero depending on the period of time the shares are held. Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class R6 and Class I shares are sold without a front-end sales charge or CDSC.

Class R6 shares are only available to participants in employer-sponsored retirement plans, such as 401(k) plans, profit-sharing plans, defined benefit plans and other employer-directed plans. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees.

Virtus Mutual 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 statements of additional information. The fees collected will be used to offset certain expenses of the Funds.

Each Class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each Class bears different distribution and/or service fees under a Board-approved Rule 12b-1 and/or shareholder servicing plan (“12b-1 plan”) and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 plan. Income and other expenses as well as 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 significant accounting policies consistently followed by the Trust in the preparation of its financial statements are summarized below and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and 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

Security valuation procedures for each Fund, which include nightly price variance as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Trustees (the “Board”, or the “Trustees”). All internally fair valued securities are approved by a valuation committee (the “Valuation Committee”) appointed by the Board. The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities, referred to below, are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Quarterly fair valuations are reviewed by the Board.

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NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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 between levels 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 not widely traded, 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 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 not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as treasury 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.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds are valued as of the close of regular trading on the NYSE each business day. Both are 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.

The significant unobservable inputs used in the fair value measurement of these corporate bonds are based on comparable liquid assets adjusted for accretion/amortization rate, current yield, current swap rates, and discount rates related to differences in capital structure and liquidity. Significant changes in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the observable market assumptions would have direct impacts to the discount rates used related to capital structure and/or liquidity discounts.

B. Security Transactions and Investment Income

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

Dividend income from REIT investments is recorded using management’s estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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, 2016, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2012 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by each Fund on the ex-dividend date. For the Bond Fund, CA Tax-Exempt Fund, High Yield Fund, Multi-Sector Intermediate Bond Fund and Senior Floating Rate Fund income distributions are declared and recorded daily and distributed monthly. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences may include the treatment of non-taxable dividends, market premium and discount, non-deductible expenses, expiring capital loss carryovers, foreign currency gain or loss, gain or loss on futures contracts, partnerships, operating losses and losses deferred due to wash sales. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest.

E. Expenses

Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used.

In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro rata expenses of the underlying mutual funds in which the Fund invests.

F. Foreign Currency Translation

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 a 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. Each Fund records when-issued and delayed delivery securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or delayed delivery basis begin earning interest on the settlement date.

H. Loan Agreements

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. Loan agreements 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. Loan agreements 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 loan agreement. 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 loan agreement 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 loan agreement. 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. Loan agreements 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 loan agreements 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 (London Interbank Offered Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement 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 loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

At March 31, 2016, all loan agreements held by the Funds are assignment loans.

I. Securities Lending

($ reported in thousands)

Certain Funds may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of agreement, a Fund doing so 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

57

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NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

the collateral and premiums paid by the broker are recorded as income by a Fund net of fees and rebates charged by BBH 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.

At March 31, 2016, the Wealth Masters Fund had securities on loan with a market value of $3,528 and cash collateral of $3,602.

J. Earnings Credit and Interest

Through arrangements with each Fund’s custodian, each Fund either receives an earnings credit or interest on agreed upon target un-invested cash balances to reduce each Fund’s custody expenses. The credits are reflected as “Earnings credit from Custodian” and the interest is reflected under “Interest income” in each Fund’s Statements of Operations for the period, as applicable.

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. Options contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund uses options contracts to hedge against changes in the values of equities.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments. Purchased options are reported as an asset within “Investment securities at value” in the Statement of Assets and Liabilities. Options written are reported as a liability within “Written options outstanding at value”. Changes in value of the purchased option is included in “Net change in unrealized appreciation/(depreciation) on investments” in the Statement of Operations. Changes in value of written options is included in “Net change in unrealized appreciation/(depreciation) on written options”.

If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on affecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in “Net realized gain/(loss) on investments” in the Statement of Operations. Gain or loss on written options is presented separately as “Net realized gain/(loss) on written options” in the Statement of Operations.

The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value.

The Low Volatility Equity Fund invested in writing index call options and buying call options on VIX futures. Both are used as techniques for limiting the volatility of the Fund’s portfolio.

The Fund had transactions in written call options for the period ended March 31, 2016 as follows:

Written call options	Number of contracts			Premium received
Written Options outstanding at September 30, 2015		25		$	92
Options written		182			387
Options closed		(157	)		(307	)
Options expired		(26	)		(90	)
Options exercised		—			—
Written Options outstanding at March 31, 2016		24		$	82

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NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

The following is a summary of the Fund’s option contracts which have a primary risk exposure to equity contracts as of March 31, 2016:

Statements of Assets and Liabilities
Assets: Purchased call options at value	$	3	(1)
Liabilities: Written options		(121	)
Net asset (liability) balance	$	(118	)

Statements of Operations
Net realized gain (loss) on purchased options	$	(53	)(2)
Net realized gain (loss) on written options		(356	)
Net change in unrealized appreciation (depreciation) on purchased options		(7	)(3)
Net change in unrealized appreciation (depreciation) on written options		(92	)
Total realized and unrealized gain (loss) on purchased and written options	$	(508	)

⁽¹⁾  Amount included in Investment in unaffiliated securities at value.

⁽²⁾  Amount included in Net realized gain (loss) on unaffiliated investments.

⁽³⁾  Amount included in net change in unrealized appreciation (depreciation) on unaffiliated investments.

For the period ended March 31, 2016, the average daily premiums paid by the Fund for purchased call options were $12, and the average daily premiums received for written call options by the Fund were $(65).

Note 4. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the adviser to the Trust. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers.

As compensation for its services to the Funds, the Adviser is entitled to a fee based upon the following annual rates as a percentage of the average daily net assets of each Fund:

Essential Resources Fund 1.10 % 

	First $1 Billion			$1+ Billion
Bond Fund		0.45	%		0.40	%
Wealth Masters Fund		0.85			0.80

	First $1 Billion			$1+ Billion through $2 Billion			$2+ Billion
CA Tax-Exempt Bond Fund		0.45	%		0.40	%		0.35	%
High Yield Fund		0.65			0.60			0.55
Multi-Sector Intermediate Bond Fund		0.55			0.50			0.45
Senior Floating Rate Fund		0.60			0.55			0.50
	First $2 Billion			$2+ Billion through $4 Billion			$4+ Billion
Low Volatility Equity Fund		0.95	%		0.90	%		0.85	%

During the period covered by these financial statements, the Bond Fund, High Yield Fund, Multi-Sector Intermediate Fund, and the Senior Floating Rate Fund invested a portion of its assets in Virtus Credit Opportunities Fund, an affiliated mutual fund. In order to avoid any duplication of advisory fees, the Adviser has voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by the Fund on the assets invested in the Credit Opportunities Fund. For the period covered by these financial statements, the waiver amounted to $3, $1, $25, and $20, respectively. These waivers are in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and are included in the Statements of Operations in “expenses reimbursed and/or waived by the investment adviser”.

B. Subadvisers

The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. The subadvisers and the Fund(s) they serve are as follows:

Fund	Subadviser	Fund	Subadviser
Bond Fund	NF(1)	Low Volatility Equity Fund	Rampart(4)
CA Tax-Exempt Bond Fund	NF(1)	Multi-Sector Intermediate Bond Fund	NF(1)
Essential Resources Fund	KBI(3)	Senior Floating Rate Fund	NF(1)
High Yield Fund	NF(1)	Wealth Masters Fund	Horizon(2)

⁽¹⁾ Newfleet Asset Management, LLC, an indirect wholly-owned subsidiary of Virtus (“NF”)

⁽²⁾  Horizon Asset Management, LLC (“Horizon”)

⁽³⁾  Kleinwort Benson Investors International, Ltd. (“KBI”)

⁽⁴⁾  Rampart Investment Management Company, LLC (“Rampart”)

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NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

C. Expense Limits and Fee Waivers

The Adviser has contractually agreed to limit certain Funds’ total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses), so that such expenses do not exceed the percentages of the applicable Fund’s average daily net asset values as listed below.

	Class A			Class B			Class C			Class I			Through Date
Bond Fund		0.85	%		1.60	%		1.60	%		0.60	%		1/31/17
CA Tax-Exempt Bond Fund		0.85			—			—			0.60			1/31/17
Essential Resources Fund		1.65			—			2.40			1.40			1/31/17
High Yield Fund		1.15			1.90			1.90			0.90			1/31/17
Low Volatility Equity Fund		1.55			—			2.30			1.30			1/31/17
Senior Floating Rate Fund(1)		1.20			—			1.95			0.95			1/31/17
Wealth Masters Fund		1.45			—			2.20			1.20			1/31/17

⁽¹⁾ Excluding leverage expenses, if any.

D. Expense Recapture

For certain Funds, the Adviser may recapture operating expenses waived or reimbursed under these arrangements within three fiscal years following the end of the fiscal year in which such waiver or reimbursement occurred. 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 as follows:

	Fiscal Year Ended
	2016		2017		2018		Total
Bond Fund	$	222	$	197	$	204	$	623
CA Tax-Exempt Bond Fund		100		103		110		313
Essential Resources Fund		—		—		113		113
High Yield Fund		161		150		146		457
Low Volatility Equity Fund		29		81		55		165
Wealth Masters Fund		96		8		14		118

E. Distributor

VP Distributors, LLC (“VP Distributors”), an indirect wholly owned subsidiary of Virtus, serves as the distributor of each Fund’s shares and has advised the Funds that for the six months (the “period”) ended March 31, 2016, it retained net commissions of $10 for Class A shares and deferred sales charges of $27, $ – and $15 for Class A shares, Class B shares, and Class C shares respectively.

In addition, each Fund pays VP Distributors distribution and/or service 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, 1.00% for Class B shares and 1.00% for Class C shares; Class I shares and Class R6 shares are not subject to a 12b-1 plan.

Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.

F. Administrator and Transfer Agent

Virtus Fund Services, LLC, an indirect wholly owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.

For the period ended March 31, 2016, the Funds incurred administration fees totaling $622 which are included in the Statements of Operations.

For the period ended March 31, 2016, the Funds incurred transfer agent fees totaling $721 which are included in the Statements of Operations. A portion of these fees are paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2016, Virtus and its affiliates and the retirement plans of Virtus and its affiliates held shares of certain Funds which may be redeemed at any time that aggregated to the following:

	Shares		Aggregate Net Asset Value
Essential Resources Fund
Class A		10,055	$	86
Class C		10,007		86
Class I		483,600		4,149
Low Volatility Equity Fund
Class A		10,289		114
Class C		10,197		112
Class I		134,208		1,491
Multi-Sector Intermediate Bond Fund
Class R6		10,129		98

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NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

H. Investments in Affiliates

A summary of the total long-term and short-term purchases and sales of the affiliated, Virtus Credit Opportunities Fund during the period ended March 31, 2016 is as follows:

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Distributions of Realized Gains
Bond Fund	$	1,143	$	9	$	—	$	1,127	$	21	$	—
High Yield Fund		342		8		—		342		6		—
Multi-Sector Intermediate Bond Fund		9,058		70		—		8,933		164		—
Senior Floating Rate Fund		7,502		51		1,579		5,834		112		—

I. Payment from Affiliate

During the period the Adviser reimbursed certain funds for losses. These amounts are included in payments by affiliates in the Statements of Operations. There was no impact on the total return.

Note 5. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding U.S. Government and agency securities, short-term securities and written options) during the period ended March 31, 2016, were as follows:

	Purchases		Sales
Bond Fund	$	14,493	$	16,152
CA Tax-Exempt Bond		3,227		4,078
Essential Resources Fund		1,749		1,671
High Yield Fund		27,942		25,682
Low Volatility Equity Fund		452		776
Multi-Sector Intermediate Bond Fund		64,915		106,020
Senior Floating Rate Fund		75,295		199,476
Wealth Masters Fund		17,248		47,975

Purchases and sales of long term U.S. Government and agency securities for the Funds during the period ended March 31, 2016, were as follows:

	Purchases		Sales
Bond Fund	$	6,204	$	1,889
Multi-Sector Intermediate Bond Fund		7,239		9,914

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NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 6. Capital Share Transactions

(reported in thousands)

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

	Bond Fund												CA Tax-Exempt Bond Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		103		$	1,119			248		$	2,789			39		$	474			245		$	3,076
Reinvestment of distributions		55			601			128			1,443			50			605			95			1,156
Shares repurchased		(384	)		(4,191	)		(707	)		(7,970	)		(77	)		(936	)		(432	)		(5,262	)
Net Increase / (Decrease)		(226	)	$	(2,471	)		(331	)	$	(3,738	)		12		$	143			(92	)	$	(1,030	)
Class B
Sale of shares		—		$	—			—		$	—	(2)		—		$	—			—		$	—
Reinvestment of distributions		—	(1)		1			—	(1)		4			—			—			—			—
Shares repurchased		(4	)		(40	)		(10	)		(106	)		—			—			—			—
Net Increase / (Decrease)		(4	)	$	(39	)		(10	)	$	(102	)		—		$	—			—		$	—
Class C
Sale of shares		455		$	4,843			1,066		$	11,856			—		$	—			—		$	—
Reinvestment of distributions		9			100			17			190			—			—			—			—
Shares repurchased		(207	)		(2,211	)		(827	)		(9,164	)		—			—			—			—
Net Increase / (Decrease)		257		$	2,732			256		$	2,882			—		$	—			—		$	—
Class I
Sale of shares		577		$	6,384			429		$	4,917			172		$	2,086			66		$	807
Reinvestment of distributions		25			275			52			600			38			456			64			753
Shares repurchased		(227	)		(2,522	)		(342	)		(3,905	)		(202	)		(2,432	)		(133	)		(1,613	)
Net Increase / (Decrease)		375		$	4,137			139		$	1,612			8		$	110			(3	)	$	(53	)
	Essential Resources Fund												High Yield Fund
	Six Months Ended March 31, 2016 (Unaudited)						From Inception March 23, 2015 to September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		—	(1)	$	1			10		$	103			533		$	2,064			11,578		$	49,167
Reinvestment of distributions		—	(1)		1			—			—			327			1,280			824			3,485
Shares repurchased		—			—			—			—			(1,438	)		(5,565	)		(13,440	)		(56,820	)
Net Increase / (Decrease)		—	(1)	$	2			10		$	103			(578	)	$	(2,221	)		(1,038	)	$	(4,168	)
Class B
Sale of shares		—		$	—			—		$	—			—	(1)	$	—	(2)		1		$	4
Reinvestment of distributions		—			—			—			—			—	(1)		1			1			3
Shares repurchased		—			—			—			—			(2	)		(8	)		(16	)		(66	)
Net Increase / (Decrease)		—		$	—			—		$	—			(2	)	$	(7	)		(14	)	$	(59	)
Class C
Sale of shares		—		$	—			13		$	129			131		$	508			349		$	1,452
Reinvestment of distributions		—	(1)		—	(2)		—			—			20			78			41			172
Shares repurchased		(1	)		(5	)		—	(1)		—	(2)		(206	)		(782	)		(388	)		(1,603	)
Net Increase / (Decrease)		(1	)	$	(5	)		13		$	129			(55	)	$	(196	)		2		$	21
Class I
Sale of shares		40		$	336			485		$	4,847			1,283		$	5,140			815		$	3,498
Reinvestment of distributions		4			30			—			—			53			208			87			367
Shares repurchased		(31	)		(260	)		(2	)		(19	)		(770	)		(2,902	)		(1,148	)		(4,834	)
Net Increase / (Decrease)		13		$	106			483		$	4,826			566		$	2,446			(246	)	$	(969	)

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

62

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

	Low Volatility Equity Fund												Multi-Sector Intermediate Bond Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		25		$	289			171		$	2,056			878		$	8,484			2,970		$	30,801
Reinvestment of distributions		3			40			1			7			198			1,907			565			5,794
Shares repurchased		(4	)		(44	)		(34	)		(395	)		(1,712	)		(16,441	)		(3,956	)		(40,421	)
Net Increase / (Decrease)		24		$	285			138		$	1,668			(636	)	$	(6,050	)		(421	)	$	(3,826	)
Class B
Sale of shares		—		$	—			—		$	—			—		$	—			3		$	36
Reinvestment of distributions		—			—			—			—			4			43			19			196
Shares repurchased		—			—			—			—			(73	)		(704	)		(230	)		(2,365	)
Net Increase / (Decrease)		—		$	—			—		$	—			(69	)	$	(661	)		(208	)	$	(2,133	)
Class C
Sale of shares		19		$	213			140		$	1,648			694		$	6,781			2,225		$	23,203
Reinvestment of distributions		2			23			—	(1)		2			112			1,087			337			3,489
Shares repurchased		(40	)		(438	)		(39	)		(462	)		(1,660	)		(16,119	)		(2,927	)		(30,282	)
Net Increase / (Decrease)		(19	)	$	(202	)		101		$	1,188			(854	)	$	(8,251	)		(365	)	$	(3,590	)
Class I
Sale of shares		—	(1)	$	—	(2)		6		$	71			4,308		$	41,374			7,369		$	75,867
Reinvestment of distributions		3			32			1			6			226			2,178			657			6,736
Shares repurchased		(2	)		(25	)		—			—			(7,396	)		(70,928	)		(7,278	)		(74,560	)
																	��
Net Increase / (Decrease)		1		$	7			7		$	77			(2,862	)	$	(27,376	)		748		$	8,043
Class R6
Sale of shares		—		$—				—		$	—			12		$	117			183		$	1,906
Reinvestment of distributions		—			—			—			—			4			39			5			40
Shares repurchased		—			—			—			—			(26	)		(247	)		(6	)		(61	)
Net Increase / (Decrease)		—		$	—			—		$	—			(10	)	$	(91	)		182		$	1,885
	Senior Floating Rate Fund												Wealth Masters Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		548		$	5,008			5,295		$	51,097			231		$	3,095			1,889		$	28,329
Reinvestment of distributions		478			4,373			1,177			11,287			74			981			82			1,205
Shares repurchased		(4,396	)		(40,229	)		(8,090	)		(77,658	)		(1,296	)		(16,803	)		(1,740	)		(25,440	)
Net Increase / (Decrease)		(3,370	)	$	(30,848	)		(1,618	)	$	(15,274	)		(991	)	$	(12,727	)		231		$	4,094
Class C
Sale of shares		408		$	3,749			1,575		$	15,160			162		$	2,071			1,134		$	16,676
Reinvestment of distributions		179			1,642			483			4,636			40			520			39			567
Shares repurchased		(2,367	)		(21,679	)		(5,520	)		(53,095	)		(687	)		(8,785	)		(680	)		(9,890	)
Net Increase / (Decrease)		(1,780	)	$	(16,288	)		(3,462	)	$	(33,299	)		(485	)	$	(6,194	)		493		$	7,353
Class I
Sale of shares		5,507		$	50,283			9,564		$	91,910			320		$	4,349			1,346		$	20,069
Reinvestment of distributions		383			3,497			1,206			11,564			47			630			74			1,097
Shares repurchased		(11,235	)		(102,580	)		(27,432	)		(263,127	)		(1,164	)		(15,329	)		(2,336	)		(33,811	)
Net Increase / (Decrease)		(5,345	)	$	(48,800	)		(16,662	)	$	(159,653	)		(797	)	$	(10,350	)		(916	)	$	(12,645	)

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

63

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 7. 10% Shareholders

As of March 31, 2016, 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
Bond Fund		11	%		1
CA-Tax Exempt Bond Fund		32			1
Essential Resources Fund		92			1	*
Low Volatility Equity Fund		76			3	*
Multi-Sector Intermediate Bond Fund		11			1
Senior Floating Rate Fund		36			2
Wealth Masters Fund		24			1

* Includes affiliated shareholder account(s)

Note 8. Credit Risk and Asset Concentration

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

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

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

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

At March 31, 2016, the following Funds held securities issued by various companies in specific sectors or countries as detailed below:

Fund	Sector	Percentage of Total Investments
Essential Resources Fund	Industrials		32	%
Senior Floating Rate Fund	Consumer Discretionary		28
Wealth Masters Fund	Consumer Discretionary		33

Note 9. Indemnifications

Under the Trust’s organizational documents, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Each Trustee has also entered into an indemnification agreement with the Trust. In addition, in the normal course of business, the Funds enter into contracts that provide a variety of indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and that have not occurred. However, the Funds have not had prior claims or losses pursuant to these arrangements and expect the risk of loss to be remote.

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2016, 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)
Bond Fund	$	77,812	$	1,688	$	(1,553	)	$	135
CA Tax-Exempt Bond Fund		28,182		1,992		(62	)		1,930
Essential Resources Fund		4,781		72		(512	)		(440	)
High Yield Fund		70,590		783		(4,936	)		(4,153	)
Low Volatility Equity Fund Securities		4,548		423		—			423
Low Volatility Equity Fund Options		12		—		(48	)		(48	)
Multi-Sector Intermediate Bond Fund		303,457		4,465		(23,564	)		(19,099	)
Senior Floating Rate Fund		601,731		1,346		(26,878	)		(25,532	)
Wealth Masters Fund		95,989		5,619		(6,709	)		(1,090	)

64

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Certain Funds have capital loss carryovers available to offset future realized capital gains, through the indicated expiration dates shown below:

	2017		2018		No Expiration				Total
					Short-Term		Long-Term
Bond Fund	$	3,149	$	—	$	8	$	—	$	3,157
High Yield Fund		13,758		9,151		7		—		22,916
Multi-Sector Intermediate Bond Fund		—		—		—		114		114
Senior Floating Rate Fund		—		—		129		68		197

The Trust may not realize the benefit of these losses to the extent each Fund does not realize gains on investments prior to the expiration of the capital loss carryovers.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized for tax years beginning after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

Note 11. Regulatory Matters and Litigation

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

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc. et al.) alleging violation of the federal securities laws was filed by an individual shareholder against Virtus and certain of its officers (the “defendants”) in the United States District Court for the Southern District of New York. On August 21, 2015, the lead plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint and adding the Trust as a defendant. The Consolidated Complaint was purportedly filed on behalf of all purchasers of Virtus common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds previously subadvised by F-Squared Investments, Inc. and/or its affiliates (“F-Squared”). The plaintiff seeks to recover unspecified damages. Virtus and its affiliates, including the Funds’ adviser, believe that the suit is without merit and intend to defend it vigorously. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Briefing of the motion was completed on December 4, 2015, and oral argument was held on December 17, 2015. The motion is pending. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

On May 8, 2015, a putative class action complaint (Mark Youngers v. Virtus Investment Partners, Inc. et al.) alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California. The complaint, which was purportedly filed on behalf of purchasers of certain Virtus Funds previously subadvised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleges claims against Virtus, certain Virtus officers and affiliates (including the Funds’ investment adviser, Euclid Advisors LLC and VP Distributors, LLC), the trustees and certain officers of the Trust, and certain other parties (the “defendants”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On July 27, 2015, the court issued an order to show cause requiring lead plaintiff to explain no later than July 31, 2015, why his claims should not be transferred and consolidated with the In re Virtus Investment Partners, Inc. Securities Litigation action discussed above. On October 1, 2015, the plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of the Trust. On October 19, 2015, the United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. Briefing of the motion was completed on March 11, 2016 and oral argument was held on April 8, 2016. The motion is pending. Virtus and its affiliates, including the Funds’ adviser, believe the plaintiff’s claims asserted in the complaint are frivolous and intend to defend them vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 12. Borrowings

($ reported in thousands)

On July 1, 2015, the Funds as well as other Funds of the Trust (with the exception of the Senior Floating Rate Fund), entered into a $50,000 secured Line of Credit Agreement (the “Agreement”) with a commercial bank (the “Bank”) that allows the Funds to manage large unexpected redemptions and trade fails, up to a limit of one-third or one-fifth of each Fund’s total net assets in accordance with the Agreement. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

No Funds made borrowings during the period and no Fund had any outstanding borrowings as of March 31, 2016.

On April 30, 2012, the Senior Floating Rate Fund entered into a Credit Agreement (the “Agreement”) with a commercial bank (the “Bank”) that allows the Fund to borrow cash from the Bank, up to a limit of $125,000. Borrowings under the Agreement are collateralized by investments of the Fund. Interest is charged at LIBOR (London Interbank Offered Rate) plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid and accrued for the period ended March 31, 2016, were $81 and are included in interest

65

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

expense and fees on the Statement of Operations. The Agreement is renewable by the Fund with the Bank’s consent. The Agreement can also be converted to a 364 day fixed term facility, one time at the Fund’s option. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default. From October 1, 2015 to March 31, 2016, the average daily borrowings under the Agreement and the weighted daily average interest rate were $23,671 and 1.082%, respectively. At March 31, 2016, the Fund had no outstanding borrowings.

Note 13. Illiquid and Restricted Securities

Investments are generally considered illiquid if they cannot be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by a Fund. Additionally, the following information is also considered in determining liquidity: the frequency of trades and quotes for the investment, whether the investment is listed for trading on a recognized domestic exchange and/or whether two or more brokers are willing to purchase or sell the security at a comparable price, the extent of market making activity in the investment and the nature of the market for investment. Illiquid securities are footnoted as such at the end of each Fund’s Schedule of Investments where applicable. However, a portion of such footnoted securities could be liquid where it is determined that some, though not all, of the position could be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the applicable Fund.

Restricted securities are illiquid securities, as defined above, not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category, except where defined as illiquid.

Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

The following Funds held securities considered to be illiquid at March 31, 2016:

Fund	Aggregate Value		% of Fund’s net assets
Bond Fund	$	52		0.1	%
High Yield Fund		285		0.4
Multi-Sector Intermediate Bond Fund		452		0.2
Senior Floating Rate Fund		3,258		0.6

None of the securities referenced in this table are restricted.

At March 31, 2016, the Funds did not hold any securities that are both illiquid and restricted.

Note 14. Subsequent Events

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

66

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES

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”) with respect to the funds of the Trust, including Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, Virtus High Yield Fund, Virtus Low Volatility Equity Fund, Virtus Multi-Sector Intermediate Bond Fund, Virtus Senior Floating Rate Fund and Virtus Wealth Masters Fund (individually and collectively, the “Funds”) of the Trust. At an in-person meeting held November 18-19, 2015 (the “Meeting”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meeting, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

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

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

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

Nature, Extent and Quality of Services

The Trustees received in advance of the Meeting information provided from VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel, compliance procedures and the firm’s overall performance were reviewed and discussed. The Trustees noted that the Funds are managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of a Fund’s portfolio. Under this structure, VIA is responsible for the management of the Funds’ investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Funds’ subadvisers, including (a) VIA’s ability to select and monitor the subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadvisers’ 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 to the Funds. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, including each Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Funds’ investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadvisers’ management of the Funds is subject to the oversight of the Board and must be carried out in accordance with the investment objectives, policies and restrictions set forth in the Funds’ prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the respective 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 each Subadviser’s risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

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

67

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Lipper 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 Lipper Report presented each Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on each Fund’s performance. The Board evaluated each Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds’ performance results and portfolio composition, as well as each Subadviser’s investment strategy. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser’s performance record with respect to a Fund. The Board was mindful of VIA’s focus on each Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to 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, 2015.

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

Virtus CA Tax-Exempt Bond Fund. The Board noted that the Fund underperformed 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.

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

Virtus Low Volatility Equity Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the year to date and 1-year period. The Board also noted that the Fund underperformed its benchmark for the year to date and 1-year period.

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

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

Virtus Wealth Masters Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the year to date and 1- year periods The Board also noted that the Fund outperformed its benchmark for the year to date and underperformed its benchmark for the 1-year period.

The Board also considered management’s discussion about the reasons for each 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, or reasons discussed for 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 net management fee and total expense level to those of its peer group (the “Expense Group”). In comparing each Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented such fee included both advisory and administrative fees. The Board also noted that certain of the Funds had fee waivers and/or expense caps in place to limit the total expenses incurred by those Funds and their shareholders. The Board also noted that the subadvisory fees were paid by VIA out of its management fees rather than paid separately by the Funds. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses. The Subadvisers provided, and the Board considered, expense 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 Group.

Virtus Bond Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were below the median of the Expense Group.

Virtus CA Tax-Exempt Bond Fund. The Board considered that the Fund’s net management fee after waivers was below the median of the Expense Group and net total expenses after waivers were above the median of the Expense Group.

Virtus High Yield Fund. The Board considered that the Fund’s net management fee after waivers was below the median of the Expense Group and net total expenses after waivers were equal to the median of the Expense Group.

Virtus Low Volatility Equity Fund. The Board considered that the Fund’s net management fee after waivers was below the median of the Expense Group and net total expenses after waivers were above the median of the Expense Group.

Virtus Multi-Sector Intermediate Bond Fund. The Board considered that the Fund’s net management fee and net total expenses were above the median of the Expense Group.

Virtus Senior Floating Rate Fund. The Board considered that the Fund’s net management fee and net total expenses were above the median of the Expense Group.

68

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Virtus Wealth Masters Funds. The Board considered that the Fund’s net management fee and net total expenses after waivers were above the median of the Expense Group.

The Board concluded that the advisory and subadvisory fees for each Fund were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

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 a VIA affiliate. In addition to the fees paid to VIA and its affiliates, including the applicable Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability 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.

In considering the profitability to the Subadvisers in connection with their 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 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 Horizon Asset Management LLC and Kleinwort Benson Investors International, the unaffiliated Subadvisers, the Board relied on the ability of VIA to negotiate the Subadvisory Agreements and the fees thereunder at arm’s length. For each of the above reasons, the Board concluded that the profitability to the Subadvisers and their affiliates from their relationship with the Funds was not a material factor in approval of the Subadvisory Agreements.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds’ assets grow. The Board noted that the management fees for several of the Funds included breakpoints based on assets under management, and that fee waivers and/or 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, including with respect to the Funds that do not currently have breakpoints. The Board also took into account the current size of the Funds. The Board concluded that no changes to the advisory fee structure of the Funds were necessary at this time. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

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

Other Factors. The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund. 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 Funds to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Funds, other than the fee to be earned under the Subadvisory Agreement. 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.

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.

69

Virtus Alternative Solutions Trust, Virtus Equity Trust, Virtus Insight Trust, Virtus

Opportunities Trust, Virtus Retirement Trust and Virtus Variable Insurance Trust

Supplement dated April 14, 2016 to the Statements of Additional Information (“SAI”) dated February 29, 2016,

July 29, 2015, April 30, 2015, January 29, 2016, January 8, 2016

and April 30, 2015, respectively

IMPORTANT NOTICETO INVESTORS

In the section “More Information About Fund Investment Strategies & Related Risks,” the second sentence of the fourth paragraph under the heading “Mortgage Pass-through Securities” is hereby replaced with the following: “The Funds will take the position that privately-issued, mortgage-related securities, and other asset-backed securities, do not represent interests in any particular ‘industry’ or group of industries.”

Investors should retain this supplement with the Prospectuses for future reference.

AllSAIs/AssetBacked (4/2016)

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

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 call your financial representative, or contact us

at 1-800-243-1574 or Virtus.com.

8022 05-16

SEMIANNUAL REPORT

Virtus Real Estate Securities Fund

March 31, 2016

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

Prospectus and Statement of Additional Information (“SAI”) supplements applicable to the Fund appear at the back of this semiannual report.

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Real Estate Securities Fund

(“Real Estate Securities Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	5
Statement of Assets and Liabilities	8
Statement of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	13
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	21

PROXY VOTING PROCEDURES AND VOTING RECORD (FORM N-PX)

The subadviser votes proxies 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 http://www.sec.gov.

FORM N-Q 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 on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

This report is not authorized for distribution to prospective investors in the Virtus 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.

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six months ended March 31, 2016.

During the period, global equity markets were challenged by falling oil prices, China’s slowdown, and anticipation of the first rate hike by the Federal Reserve (the “Fed”) in nine years, which was finally realized in December. For the six months ended March 31, 2016, major U.S. equity markets had strong gains, with the large-cap S&P 500^® Index and Dow Jones Industrial Average^SM returning 8.49% and 10.07%, respectively, while the technology-heavy NASDAQ Composite Index^® was up 6.07%. International equities also produced positive returns, particularly emerging markets, which gained 6.41% over the six months, as measured by the MSCI Emerging Markets Index (net dividends).

U.S. Treasuries were unsettled for much of the period, though demand for this “safe haven” asset eased in late March following the Fed’s decision to delay further rate hikes in the near term. The yield on the bellwether 10-year U.S. Treasury was 1.78% on March 31, 2016 compared with 2.06% on September 30, 2015. For the six months ended March 31, 2016, the broader U.S. fixed income market, as represented by the Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, gained 2.44%, while non-investment grade bonds rose 1.22%, as measured by the Barclays U.S. Corporate High Yield Bond Index.

The strength of the global economy is likely to remain a concern for the markets in the months ahead, and investors will watch with great interest the actions of the Fed and other central banks. The U.S. economy’s continued growth, as evidenced by stronger jobs, housing, and consumer spending data, should give investors reason for optimism, but future market direction will be determined largely by the ability of corporations to continue to produce robust earnings.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to both traditional and alternative asset classes. While diversification cannot guarantee a profit or prevent a loss, owning a variety of asset classes may cushion your portfolio against inevitable market fluctuations. Your financial advisor can help you ensure that your portfolio is adequately diversified across asset classes and investment strategies.

As always, thank you for entrusting Virtus with your assets. Should you have questions about your account or require assistance, please visit our website at Virtus.com, or call our customer service team at 1-800-243-1574. We appreciate your business and remain committed to your long-term financial success.

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

April 2016

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.

1

VIRTUS REAL ESTATE SECURITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2015 TO MARCH 31, 2016

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 Virtus 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 B and 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 a sales charge and do not incur distribution and service 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. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, 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 first section under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the accompanying table 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 the other funds.

Please note that the expenses shown in the accompanying table 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 second section of the accompanying table is 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 timing of any purchases or redemptions.

2

VIRTUS REAL ESTATE SECURITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2015 TO MARCH 31, 2016

Expense Table
	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Actual
Class A	$	1,000.00	$	1,111.60		1.38	%	$	7.29
Class B		1,000.00		1,107.50		2.13			11.22
Class C		1,000.00		1,107.70		2.13			11.22
Class I		1,000.00		1,112.80		1.13			5.97
Class R6		1,000.00		1,114.10		0.97			5.13
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.10		1.38			6.96
Class B		1,000.00		1,014.35		2.13			10.73
Class C		1,000.00		1,014.35		2.13			10.73
Class I		1,000.00		1,019.35		1.13			5.70
Class R6		1,000.00		1,020.15		0.97			4.90

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

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with the underlying funds. If such fees and expenses were 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 prospectus.

3

VIRTUS REAL ESTATE SECURITIES FUND

KEY INVESTMENT TERMS

MARCH 31, 2016 (Unaudited)

Barclays U.S. Aggregate Bond Index

The 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.

Barclays U.S. Corporate High Yield Bond Index

The 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.

Dow Jones Industrial Average^SM

A price weighted average of 30 blue chip stocks. The index is calculated on 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.

Federal Reserve (the “Fed”)

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

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.

NASDAQ Composite Index^®

A market-capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange. Unlike other market indexes, the NASDAQ composite is not limited to companies that have U.S. headquarters. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges and it is not available for direct investment.

REIT (Real Estate Investment Trust)

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.

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.

4

VIRTUS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Asset Allocations
The following table presents portfolio holdings within certain sectors and as a percentage of total investments attributable to each sector at March 31, 2016.
Apartments	19	%
Office	17
Regional Malls	12
Shopping Centers	11
Self Storage	9
Lodging/Resorts	8
Industrials	7
Other (includes short-term investments)	17
Total	100	%

	SHARES		VALUE
COMMON STOCKS—97.0%
REAL ESTATE INVESTMENT TRUSTS—97.0%
DATA CENTERS—2.8%
Coresite Realty Corp		153,900	$	10,775
Digital Realty Trust, Inc.		303,650		26,870
				37,645
HEALTH CARE—4.2%
Healthcare Trust of America Inc		397,103		11,683
Ventas, Inc.		525,961		33,114
Welltower, Inc.		171,541		11,895
				56,692
INDUSTRIAL/OFFICE—27.5%
Industrial—7.2%
DCT Industrial Trust, Inc.		1,211,603		47,822
Prologis, Inc.		1,089,702		48,143
				95,965
Mixed—3.6%
Duke Realty Corp.		1,030,952		23,237

	SHARES		VALUE
Mixed (continued)
Liberty Property Trust		738,366	$	24,706
				47,943
Office—16.7%
Boston Properties, Inc.		342,883		43,574
Cousins Properties, Inc.		1,994,970		20,708
Douglas Emmett, Inc.		1,117,829		33,658
Highwoods Properties, Inc.		688,942		32,938
Kilroy Realty Corp.		818,942		50,668
Paramount Group, Inc.		1,811,236		28,889
SL Green Realty Corp.		126,777		12,282
				222,717
Total Industrial/Office				366,625
LODGING/RESORTS—7.6%
Host Hotels & Resorts, Inc.		2,075,086		34,654
LaSalle Hotel Properties		659,728		16,697
Pebblebrook Hotel Trust		873,713		25,399
RLJ Lodging Trust		1,075,652		24,611
				101,361

See Notes to Financial Statements

5

VIRTUS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
RESIDENTIAL—21.0%
Apartments—18.1%
American Campus Communities, Inc.		366,917	$	17,278
AvalonBay Communities, Inc.		336,190		63,943
Camden Property Trust		214,186		18,011
Equity Residential		902,945		67,748
Essex Property Trust, Inc.		317,740		74,307
				241,287
Manufactured Homes—1.3%
Equity LifeStyle Properties, Inc.		238,553		17,350
				17,350
Single Family Homes—1.6%
American Homes 4 Rent Class A		1,329,800		21,144
				21,144
Total Residential				279,781
RETAIL—25.2%
Free Standing—1.9%
STORE Capital Corp		956,443		24,753
				24,753
Regional Malls—12.1%
General Growth Properties, Inc.		1,171,175		34,819
Macerich Co. (The)		37,675		2,985
Simon Property Group, Inc.		594,241		123,418
				161,222
Shopping Centers—11.2%
Brixmor Property Group, Inc.		983,696		25,202
Federal Realty Investment Trust		272,500		42,524
Regency Centers Corp.		478,700		35,831
Tanger Factory Outlet Centers, Inc.		1,264,700		46,022
				149,579
Total Retail				335,554

	SHARES		VALUE
SELF STORAGE—8.7%
CubeSmart		539,650	$	17,970
Extra Space Storage, Inc.		394,183		36,840
Public Storage		220,120		60,716
				115,526
TOTAL COMMON STOCKS (Identified Cost $775,165)				1,293,184
TOTAL LONG TERM INVESTMENTS—97.0%
(Identified cost $775,165)				1,293,184
SHORT-TERM INVESTMENTS—1.0%
Money Market Mutual Funds—1.0%
Fidelity Money Market Portfolio – Institutional Shares (Seven-day effective yield 0.390%)(2)		13,666,791		13,667
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $13,667)				13,667
TOTAL INVESTMENTS—98.0% (Identified Cost $788,832)				1,306,851	(1)
Other assets and liabilities, net—2.0%				26,959
NET ASSETS—100.0%			$	1,333,810

FOOTNOTE LEGEND:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 9 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

See Notes to Financial Statements

6

VIRTUS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	1,293,184	$	1,293,184
Short-term Investments		13,667		13,667
Total Investments	$	1,306,851	$	1,306,851

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

7

VIRTUS REAL ESTATE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES

MARCH 31, 2016 (Unaudited)

($ Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$	1,306,851
Cash		20,000
Receivables
Investment securities sold		14,024
Fund shares sold		1,821
Dividends and interest receivable		5,600
Prepaid expenses		64
Prepaid trustee retainer		6
Total assets		1,348,366
Liabilities
Payables
Fund shares repurchased		2,805
Investment securities purchased		10,141
Investment advisory fees		803
Distribution and service fees		182
Administration fees		123
Transfer agent fees and expenses		456
Trustee fees and expenses		4
Professional fees		9
Other accrued expenses		33
Total liabilities		14,556
Net Assets	$	1,333,810
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	788,897
Accumulated undistributed net investment income (loss)		9,342
Accumulated undistributed net realized gain (loss)		17,552
Net unrealized appreciation (depreciation) on investments		518,019
Net Assets	$	1,333,810
Class A
Net asset value (net assets/shares outstanding) per share	$	35.73
Maximum offering price per share NAV/(1-5.75%)	$	37.91
Shares of beneficial interest outstanding, no par value, unlimited authorization		17,072,281
Net Assets	$	610,056
Class B
Net asset value (net assets/shares outstanding) and offering price per share	$	35.14
Shares of beneficial interest outstanding, no par value, unlimited authorization		28,699
Net Assets	$	1,008
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	35.65
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,892,176
Net Assets	$	67,448
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	35.69
Shares of beneficial interest outstanding, no par value, unlimited authorization		18,017,640
Net Assets	$	643,122
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	35.70
Shares of beneficial interest outstanding, no par value, unlimited authorization		341,020
Net Assets	$	12,176
(1) Investment in securities at cost	$	788,832

See Notes to Financial Statements

8

VIRTUS REAL ESTATE SECURITIES FUND

STATEMENT OF OPERATIONS

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Investment Income
Dividends	$	28,048
Interest		8
Total investment income		28,056
Expenses
Investment advisory fees		4,796
Service fees, Class A		756
Distribution and service fees, Class B		6
Distribution and service fees, Class C		328
Administration fees		805
Transfer agent fees and expenses		1,455
Registration fees		87
Printing fees and expenses		74
Custodian fees		10
Professional fees		18
Trustees’ fees and expenses		43
Miscellaneous expenses		37
Total expenses		8,415
Net investment income (loss)		19,641
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		67,835
Net change in unrealized appreciation (depreciation) on investments		52,841
Net gain (loss) on investments		120,676
Net increase (decrease) in net assets resulting from operations	$	140,317

See Notes to Financial Statements

9

VIRTUS REAL ESTATE SECURITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

(Reported in thousands)

	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	19,641		$	21,459
Net realized gain (loss)		67,835			197,947
Net change in unrealized appreciation (depreciation)		52,841			(43,973	)
Increase (decrease) in net assets resulting from operations		140,317			175,433
From Distributions to Shareholders
Net investment income, Class A		(4,538	)		(9,863	)
Net investment income, Class B		(4	)		(10	)
Net investment income, Class C		(255	)		(399	)
Net investment income, Class I		(5,457	)		(11,111	)
Net investment income, Class R6		(109	)		(12	)
Net realized short-term gains, Class A		(3,754	)		(2,206	)
Net realized short-term gains, Class B		(7	)		(7	)
Net realized short-term gains, Class C		(410	)		(189	)
Net realized short-term gains, Class I		(3,796	)		(1,983	)
Net realized short-term gains, Class R6		(66	)		(—	)(1)
Net realized long-term gains, Class A		(92,686	)		(36,741	)
Net realized long-term gains, Class B		(183	)		(122	)
Net realized long-term gains, Class C		(10,113	)		(3,144	)
Net realized long-term gains, Class I		(93,729	)		(33,016	)
Net realized long-term gains, Class R6		(1,631	)		(5	)
Decrease in net assets from distributions to shareholders		(216,738	)		(98,808	)
From Share Transactions
Sale of shares
Class A (1,781 and 5,635 shares, respectively)		64,680			229,447
Class B (1 and —(2) shares, respectively)		17			14
Class C (94 and 249 shares, respectively)		3,320			10,111
Class I (1,819 and 3,839 shares, respectively)		64,295			156,081
Class R6 (263 and 55 shares, respectively)		10,213			2,219
Reinvestment of distributions
Class A (2,866 and 1,152 shares, respectively)		96,389			46,862
Class B (5 and 3 shares, respectively)		175			124
Class C (294 and 83 shares, respectively)		9,853			3,363
Class I (2,995 and 1,103 shares, respectively)		100,646			44,771
Class R6 (54 and —(2) shares, respectively)		1,806			17
Shares repurchased
Class A (3,738 and 10,962 shares, respectively)		(135,418	)		(439,189	)
Class B (15 and 43 shares, respectively)		(523	)		(1,694	)
Class C (216 and 330 shares, respectively)		(7,708	)		(13,174	)
Class I (3,664 and 6,450 shares, respectively)		(135,451	)		(260,654	)
Class R6 (18 and 12 shares, respectively)		(634	)		(489	)
Increase (decrease) in net assets from share transactions		71,660			(222,191	)
Net increase (decrease) in net assets		(4,761	)		(145,566	)
Net Assets
Beginning of period		1,338,571			1,484,137
End of period	$	1,333,810		$	1,338,571
Accumulated undistributed net investment income (loss) at end of period	$	9,342		$	64

⁽¹⁾  Amount is less than $500.

⁽²⁾  Amount is less than 500 shares.

See Notes to Financial Statements

10

VIRTUS 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)(2)			Net Realized and Unrealized Gain (Loss)		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Class A
10/1/15 to 3/31/16(7)		$	38.45		0.53			3.32		3.85		(0.28	)		(6.29	)		(6.57	)		(2.72	)		$	35.73		11.16	%(6)		$	610,056		1.38	%(5)		2.92	%(5)		9	%(6)
10/1/14 to 9/30/15			36.65		0.51			3.76		4.27		(0.53	)		(1.94	)		(2.47	)		1.80				38.45		11.34				621,507		1.36			1.26			22
10/1/13 to 9/30/14			35.10		0.29			3.86		4.15		(0.29	)		(2.31	)		(2.60	)		1.55				36.65		12.75				745,473		1.38			0.79			28
10/1/12 to 9/30/13			34.19		0.36			0.91		1.27		(0.36	)		—			(0.36	)		0.91				35.10		3.70				745,631		1.40			1.00			30
10/1/11 to 9/30/12			26.05		0.21			8.24		8.45		(0.31	)		—			(0.31	)		8.14				34.19		32.49				789,925		1.41			0.67			24
10/1/10 to 9/30/11			26.10		0.11			0.12		0.23		(0.28	)		—			(0.28	)		(0.05	)			26.05		0.82				605,073		1.46			0.39			36
Class B
10/1/15 to 3/31/16(7)		$	37.90		0.35			3.30		3.65		(0.12	)		(6.29	)		(6.41	)		(2.76	)		$	35.14		10.75	%(6)		$	1,008		2.13	%(5)		1.95	%(5)		9	%(6)
10/1/14 to 9/30/15			36.13		0.17			3.74		3.91		(0.20	)		(1.94	)		(2.14	)		1.77				37.90		10.51				1,418		2.11			0.42			22
10/1/13 to 9/30/14			34.62		(0.01	)		3.84		3.83		(0.01	)		(2.31	)		(2.32	)		1.51				36.13		11.91				2,770		2.13			(0.02	)		28
10/1/12 to 9/30/13			33.72		0.10			0.89		0.99		(0.09	)		—			(0.09	)		0.90				34.62		2.92				3,978		2.15			0.29			30
10/1/11 to 9/30/12			25.71		0.02			8.06		8.08		(0.07	)		—			(0.07	)		8.01				33.72		31.49				6,761		2.16			0.07			24
10/1/10 to 9/30/11			25.76		(0.01	)		0.03		0.02		(0.07	)		—			(0.07	)		(0.05	)			25.71		0.03				9,461		2.21			(0.05	)		36
Class C
10/1/15 to 3/31/16(7)		$	38.37		0.40			3.31		3.71		(0.14	)		(6.29	)		(6.43	)		(2.72	)		$	35.65		10.77	%(6)		$	67,448		2.13	%(5)		2.21	%(5)		9	%(6)
10/1/14 to 9/30/15			36.59		0.22			3.73		3.95		(0.23	)		(1.94	)		(2.17	)		1.78				38.37		10.49				66,023		2.11			0.56			22
10/1/13 to 9/30/14			35.04		0.01			3.87		3.88		(0.02	)		(2.31	)		(2.33	)		1.55				36.59		11.91				62,889		2.13			0.04			28
10/1/12 to 9/30/13			34.14		0.08			0.92		1.00		(0.10	)		—			(0.10	)		0.90				35.04		2.93				63,005		2.15			0.23			30
10/1/11 to 9/30/12			26.02		(0.03	)		8.22		8.19		(0.07	)		—			(0.07	)		8.12				34.14		31.48				60,941		2.16			(0.10	)		24
10/1/10 to 9/30/11			26.06		(0.09	)		0.12		0.03		(0.07	)		—			(0.07	)		(0.04	)			26.02		0.08				44,853		2.21			(0.30	)		36

The footnote legend is at the end of the financial highlights

See Notes to Financial Statements

11

VIRTUS REAL ESTATE SECURITIES FUND

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)(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Class I
10/1/15 to 3/31/16(7)		$	38.42		0.58		3.31			3.89		(0.33	)		(6.29	)		(6.62	)		(2.73	)		$	35.69		11.28	%(6)		$	643,122		1.13	%(5)		3.19	%(5)		9	%(6)
10/1/14 to 9/30/15			36.62		0.62		3.75			4.37		(0.63	)		(1.94	)		(2.57	)		1.80				38.42		11.63				647,976		1.11			1.55			22
10/1/13 to 9/30/14			35.07		0.39		3.86			4.25		(0.39	)		(2.31	)		(2.70	)		1.55				36.62		13.04				673,005		1.13			1.07			28
10/1/12 to 9/30/13			34.16		0.43		0.92			1.35		(0.44	)		—			(0.44	)		0.91				35.07		3.96				494,963		1.15			1.21			30
10/1/11 to 9/30/12			26.03		0.30		8.22			8.52		(0.39	)		—			(0.39	)		8.13				34.16		32.80				422,374		1.16			0.93			24
10/1/10 to 9/30/11			26.08		0.19		0.12			0.31		(0.36	)		—			(0.36	)		(0.05	)			26.03		1.08				320,059		1.21			0.65			36
Class R6
10/1/15 to 3/31/16(7)		$	38.42		0.72		3.21			3.93		(0.36	)		(6.29	)		(6.65	)		(2.72	)		$	35.70		11.41	%(6)		$	12,176		0.97	%(5)		4.12	%(5)		9	%(6)
11/12/14(4) to 9/30/15			40.32		0.79		(0.06	)		0.73		(0.69	)		(1.94	)		(2.63	)		(1.90	)			38.42		1.54	(6)			1,647		0.94	(5)		2.30	(5)		22

Footnote Legend

⁽¹⁾  Sales charges, where applicable, are not reflected in the total return calculation.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  The Fund may invest in other funds, and the annualized expense ratios do not reflect fees and expenses associated with the underlying funds.

⁽⁴⁾  Inception date of class.

⁽⁵⁾  Annualized.

⁽⁶⁾  Not annualized.

⁽⁷⁾  Unaudited.

See Notes to Financial Statements

12

VIRTUS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Note 1. Organization

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

As of the date of this report, 28 funds of the Trust are offered for sale, of which the Real Estate Securities Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has an investment objective of capital appreciation and income with equal emphasis. There is no guarantee the Fund will achieve its objective.

The Fund offers Class A shares, Class C shares, Class I shares and Class R6 shares for sale. Class B shares are no longer available for purchase by new or existing shareholders, except by existing shareholders through Qualifying Transactions. (For information regarding Qualifying Transactions, refer to the Fund’s prospectus.)

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

Class B shares were generally sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares are sold without a front-end sales charge or CDSC.

Class R6 shares are only available to participants in employer-sponsored retirement plans, such as 401(k) plans, profit sharing plans, defined benefit plans and other employer directed plans. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees.

Virtus Mutual 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 statements of additional information. The fees collected will be used to offset certain expenses of the funds.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears different distribution and/or service fees under a Board-approved Rule 12b-1 and/or shareholder service plan (“12b-1 plan”) and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 plan. Income and other expenses as well as 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 following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

13

VIRTUS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

A. Security Valuation

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Trustees (the “Board”, or the “Trustees”). All internally fair valued securities are approved by a valuation committee (the “Valuation Committee”) appointed by the Board. The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Quarterly fair valuations are reviewed by the Board.

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. It is the Fund’s policy to recognize transfers at the end of the reporting period.

•    Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

•    Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•    Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).

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

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, 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 American Depositary Receipts, financial futures, exchange-traded funds, 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 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

14

VIRTUS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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 are valued as of the close of regular trading on the NYSE each business day. Both are 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.

Dividend income from REIT investments is recorded using management’s estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital 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 intention of the 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 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, 2016, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2012 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences may include the treatment of non-taxable dividends, market premium and discount, non-deductible expenses, expiring capital loss carryovers, foreign currency gain or loss, gain or loss on futures contracts, partnerships, operating losses and losses deferred due to wash sales. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest.

15

VIRTUS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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 operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the Fund’s pro rata expenses of any underlying mutual funds in which the Fund invests.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the adviser to the Trust. 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 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. 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, 2016, it retained net commissions of $6 for Class A shares and deferred sales charges of $3 for Class C shares.

In addition, the Fund pays VP Distributors distribution and/or service fees under a 12b-1 plan as a percentage of the daily average net assets of each respective class at the annual rates as follows: 0.25% for Class A shares, 1.00% for Class B shares, and 1.00% for Class C shares. Class R6 shares and Class I 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.

16

VIRTUS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

D. 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, 2016, the Fund incurred administration fees totaling $633 which are included in the Statement of Operations.

For the period ended March 31, 2016, the Fund incurred transfer agent fees totaling $1,404 which are included in the Statement of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust.

E. Affiliated Shareholders

At March 31, 2016, Virtus and its affiliates, and the retirement plans of Virtus and its affiliates, held shares of the Fund which may be redeemed at any time that aggregated to the following:

Shares		Aggregate Net Asset Value
	138,182	$	4,932

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, 2016, were as follows:

Purchases		Sales
$	113,552	$	268,310

There were no purchases or sales of long-term U.S. Government and agency securities for the period ended March 31, 2016.

Note 5. Borrowings

($ reported in thousands)

On July 1, 2015, the Fund and other affiliated Funds entered into a $50,000 secured Line of Credit Agreement (the “Agreement”) with a commercial bank (the “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-fifth of the Fund’s total net assets in accordance with the Agreement. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

The Fund had no outstanding borrowings at any time during the period ended March 31, 2016.

17

VIRTUS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 6. 10% Shareholders

As of March 31, 2016, 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
	26	%		2

The shareholders are not affiliated with Virtus.

Note 7. Credit Risk and Asset Concentrations

The Fund may invest a high percentage of its assets in specific sectors of the market in its 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 8. Indemnifications

Under the Trust’s organizational documents, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Each Trustee has also entered into an indemnification agreement with the Trust. In addition, in the normal course of business, the Fund enters into contracts that provide a variety of indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund and that have not occurred. However, the Fund has not had prior claims or losses pursuant to these arrangements and expects the risk of loss to be remote.

Note 9. Federal Income Tax Information

($ reported in thousands)

At March 31, 2016, 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)
$811,134	$509,411	$(13,694)	$495,717

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized for tax years beginning after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

Note 10. Regulatory Matters and Litigation

From time to time, the Trust, the Fund’s investment adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the

18

VIRTUS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Funds’ investment adviser believes that the outcomes of such matters are not likely, either individually or in the aggregate, to be material to these financial statements.

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc. et al.) alleging violation of the federal securities laws was filed by an individual shareholder against Virtus and certain of its officers (the “defendants”) in the United States District Court for the Southern District of New York. On August 21, 2015, the lead plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint and adding the Trust as a defendant. The Consolidated Complaint was purportedly filed on behalf of all purchasers of Virtus common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds previously subadvised by F-Squared Investments, Inc. and/or its affiliates (“F-Squared”). The plaintiff seeks to recover unspecified damages. Virtus and its affiliates, including the Funds’ adviser, believe that the suit is without merit and intend to defend it vigorously. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Briefing of the motion was completed on December 4, 2015, and oral argument was held on December 17, 2015. The motion is pending. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

On May 8, 2015, a putative class action complaint (Mark Youngers v. Virtus Investment Partners, Inc. et al.) alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California. The complaint, which was purportedly filed on behalf of purchasers of certain Virtus Funds previously subadvised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleges claims against Virtus, certain Virtus officers and affiliates (including the Funds’ investment adviser, Euclid Advisors LLC and VP Distributors, LLC), the trustees and certain officers of the Trust, and certain other parties (the “defendants”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On July 27, 2015, the court issued an order to show cause requiring lead plaintiff to explain no later than July 31, 2015, why his claims should not be transferred and consolidated with the In re Virtus Investment Partners, Inc. Securities Litigation action discussed above. On October 1, 2015, the plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of the Trust. On October 19, 2015, the United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. Briefing of the motion was completed on March 11, 2016 and oral argument was held on April 8, 2016. The motion is pending. Virtus and its affiliates, including the Funds’ adviser, believe the plaintiff’s claims asserted in the complaint are frivolous and intend to defend them vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

19

VIRTUS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 11. Subsequent Events

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

20

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES

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”) with respect to the funds of the Trust, including Virtus Real Estate Securities Fund (the “Fund”). At an in-person meeting held November 18-19, 2015 (the “Meeting”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meeting, 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 (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 their deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

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

Nature, Extent and Quality of Services

The Trustees received in advance of the Meeting information from VIA and the Subadviser, including a completed questionnaire, concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel, compliance

21

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

procedures and the firm’s overall performance were reviewed and discussed. 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 a 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 the subadviser; (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 to the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

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

22

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Investment Performance

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

The Board considered, among other performance data, the information set forth below with respect to the performance of the Fund for the period ended June 30, 2015.

The Board noted that the Fund outperformed the median of its Performance Universe for the

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

The Board also considered management’s discussion about the reasons for the Fund’s underperformance relative to its 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 net management fee and total expense level to those of its peer group (the “Expense Group”). In comparing the Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented such fee included both advisory and administrative fees. The Board also noted that the subadvisory fee was paid by VIA out of its management fees rather than paid separately by the Fund. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of the Fund and the impact on expenses. The Subadviser provided, and the Board considered, expense 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 Group.

23

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

The Board considered that the Fund’s net management fee was equal to the median of the Expense Group and net total expenses were above the median of the Expense Group.

The Board concluded that the advisory and subadvisory fees 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 a VIA affiliate. 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.

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. 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 concluded that no changes to the advisory fee structure of the Fund 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

24

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while the Subadviser is an affiliates 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 Subadvisory 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.

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.

25

Virtus Emerging Markets Small-Cap Fund, Virtus Equity Trend Fund, Virtus Global Opportunities Fund and Virtus Real Estate Securities Fund, each a series of Virtus Opportunities Trust

Supplement dated April 14, 2016 to the Summary and Statutory Prospectuses dated January 28, 2016

IMPORTANT NOTICETO INVESTORS

Virtus Emerging Markets Small-Cap Fund

The section “Performance Information” in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus, the bar chart showing Calendar Year Total Returns for Class A Shares and is hereby amended by restating the 2015 return as -16.78%.

Additionally, the table showing Average Annual Total Returns is hereby replaced in its entirety with the following:

	1 Year	Class I Since Inception (12/17/13)
Class A
Return Before Taxes	(21.57%)	(11.23%)
Return After Taxes on Distributions	(21.30%)	(11.53%)
Return After Taxes on Distributions and Sale of Fund Shares	(11.30%)	(8.11%)
Class C
Return Before Taxes	(17.30%)	(9.25%)
Class I
Return Before Taxes	(16.51%)	(8.37%)
S&P 500 Index (reflects no deduction of fees, expenses or taxes)	1.38%	(9.23%)
MSCI Emerging Markets Small Cap Index (net) (reflects no deduction of fees, expenses or taxes)	(6.85%)	(2.11%)

Virtus Equity Trend Fund

In the section “Management of the Funds,” the table on page 180 of the statutory prospectus under the heading “Management Fees” is hereby corrected for the fund to show the breakpoint to be $4 billion.

Virtus Global Opportunities Fund

The Average Annual Total Return table in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus is hereby amended by restating the one-year return for Class B Shares as -0.35%.

Virtus Real Estate Securities Fund

The Average Annual Total Return table in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus is hereby amended by restating the one-year return for Class B Shares as -2.02%.

Investors should retain this supplement with the

Prospectuses for future reference.

VOT 8020 Perf (4/2016)

Virtus Alternative Solutions Trust, Virtus Equity Trust, Virtus Insight Trust, Virtus Opportunities Trust, Virtus Retirement Trust and Virtus Variable Insurance Trust

Supplement dated April 14, 2016 to the Statements of Additional Information (“SAI”) dated February 29, 2016, July 29, 2015, April 30, 2015, January 29, 2016, January 8, 2016 and April 30, 2015, respectively

IMPORTANT NOTICE TO INVESTORS

In the section “More Information About Fund Investment Strategies & Related Risks,” the second sentence of the fourth paragraph under the heading “Mortgage Pass-through Securities” is hereby replaced with the following: “The Funds will take the position that privately-issued, mortgage-related securities, and other asset-backed securities, do not represent interests in any particular ‘industry’ or group of industries.”

Investors should retain this supplement with the Prospectuses for future reference.

AllSAIs/AssetBacked (4/2016)

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

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

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For more information about

Virtus Mutual Funds, please call

your financial representative, or

contact us at 1-800-243-1574

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8023 05-16

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT

Virtus Foreign Opportunities Fund

March 31, 2016

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

* Prospectus and Statement of Additional Information (“SAI”) supplements applicable to the Fund appear at the back of this semiannual report.

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Foreign Opportunities Fund

(“Foreign Opportunities Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	5
Statement of Assets and Liabilities	8
Statement of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	12
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	20

PROXY VOTING PROCEDURES AND VOTING RECORD (FORM N-PX)

The subadviser votes proxies 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 http://www.sec.gov.

FORM N-Q 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 on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

This report is not authorized for distribution to prospective investors in the Virtus 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 Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six months ended March 31, 2016.

During the period, global equity markets were challenged by falling oil prices, China’s slowdown, and anticipation of the first rate hike by the Federal Reserve (the “Fed”) in nine years, which was finally realized in December. For the six months ended March 31, 2016, major U.S. equity markets had strong gains, with the large-cap S&P 500^® Index and Dow Jones Industrial Average^SM returning 8.49% and 10.07%, respectively, while the technology-heavy NASDAQ Composite Index^® was up 6.07%. International equities also produced positive returns, particularly emerging markets, which gained 6.41% over the six months, as measured by the MSCI Emerging Markets Index (net dividends).

U.S. Treasuries were unsettled for much of the period, though demand for this “safe haven” asset eased in late March following the Fed’s decision to delay further rate hikes in the near term. The yield on the bellwether 10-year U.S. Treasury was 1.78% on March 31, 2016 compared with 2.06% on September 30, 2015. For the six months ended March 31, 2016, the broader U.S. fixed income market, as represented by the Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, gained 2.44%, while non-investment grade bonds rose 1.22%, as measured by the Barclays U.S. Corporate High Yield Bond Index.

The strength of the global economy is likely to remain a concern for the markets in the months ahead, and investors will watch with great interest the actions of the Fed and other central banks. The U.S. economy’s continued growth, as evidenced by stronger jobs, housing, and consumer spending data, should give investors reason for optimism, but future market direction will be determined largely by the ability of corporations to continue to produce robust earnings.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to both traditional and alternative asset classes. While diversification cannot guarantee a profit or prevent a loss, owning a variety of asset classes may cushion your portfolio against inevitable market fluctuations. Your financial advisor can help you ensure that your portfolio is adequately diversified across asset classes and investment strategies.

As always, thank you for entrusting Virtus with your assets. Should you have questions about your account or require assistance, please visit our website at Virtus.com, or call our customer service team at 1-800-243-1574. We appreciate your business and remain committed to your long-term financial success.

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

April 2016

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.

1

VIRTUS FOREIGN OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2015 TO MARCH 31, 2016

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 Virtus 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 a sales charge and do not incur distribution and service 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. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, 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 first section under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the accompanying table 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 the other funds.

Please note that the expenses shown in the accompanying table 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 second section of the accompanying table is 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.

2

VIRTUS FOREIGN OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2015 TO MARCH 31, 2016

Expense Table
	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Actual
Class A	$	1,000.00	$	1,057.90		1.43	%	$	7.36
Class C		1,000.00		1,053.60		2.18			11.19
Class I		1,000.00		1,059.00		1.17			6.02
Class R6		1,000.00		1,059.40		1.07			5.51
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.85		1.43			7.21
Class C		1,000.00		1,014.10		2.18			10.98
Class I		1,000.00		1,019.15		1.17			5.91
Class R6		1,000.00		1,019.65		1.07			5.40

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

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with the underlying funds. If such fees and expenses were 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 prospectus.

3

VIRTUS FOREIGN OPPORTUNITIES FUND

KEY INVESTMENT TERMS

MARCH 31, 2016 (Unaudited)

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 trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

Barclays U.S. Aggregate Bond Index

The 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.

Barclays U.S. Corporate High Yield Bond Index

The 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.

Dow Jones Industrial Average^SM

A price weighted average of 30 blue chip stocks. The index is calculated on 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.

Federal Reserve (the “Fed”)

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

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.

NASDAQ Composite Index^®

A market-capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange. Unlike other market indexes, the NASDAQ composite is not limited to companies that have U.S. headquarters. 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.

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.

4

VIRTUS FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Asset Allocations
The following table presents the portfolio holdings within certain sectors and as a percentage of total investments attributable to each sector at March 31, 2016.
Consumer Staples	41	%
Health Care	17
Financials	15
Consumer Discretionary	12
Information Technology	12
Industrials	2
Materials	1
Total	100	%

	SHARES		VALUE
COMMON STOCKS—98.2%
Consumer Discretionary—11.8%
Alimentation Couche- Tard, Inc. Class B (Canada)		752,905	$	33,508
Domino’s Pizza Group plc (United Kingdom)		1,622,580		23,491
Hermes International SA (France)		56,326		19,834
Naspers Ltd. Class N (South Africa)		187,666		26,198
Paddy Power plc (Ireland)		170,511		23,787
Persimmon plc (United Kingdom)		991,508		29,691
Priceline Group, Inc. (The) (United States)(2)		28,112		36,235
				192,744
Consumer Staples—40.2%
British American Tobacco plc (United Kingdom)		1,844,620		108,357
Chocoladefabrike Lindt & Spruengli AG (Switzerland)		4,914		30,459

	SHARES		VALUE
Consumer Staples (continued)
Diageo plc (United Kingdom)		941,444	$	25,441
Imperial Tobacco Group plc (United Kingdom)		734,643		40,760
ITC Ltd. (India)		3,276,535		16,241
Japan Tobacco, Inc. (Japan)		816,100		34,009
L’Oreal SA (France)		129,238		23,155
Nestle S.A. Registered Shares (Switzerland)		1,018,379		76,096
Philip Morris International, Inc. (United States)		928,636		91,108
Reckitt Benckiser Group plc (United Kingdom)		795,869		76,928
SABMiller plc (United Kingdom)		905,656		55,360
Unicharm Corp. (Japan)		827,700		18,011
Unilever N.V. CVA (Netherlands)		1,379,733		61,834
				657,759
Financials—14.5%
ABN AMRO Group NV (Netherlands)(2)		791,388		16,214

See Notes to Financial Statements

5

VIRTUS FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Financials (continued)
Daito Trust Construction Co., Ltd. (Japan)		174,800	$	24,819
Housing Development Finance Corp. (India)		3,676,113		61,374
Housing Development Finance Corp. Bank Ltd. (India)		4,191,567		67,799
Housing Development Finance Corp. Bank Ltd. ADR (India)		13,874		855
Link REIT (The) (Hong Kong)		2,954,753		17,521
Lloyds Banking Group plc (United Kingdom)		29,018,369		28,349
UBS Group AG (Switzerland)		1,231,074		19,832
				236,763
Health Care—16.9%
Bayer AG Registered Shares (Germany)		275,192		32,348
Coloplast A/S Class B (Denmark)		221,093		16,753
CSL Ltd. (Australia)		542,820		42,209
Essilor International SA (France)		241,171		29,789
Grifols SA (Spain)		1,102,628		24,554
Novo Nordisk A/S Class B (Denmark)		615,008		33,359
Ramsay Health Care Ltd. (Australia)		601,704		28,301
Roche Holding AG (Switzerland)		278,561		68,572
				275,885
Industrials—2.2%
Bureau Veritas SA (France)		814,914		18,152
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)		1,834,289		17,935
				36,087

	SHARES		VALUE
Information Technology—11.3%
Accenture plc Class A (United States)		267,356	$	30,853
Alphabet, Inc. Class C (United States)(2)		61,510		45,822
MasterCard, Inc. Class A (United States)		269,915		25,507
PayPal Holdings, Inc. (United States)(2)		922,118		35,594
SAP SE (Germany)		577,762		46,743
				184,519
Materials—1.3%
Air Liquide SA (France)		188,576		21,220
TOTAL COMMON STOCKS (Identified Cost $1,161,757)				1,604,977
TOTAL LONG TERM INVESTMENTS—98.2%
(Identified Cost $1,161,757)				1,604,977
TOTAL INVESTMENTS—98.2% (Identified Cost $1,161,757)			1,604,977(1)
Other assets and liabilities, net—1.8%				29,947
NET ASSETS—100.0%			$	1,634,924

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

FOOTNOTE LEGEND:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

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

See Notes to Financial Statements

6

VIRTUS FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Country Weightings†
United Kingdom	24	%
United States	17
Switzerland	12
India	9
France	7
Germany	5
Netherlands	5
Other	21
Total	100	%

† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	1,604,977	$	1,604,977
Total Investments	$	1,604,977	$	1,604,977

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $294,211 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities (See Notes 2A in the Notes to Financial Statements).

See Notes to Financial Statements

7

VIRTUS FOREIGN OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES

MARCH 31, 2016 (Unaudited)

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$	1,604,977
Foreign currency at value(2)		3,603
Cash		24,744
Receivables
Investment securities sold		4,245
Fund shares sold		4,160
Dividends and interest receivable		7,035
Tax reclaims		4,309
Prepaid expenses		88
Prepaid trustee retainer		2
Total assets		1,653,163
Liabilities
Payables
Fund shares repurchased		10,821
Investment securities purchased		5,102
Investment advisory fees		1,252
Distribution and service fees		189
Administration fees		166
Transfer agent fees and expenses		664
Other accrued expenses		45
Total liabilities		18,239
Net Assets	$	1,634,924
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	1,410,311
Accumulated undistributed net investment income (loss)		4,177
Accumulated undistributed net realized gain (loss)		(222,720	)
Net unrealized appreciation (depreciation) on investments		443,156
Net Assets	$	1,634,924
Class A
Net asset value (net assets/shares outstanding) per share	$	28.61
Maximum offering price per share NAV/(1–5.75%)	$	30.36
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		14,302,589
Net Assets	$	409,135
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	28.27
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		4,308,746
Net Assets	$	121,808
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	28.64
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		38,332,246
Net Assets	$	1,097,728
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	28.65
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		218,250
Net Assets	$	6,253
(1) Investment in securities at cost	$	1,161,757
(2) Foreign currency at cost		3,603

See Notes to Financial Statements

8

VIRTUS FOREIGN OPPORTUNITIES FUND

STATEMENT OF OPERATIONS

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Investment Income
Dividends	$	16,680
Security lending, net of fees		28
Foreign taxes withheld		(839	)
Total investment income		15,869
Expenses
Investment advisory fees		7,559
Service fees, Class A		516
Distribution and service fees, Class C		610
Administration fees		1,101
Transfer agent fees and expenses		1,431
Registration fees		92
Printing fees and expenses		75
Custodian fees		108
Professional fees		26
Trustees’ fees and expenses		56
Miscellaneous expenses		51
Total expenses		11,625
Earnings credit from custodian		(29	)
Net expenses		11,596
Net investment income (loss)		4,273
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		23,075
Net realized gain (loss) on foreign currency transactions		734
Net change in unrealized appreciation (depreciation) on investments		74,002
Net change in unrealized appreciation (depreciation) on foreign currency translation		123
Net gain (loss) on investments		97,934
Net increase (decrease) in net assets resulting from operations	$	102,207

See Notes to Financial Statements

9

VIRTUS FOREIGN OPPORTUNITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ Reported in thousands)

	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	4,273		$	19,610
Net realized gain (loss)		23,809			(54,757	)
Net change in unrealized appreciation (depreciation)		74,125			(7,892	)
Increase (decrease) in net assets resulting from operations		102,207			(43,039	)
From Distributions to Shareholders
Net investment income, Class A		(2,553	)		(4,099	)
Net investment income, Class C		(544	)		(244	)
Net investment income, Class I		(8,549	)		(14,754	)
Net investment income, Class R6		(33	)		(22	)
Decrease in net assets from distributions to shareholders		(11,679	)		(19,119	)
From Share Transactions
Sale of shares
Class A (1,258 and 3,683 shares, respectively)		35,238			104,669
Class C (368 and 981 shares, respectively)		10,226			27,884
Class I (7,905 and 13,604 shares, respectively)		217,746			387,428
Class R6 (119 and 170 shares, respectively)		3,196			4,966
Reinvestment of distributions
Class A (84 and 133 shares, respectively)		2,360			3,774
Class C (17 and 8 shares, respectively)		484			211
Class I (288 and 488 shares, respectively)		8,060			13,901
Class R6 (1 and 1 shares, respectively)		33			22
Shares repurchased
Class A (1,975 and 5,843 shares, respectively)		(54,987	)		(164,218	)
Class C (439 and 855 shares, respectively)		(12,107	)		(24,083	)
Class I (15,088 and 13,756 shares, respectively)		(423,938	)		(390,723	)
Class R6 (67 and 6 shares, respectively)		(1,763	)		(165	)
Increase (decrease) in net assets from share transactions		(215,452	)		(36,334	)
Net increase (decrease) in net assets		(124,924	)		(98,492	)
Net Assets
Beginning of period		1,759,848			1,858,340
End of period	$	1,634,924		$	1,759,848
Accumulated undistributed net investment income (loss) at end of period	$	4,177		$	11,585

See Notes to Financial Statements

10

VIRTUS FOREIGN OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED DATA FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Class A
10/1/15 to 3/31/16(8)		$	27.21		0.05			1.52			1.57			(0.17	)		(0.17	)		1.40			$	28.61		5.79	%(7)		$	409,135		1.43	%(5)(6)		0.37	%(6)		10	%(7)
10/1/14 to 9/30/15			28.12		0.25			(0.92	)		(0.67	)		(0.24	)		(0.24	)		(0.91	)			27.21		(2.41	)			406,429		1.41			0.89			32
10/1/13 to 9/30/14			27.01		0.24			1.03			1.27			(0.16	)		(0.16	)		1.11				28.12		4.72				477,036		1.43			0.85			31
10/1/12 to 9/30/13			25.42		0.23			1.63			1.86			(0.27	)		(0.27	)		1.59				27.01		7.37				676,149		1.46			0.85			29
10/1/11 to 9/30/12			20.83		0.27			4.73			5.00			(0.41	)		(0.41	)		4.59				25.42		24.34				398,166		1.45			1.16			47
10/1/10 to 9/30/11			22.06		0.34			(1.23	)		(0.89	)		(0.34	)		(0.34	)		(1.23	)			20.83		(4.15	)			346,594		1.47			1.48			31
Class C
10/1/15 to 3/31/16(8)		$	26.95		(0.05	)		1.49			1.44			(0.12	)		(0.12	)		1.32			$	28.27		5.36	%(7)		$	121,808		2.18	%(5)(6)		(0.37	)%(6)		10	%(7)
10/1/14 to 9/30/15			27.88		0.04			(0.91	)		(0.87	)		(0.06	)		(0.06	)		(0.93	)			26.95		(3.13	)			117,568		2.17			0.15			32
10/1/13 to 9/30/14			26.82		0.04			1.02			1.06			—			—			1.06				27.88		3.95				117,906		2.18			0.15			31
10/1/12 to 9/30/13			25.27		0.03			1.62			1.65			(0.10	)		(0.10	)		1.55				26.82		6.56				101,655		2.21			0.10			29
10/1/11 to 9/30/12			20.57		0.10			4.70			4.80			(0.10	)		(0.10	)		4.70				25.27		23.43				54,634		2.20			0.42			47
10/1/10 to 9/30/11			21.81		0.17			(1.22	)		(1.05	)		(0.19	)		(0.19	)		(1.24	)			20.57		(4.85	)			45,742		2.22			0.74			31
Class I
10/1/15 to 3/31/16(8)		$	27.23		0.08			1.52			1.60			(0.19	)		(0.19	)		1.41			$	28.64		5.90	%(7)		$	1,097,728		1.17	%(5)(6)		0.60	%(6)		10	%(7)
10/1/14 to 9/30/15			28.14		0.32			(0.91	)		(0.59	)		(0.32	)		(0.32	)		(0.91	)			27.23		(2.16	)			1,231,349		1.17			1.14			32
10/1/13 to 9/30/14			27.03		0.32			1.02			1.34			(0.23	)		(0.23	)		1.11				28.14		4.97				1,263,398		1.18			1.13			31
10/1/12 to 9/30/13			25.43		0.28			1.66			1.94			(0.34	)		(0.34	)		1.60				27.03		7.66				1,048,274		1.21			1.04			29
10/1/11 to 9/30/12			20.89		0.34			4.72			5.06			(0.52	)		(0.52	)		4.54				25.43		24.64				672,948		1.20			1.46			47
10/1/10 to 9/30/11			22.12		0.42			(1.26	)		(0.84	)		(0.39	)		(0.39	)		(1.23	)			20.89		(3.88	)			584,212		1.22			1.83			31
Class R6
10/1/15 to 3/31/16(8)		$	27.24		0.13			1.48			1.61			(0.20	)		(0.20	)		1.41			$	28.65		5.94	%(7)		$	6,253		1.07	%(5)(6)		0.91	%(6)		10	%(7)
11/14/14(4) to 9/30/15			28.66		0.36			(1.45	)		(1.09	)		(0.33	)		(0.33	)		(1.42	)			27.24		(3.84	)(6)			4,502		1.07	(5)(6)		1.44	(6)		32

Footnote Legend

⁽¹⁾ Sales charges, where applicable, are not reflected in the total return calculation.

⁽²⁾ Computed using average shares outstanding.

⁽³⁾ The Fund may invest in other funds, and the annualized expense ratios do not reflect fees and expenses associated with the underlying funds.

⁽⁴⁾  Inception date of class.

⁽⁵⁾  Earnings credits from custodian were not material, as reflected in the Statement of Operations, and had no impact on the financial highlights.

⁽⁶⁾  Annualized.

⁽⁷⁾  Not annualized.

⁽⁸⁾  Unaudited.

See Notes to Financial Statements

11

VIRTUS FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Note 1. Organization

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

As of the date of this report, 28 funds of the Trust are offered for sale, of which the 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 the Fund will achieve its objective.

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

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

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares are sold without a front-end sales charge or CDSC.

Class R6 shares are only available to participants in employer-sponsored retirement plans, such as 401(k) plans, profit sharing plans, defined benefit plans and other employer directed plans. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees.

Virtus Mutual 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 statements of additional information. The fees collected will be used to offset certain expenses of the funds.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears different distribution and/or service fees under a Board-approved Rule 12b-1 and/or shareholder service plan (“12b-1 plan”) and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 plan. Income and other expenses as well as 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 following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and

12

VIRTUS FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

transaction analysis, have been approved by the Board of Trustees (the “Board”, or the “Trustees”). All internally fair valued securities are approved by a valuation committee (the “Valuation Committee”) appointed by the Board. The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Quarterly fair valuations are reviewed by the Board.

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 at the end of the reporting period.

•    Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

•    Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•    Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).

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

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, 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, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Listed derivatives 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

13

VIRTUS FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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 are valued as of the close of regular trading on the NYSE each business day. Both are 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.

C. Income Taxes

The Fund is treated as a separate taxable entity. It is the intention of the 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 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, 2016, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2012 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences may include the treatment of non-taxable dividends, market premium and discount, non-deductible expenses, expiring capital loss carryovers, foreign currency gain or loss, gain or loss on futures contracts, partnerships, operating losses and losses deferred due to wash sales. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest.

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.

14

VIRTUS FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

In addition to the net operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the Fund’s pro rata expenses of any underlying mutual funds in which the Fund invests.

F. Foreign Currency Translation

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

($ reported in thousands)

The Fund may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of the agreement, the Fund doing so 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 by BBH 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.

At March 31, 2016, the Fund had no securities on loan.

I. Earnings Credit and Interest

Through arrangements with the Fund’s custodian, the Fund either receives an earnings credit or interest on agreed upon target un-invested cash balances to reduce the Fund’s custody expenses. The credits are reflected as “Earnings credit from Custodian” and the interest is reflected under “Interest income” in the Fund’s Statement of Operations for the period, as applicable.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the adviser to the Trust. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser.

15

VIRTUS FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

As compensation for its services to the Fund, the Adviser is entitled to a fee based upon the following annual rates as a percentage of the average daily net assets of the Fund:

First $2 Billion	$2+ Billion – $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. 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, 2016, it retained net commissions of $11 for Class A shares and deferred sales charges of $3 for Class A shares and $3 for Class C shares.

In addition, the Fund pays VP Distributors distribution and/or service fees under a 12b-1 plan, as a percentage of the average daily net assets of each respective class at the annual rates as follows: Class A shares 0.25% and Class C shares 1.00%. Class R6 shares and Class I 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.

D. Administrator and Transfer Agent

Virtus Fund Services, LLC, an indirect wholly owned subsidiary of Virtus, serves as the administrator and transfer agent to the Fund.

For the period ended March 31, 2016, the Fund incurred administration fees totaling $867 which are included in the Statement of Operations.

For the period ended March 31, 2016, the Fund incurred transfer agent fees totaling $400 which are included in the Statement of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust.

E. Affiliated Shareholders

At March 31, 2016, Virtus and its affiliates, and the retirement plans of Virtus and its affiliates, held shares of the Fund which may be redeemed at any time that aggregated the following:

	Shares		Aggregate Net Asset Value
Class R6 shares		3,556		102

16

VIRTUS FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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, 2016, were as follows:

Purchases		Sales
$	165,754	$	422,942

There were no purchases or sales of long-term U.S. Government and agency securities for the Fund during the period ended March 31, 2016.

Note 5. Borrowings

($ reported in thousands)

On July 1, 2015, the Fund and other affiliated Funds entered into a $50,000 secured Line of Credit Agreement (the “Agreement”) with a commercial bank (the “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 Agreement. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

The Fund had no outstanding borrowings at any time during the period ended March 31, 2016.

Note 6. 10% Shareholders

As of March 31, 2016, 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
	23	%		1

The shareholders are not affiliated with Virtus.

Note 7. Credit Risk and Asset Concentrations

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.

17

VIRTUS FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

At March 31, 2016, the Fund held securities issued by various companies in the Consumer Staples Sector representing 41% of the total investments of the Fund.

Note 8. Indemnifications

Under the Trust’s organizational documents, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Each Trustee has also entered into an indemnification agreement with the Trust. In addition, in the normal course of business, the Fund enters into contracts that provide a variety of indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund and that have not occurred. However, the Fund has not had prior claims or losses pursuant to these arrangements and expects the risk of loss to be remote.

Note 9. Federal Income Tax Information

($ reported in thousands)

At March 31, 2016, 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)
$1,171,067	$457,442	$(23,532)	$433,910

The Fund has capital loss carryovers available to offset future realized capital gains, through the indicated expiration dates shown below:

2018		No Expiration		Total
Short-Term	Long-Term	Short-Term	Long-Term	Short-Term	Long-Term
183,071	—	860	10,250	183,931	10,250

The Fund may not realize the benefit of these losses to the extent the Fund does not realize gains on investments prior to the expiration of the capital loss carryovers.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized for tax years beginning after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

Note 10. Regulatory Matters and Litigation

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

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc.

18

VIRTUS FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

et al.) alleging violation of the federal securities laws was filed by an individual shareholder against Virtus and certain of its officers (the “defendants”) in the United States District Court for the Southern District of New York. On August 21, 2015, the lead plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint and adding the Trust as a defendant. The Consolidated Complaint was purportedly filed on behalf of all purchasers of Virtus common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds previously subadvised by F-Squared Investments, Inc. and/or its affiliates (“F-Squared”). The plaintiff seeks to recover unspecified damages. Virtus and its affiliates, including the Funds’ adviser, believe that the suit is without merit and intend to defend it vigorously. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Briefing of the motion was completed on December 4, 2015, and oral argument was held on December 17, 2015. The motion is pending. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

On May 8, 2015, a putative class action complaint (Mark Youngers v. Virtus Investment Partners, Inc. et al.) alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California. The complaint, which was purportedly filed on behalf of purchasers of certain Virtus Funds previously subadvised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleges claims against Virtus, certain Virtus officers and affiliates (including the Funds’ investment adviser, Euclid Advisors LLC and VP Distributors, LLC), the trustees and certain officers of the Trust, and certain other parties (the “defendants”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On July 27, 2015, the court issued an order to show cause requiring lead plaintiff to explain no later than July 31, 2015, why his claims should not be transferred and consolidated with the In re Virtus Investment Partners, Inc. Securities Litigation action discussed above. On October 1, 2015, the plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of the Trust. On October 19, 2015, the United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. Briefing of the motion was completed on March 11, 2016 and oral argument was held on April 8, 2016. The motion is pending. Virtus and its affiliates, including the Funds’ adviser, believe the plaintiff’s claims asserted in the complaint are frivolous and intend to defend them vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 11. Subsequent Events

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

19

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES

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”) with respect to the funds of the Trust, including Virtus Foreign Opportunities Fund (the “Fund”). At an in-person meeting held November 18-19, 2015 (the “Meeting”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meeting, 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 (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 their deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

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

Nature, Extent and Quality of Services

The Trustees received in advance of the Meeting information provided from VIA and the Subadviser, including a completed questionnaire, concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel, compliance procedures and the firm’s overall performance were reviewed and discussed. The

20

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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 a 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 the subadviser; (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 to the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

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

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Lipper Report”) for the Fund prepared by Broadridge, an

21

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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

The Board considered, among other performance data, the information set forth below with respect to the performance of the Fund for the period ended June 30, 2015.

The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3-, 5- and 10- year periods. The Board also noted that the Fund outperformed its benchmark for the 1- and 10-year periods and underperformed its benchmark for the 3 and 5-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 levels of the Fund. This information included comparisons of the Fund’s net management fee and total expense level to those of its peer group (the “Expense Group”). In comparing the Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented such fee included both advisory and administrative fees. The Board also noted that the subadvisory fee was paid by VIA out of its management fees rather than paid separately by the Fund. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of the Fund and the impact on expenses. 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 Group.

The Board considered that the Fund’s net management fee and net total expenses were above the median of the Expense Group.

The Board concluded that the advisory and subadvisory fees 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.

22

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (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 Fund 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 Fund by a VIA affiliate. 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.

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

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Fund’s assets grow. The Board noted that the management fee for the Fund included breakpoints based on assets under management. 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 concluded that no change to the advisory fee structure of the Fund was 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 shareholder services and 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 that 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.

23

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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.

24

Virtus Alternative Solutions Trust, Virtus Equity Trust, Virtus Insight Trust, Virtus

Opportunities Trust, Virtus Retirement Trust and Virtus Variable Insurance Trust

Supplement dated April 14, 2016 to the Statements of Additional Information (“SAI”) dated February 29, 2016, July 29, 2015, April 30, 2015, January 29, 2016, January 8, 2016 and April 30, 2015, respectively

IMPORTANT NOTICETO INVESTORS

In the section “More Information About Fund Investment Strategies & Related Risks,” the second sentence of the fourth paragraph under the heading “Mortgage Pass-though Securities” is hereby replaced with the following: “The Funds will take the position that privately-issued, mortgage-related securities, and other asset-backed securities, do not represent interest in any particular “industry” or group of industries.”

Investors should retain this supplement with the

Prospectuses for future reference.

AllSAIs/AssetBacked (4/2016)

25

Virtus Foreign Opportunities Fund, Virtus Global Opportunities Fund and

Virtus Greater European Opportunities Fund,

each a series of Virtus Opportunities Trust

Supplement dated March 8, 2016 to the Summary and

Statutory Prospectuses dated January 28, 2016, as supplemented February 8, 2016,

and the Statement of Additional Information (“SAI”) dated January 28, 2016

IMPORTANT NOTICETO INVESTORS

Effective March 8, 2016, Rajiv Jain, of Vontobel Asset Management, Inc., is no longer a portfolio manager for the above-named funds. The resulting disclosure changes to the funds’ prospectuses and SAI are described below.

The disclosure under “Portfolio Management” in each fund’s summary prospectus and in the summary section of each fund’s statutory prospectus is hereby revised by removing each reference to Mr. Jain.

The disclosure under “Portfolio Management” in Virtus Foreign Opportunities Fund’s summary prospectus and in the summary section of Virtus Foreign Opportunities Fund’s statutory prospectus is hereby replaced with the following:

> Matthew Benkendorf, Chief Investment Officer and Managing Director at Vontobel, is the manager of the fund. Mr. Benkendorf has served as Portfolio Manager of the fund since March 2016.

The disclosure under “Portfolio Management” in Virtus Global Opportunities Fund’s summary prospectus and in the summary section of Virtus Global Opportunities Fund’s statutory prospectus is hereby replaced with the following:

> Matthew Benkendorf, Chief Investment Officer and Managing Director at Vontobel, is the manager of the fund. Mr. Benkendorf has served as Portfolio Manager of the fund since March 2016 and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (2009 through 2014).

The disclosure under “Portfolio Management” in Virtus Greater European Opportunities Fund’s summary prospectus and in the summary section of Virtus Greater European Opportunities Fund’s statutory prospectus is hereby replaced with the following:

> Daniel Kranson, CFA, a Portfolio Manager at Vontobel, is the manager of the fund. Mr. Kranson has served as Portfolio Manager of the fund since March 2016 and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (March 2013 through 2014).

The table under “Vontobel” on page 188 of the funds’ statutory prospectus is hereby replaced with the following:

Vontobel

Virtus Foreign Opportunities Fund	Matthew Benkendorf (since March 2016)
Virtus Global Opportunities Fund	Matthew Benkendorf (since 2009)
Virtus Greater European Opportunities Fund	Daniel Kranson, CFA (since March 2013)

26

The narrative under the referenced table is hereby amended by removing the biographical information for Mr. Jain and replacing the entire narrative section with the following:

Matthew Benkendorf. Mr. Benkendorf is Chief Investment Officer (since March 2016) of Vontobel. He serves as Portfolio Manager of the Foreign Opportunities Fund (since March 2016) and the Global Opportunities Fund (since March 2016) and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (2009 through 2014) of the Global Opportunities Fund. Previously at Vontobel he served as Managing Director (April 2013 to March 2016); Executive Director (April 2012 to April 2013); Director (July 2009 to April 2012); Vice President (2007 to 2009); Assistant Vice President (2005 to 2007); and Senior Research Analyst (2002 to 2005). Mr. Benkendorf joined Vontobel in 1999 as a Portfolio Administrator.

Daniel Kranson, CFA. Mr. Kranson is a Portfolio Manager of Vontobel. He serves as Portfolio Manager of the Greater European Opportunities Fund (since March 2016) and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (March 2013 through 2014) of the Greater European Opportunities Fund. Mr. Kranson joined Vontobel in 2007 as a senior research analyst with a primary focus on consumer staples, energy, health care, and materials stocks. Previously, he was at Scout Capital Management as an analyst (from 2006 to 2007) and at Sanford C. Bernstein & Co. as a sell side analyst (from 1999 to 2006).

The disclosure for each of the funds in the table under “Portfolio Managers” on pages 98 and 99 of the SAI is hereby amended by removing reference to Mr. Jain. In addition, Matthew Benkendorf’s name is hereby added as Portfolio Manager of the Foreign Opportunities Fund.

The disclosure in the “Other Accounts Managed (No Performance-Based Fees)” table and the “Other Accounts Managed (With Performance-Based Fees)” table on pages 99 to 101 of the SAI is hereby amended by removing each reference to Mr. Jain.

The disclosure in the table under “Portfolio Manager Fund Ownership” on page 103 of the SAI is hereby amended by removing the reference to ownership by Mr. Jain.

Investors should retain this supplement with the

Prospectuses and SAI for future reference.

VOT 8020 Vontobel PMs (3/2016)

27

Virtus Foreign Opportunities Fund, Virtus Global Opportunities Fund and

Virtus Greater European Opportunities Fund,

each a series of Virtus Opportunities Trust

Supplement dated May 10, 2016 to the

Statement of Additional Information (“SAI”) dated January 28, 2016, as supplemented

IMPORTANT NOTICETO INVESTORS

The following changes are effective June 1, 2016.

The disclosure in the table under “Portfolio Managers” beginning on page 98 of the SAI is hereby amended by adding Daniel Kranson and David Souccar as Portfolio Managers of the Foreign Opportunities Fund, and Ramiz Chelat as Portfolio Manager of the Global Opportunities Fund.

Under “Other Accounts Managed (No Performance-Based Fees)” in the section “Portfolio Managers” beginning on page 99 of the SAI, new rows showing the following information for Mr. Chelat and Mr. Souccar and an associated footnote are added to the table:

	Registered Investment Companies				Other Pooled Investment Vehicles (PIVs)				Other Accounts
Portfolio Manager	Number of Accounts		Total Assets		Number of Accounts		Total Assets		Number of Accounts		Total Assets
Ramiz Chelat*		2	$	194,163,847		11	$	4,587,981,522		22	$	4,023,219,590
David Souccar*		5	$	2,428,938,993		9	$	3,367,844,450		5	$	933,071,961

* As of March 31, 2016.

Under “Other Accounts Managed (With Performance-Based Fees)” in the section “Portfolio Managers” beginning on page 100 of the SAI, new rows showing the following information for Mr. Chelat and Mr. Souccar and an associated footnote are added to the table:

Registered Investment Companies

Other Pooled Investment Vehicles (PIVs)

Other Accounts

Portfolio Manager

Number of Accounts

Total Assets

Number of Accounts

Total Assets

Number of Accounts

Total Assets

Ramiz Chelat*

N/A

N/A

1

$

291,202,908

N/A

N/A

David Souccar*

N/A

N/A

N/A

N/A

N/A

N/A

* As of March 31, 2016.

Under “Portfolio Manager Fund Ownership” in the section “Portfolio Managers” beginning on page 103 of the SAI, new rows showing the following information for Mr. Chelat and Mr. Souccar and an associated footnote are added to the table:

Portfolio Manager	Dollar Range of Equity Securities Beneficially Owned in Fund Managed
Ramiz Chelat*	Global Opportunities Fund	None
David Souccar*	Foreign Opportunities Fund	None

* As of March 31, 2016.

28

Under “Portfolio Manager Fund Ownership” in the section “Portfolio Managers” beginning on page 103 of the SAI, Mr. Kranson’s information in the table is hereby updated with the following and by adding an associated footnote:

Portfolio Manager	Dollar Range of Equity Securities Beneficially Owned in Fund Managed
Daniel Kranson*	Foreign Opportunities Fund	None
	Greater European Opportunities Fund	$10,001-$50,000

* As of March 31, 2016.

Investors should retain this supplement with the SAI for future reference.

VOT 8020B SAI/VontobelPMs (5/2016)

29

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

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.

For more information about

Virtus Mutual Funds, please call

your financial representative, or

contact us at 1-800-243-1574

or Virtus.com

8025 05-16

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT

Virtus Alternatives Diversifier Fund

Virtus Equity Trend Fund*

Virtus Global Equity Trend Fund

Virtus Herzfeld Fund

Virtus Multi-Asset Trend Fund

Virtus Sector Trend Fund

March 31, 2016

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

* Prospectus supplements applicable to this Fund appear at the back of this semiannual Report.

Statement of Additional Information (“SAI”) supplements applicable to the Funds appear at the back
of this semiannual report.

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		4
Portfolio Holdings Summary Weightings		5
Fund	Schedule of Investments
Virtus Alternatives Diversifier Fund (“Alternatives Diversifier Fund”)		6
Virtus Equity Trend Fund (“Equity Trend Fund”)		7
Virtus Global Equity Trend Fund (“Global Equity Trend Fund”)		10
Virtus Herzfeld Fund (“Herzfeld Fund”)		13
Virtus Multi-Asset Trend Fund (“Multi-Asset Trend Fund”)		14
Virtus Sector Trend Fund (“Sector Trend Fund”)		17
Statements of Assets and Liabilities		20
Statements of Operations		22
Statements of Changes in Net Assets		24
Financial Highlights		27
Notes to Financial Statements		31
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		41
Results of Shareholder Meeting		44

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

The subadvisers vote proxies relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees (“Trustees” or the “Board”) of the Trust. 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 http://www.sec.gov.

Form N-Q 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 on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

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.

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six months ended March 31, 2016.

During the period, global equity markets were challenged by falling oil prices, China’s slowdown, and anticipation of the first rate hike by the Federal Reserve (the “Fed”) in nine years, which was finally realized in December. For the six months ended March 31, 2016, major U.S. equity markets had strong gains, with the large-cap S&P 500^® Index and Dow Jones Industrial Average^SM returning 8.49% and 10.07%, respectively, while the technology-heavy NASDAQ Composite Index^® was up 6.07%. International equities also produced positive returns, particularly emerging markets, which gained 6.41% over the six months, as measured by the MSCI Emerging Markets Index (net dividends).

U.S. Treasuries were unsettled for much of the period, though demand for this “safe haven” asset eased in late March following the Fed’s decision to delay further rate hikes in the near term. The yield on the bellwether 10-year U.S. Treasury was 1.78% on March 31, 2016 compared with 2.06% on September 30, 2015. For the six months ended March 31, 2016, the broader U.S. fixed income market, as represented by the Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, gained 2.44%, while non-investment grade bonds rose 1.22%, as measured by the Barclays U.S. Corporate High Yield Bond Index.

The strength of the global economy is likely to remain a concern for the markets in the months ahead, and investors will watch with great interest the actions of the Fed and other central banks. The U.S. economy’s continued growth, as evidenced by stronger jobs, housing, and consumer spending data, should give investors reason for optimism, but future market direction will be determined largely by the ability of corporations to continue to produce robust earnings.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to both traditional and alternative asset classes. While diversification cannot guarantee a profit or prevent a loss, owning a variety of asset classes may cushion your portfolio against inevitable market fluctuations. Your financial advisor can help you ensure that your portfolio is adequately diversified across asset classes and investment strategies.

As always, thank you for entrusting Virtus with your assets. Should you have questions about your account or require assistance, please visit our website at Virtus.com, or call our customer service team at 1-800-243-1574. We appreciate your business and remain committed to your long-term financial success.

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

April 2016

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.

1

VIRTUS OPPORTUNITIES TRUST

Disclosure of Fund Expenses (Unaudited)

For the six-month period of October 1, 2015 to March 31, 2016

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 (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 a sales charge and do not incur distribution and service 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. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, 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 first section under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each 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 the other funds.

Please note that the expenses shown in the accompanying table 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 second section of the accompanying table is 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.

Expense Table
	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Alternatives Diversifier Fund
Actual
Class A	$	1,000.00	$	1,021.80		0.73	%	$	3.69
Class C		1,000.00		1,017.60		1.48			7.47
Class I		1,000.00		1,022.60		0.47			2.38
Hypothetical (5% return before expenses)
Class A		1,000.00		1,021.35		0.73			3.69
Class C		1,000.00		1,017.60		1.48			7.47
Class I		1,000.00		1,022.65		0.47			2.38
Equity Trend Fund
Actual
Class A	$	1,000.00	$	971.20		1.53	%		$7.54
Class C		1,000.00		968.00		2.24			11.02
Class I		1,000.00		972.10		1.30			6.41
Class R6		1,000.00		973.00		1.15			5.69
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.35		1.53			7.72
Class C		1,000.00		1,013.80		2.24			11.28
Class I		1,000.00		1,018.50		1.30			6.56
Class R6		1,000.00		1,019.25		1.15			5.81
Global Equity Trend Fund
Actual
Class A	$	1,000.00	$	965.20		1.75	%		$8.60
Class C		1,000.00		961.40		2.50			12.26
Class I		1,000.00		967.30		1.50			7.38
Hypothetical (5% return before expenses)
Class A		1,000.00		1,016.25		1.75			8.82
Class C		1,000.00		1,012.50		2.50			12.58
Class I		1,000.00		1,017.50		1.50			7.57
Herzfeld Fund
Actual
Class A	$	1,000.00	$	1,037.30		1.60	%		$8.15
Class C		1,000.00		1,033.70		2.35			11.95
Class I		1,000.00		1,039.70		1.35			6.88
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.00		1.60			8.07
Class C		1,000.00		1,013.25		2.35			11.83
Class I		1,000.00		1,018.25		1.35			6.81
Multi-Asset Trend Fund
Actual
Class A	$	1,000.00	$	980.80		1.61	%	$	7.97
Class C		1,000.00		977.60		2.36			11.67
Class I		1,000.00		982.40		1.36			6.74
Hypothetical (5% return before expenses)
Class A		1,000.00		1,016.95		1.61			8.12
Class C		1,000.00		1,013.20		2.36			11.88
Class I		1,000.00		1,018.20		1.36			6.86

2

VIRTUS OPPORTUNITIES TRUST

Disclosure of Fund Expenses (Unaudited) (Continued)

For the six-month period of October 1, 2015 to March 31, 2016

	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Sector Trend Fund
Actual
Class A	$	1,000.00	$	1,008.00		1.06	%	$	5.32
Class C		1,000.00		1,003.70		1.81			9.07
Class I		1,000.00		1,008.90		0.81			4.07
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.70		1.06			5.35
Class C		1,000.00		1,015.95		1.81			9.12
Class I		1,000.00		1,020.95		0.81			4.09

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

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

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

3

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS

(Unaudited)

American Depositary Receipt (ADR)

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

Barclays U.S. Aggregate Bond Index

The 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.

Barclays U.S. Corporate High Yield Bond Index

The 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.

Dow Jones Industrial Average^SM

A price weighted average of 30 blue chip stocks. The index is calculated on 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.

Exchange-Traded Funds (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 Reserve (the “Fed”)

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

iShares^®

Represents shares of an open-end exchange-traded fund.

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 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.

NASDAQ Composite Index^®

A market-capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange. Unlike other market indexes, the NASDAQ composite is not limited to companies that have U.S. headquarters. 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.

Treasury Inflation-Protected Securities (TIPS)

Treasury Inflation-Protected Securities provide protection against inflation. The principal of a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When a TIPS matures, the investor is paid the adjusted principal or original principal, whichever is greater.

4

VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS

MARCH 31, 2016 (Unaudited)

For each Fund, the following tables present portfolio holdings within certain sectors or countries and as a percentage of total investments attributable to each sector.

Alternatives Diversifier Fund
Affiliated Mutual Funds	53	%
Exchange-Traded Funds	46
Money Market Mutual Fund	1
Total	100	%

Equity Trend Fund
Consumer Discretionary	29	%
Consumer Staples	13
Industrials	13
Health Care	12
Information Technology	10
Financials	9
Materials	6
Other	8
Total	100	%

Global Equity Trend Fund
Consumer Discretionary	22	%
Consumer Staples	11
Industrials	10
Health Care	8
Financials	8
Information Technology	7
Materials	5
Other (includes short-term investments)	29
Total	100	%

Herzfeld Fund
Equity Funds	39	%
Preferred Stock	25
International Equity Funds	24
Fixed Income Funds	6
International Fixed Income Funds	2
Other (includes short-term investments)	4
Total	100	%

Multi-Asset Trend Fund
Common Stocks			39	%
Consumer Discretionary	11	%
Consumer Staples	5
Industrials	5
All other Common Stocks	18
Exchange-Traded Funds			43
Other (includes short-term investments)			18
Total			100	%

Sector Trend Fund
Consumer Staples	21	%
Industrials	20
Utilities	20
Consumer Discretionary	19
Information Technology	13
Materials	5
Telecommunication Services	2
Total	100	%

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

5

VIRTUS ALTERNATIVES DIVERSIFIER FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
AFFILIATED MUTUAL FUNDS(3)—52.8%
Equity Funds��44.2%
Virtus Global Infrastructure Fund Class I		791,825	$	10,697
Virtus Global Real Estate Securities Fund Class I		210,318		5,908
Virtus International Real Estate Securities Fund Class I		678,737		4,765
Virtus Real Estate Securities Fund Class I		135,013		4,819
				26,189
Fixed Income Funds—8.6%
Virtus Senior Floating Rate Fund Class I		555,676		5,095
TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $22,527)				31,284
EXCHANGE-TRADED FUNDS(3)—45.7%
Global X Uranium Fund		8,300		121
iShares S&P North American Natural Resources Sector Index Fund		205,310		6,104
Market Vectors Agribusiness Fund		8,500		396
Market Vectors Coal		165,632		1,247
PowerShares DB Commodity Index Tracking Fund(2)		411,400		5,467
PowerShares DB G10 Currency Harvest Fund(2)		390,550		9,127
WisdomTree Managed Futures Strategy Fund(2)		109,500		4,585
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $28,961)				27,047
TOTAL LONG TERM INVESTMENTS—98.5%
(Identified Cost $51,488)				58,331
SHORT-TERM INVESTMENT—1.5%
Money Market Mutual Fund—1.5%
Fidelity Money Market Portfolio – Institutional Shares (seven-day effective yield 0.390%)(3)		890,553		891
TOTAL SHORT-TERM INVESTMENT (Identified Cost $891)				891
TOTAL INVESTMENTS—100.0% (Identified Cost $52,379)				59,222	(1)
Other assets and liabilities, net—0.0%				9
NET ASSETS—100.0%			$	59,231

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at, March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Affiliated Mutual Funds	$	31,284	$	31,284
Exchange-Traded Funds		27,047		27,047
Short-Term Investments		891		891
Total Investments	$	59,222	$	59,222

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

6

VIRTUS EQUITY TREND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.8%
Consumer Discretionary—29.1%
Advance Auto Parts, Inc.		21,923	$	3,515
Amazon.com, Inc.(2)		25,145		14,927
AutoNation, Inc.(2)		21,859		1,020
AutoZone, Inc.(2)		8,992		7,164
Cablevision Systems Corp. Class A		22,733		750
CarMax, Inc.(2)		60,353		3,084
Carnival Corp.		113,585		5,994
Chipotle Mexican Grill, Inc.(2)		2,922		1,376
Comcast Corp. Class A		269,709		16,474
Darden Restaurants, Inc.		9,757		647
Dollar General Corp.		72,723		6,225
Dollar Tree, Inc.(2)		60,010		4,948
Expedia, Inc.		8,217		886
Gap, Inc. (The)		54,290		1,596
Genuine Parts Co.		242,519		24,097
Goodyear Tire & Rubber Co. (The)		684,869		22,587
H&R Block, Inc.		651,577		17,215
Hasbro, Inc.		128,642		10,304
Home Depot, Inc. (The)		129,090		17,224
Horton (D.R.), Inc.		238,868		7,221
Interpublic Group of Cos., Inc. (The)		395,544		9,078
L Brands, Inc.		58,206		5,111
Leggett & Platt, Inc.		130,116		6,298
Lennar Corp. Class A		130,330		6,303
Lowe’s Cos., Inc.		92,341		6,995
Marriott International, Inc. Class A		47,587		3,387
Mattel, Inc.		390,424		13,126
McDonald’s Corp.		85,848		10,789
Mohawk Industries, Inc.(2)		60,788		11,604
Netflix, Inc.(2)		27,216		2,782
Newell Rubbermaid, Inc.		412,834		18,284
NIKE, Inc. Class B		377,786		23,222
O’Reilly Automotive, Inc.(2)		29,207		7,993
Omnicom Group, Inc.		226,591		18,859
Priceline Group, Inc. (The)(2)		3,241		4,178
PulteGroup, Inc.		231,278		4,327
Ross Stores, Inc.		90,919		5,264
Royal Caribbean Cruises Ltd.		42,343		3,478
Starbucks Corp.		139,811		8,347
Starwood Hotels & Resorts Worldwide, Inc.		41,626		3,473
Target Corp.		156,268		12,858
Time Warner Cable, Inc.		31,266		6,398
Time Warner, Inc.		52,330		3,797
TJX Cos., Inc. (The)		150,673		11,805
TripAdvisor, Inc.(2)		6,616		440
Twenty-First Century Fox, Inc. Class A		76,637		2,137
Twenty-First Century Fox, Inc. Class B		28,229		796
Urban Outfitters, Inc.(2)		22,109		732
Viacom, Inc. Class B		22,726		938
Walt Disney Co. (The)		99,558		9,887
Wyndham Worldwide Corp.		28,653		2,190
Wynn Resorts Ltd.		266,968		24,943
Yum! Brands, Inc.		40,230		3,293
				420,366

	SHARES		VALUE
Consumer Staples—13.2%
Altria Group, Inc.		136,051	$	8,525
Brown-Forman Corp. Class B		69,302		6,824
Campbell Soup Co.		15,405		983
Coca-Cola Co. (The)		265,225		12,304
Coca-Cola Enterprises, Inc.		10,762		546
ConAgra Foods, Inc.		39,547		1,765
Constellation Brands, Inc. Class A		130,910		19,779
CVS Health Corp.		105,610		10,955
Dr. Pepper Snapple Group, Inc.		10,514		940
General Mills, Inc.		52,076		3,299
Hershey Co. (The)		13,957		1,285
Hormel Foods Corp.		20,382		881
J.M. Smucker Co. (The)		9,264		1,203
Kellogg Co.		22,079		1,690
Kraft Heinz Co. (The)		50,341		3,955
Kroger Co. (The)		432,633		16,548
McCormick & Co., Inc.		9,538		949
Mead Johnson Nutrition Co.		16,164		1,374
Molson Coors Brewing Co. Class B		283,107		27,229
Mondelez International, Inc. Class A		109,208		4,381
Monster Beverage Corp.(2)		8,304		1,108
PepsiCo, Inc.		99,220		10,168
Philip Morris International, Inc.		109,854		10,778
Reynolds American, Inc.		74,984		3,772
SYSCO Corp.		560,258		26,181
Tyson Foods, Inc. Class A		23,603		1,573
Walgreens Boots Alliance, Inc.		83,082		6,999
Whole Foods Market, Inc.		152,145		4,733
				190,727
Energy—1.2%
Marathon Petroleum Corp.		90,701		3,372
Phillips 66		80,791		6,995
Tesoro Corp.		20,485		1,762
Valero Energy Corp.		81,941		5,256
				17,385
Financials—9.3%
Allstate Corp. (The)		59,660		4,019
American Tower Corp.		59,917		6,134
AON plc		83,023		8,672
Apartment Investment & Management Co. Class A		41,165		1,721
AvalonBay Communities, Inc.		37,665		7,164
CHUBB Ltd		66,029		7,867
Cincinnati Financial Corp.		20,909		1,367
CME Group, Inc.		53,660		5,154
Crown Castle International Corp.		48,075		4,158
Equity Residential		100,757		7,560
Essex Property Trust, Inc.		18,053		4,222
Federal Realty Investment Trust		11,780		1,838
General Growth Properties, Inc.		134,083		3,986

	SHARES		VALUE
Financials—continued
Intercontinental Exchange, Inc.		18,842	$	4,430
Iron Mountain, Inc.		25,437		863
Kimco Realty Corp.		94,242		2,712
Macerich Co. (The)		30,688		2,432
Marsh & McLennan Cos., Inc.		157,692		9,586
McGraw-Hill Cos., Inc. (The)		42,889		4,245
Moody’s Corp.		27,288		2,635
NASDAQ OMX Group, Inc. (The)		18,235		1,210
Progressive Corp. (The)		89,101		3,131
Public Storage		21,340		5,886
Realty Income Corp.		53,073		3,318
Simon Property Group, Inc.		60,999		12,669
Travelers Cos., Inc. (The)		42,830		4,999
UDR, Inc.		72,704		2,801
Weyerhaeuser Co.		112,606		3,489
Willis Towers Watson PLC		41,982		4,982
XL Group plc		44,498		1,638
				134,888
Health Care—11.5%
Abbott Laboratories		85,583		3,580
AbbVie, Inc.		52,178		2,980
Aetna, Inc.		30,271		3,401
Agilent Technologies, Inc.		67,576		2,693
Alexion Pharmaceuticals, Inc.(2)		7,191		1,001
Allergan plc(2)		7,179		1,924
AmerisourceBergen Corp.		36,026		3,118
Amgen, Inc.		24,080		3,610
Anthem, Inc.		22,768		3,165
Bard (C.R.), Inc.		4,394		891
Baxalta, Inc.		18,627		753
Baxter International, Inc.		31,919		1,311
Becton, Dickinson & Co.		12,387		1,881
Biogen, Inc.(2)		7,111		1,851
Boston Scientific Corp.(2)		79,441		1,494
Bristol-Myers Squibb Co.		30,397		1,942
Cardinal Health, Inc.		60,668		4,972
Celgene Corp.(2)		25,075		2,510
Cigna Corp.		22,611		3,103
DENTSPLY Sirona, Inc.		408,150		25,154
Edwards Lifesciences Corp.(2)		13,195		1,164
Eli Lilly & Co.		17,786		1,281
Endo International plc(2)		3,796		107
Gilead Sciences, Inc.		43,626		4,008
HCA Holdings, Inc.(2)		152,767		11,923
Henry Schein, Inc.(2)		15,293		2,640
Humana, Inc.		13,323		2,437
Illumina, Inc.(2)		30,420		4,931
Intuitive Surgical, Inc.(2)		2,179		1,310
Johnson & Johnson		50,410		5,454
Mallinckrodt plc(2)		2,109		129
McKesson Corp.		42,440		6,674
Medtronic plc		81,464		6,110
Merck & Co., Inc.		50,897		2,693
Mylan NV(2)		7,530		349
Patterson Cos., Inc.		15,398		716
PerkinElmer, Inc.		24,016		1,188
Perrigo Co. plc		2,669		341
Pfizer, Inc.		112,467		3,334

See Notes to Financial Statements

7

VIRTUS EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Health Care—continued
Regeneron Pharmaceuticals, Inc.(2)		3,146	$	1,134
St. Jude Medical, Inc.		15,419		848
Stryker Corp.		18,998		2,038
Tenet Healthcare Corp.(2)		48,508		1,403
Thermo Fisher Scientific, Inc.		83,280		11,792
UnitedHealth Group, Inc.		84,197		10,853
Universal Health Services, Inc. Class B		44,383		5,535
Varian Medical Systems, Inc.(2)		5,495		440
Vertex Pharmaceuticals, Inc.(2)		7,842		623
Waters Corp.(2)		16,788		2,215
Zimmer Biomet Holdings, Inc.		10,912		1,164
Zoetis, Inc.		8,348		370
				166,538
Industrials—13.0%
3M Co.		32,495		5,415
Allegion plc		142,899		9,104
American Airlines Group, Inc.		125,588		5,150
Avery Dennison Corp.		37,352		2,693
Boeing Co. (The)		32,894		4,176
Cintas Corp.		252,404		22,668
Danaher Corp.		29,625		2,810
Delta Air Lines, Inc.		159,331		7,756
Dover Corp.		29,262		1,882
Dun & Bradstreet Corp.		17,875		1,843
Equifax, Inc.		57,776		6,603
Flowserve Corp.		25,822		1,147
General Dynamics Corp.		15,276		2,007
General Electric Co.		534,046		16,977
Honeywell International, Inc.		38,969		4,367
Illinois Tool Works, Inc.		62,446		6,397
Ingersoll-Rand plc		50,063		3,104
L-3 Communications Holdings, Inc.		3,668		435
Lockheed Martin Corp.		13,383		2,964
Masco Corp.		495,793		15,593
Nielsen Holdings plc		176,608		9,300
Northrop Grumman Corp.		9,277		1,836
Parker Hannifin Corp.		25,655		2,850
Pentair plc		33,878		1,838
Raytheon Co.		15,325		1,879
Republic Services, Inc.		126,018		6,005
Rockwell Collins, Inc.		6,481		598
Roper Technologies, Inc.		5,010		916
Snap-On, Inc.		11,402		1,790
Southwest Airlines Co.		132,149		5,920
Stanley Black & Decker, Inc.		27,887		2,934
Stericycle, Inc.(2)		44,143		5,570
Textron, Inc.		13,161		480
United Continental Holdings, Inc.(2)		75,167		4,500
United Technologies Corp.		40,229		4,027
Waste Management, Inc.		217,189		12,814
Xylem, Inc.		34,000		1,391
				187,739

	SHARES		VALUE
Information Technology—9.9%
Activision Blizzard, Inc.		242,950	$	8,221
Adobe Systems, Inc.(2)		81,437		7,639
Akamai Technologies, Inc.(2)		12,015		668
Alliance Data Systems Corp.(2)		2,584		568
Alphabet, Inc. Class A(2)		9,836		7,504
Alphabet, Inc. Class C(2)		10,123		7,541
Apple, Inc.		133,079		14,504
Autodesk, Inc.(2)		37,240		2,171
Automatic Data Processing, Inc.		19,507		1,750
CA, Inc.		11,270		347
Citrix Systems, Inc.(2)		24,938		1,960
eBay, Inc.(2)		61,528		1,468
Electronic Arts, Inc.(2)		149,670		9,895
EMC Corp.		46,276		1,233
Equinix, Inc.		10,045		3,322
Facebook, Inc. Class A(2)		88,570		10,106
Fidelity National Information Services, Inc.		11,730		743
Fiserv, Inc.(2)		9,667		992
Hewlett Packard Enterprise Co.		42,916		761
HP Inc.(2)		43,121		531
Intuit, Inc.		42,136		4,383
MasterCard, Inc. Class A		41,872		3,957
Microsoft Corp.		363,591		20,081
NetApp, Inc.		6,977		190
Oracle Corp.		128,053		5,239
Paychex, Inc.		13,571		733
PayPal Holdings, Inc.(2)		47,017		1,815
Red Hat, Inc.(2)		7,341		547
salesforce.com, Inc.(2)		100,374		7,411
SanDisk Corp.		4,790		364
Seagate Technology plc		7,134		246
Symantec Corp.		28,790		529
Total System Services, Inc.		7,156		340
VeriSign, Inc.(2)		5,043		447
Verisk Analytics, Inc.(2)		76,856		6,142
Visa, Inc. Class A		82,312		6,295
Western Digital Corp.		5,534		261
Western Union Co. (The)		21,366		412
Xerox Corp.		40,247		449
Yahoo!, Inc.(2)		47,800		1,760
				143,525
Materials—6.4%
Ecolab, Inc.		52,033		5,803
Freeport-McMoRan Copper & Gold, Inc.		1,614,584		16,695
International Flavors & Fragrances, Inc.		15,710		1,787
International Paper Co.		169,976		6,976
Martin Marietta Materials, Inc.		63,882		10,190
Newmont Mining Corp.		740,471		19,682
PPG Industries, Inc.		52,718		5,877
Sealed Air Corp.		80,941		3,886
Sherwin-Williams Co. (The)		15,492		4,410
Vulcan Materials Co.		129,750		13,698
Westrock Co.		105,414		4,114
				93,118

	SHARES		VALUE
Specialized REIT—0.1%
Extra Space Storage, Inc.		18,027	$	1,685
Telecommunication Services—1.6%
Level 3 Communications, Inc.(2)		440,940		23,304
Utilities—4.5%
AGL Resources, Inc.		372,111		24,239
Ameren Corp.		21,749		1,090
American Electric Power Co., Inc.		28,109		1,866
CenterPoint Energy, Inc.		40,624		850
CMS Energy Corp.		25,470		1,081
Consolidated Edison, Inc.		26,536		2,033
Dominion Resources, Inc.		51,728		3,886
DTE Energy Co.		16,087		1,458
Duke Energy Corp.		40,733		3,286
Edison International		18,072		1,299
Entergy Corp.		10,535		835
Eversource Energy		18,315		1,069
Exelon Corp.		54,168		1,943
FirstEnergy Corp.		22,734		818
NextEra Energy, Inc.		26,499		3,136
NiSource, Inc.		29,240		689
PG&E Corp.		42,572		2,542
Pinnacle West Capital Corp.		7,360		553
PPL Corp.		37,879		1,442
Public Service Enterprise Group, Inc.		45,333		2,137
SCANA Corp.		11,755		825
Sempra Energy		21,106		2,196
Southern Co.		52,723		2,727
TECO Energy, Inc.		22,799		628
WEC Energy Group, Inc.		26,824		1,611
XCEL Energy, Inc.		29,121		1,218
				65,457
TOTAL COMMON STOCKS (Identified Cost $1,367,121)				1,444,732
TOTAL LONG TERM INVESTMENTS—99.8%
(Identified Cost $1,367,121)				1,444,732
TOTAL INVESTMENTS—99.8%
(Identified Cost $1,367,121)				1,444,732	(1)
Other assets and liabilities, net—0.2%				2,953
NET ASSETS—100.0%			$	1,447,685

Abbreviation:

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

8

VIRTUS EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Schedules of Investments):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	1,444,732	$	1,444,732
Total Investments	$	1,444,732	$	1,444,732

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

9

VIRTUS GLOBAL EQUITY TREND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—72.9%
Consumer Discretionary—20.4%
Advance Auto Parts, Inc.		354	$	57
Amazon.com, Inc.(2)		402		239
AutoNation, Inc.(2)		362		17
AutoZone, Inc.(2)		144		115
Cablevision Systems Corp. Class A		364		12
CarMax, Inc.(2)		947		48
Carnival Corp.		1,476		78
Chipotle Mexican Grill, Inc.(2)		46		22
Comcast Corp. Class A		4,313		263
Darden Restaurants, Inc.		195		13
Dollar General Corp.		1,144		98
Dollar Tree, Inc.(2)		962		79
Expedia, Inc.		109		12
Gap, Inc. (The)		873		26
Genuine Parts Co.		3,828		380
Goodyear Tire & Rubber Co. (The)		10,866		358
H&R Block, Inc.		8,468		224
Hasbro, Inc.		2,049		164
Home Depot, Inc. (The)		2,052		274
Horton (D.R.), Inc.		3,104		94
Interpublic Group of Cos., Inc. (The)		7,657		176
L Brands, Inc.		945		83
Leggett & Platt, Inc.		1,691		82
Lennar Corp. Class A		1,694		82
Lowe’s Cos., Inc.		1,492		113
Marriott International, Inc. Class A		618		44
Mattel, Inc.		6,118		206
McDonald’s Corp.		1,366		172
Mohawk Industries, Inc.(2)		790		151
Netflix, Inc.(2)		441		45
Newell Rubbermaid, Inc.		5,365		238
NIKE, Inc. Class B		6,047		372
O’Reilly Automotive, Inc.(2)		468		128
Omnicom Group, Inc.		3,501		291
Priceline Group, Inc. (The)(2)		50		64
PulteGroup, Inc.		3,006		56
Ross Stores, Inc.		1,433		83
Royal Caribbean Cruises Ltd.		550		45
Starbucks Corp.		2,208		132
Starwood Hotels & Resorts Worldwide, Inc.		541		45
Target Corp.		2,461		202
Time Warner Cable, Inc.		509		104
Time Warner, Inc.		680		49
TJX Cos., Inc. (The)		2,401		188
TripAdvisor, Inc.(2)		117		8
Twenty-First Century Fox, Inc.		367		10
Twenty-First Century Fox, Inc. Class A		996		28
Urban Outfitters, Inc.(2)		296		10
Viacom, Inc. Class B		295		12
Walt Disney Co. (The)		1,294		128
Wyndham Worldwide Corp.		372		28
Wynn Resorts Ltd.		4,214		394
Yum! Brands, Inc.		620		51
				6,393

	SHARES		VALUE
Consumer Staples—10.3%
Altria Group, Inc.		2,537	$	159
Brown-Forman Corp. Class B		1,091		107
Campbell Soup Co.		412		26
Coca-Cola Co. (The)		4,206		195
Coca-Cola Enterprises, Inc.		269		14
ConAgra Foods, Inc.		941		42
Constellation Brands, Inc. Class A		1,857		281
CVS Health Corp.		1,373		142
Dr. Pepper Snapple Group, Inc.		219		20
General Mills, Inc.		1,275		81
Hershey Co. (The)		291		27
Hormel Foods Corp.		642		28
J.M. Smucker Co. (The)		225		29
Kellogg Co.		582		45
Kraft Heinz Co. (The)		1,315		103
Kroger Co. (The)		6,859		262
McCormick & Co., Inc.		250		25
Mead Johnson Nutrition Co.		418		36
Molson Coors Brewing Co. Class B		4,364		420
Mondelez International, Inc. Class A		2,207		89
Monster Beverage Corp.(2)		153		20
PepsiCo, Inc.		1,565		160
Philip Morris International, Inc.		2,052		201
Reynolds American, Inc.		1,858		93
SYSCO Corp.		8,951		418
Tyson Foods, Inc. Class A		624		42
Walgreens Boots Alliance, Inc.		1,080		91
Whole Foods Market, Inc.		2,365		74
				3,230
Energy—0.7%
Marathon Petroleum Corp.		1,179		44
Phillips 66		1,050		91
Tesoro Corp.		266		23
Valero Energy Corp.		1,065		68
				226
Financials—7.5%
Allstate Corp. (The)		1,298		87
American Tower Corp. REIT		981		100
AON plc		1,315		137
Apartment Investment & Management Co. Class A REIT		695		29
AvalonBay Communities REIT, Inc.		595		113
CHUBB Ltd		1,499		179
Cincinnati Financial Corp.		504		33
CME Group, Inc.		697		67
Crown Castle International Corp. REIT		782		68
Equity Residential REIT		1,605		120
Essex Property Trust REIT, Inc.		291		68
Federal Realty Investment Trust REIT		223		35
Four Corners Property Trust REIT, Inc.		38		1
General Growth Properties REIT, Inc.		2,716		81
Intercontinental Exchange, Inc.		245		58
Iron Mountain REIT, Inc.		408		14

	SHARES		VALUE
Financials—continued
Kimco Realty Corp. REIT		2,005	$	58
Macerich Co. REIT (The)		636		50
Marsh & McLennan Cos., Inc.		2,525		153
McGraw-Hill Cos., Inc. (The)		557		55
Moody’s Corp.		355		34
NASDAQ OMX Group, Inc. (The)		237		16
Progressive Corp. (The)		1,941		68
Public Storage REIT		333		92
Realty Income Corp. REIT		1,068		67
Simon Property Group REIT, Inc.		1,151		239
Travelers Cos., Inc. (The)		1,044		122
UDR REIT, Inc.		1,179		45
Weyerhaeuser Co. REIT		1,746		54
Willis Towers Watson plc		655		78
XL Group plc		917		34
				2,355
Health Care—7.9%
Abbott Laboratories		1,420		59
AbbVie, Inc.		678		39
Aetna, Inc.		489		55
Agilent Technologies, Inc.		1,098		44
Alexion Pharmaceuticals, Inc.(2)		93		13
Allergan plc(2)		93		25
AmerisourceBergen Corp.		468		40
Amgen, Inc.		313		47
Anthem, Inc.		374		52
Bard (C.R.), Inc.		77		16
Baxalta, Inc.		242		10
Baxter International, Inc.		470		19
Becton, Dickinson & Co.		202		31
Biogen, Inc.(2)		92		24
Boston Scientific Corp.(2)		1,265		24
Bristol-Myers Squibb Co.		395		25
Cardinal Health, Inc.		788		65
Celgene Corp.(2)		326		33
Cigna Corp.		354		49
Dentsply Sirona Inc		7,231		446
Edwards Lifesciences Corp.(2)		218		19
Eli Lilly & Co.		231		17
Endo International plc(2)		49		1
Gilead Sciences, Inc.		567		52
HCA Holdings, Inc. (2)		1,985		155
Henry Schein, Inc.(2)		199		34
Humana, Inc.		208		38
Illumina, Inc.(2)		480		78
Intuitive Surgical, Inc.(2)		32		19
Johnson & Johnson		655		71
Mallinckrodt plc(2)		27		2
McKesson Corp.		552		87
Medtronic plc		1,327		99
Merck & Co., Inc.		661		35
Mylan NV(2)		98		4
Patterson Cos., Inc.		200		9
PerkinElmer, Inc.		399		20
Perrigo Co. plc		35		4
Pfizer, Inc.		1,462		43
Regeneron Pharmaceuticals, Inc.(2)		50		18
St. Jude Medical, Inc.		273		15
Stryker Corp.		288		31
Tenet Healthcare Corp.(2)		630		18

See Notes to Financial Statements

10

VIRTUS GLOBAL EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Health Care—continued
Thermo Fisher Scientific, Inc.		1,312	$	186
UnitedHealth Group, Inc.		1,322		170
Universal Health Services, Inc. Class B		577		72
Varian Medical Systems, Inc.(2)		97		8
Vertex Pharmaceuticals, Inc.(2)		102		8
Waters Corp.(2)		267		35
Zimmer Biomet Holdings, Inc.		181		19
Zoetis, Inc.		108		5
				2,488
Industrials—9.7%
3M Co.		718		120
Allegion plc		2,272		145
American Airlines Group, Inc.		1,995		82
Avery Dennison Corp.		485		35
Boeing Co. (The)		530		67
Cintas Corp.		3,993		359
Danaher Corp.		704		67
Delta Air Lines, Inc.		2,515		122
Dover Corp.		478		31
Dun & Bradstreet Corp.		275		28
Equifax, Inc.		908		104
Flowserve Corp.		428		19
General Dynamics Corp.		231		30
General Electric Co.		8,609		274
Honeywell International, Inc.		642		72
Illinois Tool Works, Inc.		987		101
Ingersoll-Rand plc		797		49
L-3 Communications Holdings, Inc.		64		8
Lockheed Martin Corp.		213		47
Masco Corp.		7,973		251
Nielsen Holdings plc		2,831		149
Northrop Grumman Corp.		143		28
Parker Hannifin Corp.		430		48
Pentair plc		524		28
Raytheon Co.		250		31
Republic Services, Inc.		1,984		95
Rockwell Collins, Inc.		86		8
Roper Technologies, Inc.		130		24
Snap-On, Inc.		176		28
Southwest Airlines Co.		2,118		95
Stanley Black & Decker, Inc.		467		49
Stericycle, Inc.(2)		714		90
Textron, Inc.		232		8
United Continental Holdings, Inc.(2)		1,166		70
United Technologies Corp.		633		63
Waste Management, Inc.		3,466		204
Xylem, Inc.		501		20
				3,049
Information Technology—6.7%
Activision Blizzard, Inc.		3,157		107
Adobe Systems, Inc.(2)		1,306		123
Akamai Technologies, Inc.(2)		130		7
Alliance Data Systems Corp.(2)		34		7
Alphabet, Inc. Class A(2)		153		117
Alphabet, Inc. Class C(2)		156		116
Apple, Inc.		1,729		188
Autodesk, Inc.(2)		593		35
Automatic Data Processing, Inc.		253		23

	SHARES		VALUE
Information Technology—continued
CA, Inc.		197	$	6
Citrix Systems, Inc.(2)		407		32
eBay, Inc.(2)		1,455		35
Electronic Arts, Inc.(2)		1,945		129
EMC Corp.		601		16
Equinix REIT, Inc.		161		53
Facebook, Inc. Class A(2)		1,072		122
Fidelity National Information Services, Inc.		152		10
Fiserv, Inc.(2)		126		13
Hewlett Packard Enterprise Co.		558		10
HP, Inc.		560		7
Intuit, Inc.		694		72
MasterCard, Inc. Class A		544		51
Microsoft Corp.		5,259		290
NetApp, Inc.		91		2
Oracle Corp.		2,713		111
Paychex, Inc.		176		10
PayPal Holdings, Inc.(2)		611		24
Red Hat, Inc.(2)		133		10
salesforce.com, Inc.(2)		1,632		120
SanDisk Corp.		62		5
Seagate Technology plc		93		3
Symantec Corp.		524		10
Total System Services, Inc.		93		4
VeriSign, Inc.(2)		70		6
Verisk Analytics, Inc. Class A(2)		1,197		96
Visa, Inc. Class A		1,070		82
Western Digital Corp.		72		3
Western Union Co. (The)		278		5
Xerox Corp.		523		6
Yahoo!, Inc.(2)		1,160		43
				2,109
Materials—4.5%
Ecolab, Inc.		676		75
Freeport-McMoRan Copper & Gold, Inc.		20,983		217
International Flavors & Fragrances, Inc.		204		23
International Paper Co.		2,209		91
Martin Marietta Materials, Inc.		1,028		164
Newmont Mining Corp.		14,929		397
PPG Industries, Inc.		685		76
Sealed Air Corp.		1,052		51
Sherwin-Williams Co. (The)		201		57
Vulcan Materials Co.		2,057		217
Westrock Co.		1,370		54
				1,422
Specialized REIT—0.1%
Extra Space Storage REIT, Inc.		289		27
Telecommunication Services—1.2%
Level 3 Communications, Inc.(2)		7,005		370
Utilities—3.9%
AGL Resources, Inc.		6,025		392
Ameren Corp.		453		23
American Electric Power Co., Inc.		602		40
CenterPoint Energy, Inc.		677		14
CMS Energy Corp.		530		22

	SHARES		VALUE
Utilities—continued
Consolidated Edison, Inc.		531	$	41
Dominion Resources, Inc.		1,070		80
DTE Energy Co.		292		26
Duke Energy Corp.		815		66
Edison International		401		29
Entergy Corp.		234		19
Eversource Energy		381		22
Exelon Corp.		1,111		40
FirstEnergy Corp.		505		18
NextEra Energy, Inc.		552		65
NiSource, Inc.		585		14
PG&E Corp.		896		54
Pinnacle West Capital Corp.		122		9
PPL Corp.		803		31
Public Service Enterprise Group, Inc.		907		43
SCANA Corp.		261		18
Sempra Energy		395		41
Southern Co.		1,088		56
TECO Energy, Inc.		456		13
WEC Energy Group, Inc.		521		31
XCEL Energy, Inc.		539		23
				1,230
TOTAL COMMON STOCKS (Identified Cost $21,611)				22,899
EXCHANGE-TRADED FUND(3)—6.1%
iShares MSCI Taiwan Index Fund		136,900		1,897
TOTAL EXCHANGE-TRADED FUND (Identified Cost $1,901)				1,897
TOTAL LONG TERM INVESTMENTS—79.0%
(Identified Cost $23,512)				24,796
SHORT-TERM INVESTMENTS—15.4%
Money Market Mutual Fund—15.4%
Fidelity Money Market Portfolio – Institutional Shares (Seven-day effective yield 0.390%)(3)		4,831,913		4,832
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,832)				4,832
TOTAL INVESTMENTS—94.4% (Identified Cost $28,344)				29,628	(1)
Other assets and liabilities, net—5.6%				1,772
NET ASSETS—100.0%			$	31,400

Abbreviation:

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

11

VIRTUS GLOBAL EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Country Weightings†
United States	91	%
Taiwan	6
Ireland	1
Switzerland	1
United Kingdom	1
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	22,899	$	22,899
Exchange-Traded Fund		1,897		1,897
Short-TermInvestments		4,832		4,832
Total Investments	$	29,628	$	29,628

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

12

VIRTUS HERZFELD FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
CLOSED END FUNDS(3)—69.1%
Equity Funds—38.2%
Adams Diversified Equity Fund, Inc.		52,189	$	660
Adams Natural Resources Fund, Inc.		52,597		946
Allianzgi Nfj Dividend Interest & Premium Strategy Fund		57,707		707
Alpine Total Dynamic Dividend Fund		126,834		951
BlackRock Science & Technology Trust		115,284		1,960
Boulder Growth & Income Fund, Inc.		261,002		2,049
Cohen & Steers Closed-End Opportunity Fund, Inc.		20,000		218
Cohen & Steers Infrastructure Fund, Inc.		32,435		642
Cornerstone Strategic Value Fund, Inc.		14,183		208
First Trust Energy Infrastructure Fund		28,901		446
Gabelli Dividend & Income Trust (The)		53,938		997
Gabelli Healthcare & WellnessRx Trust (The)		68,857		677
Gabelli Multimedia Trust, Inc.		49,700		365
General American Investors Co., Inc.		27,565		861
Guggenheim Enhanced Equity Income Fund		68,412		499
Liberty All Star Equity Fund		175,426		872
Salient Midstream & MLP Fund		115,986		928
Special Opportunities Fund, Inc.		8,750		114
Tortoise Energy Infrastructure Corp.		26,100		642
Tortoise Mlp Fund, Inc.		30,400		497
Tortoise Pipeline & Energy Fund, Inc.		84,595		1,247
Tri-Continental Corp.		24,736		494
				16,980
Fixed Income Funds—6.2%
First Trust High Income Long/Short Fund		8,940		131
NexPoint Credit Strategies Fund		74,833		1,351
PIMCO Dynamic Credit Income Fund		50,240		876
PIMCO Income Opportunity Fund		5,044		105
PIMCO Income Strategy Fund		30,800		294
				2,757
International Equity Funds—23.0%
Aberdeen Japan Equity Fund, Inc.		71,048		521
Aberdeen Singapore Fund, Inc.		7,300		66
Alpine Global Dynamic Dividend Fund		105,759		902
Brookfield Global Listed Infrastructure Income Fund, Inc.		7,000		79

	SHARES		VALUE
International Equity Funds—continued
Clough Global Opportunities Fund		40,477	$	388
Delaware Enhanced Global Dividend and Income Fund		18,872		173
First Trust Dynamic Europe Equity Income Fund		38,955		650
Japan Smaller Capitalization Fund, Inc.		56,954		550
Korea Fund, Inc. (The)		7,079		230
Macquarie Global Infrastructure Total Return Fund, Inc.		6,230		125
Morgan Stanley China A Share Fund, Inc.		54,450		921
New Germany Fund, Inc. (The)		39,108		551
RMR Real Estate Income Fund		11,278		218
Taiwan Fund, Inc. (The)(2)		30,390		475
Tekla Healthcare Investors		16,105		386
Tekla Healthcare Opportunities Fund		144,003		2,291
Tekla World Healthcare Fund		106,990		1,501
Templeton Dragon Fund, Inc.		12,137		208
				10,235
International Fixed Income Funds—1.7%
Diversified Real Asset Income Fund		19,626		310
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		58,600		448
				758
TOTAL CLOSED END FUNDS (Identified Cost $34,760)				30,730
PREFERRED STOCKS—24.2%
Financials—24.2%
Eagle Point Credit Co, Inc. 7.75%		22,649		573
MVC Capital, Inc. 7.25%		79,111		1,915
Oxford Lane Capital Corp. 7.50%		181,286		4,490
Oxford Lane Capital Corp. 8.125%		151,956		3,799
TOTAL PREFERRED STOCKS (Identified Cost $10,756)				10,777
TOTAL LONG TERM INVESTMENTS—93.3%
(Identified Cost $45,516)				41,507
SHORT-TERM INVESTMENTS—4.0%
Money Market Mutual Fund—4.0%
Fidelity Money Market Portfolio – Institutional Shares (seven-day effective yield 0.390%)(3)		1,788,825		1,789
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,789)				1,789
TOTAL INVESTMENTS—97.3% (Identified Cost $47,305)				43,296	(1)
Other assets and liabilities, net—2.7%				1,182
NET ASSETS—100.0%			$	44,478

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Closed-End Funds	$	30,730	$	30,730	$	—
Preferred Stocks		10,777		10,204		573
Short-Term Invest ments		1,789		1,789		—
Total Investments	$	43,296	$	42,723	$	573

There are no Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $573 were transferred from Level 1 to Level 2 since an exchange price was no longer available.

See Notes to Financial Statements

13

VIRTUS MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—37.0%
Consumer Discretionary—10.3%
Advance Auto Parts, Inc.		961	$	154
Amazon.com, Inc.(2)		1,131		671
AutoNation, Inc.(2)		1,033		48
AutoZone, Inc.(2)		401		320
Cablevision Systems Corp. Class A		1,144		38
CarMax, Inc.(2)		2,766		141
Carnival Corp.		4,441		234
Chipotle Mexican Grill, Inc.(2)		145		68
Comcast Corp. Class A		12,371		756
Darden Restaurants, Inc.		610		40
Dollar General Corp.		3,220		276
Dollar Tree, Inc.(2)		2,750		227
Expedia, Inc.		345		37
Gap, Inc. (The)		2,045		60
Genuine Parts Co.		10,863		1,079
Goodyear Tire & Rubber Co. (The)		30,831		1,017
H&R Block, Inc.		25,476		673
Hasbro, Inc.		5,694		456
Home Depot, Inc. (The)		5,854		781
Horton (D.R.), Inc.		9,340		282
Interpublic Group of Cos., Inc. (The)		21,732		499
L Brands, Inc.		2,657		233
Leggett & Platt, Inc.		5,088		246
Lennar Corp. Class A		5,096		246
Lowe’s Cos., Inc.		4,324		328
Marriott International, Inc. Class A		1,861		133
Mattel, Inc.		17,652		594
McDonald’s Corp.		3,844		483
Mohawk Industries, Inc.(2)		2,377		454
Netflix, Inc.(2)		1,334		136
Newell Rubbermaid, Inc.		16,142		715
NIKE, Inc. Class B		16,928		1,041
O’Reilly Automotive, Inc.(2)		1,319		361
Omnicom Group, Inc.		9,745		811
Priceline Group, Inc. (The)(2)		140		181
PulteGroup, Inc.		9,043		169
Ross Stores, Inc.		4,029		233
Royal Caribbean Cruises Ltd.		1,656		136
Starbucks Corp.		6,150		367
Starwood Hotels & Resorts Worldwide, Inc.		1,628		136
Target Corp.		7,033		579
Time Warner Cable, Inc.		1,439		294
Time Warner, Inc.		2,046		148
TJX Cos., Inc. (The)		6,903		541
TripAdvisor, Inc.(2)		277		18
Twenty-First Century Fox, Inc. Class A		2,996		84
Twenty-First Century Fox, Inc. Class B		1,104		31
Urban Outfitters, Inc.(2)		693		23
Viacom, Inc. Class B		889		37
Walt Disney Co. (The)		3,893		387
Wyndham Worldwide Corp.		1,120		86
Wynn Resorts Ltd.		11,959		1,117
Yum! Brands, Inc.		1,853		152
				18,357

	SHARES		VALUE
Consumer Staples—5.1%
Altria Group, Inc.		7,078	$	444
Brown-Forman Corp. Class B		3,043		300
Campbell Soup Co.		1,222		78
Coca-Cola Co. (The)		11,865		550
Coca-Cola Enterprises, Inc.		836		42
ConAgra Foods, Inc.		2,786		124
Constellation Brands, Inc. Class A		5,176		782
CVS Health Corp.		4,129		428
Dr. Pepper Snapple Group, Inc.		613		55
General Mills, Inc.		3,605		228
Hershey Co. (The)		972		90
Hormel Foods Corp.		1,904		82
J.M. Smucker Co. (The)		501		65
Kellogg Co.		1,294		99
Kraft Heinz Co.(The)		3,506		276
Kroger Co. (The)		19,453		744
McCormick & Co., Inc.		741		74
Mead Johnson Nutrition Co.		1,114		95
Molson Coors Brewing Co. Class B		12,168		1,170
Mondelez International, Inc. Class A		9,575		384
Monster Beverage Corp.(2)		430		57
PepsiCo, Inc.		4,342		445
Philip Morris International, Inc.		5,695		559
Reynolds American, Inc.		4,816		242
SYSCO Corp.		24,965		1,167
Tyson Foods, Inc. Class A		1,386		92
Walgreens Boots Alliance, Inc.		3,248		274
Whole Foods Market, Inc.		6,738		210
				9,156
Energy—0.4%
Marathon Petroleum Corp.		3,546		132
Phillips 66		3,159		274
Tesoro Corp.		801		69
Valero Energy Corp.		3,204		205
				680
Financials—3.8%
Allstate Corp. (The)		3,928		265
American Tower Corp.		2,714		278
AON plc		3,855		403
Apartment Investment & Management Co. Class A		1,886		79
AvalonBay Communities, Inc.		1,717		327
CHUBB Ltd		4,285		511
Cincinnati Financial Corp.		1,423		93
CME Group, Inc.		2,098		201
Crown Castle International Corp.		2,154		186
Equity Residential		4,571		343
Essex Property Trust, Inc.		812		190
Federal Realty Investment Trust		1,041		162
Four Corners Property Trust, Inc.		100		2
General Growth Properties, Inc.		7,870		234

	SHARES		VALUE
Financials—continued
Intercontinental Exchange, Inc.		737	$	173
Iron Mountain, Inc.		1,276		43
Kimco Realty Corp.		5,245		151
Macerich Co. (The)		1,665		132
Marsh & McLennan Cos., Inc.		7,256		441
McGraw-Hill Cos., Inc. (The)		1,677		166
Moody’s Corp.		1,067		103
NASDAQ OMX Group, Inc. (The)		713		47
Progressive Corp. (The)		5,812		204
Public Storage		966		266
Realty Income Corp.		3,353		210
Simon Property Group, Inc.		3,207		666
Travelers Cos., Inc. (The)		2,846		332
UDR, Inc.		3,054		118
Weyerhaeuser Co.		5,205		161
Willis Towers Watson PLC		1,867		222
XL Group plc		2,878		106
				6,815
Health Care—4.1%
Abbott Laboratories		4,061		170
AbbVie, Inc.		2,040		117
Aetna, Inc.		1,327		149
Agilent Technologies, Inc.		3,325		133
Alexion Pharmaceuticals, Inc.(2)		281		39
Allergan plc(2)		281		75
AmerisourceBergen Corp.		1,409		122
Amgen, Inc.		941		141
Anthem, Inc.		1,093		152
Bard (C.R.), Inc.		185		38
Baxalta, Inc.		728		30
Baxter International, Inc.		1,346		55
Becton, Dickinson & Co.		603		92
Biogen, Inc.(2)		278		72
Boston Scientific Corp.(2)		4,021		76
Bristol-Myers Squibb Co.		1,188		76
Cardinal Health, Inc.		2,372		194
Celgene Corp.(2)		981		98
Cigna Corp.		1,036		142
DENTSPLY Sirona, Inc.		20,215		1,246
Edwards Lifesciences Corp.(2)		626		55
Eli Lilly & Co.		695		50
Endo International plc		148		4
Gilead Sciences, Inc.		1,706		157
HCA Holdings, Inc.(2)		5,973		466
Henry Schein, Inc.(2)		598		103
Humana, Inc.		592		108
Illumina, Inc.(2)		1,443		234
Intuitive Surgical, Inc.(2)		91		55
Johnson & Johnson		1,971		213
Mallinckrodt plc		83		5
McKesson Corp.		1,659		261
Medtronic plc		3,749		281
Merck & Co., Inc.		1,990		105
Mylan NV		294		14
Patterson Cos., Inc.		602		28
PerkinElmer, Inc.		1,139		56
Perrigo Co. plc		104		13
Pfizer, Inc.		4,397		130
Regeneron Pharmaceuticals, Inc.(2)		145		52

See Notes to Financial Statements

14

VIRTUS MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Health Care—continued
St. Jude Medical, Inc.		650	$	36
Stryker Corp.		858		92
Tenet Healthcare Corp.(2)		1,897		55
Thermo Fisher Scientific, Inc.		3,772		534
UnitedHealth Group, Inc.		3,737		482
Universal Health Services, Inc. Class B		1,735		216
Varian Medical Systems, Inc.(2)		231		19
Vertex Pharmaceuticals, Inc.(2)		307		24
Waters Corp.(2)		708		93
Zimmer Biomet Holdings, Inc.		517		55
Zoetis, Inc.		326		15
				7,228
Industrials—4.8%
3M Co.		2,137		356
Allegion plc		6,386		407
American Airlines Group, Inc.		5,859		240
Avery Dennison Corp.		1,460		105
Boeing Co. (The)		1,480		188
Cintas Corp.		11,398		1,024
Danaher Corp.		1,810		172
Delta Air Lines, Inc.		7,313		356
Dover Corp.		1,418		91
Dun & Bradstreet Corp.		747		77
Equifax, Inc.		2,588		296
Flowserve Corp.		1,220		54
General Dynamics Corp.		687		90
General Electric Co.		24,015		764
Honeywell International, Inc.		1,862		209
Illinois Tool Works, Inc.		2,811		288
Ingersoll-Rand plc		2,208		137
L-3 Communications Holdings, Inc.		154		18
Lockheed Martin Corp.		590		131
Masco Corp.		22,280		701
Nielsen Holdings plc		7,989		421
Northrop Grumman Corp.		390		77
Parker Hannifin Corp.		1,191		132
Pentair plc		1,424		77
Raytheon Co.		742		91
Republic Services, Inc.		5,674		270
Rockwell Collins, Inc.		204		19
Roper Technologies, Inc.		307		56
Snap-On, Inc.		479		75
Southwest Airlines Co.		6,115		274
Stanley Black & Decker, Inc.		1,295		136
Stericycle, Inc.(2)		2,013		254
Textron, Inc.		552		20
United Continental Holdings, Inc.(2)		3,255		195
United Technologies Corp.		1,877		188
Waste Management, Inc.		9,634		569
Xylem, Inc.		1,428		58
				8,616
Information Technology—3.6%
Activision Blizzard, Inc.		9,499		321
Adobe Systems, Inc.(2)		3,635		341
Akamai Technologies, Inc.(2)		620		34

	SHARES		VALUE
Information Technology—continued
Alliance Data Systems Corp.(2)		101	$	22
Alphabet, Inc. Class A(2)		640		488
Alphabet, Inc. Class C(2)		660		492
Apple, Inc.		5,203		567
Autodesk, Inc.(2)		1,564		91
Automatic Data Processing, Inc.		763		68
CA, Inc.		901		28
Citrix Systems, Inc.(2)		1,208		95
eBay, Inc.(2)		3,415		82
Electronic Arts, Inc.(2)		5,852		387
EMC Corp.		1,809		48
Equinix, Inc.		441		146
Facebook, Inc. Class A(2)		2,983		340
Fidelity National Information Services, Inc.		459		29
Fiserv, Inc.(2)		378		39
Hewlett Packard Enterprise Co.		1,678		30
HP Inc.(2)		1,686		21
Intuit, Inc.		2,014		210
MasterCard, Inc. Class A		1,637		155
Microsoft Corp.		14,760		815
NetApp, Inc.		273		7
Oracle Corp.		7,442		304
Paychex, Inc.		531		29
PayPal Holdings, Inc.(2)		1,838		71
Red Hat, Inc.(2)		305		23
salesforce.com, Inc.(2)		4,647		343
SanDisk Corp.		187		14
Seagate Technology plc		279		10
Symantec Corp.		1,199		22
Total System Services, Inc.		280		13
VeriSign, Inc.(2)		200		18
Verisk Analytics, Inc.(2)		3,460		277
Visa, Inc. Class A		3,218		246
Western Digital Corp.		216		10
Western Union Co. (The)		835		16
Xerox Corp.		1,574		18
Yahoo!, Inc.(2)		3,055		112
				6,382
Materials—2.3%
Ecolab, Inc.		2,034		227
Freeport-McMoRan Copper & Gold, Inc.		63,130		653
International Flavors & Fragrances, Inc.		614		70
International Paper Co.		6,646		273
Martin Marietta Materials, Inc.		2,879		459
Newmont Mining Corp.		41,668		1,107
PPG Industries, Inc.		2,061		230
Sealed Air Corp.		3,165		152
Sherwin-Williams Co. (The)		606		172
Vulcan Materials Co.		5,786		611
Westrock Co.		4,122		161
				4,115
Specialized REITs—0.1%
Extra Space Storage, Inc.		904		84

	SHARES		VALUE
Telecommunication Services—0.6%
Level 3 Communications, Inc.(2)		19,927	$	1,053
Utilities—1.9%
AGL Resources, Inc.		16,733		1,090
Ameren Corp.		1,268		64
American Electric Power Co., Inc.		1,561		104
CenterPoint Energy, Inc.		2,106		44
CMS Energy Corp.		1,486		63
Consolidated Edison, Inc.		1,376		105
Dominion Resources, Inc.		3,052		229
DTE Energy Co.		910		83
Duke Energy Corp.		2,281		184
Edison International		937		67
Entergy Corp.		546		43
Eversource Energy		1,068		62
Exelon Corp.		3,240		116
FirstEnergy Corp.		1,178		42
NextEra Energy, Inc.		1,545		183
NiSource, Inc.		1,819		43
PG&E Corp.		2,439		146
Pinnacle West Capital Corp.		286		21
PPL Corp.		2,142		82
Public Service Enterprise Group, Inc.		2,350		111
SCANA Corp.		609		43
Sempra Energy		1,231		128
Southern Co.		3,124		162
TECO Energy, Inc.		1,418		39
WEC Energy Group, Inc.		1,390		83
XCEL Energy, Inc.		1,509		63
				3,400
TOTAL COMMON STOCKS (Identified Cost $62,189)				65,886
EXCHANGE-TRADED FUNDS(3)—41.0%
iShares 20+ Year Treasury Bond Fund		84,793		11,075
iShares Dow Jones U.S. Real Estate Index Fund		78,647		6,123
iShares iBoxx $ High Yield Corporate Bond Fund		132,207		10,800
iShares iBoxx $ Investment Grade Corporate Bond Fund		92,940		11,043
iShares JPMorgan Emerging Markets Bond Index Fund		102,030		11,259
iShares MSCI Taiwan Index Fund		392,949		5,446
iShares TIPS Bond Fund		96,793		11,096
PowerShares DB Gold Fund(2)		151,952		6,121
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $71,326)				72,963
TOTAL LONG TERM INVESTMENTS—78.0%
(Identified Cost $133,515)				138,849

See Notes to Financial Statements

15

VIRTUS MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
SHORT-TERM INVESTMENTS—17.6%
Money Market Mutual Fund—17.6%
Fidelity Money Market Portfolio – Institutional Shares (seven-day effective yield 0.390%)(3)		31,352,622	$	31,353
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $31,353)				31,353
TOTAL INVESTMENTS—95.6% (Identified Cost $164,868)				170,202	(1)
Other assets and liabilities, net—4.4%				7,856
NET ASSETS—100.0%			$	178,058

Abbreviations:

REIT Real Estate Investment Trust

TIPS Treasury-Inflation Protected Securities

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	65,886	$	65,886
Exchange-Traded Funds		72,963		72,963
Short-Term Invest ments		31,353		31,353
Total Investments	$	170,202	$	170,202

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

16

VIRTUS SECTOR TREND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—100.1%
Consumer Discretionary—19.3%
Advance Auto Parts, Inc.		2,540	$	407
Amazon.com, Inc.(2)		13,380		7,943
AutoNation, Inc.(2)		2,560		120
AutoZone, Inc.(2)		1,040		829
Bed Bath & Beyond, Inc.(2)		5,670		281
Best Buy Co., Inc.		9,770		317
BorgWarner, Inc.		7,580		291
Cablevision Systems Corp. Class A		7,710		254
CarMax, Inc.(2)		6,780		346
Carnival Corp.		15,620		824
CBS Corp. Class B		14,620		805
Chipotle Mexican Grill, Inc.(2)		1,040		490
Coach, Inc.		9,630		386
Comcast Corp. Class A		84,370		5,153
Darden Restaurants, Inc.		4,000		265
Delphi Automotive plc		9,620		722
Discovery Communications, Inc. Class A(2)		5,200		149
Discovery Communications, Inc. Class C(2)		8,250		223
Dollar General Corp.		10,080		863
Dollar Tree, Inc.(2)		8,140		671
Expedia, Inc.		4,100		442
Ford Motor Co.		135,200		1,825
GameStop Corp. Class A		3,620		115
Gap, Inc. (The)		7,840		231
Garmin Ltd.		4,070		163
General Motors Co.		48,740		1,532
Genuine Parts Co.		5,180		515
Goodyear Tire & Rubber Co. (The)		9,260		305
H&R Block, Inc.		8,180		216
Hanesbrands, Inc.		13,580		385
Harley-Davidson, Inc.		6,380		327
Harman International Industries, Inc.		2,460		219
Hasbro, Inc.		3,890		312
Home Depot, Inc. (The)		43,960		5,866
Horton (D.R.), Inc.		11,410		345
Interpublic Group of Cos., Inc. (The)		13,940		320
Johnson Controls, Inc.		22,480		876
Kohl’s Corp.		6,580		307
L Brands, Inc.		8,830		775
Leggett & Platt, Inc.		4,700		227
Lennar Corp. Class A		6,240		302
Lowe’s Cos., Inc.		31,730		2,404
Macy’s, Inc.		10,760		474
Marriott International, Inc. Class A		6,590		469
Mattel, Inc.		11,790		396
McDonald’s Corp.		31,260		3,929
Michael Kors Holdings Ltd.(2)		6,220		354
Mohawk Industries, Inc.(2)		2,200		420
Netflix, Inc.(2)		14,840		1,517
Newell Rubbermaid, Inc.		9,260		410
News Corp. Class A		13,170		168
News Corp. Class B		3,730		49
NIKE, Inc. Class B		46,810		2,877
Nordstrom, Inc.		4,450		255
O’Reilly Automotive, Inc.(2)		3,370		922

	SHARES		VALUE
Consumer Discretionary—continued
Omnicom Group, Inc.		8,300	$	691
Phillips-Van Heusen Corp.		2,840		281
Priceline Group, Inc. (The)(2)		1,720		2,217
PulteGroup, Inc.		11,010		206
Ralph Lauren Corp.		2,010		193
Ross Stores, Inc.		14,040		813
Royal Caribbean Cruises Ltd.		5,880		483
Scripps Networks Interactive, Inc. Class A		3,280		215
Signet Jewelers Ltd.		2,750		341
Staples, Inc.		22,390		247
Starbucks Corp.		51,250		3,060
Starwood Hotels & Resorts Worldwide, Inc.		5,850		488
Target Corp.		20,880		1,718
TEGNA, Inc.		7,610		179
Tiffany & Co.		3,860		283
Time Warner Cable, Inc.		9,820		2,009
Time Warner, Inc.		27,400		1,988
TJX Cos., Inc. (The)		23,210		1,819
Tractor Supply Co.		4,630		419
TripAdvisor, Inc.(2)		3,950		263
Twenty-First Century Fox, Inc. Class A		38,820		1,082
Twenty-First Century Fox, Inc. Class B		14,950		422
Under Armour, Inc. Class A(2)		6,290		534
Urban Outfitters, Inc.(2)		3,010		100
VF Corp.		11,770		762
Viacom, Inc. Class B		12,010		496
Walt Disney Co. (The)		52,050		5,169
Whirlpool Corp.		2,670		482
Wyndham Worldwide Corp.		3,900		298
Wynn Resorts Ltd.		2,820		263
Yum! Brands, Inc.		14,170		1,160
				80,269
Consumer Staples—20.5%
Altria Group, Inc.		80,890		5,069
Archer-Daniels-Midland Co.		29,300		1,064
Brown-Forman Corp. Class B		5,340		526
Campbell Soup Co.		10,460		667
Church & Dwight Co., Inc.		5,870		541
Clorox Co. (The)		6,900		870
Coca-Cola Co. (The)		175,880		8,159
Coca-Cola Enterprises, Inc.		11,540		586
Colgate-Palmolive Co.		41,320		2,919
ConAgra Foods, Inc.		22,890		1,021
Constellation Brands, Inc. Class A		11,920		1,801
Costco Wholesale Corp.		20,740		3,268
CVS Health Corp.		50,560		5,245
Dr. Pepper Snapple Group, Inc.		10,140		907
Estee Lauder Cos., Inc. (The) Class A		11,360		1,071
General Mills, Inc.		28,640		1,814
Hershey Co. (The)		7,600		700
Hormel Foods Corp.		17,310		748
J.M. Smucker Co. (The)		6,530		848
Kellogg Co.		13,000		995
Kimberly-Clark Corp.		17,130		2,304
Kraft Heinz Co. (The)		27,120		2,131
Kroger Co. (The)		49,120		1,879

	SHARES		VALUE
Consumer Staples—continued
McCormick & Co., Inc.		6,380	$	635
Mead Johnson Nutrition Co.		9,130		776
Molson Coors Brewing Co. Class B		10,630		1,022
Mondelez International, Inc. Class A		66,700		2,676
Monster Beverage Corp.(2)		7,780		1,038
PepsiCo, Inc.		37,550		3,848
Philip Morris International, Inc.		70,280		6,895
Procter & Gamble Co. (The)		118,610		9,763
Reynolds American, Inc.		41,800		2,103
SYSCO Corp.		25,840		1,207
Tyson Foods, Inc. Class A		17,340		1,156
Wal-Mart Stores, Inc.		70,560		4,833
Walgreens Boots Alliance, Inc.		41,290		3,478
Whole Foods Market, Inc.		15,980		497
				85,060
Industrials—19.8%
3M Co.		27,940		4,656
ADT Corp. (The)		6,400		264
Allegion plc		3,680		234
American Airlines Group, Inc.		24,400		1,001
Ametek, Inc.		9,270		463
Avery Dennison Corp.		4,040		291
Boeing Co. (The)		28,840		3,661
Caterpillar, Inc.		28,280		2,165
Cintas Corp.		4,110		369
CSX Corp.		52,260		1,346
Cummins, Inc.		13,570		1,492
Danaher Corp.		30,030		2,849
Deere & Co.		15,200		1,170
Delta Air Lines, Inc.		34,280		1,669
Dover Corp.		7,280		468
Dun & Bradstreet Corp.		1,420		146
Eaton Corp. plc		25,460		1,593
Emerson Electric Co.		31,060		1,689
Equifax, Inc.		7,220		825
Expeditors International of Washington, Inc.		7,200		351
Fastenal Co.		11,170		547
FedEx Corp.		12,290		2,000
Flowserve Corp.		5,120		227
Fluor Corp.		7,940		426
General Dynamics Corp.		14,320		1,881
General Electric Co.		313,020		9,951
Honeywell International, Inc.		36,530		4,093
Hunt (JB) Transport Services, Inc.		3,540		298
Illinois Tool Works, Inc.		15,720		1,610
Ingersoll-Rand plc		10,090		626
Jacobs Engineering Group, Inc.(2)		4,750		207
Kansas City Southern		4,260		364
L-3 Communications Holdings, Inc.		3,060		363
Lockheed Martin Corp.		12,540		2,778
Masco Corp.		14,440		454
Nielsen Holdings plc		16,610		875
Norfolk Southern Corp.		15,580		1,297
Northrop Grumman Corp.		8,730		1,728
PACCAR, Inc.		18,580		1,016
Parker Hannifin Corp.		7,710		856
Pentair plc		6,970		378

See Notes to Financial Statements

17

VIRTUS SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Industrials—continued
Pitney Bowes, Inc.		8,830	$	190
Quanta Services, Inc.(2)		6,120		138
Raytheon Co.		14,690		1,801
Republic Services, Inc.		9,370		447
Robert Half International, Inc.		7,300		340
Robinson (C.H.) Worldwide, Inc.		5,540		411
Rockwell Automation, Inc.		7,680		874
Rockwell Collins, Inc.		6,600		609
Roper Technologies, Inc.		4,530		828
Ryder System, Inc.		3,720		241
Snap-On, Inc.		2,250		353
Southwest Airlines Co.		31,110		1,394
Stanley Black & Decker, Inc.		6,930		729
Stericycle, Inc.(2)		3,270		413
Textron, Inc.		13,350		487
Tyco International Ltd.		19,330		710
Union Pacific Corp.		40,930		3,256
United Continental Holdings, Inc.(2)		14,520		869
United Parcel Service, Inc. Class B		31,480		3,320
United Rentals, Inc.(2)		3,550		221
United Technologies Corp.		36,480		3,652
W.W. Grainger, Inc.		2,940		686
Waste Management, Inc.		20,540		1,212
Xylem, Inc.		6,990		286
				82,144
Information Technology—13.4%
Accenture plc Class A		9,360		1,080
Activision Blizzard, Inc.		7,540		255
Adobe Systems, Inc.(2)		7,390		693
Akamai Technologies, Inc.(2)		2,980		166
Alliance Data Systems Corp.(2)		860		189
Alphabet, Inc. Class A(2)		4,340		3,311
Alphabet, Inc. Class C(2)		4,410		3,285
Amphenol Corp. Class A		4,910		284
Analog Devices, Inc.		4,800		284
Apple, Inc.		81,740		8,909
Applied Materials, Inc.		16,840		357
Autodesk, Inc.(2)		3,600		210
Automatic Data Processing, Inc.		6,970		625
Broadcom Ltd.		5,380		831
CA, Inc.		4,630		143
Cisco Systems, Inc.		74,630		2,125
Citrix Systems, Inc.(2)		2,440		192
Cognizant Technology Solutions Corp. Class A(2)		9,400		589
Corning, Inc.		16,680		348
CSRA, Inc.		2,210		59
eBay, Inc.(2)		16,160		386
Electronic Arts, Inc.(2)		5,000		331
EMC Corp.		29,290		781
F5 Networks, Inc.(2)		990		105
Facebook, Inc. Class A(2)		33,650		3,839
Fidelity National Information Services, Inc.		4,520		286
First Solar, Inc.(2)		1,180		81
Fiserv, Inc.(2)		3,530		362
FLIR Systems, Inc.		2,190		72
Harris Corp.		2,010		156
Hewlett Packard Enterprise Co.		20,920		371
HP Inc.(2)		20,420		252

	SHARES		VALUE
Information Technology—continued
Intel Corp.		59,530	$	1,926
International Business Machines Corp.		13,070		1,979
Intuit, Inc.		3,980		414
Juniper Networks, Inc.		5,480		140
KLA-Tencor Corp.		2,470		180
Lam Research Corp.		2,350		194
Linear Technology Corp.		3,780		168
MasterCard, Inc. Class A		14,770		1,396
Microchip Technology, Inc.		3,320		160
Micron Technology, Inc.(2)		15,620		164
Microsoft Corp.		118,270		6,532
Motorola Solutions, Inc.		2,400		182
NetApp, Inc.		4,480		122
NVIDIA Corp.		7,650		273
Oracle Corp.		46,320		1,895
Paychex, Inc.		5,020		271
PayPal Holdings, Inc.(2)		16,070		620
Qorvo Inc(2)		1,850		93
QUALCOMM, Inc.		22,170		1,134
Red Hat, Inc.(2)		2,930		218
salesforce.com, Inc.(2)		10,130		748
SanDisk Corp.		3,210		244
Seagate Technology plc		4,240		146
Skyworks Solutions, Inc.		2,790		217
Symantec Corp.		10,110		186
TE Connectivity Ltd.		5,460		338
Teradata Corp.(2)		2,170		57
Texas Instruments, Inc.		15,070		865
Total System Services, Inc.		2,830		135
VeriSign, Inc.(2)		1,600		142
Verisk Analytics, Inc.(2)		6,050		483
Visa, Inc. Class A		28,460		2,177
Western Digital Corp.		3,310		156
Western Union Co. (The)		7,730		149
Xerox Corp.		15,200		170
Xilinx, Inc.		4,020		191
Yahoo!, Inc.(2)		12,860		473
				55,895
Materials—4.9%
Air Products & Chemicals, Inc.		7,060		1,017
Airgas, Inc.		2,820		399
Alcoa, Inc.		55,710		534
Ball Corp.		6,090		434
CF Industries Holdings, Inc.		10,030		314
Dow Chemical Co. (The)		45,000		2,289
Du Pont (E.I.) de Nemours & Co.		35,140		2,225
Eastman Chemical Co.		6,360		459
Ecolab, Inc.		10,730		1,197
FMC Corp.		6,080		245
Freeport-McMoRan Copper & Gold, Inc.		54,810		567
International Flavors & Fragrances, Inc.		3,440		391
International Paper Co.		17,290		710
LyondellBasell Industries N.V. Class A		13,920		1,191
Martin Marietta Materials, Inc.		2,780		443
Monsanto Co.		17,880		1,569
Mosaic Co. (The)		15,540		420
Newmont Mining Corp.		22,890		608
Nucor Corp.		13,510		639

	SHARES		VALUE
Materials—continued
Owens-Illinois, Inc.(2)		8,230	$	131
PPG Industries, Inc.		9,200		1,026
Praxair, Inc.		8,960		1,026
Sealed Air Corp.		8,500		408
Sherwin-Williams Co. (The)		3,260		928
Vulcan Materials Co.		5,660		598
Westrock Co.		10,830		423
				20,191
Telecommunication Services—1.8%
AT&T, Inc.		92,910		3,639
CenturyLink, Inc.		8,510		272
Frontier Communications Corp.		21,030		118
Level 3 Communications, Inc.(2)		4,360		230
Verizon Communications, Inc.		61,510		3,327
				7,586
Utilities—20.4%
AES Corp. (The)		90,590		1,069
AGL Resources, Inc.		16,570		1,079
Ameren Corp.		33,410		1,674
American Electric Power Co., Inc.		68,120		4,523
American Water Works Co., Inc.		25,010		1,724
CenterPoint Energy, Inc.		60,530		1,266
CMS Energy Corp.		39,140		1,661
Consolidated Edison, Inc.		40,560		3,108
Dominion Resources, Inc.		82,830		6,222
DTE Energy Co.		24,940		2,261
Duke Energy Corp.		87,650		7,072
Edison International		44,740		3,216
Entergy Corp.		24,710		1,959
Eversource Energy		43,830		2,557
Exelon Corp.		126,880		4,550
FirstEnergy Corp.		58,600		2,108
NextEra Energy, Inc.		63,500		7,515
NiSource, Inc.		45,380		1,069
NRG Energy, Inc.		44,100		574
PG&E Corp.		67,850		4,052
Pinnacle West Capital Corp.		15,730		1,181
PPL Corp.		93,810		3,571
Public Service Enterprise Group, Inc.		69,700		3,286
SCANA Corp.		19,560		1,372
Sempra Energy		32,410		3,372
Southern Co.		125,040		6,468
TECO Energy, Inc.		32,990		908
WEC Energy Group, Inc.		43,620		2,620
XCEL Energy, Inc.		70,770		2,960
				84,997
TOTAL COMMON STOCKS (Identified Cost $392,423)				416,142
TOTAL LONG TERM INVESTMENTS—100.1%
(Identified Cost $392,423)				416,142
TOTAL INVESTMENTS—100.1% (Identified Cost $392,423)				416,142	(1)
Other assets and liabilities, net—(0.1)%				(406	)
NET ASSETS—100.0%			$	415,736

See Notes to Financial Statements

18

VIRTUS SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	416,142	$	416,142
Total Investments	$	416,142	$	416,142

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

19

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2016 (Unaudited)

(Reported in thousands except shares and per share amounts)

	Alternatives Diversifier Fund			Equity Trend Fund			Global Equity Trend Fund
Assets
Investment in unaffiliated securities at value(1)	$	27,938		$	1,444,732		$	29,628
Investments in affiliated funds at value(2)		31,284			—			—
Cash		300			14,967			2,000	��
Receivables
Fund shares sold		11			405			2
Dividends and interest receivable		17			1,700			31
Prepaid expenses		21			23			26
Total assets		59,571			1,461,827			31,687
Liabilities
Payables
Fund shares repurchased		200			11,527			214
Investment advisory fees		—			964			26
Investment securities purchased		62			—			—
Distribution and service fees		22			617			15
Administration fees		6			143			4
Transfer agent fees and expenses		36			667			11
Trustees’ fees and expenses		—	(3)		5			—	(3)
Professional fees		12			24			12
Other accrued expenses		2			195			5
Total liabilities		340			14,142			287
Net Assets	$	59,231		$	1,447,685		$	31,400
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	132,078		$	1,866,491		$	46,040
Accumulated undistributed net investment income (loss)		330			(12,147	)		(917	)
Accumulated undistributed net realized gain (loss)		(80,019	)		(484,272	)		(15,007	)
Net unrealized appreciation (depreciation) on investments		6,842			77,613			1,284
Net Assets	$	59,231		$	1,447,685		$	31,400
Class A
Net asset value (net assets/shares outstanding) per share	$	10.14		$	11.79		$	9.42
Maximum offering price per share NAV/(1–5.75%)	$	10.76		$	12.51		$	9.99
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,819,875			32,430,900			1,229,677
Net Assets	$	18,445		$	382,321		$	11,585
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	10.03		$	11.49		$	9.22
Shares of beneficial interest outstanding, no par value, unlimited authorization		2,103,365			54,030,886			1,611,964
Net Assets	$	21,099		$	620,563		$	14,867
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	10.13		$	11.85		$	9.47
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,943,377			37,510,545			522,545
Net Assets	$	19,687		$	444,626		$	4,948
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	—		$	11.87		$	—
Shares of beneficial interest outstanding, no par value, unlimited authorization		—			14,720			—
Net Assets	$	—		$	175		$	—
(1) Investment in unaffiliated securities at cost	$	29,852		$	1,367,121		$	28,344
(2) Investments in affiliated funds at cost	$	22,527		$	—		$	—
(3) Amount is less than $500.

See Notes to Financial Statements

20

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2016 (Unaudited)

(Reported in thousands except shares and per share amounts)

	Herzfeld Fund			Multi-Asset Trend Fund			Sector Trend Fund
Assets
Investment in unaffiliated securities at value(1)	$	43,296		$	170,202		$	416,142
Cash		750			9,000			512
Receivables
Investment securities sold		607			—			—
Fund shares sold		35			35			396
Dividends and interest receivable		62			93			599
Prepaid expenses		24			24			36
Total assets		44,774			179,354			417,685
Liabilities
Payables
Fund shares repurchased		176			939			1,393
Investment securities purchased		43			—			—
Investment advisory fees		33			153			157
Distribution and service fees		14			95			168
Administration fees		5			18			39
Transfer agent fees and expenses		16			56			142
Trustees’ fees and expenses		—	(2)		1			2
Professional fees		9			13			12
Other accrued expenses		—	(2)		21			36
Total liabilities		296			1,296			1,949
Net Assets	$	44,478		$	178,058		$	415,736
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	49,539		$	214,055		$	466,621
Accumulated undistributed net investment income (loss)		94			(3,664	)		(196	)
Accumulated undistributed net realized gain (loss)		(1,146	)		(37,667	)		(74,408	)
Net unrealized appreciation (depreciation) on investments		(4,009	)		5,334			23,719
Net Assets	$	44,478		$	178,058		$	415,736
Class A
Net asset value (net assets/shares outstanding) per share	$	9.95		$	9.74		$	11.00
Maximum offering price per share NAV/(1–5.75%)	$	10.56		$	10.33		$	11.67
Shares of beneficial interest outstanding, no par value, unlimited authorization		763,366			3,844,702			12,252,185
Net Assets	$	7,597		$	37,456		$	134,781
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	9.91		$	9.58		$	10.80
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,501,664			10,607,734			15,422,726
Net Assets	$	14,888		$	101,581		$	166,560
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	9.97		$	9.76		$	10.98
Shares of beneficial interest outstanding, no par value, unlimited authorization		2,206,715			3,997,792			10,421,354
Net Assets	$	21,993		$	39,021		$	114,395
(1) Investment in unaffiliated securities at cost	$	47,305		$	164,868		$	392,423
(2) Amount is less than $500.

See Notes to Financial Statements

21

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	Alternatives Diversifier Fund			Equity Trend Fund			Global Equity Trend Fund
Investment Income
Dividends	$	121		$	10,577		$	239
Dividends from affiliated funds		515			—			—
Interest		—			37			2
Total investment income		636			10,614			241
Expenses
Investment advisory fees		—			7,978			232
Service fees, Class A		27			551			18
Distribution and service fees, Class C		114			3,277			94
Administration fees		43			990			29
Transfer agent fees and expenses		70			1,117			39
Registration fees		25			173			29
Printing fees and expenses		7			139			5
Custodian fees		1			21			1
Professional fees		11			22			11
Trustees’ fees and expenses		2			56			2
Miscellaneous expenses		3			98			4
Total expenses		303			14,422			464
Less expenses reimbursed and/or waived by investment adviser		—			(491	)		(4	)
Earnings credit from custodian		—	(1)		—			—
Net expenses		303			13,931			460
Net investment income (loss)		333			(3,317	)		(219	)
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(2,699	)		(85,994	)		(2,419	)
Net realized gain (loss) on affiliated investments		2,364			—			—
Capital gain distributions from affiliated funds		1,939			—			—
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(2,817	)		59,106			942
Net change in unrealized appreciation (depreciation) on affiliated investments		2,043			—			—
Net gain (loss) on investments		830			(26,888	)		(1,477	)
Net increase (decrease) in net assets resulting from operations	$	1,163		$	(30,205	)	$	(1,696	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

22

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Continued)

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	Herzfeld Fund			Multi-Asset Trend Fund			Sector Trend Fund
Investment Income
Dividends	$	1,494		$	1,327		$	3,857
Interest		—			9			13
Total investment income		1,494			1,336			3,870
Expenses
Investment advisory fees		219			1,090			1,033
Service fees, Class A		10			58			177
Distribution and service fees, Class C		75			593			909
Administration fees		28			136			285
Transfer agent fees and expenses		33			163			323
Registration fees		24			41			128
Printing fees and expenses		3			20			38
Custodian fees		1			2			4
Professional fees		10			11			13
Trustees’ fees and expenses		1			8			15
Miscellaneous expenses		2			12			19
Total expenses		406			2,134			2,944
Less expenses reimbursed and/or waived by investment adviser		(25	)		—			—
Earnings credit from custodian		—	(1)		—			—
Net expenses		381			2,134			2,944
Net investment income (loss)		1,113			(798	)		926
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(2,644	)		(7,542	)		(26,486	)
Capital gain distributions from underlying funds		2,050			—			—
Net change in unrealized appreciation (depreciation) on investments		378			3,483			26,815
Net gain (loss) on investments		(216	)		(4,059	)		329
Net increase (decrease) in net assets resulting from operations	$	897		$	(4,857	)	$	1,255

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

23

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Alternatives Diversifier Fund						Equity Trend Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	333		$	1,799		$	(3,317	)	$	(15,311	)
Net realized gain (loss)		1,604			400			(85,994	)		179,217
Net change in unrealized appreciation (depreciation)		(774	)		(12,509	)		59,106			(738,910	)
Increase (decrease) in net assets resulting from operations		1,163			(10,310	)		(30,205	)		(575,004	)
From Distributions to Shareholders
Net investment income, Class A		(140	)		(652	)		—			(816	)
Net investment income, Class C		(97	)		(386	)		—			—
Net investment income, Class I		(177	)		(977	)		—			(4,384	)
Net realized short-term gains, Class A		—			—			—			(96,936	)
Net realized short-term gains, Class C		—			—			—			(98,311	)
Net realized short-term gains, Class I		—			—			—			(160,323	)
Net realized short-term gains, Class R6		—			—			—			(5	)
Net realized long-term gains, Class A		—			—			—			(286,197	)
Net realized long-term gains, Class C		—			—			—			(289,362	)
Net realized long-term gains, Class I		—			—			—			(473,696	)
Net realized long-term gains, Class R6		—			—			—			(15	)
Decrease in net assets from distributions to shareholders		(414	)		(2,015	)		—			(1,410,045	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(7,185	)		(9,920	)		(129,597	)		(984,779	)
Change in net assets from share transactions, Class C		(4,796	)		(8,585	)		(111,649	)		(668,784	)
Change in net assets from share transactions, Class I		(11,094	)		(12,643	)		(142,225	)		(2,373,748	)
Change in net assets from share transactions, Class R6		—			—			85			120
Increase (decrease) in net assets from share transactions		(23,075	)		(31,148	)		(383,386	)		(4,027,191	)
Net increase (decrease) in net assets		(22,326	)		(43,473	)		(413,591	)		(6,012,240	)
Net Assets
Beginning of fiscal year		81,557			125,030			1,861,276			7,873,516
End of fiscal year	$	59,231		$	81,557		$	1,447,685		$	1,861,276
Accumulated undistributed net investment income (loss) at end of fiscal year	$	330		$	411		$	(12,147	)	$	(8,830	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

24

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Global Equity Trend Fund						Herzfeld Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	(219	)	$	(487	)	$	1,113		$	929
Net realized gain (loss)		(2,419	)		(8,221	)		(594	)		218
Net change in unrealized appreciation (depreciation)		942			(10,115	)		378			(4,845	)
Increase (decrease) in net assets resulting from operations		(1,696	)		(18,823	)		897			(3,698	)
From Distributions to Shareholders
Net investment income, Class A		—			(271	)		(177	)		(283	)
Net investment income, Class C		—			—			(292	)		(365	)
Net investment income, Class I		—			(467	)		(550	)		(414	)
Net realized short-term gains, Class A		—			(1,492	)		—			(122	)
Net realized short-term gains, Class C		—			(1,771	)		—			(166	)
Net realized short-term gains, Class I		—			(1,788	)		—			(74	)
Net realized long-term gains, Class A		—			(3,944	)		(78	)		(104	)
Net realized long-term gains, Class C		—			(4,687	)		(153	)		(143	)
Net realized long-term gains, Class I		—			(4,759	)		(234	)		(69	)
Decrease in net assets from distributions to shareholders		—			(19,179	)		(1,484	)		(1,740	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(6,478	)		(45,890	)		(744	)		428
Change in net assets from share transactions, Class C		(6,772	)		(36,615	)		159			6,251
Change in net assets from share transactions, Class I		(10,551	)		(70,130	)		7,417			13,715
Increase (decrease) in net assets from share transactions		(23,801	)		(152,635	)		6,832			20,394
Net increase (decrease) in net assets		(25,497	)		(190,637	)		6,245			14,956
Net Assets
Beginning of fiscal year		56,897			247,534			38,233			23,277
End of fiscal year	$	31,400		$	56,897		$	44,478		$	38,233
Accumulated undistributed net investment income (loss) at end of fiscal year	$	(917	)	$	(698	)	$	94		$	—

See Notes to Financial Statements

25

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Multi-Asset Trend Fund						Sector Trend Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	(798	)	$	(2,088	)	$	926		$	1,801
Net realized gain (loss)		(7,542	)		(20,676	)		(26,486	)		94,402
Net change in unrealized appreciation (depreciation)		3,483			(21,205	)		26,815			(139,165	)
Increase (decrease) in net assets resulting from operations		(4,857	)		(43,969	)		1,255			(42,962	)
From Distributions to Shareholders
Net investment income, Class A		(41	)		(516	)		(986	)		(1,055	)
Net investment income, Class C		—	(1)		—			—			(406	)
Net investment income, Class I		(244	)		(1,292	)		(1,649	)		(1,161	)
Net realized short-term gains, Class A		—			(3,223	)		—			(13,616	)
Net realized short-term gains, Class C		—			(7,394	)		—			(13,013	)
Net realized short-term gains, Class I		—			(6,241	)		—			(12,582	)
Net realized long-term gains, Class A		—			(7,765	)		—			(59,091	)
Net realized long-term gains, Class C		—			(17,829	)		—			(56,735	)
Net realized long-term gains, Class I		—			(15,105	)		—			(54,658	)
Decrease in net assets from distributions to shareholders		(285	)		(59,365	)		(2,635	)		(212,317	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(16,757	)		(68,771	)		(21,716	)		(72,892	)
Change in net assets from share transactions, Class C		(34,777	)		(146,112	)		(39,938	)		(2,219	)
Change in net assets from share transactions, Class I		(33,231	)		(206,162	)		(54,522	)		(62,196	)
Increase (decrease) in net assets from share transactions		(84,765	)		(421,045	)		(116,176	)		(137,307	)
Net increase (decrease) in net assets		(89,907	)		(524,379	)		(117,556	)		(392,586	)
Net Assets
Beginning of fiscal year		267,965			792,344			533,292			925,878
End of fiscal year	$	178,058		$	267,965		$	415,736		$	533,292
Accumulated undistributed net investment income (loss) at end of fiscal year	$	(3,664	)	$	(2,581	)	$	(196	)	$	1,513

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

26

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)(2)		Capital Gains Distributions Received from Affiliated Funds(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Alternatives
Diversifier Fund
Class A
10/1/15 to 3/31/16(13)		$	9.99		0.06		0.28		(0.12	)		0.22			(0.07	)		(0.07	)		0.15			$	10.14		2.18	%(4)		$	18,445		0.73	%(3)(9)		0.73	%(3)		1.14	%(3)		26	%(4)
10/1/14 to 9/30/15			11.31		0.19		0.09		(1.39	)		(1.11	)		(0.21	)		(0.21	)		(1.32	)			9.99		(10.02	)			25,377		0.64			0.64			1.77			46
10/1/13 to 9/30/14			10.97		0.15		0.07		0.25			0.47			(0.13	)		(0.13	)		0.34				11.31		4.28				39,076		0.65			0.65			1.32			27
10/1/12 to 9/30/13			11.10		0.21		—		(0.13	)		0.08			(0.21	)		(0.21	)		(0.13	)			10.97		0.73				51,339		0.58	(7)		0.63			1.93			24
10/1/11 to 9/30/12			9.68		0.10		—		1.38			1.48			(0.06	)		(0.06	)		1.42				11.10		15.37				65,463		0.45			0.65			0.95			29
10/1/10 to 9/30/11(11)			10.05		0.21		0.07		(0.49	)		(0.21	)		(0.16	)		(0.16	)		(0.37	)			9.68		(2.12	)			79,103		0.45			0.65			1.96			18
Class C
10/1/15 to 3/31/16(13)		$	9.90		0.02		0.28		(0.13	)		0.17			(0.04	)		(0.04	)		0.13			$	10.03		1.76	%(4)		$	21,099		1.48	%(3)(9)		1.48	%(3)		0.40	%(3)		26	%(4)
10/1/14 to 9/30/15			11.21		0.11		0.09		(1.39	)		(1.19	)		(0.12	)		(0.12	)		(1.31	)			9.90		(10.66	)			25,637		1.39			1.39			1.02			46
10/1/13 to 9/30/14			10.83		0.07		0.07		0.25			0.39			(0.01	)		(0.01	)		0.38				11.21		3.47				38,005		1.40			1.40			0.58			27
10/1/12 to 9/30/13			10.93		0.13		—		(0.13	)		—			(0.10	)		(0.10	)		(0.10	)			10.83		(0.05	)			44,850		1.33	(7)		1.38			1.22			24
10/1/11 to 9/30/12			9.55		0.02		—		1.36			1.38			—			—			1.38				10.93		14.45				57,336		1.20			1.40			0.20			29
10/1/10 to 9/30/11(11)			9.95		0.13		0.07		(0.48	)		(0.28	)		(0.12	)		(0.12	)		(0.40	)			9.55		(2.82	)			66,411		1.20			1.40			1.20			18
Class I
10/1/15 to 3/31/16(13)		$	9.98		0.07		0.28		(0.13	)		0.22			(0.07	)		(0.07	)		0.15			$	10.13		2.26	%(4)		$	19,687		0.47	%(3)(9)		0.47	%(3)		1.35	%(3)		26	%(4)
10/1/14 to 9/30/15			11.30		0.22		0.09		(1.39	)		(1.08	)		(0.24	)		(0.24	)		(1.32	)			9.98		(9.77	)			30,543		0.39			0.39			1.99			46
10/1/13 to 9/30/14			10.98		0.18		0.08		0.24			0.50			(0.18	)		(0.18	)		0.32				11.30		4.52				47,949		0.40			0.40			1.56			27
10/1/12 to 9/30/13			11.12		0.16		—		(0.05	)		0.11			(0.25	)		(0.25	)		(0.14	)			10.98		1.00				111,396		0.36	(7)		0.38			1.48			24
10/1/11 to 9/30/12			9.70		0.13		—		1.38			1.51			(0.09	)		(0.09	)		1.42				11.12		15.63				37,590		0.20			0.40			1.21			29
10/1/10 to 9/30/11(11)			10.06		0.23		0.06		(0.48	)		(0.19	)		(0.17	)		(0.17	)		(0.36	)			9.70		(1.89	)			36,495		0.20			0.39			2.16			18

The footnote legend is at the end of the Financial Highlights

See Notes to Financial Statements

27

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (In thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Equity Trend
Fund
Class A
10/1/15 to 3/31/16(13)		$	12.14		(0.01	)		(0.34	)		(0.35	)		—			—			—			(0.35	)		$	11.79		(2.88	)%(4)		$	382,321		1.53	%(3)(7)		1.58	%(3)		(0.20	)%(3)		165	%(4)
10/1/14 to 9/30/15			17.39		(0.03	)		(1.79	)		(1.82	)		(0.01	)		(3.42	)		(3.43	)		(5.25	)			12.14		(12.79	)			520,337		1.60	(12)		1.60			(0.22	)		674
10/1/13 to 9/30/14			15.52		0.06			2.29			2.35			(0.04	)		(0.44	)		(0.48	)		1.87				17.39		15.31				2,044,955		1.61	(12)		1.61			0.36			227
10/1/12 to 9/30/13			13.43		0.11			2.09			2.20			(0.11	)		—			(0.11	)		2.09				15.52		16.50				1,937,456		1.62	(12)		1.62			0.75			140
10/1/11 to 9/30/12			11.69		0.10			1.73			1.83			(0.09	)		—			(0.09	)		1.74				13.43		15.74				1,323,109		1.64			1.64			0.80			297
10/1/10 to 9/30/11			11.17		0.10			0.52			0.62			(0.08	)		(0.02	)		(0.10	)		0.52				11.69		5.47				958,603		1.67	(10)		1.67			0.80			247
Class C
10/1/15 to 3/31/16(13)		$	11.87		(0.05	)		(0.33	)		(0.38	)		—			—			—			(0.38	)		$	11.49		(3.20	)%(4)		$	620,563		2.24	%(3)(7)		2.33	%(3)		(0.91	)%(3)		165	%(4)
10/1/14 to 9/30/15			17.16		(0.13	)		(1.76	)		(1.89	)		—			(3.40	)		(3.40	)		(5.29	)			11.87		(13.45	)			746,390		2.36	(12)		2.36			(0.97	)		674
10/1/13 to 9/30/14			15.39		(0.06	)		2.27			2.21			—			(0.44	)		(0.44	)		1.77				17.16		14.48				1,988,290		2.36	(12)		2.36			(0.38	)		227
10/1/12 to 9/30/13			13.34		—			2.07			2.07			(0.02	)		—			(0.02	)		2.05				15.39		15.55				1,307,857		2.37	(12)		2.37			0.02			140
10/1/11 to 9/30/12			11.62		0.01			1.72			1.73			(0.01	)		—			(0.01	)		1.72				13.34		14.91				767,602		2.38			2.39			0.09			297
10/1/10 to 9/30/11			11.15		0.02			0.51			0.53			(0.04	)		(0.02	)		(0.06	)		0.47				11.62		4.68				457,630		2.38	(10)		2.42			0.13			247
Class I
10/1/15 to 3/31/16(13)		$	12.19		—			(0.34	)		(0.34	)		—			—			—			(0.34	)		$	11.85		(2.79	)%(4)		$	444,626		1.30	%(3)(7)		1.33	%(3)		0.03	%(3)		165	%(4)
10/1/14 to 9/30/15			17.42		0.01			(1.80	)		(1.79	)		(0.02	)		(3.42	)		(3.44	)		(5.23	)			12.19		(12.57	)			594,460		1.35	(12)		1.35			0.04			674
10/1/13 to 9/30/14			15.54		0.10			2.30			2.40			(0.08	)		(0.44	)		(0.52	)		1.88				17.42		15.61				3,840,271		1.36	(12)		1.36			0.62			227
10/1/12 to 9/30/13			13.45		0.15			2.08			2.23			(0.14	)		—			(0.14	)		2.09				15.54		16.75				2,580,005		1.37	(12)		1.37			1.02			140
10/1/11 to 9/30/12			11.71		0.14			1.72			1.86			(0.12	)		—			(0.12	)		1.74				13.45		15.98				1,479,042		1.39			1.39			1.10			297
10/1/10 to 9/30/11			11.17		0.14			0.52			0.66			(0.10	)		(0.02	)		(0.12	)		0.54				11.71		5.78				754,415		1.42	(10)		1.42			1.09			247
Class R6
10/1/15 to 3/31/16(13)		$	12.20		0.01			(0.34	)		(0.33	)		—			—			—			(0.33	)		$	11.87		(2.70	)%(4)		$	175		1.15	%(3)(7)		1.24	%(3)		0.20	%(3)		165	%(4)
11/12/14(6) to 9/30/15			17.20		0.01			(1.57	)		(1.56	)		(0.02	)		(3.42	)		(3.44	)		(5.00	)			12.20		(11.39	)(4)			89		1.28	(3)(12)		1.28	(3)		0.10	(3)		674
Global Equity
Trend Fund
Class A
10/1/15 to 3/31/16(13)		$	9.76		(0.03	)		(0.31	)		(0.34	)		—			—			—			(0.34	)		$	9.42		(3.48	)%(4)		$	11,585		1.75	%(3)		1.77	%(3)		(0.70	)%(3)		154	%(4)
10/1/14 to 9/30/15			12.42		(0.03	)		(1.48	)		(1.51	)		(0.07	)		(1.08	)		(1.15	)		(2.66	)			9.76		(13.21	)			18,523		1.68	(12)		1.68			(0.23	)		614
10/1/13 to 9/30/14			11.76		0.07			0.91			0.98			(0.02	)		(0.30	)		(0.32	)		0.66				12.42		8.43				75,879		1.66	(10)		1.65			0.55			205
10/1/12 to 9/30/13			10.56		0.04			1.26			1.30			(0.06	)		(0.04	)		(0.10	)		1.20				11.76		12.32				56,689		1.75	(10)		1.71			0.33			194
10/1/11 to 9/30/12			9.42		0.08			1.12			1.20			(0.06	)		—			(0.06	)		1.14				10.56		12.75				27,699		1.75			1.78			0.83			258
3/15/11(6) to 9/30/11			10.00		0.07			(0.63	)		(0.56	)		(0.02	)		—			(0.02	)		(0.58	)			9.42		(5.62	)(4)			5,467		1.75	(3)		2.88	(3)		1.23	(3)		199	(4)
Class C
10/1/15 to 3/31/16(13)		$	9.59		(0.07	)		(0.30	)		(0.37	)		—			—			—			(0.37	)		$	9.22		(3.86	)%(4)		$	14,867		2.50	%(3)		2.52	%(3)		(1.45	)%(3)		154	%(4)
10/1/14 to 9/30/15			12.24		(0.09	)		(1.48	)		(1.57	)		—			(1.08	)		(1.08	)		(2.65	)			9.59		(13.88	)			22,376		2.41	(12)		2.43			(0.87	)		614
10/1/13 to 9/30/14			11.64		(0.02	)		0.92			0.90			—			(0.30	)		(0.30	)		0.60				12.24		7.69				72,013		2.37	(10)		2.40			(0.17	)		205
10/1/12 to 9/30/13			10.50		(0.05	)		1.25			1.20			(0.02	)		(0.04	)		(0.06	)		1.14				11.64		11.52				44,239		2.48	(10)		2.46			(0.42	)		194
10/1/11 to 9/30/12			9.40		—	(5)		1.12			1.12			(0.02	)		—			(0.02	)		1.10				10.50		12.04				21,051		2.50			2.53			0.01			258
3/15/11(6) to 9/30/11			10.00		0.01			(0.61	)		(0.60	)		—	(5)		—			—			(0.60	)			9.40		(6.09	)(4)			4,885		2.50	(3)		3.81	(3)		0.17	(3)		199	(4)
Class I
10/1/15 to 3/31/16(13)		$	9.79		(0.02	)		(0.30	)		(0.32	)		—			—			—			(0.32	)		$	9.47		(3.27	)%(4)		$	4,948		1.50	%(3)		1.51	%(3)		(0.47	)%(3)		154	%(4)
10/1/14 to 9/30/15			12.47		—	(5)		(1.50	)		(1.50	)		(0.10	)		(1.08	)		(1.18	)		(2.68	)			9.79		(13.06	)			15,998		1.43	(12)		1.43			0.01			614
10/1/13 to 9/30/14			11.80		0.10			0.92			1.02			(0.05	)		(0.30	)		(0.35	)		0.67				12.47		8.68				99,642		1.44	(10)		1.41			0.80			205
10/1/12 to 9/30/13			10.58		0.07			1.25			1.32			(0.06	)		(0.04	)		(0.10	)		1.22				11.80		12.59				38,889		1.50	(10)		1.46			0.58			194
10/1/11 to 9/30/12			9.42		0.09			1.14			1.23			(0.07	)		—			(0.07	)		1.16				10.58		13.15				19,112		1.50			1.52			0.90			258
3/15/11(6) to 9/30/11			10.00		0.07			(0.63	)		(0.56	)		(0.02	)		—			(0.02	)		(0.58	)			9.42		(5.59	)(4)			9,565		1.50	(3)		2.85	(3)		1.37	(3)		199	(4)

The footnote legend is at the end of the Financial Highlights

See Notes to Financial Statements

28

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (In thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Herzfeld Fund
Class A
10/1/15 to 3/31/16(13)		$	9.91		0.26			0.11			0.37			(0.23	)		(0.10	)		(0.33	)		0.04			$	9.95		3.73	%(4)		$	7,597		1.60	%(3)(9)		1.71	%(3)		5.21	%(3)		24	%(4)
10/1/14 to 9/30/15			11.37		0.35			(1.12	)		(0.77	)		(0.37	)		(0.32	)		(0.69	)		(1.46	)			9.91		(7.17	)			8,324		1.60			1.73			3.20			57
10/1/13 to 9/30/14			10.45		0.34			1.02			1.36			(0.36	)		(0.08	)		(0.44	)		0.92				11.37		13.21				9,212		1.60			1.93			3.04			53
10/1/12 to 9/30/13			10.21		0.33			0.18			0.51			(0.26	)		(0.01	)		(0.27	)		0.24				10.45		5.10				2,917		1.60			2.60			3.13			22
9/5/12(6) to 9/30/12			10.00		0.04			0.17			0.21			—			—			—			0.21				10.21		2.10	(4)			105		1.60	(3)		37.91	(3)		5.93			3	(4)
Class C
10/1/15 to 3/31/16(13)		$	9.87		0.22			0.11			0.33			(0.19	)		(0.10	)		(0.29	)		0.04			$	9.91		3.37	%(4)		$	14,888		2.35	%(3)(9)		2.46	%(3)		4.47	%(3)		24	%(4)
10/1/14 to 9/30/15			11.34		0.26			(1.11	)		(0.85	)		(0.30	)		(0.32	)		(0.62	)		(1.47	)			9.87		(7.94	)			14,761		2.35			2.48			2.39			57
10/1/13 to 9/30/14			10.43		0.26			1.01			1.27			(0.28	)		(0.08	)		(0.36	)		0.91				11.34		12.34				10,624		2.35			2.70			2.35			53
10/1/12 to 9/30/13			10.21		0.25			0.19			0.44			(0.21	)		(0.01	)		(0.22	)		0.22				10.43		4.36				4,942		2.35			3.25			2.40			22
9/5/12(6) to 9/30/12			10.00		0.03			0.18			0.21			—			—			—			0.21				10.21		2.10	(4)			102		2.35	(3)		38.62	(3)		5.21			3	(4)
Class I
10/1/15 to 3/31/16(13)		$	9.92		0.27			0.12			0.39			(0.24	)		(0.10	)		(0.34	)		0.05			$	9.97		3.97	%(4)		$	21,993		1.35	%(3)(9)		1.47	%(3)		5.45	%(3)		24	%(4)
10/1/14 to 9/30/15			11.39		0.37			(1.12	)		(0.75	)		(0.40	)		(0.32	)		(0.72	)		(1.47	)			9.92		(7.01	)			15,148		1.35			1.47			3.39			57
10/1/13 to 9/30/14			10.46		0.38			1.01			1.39			(0.38	)		(0.08	)		(0.46	)		0.93				11.39		13.54				3,441		1.35			1.71			3.40			53
10/1/12 to 9/30/13			10.21		0.09			0.46			0.55			(0.29	)		(0.01	)		(0.30	)		0.25				10.46		5.41				1,765		1.35			3.71			0.86			22
9/5/12(6) to 9/30/12			10.00		0.03			0.18			0.21			—			—			—			0.21				10.21		2.10	(4)			1,017		1.35	(3)		38.61	(3)		4.39			3	(4)
Multi-Asset Trend
Fund
Class A
10/1/15 to 3/31/16(13)		$	9.94		(0.02	)		(0.17	)		(0.19	)		(0.01	)		—			(0.01	)		(0.20	)		$	9.74		(1.92	)%(4)		$	37,456		1.61	%(3)(12)		1.61	%(3)		(0.39	)%(3)		157	%(4)
10/1/14 to 9/30/15			11.85		(0.02	)		(0.92	)		(0.94	)		(0.04	)		(0.93	)		(0.97	)		(1.91	)			9.94		(8.58	)			55,214		1.62	(12)		1.62			(0.15	)		519
10/1/13 to 9/30/14			11.28		0.10			0.69			0.79			(0.07	)		(0.15	)		(0.22	)		0.57				11.85		6.97				143,765		1.62	(12)		1.62	(12)		0.83			337
10/1/12 to 9/30/13			10.67		0.06			0.62			0.68			(0.05	)		(0.02	)		(0.07	)		0.61				11.28		6.39				114,697		1.64	(12)		1.64	(12)		0.51			275
10/1/11 to 9/30/12			9.69		0.09			0.98			1.07			(0.09	)		—			(0.09	)		0.98				10.67		11.08				66,122		1.73			1.70			0.84			211
3/15/11(6) to 9/30/11			10.00		0.07			(0.38	)		(0.31	)		—			—			—			(0.31	)			9.69		(3.10	)(4)			12,232		1.75	(3)		2.17	(3)		1.35	(3)		153	(4)
Class C
10/1/15 to 3/31/16(13)		$	9.80		(0.06	)		(0.16	)		(0.22	)		—	(5)		—			—	(5)		(0.22	)		$	9.58		(2.24	)%(4)		$	101,581		2.36	%(3)(12)		2.36	%(3)		(1.14	)%(3)		157	%(4)
10/1/14 to 9/30/15			11.73		(0.09	)		(0.91	)		(1.00	)		—			(0.93	)		(0.93	)		(1.93	)			9.80		(9.23	)			139,223		2.36	(12)		2.37			(0.89	)		519
10/1/13 to 9/30/14			11.19		0.01			0.68			0.69			—			(0.15	)		(0.15	)		0.54				11.73		6.15				331,980		2.35	(12)		2.37	(12)		0.09			337
10/1/12 to 9/30/13			10.60		(0.02	)		0.63			0.61			—			(0.02	)		(0.02	)		0.59				11.19		5.71				230,459		2.37	(12)		2.39	(12)		(0.23	)		275
10/1/11 to 9/30/12			9.66		0.02			0.96			0.98			(0.04	)		—			(0.04	)		0.94				10.60		10.13				131,330		2.45			2.45			0.16			211
3/15/11(6) to 9/30/11			10.00		0.02			(0.36	)		(0.34	)		—			—			—			(0.34	)			9.66		(3.40	)(4)			32,390		2.50	(3)		2.85	(3)		0.43	(3)		153	(4)
Class I
10/1/15 to 3/31/16(13)		$	9.99		(0.01	)		(0.17	)		(0.18	)		(0.05	)		—			(0.05	)		(0.23	)		$	9.76		(1.76	)%(4)		$	39,021		1.36	%(3)(12)		1.36	%(3)		(0.12	)%(3)		157	%(4)
10/1/14 to 9/30/15			11.88		0.01			(0.91	)		(0.90	)		(0.06	)		(0.93	)		(0.99	)		(1.89	)			9.99		(8.36	)			73,528		1.36	(12)		1.36			0.11			519
10/1/13 to 9/30/14			11.31		0.13			0.69			0.82			(0.10	)		(0.15	)		(0.25	)		0.57				11.88		7.20				316,599		1.37	(12)		1.37	(12)		1.06			337
10/1/12 to 9/30/13			10.69		0.08			0.63			0.71			(0.07	)		(0.02	)		(0.09	)		0.62				11.31		6.70				248,984		1.39	(12)		1.39	(12)		0.74			275
10/1/11 to 9/30/12			9.71		0.12			0.96			1.08			(0.10	)		—			(0.10	)		0.98				10.69		11.24				146,634		1.49			1.46			1.17			211
3/15/11(6) to 9/30/11			10.00		0.10			(0.39	)		(0.29	)		—			—			—			(0.29	)			9.71		(2.90	)(4)			19,131		1.50	(3)		2.01	(3)		1.82	(3)		153	(4)

The footnote legend is at the end of the Financial Highlights

See Notes to Financial Statements

29

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Sector Trend Fund
Class A
10/1/15 to 3/31/16(13)		$	11.00		0.03			0.05			0.08			(0.08	)		—			(0.08	)		—			$	11.00		0.80	%(4)		$	134,781		1.06	%(3)		1.06	%(3)		0.63	%(3)		284	%(4)
10/1/14 to 9/30/15			15.21		0.05			(0.71	)		(0.66	)		(0.05	)		(3.50	)		(3.55	)		(4.21	)			11.00		(6.19	)			156,759		0.98			0.98			0.39			576
10/1/13 to 9/30/14			13.87		0.15			2.25			2.40			(0.13	)		(0.93	)		(1.06	)		1.34				15.21		17.81				316,571		0.98			0.98			1.02			129
10/1/12 to 9/30/13			12.15		0.17			2.11			2.28			(0.17	)		(0.39	)		(0.56	)		1.72				13.87		19.63				257,492		1.00			1.00			1.29			123
10/1/11 to 9/30/12			10.67		0.14			1.68			1.82			(0.12	)		(0.22	)		(0.34	)		1.48				12.15		17.51				199,268		1.02			1.02			1.22			190
10/1/10 to 9/30/11			10.18		0.11			0.54			0.65			(0.16	)		—			(0.16	)		0.49				10.67		6.20				184,613		1.04			1.04			0.97			134
Class C
10/1/15 to 3/31/16(13)		$	10.76		(0.01	)		0.05			0.04			—			—			—			0.04			$	10.80		0.37	%(4)		$	166,560		1.81	%(3)		1.81	%(3)		(0.12	)%(3)		284	%(4)
10/1/14 to 9/30/15			15.02		(0.04	)		(0.69	)		(0.73	)		(0.02	)		(3.51	)		(3.53	)		(4.26	)			10.76		(6.86	)			206,556		1.74			1.74			(0.34	)		576
10/1/13 to 9/30/14			13.73		0.04			2.21			2.25			(0.03	)		(0.93	)		(0.96	)		1.29				15.02		16.89				296,160		1.73			1.73			0.28			129
10/1/12 to 9/30/13			12.03		0.07			2.10			2.17			(0.08	)		(0.39	)		(0.47	)		1.70				13.73		18.80				217,861		1.74			1.75			0.57			123
10/1/11 to 9/30/12			10.56		0.06			1.67			1.73			(0.04	)		(0.22	)		(0.26	)		1.47				12.03		16.60				157,461		1.75			1.77			0.53			190
10/1/10 to 9/30/11			10.09		0.04			0.52			0.56			(0.09	)		—			(0.09	)		0.47				10.56		5.49				144,813		1.71			1.79			0.33			134
Class I
10/1/15 to 3/31/16(13)		$	11.02		0.05			0.05			0.10			(0.14	)		—			(0.14	)		(0.04	)		$	10.98		0.89	%(4)		$	114,395		0.81	%(3)		0.81	%(3)		0.88	%(3)		284	%(4)
10/1/14 to 9/30/15			15.21		0.08			(0.71	)		(0.63	)		(0.05	)		(3.51	)		(3.56	)		(4.19	)			11.02		(5.90	)			169,977		0.73			0.73			0.65			576
10/1/13 to 9/30/14			13.87		0.19			2.25			2.44			(0.17	)		(0.93	)		(1.10	)		1.34				15.21		18.08				313,147		0.73			0.73			1.29			129
10/1/12 to 9/30/13			12.15		0.20			2.11			2.31			(0.20	)		(0.39	)		(0.59	)		1.72				13.87		19.92				173,096		0.75			0.75			1.56			123
10/1/11 to 9/30/12			10.67		0.17			1.68			1.85			(0.15	)		(0.22	)		(0.37	)		1.48				12.15		17.71				122,198		0.77			0.77			1.53			190
10/1/10 to 9/30/11			10.18		0.14			0.54			0.68			(0.19	)		—			(0.19	)		0.49				10.67		6.56				85,585		0.82			0.82			1.26			134

Footnote Legend

⁽¹⁾  Sales charges, where applicable, are not reflected in the total return calculation.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Amount is less than $0.005.

⁽⁶⁾  Inception date.

⁽⁷⁾  Due to a change in expense cap, the ratio shown is a blended expense ratio.

⁽⁸⁾  The Funds will also indirectly bear their prorated share of expenses of the underlying funds in which they invest. Such expenses are not included in the calculation of this ratio.

⁽⁹⁾  Earnings credits from custodian were not material, as reflected in the Statements of Operations, and had no impact on Financial Highlights.

⁽¹⁰⁾  See Note 3C in the Notes to Financial Statements for information on recapture of expense previously waived.

⁽¹¹⁾  Effective December 1, 2010, the Adviser has discontinued charging an advisory fee.

⁽¹²⁾  The Fund is currently under its expense limitation.

⁽¹³⁾  Unaudited.

See Notes to Financial Statements

30

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Note 1. Organization

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

As of the date of this report, 28 funds of the Trust are offered for sale, of which six (each a “Fund”) are reported in this semiannual report.

Each Fund has a distinct investment objective and each is diversified except the Herzfeld Fund. The Funds have the following investment objectives:

Fund	Investment Objective
Alternatives Diversifier Fund	Long-term capital appreciation.
Equity Trend Fund	Long-term capital appreciation.
Global Equity Trend Fund	Capital appreciation.
Herzfeld Fund	Capital appreciation and current income.
Multi-Asset Trend Fund	Capital appreciation.
Sector Trend Fund	Long-term capital appreciation.

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

All of the Funds offer Class A shares, Class C shares, and Class I shares. The Equity Trend Fund now offers Class R6 shares. Class A shares are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC. Class R6 shares are only available to participants in employer-sponsored retirement plans, such as 401(k) plans, profit sharing plans, defined benefit plans and other employer directed plans. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees.

Virtus Mutual 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 statements of additional information. The fees collected will be used to offset certain expenses of the Funds.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each Class bears different distribution and/or service fees under a Board-approved Rule 12b-1 and/or shareholder servicing plan (“12b-1 plan”) and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 plan. Income and other expenses as well as 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 following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and 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

Security valuation procedures for each Fund, which include nightly price variance as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Trustees (the “Board”, or the “Trustees”). All internally fair valued securities are approved by a valuation committee (the “Valuation Committee”) appointed by the Board. The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Quarterly fair valuations are reviewed by the Board.

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 between levels 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 not widely traded, 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

31

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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 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 which 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 not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Listed derivatives 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. Both are categorized as Level 1 in the hierarchy.

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

B. Security Transactions and Investment Income

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

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, 2016, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2012 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 accounting principles generally accepted in the United States of America. These differences may include the treatment of non-taxable dividends, market premium and discount, non-deductible expenses, expiring capital loss carryovers, foreign currency gain or loss, gain or loss on futures contracts, partnerships, operating losses and losses deferred due to wash sales. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest.

E. Expenses

Expenses incurred together by a fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used.

In addition to the net annual operating expenses that a fund bears directly, the shareholders of a fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the fund invests.

F. Foreign Currency Translation

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.

32

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

G. Securities Lending

Certain Funds may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of agreement, a Fund doing so 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 by BBH 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.

At March 31, 2016, none of the Funds had securities on loan.

H. Earnings Credit and Interest

Through arrangements with each Fund’s custodian, each Fund either receives an earnings credit or interest on agreed upon target un-invested cash balances to reduce each Fund’s custody expenses. The credits are reflected as “Earnings credit from Custodian” and the interest is reflected under “Interest income” in each Fund’s Statements of Operations for the period, as applicable.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the adviser to the Trust. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers.

As compensation for its services to the Funds, the Adviser is entitled to a fee based upon the following annual rates as a percentage of the average daily net assets (except as otherwise noted) of the following Funds:

	First $2 Billion			$2+ Billion through $4 Billion			$4+ Billion
Global Equity Trend Fund		1.00	%		0.95	%		0.90	%
Multi-Asset Trend Fund		1.00			0.95			0.90
	First $1 Billion			$1+ Billion
Herzfeld Fund		1.00			0.95
Sector Trend Fund		0.45			0.40
	First $4 Billion			$4+ Billion
Equity Trend Fund		1.00	%		0.95	%

Alternatives Diversifier Fund – the Adviser has discontinued charging an advisory fee.

B. Subadvisers

The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Fund(s) they serve is as follows:

Fund	Subadviser(s)	Fund	Subadviser(s)
Alternatives Diversifier Fund	Euclid(1)	Herzfeld Fund	Herzfeld(2)
Equity Trend Fund	Euclid(1)	Multi-Asset Trend Fund	Euclid(1)
Global Equity Trend Fund	Euclid(1)	Sector Trend Fund	Euclid(1)

⁽¹⁾  Euclid Advisors LLC, an indirect wholly owned subsidiary of Virtus.

⁽²⁾  Thomas J. Herzfeld Advisors, Inc.

C. Expense Limits and Fee Waivers

The Adviser has contractually agreed to limit certain Funds’ total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses, if any), so that such expenses do not exceed the percentages of the Fund’s average daily net asset values as listed below through January 31, 2017.

	Class A			Class C			Class I			Class R6
Equity Trend Fund*		1.42	%		2.02	%		1.24	%		1.03	%
Global Equity Trend Fund		1.75	��		2.50			1.50			—
Herzfeld Fund		1.60			2.35			1.35			—
Multi-Asset Trend Fund†		1.75			2.50			1.50			—

^†  expenses are currently below the cap level.

* Effective February 8, 2016. For the period of October 1, 2015, through February 5, 2016, the expense caps were as follows for Class A, Class C, Class I, and Class R6, respectively: 1.70%, 2.45%, 1.45%, and 1.38%.

33

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

D. Expense Recapture

For certain Funds the Adviser may recapture operating expenses waived or reimbursed under these arrangements, within three fiscal years following the end of the fiscal year in which such waiver or reimbursement occurred. 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 as follows:

	Fiscal Year Ended
	2016		2017		2018		Total
Alternatives Diversifier Fund	$	75	$	—	$	—	$	75
Herzfeld Fund		68		56		40		164

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, 2016, it retained net commissions of $261 of Class A shares and deferred sales charges of $20 and $90 for Class A shares and Class C shares, respectively.

In addition, each Fund pays VP Distributors distribution and/or service 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⁾  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 of the Trust.

For the period ended March 31, 2016, the Funds incurred administration fees from the Trust totaling $1,188 which are included in the Statements of Operations.

For the period ended March 31, 2016, the Funds incurred transfer agent fees from the Trust totaling $1,631 which are included in the Statements of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2016, Virtus and its affiliates held shares of certain Funds which may be redeemed at any time that aggregated the following:

	Shares		Aggregate Net Asset Value
Equity Trend Fund
Class R6		14,720	$	175
Herzfeld Fund
Class A		11,756		117
Class C		11,495		114
Class I		94,791		945

34

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

H. Investments in Affiliates

A summary of the Alternatives Diversifier Fund’s total long-term and short-term purchases and sales of the Class I shares of the affiliated underlying funds⁽¹⁾ during the period ended March 31, 2016, is as follows:

	Value, beginning of period		Purchases(2)		Sales Proceeds
Virtus Global Infrastructure Fund	$	15,334	$	2,726	$	7,450
Virtus Global Real Estate Securities Fund		7,542		188		2,200
Virtus International Real Estate Securities Fund		7,707		888		3,950
Virtus Real Estate Securities Fund		7,189		2,091		3,630
Virtus Senior Floating Rate Fund		12,164		1,362		8,225
	$	49,936	$	7,255	$	25,455
	Value, end of period		Dividend Income		Distributions of Realized Gains
Virtus Global Infrastructure Fund	$	10,697	$	122	$	605
Virtus Global Real Estate Securities Fund		5,908		91		97
Virtus International Real Estate Securities Fund		4,765		88		—
Virtus Real Estate Securities Fund		4,819		54		1,237
Virtus Senior Floating Rate Fund		5,095		160		—
	$	31,284	$	515	$	1,939

⁽¹⁾  The Alternatives Diversifier 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, 2016, the Fund was the owner of record of approximately 13% of Virtus International Real Estate Securities Fund.

⁽²⁾  Includes reinvested dividends from income and capital gain distributions.

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, 2016, were as follows:

	Purchases		Sales
Alternatives Diversifier Fund	$	17,716	$	39,244
Equity Trend Fund		2,446,094		1,984,555
Global Equity Trend Fund		47,041		40,746
Herzfeld Fund		16,803		10,130
Multi-Asset Trend Fund		256,306		279,978
Sector Trend Fund		1,204,460		901,943

Note 5. Borrowings

($ reported in thousands)

On July 1, 2015, the Funds and other affiliated Funds entered into a $50,000 secured Line of Credit Agreement (the “Agreement”) with a commercial bank (the “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 or one-fifth of each Fund’s total net assets in accordance with the Agreement. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

From February 17, 2016, to February 23, 2016, the Herzfeld Fund made borrowings. The average daily borrowings under the Agreement and the weighted daily average interest rate were $407 and 1.43%, respectively. No other Funds made borrowings during the period and no Fund had any outstanding borrowings as of March 31, 2016.

35

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 6. Capital Share Transactions

(reported in thousands)

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

	Alternatives Diversifier Fund												Equity Trend Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		37		$	362			240		$	2,652			1,274		$	15,299			14,875		$	216,781
Reinvestment of distributions		13			130			55			607			—			—			26,015			358,962
Plan of Reorganization (Note 12)		—			—			—			—			7,287			82,432			—			—
Shares repurchased		(771	)		(7,677	)		(1,209	)		(13,179	)		(19,004	)		(227,328	)		(115,604	)		(1,560,522	)
Net Increase / (Decrease)		(721	)	$	(7,185	)		(914	)	$	(9,920	)		(10,443	)	$	(129,597	)		(74,714	)	$	(984,779	)
Class C
Sale of shares		21		$	203			75		$	825			1,246		$	14,696			16,872		$	238,376
Reinvestment of distributions		8			78			28			309			—			—			24,034			325,886
Plan of Reorganization (Note 12)		—			—			—			—			11,669			128,740			—			—
Shares repurchased		(515	)		(5,077	)		(904	)		(9,720	)		(21,787	)		(255,085	)		(93,877	)		(1,233,046	)
Net Increase / (Decrease)		(486	)	$	(4,796	)		(801	)	$	(8,586	)		(8,872	)	$	(111,649	)		(52,971	)	$	(668,784	)
Class I
Sale of shares		220		$	2,206			1,229		$	13,567			2,548		$	30,904			39,668		$	574,419
Reinvestment of distributions		16			153			62			681			—			—			37,699			521,659
Plan of Reorganization (Note 12)		—			—			—			—			11,946			135,785			—			—
Shares repurchased		(1,353	)		(13,453	)		(2,472	)		(26,891	)		(25,753	)		(308,914	)		(248,990	)		(3,469,826	)
Net Increase / (Decrease)		(1,117	)	$	(11,094	)		(1,181	)	$	(12,643	)		(11,259	)	$	(142,225	)		(171,623	)	$	(2,373,748	)
Class R6
Sale of shares		—		$	—			—		$	—			—		$	—			6		$	100
Reinvestment of distributions		—			—			—			—			—			—			1			20
Plan of Reorganization (Note 12)		—			—			—			—			7			85			—	(1)		—	(2)
Shares repurchased		—			—			—			—			—			—			—	(1)		—	(2)
Net Increase / (Decrease)		—		$	—			—		$	—			7		$	85			7		$	120
	Global Equity Trend Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		81		$	782			1,197		$	13,144
Reinvestment of distributions		—			—			509			5,652
Shares repurchased		(750	)		(7,260	)		(5,916	)		(64,685	)
Net Increase / (Decrease)		(669	)	$	(6,478	)		(4,210	)	$	(45,889	)
Class C
Sale of shares		60		$	568			635		$	6,902
Reinvestment of distributions		—			—			584			6,384
Shares repurchased		(781	)		(7,340	)		(4,770	)		(49,901	)
Net Increase / (Decrease)		(721	)	$	(6,772	)		(3,551	)	$	(36,615	)
Class I
Sale of shares		42		$	413			992		$	11,048
Reinvestment of distributions		—			—			631			7,036
Shares repurchased		(1,153	)		(10,964	)		(7,982	)		(88,214	)
Net Increase / (Decrease)		(1,111	)	$	(10,551	)		(6,359	)	$	(70,130	)

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

36

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

	Herzfeld Fund												Multi-Asset Trend Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		109		$	1,100			612		$	6,823			111		$	1,100			1,899		$	20,815
Reinvestment of distributions		25			254			47			506			4			39			1,017			11,007
Shares repurchased		(211	)		(2,098	)		(628	)		(6,901	)		(1,824	)		(17,896	)		(9,493	)		(100,593	)
Net Increase / (Decrease)		(77	)	$	(744	)		31		$	428			(1,709	)	$	(16,757	)		(6,577	)	$	(68,771	)
Class C
Sale of shares		275		$	2,738			967		$	10,722			227		$	2,194			2,972		$	31,920
Reinvestment of distributions		45			444			63			671			—			—			2,252			24,117
Shares repurchased		(313	)		(3,023	)		(472	)		(5,142	)		(3,824	)		(36,971	)		(19,312	)		(202,149	)
Net Increase / (Decrease)		7		$	159			558		$	6,251			(3,597	)	$	(34,777	)		(14,088	)	$	(146,112	)
Class I
Sale of shares		1,370		$	13,885			1,671		$	18,514			289		$	2,828			3,215		$	35,797
Reinvestment of distributions		78			782			52			553			22			217			1,924			20,908
Shares repurchased		(768	)		(7,250	)		(499	)		(5,352	)		(3,677	)		(36,276	)		(24,418	)		(262,867	)
Net Increase / (Decrease)		680		$	7,417			1,224		$	13,715			(3,366	)	$	(33,231	)		(19,279	)	$	(206,162	)
	Sector Trend Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		1,319		$	14,239			11,512		$	142,000
Reinvestment of distributions		78			850			5,546			66,431
Shares repurchased		(3,402	)		(36,805	)		(23,619	)		(281,323	)
Net Increase / (Decrease)		(2,005	)	$	(21,716	)		(6,561	)	$	(72,892	)
Class C
Sale of shares		1,161		$	12,369			9,549		$	113,509
Reinvestment of distributions		—			—			4,741			55,847
Shares repurchased		(4,936	)		(52,307	)		(14,803	)		(171,575	)
Net Increase / (Decrease)		(3,775	)	$	(39,938	)		(513	)	$	(2,219	)
Class I
Sale of shares		2,104		$	22,371			19,340		$	231,425
Reinvestment of distributions		121			1,318			5,015			60,118
Shares repurchased		(7,230	)		(78,211	)		(29,519	)		(353,739	)
Net Increase / (Decrease)		(5,005	)	$	(54,522	)		(5,164	)	$	(62,196	)

37

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 7. 10% Shareholders

As of March 31, 2016, 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
Alternatives Diversifier Fund		13	%		1
Global Equity Trend Fund		17			1
Herzfeld Fund		60			4
Multi-Asset Trend Fund		21			1

Note 8. Credit Risk and Asset Concentration

Certain Funds may invest a high percentage of their assets in specific sectors of the market in their 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, 2016, the Equity Trend Fund held securities issued by various companies in the Consumer Discretionary sector representing 29% of the total investments of the Fund.

Note 9. Indemnifications

Under the Trust’s organizational documents, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Each Trustee has entered into an indemnification agreement with the Trust. In addition in the normal course of business, the Funds enter into contracts that provide a variety of indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and that have not occurred. However, the Funds have not had prior claims or losses pursuant to these arrangements and expect the risk of loss to be remote.

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2016, 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)
Alternatives Diversifier Fund	$	79,099	$	4,215	$	(24,092	)	$	(19,877	)
Equity Trend Fund		1,383,187		65,494		(3,949	)		61,545
Global Equity Trend Fund		28,581		1,123		(76	)		1,047
Herzfeld Fund		47,446		213		(4,363	)		(4,150	)
Multi-Asset Trend Fund		165,554		4,972		(324	)		4,648
Sector Trend Fund		393,606		24,229		(1,693	)		22,536

Certain Funds have capital loss carryovers available to offset future realized capital gains, through the indicated expiration dates shown below:

	2016				2018				No Expiration				Total
	Short-Term		Long-Term		Short-Term		Long-Term		Short-Term		Long-Term		Short-Term		Long-Term
Alternatives Diversifier Fund	$	—	$	—	$	49,764	$	—	$	2,070	$	94	$	51,834	$	94
Sector Trend Fund		—		—		1,080		—		—		—		1,080		—

The Trust may not realize the benefit of these losses to the extent each Fund does not realize gains on investments prior to the expiration of the capital loss carryovers.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized for tax years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

Note 11. Exemptive Order

On August 23, 2010, the SEC issued an amended order under Section 12(d)(1)(J) of the 1940 Act granting an exemption from Sections 12(d)(1)(A) and (B) of the 1940 Act and under Sections 6(c) and 17(b) of the 1940 Act granting an exemption from Section 17(a) of the 1940 Act, which permits the Trust to invest in other affiliated and unaffiliated funds, including exchange-traded funds, in each case subject to certain conditions.

Note 12. Plans of Reorganization

A. On October 22, 2015, the Board of Trustees of the Virtus Opportunities Trust approved an Agreement and Plan of Reorganization (the “Plan”) with respect to the Virtus Dynamic Trend Fund (the “Merged Fund”), a series of the Virtus Opportunities Trust, and the Virtus Equity Trend Fund (the “Acquiring Fund”), a series of the Virtus Opportunities Trust, which provided for the transfer of all of the assets of the Merged Fund for shares of the Acquiring Fund and the assumption of the liabilities of the Merged Fund. The purpose of the transaction was to eliminate the offering of overlapping

38

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Funds with similar investment objectives and similar investment strategies within the Virtus Mutual Fund Complex, while simultaneously creating economies of scale for the surviving Funds that were intended to lower Fund expenses. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

On January 15, 2016, Class B shares were converted into Class A shares in the merged Fund.

The acquisition was accomplished by a tax-free exchange of shares on February 5, 2016. The share transactions associated with the merger are as follows:

Merged Fund		Shares Outstanding		Acquiring       Fund		Shares Converted		Merged Fund Net Asset Value of Converted Shares
Virtus Dynamic	Class			Virtus Equity	Class
Trend Fund	A		9,028	Trend Fund	A		7,287	$	82,432
	C		15,688		C		11,669		128,740
	I		14,645		I		11,946		135,785
	R		9		R		7		85

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

Merged Fund	Net Assets		Unrealized Appreciation (Depreciation)		Acquiring       Fund	Net Assets
Virtus Dynamic Trend Fund	$	347,042	$	1,481	Virtus Equity Trend Fund	$1,271,368

Assuming the acquisition had been completed on October 1, 2015, the Virtus Equity Trend Fund results of operations for the period ended March 31, 2016, would have been as follows:

Net investment income (loss)	$	2,458	(a)
Net gain (loss) on investments		(56,410	)(b)
Net increase (decrease) in assets from operations	$	(53,952	)

^(a)  $(3,317), as reported in the Statement of Operations, plus $5,775 Net Investment Income from Virtus Dynamic Trend Fund pre-merger.

^(b)  $(26,888), as reported in the Statement of Operations, plus $(29,522) Net Realized and Unrealized Gain (Loss) on Investments from Virtus Dynamic Trend Fund pre-merger.

Because both Virtus Dynamic Trend Fund and Virtus Equity Trend Fund sold and redeemed shares throughout the period, providing pro-forma information on a per-share basis is not feasible.

Because the combined Funds have been managed as an integrated single Fund since the completion date it is also not feasible to separate the income/(losses) and gains/(losses) of the merged Virtus Dynamic Trend Fund that have been included in the acquiring Virtus Equity Trend Fund Statement of Operations since February 5, 2016.

Note 13. Regulatory Matters and Litigation

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

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc. et al.) alleging violation of the federal securities laws was filed by an individual shareholder against Virtus and certain of its officers (the “defendants”) in the United States District Court for the Southern District of New York. On August 21, 2015, the lead plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint and adding the Trust as a defendant. The Consolidated Complaint was purportedly filed on behalf of all purchasers of Virtus common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds previously subadvised by F-Squared Investments, Inc. and/or its affiliates (“F-Squared”). The plaintiff seeks to recover unspecified damages. Virtus and its affiliates, including the Funds’ adviser, believe that the suit is without merit and intend to defend it vigorously. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Briefing of the motion was completed on December 4, 2015, and oral argument was held on December 17, 2015. The motion is pending. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

On May 8, 2015, a putative class action complaint (Mark Youngers v. Virtus Investment Partners, Inc. et al.) alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California. The complaint, which was purportedly filed on behalf of purchasers of certain Virtus Funds previously subadvised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleges claims against Virtus, certain Virtus officers and affiliates (including the Funds’ investment adviser, Euclid Advisors LLC and VP

39

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Distributors, LLC), the trustees and certain officers of the Trust, and certain other parties (the “defendants”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On July 27, 2015, the court issued an order to show cause requiring lead plaintiff to explain no later than July 31, 2015, why his claims should not be transferred and consolidated with the In re Virtus Investment Partners, Inc. Securities Litigation action discussed above. On October 1, 2015, the plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of the Trust. On October 19, 2015, the United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. Briefing of the motion was completed on March 11, 2016 and oral argument was held on April 8, 2016. The motion is pending. Virtus and its affiliates, including the Funds’ adviser, believe the plaintiff’s claims asserted in the complaint are frivolous and intend to defend them vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 14. Subsequent Events

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

40

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES

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”) with respect to the funds of the Trust, including Virtus Alternatives Diversifier Fund, Virtus Equity Trend Fund, Virtus Global Equity Trend Fund, Virtus Herzfeld Fund, Virtus Multi-Asset Trend Fund and Virtus Sector Trend Fund (individually and collectively, the “Funds”) of the Trust. At an in-person meeting held November 18-19, 2015 (the “Meeting”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meeting, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

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

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

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

Nature, Extent and Quality of Services

The Trustees received in advance of the Meeting information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel, compliance procedures and the firm’s overall performance were reviewed and discussed. The Trustees noted that the Funds are managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of a Fund’s portfolio. Under this structure, VIA is responsible for the management of the Funds’ investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Funds’ subadvisers, including (a) VIA’s ability to select and monitor the subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadvisers’ 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 to the Funds. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, including each Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Funds’ investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadvisers’ management of the Funds is subject to the oversight of the Board and must be carried out in accordance with the investment objectives, policies and restrictions set forth in the Funds’ prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the respective 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, as applicable, 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.

41

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (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 each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Fund.

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Lipper 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 Lipper Report presented each Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on each Fund’s performance. The Board evaluated each Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds’ performance results and portfolio composition, as well as each Subadviser’s investment strategy. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser’s performance record with respect to a Fund. The Board was mindful of VIA’s focus on each Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to 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, 2015.

Virtus Alternatives Diversifier Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3- and 5-year periods and underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Equity Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1- and 3-year periods.

Virtus Global Equity Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1- and 3-year periods.

Virtus Herzfeld Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the year to date and the 1-year period. The Board also noted that the Fund outperformed its benchmark for the year to date and underperformed its benchmark for the 1-year period.

Virtus Multi-Asset Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1- and 3-year periods.

Virtus Sector Trend 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.

With respect to certain Funds, including Virtus Alternatives Diversifier Fund, Virtus Equity Trend Fund, Virtus Global Equity Trend Fund, Virtus Multi-Asset Trend Fund and Virtus Sector Trend Fund the Board also considered management’s discussion about the reasons for each Fund’s underperformance relative to its peer group or benchmark. With respect to certain of the same Funds, the Board also considered that the Fund had recently changed subadvisers, so that the performance shown was primarily that of prior subadvisers. After reviewing these and related factors, the Board concluded that each Fund’s overall performance, or reasons discussed for 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 net management fee and total expense level to those of its peer group (the “Expense Group”). In comparing each Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented such fee included both advisory and administrative fees. The Board also noted that certain of the Funds had fee waivers and/or expense caps in place to limit the total expenses incurred by those Funds and their shareholders. The Board also noted that the subadvisory fees were paid by VIA out of its management fees rather than paid separately by the Funds. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses. The Subadvisers provided, and the Board considered, expense 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 Group.

Virtus Alternatives Diversifier Fund. The Board considered that the Fund’s net management fee and net total expenses were below the median of the Expense Group.

Virtus Equity Trend Fund. The Board considered that the Fund’s net management fee was above the median of the Expense Group, while its net total expenses were below the median of the Expense Group.

Virtus Global Equity Trend Fund. The Board considered that the Fund’s net management fee was above the median of the Expense Group, while its net total expenses were equal to the median of the Expense Group.

Virtus Herzfeld Fund. The Board considered that the Fund’s net management fee after waivers was equal to the median of the Expense Group and its net total expenses after waivers were above the median of the Expense Group.

Virtus Multi-Asset Trend Fund. The Board considered that the Fund’s net management fee was above the median of the Expense Group, while its net total expenses were below the median of the Expense Group.

42

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Virtus Sector Trend Fund. The Board considered that the Fund’s net management fee and net total expenses were below the median of the Expense Group.

The Board concluded that the advisory and subadvisory fees for each Fund were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

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 a VIA affiliate. In addition to the fees paid to VIA and its affiliates, including the applicable Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability 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.

In considering the profitability to the Subadvisers in connection with their 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 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 Thomas J. Herzfeld Advisors, Inc., the 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 Subadvisers and their affiliates from their relationship with the Funds was not a material factor in approval of the Subadvisory Agreements.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds’ assets grow. The Board noted that the management fees for several of the Funds included breakpoints based on assets under management, and that fee waivers and/or 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, including with respect to the Funds that do not currently have breakpoints. The Board also took into account the current size of the Funds. The Board concluded that no changes to the advisory fee structure of the Funds were necessary at this time. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

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

Other Factors. The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund. 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 Funds to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Funds, other than the fee to be earned under the Subadvisory Agreement. 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.

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.

43

RESULTS OF SHAREHOLDER MEETING

VIRTUS OPPORTUNITIES TRUST

FEBRUARY 4, 2016

At a special meeting of shareholders of Virtus Dynamic Trend Fund (the “Fund”), a series of Virtus Opportunities Trust, held on February 4, 2016, shareholders voted on the following proposal:

Proposal 1.

	NUMBER OF ELIGIBLE SHARES VOTED:
	FOR		AGAINST		ABSTAIN
To approve an Agreement and Plan of Reorganization that provides for the reorganization of Dynamic Trend Fund, a series of Virtus Opportunities Trust, into Virtus Equity Trend Fund, another series of Opportunities Trust.		23,882,440.168		864,046.783		2,085,206.202

Shareholders of the Fund voted to approve the above proposal.

44

Virtus Equity Trend Fund,

a series of Virtus Opportunities Trust

Supplement dated February 8, 2016 to the Statement of

Additional Information (“SAI”) dated January 28, 2016,

IMPORTANT NOTICETO INVESTORS

Effective February 8, 2016, Virtus Investment Advisers, Inc. has voluntarily agreed to limit the fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, extraordinary expenses and acquired fund fees and expenses, if any) so that such expenses do not exceed, on an annualized basis, 1.42% for Class A Shares, 2.02% for Class C Shares, 1.24% for Class I Shares and 1.03% for Class R6 Shares through January 31, 2017. The resulting disclosure changes in the fund’s SAI is described below.

Under “Investment Advisory Agreement and Expense Limitation Agreement” in the section “Investment Advisory and Other Services”, the table showing contractual expense limitations is hereby amended by replacing the row corresponding to the fund is replace with the following:

	Class A Shares	Class B Shares	Class C Shares	Class I Shares	Class R6 Shares	Class T Shares
Virtus Equity Trend Fund	1.42%	N/A	2.02%	1.24%	1.03%	N/A

Investors should retain this supplement with the SAI for future reference.

VOT 8020B SAI/ETF NewExpCap (2/16)

Virtus Equity Trend Fund,

a series of Virtus Opportunities Trust

Supplement dated February 8, 2016 to the Summary Prospectus dated January 28, 2016,

and the Virtus Opportunities Trust Statutory Prospectus, dated January 28, 2016

THIS SUPPLEMENT SUPERCEDES THE SUPPLEMENT DATED FEBRUARY 8, 2016 TO THE

ABOVE-REFERENCED PROSPECTUSES. THIS SUPPLEMENT CORRECTS A

TYPOGRAPHICAL ERROR IN THE EARLIER SUPPLEMENT.

IMPORTANT NOTICETO INVESTORS

Effective February 8, 2016, Virtus Investment Advisers, Inc. has contractually agreed to limit the fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, extraordinary expenses and acquired fund fees and expenses, if any) so that such expenses do not exceed, on an annualized basis, 1.42% for Class A Shares, 2.02% for Class C Shares, 1.24% for Class I Shares and 1.03% for Class R6 Shares through January 31, 2017. Resulting disclosure changes in the fund’s prospectuses are described below.

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A			Class C			Class I			Class R6
Management Fees(b)		1.00%			1.00%			1.00%			1.00%
Distribution and Shareholder Servicing (12b-1) Fees		0.25%			1.00%			None			None
Other Expenses		0.28%			0.28%			0.28%			0.21%
Acquired Fund Fees and Expenses		0.02%			0.02%			0.02%			0.02%
Total Annual Fund Operating Expenses(c)		1.55%			2.30%			1.30%			1.23%
Less: Expense Reimbursement(d)		(0.11%	)		(0.26%	)		(0.04%	)		(0.18%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(c)(d)		1.44%			2.04%			1.26%			1.05%

^(b)  Restated to reflect current management fee.

^(c)  The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.

^(d)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.42% for Class A Shares, 2.02% for Class C Shares, 1.24% for Class I Shares and 1.03% for Class R6 Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses”, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	713	$	1,026	$	1,361	$	2,306
Class C	Sold	$	307	$	694	$	1,207	$	2,616
	Held	$	207	$	694	$	1,207	$	2,616
Class I	Sold or Held	$	128	$	408	$	709	$	1,564
Class R6	Sold or Held	$	107	$	373	$	658	$	1,473

In the first table in the section “More Information About Fund Expenses” on page 128 of the statutory prospectus, the row corresponding to the fund is hereby replaced with the following.

Class A Shares

Class B Shares

Class C Shares

Class I Shares

Class R6 Shares

Class T Shares

Through Date

Virtus Equity Trend Fund

1.42%

N/A

2.02%

1.24%

1.03%

N/A

January 31, 2017

In the second table in the section “More Information About Fund Expenses” on page 129 of the statutory prospectus, the row corresponding to the fund is hereby replaced with the following and the footnote reference also changed as shown below.

	Class A Shares		Class B Shares	Class C Shares		Class I Shares		Class R6 Shares		Class T Shares
Virtus Equity Trend Fund(**)		1.55%	N/A		2.30%		1.30%		1.23%	N/A

⁽**⁾  Reflects expenses under prior expense reimbursement arrangements.

Investors should retain this supplement with the Prospectuses for future reference.

VOT 8020/ETF NewExpCap2 (2/16)

Virtus Dynamic Trend Fund,

a series of Virtus Opportunities Trust

Supplement dated February 8, 2016 to the

Prospectus and Statement of Additional Information

for Virtus Opportunities Trust, each dated January 28, 2016

IMPORTANT NOTICETO INVESTORS

Effective February 5, 2016, Virtus Dynamic Trend Fund, formerly a series of Virtus Opportunities Trust, was merged with and into Virtus Equity Trend Fund, a separate series of Virtus Opportunities Trust. Virtus Dynamic Trend Fund has ceased to exist and is no longer available for sale.

Investors should retain this supplement with the Prospectus

and Statement of Additional Information for future reference.

VOT 8020/DTF Merged (2/2016)

Virtus Emerging Markets Small-Cap Fund, Virtus Equity Trend Fund,

Virtus Global Opportunities Fund and Virtus Real Estate Securities Fund,

each a series of Virtus Opportunities Trust

Supplement dated April 14, 2016 to the Summary and Statutory Prospectuses dated January 28, 2016

IMPORTANT NOTICETO INVESTORS

Virtus Emerging Markets Small-Cap Fund

The section “Performance Information” in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus, the bar chart showing Calendar Year Total Returns for Class A Shares and is hereby amended by restating the 2015 return as -16.78%.

Additionally, the table showing Average Annual Total Returns is hereby replaced in its entirety with the following:

	1 Year			Class I Since Inception (12/17/13)
Class A
Return Before Taxes		(21.57%	)		(11.23%	)
Return After Taxes on Distributions		(21.30%	)		(11.53%	)
Return After Taxes on Distributions and Sale of Fund Shares		(11.30%	)		(8.11%	)
Class C
Return Before Taxes		(17.30%	)		(9.25%	)
Class I
Return Before Taxes		(16.51%	)		(8.37%	)
S&P 500 Index (reflects no deduction of fees, expenses or taxes)		1.38%			9.23%
MSCI Emerging Markets Small Cap Index (net) (reflects no deduction of fees, expenses or taxes)		(6.85%	)		(2.11%	)

Virtus Equity Trend Fund

In the section “Management of the Funds,” the table on page 180 of the statutory prospectus under the heading “Management Fees” is hereby corrected for the fund to show the breakpoint to be $4 billion.

Virtus Global Opportunities Fund

The Average Annual Total Return table in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus is hereby amended by restating the one-year return for Class B Shares as -0.35%.

Virtus Real Estate Securities Fund

The Average Annual Total Return table in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus is hereby amended by restating the one-year return for Class B Shares as -2.02%.

Investors should retain this supplement with the Prospectuses for future reference.

VOT 8020 Perf (4/2016)

Virtus Alternative Solutions Trust, Virtus Equity Trust, Virtus Insight Trust, Virtus

Opportunities Trust, Virtus Retirement Trust and Virtus Variable Insurance Trust

Supplement dated April 14, 2016 to the Statements of Additional Information (“SAI”) dated February 29, 2016, July 29, 2015, April 30, 2015, January 29, 2016, January 8, 2016 and April 30, 2015, respectively

IMPORTANT NOTICETO INVESTORS

In the section “More Information About Fund Investment Strategies & Related Risks,” the second sentence of the fourth paragraph under the heading “Mortgage Pass-through Securities” is hereby replaced with the following: “The Funds will take the position that privately-issued, mortgage-related securities, and other asset-backed securities, do not represent interests in any particular ‘industry’ or group of industries.”

Investors should retain this supplement with the Prospectuses for future reference.

AllSAIs/AssetBacked (4/2016)

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza,

New York, NY 10005-1401

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 call your financial representative, or contact us

at 1-800-243-1574 or Virtus.com

8453 05-16

SEMIANNUAL REPORT

Virtus Multi-Sector Short Term Bond Fund

March 31, 2016

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

Statement of Additional Information (“SAI”) supplement applicable to the Fund appears at the back of this semiannual report.

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Multi-Sector Short Term Bond Fund

(“Multi-Sector Short Term Bond Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	5
Statement of Assets and Liabilities	36
Statement of Operations	37
Statements of Changes in Net Assets	38
Financial Highlights	40
Notes to Financial Statements	44
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	55

PROXY VOTING PROCEDURES AND VOTING RECORD (FORM N-PX)

The subadviser votes proxies 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 http://www.sec.gov.

FORM N-Q 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 on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

This report is not authorized for distribution to prospective investors in the Virtus 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 Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six months ended March 31, 2016.

During the period, global equity markets were challenged by falling oil prices, China’s slowdown, and anticipation of the first rate hike by the Federal Reserve (the “Fed”) in nine years, which was finally realized in December. For the six months ended March 31, 2016, major U.S. equity markets had strong gains, with the large-cap S&P 500^® Index and Dow Jones Industrial Average^SM returning 8.49% and 10.07%, respectively, while the technology-heavy NASDAQ Composite Index^® was up 6.07%. International equities also produced positive returns, particularly emerging markets, which gained 6.41% over the six months, as measured by the MSCI Emerging Markets Index (net dividends).

U.S. Treasuries were unsettled for much of the period, though demand for this “safe haven” asset eased in late March following the Fed’s decision to delay further rate hikes in the near term. The yield on the bellwether 10-year U.S. Treasury was 1.78% on March 31, 2016 compared with 2.06% on September 30, 2015. For the six months ended March 31, 2016, the broader U.S. fixed income market, as represented by the Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, gained 2.44%, while non-investment grade bonds rose 1.22%, as measured by the Barclays U.S. Corporate High Yield Bond Index.

The strength of the global economy is likely to remain a concern for the markets in the months ahead, and investors will watch with great interest the actions of the Fed and other central banks. The U.S. economy’s continued growth, as evidenced by stronger jobs, housing, and consumer spending data, should give investors reason for optimism, but future market direction will be determined largely by the ability of corporations to continue to produce robust earnings.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to both traditional and alternative asset classes. While diversification cannot guarantee a profit or prevent a loss, owning a variety of asset classes may cushion your portfolio against inevitable market fluctuations. Your financial advisor can help you ensure that your portfolio is adequately diversified across asset classes and investment strategies.

As always, thank you for entrusting Virtus with your assets. Should you have questions about your account or require assistance, please visit our website at Virtus.com, or call our customer service team at 1-800-243-1574. We appreciate your business and remain committed to your long-term financial success.

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

April 2016

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.

1

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2015 TO MARCH 31, 2016

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 Virtus 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 B and Class T 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 are sold without a sales charge and do not incur distribution and service 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. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, 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 first section under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the accompanying table 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 the other funds.

Please note that the expenses shown in the accompanying table 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 second section of the accompanying table is 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.

2

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2015 TO MARCH 31, 2016

Expense Table
	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Actual
Class A	$	1,000.00	$	1,005.80		0.99	%	$	4.96
Class B		1,000.00		1,003.30		1.48			7.41
Class C		1,000.00		1,004.40		1.24			6.21
Class T		1,000.00		1,002.00		1.74			8.71
Class I		1,000.00		1,004.90		0.74			3.71
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.05		0.99			5.00
Class B		1,000.00		1,017.60		1.48			7.47
Class C		1,000.00		1,018.80		1.24			6.26
Class T		1,000.00		1,016.30		1.74			8.77
Class I		1,000.00		1,021.30		0.74			3.74

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

The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and expenses associated with the underlying funds. If such fees and expenses were 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 prospectus.

3

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

KEY INVESTMENT TERMS

MARCH 31, 2016 (Unaudited)

Barclays U.S. Aggregate Bond Index

The 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.

Barclays U.S. Corporate High Yield Bond Index

The 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.

Dow Jones Industrial Average^SM

A price weighted average of 30 blue chip stocks. The index is calculated on 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.

Exchange-Traded Funds (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 Reserve (the “Fed”)

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

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.

NASDAQ Composite Index^®

A market-capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange. Unlike other market indexes, the NASDAQ composite is not limited to companies that have U.S. headquarters. 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.

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.

4

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Asset Allocations
The following table presents the portfolio holdings within certain sectors and as a percentage of total investments attributable to each sector at March 31, 2016.
Corporate Bonds and Notes	36	%
Mortgage-Backed Securities	27
Asset-Backed Securities	19
Loan Agreements	11
Foreign Government Securities	3
Other	4
Total	100	%

	PAR VALUE			VALUE
MUNICIPAL BONDS—0.1%
Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46	$	4,635		$	3,727
TOTAL MUNICIPAL BONDS (Identified Cost $4,301)					3,727
FOREIGN GOVERNMENT SECURITIES—2.8%
Argentine Republic Series NY, 8.280%, 12/31/33(10)		24,360			29,232
Bolivarian Republic of Venezuela
RegS 7.000%, 12/1/18(4)		20,999			8,505
RegS 7.750%, 10/13/19(4)		19,501			7,410
Federative Republic of Brazil 8.500%, 1/5/24		50,335	BRL		10,709
Mongolia
144A 4.125%, 1/5/18(3)		12,680			11,666
144A 10.875%, 4/6/21(3)		3,860			3,874
Republic of Chile 5.500%, 8/5/20		11,647,000	CLP		17,995

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
Republic of Colombia Treasury Note, Series B, 11.250%, 10/24/18		21,072,000	COP	$	7,682
Republic of Indonesia 8.375%, 9/15/26		175,619,000	IDR		13,855
Republic of Panama 5.200%, 1/30/20	$	3,800			4,189
Republic of Poland 3.250%, 4/6/26		11,745			11,736
Republic of Romania 144A 6.750%, 2/7/22(3)		7,000			8,291
Republic of South Africa
Series R203, 8.250%, 9/15/17		134,520	ZAR		9,135
5.875%, 9/16/25		2,200			2,380
Republic of Sri Lanka 144A 6.000%, 1/14/19(3)		17,450			17,498
Russian Federation 144A 7.850%, 3/10/18(3)		1,005,000	RUB		14,600

See Notes to Financial Statements

5

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
United Mexican States Series M, 6.500%, 6/9/22		277,590	MXN	$	16,839
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $222,133)					195,596
MORTGAGE-BACKED SECURITIES—27.4%
Agency—5.9%
FHLMC 14-DN2, M2 2.086%, 4/25/24	$	13,365			13,218
FNMA
5.500%, 1/1/17		13			14
6.000%, 5/1/17		5			5
4.500%, 4/1/18		88			91
5.000%, 10/1/19		242			251
5.500%, 2/1/20		58			59
5.500%, 3/1/20		111			116
5.500%, 3/1/20		13			13
5.500%, 3/1/20		35			36
5.500%, 3/1/20		63			65
5.500%, 4/1/20		169			178
5.000%, 6/1/20		290			307
4.000%, 8/1/25		10,291			10,957
3.000%, 6/1/27		947			991
2.500%, 5/1/28		15,577			16,152
3.000%, 10/1/30		28,337			29,620
3.000%, 10/1/30		38,179			39,908
2.500%, 2/1/31		65,228			67,028
3.000%, 2/1/31		16,759			17,518
6.000%, 12/1/32		39			44
5.500%, 2/1/33		48			54
5.500%, 5/1/34		313			354
6.000%, 8/1/34		221			256
5.500%, 11/1/34		150			168
5.500%, 11/1/34		141			158
6.000%, 11/1/34		216			246
5.500%, 12/1/34		111			125
5.500%, 1/1/35		257			291
5.500%, 7/1/37		6			7
6.000%, 7/1/37		35			40
6.000%, 4/1/38		173			197
5.000%, 12/1/39		6,507			7,306
4.500%, 4/1/40		8,158			8,900
5.000%, 8/1/40		12,317			13,710
4.000%, 10/1/40		179			192
4.000%, 3/1/41		5,380			5,766
4.500%, 5/1/41		5,765			6,291

	PAR VALUE		VALUE
Agency (continued)
3.500%, 4/1/42	$	11,085	$	11,652
3.500%, 12/1/42		32,633		34,302
3.000%, 3/1/43		55,980		57,400
3.000%, 5/1/43		16,902		17,380
4.000%, 10/1/44		28,153		30,143
3.500%, 12/1/45		25,687		26,951
GNMA
6.500%, 11/15/31		20		22
6.500%, 2/15/32		23		26
				418,508
Non-Agency—21.5%
A-10 Securitization LLC 13-1, A 144A 2.400%, 11/15/25(3)		56		56
ABN AMRO Mortgage Corp. 02-9, M 5.750%, 12/25/32		580		555
Access Point Financial, Inc. 15-A, A 144A 2.610%, 4/15/20(3)		7,159		7,128
Agate Bay Mortgage Trust 16-2, A3 3.500%, 3/25/46(2)(3)		8,675		8,823
American Homes 4 Rent
14-SFR1, A 144A 1.441%, 6/17/31(2)(3)		7,227		7,086
15-SFR1, A 144A 3.467%, 4/17/52(3)		7,814		7,951
Americold LLC Trust 10-ARTA, A1 144A 3.847%, 1/14/29(3)		7,793		8,092
Ameriquest Mortgage Securities, Inc. 03-10, AF6 5.210%, 11/25/33(2)		782		804
Asset Backed Funding Certificates 05-AQ1, A6 4.780%, 6/25/35(2)		2,744		2,814
Aventura Mall Trust 13-AVM, A 144A 3.743%, 12/5/32(2)(3)		10,350		11,081

See Notes to Financial Statements

6

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
B2R Mortgage Trust 15-1, A1 144A 2.524%, 5/15/48(3)	$	6,707	$	6,514
Banc of America (Merrill Lynch) Commercial Mortgage, Inc. 07-2, A4 5.608%, 4/10/49(2)		18,643		18,928
Banc of America (Merrill Lynch) Investors Mortgage Trust 04-A4, A1 2.560%, 8/25/34(2)		1,665		1,683
Banc of America Alternative Loan Trust
03-2, CB3 5.750%, 4/25/33		15,007		15,313
03-10, 2A1 6.000%, 12/25/33		3,024		3,076
Banc of America Funding Trust
04-4, 3A1 4.750%, 10/25/19		1,632		1,636
04-B, 2A1 2.884%, 11/20/34(2)		775		757
05-1, 1A1 5.500%, 2/25/35		514		515
06-2, 3A1 6.000%, 3/25/36		2,547		2,542
Banc of America Mortgage Trust 04-11, 5A1 6.500%, 8/25/32		853		860
Banc of America Mortgage Trust
04-7, 6A3 4.500%, 8/25/19		690		687
04-11, 2A1 5.750%, 1/25/35		1,609		1,632
05-3, 1A15 5.500%, 4/25/35		1,696		1,707

	PAR VALUE		VALUE
Non-Agency (continued)
Bank of America (Merrill Lynch – Countrywide) Alternative Loan Trust 04-22CB, 1A1 6.000%, 10/25/34	$	24,652	$	24,706
Bank of America (Merrill Lynch – Countrywide) Asset-Backed Certificates
04-10, AF6 4.485%, 12/25/34(2)		746		764
05-1, AF5A 5.136%, 7/25/35(2)		12,929		12,758
05-12, 2A3 5.069%, 2/25/36(2)		4,191		4,254
Bank of America (Merrill Lynch – Countrywide) Home Loan Mortgage Pass-Through-Trust
04-6, 1A2 2.637%, 5/25/34(2)		1,547		1,527
04-4, A6 5.500%, 5/25/34		1,137		1,152
Bank of America (Merrill Lynch – Countrywide) Mortgage Trust 06-C1, AM 5.761%, 5/12/39(2)		8,370		8,362
Bank of America (Merrill Lynch) Mortgage Investors, Inc. 98-C1, B 6.750%, 11/15/26(2)		10,000		10,304
Bank of America (Merrill Lynch) – Deutsche Bank Trust) 12-OSI, A2FX 144A 3.352%, 4/13/29(3)		19,916		20,068

See Notes to Financial Statements

7

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
Barclays (Lehman Brothers) – UBS Commercial Mortgage Trust
06-C3, AM 5.712%, 3/15/39(2)	$	1,789	$	1,789
07-C2, A3 5.430%, 2/15/40		6,348		6,481
07-C6, A4 5.858%, 7/15/40(2)		13,354		13,627
07-C7, A3 5.866%, 9/15/45(2)		10,833		11,392
Bayview Commercial Asset Trust 08-1, A3 144A 1.933%, 1/25/38(2)(3)		28,531		27,495
Bayview Financial Acquisition Trust
07-A, 1A2 6.205%, 5/28/37(2)		6,997		7,310
06-A, 1A4 6.087%, 2/28/41(2)		16,408		17,379
BCRR Trust 09-1, 2A1 144A 5.858%, 7/17/40(2)(3)		2,831		2,846
Chase Mortgage Finanace Corp. 16-1, M2 144A 3.750%, 4/25/45(3)		16,630		16,532
Citicorp Mortgage Securities, Inc. 07-1, 2A1 5.500%, 1/25/22		188		188
Citicorp Residential Mortgage Securities, Inc. 07-12, A6 5.441%, 6/25/37(2)		4,219		4,351
Citigroup – Deutsche Bank Commercial Mortgage Trust 07-CD4, A4 5.322%, 12/11/49		3,466		3,534

	PAR VALUE		VALUE
Non-Agency (continued)
Citigroup Commercial Mortgage Trust
07-C6, A1A 5.705%, 12/10/49(2)	$	26,420	$	27,015
07-C6, A4 5.705%, 12/10/49(2)		388		400
08-C7, AM 6.137%, 12/10/49(2)		12,335		12,586
10-RR3, MLSR 144A 5.738%, 6/14/50(2)(3)		2,986		3,025
Citigroup Mortgage Loan Trust, Inc.
03-UP3, A2 7.000%, 9/25/33		757		783
04-UST1, A3 2.373%, 8/25/34(2)		1,479		1,471
04-NCM2, 2CB2 6.750%, 8/25/34		11,785		12,262
14-A, A 144A 4.000%, 1/25/35(2)(3)		13,562		13,912
05-5, 2A3 5.000%, 8/25/35		534		530
15-PS1, 144A 3.750%, 9/25/42(2)(3)		11,634		11,888
15-A, A1 144A 3.500%, 6/25/58(2)(3)		4,955		5,063
Colony American Finance Ltd. 15-1, 144A 2.896%, 10/15/47(3)		11,060		10,912
Colony Multi-Family Mortgage Trust 14-1, A 144A 2.543%, 4/20/50(3)		16,666		16,649
Commercial Mortgage Lease-Backed Certificates 01-CMB, 1 144A 7.471%, 6/20/31(2)(3)		4,080		4,702
Commercial Mortgage Trust
10-C1, D 144A 6.139%, 7/10/46(2)(3)		6,669		7,191
07-GG11, AM 5.867%, 12/10/49(2)		19,989		20,553

See Notes to Financial Statements

8

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
Credit Suisse Commercial Mortgage Trust
07-C1, A1A 5.361%, 2/15/40	$	37,679	$	38,300
07-C5, A1AM 5.870%, 9/15/40(2)		21,039		19,269
14-LVR2, A2 144A 3.902%, 4/25/44(2)(3)		12,955		13,363
07-C2, A3 5.542%, 1/15/49(2)		12,995		13,228
Credit Suisse First Boston Mortgage Securities Corp.
03-27, 5A3 5.250%, 11/25/33		1,592		1,610
04-8, 7A1 6.000%, 12/25/34		5,785		6,055
13-HYB1, A16,144A 3.030%, 4/25/43(2)(3)		7,193		7,190
Credit Suisse Mortgage Trust 15-1 A9 144A 3.500%, 5/25/45(2)(3)		16,322		16,596
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A 5.470%, 8/10/44(2)(3)		6,306		6,437
Extended Stay America Trust 13-ESH7, A17 144A 2.295%, 12/5/31(3)		16,230		16,236
Fannie Mae Connecticut Avenue Securities 14-C02, 2M2 3.033%, 5/25/24(2)		1,420		1,282
FDIC Trust 13-N1, A 144A 4.500%, 10/25/18(3)		565		565
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.382%, 12/15/19(2)(3)		16,875		16,544

	PAR VALUE		VALUE
Non-Agency (continued)
GMAC Mortgage Corp. Loan Trust
06-HLTV, A4 5.810%, 10/25/29	$	415	$	414
04-AR1, 12A 3.172%, 6/25/34(2)		7,181		7,245
05-AR1, 5A 3.337%, 3/18/35(2)		2,625		2,564
Goldman Sachs Mortgage Securities Trust
07-GG10, A4 5.794%, 8/10/45(2)		18,466		19,020
07-GG10, A1A 5.794%, 8/10/45(2)		2,970		3,054
Goldman Sachs Residential Mortgage Loan Trust
05-5F, B1 5.750%, 6/25/35(2)		2,820		2,737
07-1F, 2A2 5.500%, 1/25/37		411		387
GSAA Home Equity Trust
05-1, AF4 5.619%, 11/25/34(2)		525		542
05-12, AF3W 4.999%, 9/25/35(2)		4,441		4,490
GSR Mortgage Loan Trust 2006-1F 6.000%, 2/25/36		1,013		892
Hilton USA Trust 13-HLT, EFX 144A 5.222%, 11/5/30(2)(3)		21,980		22,109
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37(2)		9,928		10,128
IMC Home Equity Loan Trust 97-5, A9 7.310%, 11/20/28		2,743		2,752
Jefferies Resecuritization Trust
14-R1, 1A1 144A 4.000%, 12/27/37(3)		7,836		7,838

See Notes to Financial Statements

9

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
14-R1, 2A1 144A 4.000%, 12/27/37(3)	$	5,705	$	5,699
JP Morgan Chase Commercial Mortgage Securities Trust 11-C4 144A 4.388%, 7/15/46(3)		5,175		5,651
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 04-10, 14A1 144A 2.957%, 1/25/35(2)		1,517		1,471
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust
06-PW14, AM 5.243%, 12/11/38		5,000		5,059
06-PWR13, AM 5.582%, 9/11/41(2)		3,272		3,303
07-PW15, AM 5.363%, 2/11/44		13,247		13,392
07- PW17, A4 5.694%, 6/11/50(2)		21,018		21,816
07-PW18, AM 6.084%, 6/11/50(2)		12,400		12,967
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
04-CB1, 5A 5.000%, 6/25/19		972		984
03-AR6, A1 2.555%, 6/25/33(2)		973		966
03-AR4, 2A1 2.324%, 8/25/33(2)		297		290
04-CB1, 2A 5.000%, 6/25/34		2,984		3,037

	PAR VALUE		VALUE
Non-Agency (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
09-IWST, A1 144A 4.314%, 12/5/27(3)	$	5,171	$	5,421
10-CNTR, A2 144A 4.311%, 8/5/32(3)		7,503		8,068
15-SGP, B 144A 3.186%, 7/15/36(2)(3)		13,925		13,798
14-1, 1A1 144A 4.000%, 1/25/44(2)(3)		23,158		24,302
11-C4, A3 144A 4.106%, 7/15/46(3)		1,920		2,005
06-LDP9, AM 5.372%, 5/15/47		24,850		24,953
14-C22, A4 3.801%, 9/15/47		16,998		18,286
07-LDPX, AM 5.464%, 1/15/49(2)		32,275		32,012
07-LD12, A4 5.882%, 2/15/51(2)		17,789		18,377
JPMorgan Chase Mortgage Trust 15-5, A2 144A 2.897%, 5/25/45(3)		20,590		20,790
JPMorgan Chase Mortgage Trust
14-2, 2A2 144A 3.500%, 6/25/29(2)(3)		12,467		12,845
06-A2, 4A1 144A 2.716%, 8/25/34(2)		1,922		1,925
04-A4, 2A1 2.627%, 9/25/34		6,259		6,300
05-A1, 4A1 2.802%, 2/25/35		781		784
05-A2, 4A1 2.405%, 4/25/35		988		964
05-A4, 3A1 2.425%, 7/25/35		4,972		4,922
06-A6, 3A3L 4.888%, 10/25/36		1,640		1,412
15-4, 1A4 144A 3.500%, 6/25/45(2)(3)		13,218		13,454

See Notes to Financial Statements

10

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
Key Commercial Mortgage Securities Trust 07-SL1, B 144A 5.716%, 12/15/40(2)(3)	$	5,344	$	5,389
MASTR Adjustable Rate Mortgages Trust 04-12, 3A1 2.752%, 11/25/34		1,397		1,375
MASTR Alternative Loan Trust
04-7, 4A1 4.500%, 7/25/19		2,333		2,355
03-8, 2A1 5.750%, 11/25/33		6,030		6,226
04-4, 6A1 5.500%, 4/25/34		3,067		3,169
04-6, 7A1 6.000%, 7/25/34		5,839		5,853
04-7, 9A1 6.000%, 8/25/34		14,032		14,473
05-2, 2A1 6.000%, 1/25/35		3,623		3,745
05-2, 1A1 6.500%, 3/25/35		10,150		10,475
MASTR Asset Securitization Trust 05-1, 1A1 5.000%, 5/25/20		548		549
MASTR Reperforming Loan Trust 05-1, 1A2 144A 6.500%, 8/25/34(3)		1,737		1,706
Morgan Stanley Capital I Trust
08-T29, AM 6.268%, 1/11/43(2)		1,610		1,709
07-IQ14, AM 5.667%, 4/15/49(2)		15,932		15,858
07-IQ14, A4 5.692%, 4/15/49(2)		17,390		17,806
07- LQ16, A4 5.809%, 12/12/49		19,162		19,968

	PAR VALUE		VALUE
Non-Agency (continued)
Morgan Stanley Mortgage Loan Trust
04-2AR, 3A 2.303%, 2/25/34(2)	$	1,660	$	1,644
04-2AR, 4A 2.657%, 2/25/34(2)		1,207		1,210
Morgan Stanley Residential Mortgage Loan Trust 14-1A, A1 144A 2.993%, 6/25/44(2)(3)		7,174		7,212
Motel 6 Trust 15-MTL6, B 144A 3.298%, 2/5/30(3)		9,275		9,272
New Residential Mortgage Loan Trust
14-1A, A 144A 3.750%, 1/25/54(2)(3)		18,609		19,144
14-2A, 3A 144A 3.750%, 5/25/54(2)(3)		2,198		2,261
14-3A, AFX3 144A 3.750%, 11/25/54(2)(3)		5,960		6,149
15-2A, A1 3.750%, 8/25/55(2)		12,974		13,398
16-1A, A1 144A 3.750%, 3/25/56(2)(3)		10,910		11,251
Nomura Asset Acceptance Corp. 04-R3, A1 144A 6.500%, 2/25/35(3)		7,320		7,307
Novastar Home Equity Loan 04-4, M5 2.158%, 3/25/35(2)		3,556		3,430
Residential Accredit Loans, Inc.
03-QS17, CB5 5.500%, 9/25/33		1,169		1,186
05-QS1, A5 5.500%, 1/25/35		954		952
Residential Asset Mortgage Products, Inc.
04-SL2, A3 7.000%, 10/25/31		1,952		2,026

See Notes to Financial Statements

11

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
04-SL1, A8 6.500%, 11/25/31	$	2,339	$	2,371
05-SL2, A4 7.500%, 2/25/32		1,944		1,996
04-SL4, A3 6.500%, 7/25/32		1,300		1,318
03-RS8, AI7 5.015%, 9/25/33(2)		428		433
Residential Asset Securitization Trust
03-A11, A9 5.750%, 11/25/33		2,599		2,634
04-A1, A5 5.500%, 4/25/34		12,292		12,309
Residential Funding Mortgage Securities I, Inc. 06-S12, 1A1 5.500%, 12/25/21		956		967
Residential Funding Mortgage Securities II Home Loan Trust 06-H11, M1 6.010%, 2/25/36(2)		1,088		1,091
Sequoia Mortgage Trust
14-2, A1 144A 4.000%, 7/25/44(2)(3)		9,398		9,700
15-1, A1 144A 3.500%, 1/25/45(2)(3)		9,625		9,761
Structured Adjustable Rate Mortgage Loan Trust
03-30, 2A1 5.055%, 10/25/33(2)		3,023		3,069
04-4, 3A4 2.718%, 4/25/34(2)		2,503		2,455
04-4, 3A2 2.718%, 4/25/34(2)		3,244		3,205
04-4, 3A1 2.718%, 4/25/34(2)		734		718
04-5, 3A2 2.585%, 5/25/34(2)		1,538		1,523
04-14, 7A 2.646%, 10/25/34(2)		11,773		11,690

	PAR VALUE		VALUE
Non-Agency (continued)
Structured Asset Securities Corp. Assistance Loan Trust 03-AL1, A 144A 3.357%, 4/25/31(3)	$	8,227	$	8,062
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
02-AL1, A3 3.450%, 2/25/32		9,924		9,795
03-33H, 1A1 5.500%, 10/25/33		3,854		3,931
03-34A, 6A 2.883%, 11/25/33		2,771		2,707
04-15, 3A3 5.500%, 9/25/34		2,188		2,204
Towd Point Mortgage Trust
15-3, A1B 144A 3.000%, 3/25/54(2)(3)		6,407		6,449
16-1, A1B, 144A 2.750%, 2/25/55(2)(3)		10,280		10,268
15-5, A1B 144A 2.750%, 5/25/55(2)(3)		7,898		7,890
Vericrest Opportunity Loan Trust
15-NP11, A1 144A 3.625%, 7/25/45(2)(3)		7,314		7,250
14-NP10, A1 144A 3.375%, 10/25/54(2)(3)		2,339		2,304
14-NPL9, A1 144A 3.375%, 11/25/54(2)(3)		7,883		7,767
15-NPL4, A1 144A 3.500%, 2/25/55(2)(3)		4,802		4,774
15-NPL3, A1 144A 3.375%, 10/25/58(2)(3)		15,152		14,941
VFC LLC 14-2, A 144A 2.750%, 7/20/30(3)		326		326
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust
04-C15, B 4.892%, 10/15/41		6,818		6,809

See Notes to Financial Statements

12

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
07-C30, A5 5.342%, 12/15/43	$	39,765	$	40,606
07-C30, AM 5.383%, 12/15/43		25,695		26,158
07-C31, A4 5.509%, 4/15/47(2)		5,562		5,643
07-31, AM 5.591%, 4/15/47(2)		34,000		34,856
07-C32, A3 5.703%, 6/15/49(2)		22,577		23,099
07-C33, A5 5.946%, 2/15/51(2)		1,265		1,323
Wells Fargo – Royal Bank of Scotland plc Commercial Mortgage Trust 11-C5, C 144A 5.634%, 11/15/44(2)(3)		1,800		1,935
Wells Fargo Mortgage Backed Securities Trust
06-17, A1 5.500%, 11/25/21		135		136
03-G, A1 2.615%, 6/25/33(2)		1,299		1,298
03-J, 5A1 2.633%, 10/25/33(2)		433		434
04-4, A9 5.500%, 5/25/34		1,891		1,929
04-U, A1 2.801%, 10/25/34(2)		1,098		1,086
04-Z, 2A1 2.851%, 12/25/34(2)		6,033		5,984
04-CC, A1 2.838%, 1/25/35		2,602		2,611
05-12, 1A1 5.500%, 11/25/35		3,644		3,689
05-14, 2A1 5.500%, 12/25/35		2,936		2,985
07-16, 1A1 6.000%, 12/28/37		3,256		3,360
07-AR10, 2A1 5.989%, 1/25/38		3,906		3,796
WinWater Mortgage Loan Trust
14-1, A1 144A 3.947%, 6/20/44(2)(3)		13,283		13,760

	PAR VALUE		VALUE
Non-Agency (continued)
14-3, A4 144A 3.500%, 11/20/44(2)(3)	$	1,464	$	1,488
16-1A5, 144A 3.500%, 1/20/46(2)(3)		16,973		17,458
				1,533,550
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $1,940,968)				1,952,058
ASSET-BACKED SECURITIES—19.4%
American Credit Acceptance Receivables Trust
14-3, C 144A 3.430%, 6/10/20(3)		19,200		18,930
16-1A, B 4.240%, 6/13/22(3)		7,500		7,523
AmeriCredit Automobile Receivables Trust
12-1, C 2.670%, 1/8/18		122		122
12-3, D 3.030%, 7/9/18		19,762		19,924
12-4, D 2.680%, 10/9/18		7,150		7,186
14-2, C 2.180%, 6/8/20		19,450		19,578
14-1, D 2.540%, 6/8/20		18,320		18,188
15-3, C 2.730%, 3/8/21		9,730		9,815
Applebee’s LLC 14-1, A2 144A 4.277%, 9/5/44(3)		20,168		20,089
Arbys Funding LLC 15-1A, A2 144A 4.969%, 10/30/45(3)		7,800		8,112
Ascentium Equipment Receivables 15-A1, B 144A 2.260%, 6/10/21(3)		5,400		5,419

See Notes to Financial Statements

13

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Associates Manufactured Housing Pass-Through Certificates 96-1, B1 8.000%, 3/15/27(2)	$	1,228	$	1,275
Avant Loans Funding Trust
16-A, A 144A 4.110%, 5/15/19(3)		3,449		3,447
15-A , A 144A 4.000%, 8/16/21(3)		2,423		2,387
Avis Budget Rental Car Funding LLC
(AESOP) 12-3A, A 144A 2.100%, 3/20/19(3)		23,085		23,038
(AESOP) 13-2A, A 144A 2.970%, 2/20/20(3)		2,635		2,680
(AESOP) 16-1A, A 144A 2.990%, 6/20/22(3)		18,500		18,499
BankAmerica Manufactured Housing Contract Trust 98-1, B1 7.810%, 8/10/25(2)		1,869		1,923
Barclays (Lehman Brothers) Manufactured Housing Contract Trust 01-B, A3 4.350%, 4/15/40		2,769		2,808
BCC Funding VIII LLC
14-A, B 144A 3.123%, 8/20/20(3)		2,799		2,760
14-1A, C 144A 4.216%, 8/20/20(3)		5,519		5,363
Beacon Container Finance LLC 12-1A, A 144A 3.720%, 9/20/27(3)		18,938		18,737

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
BXG Receivables Note Trust
10-A, A 144A 5.100%, 3/2/26(3)	$	1,389	$	1,410
12-A, A 144A 2.660%, 12/2/27(3)		3,629		3,618
13-A, A 144A 3.010%, 12/4/28(3)		7,150		7,162
15-A, A 144A 2.880%, 5/2/30(3)		2,919		2,903
California Republic Auto Receivables Trust
13-1, B 144A 2.240%, 1/15/19(3)		11,600		11,693
14-2, B 2.340%, 4/15/20		7,090		7,046
14-2, C 3.290%, 3/15/21		2,700		2,654
15-3, B 2.700%, 9/15/21		3,705		3,645
16-1, B 3.430%, 2/15/22		4,615		4,633
Capital Auto Receivables Asset Trust
13-1, C 1.740%, 10/22/18		5,425		5,427
15-2, C 2.670%, 8/20/20		7,250		7,168
CarFinance Capital Auto Trust
13-1A, B 144A 2.750%, 11/15/18(3)		3,297		3,308
13-A1, C 144A 3.450%, 3/15/19(3)		2,210		2,228
13-2A, B 144A 3.150%, 8/15/19(3)		16,172		16,245
14-1A, B 144A 2.720%, 4/15/20(3)		5,550		5,556
14-2A, B 144A 2.640%, 11/16/20(3)		3,455		3,451
14-2A, C 144A 3.240%, 11/16/20(3)		2,765		2,693
15-A1, B 144A 2.910%, 6/15/21(3)		6,000		6,028

See Notes to Financial Statements

14

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
CarMax Auto Owner Trust
14-2, B 1.880%, 11/15/19	$	1,000	$	1,006
15-2, C 2.390%, 3/15/21		2,275		2,284
CarNow Auto Receivables Trust
14-1A, D 144A 4.160%, 11/15/18(3)		3,000		2,986
14-1A, E 144A 5.530%, 1/15/20(3)		3,650		3,648
15-2,C 144A 3.880%, 4/15/20(3)		6,205		5,976
CCG Receivables Trust 14-1, B 144A 2.150%, 11/15/21(3)		5,080		5,084
Centre Point Funding LLC 12-2A, 1 144A 2.610%, 8/20/21(3)		9,877		9,772
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43(3)		33,153		33,112
Chrysler Capital Auto Receivables Trust 14-BA, D, 144A 3.440%, 8/16/21(3)		6,416		6,294
Citi Held For Asset Issuance 15-PM3 144A 4.310%, 5/16/22(3)		14,085		13,309
CNH Equipment Trust 12-B, B 1.780%, 6/15/20		4,000		4,003
Conseco Financial Corp.
94-1, A5 7.650%, 4/15/19		29		30
01-3, A4 6.910%, 5/1/33(2)		9,637		10,583
Container Leasing International Funding LLC 14-2A, A 144A 3.380%, 10/18/29(3)		10,535		9,874

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
DB Master Finance LLC
15-1A, A2I 144A 3.262%, 2/20/45(3)	$	4,950	$	4,874
15-A1, A2II 144A 3.980%, 2/20/45(3)		18,827		18,413
Diamond Resorts Owner Trust
14-1, A 144A 2.540%, 5/20/27(3)		5,619		5,556
15-2A, 144A 2.990%, 5/22/28(3)		3,275		3,275
Direct Capital Funding IV LLC
13-1, D 144A 4.599%, 10/20/19(3)		3,555		3,562
13-A1, C 144A 4.830%, 11/20/20(3)		5,000		5,037
Domino’s Pizza Master Issuer LLC 12-1A, A2 144A 5.216%, 1/25/42(3)		14,898		15,246
DRB 15-D A3 144A 2.500%, 1/25/36		7,255		7,235
Drive Auto Receivables Trust
15-DA, B 144A 2.590%, 12/16/19(3)		3,920		3,909
3.170%, 5/15/20(3)		7,310		7,314
14-AA, C 144A 3.060%, 5/17/21(3)		18,650		18,548
15-AA, D 144A 4.120%, 7/15/22(3)		13,120		13,029
Drug Royalty LP II 14-1, A2 144A 3.484%, 7/15/23(3)		18,639		18,408
DT Auto Owner Trust
13-2A, C 144A 3.060%, 9/16/19(3)		3,093		3,095
14-1A, C 144A 2.640%, 10/15/19(3)		14,102		14,096
14-2A, C 144A 2.460%, 1/15/20(3)		14,370		14,367
14-3A, C 144A 3.040%, 9/15/20(3)		10,090		10,080
15-1A, C 144A 2.870%, 11/16/20(3)		7,000		6,956

See Notes to Financial Statements

15

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
15-3A, C 144A 3.250%, 7/15/21(3)	$	2,285	$	2,274
DT Auto Owner Trust 2016-1 2.790%, 5/15/20(3)		5,200		5,213
Exeter Automobile Receivables Trust
12-2A, C 144A 3.060%, 7/16/18(3)		8,050		8,055
13-2A, B 144A 3.090%, 7/16/18(3)		9,997		9,999
14-1A, B 144A 2.420%, 1/15/19(3)		9,220		9,215
13-1A, C 144A 3.520%, 2/15/19(3)		20,725		20,745
14-1A, C 144A 3.570%, 7/15/19(3)		15,830		15,832
14-2A, C 144A 3.260%, 12/16/19(3)		14,615		14,426
15-A1, C 144A 4.100%, 12/15/20(3)		15,930		15,759
15-2A, C 144A 3.900%, 3/15/21(3)		17,705		17,257
14-3A, D 144A 5.690%, 4/15/21(3)		15,995		15,715
15-3, 144A 6.550%, 10/17/22(3)		3,375		3,253
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42(3)		20,584		20,853
First Investors Auto Owner Trust 15-1A, C 144A 2.710%, 6/15/21(3)		5,000		4,919
Flagship Credit Auto Trust
16-1, A 144A 2.770%, 12/15/20(3)		6,307		6,289
14-2, D 144A 5.210%, 2/15/21(3)		9,560		8,879
15-2, C 144A 4.080%, 12/15/21(3)		6,495		6,058

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Foursight Capital Automobile Receivables Trust
14-1, B 144A 3.560%, 11/22/21(3)	$	4,704	$	4,777
15-1, B 144A 4.120%, 9/15/22(3)		5,589		5,677
Global Science Finance S.a.r.l. 13-1A, A 144A 2.980%, 4/17/28(3)		10,944		10,372
Gold Key Resorts LLC 14-A, A 144A 3.220%, 3/17/31(3)		9,214		9,138
Greater Capital Association of Realtors 15-1A, C 9.790%, 10/15/25		8,195		8,095
Hertz Vehicle Financing LLC
11-1A, A2 144A 3.290%, 3/25/18(3)		14,960		15,138
15-2A, A 144A 2.020%, 9/25/19(3)		4,845		4,843
16-1A, A144A 2.320%, 3/25/20(3)		8,800		8,800
Hilton Grand Vacations Trust
13-A, A 144A 2.280%, 1/25/26(3)		8,589		8,546
14-AA, A 144A 1.770%, 11/25/26(3)		11,831		11,637
Hyundai Auto Receivables Trust
14-B, D 2.510%, 12/15/20		9,675		9,625
15-A, D 2.730%, 6/15/21		8,950		8,928
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28		924		946
LEAF Receivables Funding 10 LLC
15-1, D 144A 3.740%, 5/17/21(3)		800		786

See Notes to Financial Statements

16

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
15-1, E1 144A 5.210%, 7/15/21(3)	$	4,500	$	4,439
15-1, E2 144A 6.000%, 6/15/23(3)		2,455		2,368
LEAF Receivables Funding 8 LLC 12-1, D 144A 4.680%, 9/15/20(3)		5,859		5,871
LEAF Receivables Funding 9 LLC
13-1, C 144A 3.460%, 9/15/21(3)		6,850		6,835
13-1, D 144A 5.110%, 9/15/21(3)		655		656
Marriott Vacation Club Owner Trust
12-1A, A 144A 2.510%, 5/20/30(3)		14,473		14,559
10-1A, A 144A 3.540%, 10/20/32(3)		454		463
10-1A, B 144A 4.520%, 10/20/32(3)		886		908
MVW Owner Trust 15-1A, B 144A 2.960%, 12/20/32(3)		1,904		1,913
National City Mortgage Capital Trust 08-1, 2A1 6.000%, 3/25/38		2,084		2,164
OneMain Financial Issuance Trust
14-1A, A 144A 2.430%, 6/18/24(3)		16,940		16,897
15-2A, A 144A 2.570%, 7/18/25(3)		19,675		19,408
15-A1, A 144A 3.190%, 3/18/26(3)		16,005		15,846
Orange Lake Timeshare Trust
12-AA, A 144A 3.450%, 3/10/27(3)		4,289		4,335
15-A, 144A 2.880%, 9/8/27(3)		7,897		7,895
14-AA, A 144A 2.290%, 7/9/29(3)		3,583		3,543

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Prestige Auto Receivables Trust 14-1A, C 144A 2.390%, 5/15/20(3)	$	7,000	$	6,915
Santander Drive Auto Receivables Trust
12-2, D 3.870%, 2/15/18		16,641		16,783
12-6, C 1.940%, 3/15/18		3,365		3,369
12-5, C 2.700%, 8/15/18		2,560		2,570
12-6, D 2.520%, 9/17/18		17,455		17,571
13-1, D 2.270%, 1/15/19		23,445		23,423
13-3, C 1.810%, 4/15/19		7,215		7,231
13-5, D 2.730%, 10/15/19		20,100		20,278
14-3, C 2.130%, 8/17/20		16,400		16,408
Security National Automotive Acceptance Company Receivables Trust 14-1A, C 144A 2.210%, 1/15/20(3)		11,085		11,099
Sierra Timeshare Receivables Funding LLC 16-1A, A 144A 3.080%, 3/21/33(3)		11,100		11,173
Sierra Timeshare Receivables Funding LLC
12-2A, B 144A 3.420%, 3/20/29(3)		2,183		2,181
12-3A, A 144A 1.870%, 8/20/29(3)		8,086		8,059
13-1A, A 144A 1.590%, 11/20/29(3)		3,002		2,958
14-1A, A 144A 2.070%, 3/20/30(3)		3,015		3,003
14-2A, A 144A 2.050%, 6/20/31(3)		4,475		4,454

See Notes to Financial Statements

17

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Silverleaf Finance LLC
XVII 13-12, A1 144A 2.680%, 3/16/26(3)	$	3,795	$	3,672
XVIII 14-A, A 144A 2.810%, 1/15/27(3)		2,709		2,699
Silverleaf Finance XV LLC 12-D, A 144A 3.000%, 3/17/25(3)		4,346		4,292
Skopos Auto Receivables Trust 15-2A, A 144A 3.550%, 2/15/20(3)		5,857		5,851
SLM Private Education Loan Trust
13-B, A2A 144A 1.850%, 6/17/30(3)		4,500		4,410
13-C, A2A 144A 2.940%, 10/15/31(3)		5,000		5,061
SoFi Professional Loan Program LLC
14-A, A2 144A 3.020%, 10/25/27(3)		1,695		1,712
14-B, A2 144A 2.550%, 8/27/29(3)		1,361		1,353
15-A, A2 144A 2.420%, 3/25/30(3)		5,468		5,402
16-A, A2 144A 2.760%, 12/26/36(3)		2,410		2,393
SolarCity LMC Series III LLC 14-2, A 144A 4.020%, 7/20/44(3)		8,203		7,846
Structured Asset Securities Corp. Mortgage-Pass-through Certificates 01-SB1, A2 3.375%, 8/25/31		1,825		1,798
SVO VOI Mortgage Corp.
10-AA, A 144A 3.650%, 7/20/27(3)		2,539		2,539
12-AA, A 144A 2.000%, 9/20/29(3)		9,479		9,356

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
TAL Advantage V LLC
13-1A A 144A 2.830%, 2/22/38(3)	$	5,353	$	5,038
14-3A, A 144A 3.270%, 11/21/39(3)		11,336		10,581
TCF Auto Receivables Owner Trust
14-1A, B 144A 2.330%, 5/15/20(3)		1,733		1,752
14-1A, C 144A 3.120%, 4/15/21(3)		2,035		2,070
Textainer Marine Containers Ltd. 14-1A, A 144A 3.270%, 10/20/39(3)		3,905		3,674
Tidewater Auto Receivables Trust
14-AA, C 144A 2.560%, 8/15/19(3)		3,500		3,505
16-AA, B 3.130%, 3/15/20(3)		7,393		7,392
Trip Rail Master Funding LLC
11-1A, A1A 144A 4.370%, 7/15/41(3)		13,172		13,573
14-1A, A1 144A 2.863%, 4/15/44(3)		3,857		3,825
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23(3)		35,222		35,943
United Auto Credit Securitization Trust 16-1, B 144A 2.730%, 5/15/18(3)		4,880		4,875
Volvo Financial Equipment LLC
13-1A, B 144A 1.240%, 8/15/19(3)		15,835		15,817
14-1A, C 144A 1.940%, 11/15/21(3)		6,000		6,019
Welk Resorts LLC
13-A, A 144A 3.100%, 3/15/29(3)		3,971		3,984
15-AA, A 144A 2.790%, 6/16/31(3)		6,520		6,467

See Notes to Financial Statements

18

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Wendy’s Funding LLC
15-1A, A2II144A 3.371%, 6/15/45(3)	$	5,387	$	5,288
15-1A, A2II 144A 4.080%, 6/15/45(3)		13,353		13,063
Westlake Automobile Receivables Trust
14-1A, C 144A 1.700%, 11/15/19(3)		6,165		6,154
15-1A, C 144A 2.290%, 11/16/20(3)		8,500		8,398
15-3A, D,144A 4.400%, 5/17/21(3)		10,000		9,953
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $1,387,260)				1,379,011
CORPORATE BONDS AND NOTES—35.5%
Consumer Discretionary—2.5%
Alibaba Group Holding Ltd 2.500%, 11/28/19		6,600		6,659
Boyd Gaming Corp. 9.000%, 7/1/20		5,350		5,671
Brookfield Residential Properties, Inc. 144A 6.500%, 12/15/20(3)		5,810		5,578
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20(10)		3,625		3,099
CCO Holdings LLC 7.375%, 6/1/20		6,700		6,980
CCO Safari II LLC 144A 4.464%, 7/23/22(3)		2,605		2,729
Churchill Downs, Inc. 144A 5.375%, 12/15/21(3)		3,425		3,545
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		8,710		8,035

	PAR VALUE		VALUE
Consumer Discretionary (continued)
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21(3)	$	5,990	$	6,402
Delphi Automotive plc 3.150%, 11/19/20		15,000		15,321
International Game Technology plc
7.500%, 6/15/19		1,115		1,213
144A 5.625%, 2/15/20(3)		3,245		3,383
144A 6.250%, 2/15/22(3)		5,190		5,307
Landry’s, Inc. 144A 9.375%, 5/1/20(3)		7,530		7,944
M/I Homes, Inc. 6.750%, 1/15/21		4,675		4,617
Marriott International, Inc. Series N, 3.125%, 10/15/21		13,545		13,799
MGM Resorts International 6.750%, 10/1/20		4,500		4,891
Newell Rubbermaid, Inc.
3.150%, 4/1/21		1,925		1,978
3.850%, 4/1/23		825		856
4.200%, 4/1/26		1,665		1,741
Numericable Group SA 144A 4.875%, 5/15/19(3)		8,295		8,295
QVC, Inc. 3.125%, 4/1/19		12,765		12,807
Scientific Games International, Inc. 144A 7.000%, 1/1/22(3)		5,625		5,766
Toll Brothers Finance Corp.
4.000%, 12/31/18		10,080		10,458
6.750%, 11/1/19		14,716		16,482
TRI Pointe Holdings, Inc. 4.375%, 6/15/19		13,872		13,837

See Notes to Financial Statements

19

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Consumer Discretionary (continued)
Wyndham Worldwide Corp. 2.500%, 3/1/18	$	2,960	$	2,961
				180,354
Consumer Staples—0.7%
Anheuser-Busch Inbev Finance, Inc.
1.900%, 2/1/19		4,625		4,692
2.650%, 2/1/21		13,760		14,146
ESAL GmbH 144A 6.250%, 2/5/23(3)		8,600		7,600
Kraft Heinz Foods Co.
144A 2.800%, 7/2/20(3)		2,680		2,746
144A 3.500%, 7/15/22(3)		2,855		2,997
Whole Foods Market, Inc. 144A 5.200%, 12/3/25(3)		14,325		15,018
				47,199
Energy—5.0%
Afren plc 144A 11.500%, 2/1/16(3)(10)		4,674		34
Alberta Energy Co. Ltd. 8.125%, 9/15/30		8,110		7,360
Anadarko Petroleum Corp.
4.850%, 3/15/21		3,845		3,920
5.550%, 3/15/26		5,455		5,526
Antero Resources Corp. 5.625%, 6/1/23		6,835		6,322
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(3)		4,595		3,848
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		8,150		7,223
Cimarex Energy Co. 4.375%, 6/1/24		11,490		11,318

	PAR VALUE		VALUE
Energy (continued)
CNOOC Finance Propriety Ltd. 2.625%, 5/5/20	$	5,800	$	5,807
Concho Resources, Inc. 5.500%, 4/1/23		9,345		9,205
ConocoPhillips Co.
4.200%, 3/15/21		2,385		2,488
4.950%, 3/15/26		6,690		6,987
Continental Resources, Inc.
5.000%, 9/15/22		5,035		4,365
4.500%, 4/15/23		3,035		2,553
Enbridge Energy Partners LP 4.375%, 10/15/20		3,930		3,841
Encana Corp. 3.900%, 11/15/21		7,960		6,975
Energy Transfer Partners LP 5.200%, 2/1/22		4,855		4,609
EP Energy LLC (Everest Acquisition Finance, Inc.) 9.375%, 5/1/20		11,345		5,779
Exxon Mobil Corp 2.222%, 3/1/21		5,500		5,596
Exxon Mobil Corp. 2.726%, 3/1/23		4,610		4,690
FTS International, Inc. 6.250%, 5/1/22		2,245		258
Gazprom OAO (Gaz Capital SA) 144A 4.950%, 5/23/16(3)(5)		5,000		5,024
Hess Corp. 8.125%, 2/15/19		10,135		11,108
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(3)		20,300		20,603
Kunlun Energy Co., Ltd. 144A 2.875%, 5/13/20(3)		5,000		5,069
Linn Energy LLC 6.500%, 5/15/19(10)		9,980		1,123

See Notes to Financial Statements

20

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Energy (continued)
Lukoil OAO International Finance BV 144A 3.416%, 4/24/18(3)	$	6,000	$	5,959
Midcontinent Express Pipeline LLC 144A 6.700%, 9/15/19(3)		3,500		3,150
MPLX LP 144A 5.500%, 2/15/23(3)		11,935		11,573
Newfield Exploration Co. 5.625%, 7/1/24		7,925		7,430
NGL Energy Partners LP (NGL Energy Finance Corp.) 5.125%, 7/15/19		18,475		11,270
Occidental Petroleum Corp.
2.600%, 4/15/22		885		893
3.400%, 4/15/26		725		731
Pacific Exploration and Production Corp. 144A 5.375%, 1/26/19(3)(10)		13,565		2,374
Petrobras Global Finance BV 3.250%, 3/17/17		11,100		10,892
Petroleos de Venezuela SA
RegS 8.500%, 11/2/17(4)		27,550		14,640
144A 6.000%, 5/16/24(3)		12,980		4,040
Petroleos Mexicanos
6.375%, 2/4/21(3)		1,945		2,074
4.875%, 1/24/22		10,000		9,925
PHI, Inc. 5.250%, 3/15/19		6,275		5,585
Pride International, Inc. 8.500%, 6/15/19		4,065		3,486
QEP Resources, Inc.
6.875%, 3/1/21		5,220		4,815
5.250%, 5/1/23		9,530		8,339

	PAR VALUE			VALUE
Energy (continued)
Regency Energy Partners LP 5.000%, 10/1/22	$	17,910		$	16,840
Sabine Oil & Gas Corp. 7.250%, 6/15/19(10)		9,035			169
Sabine Pass Liquefaction LLC
5.625%, 2/1/21		8,000			7,730
6.250%, 3/15/22		8,415			8,289
Sinopec Capital Ltd. 144A 1.875%, 4/24/18(3)		11,750			11,720
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26(3)		6,435			6,459
Sunoco LP (Sunoco Finance Corp.) 144A 6.375%, 4/1/23(3)		16,520			16,613
Transocean, Inc.
5.800%, 12/15/16		9,280			9,287
6.800%, 3/15/38		7,800			3,939
Weatherford International Ltd. 9.625%, 3/1/19		11,535			11,593
YPF S.A. 144A 8.500%, 3/23/21(3)		7,000			7,026
					358,472
Financials—14.6%
ABN AMRO Bank N.V. 144A 4.250%, 2/2/17(3)		4,425			4,517
Air Lease Corp. 2.625%, 9/4/18		5,495			5,461
Akbank TAS 144A 7.500%, 2/5/18(3)		12,140	TRY		3,984
Ally Financial, Inc.
3.250%, 2/13/18		4,285			4,253
3.250%, 11/5/18		7,565			7,440
American Campus Communities LP 3.350%, 10/1/20		2,040			2,084
American Tower Corp. 3.300%, 2/15/21		15,360			15,630

See Notes to Financial Statements

21

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Financials (continued)
American Tower Trust I 144A 1.551%, 3/15/18(3)	$	6,900	$	6,895
Ares Capital Corp.
4.875%, 11/30/18		1,545		1,588
3.875%, 1/15/20		4,286		4,397
Aviation Capital Group Corp.
144A 3.875%, 9/27/16(3)		10,380		10,445
144A 2.875%, 9/17/18(3)		4,415		4,433
Banco Continental SA (Continental Senior Trustees II Cayman Ltd.) 144A 5.750%, 1/18/17(3)(5)		10,000		10,276
Banco de Credito del Peru 144A 2.750%, 1/9/18(3)		15,836		15,955
Banco Santander Brasil SA 144A 4.625%, 2/13/17(3)		9,300		9,449
Bangkok Bank PCL 144A 2.750%, 3/27/18(3)		16,550		16,785
Bank of America Corp.
(Countrywide Financial Corp.) 6.250%, 5/15/16		9,110		9,162
2.000%, 1/11/18		14,905		14,968
5.490%, 3/15/19		2,868		3,126
Bank of Baroda 144A 4.875%, 7/23/19(3)		11,775		12,549
Bank of Georgia JSC 144A 7.750%, 7/5/17(3)		10,110		10,511
Bank of India
144A 3.250%, 4/18/18(3)		10,470		10,655
144A 3.625%, 9/21/18(3)		10,200		10,420
Barclays Bank plc 144A 6.050%, 12/4/17(3)		13,130		13,899

	PAR VALUE		VALUE
Financials (continued)
BBVA Banco Continental SA 144A 3.250%, 4/8/18(3)	$	8,270	$	8,394
Berkshire Hathaway, Inc.
2.200%, 3/15/21		845		863
2.750%, 3/15/23		1,695		1,729
Blackstone Holdings Finance Co. LLC 144A 6.625%, 8/15/19(3)		7,105		8,116
Brixmor Operating Partnership LP 3.875%, 8/15/22		5,570		5,437
Capital One NA 2.400%, 9/5/19		5,000		4,987
Citigroup, Inc.
0.906%, 6/9/16		3,400		3,398
5.500%, 2/15/17		11,730		12,120
4.600%, 3/9/26		10,445		10,714
Comerica Bank, Inc. 5.750%, 11/21/16		5,940		6,097
Corp Financiera de Desarrollo SA 144A 4.750%, 7/15/25(3)		10,000		10,325
Corpbanca SA 144A 3.875%, 9/22/19(3)		4,000		4,097
Digital Realty Trust LP
3.400%, 10/1/20		11,735		12,002
3.950%, 7/1/22		8,175		8,326
Discover Bank 8.700%, 11/18/19		1,750		2,039
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(3)		14,685		13,620
Fidelity National Financial, Inc. 6.600%, 5/15/17		6,475		6,771
Fifth Third Bancorp 4.500%, 6/1/18		6,745		7,114
First Tennessee Bank N.A.
5.650%, 4/1/16		11,664		11,664
2.950%, 12/1/19		4,500		4,512

See Notes to Financial Statements

22

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Financials (continued)
Ford Motor Credit Co. LLC
4.207%, 4/15/16	$	10,000	$	10,009
5.000%, 5/15/18		10,000		10,561
FS Investment Corp. 4.250%, 1/15/20		7,725		7,731
General Motors Financial Co., Inc.
3.500%, 7/10/19		9,715		9,972
4.200%, 3/1/21		7,300		7,551
Genworth Holdings, Inc. 7.625%, 9/24/21		13,825		12,166
GLP Capital LP (GLP Financing II, Inc.) 4.875%, 11/1/20		9,165		9,577
Goldman Sachs Group, Inc. (The)
5.625%, 1/15/17		14,000		14,444
2.900%, 7/19/18		8,200		8,393
7.500%, 2/15/19		2,451		2,824
Government Properties Income Trust 3.750%, 8/15/19		2,905		2,972
Guanay Finance Ltd. 144A 6.000%, 12/15/20(3)		29,786		28,818
HBOS plc 144A 6.750%, 5/21/18(3)		685		741
HCP, Inc. 3.750%, 2/1/19		4,035		4,164
HSBC USA, Inc. 2.625%, 9/24/18		19,485		19,759
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065		19,823
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%(2)(3)(6)(7)		13,210		13,646
Hyundai Capital Services, Inc.
144A 3.750%, 4/6/16(3)		500		500
144A 2.125%, 10/2/17(3)		2,940		2,948

	PAR VALUE		VALUE
Financials (continued)
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.)
3.500%, 3/15/17	$	965	$	960
4.875%, 3/15/19		1,520		1,459
ICICI Bank Ltd.
RegS 4.700%, 2/21/18(4)		13,000		13,552
144A 4.000%, 3/18/26(3)		6,505		6,537
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		6,275		6,486
International Lease Finance Corp. 3.875%, 4/15/18		7,635		7,679
iStar Financial, Inc.
4.000%, 11/1/17		3,710		3,645
4.875%, 7/1/18		12,250		11,883
5.000%, 7/1/19		2,440		2,355
Jefferies Group LLC
5.125%, 4/13/18		6,541		6,780
6.875%, 4/15/21		3,725		4,196
JPMorgan Chase & Co. 6.125%, 6/27/17		8,850		9,315
Kimco Realty Corp. 3.400%, 11/1/22		10,605		10,816
Lazard Group LLC 4.250%, 11/14/20		7,765		8,112
Lincoln National Corp.
8.750%, 7/1/19		15,040		17,977
6.050%, 4/20/67(2)(7)		2,885		1,875
Macquarie Group Ltd.
144A 3.000%, 12/3/18(3)		4,870		4,936
144A 6.000%, 1/14/20(3)		10,950		12,074
McGraw Hill Financial, Inc. 3.300%, 8/14/20		15,097		15,681
MDC-GMTN B.V. 144A 3.750%, 4/20/16(3)		4,000		4,004

See Notes to Financial Statements

23

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE			VALUE
CORPORATE BONDS AND NOTES (continued)
Financials (continued)
Mitsubishi UFJ Financial Group, Inc. 2.950%, 3/1/21	$	2,500		$	2,553
Morgan Stanley 144A 10.090%, 5/3/17		22,595	BRL		6,106
MPT Operating Partnership LP (MPT Finance Corp.) 6.375%, 2/15/22		1,150			1,202
MUFG Union Bank NA 2.625%, 9/26/18		2,700			2,749
New York Life Global Funding 144A 1.950%, 2/11/20(3)		2,855			2,856
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A 4.204%, 2/13/18(3)(5)		7,800			7,845
PNC Funding Corp. 5.625%, 2/1/17		3,130			3,238
Principal Life Global Funding II 144A 2.250%, 10/15/18(3)		17,580			17,817
Prudential Financial, Inc. 8.875%, 6/15/38(2)(7)		11,200			12,292
QBE Insurance Group Ltd. 144A 2.400%, 5/1/18(3)		7,750			7,776
Regions Bank 7.500%, 5/15/18		2,369			2,612
Royal Bank of Scotland Group plc (The) 6.400%, 10/21/19		3,130			3,512
Russian Agricultural Bank OJSC (RSHB Capital SA)
144A 5.298%, 12/27/17(3)		13,655			13,882
144A 5.100%, 7/25/18(3)(5)		8,750			8,890

	PAR VALUE		VALUE
Financials (continued)
Santander Holdings USA, Inc. 2.650%, 4/17/20	$	7,540	$	7,459
SBA Telecommunications LLC (Tower Trust) 144A 2.933%, 12/15/17(3)		13,275		13,216
SBA Telecommunications LLC (Tower Trust) 144A 3.156%, 10/15/20(3)		6,050		6,052
Sberbank of Russia Via Sb Capital SA 5.180%, 6/28/19(5)		7,000		7,182
Select Income REIT 4.150%, 2/1/22		18,910		18,772
Senior Housing Properties Trust 3.250%, 5/1/19		6,685		6,665
Springleaf Finance Corp. 5.250%, 12/15/19		8,585		8,231
State Street Corp. 4.956%, 3/15/18(7)		24,025		25,254
SunTrust Bank, Inc.
6.000%, 9/11/17		4,925		5,208
5.450%, 12/1/17		3,750		3,991
TIAA Asset Management Finance Co. LLC 144A 2.950%, 11/1/19(3)		2,850		2,893
Toronto-Dominion Bank (The) 2.125%, 4/7/21		6,420		6,409
Trinity Acquisition plc
3.500%, 9/15/21		1,485		1,511
4.400%, 3/15/26		9,145		9,282
Turkiye Garanti Bankasi AS 144A 4.750%, 10/17/19(3)		8,500		8,628
Turkiye Is Bankasi 144A 3.750%, 10/10/18(3)		12,630		12,598

See Notes to Financial Statements

24

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Financials (continued)
Turkiye Vakiflar Bankasi Tao 144A 3.750%, 4/15/18(3)	$	4,000	$	3,985
Unum Group 7.125%, 9/30/16		6,620		6,801
Ventas Realty LP (Ventas Capital Corp.)
4.000%, 4/30/19		7,100		7,451
2.700%, 4/1/20		2,948		2,969
Vnesheconombank (VEB Finance plc) 144A 4.224%, 11/21/18(3)(5)		16,710		16,397
Voya Financial, Inc. 2.900%, 2/15/18		12,620		12,816
Wells Fargo & Co.
5.125%, 9/15/16		5,000		5,091
(Wachovia Corp.) 5.625%, 10/15/16		2,500		2,560
Welltower, Inc. 4.125%, 4/1/19		4,100		4,302
West Europe Finance LLC 144A 3.250%, 10/5/20(3)		19,265		19,686
Willis North America, Inc. 6.200%, 3/28/17		4,960		5,171
XLIT Ltd. Series E, 2.300%, 12/15/18		9,730		9,763
Zions Bancorp 4.500%, 3/27/17		12,675		12,931
				1,034,732
Health Care—2.4%
AbbVie, Inc.
2.500%, 5/14/20		11,705		11,924
3.200%, 11/6/22		1,940		2,007
Actavis Capital S.a.r.l. (Actavis Funding) 3.000%, 3/12/20		2,825		2,907
Actavis Capital S.a.r.l. (Actavis Funding) 3.450%, 3/15/22		3,815		3,962
Alere, Inc. 6.500%, 6/15/20		6,175		6,323

	PAR VALUE		VALUE
Health Care (continued)
Centene Escrow Corp. 144A 5.625%, 2/15/21(3)	$	6,450	$	6,740
Community Health Systems, Inc. 5.125%, 8/1/21		4,790		4,874
Endo Finance LLC 144A 6.000%, 7/15/23(3)		720		681
Express Scripts Holding Co. 3.300%, 2/25/21		2,330		2,391
Forest Laboratories, Inc. 144A 4.375%, 2/1/19(3)		13,430		14,262
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(3)		2,590		2,642
HCA, Inc.
3.750%, 3/15/19		6,580		6,741
6.500%, 2/15/20		19,575		21,484
inVentiv Health, Inc. 144A 9.000%, 1/15/18(3)		8,625		8,948
Mylan NV 144A 3.000%, 12/15/18(3)		5,360		5,434
Owens & Minor, Inc. 3.875%, 9/15/21		2,485		2,509
Quintiles Transnational Corp. 144A 4.875%, 5/15/23(3)		4,175		4,288
Stryker Corp
2.000%, 3/8/19		1,735		1,752
2.625%, 3/15/21		1,790		1,825
Tenet Healthcare Corp.
4.750%, 6/1/20		4,650		4,790
144A 4.134%, 6/15/20(2)(3)		4,045		4,035
6.000%, 10/1/20		9,560		10,229
8.125%, 4/1/22		8,265		8,520
Valeant Pharmaceuticals International, Inc. 144A 5.375%, 3/15/20(3)		3,060		2,509

See Notes to Financial Statements

25

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Health Care (continued)
Zimmer Biomet Holdings, Inc.
2.700%, 4/1/20	$	12,805	$	12,989
3.150%, 4/1/22		12,805		13,002
Zoetis, Inc. 3.450%, 11/13/20		2,780		2,857
				170,625
Industrials—4.6%
ADT Corp. (The) 6.250%, 10/15/21		23,265		23,498
Air Canada Pass-Through-Trust 13-1, B 144A 5.375%, 5/15/21(3)		19,977		19,403
America West Airlines Pass-Through-Trust
98-1, A 6.870%, 1/2/17		496		511
99-1, G 7.930%, 1/2/19		6,408		6,808
01-1, G 7.100%, 4/2/21		44,065		47,039
American Airlines Pass-Through-Trust 14-1, B 4.375%, 10/1/22		4,276		4,242
BAE Systems Holdings, Inc. 144A 2.850%, 12/15/20(3)		4,655		4,731
Bombardier, Inc. 144A 4.750%, 4/15/19(3)		15,692		13,691
British Airways Pass-Through-Trust 13-1, B 144A 5.625%, 6/20/20(3)		10,941		11,106
Builders FirstSource, Inc. 144A 7.625%, 6/1/21(3)		8,670		9,049
Cemex SAB de C.V. 144A 7.750%, 4/16/26(3)		3,055		3,146

	PAR VALUE		VALUE
Industrials (continued)
Continental Airlines Pass-Through-Trust
99-1, A 6.545%, 2/2/19	$	8,380	$	8,856
09-2, A 7.250%, 11/10/19		3,403		3,837
99-2, C2 AMBC 6.236%, 3/15/20		8,922		9,458
00-1, A1 8.048%, 11/1/20		5,039		5,523
01-1, A1 6.703%, 6/15/21		7,402		7,756
07-1, B 6.903%, 4/19/22		6,114		6,382
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22		7,065		6,720
HD Supply, Inc. 144A 5.750%, 4/15/24(3)		3,605		3,713
JBS Investments GmbH 144A 7.250%, 4/3/24(3)		1,535		1,416
Lockheed Martin Corp. 2.500%, 11/23/20		4,345		4,452
Masco Corp. 5.950%, 3/15/22		18,385		20,224
Penske Truck Leasing Co. LP
RegS 2.500%, 6/15/19(4)		3,470		3,439
144A 3.375%, 2/1/22(3)		8,365		8,310
Standard Industries, Inc. 144A 5.125%, 2/15/21(3)		705		722
Toledo Edison Co. (The) 7.250%, 5/1/20		224		260
U.S. Airways Pass-Through-Trust
12-2, C 5.450%, 6/3/18		8,180		8,190
01-1, G 7.076%, 3/20/21		13,916		14,786

See Notes to Financial Statements

26

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Industrials (continued)
UAL Pass-Through-Trust
09-2A 9.750%, 1/15/17	$	6,371	$	6,691
07-01, A 6.636%, 7/2/22		23,203		24,306
United Airlines Pass-Through Trust 15-1, B 4.750%, 4/11/22		5,041		4,991
United Rentals North America, Inc. 4.625%, 7/15/23		13,600		13,515
Virgin Australia Trust 13-1A 144A 5.000%, 10/23/23(3)		21,739		22,174
				328,945
Information Technology—1.2%
Apple, Inc.
2.250%, 2/23/21		9,210		9,386
2.850%, 2/23/23		3,735		3,863
Dun & Bradstreet Corp. (The)
3.250%, 12/1/17		12,110		12,179
4.000%, 6/15/20		4,660		4,630
Electronic Arts, Inc. 3.700%, 3/1/21		2,265		2,356
Fidelity National Information Services, Inc. 3.625%, 10/15/20		6,750		6,979
First Data Corp. 144A 5.000%, 1/15/24(3)		12,240		12,301
Hewlett Packard Enterprise Co.
144A 2.850%, 10/5/18(3)		9,690		9,854
144A 3.600%, 10/15/20(3)		1,845		1,919
Juniper Networks, Inc.
3.125%, 2/26/19		7,845		7,980
3.300%, 6/15/20		4,645		4,712
Oracle Corp. 2.500%, 5/15/22		6,545		6,684

	PAR VALUE		VALUE
Information Technology (continued)
Western Digital Corp. 144A 7.375%, 4/1/23(3)	$	3,030	$	3,098
				85,941
Materials—1.2%
Airgas, Inc. 3.050%, 8/1/20		890		911
Allegheny Technologies, Inc. 9.375%, 6/1/19		7,245		6,919
Ardagh Packaging Finance plc 144A 6.250%, 1/31/19(3)		2,705		2,690
Cemex SAB de CV RegS 6.500%, 12/10/19(4)		5,200		5,363
CRH America, Inc. 8.125%, 7/15/18		4,770		5,372
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17(3)(5)		11,920		12,180
Gerdau Trade, Inc.144A 5.750%, 1/30/21(3)		1,700		1,517
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20(3)		8,330		7,997
Huntsman International LLC 4.875%, 11/15/20		3,910		3,890
INEOS Group Holdings SA 144A 5.875%, 2/15/19(3)		5,870		5,936
Packaging Corp. of America 3.900%, 6/15/22		7,215		7,408
Reynolds Group Issuer, Inc. 5.750%, 10/15/20		12,945		13,317
Vedanta Resources plc 144A 6.000%, 1/31/19(3)		17,325		11,889
				85,389

See Notes to Financial Statements

27

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Telecommunication Services—1.6%
AT&T, Inc.
5.800%, 2/15/19	$	11,000	$	12,262
2.800%, 2/17/21		7,200		7,373
CenturyLink, Inc.
Series V 5.625%, 4/1/20		12,735		12,948
Series Y 7.500%, 4/1/24		5,185		5,204
Crown Castle International Corp 3.400%, 2/15/21		385		391
Crown Castle Towers LLC
144A 5.495%, 1/15/17(3)		5,915		5,972
144A 3.222%, 5/15/22(3)		3,000		3,005
Digicel Group Ltd. 144A 8.250%, 9/30/20(3)		10,365		8,953
Frontier Communications Corp.
7.125%, 3/15/19		5,200		5,369
144A 8.875%, 9/15/20(3)		3,380		3,541
144A 10.500%, 9/15/22(3)		3,650		3,755
Sprint Corp. 7.250%, 9/15/21		4,080		3,137
T-Mobile USA, Inc. 6.542%, 4/28/20		7,905		8,201
Telefonica Emisiones SAU 3.192%, 4/27/18		2,805		2,878
Verizon Communications, Inc.
2.500%, 9/15/16		4,044		4,075
3.650%, 9/14/18		13,800		14,529
Windstream Corp. 7.750%, 10/15/20		12,125		10,488
				112,081

	PAR VALUE		VALUE
Utilities—1.7%
AmeriGas Partners LP
6.750%, 5/20/20	$	3,374	$	3,475
7.000%, 5/20/22		9,275		9,553
Calpine Corp. 5.375%, 1/15/23		7,275		7,089
Dynegy, Inc. 7.375%, 11/1/22		20,210		18,795
Exelon Corp. 2.850%, 6/15/20		18,845		19,279
Israel Electric Corp. Ltd. 144A 5.625%, 6/21/18(3)		14,735		15,688
Korea Western Power Co., Ltd. 144A 3.125%, 5/10/17(3)		9,800		9,965
Majapahit Holding BV 144A 7.750%, 1/20/20(3)		8,800		10,076
PPL WEM Holdings plc 144A 3.900%, 5/1/16(3)		5,495		5,504
State Grid Overseas Investment Ltd.
144A 1.750%, 5/22/18(3)		5,000		4,987
144A 2.750%, 5/7/19(3)		9,370		9,617
Talen Energy Supply LLC 144A 4.625%, 7/15/19(3)		10,340		9,022
				123,050
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $2,595,511)				2,526,788
LOAN AGREEMENTS(2)—11.2%
Consumer Discretionary—3.4%
Altice U.S. Finance I Corp. 4.250%, 5/13/16		12,870		12,839
Aristocrat Leisure Ltd. 4.750%, 4/20/16		6,930		6,960

See Notes to Financial Statements

28

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
LOAN AGREEMENTS (continued)
Consumer Discretionary (continued)
Boyd Gaming Corp. Tranche B, 4.000%, 4/8/16	$	6,103	$	6,111
Caesars Entertainment Operating Co., Inc.
Tranche B-6, 9.750%, 3/31/16(10)		3,861		3,569
Tranche B-4, 11.500%, 3/31/16(10)		3,616		3,422
Tranche B-7, 11.750%, 3/31/16(10)		1,741		1,608
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 4/8/16		7,820		7,257
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 4/8/16		4,274		3,518
CCO Safari LLC
Tranche F, 3.000%, 6/30/16		14,306		14,271
Tranche E, 3.000%, 6/30/16		6,321		6,304
Tranche I, 3.500%, 6/30/16		2,879		2,886
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.000%, 6/30/16		5,707		5,454
CityCenter Holdings LLC Tranche B, 4.250%, 4/29/16		5,909		5,911
CSC Holdings, Inc.
5.000%, 4/15/16		16,748		16,797
Tranche B, 2.933%, 4/29/16		5,246		5,250
Delta 2 (Lux) S.A.R.L. Tranche B-3, 4.750%, 6/30/16		7,421		7,234

	PAR VALUE		VALUE
Consumer Discretionary (continued)
El Dorado Resorts, Inc. 4.250%, 4/26/16	$	2,757	$	2,757
Hilton Worldwide Finance LLC 3.500%, 4/25/16		12,775		12,792
Intelsat Jackson Holdings S.A. Tranche B-2, 3.750%, 9/16/16		7,912		7,399
Jarden Corp. Tranche B-1, 3.183%, 4/29/16		673		673
Las Vegas Sands LLC Tranche B, 3.250%, 4/29/16		6,837		6,841
Libbey Glass, Inc. 3.750%, 4/11/16		5,790		5,743
MGM Resort International Tranche B 3.500%, 4/29/16		7,026		7,020
PetSmart, Inc. Tranche B-1 4.250%, 6/14/16		17,551		17,507
Scientific Games International, Inc.
Tranche B-2, 6.000%, 4/15/16		3,383		3,285
6.000%, 4/29/16		2,778		2,699
Seminole Tribe of Florida, Inc. 3.000%, 6/30/16		7,054		7,048
ServiceMaster Co. LLC (The) 4.250%, 4/29/16		8,377		8,388
Sinclair Television Group, Inc. Tranche B-1, 3.500%, 4/29/16		11,573		11,565
Six Flags Theme Parks, Inc. Tranche B, 4.083%, 6/30/16		5,761		5,776
Staples, Inc. First Lien 4.750%, 4/4/16		15,840		15,851

See Notes to Financial Statements

29

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
LOAN AGREEMENTS (continued)
Consumer Discretionary (continued)
Station Casinos LLC Tranche B, 4.250%, 4/29/16	$	9,052	$	9,040
Tribune Media Co. Tranche B, 3.750%, 6/30/16		6,947		6,933
				240,708
Consumer Staples—1.4%
Albertson’s LLC Tranche B-4, 5.500%, 4/29/16		16,036		16,080
ARAMARK Corp.
Tranche E, 3.250%, 6/30/16		16,128		16,124
Tranche F, 3.250%, 6/30/16		14,558		14,542
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-1, 4.250%, 4/1/16		3,405		3,418
Coty, Inc. Tranche B-2 3.750%, 4/4/16		2,761		2,763
Galleria Co. Tranche B 3.750%, 4/26/16		5,523		5,521
Hostess Brands LLC Tranche B, First Lien, 4.500%, 4/29/16		13,665		13,696
Kronos Acquisition Intermediate, Inc. (KIK Custom Products, Inc.)
First Lien, 4.500%, 4/29/16		21,860		21,806
Second Lien, 9.750%, 4/29/16		4,851		4,845
Pinnacle Foods Corp. Finance LLC Tranche I 3.750%, 1/13/23		991		996

	PAR VALUE		VALUE
Consumer Staples (continued)
Spectrum Brands, Inc. 3.500%, 4/7/16	$	2,218	$	2,228
				102,019
Energy—0.1%
EP Energy LLC (Everest Acquisition LLC)
Tranche B-3, 3.500%, 5/31/16		4,100		2,747
Tranche B-2, 4.500%, 5/31/16		768		510
Paragon Offshore Finance Co. 4.500%, 3/31/16		9,933		2,285
Seadrill Operating LP 4.000%, 6/30/16		8,860		3,959
				9,501
Financials—1.0%
Asurion LLC Tranche B-4, 5.000%, 6/30/16		6,257		6,136
Capital Automotive LP
Tranche B-1, 4.000%, 4/29/16		2,865		2,872
Second Lien, 6.000%, 4/29/16		6,047		6,054
Clipper Acquisitions Corp. Tranche B, 3.000%, 6/2/16		6,172		6,082
Delos Finance S.A.R.L. 3.500%, 6/30/16		21,956		22,025
iStar Financial, Inc. Tranche A-2, 7.000%, 4/6/16		2,767		2,760
Realogy Corp. Tranche B, 3.750%, 5/3/16		15,519		15,533
TransUnion LLC Tranche B-2, 3.500%, 6/30/16		10,122		10,041
				71,503

See Notes to Financial Statements

30

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
LOAN AGREEMENTS (continued)
Health Care—1.2%
American Renal Holdings, Inc. Tranche B, First Lien, 4.500%, 6/30/16	$	8,994	$	8,999
AmSurg Corp. 3.500%, 6/30/16		2,552		2,557
Change Healthcare Holdings, Inc. Tranche B-2, 3.750%, 6/30/16		5,249		5,234
CHG Healthcare Services, Inc. First Lien, 4.250%, 5/23/16		7,885		7,855
Community Health Systems, Inc. (CHS) Tranche F, 3.689%, 3/31/16		8,918		8,847
Endo Luxembourg Finance Co. I S.a.r.l. Tranche B, 3.750%, 6/30/16		5,557		5,483
Envision Healthcare Corp. (F/K/A Emergency Medical Services Corp.) 4.250%, 4/29/16		6,575		6,587
InVentiv Health, Inc.
Tranche B-4, 7.750%, 4/28/16		8,750		8,766
Quintiles Transnational Corp. Tranche B, 3.250%, 6/30/16		2,458		2,464
RPI Finance Trust Tranche B-4, 3.500%, 6/30/16		5,892		5,916
Team Health, Inc. 4.500%, 6/30/16		7,609		7,633
U.S. Renal Care, Inc. 5.250%, 6/30/16		5,380		5,370

	PAR VALUE		VALUE
Health Care (continued)
Valeant Pharmaceuticals International, Inc. Series D-2, Tranche B, 5.250%, 6/30/16	$	12,168	$	11,550
				87,261
Industrials—1.5%
American Airlines, Inc.
3.500%, 4/11/16		10,886		10,878
3.250%, 6/27/16		24,214		24,149
AWAS Finance Luxembourg SA 3.500%, 4/18/16		7,098		7,091
Brock Holdings III, Inc. First Lien, 6.000%, 6/30/16		7,101		6,804
DynCorp International, Inc. 6.625%, 4/25/16		9,906		9,608
Husky Injection Molding Systems Ltd. 4.250%, 6/30/16		5,212		5,104
Nortek, Inc. Incremental-1, 3.500%, 4/29/16		9,585		9,326
U.S. Airways, Inc. Tranche B-1, 3.500%, 5/23/16		16,868		16,868
United Airlines, Inc. (f/k/a Continental Airlines, Inc.) Tranche B-1, 3.500%, 6/15/16		4,745		4,745
Waste Industries USA, Inc. 4.250%, 4/29/16		9,850		9,883
				104,456
Information Technology—1.3%
Blue Coat Holdings LLC, Inc. 4.500%, 4/29/16		5,404		5,333

See Notes to Financial Statements

31

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
LOAN AGREEMENTS (continued)
Information Technology (continued)
First Data Corp.
2018 Term Loan 3.932%, 4/25/16	$	29,797	$	29,789
Tranche B 4.182%, 4/25/16		6,007		5,979
Infinity Acquisition Ltd. 4.000%, 4/29/16		6,049		5,784
Mitchell International, Inc.
4.500%, 4/29/16		5,006		4,849
Second Lien, 8.500%, 4/29/16		9,963		8,855
NXP BV (NXP Funding LLC) . Tranche B 3.750%, 6/30/16		12,615		12,660
On Semiconductor 0.000%, 3/31/23(8)		3,399		3,409
Presidio, Inc. Refinancing Term 5.250%, 4/1/16		8,484		8,346
SS&C Technologies Holdings Europe S.a.r.l.
Tranche A-1, 3.183%, 4/29/16		871		863
Tranche A-2, 3.183%, 4/29/16		1,352		1,338
Tranche B-2, 4.017%, 6/30/16		818		820
Tranche B-1, 4.021%, 6/30/16		5,641		5,659
				93,684
Materials—0.6%
Berry Plastics Groups, Inc. Tranche F 4.000%, 6/30/16		8,097		8,109
CPI Acquisition, Inc. First Lien, 5.500%, 4/14/16		7,121		7,069

	PAR VALUE		VALUE
Materials (continued)
Fortescue Metals Group (FMG) Resources Property Ltd. 4.250%, 4/20/16	$	8,282	$	7,019
Huntsman International LLC 0.000%, 3/24/23(8)		3,924		3,913
INEOS U.S. Finance LLC 4.250%, 4/29/16		5,711		5,643
Owens-Illinois Tranche B, 3.500%, 4/11/16		1,975		1,981
Polyone Corp. second Lien 3.750%, 5/12/16		4,886		4,903
				38,637
Telecommunication Services—0.2%
Level 3 Financing, Inc.
Tranche B-III, 4.000%, 4/4/16		6,319		6,340
Tranche B-II, 3.500%, 5/10/16		5,842		5,838
				12,178
Utilities—0.5%
Calpine Construction Finance Co. LP Tranche B-1, 3.000%, 6/30/16		8,300		8,151
NRG Energy, Inc. 2.750%, 6/30/16		17,822		17,676
State of Santa Catarina (The) 4.000%, 6/27/16		13,262		11,067
Texas Competitive Electric Holdings Co. LLC 2017 Extended 4.939%, 4/1/16(11)		5,925		1,718
				38,612
TOTAL LOAN AGREEMENTS (Identified Cost $824,601)				798,559

See Notes to Financial Statements

32

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES			VALUE
PREFERRED STOCKS—0.8%
Energy—0.1%
PTT Exploration & Production PCL 144A, 4.875%(2)(3)		8,645	(9)	$	8,418
Financials—0.7%
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%(2)		2,295	(9)		2,272
Bank of New York Mellon Corp. (The) Series E, 4.950%(2)		12,070	(9)		12,055
JPMorgan Chase & Co. Series V, 5.000%(2)		4,395	(9)		4,197
JPMorgan Chase & Co. Series Z, 5.300%(2)		3,985	(9)		4,005
Wells Fargo & Co. Series K, 7.980%(2)		16,155	(9)		16,719
XLIT Ltd. Series E, 6.50%(2)		12,790	(9)		8,857
					48,105
TOTAL PREFERRED STOCKS
(Identified Cost $61,178)					56,523
EXCHANGE-TRADED FUNDS—1.9%
iShares iBoxx $ Investment Grade Corporate Bond Fund(12)		604,898			71,874
SPDR Barclays High Yield Bond ETF(12)		1,775,356			60,806
TOTAL EXCHANGE-TRADED FUNDS
(Identified Cost $132,416)					132,680

	SHARES		VALUE
AFFILIATED MUTUAL FUND—0.9%
Virtus Credit Opportunities Fund Class R6(12)		6,989,143	$	66,816
TOTAL AFFILIATED MUTUAL FUND
(Identified Cost $69,865)				66,816
TOTAL LONG TERM INVESTMENTS—100.0%
(Identified Cost $7,238,233)				7,111,758
TOTAL INVESTMENTS—100.0% (Identified Cost $7,238,233)				7,111,758	(1)
Other assets and liabilities, net—0.0%				(442	)
NET ASSETS—100.0%			$	7,111,316

Abbreviations:

ETF Exchange-Traded Fund

FDIC Federal Deposit Insurance Corporation

FHLMC Federal Home Loan Mortgage Corporation (“Freddie Mac”).

FNMA Federal National Mortgage Association (“Fannie Mae”).

GNMA Government National Mortgage Association (“Ginnie Mae”)

REIT Real Estate Investment Trust

SPDR S&P Depositary Receipt

FOOTNOTE LEGEND:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2016.

⁽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, 2016, these securities amounted to a value of $2,668,777 or 37.5% of net assets.

⁽⁴⁾  Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

See Notes to Financial Statements

33

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

⁽⁵⁾  This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁶⁾  No contractual maturity date.

⁽⁷⁾  Interest payments may be deferred.

⁽⁸⁾  This loan will settle after March 31, 2016, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾  Value shown as par value.

⁽¹⁰⁾  Security in default.

⁽¹¹⁾  Security in default, interest payments are being received during the bankruptcy proceedings.

⁽¹²⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

Foreign Currencies:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

IDR Indonesian Rupiah

MXN Mexican Peso

RUB Russian Ruble

TRY Turkish Lira

ZAR South African Rand

Country Weightings†
United States	85	%
Australia	1
Canada	1
Cayman Islands	1
India	1
Luxembourg	1
United Kingdom	1
Other	9
Total	100	%

† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	1,379,011	$	—	$	1,370,916	$	8,095
Corporate Bonds and Notes		2,526,788		—		2,526,754		34
Foreign Government Securities		195,596		—		195,596		—
Loan Agreements		798,559		—		787,492		11,067
Mortgage-Backed Securities		1,952,058		—		1,952,058		—
Municipal Bonds		3,727		—		3,727		—
Equity Securities:
Affiliated Mutual Fund		66,816		66,816		—		—
Exchange-traded Fund		132,680		132,680		—		—
Preferred Stocks		56,523		—		56,523		—
Total Investments	$	7,111,758	$	199,496	$	6,893,066	$	19,196

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

34

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

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

	Total			Asset- Backed Securities			Corporate Bonds and Notes			Loan Agreements
Investments in Securities
Balance as of September 30, 2015:	$	24,541		$	12,296		$	—		$	12,245
Accrued discount/(premium)		62			—			—			(62	)
Realized gain (loss)		7			—			—			7
Change in unrealized appreciation/(depreciation)(c)		(318	)		137			—			(455	)
Purchases		—			—			—			—
Sales(b)		(2,619	)		(1,951	)		—			(668	)
Transfers into Level 3(a)		34			—			34	(d)		—
Transfers from Level 3(a)		(2,387	)		(2,387	)(d)		—			—
Balance as of March 31, 2016	$	19,196		$	8,095	(e)	$	34	(e)	$	11,067	(e)

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2016, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydowns on securities.

^(c)  Included in the related net change in unrealized appreciation/(depreciation) in the Statement of Operations. The change in unrealized appreciation/(depreciation) on investments still held as of March 31, 2016 was $(474).

^(d)  The transfers from Level 3 are due to an increase in trading activities at period end. The transfer into Level are due to a decrease in trading activities at period end.

^(e)  The Fund’s investments that are 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.

None of the securities in the table are internally fair valued.

See Notes to Financial Statements

35

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

MARCH 31, 2016 (Unaudited)

(Reported in thousands except shares and per share amounts)

Assets
Investment in unaffiliated securities at value(1)	$	7,044,942
Investment in affiliated securities at value(2)		66,816
Foreign currency at value(3)		—	(4)
Cash		4,792
Receivables
Investment securities sold		41,011
Fund shares sold		18,019
Dividends and interest receivable		53,353
Tax reclaims		19
Prepaid expenses		167
Prepaid trustee retainer		1
Total assets		7,229,120
Liabilities
Payables
Fund shares repurchased		22,467
Investment securities purchased		86,440
Dividend distributions		1,972
Investment advisory fees		2,804
Distribution and service fees		1,305
Administration fees		676
Transfer agent fees and expenses		1,879
Trustees’ fees and expenses		33
Other accrued expenses		228
Total liabilities		117,804
Net Assets	$	7,111,316
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	7,368,872
Accumulated undistributed net investment income (loss)		5,612
Accumulated undistributed net realized gain (loss)		(136,743	)
Net unrealized appreciation (depreciation) on investments		(126,425	)
Net Assets	$	7,111,316
Class A
Net asset value (net assets/shares outstanding) per share	$	4.65
Maximum offering price per share NAV/(1–2.25%)	$	4.76
Shares of beneficial interest outstanding, no par value, unlimited authorization		304,193,130
Net Assets	$	1,413,740
Class B
Net asset value (net assets/shares outstanding) and offering price per share	$	4.62
Shares of beneficial interest outstanding, no par value, unlimited authorization		31,111
Net Assets	$	144
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	4.71
Shares of beneficial interest outstanding, no par value, unlimited authorization		281,342,362
Net Assets	$	1,323,956
Class T
Net asset value (net assets/shares outstanding) and offering price per share	$	4.69
Shares of beneficial interest outstanding, no par value, unlimited authorization		111,381,042
Net Assets	$	522,650
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	4.65
Shares of beneficial interest outstanding, no par value, unlimited authorization		827,611,750
Net Assets	$	3,850,826
(1) Investment in unaffiliated securities at cost	$	7,168,368
(2) Investment in affiliated securities at cost		69,865
(3) Foreign currency at cost		—	(4)
(4) Amount is less than $500.

See Notes to Financial Statements

36

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF OPERATIONS

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Investment Income
Dividends	$	26
Dividends from affiliated fund		1,226
Interest		149,639
Foreign taxes withheld		(116	)
Total investment income		150,775
Expenses
Investment advisory fees		17,343
Service fees, Class A		1,861
Distribution and service fees, Class B		1
Distribution and service fees, Class C		3,455
Distribution and service fees, Class T		2,749
Administration fees		4,567
Transfer agent fees and expenses		4,417
Registration fees		231
Printing fees and expenses		208
Custodian fees		188
Professional fees		64
Trustees’ fees and expenses		40
Miscellaneous expenses		398
Total expenses		35,522
Less expenses reimbursed and/or waived by investment adviser		(152	)
Earnings credit from custodian		(15	)
Net expenses		35,355
Net investment income (loss)		115,420
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(73,176	)
Net realized gain (loss) on foreign currency transactions		(594	)
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(3,903	)
Net change in unrealized appreciation (depreciation) on affiliated investments		(1,462	)
Net change in unrealized appreciation (depreciation) on foreign currency translation		258
Net gain (loss) on investments		(78,877	)
Net increase (decrease) in net assets resulting from operations	$	36,543

See Notes to Financial Statements

37

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

(Reported in thousands)

	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	115,420		$	269,183
Net realized gain (loss)		(73,770	)		(127,914	)
Net change in unrealized appreciation (depreciation)		(5,107	)		(150,759	)
Increase (decrease) in net assets resulting from operations		36,543			(9,490	)
From Distributions to Shareholders
Net investment income, Class A		(21,333	)		(42,497	)
Net investment income, Class B		(2	)		(18	)
Net investment income, Class C		(17,828	)		(34,290	)
Net investment income, Class T		(5,746	)		(10,794	)
Net investment income, Class I		(61,509	)		(119,152	)
Return of capital Class A		—			(8,732	)
Return of capital Class B		—			(4	)
Return of capital Class C		—			(7,997	)
Return of capital Class T		—			(3,261	)
Return of capital Class I		—			(22,250	)
Decrease in net assets from distributions to shareholders		(106,418	)		(248,995	)
From Share Transactions
Sale of shares
Class A (31,292 and 91,590 shares, respectively)		145,428			438,116
Class B (0 and 9 shares, respectively)		—			45
Class C (23,056 and 82,833 shares, respectively)		108,579			401,212
Class T (3,744 and 9,811 shares, respectively)		17,536			47,392
Class I (134,473 and 269,095 shares, respectively)		625,006			1,287,295
Reinvestment of distributions
Class A (4,211 and 9,714 shares, respectively)		19,565			46,369
Class B (—(1) and 4 shares, respectively)		2			21
Class C (3,733 and 8,562 shares, respectively)		17,563			41,374
Class T (795 and 1,870 shares, respectively)		3,731			9,014
Class I (11,332 and 25,004 shares, respectively)		52,718			119,514
Shares repurchased
Class A (67,290 and 157,118 shares, respectively)		(312,444	)		(750,068	)
Class B (51 and 227 shares, respectively)		(239	)		(1,080	)
Class C (52,988 and 135,370 shares, respectively)		(249,383	)		(654,153	)
Class T (16,449 and 35,882 shares, respectively)		(77,138	)		(172,911	)
Class I (190,543 and 406,378 shares, respectively)		(885,105	)		(1,940,913	)
Increase (decrease) in net assets from share transactions		(534,181	)		(1,128,773	)
Net increase (decrease) in net assets		(604,056	)		(1,387,258	)
Net Assets
Beginning of period		7,715,372			9,102,630
End of period	$	7,111,316		$	7,715,372
Accumulated undistributed net investment income (loss) at end of period		5,612		$	(3,391	)

⁽¹⁾  Amount is less than 500 shares.

See Notes to Financial Statements

38

THIS PAGE INTENTIONALLY BLANK.

VIRTUS 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)(2)		Capital Gain Distributions Received from Affiliated Funds		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital
Class A
10/1/15 to 3/31/16(8)		$	4.69		0.07				(0.04	)		0.03			(0.07	)
10/1/14 to 9/30/15			4.84		0.15		—		(0.16	)		(0.01	)		(0.11	)		—			(0.03	)
10/1/13 to 9/30/14			4.85		0.16		—		(0.01	)		0.15			(0.16	)		—	(4)		—	(4)
10/1/12 to 9/30/13			4.94		0.18		—		(0.09	)		0.09			(0.18	)		—			—	(4)
10/1/11 to 9/30/12			4.67		0.21		—		0.27			0.48			(0.21	)		—			—	(4)
10/1/10 to 9/30/11			4.80		0.22		—		(0.12	)		0.10			(0.23	)		—			—	(4)
Class B
10/1/15 to 3/31/16(8)		$	4.66		0.06				(0.05	)		0.01			(0.05	)
10/1/14 to 9/30/15			4.81		0.13		—		(0.16	)		(0.03	)		(0.09	)		—			(0.03	)
10/1/13 to 9/30/14			4.82		0.14		—		(0.02	)		0.12			(0.13	)		—	(4)		—	(4)
10/1/12 to 9/30/13			4.91		0.16		—		(0.09	)		0.07			(0.16	)		—			—	(4)
10/1/11 to 9/30/12			4.65		0.18		—		0.27			0.45			(0.19	)		—			—	(4)
10/1/10 to 9/30/11			4.78		0.20		—		(0.12	)		0.08			(0.21	)		—			—	(4)
Class C
10/1/15 to 3/31/16(8)		$	4.75		0.07				(0.05	)		0.02			(0.06	)
10/1/14 to 9/30/15			4.89		0.14		—		(0.15	)		(0.01	)		(0.10	)		—			(0.03	)
10/1/13 to 9/30/14			4.90		0.15		—		(0.02	)		0.13			(0.14	)		—	(4)		—	(4)
10/1/12 to 9/30/13			4.99		0.17		—		(0.09	)		0.08			(0.17	)		—			—	(4)
10/1/11 to 9/30/12			4.72		0.20		—		0.27			0.47			(0.20	)		—			—	(4)
10/1/10 to 9/30/11			4.85		0.21		—		(0.12	)		0.09			(0.22	)		—			—	(4)

The footnote legend is at the end of the financial highlights

See Notes to Financial Statements

40

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Gross Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
	(0.07	)		(0.04	)		$	4.65		0.58	%(6)		$	1,413,740		0.99	%(5)(7)		0.99	%(6)		3.10	%(6)		23	%(7)
	(0.14	)		(0.15	)			4.69		(0.23	)			1,575,629		0.97			0.97			3.15			37
	(0.16	)		(0.01	)			4.84		3.03				1,894,633		0.99			0.99			3.30			39
	(0.18	)		(0.09	)			4.85		1.84				3,574,450		0.99			0.99			3.65			49
	(0.21	)		0.27				4.94		10.58				3,038,093		1.01			1.01			4.31			52
	(0.23	)		(0.13	)			4.67		2.02				2,463,360		1.05			1.05			4.59			35
	(0.05	)		(0.04	)		$	4.62		0.33	%(6)		$	144		1.48	%(5)(7)		1.48	%(6)		2.55	%(6)		23	%(7)
	(0.12	)		(0.15	)			4.66		(0.73	)			382		1.46			1.47			2.67			37
	(0.13	)		(0.01	)			4.81		2.53				1,421		1.49			1.49			2.80			39
	(0.16	)		(0.09	)			4.82		1.34				2,572		1.49			1.49			3.17			49
	(0.19	)		0.26				4.91		9.87				3,590		1.51			1.51			3.86			52
	(0.21	)		(0.13	)			4.65		1.53				5,550		1.55			1.55			4.10			35
	(0.06	)		(0.04	)		$	4.71		0.44	%(6)		$	1,323,956		1.24	%(5)(7)		1.24	%(6)		2.85	%(6)		23	%(7)
	(0.13	)		(0.14	)			4.75		(0.27	)			1,460,120		1.22			1.22			2.90			37
	(0.14	)		(0.01	)			4.89		2.73				1,720,245		1.24			1.24			3.03			39
	(0.17	)		(0.09	)			4.90		1.56				1,567,725		1.24			1.24			3.40			49
	(0.20	)		0.27				4.99		10.19				1,067,276		1.27			1.27			4.04			52
	(0.22	)		(0.13	)			4.72		1.75				616,170		1.30			1.30			4.33			35

The footnote legend is at the end of the financial highlights

See Notes to Financial Statements

41

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

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)(2)		Capital Gain Distributions Received from Affiliated Funds		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital
Class T
10/1/15 to 3/31/16(8)		$	4.73		0.06				(0.05	)		0.01			(0.05	)
10/1/14 to 9/30/15			4.88		0.12		—		(0.17	)		(0.05	)		(0.07	)		—			(0.03	)
10/1/13 to 9/30/14			4.89		0.12		—		(0.01	)		0.11			(0.12	)		—	(4)		—	(4)
10/1/12 to 9/30/13			4.98		0.14		—		(0.09	)		0.05			(0.14	)		—			—	(4)
10/1/11 to 9/30/12			4.71		0.17		—		0.28			0.45			(0.18	)		—			—	(4)
10/1/10 to 9/30/11			4.84		0.19		—		(0.13	)		0.06			(0.19	)		—			—	(4)
Class I
10/1/15 to 3/31/16(8)		$	4.69		0.08				(0.05	)		0.03			(0.07	)
10/1/14 to 9/30/15			4.84		0.16		—		(0.16	)		—			(0.12	)		—			(0.03	)
10/1/13 to 9/30/14			4.85		0.17		—		(0.01	)		0.16			(0.17	)		—	(4)		—	(4)
10/1/12 to 9/30/13			4.94		0.19		—		(0.09	)		0.10			(0.19	)		—			—	(4)
10/1/11 to 9/30/12			4.68		0.22		—		0.27			0.49			(0.23	)		—			—	(4)
10/1/10 to 9/30/11			4.81		0.23		—		(0.12	)		0.11			(0.24	)		—			—	(4)

See Notes to Financial Statements

42

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Total Distributions	Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Gross Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
(0.05)		(0.04	)		$	4.69		0.20	%(7)		$	552,650		1.74	%(5)(6)		1.74	%(6)		2.35	%(6)		23	%(7)
(0.10)		(0.15	)			4.73		(0.98	)			583,694		1.72			1.72			2.40			37
(0.12)		(0.01	)			4.88		2.23				719,840		1.74			1.74			2.53			39
(0.14)		(0.09	)			4.89		1.06				751,220		1.74			1.74			2.91			49
(0.18)		0.27				4.98		9.67				704,225		1.76			1.76			3.56			52
(0.19)		(0.13	)			4.71		1.24				530,162		1.80			1.80			3.84			35
(0.07)		(0.04	)		$	4.65		0.49	%(7)		$	3,850,826		0.74	%(5)(6)		0.74	%(6)		3.35	%(6)		23	%(7)
(0.15)		(0.15	)			4.69		0.02				4,095,547		0.72			0.72			3.40			37
(0.17)		(0.01	)			4.84		3.28				4,766,491		0.74			0.74			3.51			39
(0.19)		(0.09	)			4.85		2.09				2,418,863		0.74			0.74			3.90			49
(0.23)		0.26				4.94		10.62				1,606,957		0.77			0.77			4.55			52
(0.24)		(0.13	)			4.68		2.28				901,528		0.80			0.80			4.83			35

Footnote Legend

⁽¹⁾ Sales charges, where applicable, are not reflected in the total return calculation.

⁽²⁾ Computed using average shares outstanding.

⁽³⁾ The Fund may invest in other funds and the annualized expense ratios do not reflect fees and expenses associated with the underlying funds.

⁽⁴⁾  Amount is less than $0.005.

⁽⁵⁾  Earnings credits from custodian were not material, as reflected in the Statement of Operations, and had no impact on the financial highlights.

⁽⁶⁾  Annualized.

⁽⁷⁾  Not annualized.

⁽⁸⁾  Unaudited.

See Notes to Financial Statements

43

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Note 1. Organization

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

As of the date of this report, 28 funds of the Trust are offered for sale, of which the Virtus 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 the Fund will achieve its objective.

The Fund offers Class A shares, Class C shares, Class T shares and Class I shares. Class B shares are no longer available for purchase by new or existing shareholders, except by existing shareholders through Qualifying Transactions. (For information regarding Qualifying Transactions refer to the Trust’s prospectus.)

Class A shares are sold with a front-end sales charge of up to 2.25%. Generally, Class A shares are not subject to any charges by the Fund when redeemed; however, a 0.50% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the CDSC applies for the Fund is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class B shares generally were sold with a CDSC which declines from 2% to zero depending on the period of time the shares are held. Class C shares are sold without a sales charge. Class T shares are sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares are sold without a front-end sales charge or CDSC.

Virtus Mutual 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 statements of additional information. The fees collected will be used to offset certain expenses of the funds.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears different distribution and/or service fees under a Board-approved Rule 12b-1 and/or shareholder service plan (“12b-1 plan”) and has exclusive voting rights with respect to such plans. Class I shares are not subject to a 12b-1 plan. Income and other expenses as well as 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 following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

44

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

A. Security Valuation

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Trustees (the “Board”, or the “Trustees”). All internally fair valued securities are approved by a valuation committee (the “Valuation Committee”) appointed by the Board. The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Quarterly fair valuations are reviewed by the Board.

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. It is the Fund’s policy to recognize transfers at the end of reporting period.

•    Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

•    Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•    Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).

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

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, 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 American Depositary Receipts, 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.

45

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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 not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Listed derivatives 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 are valued as of the close of regular trading on the NYSE each business day. Both are 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 disbursements as designated by the underlying fund.

C. Income Taxes

The Fund is treated as a separate taxable entity. It is the intention of the 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 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, 2016, the tax

46

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2012 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by the Fund on the ex-dividend date. Income distributions are recorded daily. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences may include the treatment of non-taxable dividends, market premium and discount, non-deductible expenses, expiring capital loss carryovers, foreign currency gain or loss, gain or loss on futures contracts, partnerships, operating losses and losses deferred due to wash sales. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest.

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 Fund’s pro rata expenses of any underlying mutual funds in which the Fund invests.

F. Foreign Currency Translation

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 a fund to purchase or sell a security at a future date, ordinarily up to 90 days later. When-issued or forward commitments enable a 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 delayed delivery securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or delayed delivery basis begin earning interest on the settlement date.

47

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

H. Loan Agreements

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. Loan agreements 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. Loan agreements 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 loan agreement. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement 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 loan agreement. 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. Loan agreements 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 loan agreements 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 (London Interbank Offered Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement 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 loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

At March 31, 2016, all loan agreements held by the Fund are assignment loans.

I. Earnings Credit and Interest

Through arrangements with each Fund’s custodian, each Fund either receives an earnings credit or interest on agreed upon target un-invested cash balances to reduce each Fund’s custody expenses. The credits are reflected as “Earnings credit from Custodian” and the interest is reflected under “Interest income” in each Fund’s Statements of Operations for the period, as applicable.

48

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the adviser to the Trust. 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 based upon the following annual rates as a percentage of the average daily net assets of the Fund:

First $1 Billion	$1+ Billion – $2 Billion	$2+ Billion – 10 Billion	$10+ Billion
0.55%	0.50%	0.45%	0.425%

During the period covered by these financial statements, the Fund invested a portion of its assets in Virtus Credit Opportunities Fund, an affiliated mutual fund. In order to avoid any duplication of advisory fees, the Adviser has voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by the Fund on the assets invested in the Credit Opportunities Fund. For the period covered by these financial statements, the waiver amounted to $152. This waiver is in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and is included in the Statement of Operations in “expenses reimbursed and/or waived by the investment adviser”.

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 total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, leverage expenses, extraordinary expenses and acquired fund fees and expenses, if any) so that such expenses do not exceed, on an annualized basis, the following percentages of the Fund’s average net asset values: 1.10% for Class A shares, 1.60% for Class B shares, 1.35% for Class C shares, 1.85% for Class T shares, and 0.85% for Class I shares through January 31, 2017. The Fund is currently below its expense cap.

D. 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, 2016, it retained net commissions of $12 for Class A shares and deferred sales charges of $14, $—, $—⁽¹⁾ and $11 for Class A shares, Class B shares, Class C shares and Class T shares, respectively.

⁽¹⁾  Amount is less than $500.

49

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

In addition, the Fund pays VP Distributors distribution and/or service fees under a 12b-1 plan as a percentage of the average daily net assets of each respective class, at the annual rate of 0.25% for Class A shares, 0.75% for Class B shares, 0.50% for Class C shares, and 1.00% for Class T shares. Class I 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.

E. Administrator and Transfer Agent

Virtus Fund Services LLC, an indirect wholly owned subsidiary of Virtus, serves as the administrator and transfer agent to the Fund.

For the period ended March 31, 2016, the Fund incurred administration fees totaling $3,594 which are included in the Statement of Operations.

For the period ended March 31, 2016, the Fund incurred transfer agent fees totaling $4,322 which are included in the Statement of Operations. A portion of these fees is paid to outside entities that also provide services to the Trust.

F. Affiliated Shareholders

At March 31, 2016, Virtus and its affiliates, and the retirement plans of Virtus and its affiliates, held shares of the Fund which may be redeemed at any time that aggregated to the following:

	Shares		Aggregate Net Asset Value
Class I Shares		749,197	$	3,484

G. Investments in Affiliates

A summary of the Fund’s total long-term and short-term purchases and sales of the affiliated Virtus Credit Opportunities Fund during the period ended March 31, 2016, is as follows:

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Distributions of Realized Gains
Virtus Credit Opportunities Fund	$	67,751	$	527	$	—	$	66,816	$	1,226	$	—

The Fund does not invest in the underlying fund for the purpose of exercising management or control; however the 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, 2016, the Fund was the owner of record of approximately 72% of the Virtus Credit Opportunities Fund.

50

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities for the Fund (excluding U.S. Government and agency securities, and short-term securities) during the period ended March 31, 2016, were as follows:

Purchases		Sales
$	315,351	$	1,377,485

Purchases and sales of long-term U.S. Government and agency securities for the Fund during the period ended March 31, 2016, were as follows:

Purchases		Sales
$	214,118	$	1,945,791

Note 5. Borrowings

($ reported in thousands)

On July 1, 2015, the Fund and other affiliated Funds entered into a $50,000 secured Line of Credit Agreement (the “Agreement”) with a commercial bank (the “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 Agreement. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

The Fund had no outstanding borrowings at any time during the period ended March 31, 2016.

Note 6. 10% Shareholders

As of March 31, 2016, 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	%		2

The shareholders are not affiliated with Virtus.

Note 7. Credit Risk and Asset Concentrations

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.

51

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

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.

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 8. Illiquid and Restricted Securities

Investments generally are considered illiquid if they cannot be disposed of in seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the Fund. Additionally, the following information is also considered in determining illiquidity: the frequency of trades and quotes for the investment, whether the investment is listed for trading on a recognized domestic exchange and/or whether two or more brokers are willing to purchase or sell the security at a comparable price, the extent of market making activity in the investment and the nature of the market for investment. Illiquid securities are footnoted as such at the end of the Fund’s Schedule of Investments where applicable. However, a portion of such footnoted securities could be liquid where the Subadviser determines that some, though not all, of the position could be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the Fund.

Restricted securities are illiquid securities, as defined above, not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category, except where defined as illiquid.

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, 2016, the Fund did not hold any securities that are both illiquid and restricted.

Note 9. Indemnifications

Under the Trust’s organizational documents, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Each Trustee has also entered into an indemnification agreement with the Trust. In addition, in the normal course of business the Fund enters into contracts that provide a variety of indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund and that have not occurred. However, the Fund has not had prior claims or losses pursuant to these arrangements and expects the risk of loss to be remote.

52

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2016, 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)
$7,242,195	$80,031	$(210,468)	$(130,437)

The Fund has capital loss carryovers available to offset future realized gains, through the indicated expiration date shown below:

No Expiration		Total
Short-Term	Long-Term	Short-Term	Long-Term
$5,915	$—	$5,915	$—

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized for tax years beginning after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

Note 11. Regulatory Matters and Litigation

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

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc. et al.) alleging violation of the federal securities laws was filed by an individual shareholder against Virtus and certain of its officers (the “defendants”) in the United States District Court for the Southern District of New York. On August 21, 2015, the lead plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint and adding the Trust as a defendant. The Consolidated Complaint was purportedly filed on behalf of all purchasers of Virtus common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds previously subadvised by F-Squared Investments, Inc. and/or its affiliates (“F-Squared”). The plaintiff seeks to recover unspecified damages. Virtus and its affiliates, including the Funds’ adviser, believe that the suit is without merit and intend to defend it vigorously. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Briefing of the motion was completed on December 4, 2015, and oral argument was held on December 17, 2015. The motion is pending. The Trust believes that

53

VIRTUS MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

On May 8, 2015, a putative class action complaint (Mark Youngers v. Virtus Investment Partners, Inc. et al.) alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California. The complaint, which was purportedly filed on behalf of purchasers of certain Virtus Funds previously subadvised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleges claims against Virtus, certain Virtus officers and affiliates (including the Funds’ investment adviser, Euclid Advisors LLC and VP Distributors, LLC), the trustees and certain officers of the Trust, and certain other parties (the “defendants”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On July 27, 2015, the court issued an order to show cause requiring lead plaintiff to explain no later than July 31, 2015, why his claims should not be transferred and consolidated with the In re Virtus Investment Partners, Inc. Securities Litigation action discussed above. On October 1, 2015, the plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of the Trust. On October 19, 2015, the United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. Briefing of the motion was completed on March 11, 2016 and oral argument was held on April 8, 2016. The motion is pending. Virtus and its affiliates, including the Funds’ adviser, believe the plaintiff’s claims asserted in the complaint are frivolous and intend to defend them vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 12. Subsequent Events

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

54

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES

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”) with respect to the funds of the Trust, including Virtus Multi-Sector Short Term Bond Fund (the “Fund”). At an in-person meeting held November 18-19, 2015 (the “Meeting”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meeting, 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 (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 their deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

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

Nature, Extent and Quality of Services

The Trustees received in advance of the Meeting information from VIA and the Subadviser, including a completed questionnaire, concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel, compliance

55

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

procedures and the firm’s overall performance were reviewed and discussed. 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 a 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 the subadviser; (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 to the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

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

56

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Investment Performance

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

The Board considered, among other performance data, the information set forth below with respect to the performance of the Fund for the period ended June 30, 2015.

The Board noted that the Fund underperformed the median of its Performance Universe for the 1- year period and outperformed the median of its Performance Universe for the 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed its benchmark for the 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 levels of the Fund. This information included comparisons of the Fund’s net management fee and total expense level to those of its peer group (the “Expense Group”). In comparing the Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented such fee included both advisory and administrative fees. The Board also noted that the subadvisory fee was paid by VIA out of its management fees rather than paid separately by the Fund. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of the Fund and the impact on expenses. The Subadviser provided, and the Board considered, expense 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 Group.

The Board considered that the Fund’s net management fee and total expenses were above the median of the Expense Group.

57

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

The Board concluded that the advisory and subadvisory fees 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 a VIA affiliate. 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.

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 fee waivers and/or expense caps were also 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 concluded that no changes to the advisory fee structure of the Fund 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 shareholder services and 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

58

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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 Subadvisory 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.

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.

59

Virtus Alternative Solutions Trust, Virtus Equity Trust, Virtus Insight Trust, Virtus Opportunities Trust, Virtus Retirement Trust and Virtus Variable Insurance Trust

Supplement dated April 14, 2016 to the Statements of Additional Information (“SAI”) dated February 29, 2016, July 29, 2015, April 30, 2015, January 29, 2016, January 8, 2016 and April 30, 2015, respectively

IMPORTANT NOTICETO INVESTORS

In the section “More Information About Fund Investment Strategies & Related Risks,” the second sentence of the fourth paragraph under the heading “Mortgage Pass-through Securities” is hereby replaced with the following: “The Funds will take the position that privately-issued, mortgage-related securities, and other asset-backed securities, do not represent interests in any particular ‘industry’ or group of industries.”

Investors should retain this supplement with the Prospectuses for future reference.

AllSAIs/AssetBacked (4/2016)

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

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.

For more information about

Virtus Mutual Funds, please call

your financial representative, or

contact us at 1-800-243-1574

or Virtus.com

8024 05-16

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT

Virtus Emerging Markets Debt Fund*

Virtus Emerging Markets Equity Income Fund*

Virtus Emerging Markets Small-Cap Fund*

Virtus Global Infrastructure Fund

Virtus Global Opportunities Fund*

Virtus Global Real Estate Securities Fund*

Virtus Greater European Opportunities Fund*

Virtus International Equity Fund*

Virtus International Real Estate Securities Fund*

Virtus International Small-Cap Fund*

Virtus International Wealth Masters Fund

March 31, 2016

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

* Prospectus supplements applicable to these Funds appear at the back of this semiannual report.

Statement of Additional Information (“SAI”) supplements applicable to the Funds appear at the back
of this semiannual report.

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		4
Portfolio Holdings Summary Weightings		6
Fund	Schedule of Investments
Virtus Emerging Markets Debt Fund (“Emerging Markets Debt Fund”)		8
Virtus Emerging Markets Equity Income Fund (“Emerging Markets Equity Income Fund”)		12
Virtus Emerging Markets Small-Cap Fund (“Emerging Markets Small-Cap Fund”)		14
Virtus Global Infrastructure Fund (“Global Infrastructure Fund”)		15
Virtus Global Opportunities Fund (“Global Opportunities Fund”)		16
Virtus Global Real Estate Securities Fund (“Global Real Estate Securities Fund”)		17
Virtus Greater European Opportunities Fund (“Greater European Opportunities Fund”)		19
Virtus International Equity Fund (“International Equity Fund”)		20
Virtus International Real Estate Securities Fund (“International Real Estate Securities Fund”)		21
Virtus International Small-Cap Fund (“International Small-Cap Fund”)		23
Virtus International Wealth Masters Fund (“International Wealth Masters Fund”)		24
Statements of Assets and Liabilities		27
Statements of Operations		31
Statements of Changes in Net Assets		35
Financial Highlights		41
Notes to Financial Statements		47
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		59

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

The subadvisers vote proxies 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 http://www.sec.gov.

Form N-Q 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 on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

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.

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six months ended March 31, 2016.

During the period, global equity markets were challenged by falling oil prices, China’s slowdown, and anticipation of the first rate hike by the Federal Reserve (the “Fed”) in nine years, which was finally realized in December. For the six months ended March 31, 2016, major U.S. equity markets had strong gains, with the large-cap S&P 500^® Index and Dow Jones Industrial Average^SM returning 8.49% and 10.07%, respectively, while the technology-heavy NASDAQ Composite Index^® was up 6.07%. International equities also produced positive returns, particularly emerging markets, which gained 6.41% over the six months, as measured by the MSCI Emerging Markets Index (net dividends).

U.S. Treasuries were unsettled for much of the period, though demand for this “safe haven” asset eased in late March following the Fed’s decision to delay further rate hikes in the near term. The yield on the bellwether 10-year U.S. Treasury was 1.78% on March 31, 2016 compared with 2.06% on September 30, 2015. For the six months ended March 31, 2016, the broader U.S. fixed income market, as represented by the Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, gained 2.44%, while non-investment grade bonds rose 1.22%, as measured by the Barclays U.S. Corporate High Yield Bond Index.

The strength of the global economy is likely to remain a concern for the markets in the months ahead, and investors will watch with great interest the actions of the Fed and other central banks. The U.S. economy’s continued growth, as evidenced by stronger jobs, housing, and consumer spending data, should give investors reason for optimism, but future market direction will be determined largely by the ability of corporations to continue to produce robust earnings.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to both traditional and alternative asset classes. While diversification cannot guarantee a profit or prevent a loss, owning a variety of asset classes may cushion your portfolio against inevitable market fluctuations. Your financial advisor can help you ensure that your portfolio is adequately diversified across asset classes and investment strategies.

As always, thank you for entrusting Virtus with your assets. Should you have questions about your account or require assistance, please visit our website at Virtus.com, or call our customer service team at 1-800-243-1574. We appreciate your business and remain committed to your long-term financial success.

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

April 2016

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.

1

VIRTUS OPPORTUNITIES TRUST

Disclosure of Fund Expenses (Unaudited)

For the six-month period of October 1, 2015 to March 31, 2016

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 (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 B and 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. 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. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, 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 first section under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each 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 the other funds.

Please note that the expenses shown in the accompanying table 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 second section of the accompanying table is 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.

Expense Table
	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Emerging Markets Debt Fund
Actual
Class A	$	1,000.00	$	1,048.50		1.34	%	$	6.86
Class C		1,000.00		1,043.40		2.09			10.68
Class I		1,000.00		1,048.60		1.09			5.58
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.30		1.34			6.76
Class C		1,000.00		1,014.55		2.09			10.53
Class I		1,000.00		1,019.55		1.09			5.50
Emerging Markets Equity Income Fund
Actual
Class A	$	1,000.00	$	1,029.70		1.75	%	$	8.88
Class C		1,000.00		1,026.50		2.50			12.67
Class I		1,000.00		1,031.60		1.50			7.62
Hypothetical (5% return before expenses)
Class A		1,000.00		1,016.25		1.75			8.82
Class C		1,000.00		1,012.50		2.50			12.58
Class I		1,000.00		1,017.50		1.50			7.57
Emerging Markets Small-Cap Fund
Actual
Class A	$	1,000.00	$	1,062.40		1.85	%	$	9.54
Class C		1,000.00		1,057.40		2.60			13.37
Class I		1,000.00		1,062.90		1.60			8.25
Hypothetical (5% return before expenses)
Class A		1,000.00		1,015.75		1.85			9.32
Class C		1,000.00		1,012.00		2.60			13.08
Class I		1,000.00		1,017.00		1.60			8.07
Global Infrastructure Fund
Actual
Class A	$	1,000.00	$	1,076.60		1.31	%	$	6.80
Class C		1,000.00		1,072.50		2.06			10.67
Class I		1,000.00		1,078.00		1.06			5.51
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.45		1.31			6.61
Class C		1,000.00		1,014.70		2.06			10.38
Class I		1,000.00		1,019.70		1.06			5.35
Global Opportunities Fund
Actual
Class A	$	1,000.00	$	1,058.50		1.46	%	$	7.51
Class B		1,000.00		1,055.30		2.21			11.30
Class C		1,000.00		1,054.70		2.21			11.35
Class I		1,000.00		1,060.20		1.21			6.23
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.70		1.46			7.36
Class B		1,000.00		1,014.00		2.20			11.08
Class C		1,000.00		1,013.95		2.21			11.13
Class I		1,000.00		1,018.95		1.21			6.11
Global Real Estate Securities Fund
Actual
Class A	$	1,000.00	$	1,095.90		1.40	%	$	7.34
Class C		1,000.00		1,091.90		2.15			11.24
Class I		1,000.00		1,097.60		1.15			6.03
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.00		1.40			7.06
Class C		1,000.00		1,014.25		2.15			10.83
Class I		1,000.00		1,019.25		1.15			5.81

2

VIRTUS OPPORTUNITIES TRUST

Disclosure of Fund Expenses (Unaudited) (Continued)

For the six-month period of October 1, 2015 to March 31, 2016

Expense Table
	Beginning Account Value October 1, 2015		Ending Account Value March 31, 2016		Annualized Expense Ratio			Expenses Paid During Period*
Greater European Opportunities Fund
Actual
Class A	$	1,000.00	$	1,056.50		1.45	%	$	7.45
Class C		1,000.00		1,052.80		2.20			11.29
Class I		1,000.00		1,058.20		1.20			6.17
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.75		1.45			7.31
Class C		1,000.00		1,014.00		2.20			11.08
Class I		1,000.00		1,019.00		1.20			6.06
International Equity Fund
Actual
Class A	$	1,000.00	$	992.10		1.49	%	$	7.42
Class C		1,000.00		988.50		2.24			11.14
Class I		1,000.00		993.30		1.24			6.18
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.55		1.49			7.52
Class C		1,000.00		1,013.80		2.24			11.28
Class I		1,000.00		1,018.80		1.24			6.26
International Real Estate Securities Fund
Actual
Class A	$	1,000.00	$	1,069.60		1.50	%	$	7.76
Class C		1,000.00		1,066.50		2.25			11.62
Class I		1,000.00		1,070.60		1.25			6.47
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.50		1.50			7.57
Class C		1,000.00		1,013.75		2.25			11.33
Class I		1,000.00		1,018.75		1.25			6.31
International Small-Cap Fund
Actual
Class A	$	1,000.00	$	1,089.30		1.60	%	$	8.36
Class C		1,000.00		1,085.30		2.35			12.25
Class I		1,000.00		1,090.90		1.35			7.06
Class R6		1,000.00		1,091.90		1.27			6.66
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.00		1.60			8.07
Class C		1,000.00		1,013.25		2.35			11.83
Class I		1,000.00		1,018.25		1.35			6.81
Class R6		1,000.00		1,018.65		1.27			6.41
International Wealth Masters Fund
Actual
Class A	$	1,000.00	$	1,059.70		1.55	%	$	8.00
Class C		1,000.00		1,056.10		2.30			11.85
Class I		1,000.00		1,061.90		1.30			6.72
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.25		1.55			7.82
Class C		1,000.00		1,013.50		2.30			11.58
Class I		1,000.00		1,018.50		1.30			6.56

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

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

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

3

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS

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.

Barclays U.S. Aggregate Bond Index

The 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.

Barclays U.S. Corporate High Yield Bond Index

The 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.

Dow Jones Industrial Average^SM

A price weighted average of 30 blue chip stocks. The index is calculated on 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.

Exchange-Traded Funds (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 Reserve (the “Fed”)

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

In Specie

In Specie is a phrase describing the distribution of an asset in its present form, rather than selling it and distributing the cash. In specie distribution is made when cash is not readily available, or allocating the physical asset is the better alternative.

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.

NASDAQ Composite Index^®

A market-capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange. Unlike other market indexes, the NASDAQ composite is not limited to companies that have U.S. headquarters. 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.

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.

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.

4

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Continued)

Sponsored ADR (American Depositary Receipt)

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

5

VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS

MARCH 31, 2016 (Unaudited)

For each Fund, the following tables present portfolio holdings within certain sectors and as a percentage of total investments attributable to each sector.

Emerging Markets Debt Fund
Corporate Bonds and Notes			59	%
Financials	23	%
Energy	15
Materials	7
Total of all other corporate bond sectors	14
Foreign Government Securities			37
Other (including short-term investments)			4
Total			100	%

Emerging Markets Equity Income Fund
Financials	32	%
Information Technology	20
Industrials	9
Consumer Discretionary	8
Energy	8
Consumer Staples	7
Telecommunication Services	7
Other (includes short-term investments)	9
Total	100	%

Emerging Markets Small-Cap Fund
Consumer Staples	23	%
Industrials	20
Financials	17
Information Technology	15
Materials	11
Consumer Discretionary	10
Telecommunication Services	3
Other (includes short-term investments)	1
Total	100	%

Global Infrastructure Fund
Utilities	39	%
Telecommunication Services	20
Energy	19
Industrials	14
Financials	6
Consumer Discretionary	2
Total	100	%

Global Opportunities Fund
Consumer Staples	32	%
Information Technology	23
Financials	19
Health Care	15
Consumer Discretionary	9
Materials	2
Total	100	%

Global Real Estate Securities Fund
Retail REITs	27	%
Office REITs	18
Real Estate Operating Companies	15
Residential REITs	14
Specialized REITs	9
Diversified REITs	8
Health Care REITs	5
Other (includes short-term investments)	4
Total	100	%

Greater European Opportunities Fund
Consumer Staples	40	%
Health Care	18
Consumer Discretionary	14
Financials	7
Information Technology	7
Industrials	6
Materials	6
Other (includes short-term investments)	2
Total	100	%

International Equity Fund
Consumer Discretionary	16	%
Telecommunication Services	11
Health Care	10
Information Technology	10
Consumer Staples	9
Financials	8
Materials	8
Other (includes short-term investments)	28
Total	100	%

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

6

VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Continued)

MARCH 31, 2016 (Unaudited)

International Real Estate Securities Fund
Real Estate Operating Companies	38	%
Retail REITs	33
Diversified REITs	15
Office REITs	9
Industrial REITs	2
Specialized REITs	2
Residential REITs	1
Total	100	%

International Small-Cap Fund
Information Technology	25	%
Financials	19
Industrials	15
Consumer Staples	12
Materials	10
Consumer Discretionary	9
Health Care	6
Energy	4
Total	100	%

International Wealth Masters Fund
Consumer Discretionary	30	%
Financials	14
Industrials	13
Consumer Staples	12
Information Technology	11
Materials	7
Health Care	4
Other (includes short-term investments and securities lending collateral)	9
Total	100	%

For information regarding the indexes and certain investment terms, see the Key Investment Terms starting on page 4.

7

VIRTUS EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES—36.5%
Argentine Republic Series NY, 8.280%, 12/31/33(11)	$	336		$	404
Bermuda RegS 4.854%, 2/6/24(4)		200			210
Bolivarian Republic of Venezuela
RegS 7.750%, 10/13/19(4)		140			53
RegS 7.650%, 4/21/25(4)		285			96
9.375%, 1/13/34		325			117
Brazilian Government International Bond
6.000%, 4/7/26		400			406
5.625%, 1/7/41		100			86
Commonwealth of Jamaica 6.750%, 4/28/28		200			205
Dominican Republic
144A 5.875%, 4/18/24(3)		100			103
144A 6.875%, 1/29/26(3)		100			106
144A 6.850%, 1/27/45(3)		100			99
Hellenic Republic 3.000%, 2/24/24(2)		200	EUR		162
Hungary
5.375%, 2/21/23		146			162
5.750%, 11/22/23		22			25
5.375%, 3/25/24		180			202
Islamic Republic of Pakistan 144A 8.250%, 9/30/25(3)		200			214
Kingdom of Bahrain 144A 6.000%, 9/19/44(3)		200			158
Kingdom of Morocco 144A 4.250%, 12/11/22(3)		200			204
Lithuania Government International Bond RegS 6.125%, 3/9/21(4)		120			139
Mongolia 144A 10.875%, 4/6/21(3)		200			201
Paraguay Government International Bond 144A 4.625%, 1/25/23(3)		200			203
Philippine Government International Bond 6.375%, 10/23/34		200			282
Provincia de Buenos Aires Argentina 144A 9.125%, 3/16/24(3)		150			155
Republic of Angola 144A 9.500%, 11/12/25(3)		200			183
Republic of Argentina 2.500%, 12/31/38		150			100
Republic of Armenia 144A 7.150%, 3/26/25(3)		200			197
Republic of Azerbaijan 144A 4.750%, 3/18/24(3)		200			190
Republic of Chile 5.500%, 8/5/20		70,000	CLP		108
Republic of Colombia
Treasury Note, Series B, 11.250%, 10/24/18		100,000	COP		36
6.125%, 1/18/41		100			105
Republic of Costa Rica 144A 7.000%, 4/4/44(3)		200			181
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(3)		200			189

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES—continued
Republic of El Salvador
144A 6.375%, 1/18/27(3)	$	155		$	135
144A 7.650%, 6/15/35(3)		70			62
Republic of Ghana RegS 10.750%, 10/14/30(4)		200			196
Republic of Indonesia
Series FR30, 10.750%, 5/15/16		785,000	IDR		59
Series FR63, 5.625%, 5/15/23		624,000	IDR		42
8.375%, 9/15/26		676,000			53
144A 5.125%, 1/15/45(3)		200			199
Republic of Iraq RegS 5.800%, 1/15/28(4)		250			173
Republic of Kazakhstan 144A 4.875%, 10/14/44(3)		200			176
Republic of Kenya 144A 6.875%, 6/24/24(3)		200			189
Republic of Lithuania 144A 6.125%, 3/9/21(3)		100			116
Republic of Panama
5.200%, 1/30/20		200			221
3.750%, 3/16/25		200			206
Republic of Peru 4.125%, 8/25/27		280			293
Republic of Poland
Series 1021, 5.750%, 10/25/21		300	PLN		95
3.250%, 4/6/26		130			130
Republic of Romania
144A 6.750%, 2/7/22(3)		150			178
RegS 4.875%, 1/22/24(4)		100			110
RegS 6.125%, 1/22/44(4)		120			146
Republic of South Africa
Series R203, 8.250%, 9/15/17		758	ZAR		51
Series R208, 6.750%, 3/31/21		1,470	ZAR		92
5.875%, 9/16/25		200			216
Republic of Sri Lanka 144A 5.875%, 7/25/22(3)		200			189
Republic of Turkey
5.125%, 3/25/22		200			211
6.750%, 5/30/40		225			264
Republic of Uruguay 5.100%, 6/18/50		400	(8)		372
Russian Federal Bond – Ofz 7.400%, 6/14/17		4,800			70
Socialist Republic of Vietnam RegS 4.800%, 11/19/24(4)		200			200
Ukraine 144A 7.750%, 9/1/26(3)		160			141
United Mexican States
Series M, 6.500%, 6/9/22		614	MXN		37
4.750%, 3/8/44		150	MXN		150
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $10,519)					10,053
CORPORATE BONDS AND NOTES—57.9%
Argentina—0.3%
YPF S.A. 144A 8.500%, 3/23/21(3)		90			90

	PAR VALUE			VALUE
Azerbaijan—0.7%
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26(3)	$	200		$	201
Barbados—0.8%
Columbus International, Inc. Series B, 144A 7.375%, 3/30/21(3)		200			214
Brazil—3.7%
BRF SA 7.750%, 5/22/18		400	BRL		92
Fibria Overseas Finance Ltd. 5.250%, 5/12/24		115			112
JBS Investments GmbH 144A 7.250%, 4/3/24(3)		200			184
Marfrig Overseas Ltd. 144A 9.500%, 5/4/20(3)		200			204
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22(3)		176			39
Petrobras Global Finance BV
3.000%, 1/15/19		80			69
5.375%, 1/27/21		290			238
6.750%, 1/27/41		100			71
					1,009
Canada—0.2%
Eldorado Gold Corp. 144A 6.125%, 12/15/20(3)		45			41
Chile—3.0%
Guanay Finance Ltd. 144A 6.000%, 12/15/20(3)		239			231
Inversiones CMPC S.A. 144A 4.375%, 5/15/23(3)		200			201
Transelec S.A. 144A 4.250%, 1/14/25(3)		200			199
VTR Finance BV 144A 6.875%, 1/15/24(3)		200			197
					828
China—3.8%
Bank of China Ltd. 144A 5.000%, 11/13/24(3)		200			208
BOC Aviation Pte Ltd. 3.875%, 5/9/19		200			207
Kunlun Energy Co., Ltd. 144A 3.750%, 5/13/25(3)		200			199
State Grid Overseas Investment Ltd. 144A 4.125%, 5/7/24(3)		200			218
Tencent Holdings Ltd. 144A 3.800%, 2/11/25(3)		200			206
					1,038
Colombia—0.7%
Bancolombia S.A. 5.125%, 9/11/22		100			101
Ecopetrol S.A. 5.375%, 6/26/26		70			64

See Notes to Financial Statements

8

VIRTUS EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Colombia—continued
Pacific Rubiales Energy Corp. 144A 5.125%, 3/28/23(3)(11)	$	200	$	35
				200
El Salvador—0.6%
AES El Salvador Trust II 144A 6.750%, 3/28/23(3)		200		157
Georgia—0.8%
Bank of Georgia JSC 144A 7.750%, 7/5/17(3)		200		208
Guatemala—0.7%
Comcel Trust via Comunicaciones Celulares SA 144A 6.875%, 2/6/24(3)(5)		200		188
Hong Kong—2.0%
Bank of China Hong Kong Ltd. 144A 5.550%, 2/11/20(3)		200		219
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%(2)(3)(6)(7)		325		336
				555
India—2.9%
Bharti Airtel International Netherlands BV 144A 5.125%, 3/11/23(3)		200		214
ICICI Bank Ltd. 144A 6.375%, 4/30/22(2)(3)		300		307
Reliance Holdings USA, Inc. 144A 5.400%, 2/14/22(3)		250		279
				800
Indonesia—4.0%
Pelabuhan Indonesia II PT 144A 4.250%, 5/5/25(3)		200		192
Pertamina Persero PT
144A 4.875%, 5/3/22(3)		200		204
144A 6.000%, 5/3/42(3)		275		252
144A 5.625%, 5/20/43(3)		200		177
Perusahaan Listrik Negara PT 144A 5.500%, 11/22/21(3)		250		270
				1,095
Ireland—0.8%
Ardagh Finance Holdings SA PIK Interest Capitalization, 144A 8.625%, 6/15/19(3)(9)		227		220
Israel—0.8%
Israel Electric Corp. Ltd. RegS 7.250%, 1/15/19(4)		200		222

	PAR VALUE			VALUE
Jamaica—0.6%
Digicel Group Ltd. 144A 8.250%, 9/30/20(3)	$	200		$	173
Kazakhstan—0.6%
Development Bank of Kazakhstan OJSC 144A 4.125%, 12/10/22(3)		200			178
Luxembourg—1.4%
Altice Financing SA Luxembourg, 144A 7.625%, 2/15/25(3)		200			192
Severstal OAO Via Steel Capital SA 144A 5.900%, 10/17/22(3)(5)		200			204
					396
Mexico—8.0%
Alfa SAB de CV 144A 5.250%, 3/25/24(3)		200			210
Alpek SA de C.V. 144A 5.375%, 8/8/23(3)		200			209
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		2,000	MXN		110
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 6.750%, 9/30/22(3)		150			166
Banco Santander Mexico SA 144A 5.950%, 1/30/24(2)(3)		200			207
Cemex SAB de C.V. 144A 7.250%, 1/15/21(3)		200			209
Fermaca Enterprises S de RL de CV 144A 6.375%, 3/30/38(3)		193			182
Fomento Economico Mexicano SAB de CV 2.875%, 5/10/23		150			145
Grupo Televisa SAB 7.250%, 5/14/43		2,000	MXN		95
Grupo Televisa Sab 6.125%, 1/31/46		200			212
Petroleos Mexicanos
4.250%, 1/15/25		100			93
144A 6.875%, 8/4/26(3)		105			114
6.375%, 1/23/45		100			93
5.625%, 1/23/46		200			168
					2,213
Morocco—0.8%
Office Cherifien des Phosphates S.A. (OCP) 144A 5.625%, 4/25/24(3)		200			208
Panama—0.6%
Banco Latinoamericano de Comercio Exterior SA 144A 3.750%, 4/4/17(3)		150			152

	PAR VALUE			VALUE
Peru—2.3%
Banco de Credito del Peru
144A 5.375%, 9/16/20(3)	$	100		$	109
144A 6.125%, 4/24/27(2)(3)		100			107
Banco Internacional del Peru SAA 144A 5.750%, 10/7/20(3)		100			109
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29(2)(3)		100			103
Transportadora de Gas del Peru SA 144A 4.250%, 4/30/28(3)		200			194
					622
Poland—0.8%
PKO Finance AB 144A 4.630%, 9/26/22(3)(5)		200			207
Russia—5.8%
AHML Finance Ltd. 144A 7.750%, 2/13/18(3)		5,000	RUB		71
EuroChem Mineral & Chemical Co. OJSC 144A 5.125%, 12/12/17(3)(5)		200			204
Evraz Group S.A. 144A 6.500%, 4/22/20(3)		200			192
Gazprom OAO (Gaz Capital S.A.) 144A 6.000%, 11/27/23(3)(5)		200			199
Lukoil OAO International Finance BV 144A 4.563%, 4/24/23(3)		200			191
Metalloinvest Finance Ltd. 144A 5.625%, 4/17/20(3)		200			199
Sberbank of Russia (Sberbank Capital SA) 144A 5.125%, 10/29/22(3)(5)		200			192
Sberbank of Russia Via SB Capital S.A. 144A 5.500%, 2/26/24(2)(3)(5)		200			182
Sberbank of Russia Via SB Capital SA RegS 5.500%, 2/26/24(2)(4)(5)		200			182
					1,612
Singapore—0.8%
Oversea-Chinese Banking Corp. Ltd. 144A 4.000%, 10/15/24(2)(3)		200			208
South Africa—0.7%
Transnet SOC Ltd. 144A 4.000%, 7/26/22(3)		200			181
South Korea—0.7%
Export-Import Bank of Korea 2.875%, 1/21/25		200			204
Sri Lanka—0.7%
Bank of Ceylon 144A 6.875%, 5/3/17(3)		200			204

See Notes to Financial Statements

9

VIRTUS EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	PAR VALUE		VALUE
Sultanate of Oman—0.7%
Lamar Funding Ltd. 144A 3.958%, 5/7/25(3)	$	200	$	179
Supranational—2.2%
Africa Finance Corp. 144A 4.375%, 4/29/20(3)		200		203
Corp Andina de Fomento 4.375%, 6/15/22		200		220
Eurasian Development Bank 144A 4.767%, 9/20/22(3)		200		194
				617
Thailand—0.7%
Bangkok Bank PLC 144A 3.300%, 10/3/18(3)		200		206
Trinidad and Tobago—0.2%
Petroleum Co. of Trinidad & Tobago Ltd. RegS 6.000%, 5/8/22(4)		54		51
Turkey—0.7%
Turkiye Is Bankasi A.S 144A 7.850%, 12/10/23(3)		200		206
Ukraine—0.5%
Ukreximbank Via Biz Finance plc 144A 9.625%, 4/27/22(3)		150		133
United Arab Emirates—0.9%
DP World Ltd. 144A 6.850%, 7/2/37(3)		250		255
United Kingdom—0.3%
EnQuest plc 144A 7.000%, 4/15/22(3)		200		90
United States—0.5%
Aircastle Ltd. 6.250%, 12/1/19		100		109
Parker Drilling Co. 6.750%, 7/15/22		50		36
				145
Venezuela—1.6%
Petroleos de Venezuela SA
RegS 8.500%, 11/2/17(4)		260		138
144A 6.000%, 5/16/24(3)		555		173
RegS 6.000%, 11/15/26(4)		400		124
				435
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $17,116)				15,941
LOAN AGREEMENTS(2)—0.6%
Consumer Discretionary—0.6%
Delta 2 (Lux) S.A.R.L. Tranche B-3, 3.750%, 7/30/21		47		46

	PAR VALUE			VALUE
Consumer Discretionary—continued
Laureate Education, Inc. 3.750%, 6/15/18	$	147		$	127
TOTAL LOAN AGREEMENTS (Identified Cost $193)					173
	SHARES
PREFERRED STOCK—0.7%
Energy—0.7%
PTT Exploration & Production PCL 144A, 4.875%(2)(3)		200	(10)		195
TOTAL PREFERRED STOCK (Identified Cost $201)					195
AFFILIATED MUTUAL FUND—0.5%
Virtus Credit Opportunities Fund Class R6(12)		14,941			143
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $149)					143
TOTAL LONG TERM INVESTMENTS—96.2%
(Identified Cost $28,178)					26,505
SHORT-TERM INVESTMENT—1.7%
Money Market Mutual Fund—1.7%
Fidelity Money Market Portfolio – Institutional Shares (seven-day effective yield 0.390%)(12)		476,079			476
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $476)					476
TOTAL INVESTMENTS—97.9% (Identified Cost $28,654)					26,981	(1)
Other assets and liabilities, net—2.1%					581
NET ASSETS—100.0%				$	27,562

Abbreviation:

PIK Payment-in-Kind Security

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2016.

⁽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, 2016, these securities amounted to a value of $16,748 or 60.8% of net assets.

⁽⁴⁾  Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁵⁾  This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁶⁾  No contractual maturity date.

⁽⁷⁾  Interest payments may be deferred.

⁽⁸⁾  Principal amount is adjusted pursuant to the change in the Index.

⁽⁹⁾  100% of the income received was in cash.

⁽¹⁰⁾  Value shown as par value.

⁽¹¹⁾  Security in default.

⁽¹²⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

Foreign Currencies:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

EUR Euro

IDR Indonesian Rupiah

MXN Mexican Peso

PLN Polish Zloty

RUB Russian Ruble

ZAR South African Rand

Country Weightings†
Mexico	9	%
Brazil	6
Russia	6
Indonesia	5
Chile	4
China	4
Peru	3
Other	63
Total	100	%
† % of total investments as of March 31, 2016

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

10

VIRTUS EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Debt Securities:
Corporate Bonds and Notes	$	15,941	$	—	$	15,941
Foreign Government Securities		10,053		—		10,053
Loan Agreements		173		—		173
Equity Securities:
Preferred Stock		195		—		195
Affiliated Mutual Fund		143		143		—
Short-Term Investments		476		476		—
Total Investments	$	26,981	$	619	$	26,362

There are no Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

See Notes to Financial Statements

11

VIRTUS EMERGING MARKETS EQUITY INCOME FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
PREFERRED STOCKS—3.2%
Consumer Staples—0.4%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar 1.27% (Brazil)		8,400	$	117
Financials—1.7%
Banco Bradesco S.A. 0.69% (Brazil)		47,200		354
Bancolombia SA 3.41% (Colombia)		9,754		83
Itausa Investimentos Itau S.A. 0.18% (Brazil)		42,000		95
				532
Materials—0.8%
Braskem SA, Class A 5.42% (Brazil)		15,600		101
Sociedad Quimica y Minera de Chile S.A. Class B 0.87% (Chile)		6,911		142
				243
Utilities—0.3%
Companhia Paranaense de Energia, Class B 3.33% (Brazil)		14,700		116
TOTAL PREFERRED STOCKS (Identified Cost $852)				1,008
COMMON STOCKS—96.4%
Consumer Discretionary—8.1%
Arcelik AS (Turkey)		9,915		67
Astra International Tbk PT (Indonesia)		373,700		204
Bajaj Auto Ltd. (India)		5,396		196
Berjaya Sports Toto Bhd (Malaysia)		53,800		44
Cheng Shin Rubber Industry Co., Ltd. (Taiwan)		66,000		133
Coway Co., Ltd. (South Korea)		1,725		146
Estacio Participacoes SA (Brazil)		25,200		82
Ford Otomotiv Sanayi AS (Turkey)		5,063		67
Foschini Group Ltd. (The) (South Africa)		7,519		72
Gome Electrical Appliances Holding Ltd. (China)		518,063		75
Halla Visteon Climate Control Corp. (South Korea)		20,631		166
Kangwon Land, Inc. (South Korea)		7,760		277
Kia Motors Corp. (South Korea)		6,555		277
Lojas Renner S.A. (Brazil)		26,900		156
Merida Industry Co. Ltd. (Taiwan)		32,000		142
Naspers Ltd. Class N (South Africa)		810		113
Truworths International Ltd. (South Africa)		22,126		147
Tsogo Sun Holdings Ltd. (South Africa)		89,179		143
				2,507

	SHARES		VALUE
Consumer Staples—6.4%
Ambev SA (Brazil)		78,400	$	409
BRF SA (Brazil)		6,300		90
Fomento Economico Mexicano S.A.B. de CV (Mexico)		24,700		238
Hengan International Group Co., Ltd. (China)		11,500		100
Hindustan Unilever Ltd. (India)		12,119		159
KT&G Corp. (South Korea)		4,208		405
Raia Drogasil SA (Brazil)		9,900		144
Spar Group Ltd. (The) (South Africa)		18,878		254
Want Want China Holdings Ltd. (China)		213,000		158
				1,957
Energy—7.7%
Banpu Public Co. Ltd. (Thailand)		142,200		67
China Petroleum & Chemical Corp. Class H (China)		425,800		279
China Shenhua Energy Co., Ltd. Class H (China)		129,000		203
Coal India Ltd. (India)		13,729		61
Cosan S.A. Industria e Comercio (Brazil)		13,600		119
Empresas COPEC SA (Chile)		8,941		86
Gazprom PAO (Gazstream S.A.) Sponsored ADR (Russia)		80,155		345
Oil & Natural Gas Corp. Ltd. (India)(2)		86,850		281
Rosneft OJSC GDR (Russia)		38,877		177
Sasol Ltd. (South Africa)		8,429		252
Tatneft PAO Sponsored ADR (Russia)		10,607		344
Ultrapar Participacoes S.A. (Brazil)		8,600		167
				2,381
Financials—29.9%
Abu Dhabi Commercial Bank PJSC (United Arab Emirates)		44,010		80
Agricultural Bank of China Ltd. Class H (China)		688,000		247
Aldar Properties PJSC (United Arab Emirates)		190,827		143
AMMB Holdings Bhd (Malaysia)		124,100		146
Banco de Chile (Chile)		1,792,896		193
Banco do Brasil S.A. (Brazil)		28,900		157
Banco Santander Chile SA (Chile)		3,686,116		179
Bank of China Ltd. Class H (China)		1,795,000		745
Barclays Africa Group Ltd. (South Africa)		22,363		227
BB Seguridade Participacoes (Brazil)		13,700		113
BM&F Bovespa S.A. (Brazil)		31,400		134
China Construction Bank Corp. Class H (China)		1,785,000		1,139
China Everbright Bank Co., Ltd. (China)		374,000		182
China Everbright Ltd. (China)		70,000		147

	SHARES		VALUE
Financials—continued
China Life Insurance Co., Ltd. Class H (China)		143,000	$	353
Commercial Bank QSC (The) (Qatar)		10,725		123
CTBC Financial Holding Co., Ltd. (Taiwan)		325,236		172
Dongbu Insurance Co., Ltd. (South Korea)		5,138		341
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Turkey)		176,167		179
Evergrande Real Estate Group Ltd. (China)		278,000		215
First Gulf Bank PJSC (United Arab Emirates)		46,860		150
FirstRand Ltd. (South Africa)		106,181		348
Fubon Financial Holding Co., Ltd. (Taiwan)		148,000		188
Gentera S.A.B de CV (Mexico)		65,300		129
Guangzhou R&F Properties Co., Ltd. (China)		176,800		253
Hanwha Life Insurance Co., Ltd. (South Korea)		11,370		67
Highwealth Construction Corp. (Taiwan)		168,000		245
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea)		9,415		273
Industrial & Commercial Bank of China Ltd. Class H (China)		1,598,000		894
Komercni Banka A.S. (Czech Republic)		1,400		309
Liberty Holdings Ltd. (South Africa)		12,250		120
MMI Holdings Ltd. (South Africa)		134,491		227
Rural Electrification Corp., Ltd. (India)(2)		88,162		221
Samsung Life Insurance Co., Ltd. (South Korea)		1,212		124
Shimao Property Holdings Ltd. (China)		104,500		155
Standard Bank Group Ltd. (South Africa)		17,901		161
Turkiye Is Bankasi (Turkey)		93,035		154
				9,233
Health Care—2.6%
China Medical System Holdings Ltd. (China)		129,000		179
Kalbe Farma Tbk PT (Indonesia)		1,958,300		213
Richter Gedeon Nyrt (Hungary)		9,359		187
Sinopharm Group Co., Ltd. Class H (China)		48,800		221
				800
Industrials—9.0%
AirAsia BHD (Malaysia)		373,000		175
China Conch Venture Holdings Ltd. (China)		107,000		211
Daewoo International Corp. (South Korea)		13,916		263
Grupo Aeroportuario del Pacifico Sab de C.V. (Mexico)		15,700		140
Industries Qatar Qsc (Qatar)		4,117		122

See Notes to Financial Statements

12

VIRTUS EMERGING MARKETS EQUITY INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Industrials—continued
Jiangsu Expressway Co., Ltd. Class H (China)		238,000	$	320
LG Corp. (South Korea)		3,481		208
Pegatron Corp. (Taiwan)		151,000		352
S-1 Corp. (South Korea)		2,066		160
Shanghai Industrial Holdings Ltd. (China)		97,000		229
Sinopec Engineering Group Co., Ltd. Class H (China)		227,500		184
TAV Havalimanlari Holding AS (Turkey)		29,368		175
United Tractors Tbk PT (Indonesia)		150,400		174
Weg SA (Brazil)		13,400		52
				2,765
Information Technology—19.7%
Advanced Semiconductor Engineering, Inc. (Taiwan)		240,000		279
Asustek Computer, Inc. (Taiwan)		40,000		359
Compal Electronics, Inc. (Taiwan)		463,000		291
Foxconn Technology CO Ltd (Taiwan)		59,000		132
Hon Hai Precision Industry Co., Ltd. (Taiwan)		280,900		740
Infosys Ltd. (India)		49,784		916
Lite-On Technology Corp. (Taiwan)		115,950		142
NCSoft Corp. (South Korea)		1,383		307
NetEase, Inc. ADR (China)		1,045		150
Powertech Technology, Inc. (Taiwan)		132,000		299
Radiant Opto-Electronics Corp. (Taiwan)		90,260		175
Simplo Technology Co. Ltd. (Taiwan)		42,000		151
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		164,000		825
Tata Consultancy Services Ltd. (India)		13,309		506
Travelsky Technology Ltd. (China)		103,000		169
Vanguard International Semiconductor Corp. (Taiwan)		105,000		164
Wipro Ltd. (India)		25,364		216
WPG Holdings Ltd. (Taiwan)		252,000		269
				6,090

	SHARES		VALUE
Materials—4.7%
Anhui Conch Cement Co., Ltd. (China)		103,500	$	277
Cementos Argos S.A. (Colombia)		20,013		77
Grupo Mexico S.A.B. de C.V. Series B (Mexico)		37,200		90
Jiangxi Copper Co., Ltd. Class H (China)		205,000		246
Mondi Ltd. (South Africa)		10,509		202
Nan Ya Plastics Corp (Taiwan)		125,000		263
PTT Global Chemical PCL (Thailand)		178,200		306
				1,461
Telecommunication Services—6.5%
America Movil S.A.B. de C.V. Class C Series L (Mexico)		256,800		200
China Communications Services Corp. Ltd. (China)		416,000		190
China Mobile Ltd. (China)		56,000		624
MTN Group Ltd. (South Africa)		25,754		236
Ooredoo QSC (Qatar)		2,384		61
Philippine Long Distance Telephone Co. (Philippines)		4,520		194
SK Telecom Co., Ltd. (South Korea)		1,154		210
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		1,200,000		301
				2,016
Utilities—1.8%
China Resources Power Holdings Co., Ltd. (China)		98,000		183
Huaneng Power International, Inc. Class H (China)		306,000		274
Interconexion Electrica SA ESP (Colombia)		29,502		85
				542
TOTAL COMMON STOCKS (Identified Cost $29,810)				29,752

	SHARES		VALUE
RIGHTS—0.0%
Financials—0.0%
Fubon Financial Holding Co., Ltd (Taiwan)(2)(3)		6,508	$	—
TOTAL RIGHTS (Identified Cost $0)				—
TOTAL LONG TERM INVESTMENTS—99.6%
(Identified Cost $30,662)				30,760
TOTAL INVESTMENTS—99.6% (Identified Cost $30,662)				30,760	(1)
Other assets and liabilities, net—0.4%				108
NET ASSETS—100.0%			$	30,868

Abbreviations:

ADR American Depositary Receipt

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments.

Country Weightings†
China	28	%
Taiwan	17
South Korea	10
Brazil	8
India	8
South Africa	8
Indonesia	3
Other	18
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	29,752	$	29,752	$	—
Preferred Stocks		1,008		1,008		—
Rights		—		—		—	*
Total Investments	$	30,760	$	30,760	$	—	*

There are no Level 2 (significant observable inputs) priced securities.

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

Securities held by the Fund with an end of period value of $17,940 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements for more information.)

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

13

VIRTUS EMERGING MARKETS SMALL-CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—97.0%
Consumer Discretionary—9.7%
Ace Hardware Indonesia Tbk PT (Indonesia)		1,498,000	$	101
Goldlion Holdings Ltd. (Hong Kong)		259,000		99
Pico Far East Holdings Ltd. (Hong Kong)		706,780		189
Truworths International Ltd. (South Africa)		6,801		45
				434
Consumer Staples—22.7%
AVI Ltd. (South Africa)		23,910		141
Compania Cervecerias Unidas SA Sponsored ADR (Chile)		2,290		51
Embotelladora Andina ADR S.A. Class-B (Chile)		5,360		102
Grupo Herdez Sab de CV (Mexico)		37,425		83
Guinness Anchor Bhd (Malaysia)		32,200		116
Massmart Holdings Ltd. (South Africa)		4,955		43
Oldtown Bhd (Malaysia)		322,750		122
Pinar SUT Mamulleri Sanayii AS (Turkey)		15,800		91
Premier Marketing PCL (Thailand)		643,000		182
Wawel SA (Poland)		332		89
				1,020
Financials—16.3%
ARA Asset Management Ltd. (Singapore)		156,880		136
BFI Finance Indonesia Tbk PT (Indonesia)(3)		779,000		150
Bolsa Mexicana de Valores Sab de CV SA (Mexico)		35,100		60
Credit Analysis & Research Ltd. (India)		3,400		48
Crisil Ltd. (India)		1,900		52
Equity Group Holdings Ltd. (Kenya)		220,600		88
Korea Ratings Corp. (South Korea)		3,130		117
Tisco Financial Group PCL (Thailand)		61,700		80
				731
Health Care—2.0%
OdontoPrev S.A. (Brazil)		28,700		91
Industrials—19.0%
Freight Management Holdings Bhd (Malaysia)		218,729		71
Prosegur Cia de Seguridad SA (Spain)		24,200		136
S-1 Corp. (South Korea)		1,950		151
Sinmag Equipment Corp. (Taiwan)		26,520		96
Taiwan Secom Co., Ltd. (Taiwan)		58,874		170
Tegma Gestao Logistica (Brazil)		97,900		123

	SHARES		VALUE
Industrials—continued
Turk Traktor Ve Ziraat Makineleri AS (Turkey)		3,600	$	107
				854
Information Technology—14.5%
Autohome, Inc. ADR (China)(2)		5,100		142
Bitauto Holdings Ltd. ADR (China)(2)		1,230		30
EClerx Services Ltd. (India)		4,933		97
Lumax International Corp., Ltd. (Taiwan)		105,800		152
MercadoLibre, Inc. (United States)		845		100
TOTVS SA (Brazil)		9,400		70
Yandex NV Class A (Russia)(2)		3,830		59
				650
Materials—10.4%
KPX Chemical Co. Ltd. (South Korea)		2,615		122
Synthos SA (Poland)		37,700		39
Transpaco Ltd. (South Africa)		107,500		175
Yung Chi Paint & Varnish Manufacturing Co. Ltd. (Taiwan)		55,000		132
				468
Telecommunication Services—2.4%
APT Satellite Holdings Ltd. (China)		138,000		109
TOTAL COMMON STOCKS (Identified Cost $4,989)				4,357
TOTAL LONG TERM INVESTMENTS—97.0%
(Identified Cost $4,989)				4,357
TOTAL INVESTMENTS—97.0% (Identified Cost $4,989)				4,357	(1)
Other assets and liabilities, net—3.0%				136
NET ASSETS—100.0%			$	4,493

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Illiquid security.

Country Weightings†
Taiwan	13	%
South Africa	9
South Korea	9
Brazil	7
Hong Kong	7
Malaysia	7
China	6
Other	42
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	4,357	$	4,357
Total Invest ments	$	4,357	$	4,357

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $1,890 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements for more information.)

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

14

VIRTUS GLOBAL INFRASTRUCTURE FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—97.0%
Consumer Discretionary—2.3%
Eutelsat Communications SA (France)		41,910	$	1,354
SES SA (Luxembourg)		49,175		1,440
				2,794
Energy—18.0%
Enbridge, Inc. (Canada)		123,885		4,820
Inter Pipeline Ltd. (Canada)		45,935		946
Keyera Corp. (Canada)		37,650		1,143
Kinder Morgan, Inc. (United States)		254,435		4,544
Pembina Pipeline Corp. (Canada)		57,800		1,563
Plains GP Holdings LP Class A (United States)		44,375		386
Spectra Energy Corp. (United States)		89,730		2,746
Targa Resources Corp. (United States)		30,240		903
TransCanada Corp. (Canada)		86,015		3,381
Williams Cos., Inc. (The) (United States)		93,930		1,509
				21,941
Financials—5.5%
American Tower Corp. (United States)		31,800		3,255
Crown Castle International Corp. (United States)		40,340		3,490
				6,745
Industrials—13.9%
Abertis Infraestructuras SA (Spain)		117,550		1,933
Atlantia SpA (Italy)		105,226		2,918
Auckland International Airport Ltd. (New Zealand)		401,559		1,785
Ferrovial SA (Spain)		64,280		1,381
Flughafen Zuerich AG (Switzerland)		2,085		1,867
Sydney Airport (Australia)		371,370		1,904
Transurban Group (Australia)		452,690		3,939
Vinci SA (France)		16,825		1,253
				16,980
Telecommunication Services—19.2%
AT&T, Inc. (United States)		145,820		5,712
BCE, Inc. (Canada)		23,030		1,049
BT Group plc (United Kingdom)		251,215		1,589
Deutsche Telekom AG Registered Shares (Germany)		87,585		1,572
Nippon Telegraph & Telephone Corp. ADR (Japan)		38,200		1,652
Singapore Telecommunications Ltd. (Singapore)		647,600		1,835
TELUS Corp. (Canada)		44,955		1,464
Verizon Communications, Inc. (United States)		105,584		5,710

	SHARES		VALUE
Telecommunication Services—continued
Vodafone Group plc Sponsored ADR (United Kingdom)		87,146	$	2,793
				23,376
Utilities—38.1%
ALLETE, Inc. (United States)		20,800		1,166
American Electric Power Co., Inc. (United States)		22,765		1,511
American Water Works Co., Inc. (United States)		34,830		2,401
APA Group (Australia)		194,100		1,311
Atmos Energy Corp. (United States)		24,365		1,809
Black Hills Corp. (United States)		20,470		1,231
CMS Energy Corp. (United States)		42,310		1,796
Dominion Resources, Inc. (United States)		21,510		1,616
DTE Energy Co. (United States)		17,910		1,624
Edison International (United States)		21,775		1,565
Eversource Energy (United States)		27,330		1,594
Hera SpA (Italy)		418,530		1,251
Iberdrola SA (Spain)		222,610		1,485
Laclede Group, Inc. (The) (United States)		21,855		1,481
National Grid plc (United Kingdom)		293,870		4,167
NextEra Energy, Inc. (United States)		38,090		4,507
NiSource, Inc. (United States)		51,945		1,224
ONE Gas, Inc. (United States)		15,625		955
Pennon Group plc (United Kingdom)		101,755		1,185
Public Service Enterprise Group, Inc. (United States)		26,225		1,236
Sempra Energy (United States)		29,310		3,050
SevernTrent plc (United Kingdom)		39,785		1,242
Snam Rete Gas SpA (Italy)		202,150		1,266
Suez Environnement SA (France)		55,995		1,027
Vectren Corp. (United States)		30,325		1,533
Veolia Environnement SA (France)		71,375		1,719
WEC Energy Group, Inc. (United States)		23,925		1,437
				46,389
TOTAL COMMON STOCKS (Identified Cost $116,448)				118,225
TOTAL LONG TERM INVESTMENTS—97.0%
(Identified Cost $116,448)				118,225
TOTAL INVESTMENTS—97.0% (Identified Cost $116,448)				118,225	(1)
Other assets and liabilities, net—3.0%				3,668
NET ASSETS—100.0%			$	121,893

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

Country Weightings†
United States	51	%
Canada	12
United Kingdom	9
Australia	6
Italy	5
France	4
Spain	4
Other	9
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	118,225	$	118,225
Total Investments	$	118,225	$	118,225

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $10,774 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements for more information.)

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

15

VIRTUS GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—98.2%
Consumer Discretionary—9.0%
Alimentation Couche-Tard, Inc. Class B (Canada)		55,556	$	2,473
Amazon.com, Inc. (United States)(2)		6,390		3,793
Naspers Ltd. Class N (South Africa)		12,731		1,777
Priceline Group, Inc. (The) (United States)(2)		2,817		3,631
TJX Cos., Inc. (The) (United States)		38,313		3,002
				14,676
Consumer Staples—31.9%
Altria Group, Inc. (United States)		125,407		7,858
British American Tobacco plc (United Kingdom)		149,345		8,773
Coca-Cola Co. (The) (United States)		124,251		5,764
Nestle S.A. Registered Shares (Switzerland)		74,373		5,557
Philip Morris International, Inc. (United States)		95,043		9,325
Reckitt Benckiser Group plc (United Kingdom)		62,884		6,078
Reynolds American, Inc. (United States)		94,886		4,774
Unilever N.V. CVA (Netherlands)		92,658		4,153
				52,282
Financials—18.7%
American Tower Corp. (United States)		33,008		3,379
Berkshire Hathaway, Inc. Class B (United States)(2)		34,279		4,863
CME Group, Inc. (United States)		34,068		3,272
Housing Development Finance Corp. (India)		286,554		4,784
Housing Development Finance Corp. Bank Ltd. (India)		322,015		5,209
Housing Development Finance Corp. Bank Ltd. ADR (India)		5,796		357
Progressive Corp. (The) (United States)		84,001		2,952
Wells Fargo & Co. (United States)		121,920		5,896
				30,712
Health Care—14.8%
Abbott Laboratories (United States)		52,961		2,215
Bayer AG Registered Shares (Germany)		18,427		2,166
Bristol-Myers Squibb Co. (United States)		47,002		3,003
Celgene Corp. (United States)(2)		45,680		4,572
Medtronic plc (United States)		31,253		2,344
Roche Holding AG (Switzerland)		23,750		5,846
UnitedHealth Group, Inc. (United States)		32,054		4,132
				24,278

	SHARES		VALUE
Information Technology—22.1%
Alphabet, Inc. Class C (United States)(2)		9,299	$	6,927
Apple, Inc. (United States)		29,113		3,173
Cognizant Technology Solutions Corp. Class A (United States)(2)		45,753		2,869
Facebook, Inc. Class A (United States)(2)		21,384		2,440
MasterCard, Inc. Class A (United States)		87,130		8,234
PayPal Holdings, Inc. (United States)(2)		85,050		3,283
SAP SE (Germany)		37,287		3,017
Visa, Inc. Class A (United States)		82,145		6,282
				36,225
Materials—1.7%
Martin Marietta Materials, Inc. (United States)		17,547		2,799
TOTAL COMMON STOCKS (Identified Cost $126,907)				160,972
TOTAL LONG TERM INVESTMENTS—98.2%
(Identified Cost $126,907)				160,972
TOTAL INVESTMENTS—98.2% (Identified Cost $126,907)				160,972	(1)
Other assets and liabilities, net—1.8%				3,006
NET ASSETS—100.0%			$	163,978

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

Country Weightings†
United States	69	%
United Kingdom	9
Switzerland	7
India	6
Germany	3
Netherlands	3
Canada	2
Other	1
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	160,972	$	160,972
Total Investments	$	160,972	$	160,972

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $9,993 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements for more information.)

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

16

VIRTUS GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—95.9%
Australia—4.1%
Dexus Property Group		143,839	$	876
GPT Group		138,300		530
GPT Group (The) – In Specie(2)(3)(5)		13,566		—
Scentre Group		505,789		1,721
Westfield Corp.		218,750		1,675
				4,802
Canada—2.7%
Allied Properties Real Estate Investment Trust		32,385		872
Canadian Real Estate Investment Trust		18,775		652
First Capital Realty, Inc.		20,180		320
RioCan Real Estate Investment Trust		63,462		1,300
				3,144
Finland—0.8%
Citycon OYJ		356,532		900
France—2.1%
Fonciere Des Regions		1,004		95
Klepierre		31,820		1,524
Mercialys SA		37,600		873
				2,492
Germany—3.9%
ADO Properties SA(4)		19,142		657
Deutsche Annington Immobilien SE		63,148		2,272
Deutsche Wohnen AG		27,400		852
LEG Immobilien AG		9,254		872
				4,653
Hong Kong—1.8%
Hysan Development Co. Ltd.		116,000		494
Link REIT (The)		277,504		1,646
				2,140
Italy—0.2%
Beni Stabili SpA		338,062		254
Japan—6.1%
GLP J-REIT		700		798
Hulic Co., Ltd.		98,700		944
Industrial & Infrastructure Fund Investment Corp.		156		725
Invincible Investment Corp.		425		319
Japan Real Estate Investment Corp.		148		855
Japan Rental Housing Investments, Inc.		408		301
Kenedix Office Investment Corp.		139		798
Kenedix Retail Reit Corp.		128		310
Lasalle Logiport Reit(2)		535		517
Nippon Building Fund, Inc.		149		883
Nippon Prologis REIT, Inc.		316		707
				7,157

	SHARES		VALUE
Mexico—0.7%
PLA Administradora Industrial S de Rl de CV		117,722	$	219
Prologis Property Mexico SA de CV		367,800		584
				803
Netherlands—2.5%
Unibail-Rodamco SE		10,698		2,943
Norway—0.6%
Entra ASA(4)		68,000		641
Norwegian Property ASA(2)		112,875		118
				759
Singapore—1.4%
CapitaLand Mall Trust		319,450		495
CapitaLand Retail China Trust		237,331		254
Global Logistic Properties Ltd.		649,500		928
				1,677
Spain—0.7%
Axiare Patrimonio SOCIMI SA		58,689		873
Sweden—0.6%
Castellum AB		47,840		761
United Kingdom—6.7%
Big Yellow Group plc		56,428		628
British Land Co. plc		106,500		1,071
Derwent London plc		17,210		779
Great Portland Estates plc		37,276		390
Hammerson plc		153,420		1,275
Land Securities Group plc		83,131		1,315
Safestore Holdings plc		128,657		620
SEGRO plc		108,990		642
Unite Group plc (The)		135,000		1,234
				7,954
United States—61.0%
American Campus Communities, Inc.		19,538		920
American Homes 4 Rent Class A		69,000		1,097
AvalonBay Communities, Inc.		18,865		3,588
Boston Properties, Inc.		18,478		2,348
Brixmor Property Group, Inc.		49,533		1,269
Camden Property Trust		12,506		1,052
Coresite Realty Corp.		16,200		1,134
Cousins Properties, Inc.		98,500		1,022
CubeSmart		38,850		1,294
DCT Industrial Trust, Inc.		66,198		2,613
Digital Realty Trust, Inc.		23,300		2,062
Douglas Emmett, Inc.		63,695		1,918
Duke Realty Corp.		57,700		1,301
Equity Lifestyle Properties, Inc.		13,546		985
Equity Residential		48,715		3,655
Essex Property Trust, Inc.		17,404		4,070
Extra Space Storage, Inc.		21,795		2,037
Federal Realty Investment Trust		14,550		2,271
General Growth Properties, Inc.		60,819		1,808
Healthcare Trust of America, Inc.		38,900		1,144
Highwoods Properties, Inc.		39,860		1,906
Host Hotels & Resorts, Inc.		105,958		1,770

	SHARES		VALUE
United States—continued
Kilroy Realty Corp.		45,075	$	2,789
LaSalle Hotel Properties		29,015		734
Liberty Property Trust		31,567		1,056
Macerich Co. (The)		2,373		188
Paramount Group, Inc.		102,340		1,632
Pebblebrook Hotel Trust		42,009		1,221
Prologis, Inc.		60,248		2,662
Public Storage		12,309		3,395
Regency Centers Corp.		24,300		1,819
RLJ Lodging Trust		51,350		1,175
Simon Property Group, Inc.		34,331		7,130
SL Green Realty Corp.		6,486		628
Store Capital Corp.		54,872		1,420
Tanger Factory Outlet Centers		54,350		1,978
Ventas, Inc.		29,672		1,868
Welltower, Inc.		17,219		1,194
				72,153
TOTAL COMMON STOCKS (Identified Cost $99,178)				113,465
TOTAL LONG TERM INVESTMENTS—95.9%
(Identified Cost $99,178)				113,465
SHORT-TERM INVESTMENTS—1.6%
Money Market Mutual Fund—1.6%
Fidelity Money Market Portfolio – Institutional Shares (seven-day effective yield 0.390%)(6)		1,935,716		1,936
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,936)				1,936
TOTAL INVESTMENTS—97.5% (Identified Cost $101,114)				115,401	(1)
Other assets and liabilities, net—2.5%				2,990
NET ASSETS—100.0%			$	118,391

Abbreviation:

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Illiquid security.

⁽⁴⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2016, these securities amounted to a value of $1,298 or 1.1% of net assets.

⁽⁵⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁶⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

17

VIRTUS GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Country Weightings†
United States	64	%
United Kingdom	7
Japan	6
Australia	4
Germany	4
Canada	3
Netherlands	3
Other	9
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	113,465	$	113,465	$	0	*
Short-Term Investments		1,936		1,936		—
Total Investments	$	115,401	$	115,401	$	0	*

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

There are no Level 2 (significant observable inputs) priced securities.

Securities held by the Fund with an end of period value of $14,940 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements for more information.)

See Notes to Financial Statements

18

VIRTUS GREATER EUROPEAN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—93.8%
Consumer Discretionary—13.0%
Barrat Developments plc (United Kingdom)		68,373	$	550
Domino’s Pizza Group plc (United Kingdom)		25,800		374
Hermes International SA (France)		1,855		653
Paddy Power plc (Ireland)		4,476		625
Persimmon plc (United Kingdom)		18,843		564
Priceline Group, Inc. (The) (United States)(2)		901		1,161
				3,927
Consumer Staples—38.4%
Anheuser-Busch InBev N.V. (Belgium)		2,700		336
British American Tobacco plc (United Kingdom)		31,186		1,832
Chocoladefabrike Lindt & Spruengli AG (Switzerland)		51		316
Diageo plc (United Kingdom)		11,877		321
Heineken N.V. (Netherlands)		6,606		599
Imperial Tobacco Group plc (United Kingdom)		16,667		925
L’Oreal SA (France)		2,643		474
Nestle S.A. Registered Shares (Switzerland)		18,025		1,347
Pernod-Ricard SA (France)		3,130		349
Philip Morris International, Inc. (United States)		14,907		1,462
Reckitt Benckiser Group plc (United Kingdom)		15,451		1,493
SABMiller plc (United Kingdom)		15,075		921
Unilever N.V. CVA (Netherlands)		26,654		1,195
				11,570
Financials—6.8%
ABN AMRO Group NV (Netherlands)(2)(3)		11,111		228
Lloyds Banking Group plc (United Kingdom)		635,523		621
Reinet Investments SCA (Luxembourg)		9,081		179
Svenska Handelsbanken AB Class A (Sweden)		24,046		306
UBS Group AG (Switzerland)		43,334		698
				2,032
Health Care—16.9%
Bayer AG Registered Shares (Germany)		5,671		667
Coloplast A/S Class B (Denmark)		3,626		275
Essilor International SA (France)		5,606		692
Fresenius Medical Care AG & Co. KGaA (Germany)		5,154		457
Grifols SA (Spain)		25,523		568
Novartis AG Registered Shares (Switzerland)		2,973		216
Novo Nordisk A/S Class B (Denmark)		9,920		538
Novozymes A/S Class B (Denmark)		5,335		240

	SHARES		VALUE
Health Care—continued
Roche Holding AG (Switzerland)		5,900	$	1,452
				5,105
Industrials—5.9%
Aena SA (Spain)(2)(3)		3,744		483
Aeroports de Paris (France)		1,603		198
Bureau Veritas SA (France)		17,446		389
DKSH Holding AG (Switzerland)		4,258		291
Flughafen Zuerich AG (Switzerland)		478		428
				1,789
Information Technology—6.4%
Accenture plc Class A (United States)		6,932		800
SAP SE (Germany)		13,737		1,111
				1,911
Materials—5.4%
Air Liquide SA (France)		6,375		717
HeidelbergCement AG (Germany)		3,697		317
Randgold Resources Ltd. (Jersey)		3,583		328
Randgold Resources Ltd. ADR (Jersey)		2,890		262
				1,624
Retail REIT—1.0%
Unibail-Rodamco SE (Netherlands)		1,099		302
TOTAL COMMON STOCKS (Identified Cost $24,528)				28,260
TOTAL LONG TERM INVESTMENTS—93.8%
(Identified Cost $24,528)				28,260
SHORT-TERM INVESTMENT—2.1%
Money Market Mutual Fund—2.1%
Fidelity Money Market Portfolio – Institutional Shares (seven-day effective yield 0.390%)(4)		621,291		621
TOTAL SHORT-TERM INVESTMENT (Identified Cost $621)				621
TOTAL INVESTMENTS—95.9% (Identified Cost $25,149)				28,881	(1)
Other assets and liabilities, net—4.1%				1,248
NET ASSETS—100.0%			$	30,129

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

⁽³⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2016, these securities amounted to a value of $711 or 2.4% of net assets.

⁽⁴⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

Country Weightings†
United Kingdom	26	%
Switzerland	16
United States	14
France	12
Germany	9
Netherlands	8
Denmark	4
Other	11
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	28,260	$	28,260
Short-Term Investments		621		621
Total Investments	$	28,881	$	28,881

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2016.

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

19

VIRTUS INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—85.7%
Consumer Discretionary—15.6%
Bridgestone Corp. (Japan)		4,940	$	185
Ctrip.Com International Ltd. ADR (China)(2)		2,900		128
Fuji Heavy Industries Ltd. (Japan)		4,510		159
RELX plc (United Kingdom)		9,840		183
Sony Corp. Sponsored ADR (Japan)		5,600		144
WPP plc (United Kingdom)		8,360		196
				995
Consumer Staples—8.9%
British American Tobacco plc (United Kingdom)		3,070		180
Heineken N.V. (Netherlands)		2,040		185
Marine Harvest ASA Sponsored ADR (Norway)(3)		13,020		200
				565
Energy—4.2%
Cameco Corp. (Canada)		10,600		136
Statoil ASA (Norway)		8,190		129
				265
Financials—7.9%
Intesa Sanpaolo SpA (Italy)		56,563		157
Mitsubishi Estate Co., Ltd. (Japan)		8,240		153
ORIX Corp. (Japan)		13,570		193
				503
Health Care—10.4%
Allergan plc (Ireland)(2)		1,090		292
Shire plc ADR (United Kingdom)(3)		980		169
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		2,940		157
Valeant Pharmaceuticals International, Inc. (Canada)(2)		1,650		43
				661
Industrials—5.5%
Airbus Group SE (United States)		2,710		180
Nidec Corp. (Japan)		2,500		171
				351

	SHARES		VALUE
Information Technology—10.2%
Broadcom Ltd. (Singapore)		1,140	$	176
NXP Semiconductors NV (Netherlands)(2)		1,910		155
SAP SE Sponsored ADR (Germany)(3)		2,310		186
Tencent Holdings Ltd. (Cayman Islands)		6,700		137
				654
Materials—7.4%
Agnico Eagle Mines Ltd. (Canada)		5,190		188
Nitto Denko Corp. (Japan)		1,710		95
Randgold Resources Ltd. (Jersey)		2,050		187
				470
Telecommunication Services—11.0%
KDDI Corp. (Japan)		7,400		198
Nippon Telegraph & Telephone Corp. ADR (Japan)		3,640		157
Spark New Zealand Ltd. (New Zealand)		70,321		177
Vodafone Group plc Sponsored ADR (United Kingdom)		5,270		169
				701
Utilities—4.6%
National Grid plc (United Kingdom)		8,910		126
Veolia Environnement SA (France)		7,030		170
				296
TOTAL COMMON STOCKS (Identified Cost $5,178)				5,461
TOTAL LONG TERM INVESTMENTS—85.7%
(Identified Cost $5,178)				5,461
SHORT-TERM INVESTMENTS—8.0%
Money Market Mutual Fund—8.0%
Fidelity Money Market Portfolio – Institutional Shares (seven-day effective yield 0.390%)(5)		510,802		511
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $511)				511

	SHARES		VALUE
SECURITIES LENDING COLLATERAL—5.1%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.450%)(4)(5)		327,487	$	327
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $327)				327
TOTAL INVESTMENTS—98.8% (Identified Cost $6,016)				6,299	(1)
Other assets and liabilities, net—1.2%				77
NET ASSETS—100.0%			$	6,376

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

⁽³⁾ All or a portion of security is on loan.

⁽⁴⁾ Represents security purchased with cash collateral received for securities on loan.

⁽⁵⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

Country Weightings†
Japan	23	%
United Kingdom	16
United States	16
Canada	6
Netherlands	5
Norway	5
Ireland	5
Other	24
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	5,461	$	5,461
Securities Lending Collateral		327		327
Short-Term Investments		511		511
Total Investments	$	6,299	$	6,299

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $1,332 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements for more information.)

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

20

VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—98.4%
Australia—10.8%
Dexus Property Group		120,018	$	731
GPT Group		118,000		452
GPT Group (The) – In Specie(2)(3)(4)		588,920		—
Scentre Group		396,171		1,348
Westfield Corp.		183,973		1,409
				3,940
Canada—7.4%
Allied Properties Real Estate Investment Trust		27,265		734
Canadian Real Estate Investment Trust		16,495		572
First Capital Realty, Inc.		17,605		280
RioCan Real Estate Investment Trust		53,850		1,103
				2,689
Finland—2.0%
Citycon OYJ		295,691		746
France—5.9%
Fonciere Des Regions		960		91
Klepierre		27,856		1,334
Mercialys SA		31,700		736
				2,161
Germany—11.0%
ADO Properties SA(5)		16,022		549
Deutsche Annington Immobilien SE		56,245		2,024
Deutsche Wohnen AG		22,500		700
LEG Immobilien AG		8,061		760
				4,033
Hong Kong—5.4%
Hysan Development Co. Ltd.		107,000		456
Link REIT (The)		256,441		1,520
				1,976
Italy—0.5%
Beni Stabili SpA		248,164		186
Japan—16.9%
GLP J-REIT		605		690
Hulic Co., Ltd.		89,500		856
Industrial & Infrastructure Fund Investment Corp.		125		581
Invincible Investment Corp.		375		281
Japan Real Estate Investment Corp.		132		762
Japan Rental Housing Investments, Inc.		331		244
Kenedix Office Investment Corp.		120		689
Kenedix Retail Reit Corp.		86		209
Lasalle Logiport Reit(2)		450		435
Nippon Building Fund, Inc.		135		800

	SHARES		VALUE
Japan—continued
Nippon Prologis REIT, Inc.		274	$	613
				6,160
Mexico—2.3%
PLA Administradora Industrial S de Rl de CV		97,852		182
Prologis Property Mexico SA de CV		409,200		650
				832
Netherlands—6.5%
Unibail-Rodamco SE		8,660		2,383
Norway—1.8%
Entra ASA(5)		51,000		481
Norwegian Property ASA(2)		172,000		179
				660
Singapore—4.5%
CapitaLand Mall Trust		251,650		390
CapitaLand Retail China Trust		164,868		177
Global Logistic Properties Ltd.		742,000		1,060
				1,627
Spain—2.0%
Axiare Patrimonio SOCIMI SA		48,258		718
Sweden—1.7%
Castellum AB		38,366		610
United Kingdom—19.7%
Big Yellow Group plc		50,688		564
British Land Co. plc		93,705		943
Derwent London plc		15,946		722
Great Portland Estates plc		34,618		362
Hammerson plc		136,909		1,137
Land Securities Group plc		75,185		1,189
Safestore Holdings plc		113,376		547
SEGRO plc		101,057		595
Unite Group plc (The)		123,900		1,133
				7,192
TOTAL COMMON STOCKS (Identified Cost $26,660)				35,913
TOTAL LONG TERM INVESTMENTS—98.4%
(Identified Cost $26,660)				35,913
TOTAL INVESTMENTS—98.4% (Identified Cost $26,660)				35,913	(1)
Other assets and liabilities, net—1.6%				591
NET ASSETS—100.0%			$	36,504

Abbreviation:

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

⁽³⁾ Illiquid security.

⁽⁴⁾ Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁵⁾ 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, 2016, these securities amounted to a value of $1,030 or 2.8% of net assets.

Country Weightings†
United Kingdom	20	%
Japan	17
Australia	11
Germany	11
Canada	8
Netherlands	7
France	6
Other	20
Total	100	%
† % of total investments as of March 31, 2016

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

21

VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	35,913	$	35,913	$	0	*
Total Investments	$	35,913	$	35,913	$	0	*

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

There are no Level 2 (significant observable inputs) priced securities.

Securities held by the Fund with an end of period value of $12,987 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements for more information.)

See Notes to Financial Statements

22

VIRTUS INTERNATIONAL SMALL-CAP FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—94.6%
Consumer Discretionary—8.6%
Goldlion Holdings Ltd. (Hong Kong)		2,990,600	$	1,141
Pico Far East Holdings Ltd. (Hong Kong)		4,217,668		1,126
REA Group Ltd. (Australia)		24,780		1,026
				3,293
Consumer Staples—10.9%
Guinness Anchor Bhd (Malaysia)		479,000		1,721
Oldtown Bhd (Malaysia)		1,797,550		682
Premier Marketing PCL (Thailand)		4,415,029		1,249
Wawel SA (Poland)		1,900		509
				4,161
Energy—4.0%
Pason Systems, Inc. (Canada)		47,500		604
Schoeller-Bleckmann Oilfield Equipment AG (Austria)		15,378		936
				1,540
Financials—18.3%
ARA Asset Management Ltd. (Singapore)		1,691,716		1,469
Austbrokers Holdings Ltd. (Australia)		98,374		618
Euler Hermes SA (France)		13,000		1,178
Euroz Ltd. (Australia)		2,316,146		1,296
Financiere Marc de Lacharriere (France)		3,411		379
Korea Ratings Corp. (South Korea)		28,868		1,080
LSL Property Services plc (United Kingdom)		229,751		949
				6,969

	SHARES		VALUE
Health Care—5.5%
Haw Par Corp. Ltd. (Singapore)		71,719	$	446
Software Service, Inc. (Japan)		11,753		447
WIN-Partners Co. Ltd. (Japan)		90,710		1,194
				2,087
Industrials—14.4%
AIT Corp. (Japan)		142,000		1,181
Belimo Holding AG (Switzerland)		100		271
Expeditors International of Washington, Inc. (United States)		16,000		781
Rotork plc (United Kingdom)		427,393		1,122
Tegma Gestao Logistica (Brazil)		1,059,560		1,326
WABCO Holdings, Inc. (United States)(2)		7,750		829
				5,510
Information Technology—23.8%
Alten SA (France)		11,000		675
Autohome, Inc. ADR (China)(2)		62,200		1,738
Bouvet ASA (Norway)		132,945		1,767
carsales.com Ltd. (Australia)		41,467		374
Computer Modelling Group Ltd. (Canada)		76,500		597
Lumax International Corp., Ltd. (Taiwan)		1,464,159		2,102
MercadoLibre, Inc. (United States)		1,900		224
Pro-Ship, Inc. (Japan)		59,300		1,049
Rightmove plc (United Kingdom)		3,100		187
Societe Pour L’informatique Industrielle (France)		31,770		356
				9,069
Materials—9.1%
Kansai Paint Co. Ltd. (Japan)		27,000		434
KPX Chemical Co. Ltd. (South Korea)		27,394		1,277

	SHARES		VALUE
Materials—continued
Transpaco Ltd. (South Africa)		910,699	$	1,480
Victrex plc (United Kingdom)		11,800		279
				3,470
TOTAL COMMON STOCKS (Identified Cost $40,771)				36,099
TOTAL LONG TERM INVESTMENTS—94.6%
(Identified Cost $40,771)				36,099
TOTAL INVESTMENTS—94.6% (Identified Cost $40,771)				36,099	(1)
Other assets and liabilities, net—5.4%				2,059
NET ASSETS—100.0%			$	38,158

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

Country Weightings†
Japan	12	%
Australia	9
France	7
Malaysia	7
South Korea	7
United Kingdom	7
Hong Kong	6
Other	45
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	36,099	$	36,099
Total Investments	$	36,099	$	36,099

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $16,928 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

(See Note 2A in the Notes to Financial Statements for more information.)

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

23

VIRTUS INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.4%
Consumer Discretionary—29.6%
Altice NV Class A(2)		1,802	$	32
Autogrill S.p.A(2)		911		8
Autoneum Holding AG		80		21
Axel Springer SE		540		29
Bayerische Motoren Werke AG		321		29
Benesse Holdings, Inc.		1,220		35
Brembo S.p.A		152		8
Brunello Cucinelli S.p.A		404		8
Carnival plc		800		43
Chow Tai Fook Jewellery Group Ltd.		9,600		6
Christian Dior SA		81		15
Compagnie Financiere Richemont SA Registered Shares		314		21
Continental AG		133		30
Crown Resorts Ltd.		2,232		21
CTS Eventim AG & Co. KGaA		833		30
Daily Mail & General Trust plc		4,065		41
De’ Longhi		323		7
Dixons Carphone plc		6,413		39
Domino’s Pizza Enterprises Ltd.		463		20
Don Quijote Holdings Co., Ltd.		1,070		37
Dufry AG(2)		165		20
Fast Retailing Co., Ltd.		119		38
Fielmann AG		395		30
Forbo Holding AG Registered Shares		17		21
Galaxy Entertainment Group Ltd.		1,640		6
Genting Singapore plc		12,100		7
Geox SPA(2)		2,316		7
Global Brands Group Holding Ltd.(2)		50,000		6
Harvey Norman Holdings Ltd.		5,706		21
Hennes & Mauritz AB Class B		297		10
Hermes International SA		41		14
Hikari Tsushin, Inc.		500		38
Inditex SA		440		15
Jardine Cycle & Carriage Ltd.		248		7
JCDecaux SA		332		14
Kering		80		14
L’Occitane International SA		7,750		14
Li & Fung Ltd.		10,700		6
Luxottica Group S.p.A		138		8
LVMH Moet Hennessy Louis Vuitton SA		85		15
M6-Metropole Television SA		788		14
Man Wah Holdings Ltd.		5,200		7
Mediaset S.p.A.		1,781		7
Mekonomen AB		402		10
Melco Crown Entertainment Ltd. ADR		356		6
Melco International Development Ltd.		4,600		6
Melia Hotels International SA		1,258		15
Merlin Entertainment plc(3)		6,130		41
MGM China Holdings Ltd.		4,400		7
Moncler SPA		465		8
Nitori Co., Ltd.		450		41
Numericable-SFR		348		15
Ocado Group plc(2)		9,335		39
Osim International Ltd.		7,300		7
Plastic Omnium SA		435		15
Prada S.p.A		2,200		8
Premier Investments Ltd.		1,632		21

	SHARES		VALUE
Consumer Discretionary—continued
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		534	$	4
Publicis Groupe SA		207		14
Rakuten, Inc.		4,000		39
Royal Caribbean Cruises Ltd.		70		6
Salvatore Ferragamo S.p.A		306		8
Sands China Ltd.		1,550		6
Sankyo Co., Ltd.		980		36
Sega Sammy Holdings, Inc.		3,300		36
Seven West Media Ltd.		25,487		20
Shangri-La Asia Ltd.		5,500		6
Shimanura Co., Ltd.		325		41
SJM Holdings Ltd.		8,500		6
Societe Television Francaise 1		1,110		14
Sodexo		135		15
Sports Direct International plc(2)		7,294		40
Start Today Co., Ltd.		960		39
Steinhoff International Holdings NV		4,667		31
Swatch Group AG (The)		59		20
Techtronics Industries Co., Ltd.		1,500		6
Tod’s S.p.A		101		7
Universal Entertainment Corp.		2,270		38
Vivendi		657		14
Wynn Macau Ltd.		4,400		7
Yue Yuen Industrial Holdings Ltd.		1,650		6
				1,517
Consumer Staples—11.6%
AAK AB		126		10
Anheuser-Busch InBev N.V.		426		53
Associated British Foods plc		806		39
Axfood AB		539		10
Barry Callebaut AG		19		21
Beiersdorf AG		322		29
Carrefour SA		531		15
Casino Guichard Perrachon SA		253		14
Davide Campari-Milano S.p.A		775		8
First Resources Ltd.		5,100		8
Golden Agri-Resources Ltd.		23,200		7
Heineken Holding NV		446		35
Henkel AG & KGaA		308		30
Jeronimo Martins SPGS SA		227		4
L’Oreal SA		82		15
Marine Harvest ASA		342		5
MARR SpA		381		8
Metro AG		1,035		32
Orkla ASA		603		5
Pernod-Ricard SA		125		14
Pola Orbis Holdings, Inc.		465		38
Rallye SA		826		14
Remy Cointreau SA		199		15
Sonae SGPS SA		3,106		4
Sugi Holdings Co., Ltd.		720		38
Sundrug Co., Ltd.		515		38
Suntory Beverage & Food Ltd		890		40
Unicharm Corp.		1,700		37
Wilmar International Ltd.		3,100		8
				594
Diversified REIT—0.3%
Fonciere Des Regions		154		15

	SHARES		VALUE
Energy—3.5%
Akastor ASA(2)		5,828	$	6
Aker Solutions ASA(2)		1,656		5
Avance Gas Holding Ltd.(3)		676		5
Brightoil Petroleum Holdings Ltd.		24,000		7
BW LPG Ltd(3)		831		5
Delek Group Ltd.		37		6
Det Norske Oljeselskap ASA(2)		712		5
Galp Energia SGPS SA		302		4
Genel Energy plc(2)		30,563		38
Petrofac Ltd.		2,965		39
Saras S.p.A(2)		4,749		8
Seadrill Ltd. (2)(4)		1,490		5
Ship Finance International Ltd.		391		5
Tecnicas Reunidas SA		514		15
Tenaris S.A. ADR		310		8
Transocean Ltd.(4)		2,023		19
				180
Financials—14.0%
Abacus Property Group		8,861		20
ACOM Co. Ltd.(2)		7,800		39
Admiral Group plc		1,432		41
Ashmore Group plc		9,379		39
Assicurazioni Generali S.p.A		506		8
Banca Mediolanum SPA		950		8
Banco Santander SA		3,171		14
Bank Hapoalim BM		1,239		6
Bank of East Asia Ltd.		1,600		6
Bankinter SA		2,052		15
Champion		11,800		6
Cheung Kong Property Holdings Ltd.		950		6
China LNG Group Ltd.		168,000		6
City Developments Ltd.		1,300		8
Emperor International Group Ltd.		72,000		6
First Pacific Co., Ltd.		8,300		6
Fortune		6,000		6
Goldin Financial Holdings Ltd.(2)		5,800		6
Groupe Bruxelles Lambert SA		633		52
Hang Lung Group Ltd.		2,150		6
Hang Lung Properties Ltd.		3,200		6
Hargreaves Lansdown plc		2,113		41
Henderson Land Development Co., Ltd.		1,010		6
Hongkong Land Holdings Ltd.		1,200		7
Hufvudstaden AB A Shares		627		10
Hysan Development Co. Ltd.		1,450		6
Industrivarden AB A Shares		527		10
Inmobiliaria Colonial SA(2)		20,345		15
Intu Properties plc		8,723		39
Kerry Properties Ltd.		2,150		6
Kingston Financial Group Ltd.(2)		13,000		6
Lundbergforetagen AB Class B		184		10
Matsui Securities Co., Ltd.		4,200		36
New World Development Co., Ltd.		6,000		6
Oversea-Chinese Banking Corp.		1,100		7
Pargesa Holding SA		317		20
Partners Group Holding AG		49		20
Platinum Asset Management Ltd.		4,098		20
Reinet Investments SCA		18,683		40
Schroders plc		1,015		39
Sino Land Co., Ltd.		4,000		6
Sun Hung Kai Properties Ltd.		475		6

See Notes to Financial Statements

24

VIRTUS INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	SHARES		VALUE
Financials—continued
Svenska Handelsbanken AB Class A		745	$	10
United Overseas Bank Ltd.		535		8
United Overseas Land Ltd.		1,670		7
Wendel		136		15
Wharf Holdings Ltd. (The)		1,120		6
Wheelock & Co., Ltd.		1,405		6
				718
Health Care—4.3%
BioMerieux		127		15
Cyberdyne Inc.(2)		2,100		40
DiaSorin S.p.A		149		9
Eurofins Scientific SE		41		15
Galenica AG Registered Shares		14		21
Getinge AB B Shares		428		10
Ipsen SA		263		15
Meda AB A Shares		533		10
Roche Holding AG		83		21
Straumann Holding AG		61		21
Taisho Pharmaceutical Holdings Co., Ltd.		470		37
Taro Pharmaceutical Industries Ltd. (2)		45		6
				220
Industrials—13.5%
Abertis Infraestructuras SA		918		15
Actividades de Construccion y Servicios SA		501		15
Adecco SA Registered Shares		320		21
Alfa Laval AB		593		10
Alstom SA(2)		538		14
ANDRITZ AG		484		26
Assa Abloy AB B Shares		502		10
Bollore SA		3,391		13
Bouygues SA		346		14
Cargotec Oyj B Shares		825		27
Cheung Kong Infrastructure Holdings Ltd.		650		6
CK Hutchison Holdings Ltd.		450		6
Dassault Aviation SA		12		14
easyJet plc		1,839		40
Ferrovial SA		700		15
Fomento de Construcciones y Contratas SA(2)		1,739		15
Indutrade AB		161		10
Jardine Matheson Holdings Ltd.		133		8
Jardine Strategic Holdings Ltd.		246		7
Kone Oyj Class B		598		29
Kuehne & Nagel International AG		145		21
Nidec Corp.		525		36
Noble Group Ltd.(2)		20,700		7
Nordex SE(2)		1,113		30
NWS Holdings Ltd.		4,000		6
Obrascon Huarte Lain SA		2,300		15
OC Oerlikon Corp. AG Registered Shares		1,975		20
Orient Overseas International Ltd.		1,550		6
Prosegur Cia de Seguridad SA		2,699		15
Regus plc		9,257		42
Rieter Holding AG		101		22
Ryanair Holdings plc-SP ADR		474		41
Salini Impregilo S.p.A		1,858		8

	SHARES		VALUE
Industrials—continued
Securitas AB Class B		613	$	10
Seven Group Holdings Ltd.		4,489		19
SGL Carbon SE(2)		2,729		28
SGS SA Registered Shares		10		21
Skanska AB Class B		436		10
Sulzer AG		205		20
				692
Information Technology—11.3%
Check Point Software Technologies Ltd. (2)		79		7
COLOPL, Inc.		1,800		38
Dassault Systemes		181		14
Gree, Inc.		7,200		39
GungHo Online Entertainment ,Inc.		14,200		40
Hexagon AB B Shares		266		10
Keyence Corp.		71		39
Konami Corp.		1,400		41
Lenovo Group Ltd.		7,400		6
Mixi, Inc.		1,030		38
Nexon Co., Ltd.		2,265		39
Obic Business Consultants Co., Ltd.		860		37
Obic Co., Ltd.		730		39
Otsuka Corp.		749		39
Renishaw plc		1,363		36
SAP SE		367		30
Silverlake Axis Ltd.		16,400		8
Tower Semiconductor Ltd.(2)		535		7
United Internet AG Registered Shares		599		30
VTech Holdings Ltd.		500		6
Yahoo Japan Corp.		8,900		38
				581
Materials—7.1%
APERAM SA		915		35
ArcelorMittal(2)		7,925		36
EMS-Chemie Holding AG		40		21
Evolution Mining Ltd		15,788		18
Fortescue Metals Group Ltd.		9,731		19
Frutarom Industries Ltd.		127		7
Glencore International plc		17,303		39
HeidelbergCement AG		350		30
Hexpol AB		916		10
Holcim Ltd. Registered Shares		457		21
Holmen AB B Shares		311		10
Imerys SA		211		15
Israel Corp. Ltd. (The)		37		6
OCI NV(2)		1,674		33
Pact Group Holdings Ltd.		5,428		21
Vicat		224		15
Wacker Chemie AG		343		30
				366
Retail REITs—0.8%
Scentre Group		6,166		21
Westfield Corp.		2,703		21
				42
Telecommunication Services—2.5%
HKT Trust & HKT Ltd.		4,300		6
Iliad SA		54		14

	SHARES		VALUE
Telecommunication Services—continued
PCCW Ltd.		9,500	$	6
Smartone Telecommunications Holdings Ltd.		3,700		6
Softbank Corp.		756		36
Talktalk Telecom Group plc(4)		11,139		38
TPG Telecom Ltd.		2,413		21
				127
Utilities—0.9%
CLP Holdings Ltd.		700		6
Engie SA		926		14
Hong Kong & China Gas Co., Ltd.		3,350		6
Kenon Holdings Ltd.(2)		830		7
Rubis SCA		179		15
				48
TOTAL COMMON STOCKS (Identified Cost $5,144)				5,100
TOTAL LONG TERM INVESTMENTS—99.4%
(Identified Cost $5,144)				5,100
SECURITIES LENDING COLLATERAL—1.2%
INVESCO Trust Short -Term Investments Liquid Assets Portfolio (The) – Institutional Shares (seven-day effective yield 0.450%)(5)(6)		60,470		60
TOTAL SECURITIES LENDING COLLATERAL
(Identified Cost $60)				60
TOTAL INVESTMENTS—100.6% (Identified Cost $5,204)				5,160	(1)
Other assets and liabilities, net—(0.6)%				(32	)
NET ASSETS—100.0%			$	5,128

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2016, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

⁽³⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2016, these securities amounted to a value of $51 or 1.0% of net assets.

⁽⁴⁾ All or a portion of security is on loan.

⁽⁵⁾ Represents security purchased with cash collateral received for securities on loan.

⁽⁶⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

Security abbreviation definitions are located under the Key Investment Terms starting on page 4.

See Notes to Financial Statements

25

VIRTUS INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands)

Country Weightings†
Japan	24	%
United Kingdom	16
France	10
Germany	9
Switzerland	8
Australia	5
Hong Kong	5
Other	23
Total	100	%
† % of total investments as of March 31, 2016

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2016		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	5,100	$	5,100
Securities Lending Collateral		60		60
Total Investments	$	5,160	$	5,160

There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.

Securities held by the Fund with an end of period value of $1,681 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities. (See Note 2A in the Notes to Financial Statements for more information.)

See Notes to Financial Statements

26

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

MARCH 31, 2016 (Unaudited)

($ reported in thousands except shares and per share amounts)

	Emerging Markets Debt Fund			Emerging Markets Equity Income Fund			Emerging Markets Small-Cap Fund
Assets
Investment in unaffiliated securities at value(1)	$	26,838		$	30,760		$	4,357
Investment in affiliated funds at value(4)		143			—			—
Foreign currency at value(2)		—	(3)		177			—
Cash		752			—			105
Receivables
Investment securities sold		383			65			—
Receivable from adviser		—			—			5
Dividends and interest receivable		417			130			27
Tax reclaims		1			—	(3)		—
Prepaid trustee retainer		1			—	(3)		—
Prepaid expenses		18			17			18
Total assets		28,553			31,149			4,512
Liabilities
Cash overdraft		—			220			—
Payables
Fund shares repurchased		1			3			—
Foreign capital gain taxes payable
Investment securities purchased		950			—			—
Investment advisory fees		13			15			—
Distribution and service fees		—	(3)		1			—	(3)
Administration fees		3			3			1
Transfer agent fees and expenses		2			12			1
Professional fees		22			11			15
Other accrued expenses		—	(3)		16			2
Total liabilities		991			281			19
Net Assets	$	27,562		$	30,868		$	4,493
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	31,753		$	44,119		$	5,542
Accumulated undistributed net investment income (loss)		31			56			25
Accumulated undistributed net realized gain (loss)		(2,550	)		(13,409	)		(442	)
Net unrealized appreciation (depreciation) on investments		(1,672	)		102			(632	)
Net Assets	$	27,562		$	30,868		$	4,493
Class A
Net asset value (net assets/shares outstanding) per share	$	8.75		$	8.34		$	8.18
Maximum offering price per share NAV/(1–3.75%)	$	9.09		$	—		$	—
Maximum offering price per share NAV/(1–5.75%)	$	—		$	8.85		$	8.68
Shares of beneficial interest outstanding, no par value, unlimited authorization		79,486			133,355			37,406
Net Assets	$	696		$	1,112		$	306
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	8.74		$	8.29		$	8.23
Shares of beneficial interest outstanding, no par value, unlimited authorization		46,997			75,355			13,013
Net Assets	$	411		$	625		$	107
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	8.74		$	8.36		$	8.19
Shares of beneficial interest outstanding, no par value, unlimited authorization		3,025,887			3,483,749			498,214
Net Assets	$	26,455		$	29,131		$	4,080
(1) Investment in unaffiliated securities at cost	$	28,505		$	30,662		$	4,989
(2) Foreign currency at cost	$	—	(3)	$	176		$	—
(3) Amount is less than $500.
(4) Investment in affiliated funds at cost	$	149		$	—		$	—

See Notes to Financial Statements

27

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands except shares and per share amounts)

	Global Infrastructure Fund			Global Opportunities Fund
Assets
Investment in securities at value(1)	$	118,225		$	160,972
Cash		3,740			2,376
Receivables
Fund shares sold		139			382
Dividends and interest receivable		170			520
Tax reclaims		79			154
Prepaid expenses		31			34
Total assets		122,384			164,438
Liabilities
Payables
Fund shares repurchased		324			229
Investment advisory fees		66			115
Distribution and service fees		38			37
Administration fees		12			16
Transfer agent fees and expenses		36			34
Trustees’ fees and expenses		—			1
Professional fees		15			24
Other accrued expenses		—	(2)		4
Total liabilities		491			460
Net Assets	$	121,893		$	163,978
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	117,047		$	129,945
Accumulated undistributed net investment income (loss)		(17	)		306
Accumulated undistributed net realized gain (loss)		3,093			(332	)
Net unrealized appreciation (depreciation) on investments		1,770			34,059
Net Assets	$	121,893		$	163,978
Class A
Net asset value (net assets/shares outstanding) per share	$	13.50		$	13.01
Maximum offering price per share NAV/(1–5.75%)	$	14.32		$	13.80
Shares of beneficial interest outstanding, no par value, unlimited authorization		3,945,988			7,420,583
Net Assets	$	53,286		$	96,578
Class B
Net asset value (net assets/shares outstanding) and offering price per share	$	—		$	11.45
Shares of beneficial interest outstanding, no par value, unlimited authorization		—			33,458
Net Assets	$	—		$	383
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	13.45		$	11.38
Shares of beneficial interest outstanding, no par value, unlimited authorization		2,363,512			1,851,158
Net Assets	$	31,796		$	21,066
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	13.51		$	13.00
Shares of beneficial interest outstanding, no par value, unlimited authorization		2,723,955			3,535,070
Net Assets	$	36,811		$	45,951
(1) Investment in securities at cost	$	116,448		$	126,907
(2) Amount is less than $500.

See Notes to Financial Statements

28

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands except shares and per share amounts)

	Global Real Estate Securities Fund			Greater European Opportunities Fund			International Equity Fund
Assets
Investment in securities at value(1)(2)	$	115,401		$	28,881		$	6,299
Cash		2,000			750			350
Receivables
Investment securities sold		407			—			—
Fund shares sold		3,013			411			15
Receivable from adviser		—			—			3
Dividends and interest receivable		422			103			18
Tax reclaims		11			54			26
Prepaid expenses		50			27			19
Total assets		121,304			30,226			6,730
Liabilities
Collateral on securities loaned		—			—			327
Payables
Fund shares repurchased		128			46			5
Investment securities purchased		2,661			—			—
Investment advisory fees		63			13			—
Distribution and service fees		17			4			1
Administration fees		11			3			1
Transfer agent fees and expenses		20			11			1
Professional fees		13			18			19
Other accrued expenses		—			2			—
Total liabilities		2,913			97			354
Net Assets	$	118,391		$	30,129		$	6,376
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	104,700		$	26,694		$	7,324
Accumulated undistributed net investment income (loss)		323			53			(44	)
Accumulated undistributed net realized gain (loss)		(918	)		(349	)		(1,186	)
Net unrealized appreciation (depreciation) on investments		14,286			3,731			282
Net Assets	$	118,391		$	30,129		$	6,376
Class A
Net asset value (net assets/shares outstanding) per share	$	27.91		$	15.96		$	9.69
Maximum offering price per share NAV/(1–5.75%)	$	29.61		$	16.93		$	10.28
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,661,954			930,638			163,513
Net Assets	$	46,393		$	14,853		$	1,585
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	27.48		$	15.74		$	9.49
Shares of beneficial interest outstanding, no par value, unlimited authorization		375,646			111,935			139,217
Net Assets	$	10,322		$	1,762		$	1,320
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	28.09		$	16.00		$	9.65
Shares of beneficial interest outstanding, no par value, unlimited authorization		2,195,780			844,818			359,833
Net Assets	$	61,676		$	13,514		$	3,471
(1) Investment in securities at cost	$	101,114		$	25,149		$	6,016
(2) Market value of securities on loan	$	—		$	—		$	320

See Notes to Financial Statements

29

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

MARCH 31, 2016 (Unaudited)

($ reported in thousands except shares and per share amounts)

	International Real Estate Securities Fund			International Small-Cap Fund			International Wealth Masters Fund
Assets
Investment in securities at value(1)(3)	$	35,913		$	36,099		$	5,160
Foreign currency at value(2)		—			—	(4)		—
Cash		409			379			25
Receivables
Investment securities sold		99			1,357			417
Fund shares sold		170			3			—
Receivable from adviser		—			—			11
Dividends and interest receivable		111			323			13
Tax reclaims		18			24			4
Prepaid expenses		20			23			8
Total assets		36,740			38,208			5,638
Liabilities
Collateral on securities loaned		—			—			60
Payables
Fund shares repurchased		91			—			—	(4)
Investment securities purchased		94			—			426
Investment advisory fees		18			22			—
Distribution and service fees		4			2			—	(4)
Administration fees		4			4			1
Transfer agent fees and expenses		9			6			—	(4)
Professional fees		16			16			8
Other accrued expenses		—	(4)		—	(4)		15
Total liabilities		236			50			510
Net Assets	$	36,504		$	38,158		$	5,128
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	38,745		$	43,868		$	5,219
Accumulated undistributed net investment income (loss)		(1,302	)		205			4
Accumulated undistributed net realized gain (loss)		(10,191	)		(1,243	)		(51	)
Net unrealized appreciation (depreciation) on investments		9,252			(4,672	)		(44	)
Net Assets	$	36,504		$	38,158		$	5,128
Class A
Net asset value (net assets/shares outstanding) per share	$	7.02		$	11.45		$	9.81
Maximum offering price per share NAV/(1–5.75%)	$	7.45		$	12.15		$	10.41
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,539,936			146,478			12,393
Net Assets	$	10,814		$	1,677		$	122
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	7.01		$	11.34		$	9.78
Shares of beneficial interest outstanding, no par value, unlimited authorization		311,453			123,127			12,286
Net Assets	$	2,183		$	1,397		$	120
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	7.02		$	11.48		$	9.83
Shares of beneficial interest outstanding, no par value, unlimited authorization		3,347,759			3,048,553			497,182
Net Assets	$	23,507		$	34,986		$	4,886
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	—		$	11.48		$	—
Shares of beneficial interest outstanding, no par value, unlimited authorization		—			8,521			—
Net Assets	$	—		$	98		$	—
(1) Investment in securities at cost	$	26,660		$	40,771		$	5,144
(2) Foreign currency at cost	$	—		$	—	(4)	$	—
(3) Market value of securities on loan	$	—		$	—		$	58
(4) Amount is less than $500.

See Notes to Financial Statements

30

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	Emerging Markets Debt Fund			Emerging Markets Equity Income Fund			Emerging Markets Small-Cap Fund
Investment Income
Dividends	$	2		$	396		$	77
Dividends from affiliated funds		3			—			—
Interest		844			—			—
Foreign taxes withheld		(1	)		(43	)		(5	)
Total investment income		848			353			72
Expenses
Investment advisory fees		100			191			26
Service fees, Class A		1			1			—	(1)
Distribution and service fees, Class C		2			3			1
Administration fees		17			23			3
Transfer agent fees and expenses		7			26			2
Registration fees		22			25			29
Printing fees and expenses		1			2			—	(1)
Custodian fees		2			39			6
Professional fees		19			18			15
Trustees’ fees and expenses		1			1			—	(1)
Miscellaneous expenses		2			4			1
Total expenses		174			333			83
Less expenses reimbursed and/or waived by investment adviser		(24	)		(57	)		(48	)
Earnings credit from custodian		(1	)		—	(1)		—	(1)
Net expenses		149			276			35
Net investment income (loss)		699			77			37
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(609	)		(5,474	)		(381	)
Net realized gain (loss) on foreign currency transactions		(7	)		(5	)		—	(1)
Net change in unrealized appreciation (depreciation) on unaffiliated investments		1,221			5,960			605
Net change in unrealized appreciation (depreciation) on affiliated investments		(4	)		—			—
Net change in unrealized appreciation (depreciation) on foreign currency translation		3			1			—	(1)
Net gain (loss) on investments		604			482			224
Net increase (decrease) in net assets resulting from operations	$	1,303		$	559		$	261

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

31

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Continued)

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	Global Infrastructure Fund			Global Opportunities Fund
Investment Income
Dividends	$	2,273		$	1,503
Security lending, net of fees		—			1
Foreign taxes withheld		(103	)		(35	)
Total investment income		2,170			1,469
Expenses
Investment advisory fees		427			654
Service fees, Class A		69			116
Distribution and service fees, Class B		—			2
Distribution and service fees, Class C		176			90
Administration fees		82			96
Transfer agent fees and expenses		98			102
Registration fees		45			35
Printing fees and expenses		10			9
Custodian fees		10			6
Professional fees		16			21
Trustees’ fees and expenses		5			4
Miscellaneous expenses		5			4
Total expenses		943			1,139
Earnings credit from custodian		(2	)		(3	)
Net expenses		941			1,136
Net investment income (loss)		1,229			333
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		4,322			1,533
Net realized gain (loss) on foreign currency transactions		(6	)		5
Net change in unrealized appreciation (depreciation) on investments		3,120			6,610
Net change in unrealized appreciation (depreciation) on foreign currency translation		5			3
Net change in foreign taxes on unrealized capital gains		—			11
Net gain (loss) on investments		7,441			8,162
Net increase (decrease) in net assets resulting from operations	$	8,670		$	8,495

See Notes to Financial Statements

32

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Continued)

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	Global Real Estate Securities Fund			Greater European Opportunities Fund			International Equity Fund
Investment Income
Dividends	$	1,877		$	301		$	55
Security lending, net of fees		—			—	(1)		3
Foreign taxes withheld		(55	)		(20	)		(5	)
Total investment income		1,822			281			53
Expenses
Investment advisory fees		388			105			31
Service fees, Class A		51			17			2
Distribution and service fees, Class C		46			8			8
Administration fees		57			16			5
Transfer agent fees and expenses		71			28			5
Registration fees		27			23			22
Printing fees and expenses		6			2			1
Custodian fees		11			4			4
Professional fees		16			16			18
Trustees’ fees and expenses		2			1			—	(1)
Miscellaneous expenses		3			1			1
Total expenses		678			221			97
Less expenses reimbursed and/or waived by investment adviser		(57	)		(47	)		(42	)
Earnings credit from custodian		(1	)		(1	)		—	(1)
Net expenses		620			173			55
Net investment income (loss)		1,202			108			(2	)
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(144	)		(158	)		(220	)
Net realized gain (loss) on foreign currency transactions		(1	)		9			—	(1)
Net change in unrealized appreciation (depreciation) on investments		8,051			1,382			186
Net change in unrealized appreciation (depreciation) on foreign currency translation		1			1			—	(1)
Net gain (loss) on investments		7,907			1,234			(34	)
Net increase (decrease) in net assets resulting from operations	$	9,109		$	1,342		$	(36	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

33

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Continued)

SIX MONTHS ENDED MARCH 31, 2016 (Unaudited)

($ reported in thousands)

	International Real Estate Securities Fund			International Small-Cap Fund			International Wealth Masters Fund
Investment Income
Dividends	$	587		$	561		$	43
Security lending, net of fees		—			—			3
Foreign taxes withheld		(55	)		(33	)		(5	)
Total investment income		532			528			41
Expenses
Investment advisory fees		191			209			22
Service fees, Class A		15			2			—	(1)
Distribution and service fees, Class C		11			7			1
Administration fees		24			26			3
Transfer agent fees and expenses		30			33			1
Registration fees		24			35			40
Printing fees and expenses		4			3			—	(1)
Custodian fees		9			11			19
Professional fees		15			16			15
Trustees’ fees and expenses		1			1			—	(1)
Miscellaneous expenses		2			3			1
Total expenses		326			346			102
Less expenses reimbursed and/or waived by investment adviser		(62	)		(54	)		(70	)
Earnings credit from custodian		—	(1)		—	(1)		—	(1)
Net expenses		264			292			32
Net investment income (loss)		268			236			9
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(42	)		(1,207	)		(46	)
Net realized gain (loss) on foreign currency transactions		—	(1)		(4	)		(1	)
Net change in unrealized appreciation (depreciation) on investments		1,954			4,321			336
Net change in unrealized appreciation (depreciation) on foreign currency translation		1			4			—	(1)
Net gain (loss) on investments		1,913			3,114			289
Net increase (decrease) in net assets resulting from operations	$	2,181		$	3,350		$	298

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

34

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Emerging Markets Debt Fund						Emerging Markets Equity Income Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	699		$	1,469		$	77		$	1,466
Net realized gain (loss)		(616	)		(1,824	)		(5,479	)		(7,612	)
Net change in unrealized appreciation (depreciation)		1,220			(1,965	)		5,961			(6,273	)
Increase (decrease) in net assets resulting from operations		1,303			(2,320	)		559			(12,419	)
From Distributions to Shareholders
Net investment income, Class A		(15	)		(30	)		(17	)		(22	)
Net investment income, Class C		(9	)		(20	)		(13	)		(11	)
Net investment income, Class I		(626	)		(1,082	)		(851	)		(1,735	)
Net realized short-term gains, Class A		—			—			—			(6	)
Net realized short-term gains, Class C		—			—			—			(4	)
Net realized short-term gains, Class I		—			—			—			(397	)
Tax return of capital, Class A		—			(7	)		—			—
Tax return of capital, Class C		—			(6	)		—			—
Tax return of capital, Class I		—			(226	)		—			—
Decrease in net assets from distributions to shareholders		(650	)		(1,371	)		(881	)		(2,175	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(42	)		(159	)		357			(271	)
Change in net assets from share transactions, Class C		(164	)		(137	)		(17	)		10
Change in net assets from share transactions, Class I		539			(2,659	)		(12,611	)		(24,438	)
Increase (decrease) in net assets from share transactions		333			(2,955	)		(12,271	)		(24,699	)
Net increase (decrease) in net assets		986			(6,646	)		(12,593	)		(39,293	)
Net Assets
Beginning of period		26,576			33,222			43,461			82,754
End of period	$	27,562		$	26,576		$	30,868		$	43,461
Accumulated undistributed net investment income (loss) at end of period	$	31		$	(19	)	$	56		$	860

See Notes to Financial Statements

35

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Emerging Markets Small-Cap Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	37		$	82
Net realized gain (loss)		(381	)		(47	)
Net change in unrealized appreciation (depreciation)		605			(1,174	)
Increase (decrease) in net assets resulting from operations		261			(1,139	)
From Distributions to Shareholders
Net investment income, Class A		(6	)		(3	)
Net investment income, Class C		—	(1)		(1	)
Net investment income, Class I		(83	)		(60	)
Net realized short-term gains, Class A		—			(5	)
Net realized short-term gains, Class C		—			(3	)
Net realized short-term gains, Class I		—			(102	)
Decrease in net assets from distributions to shareholders		(89	)		(174	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(39	)		210
Change in net assets from share transactions, Class C		(27	)		8
Change in net assets from share transactions, Class I		56			1,570
Increase (decrease) in net assets from share transactions		(10	)		1,788
Net increase (decrease) in net assets		162			475
Net Assets
Beginning of period		4,331			3,856
End of period	$	4,493		$	4,331
Accumulated undistributed net investment income (loss) at end of period	$	25		$	77

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

36

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Global Infrastructure Fund						Global Opportunities Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	1,229		$	4,013		$	333		$	461
Net realized gain (loss)		4,316			8,505			1,538			587
Net change in unrealized appreciation (depreciation)		3,125			(28,061	)		6,624			1,200
Increase (decrease) in net assets resulting from operations		8,670			(15,543	)		8,495			2,248
From Distributions to Shareholders
Net investment income, Class A		(627	)		(1,851	)		(223	)		(458	)
Net investment income, Class B		—			—			—	(1)		(1	)
Net investment income, Class C		(269	)		(809	)		—			(9	)
Net investment income, Class I		(502	)		(1,738	)		(202	)		(230	)
Net realized long-term gains, Class A		—			(600	)		—			—
Net realized long-term gains, Class C		—			(301	)		—			—
Net realized long-term gains, Class I		—			(524	)		—			—
Net realized long-term gains, Class A		(3,579	)		—			—			—
Net realized long-term gains, Class C		(2,340	)		—			—			—
Net realized long-term gains, Class I		(2,620	)		—			—			—
Decrease in net assets from distributions to shareholders		(9,937	)		(5,823	)		(425	)		(698	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(7,031	)		8,660			3,841			8,610
Change in net assets from share transactions, Class B		—			—			(114	)		(191	)
Change in net assets from share transactions, Class C		(8,812	)		20,385			5,773			11,375
Change in net assets from share transactions, Class I		(13,302	)		2,074			5,630			3,672
Increase (decrease) in net assets from share transactions		(29,145	)		31,119			15,130			23,466
Net increase (decrease) in net assets		(30,412	)		9,753			23,200			25,016
Net Assets
Beginning of period		152,305			142,552			140,778			115,762
End of period	$	121,893		$	152,305		$	163,978		$	140,778
Accumulated undistributed net investment income (loss) at end of period	$	(17	)	$	152		$	306		$	398

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

37

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Global Real Estate Securities Fund						Greater European Opportunities Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	1,202		$	1,610		$	108		$	214
Net realized gain (loss)		(145	)		449			(149	)		(104	)
Net change in unrealized appreciation (depreciation)		8,052			626			1,383			184
Increase (decrease) in net assets resulting from operations		9,109			2,685			1,342			294
From Distributions to Shareholders
Net investment income, Class A		(519	)		(613	)		(87	)		(82	)
Net investment income, Class C		(50	)		(119	)		—			—	(1)
Net investment income, Class I		(608	)		(821	)		(94	)		(24	)
Net realized short-term gains, Class A		(173	)		(21	)		—			—
Net realized short-term gains, Class C		(38	)		(5	)		—			—
Net realized short-term gains, Class I		(172	)		(26	)		—			—
Net realized long-term gains, Class A		(477	)		(66	)		—			(153	)
Net realized long-term gains, Class C		(105	)		(17	)		—			(13	)
Net realized long-term gains, Class I		(475	)		(81	)		—			(31	)
Decrease in net assets from distributions to shareholders		(2,617	)		(1,769	)		(181	)		(303	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		7,628			14,600			878			732
Change in net assets from share transactions, Class C		1,248			2,509			110			472
Change in net assets from share transactions, Class I		25,628			5,033			7,359			2,842
Increase (decrease) in net assets from share transactions		34,504			22,142			8,347			4,046
Net increase (decrease) in net assets		40,996			23,058			9,508			4,037
Net Assets
Beginning of period		77,395			54,337			20,621			16,584
End of period	$	118,391		$	77,395		$	30,129		$	20,621
Accumulated undistributed net investment income (loss) at end of period	$	323		$	298		$	53		$	126

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

38

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	International Equity Fund						International Real Estate Securities Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	(2	)	$	36		$	268		$	1,783
Net realized gain (loss)		(220	)		(791	)		(42	)		(140	)
Net change in unrealized appreciation (depreciation)		186			(293	)		1,955			(1,401	)
Increase (decrease) in net assets resulting from operations		(36	)		(1,048	)		2,181			242
From Distributions to Shareholders
Net investment income, Class A		(6	)		(30	)		(135	)		(778	)
Net investment income, Class C		—			(1	)		(6	)		(117	)
Net investment income, Class I		(26	)		(54	)		(307	)		(1,837	)
Decrease in net assets from distributions to shareholders		(32	)		(85	)		(448	)		(2,732	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(326	)		(1,652	)		(2,088	)		1,872
Change in net assets from share transactions, Class C		(347	)		1,096			(158	)		(182	)
Change in net assets from share transactions, Class I		(819	)		(1,529	)		(2,623	)		(2,108	)
Increase (decrease) in net assets from share transactions		(1,492	)		(2,085	)		(4,869	)		(418	)
Net increase (decrease) in net assets		(1,560	)		(3,218	)		(3,136	)		(2,908	)
Net Assets
Beginning of period		7,936			11,154			39,640			42,548
End of period	$	6,376		$	7,936		$	36,504		$	39,640
Accumulated undistributed net investment income (loss) at end of period	$	(44	)	$	(10	)	$	(1,302	)	$	(1,123	)

See Notes to Financial Statements

39

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	International Small-Cap Fund						International Wealth Masters Fund
	Six Months Ended March 31, 2016 (Unlimited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unlimited)			From inception November 17, 2014 to September 30, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	236		$	825		$	9		$	52
Net realized gain (loss)		(1,211	)		1,467			(47	)		86
Net change in unrealized appreciation (depreciation)		4,325			(9,603	)		336			(380	)
Increase (decrease) in net assets resulting from operations		3,350			(7,311	)		298			(242	)
From Distributions to Shareholders
Net investment income, Class A		(19	)		(31	)		(1	)		—
Net investment income, Class C		(6	)		(18	)		(1	)		—
Net investment income, Class I		(520	)		(770	)		(67	)		—
Net investment income, Class R6		(1	)		(2	)					—
Net realized short-term gains, Class A		(16	)		(84	)		(2	)		—
Net realized short-term gains, Class C		(12	)		(53	)		(2	)		—
Net realized short-term gains, Class I		(341	)		(1,927	)		(74	)		—
Net realized short-term gains, Class R6		(1	)		(4	)		—			—
Net realized long-term gains, Class A		(20	)		(46	)		—			—
Net realized long-term gains, Class C		(16	)		(29	)		—			—
Net realized long-term gains, Class I		(443	)		(1,050	)		—			—
Net realized long-term gains, Class R6		(1	)		(2	)		—			—
Decrease in net assets from distributions to shareholders		(1,396	)		(4,016	)		(147	)		—
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(337	)		(107	)		(8	)		135
Change in net assets from share transactions, Class C		(149	)		612			2			124
Change in net assets from share transactions, Class I		(7,295	)		4,425			141			4,825
Change in net assets from share transactions, Class R6		3			109			—			—
Increase (decrease) in net assets from share transactions		(7,778	)		5,039			135			5,084
Net increase (decrease) in net assets		(5,824	)		(6,288	)		286			4,842
Net Assets
Beginning of period		43,982			50,270			4,842			—
End of period	$	38,158		$	43,982		$	5,128		$	4,842
Accumulated undistributed net investment income (loss) at end of period	$	205		$	516		$	(8	)	$	64

See Notes to Financial Statements

40

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Tax Return of Capital			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average  Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets
Debt Fund
Class A
10/1/15 to 3/31/16(8)		$	8.54		0.21			0.20			0.41			(0.20	)		—			—			(0.20	)		0.21			$	8.75		4.85	%(4)		$	696		1.34	%(3)(9)		1.52	%(3)		4.99	%(3)		25	%(4)
10/1/14 to 9/30/15			9.69		0.44			(1.18	)		(0.74	)		(0.33	)		—			(0.08	)		(0.41	)		(1.15	)			8.54		(7.85	)			718		1.35			1.48			4.80			47
10/1/13 to 9/30/14			9.43		0.47			0.26			0.73			(0.46	)		—			(0.01	)		(0.47	)		0.26				9.69		7.83				982		1.35			1.52			4.88			39
10/1/12 to 9/30/13			10.09		0.48			(0.64	)		(0.16	)		(0.48	)		(0.02	)		—			(0.50	)		(0.66	)			9.43		(1.94	)			3,200		1.35			1.55			4.92			60
9/5/12(6) to 9/30/12			10.00		0.02			0.07			0.09			—			—			—			—			0.09				10.09		0.90	(4)			101		1.35	(3)		3.49	(3)		3.35	(3)		13	(4)
Class C
10/1/15 to 3/31/16(8)		$	8.54		0.18			0.19			0.37			(0.17	)		—			—			(0.17	)		0.20			$	8.74		4.34	%(4)		$	411		2.09	%(3)(9)		2.27	%(3)		4.22	%(3)		25	%(4)
10/1/14 to 9/30/15			9.68		0.37			(1.17	)		(0.80	)		(0.26	)		—			(0.08	)		(0.34	)		(1.14	)			8.54		(8.44	)			565		2.10			2.23			4.06			47
10/1/13 to 9/30/14			9.42		0.40			0.25			0.65			(0.38	)		—			(0.01	)		(0.39	)		0.26				9.68		7.03				788		2.10			2.21			4.08			39
10/1/12 to 9/30/13			10.09		0.41			(0.66	)		(0.25	)		(0.40	)		(0.02	)		—			(0.42	)		(0.67	)			9.42		(2.68	)			374		2.10			2.32			4.11			60
9/5/12(6) to 9/30/12			10.00		0.02			0.07			0.09			—			—			—			—			0.09				10.09		0.90	(4)			110		2.10	(3)		4.26	(3)		2.63	(3)		13	(4)
Class I
10/1/15 to 3/31/16(8)		$	8.54		0.22			0.19			0.41			(0.21	)		—			—			(0.21	)		0.20			$	8.74		4.86	%(4)		$	26,455		1.09	%(3)(9)		1.28	%(3)		5.25	%(3)		25	%(4)
10/1/14 to 9/30/15			9.68		0.46			(1.17	)		(0.71	)		(0.35	)		—			(0.08	)		(0.43	)		(1.14	)			8.54		(7.52	)			25,293		1.10			1.23			5.05			47
10/1/13 to 9/30/14			9.42		0.49			0.26			0.75			(0.48	)		—			(0.01	)		(0.49	)		0.26				9.68		8.11				31,452		1.10			1.23			5.09			39
10/1/12 to 9/30/13			10.10		0.50			(0.66	)		(0.16	)		(0.50	)		(0.02	)		—			(0.52	)		(0.68	)			9.42		(1.80	)			24,686		1.10			1.33			4.99			60
9/5/12(6) to 9/30/12			10.00		0.02			0.08			0.10			—			—			—			—			0.10				10.10		1.00	(4)			25,036		1.10	(3)		3.24	(3)		3.61	(3)		13	(4)
Emerging Markets
Equity Income Fund
Class A
10/1/15 to 3/31/16(8)		$	8.30		0.02			0.22			0.24			(0.20	)		—			—			(0.20	)		0.04			$	8.34		2.97	%(4)		$	1,112		1.75	%(3)(9)		2.13	%(3)		0.51	%(3)		36	%(4)
10/1/14 to 9/30/15			10.54		0.20			(2.18	)		(1.98	)		(0.21	)		(0.05	)		—			(0.26	)		(2.24	)			8.30		(19.13	)			727		1.75			1.76			2.04			72
10/1/13 to 9/30/14			10.57		0.21			(0.05	)		0.16			(0.19	)		—			—			(0.19	)		(0.03	)			10.54		1.54				1,210		1.75			1.95			1.96			72
10/1/12 to 9/30/13			10.59		0.31			(0.07	)		0.24			(0.07	)		(0.19	)		—			(0.26	)		(0.02	)			10.57		2.19				830		1.75			2.90			3.00			100
9/5/12(6) to 9/30/12			10.00		(0.01	)		0.60			0.59			—			—			—			—			0.59				10.59		5.90	(4)			106		1.75	(3)		10.28	(3)		(0.78	)(3)		37	(4)
Class C
10/1/15 to 3/31/16(8)		$	8.26		(0.02	)		0.23			0.21			(0.18	)		—			—			(0.18	)		0.03			$	8.29		2.65	%(4)		$	625		2.50	%(3)(9)		2.84	%(3)		(0.45	)%(3)		36	%(4)
10/1/14 to 9/30/15			10.50		0.14			(2.19	)		(2.05	)		(0.14	)		(0.05	)		—			(0.19	)		(2.24	)			8.26		(19.78	)			638		2.50			2.52			1.42			72
10/1/13 to 9/30/14			10.54		0.15			(0.07	)		0.08			(0.12	)		—			—			(0.12	)		(0.04	)			10.50		0.80				799		2.50			2.65			1.39			72
10/1/12 to 9/30/13			10.58		0.20			(0.03	)		0.17			(0.02	)		(0.19	)		—			(0.21	)		(0.04	)			10.54		1.48				417		2.50			3.77			1.89			100
9/5/12(6) to 9/30/12			10.00		(0.01	)		0.59			0.58			—			—			—			—			0.58				10.58		5.80	(4)			106		2.50	(3)		11.03	(3)		(1.54	)(3)		37	(4)
Class I
10/1/15 to 3/31/16(8)		$	8.31		0.02			0.23			0.25			(0.20	)		—			—			(0.20	)		0.05			$	8.36		3.16	%(4)		$	29,131		1.50	%(3)(9)		1.81	%(3)		0.43	%(3)		36	%(4)
10/1/14 to 9/30/15			10.56		0.21			(2.17	)		(1.96	)		(0.24	)		(0.05	)		—			(0.29	)		(2.25	)			8.31		(18.95	)			42,096		1.50			1.51			2.14			72
10/1/13 to 9/30/14			10.58		0.27			(0.08	)		0.19			(0.21	)		—			—			(0.21	)		(0.02	)			10.56		1.87				80,745		1.50			1.51			2.60			72
10/1/12 to 9/30/13			10.59		0.27			(0.01	)		0.26			(0.08	)		(0.19	)		—			(0.27	)		(0.01	)			10.58		2.39				8,655		1.50			2.87			2.56			100
9/5/12(6) to 9/30/12			10.00		—	(5)		0.59			0.59			—			—			—			—			0.59				10.59		5.90	(4)			5,082		1.50	(3)		10.03	(3)		(0.54	)(3)		37	(4)
Emerging Markets
Small-Cap Fund
Class A
10/1/15 to 3/31/16(8)		$	7.85		0.06			0.42			0.48			(0.15	)		—			—			(0.15	)		0.33			$	8.18		6.24	%(4)		$	306		1.85	%(3)(9)		4.07	%(3)		1.45	%(3)		16	%(4)
10/1/14 to 9/30/15			10.32		0.16			(2.28	)		(2.12	)		(0.12	)		(0.23	)		—			(0.35	)		(2.47	)			7.85		(21.20	)			332		1.85			3.62			1.73			35
12/17/13(6) to 9/30/14			10.00		0.18			0.16			0.34			(0.02	)		—			—			(0.02	)		0.32				10.32		3.45	(4)			217		1.85	(3)		4.82	(3)		2.25	(3)		44	(4)
Class C
10/1/15 to 3/31/16(8)		$	7.80		0.03			0.42			0.45			(0.02	)		—			—			(0.02	)		0.43			$	8.23		5.74	%(4)		$	107		2.60	%(3)(9)		4.76	%(3)		0.70	%(3)		16	%(4)
10/1/14 to 9/30/15			10.26		0.07			(2.24	)		(2.17	)		(0.06	)		(0.23	)		—			(0.29	)		(2.46	)			7.80		(21.68	)			128		2.60			4.34			0.76			35
12/17/13(6) to 9/30/14			10.00		0.12			0.16			0.28			(0.02	)		—			—			(0.02	)		0.26				10.26		2.82	(4)			159		2.60	(3)		5.59	(3)		1.54	(3)		44	(4)
Class I
10/1/15 to 3/31/16(8)		$	7.88		0.07			0.42			0.49			(0.18	)		—			—			(0.18	)		0.31			$	8.19		6.29	%(4)		$	4,080		1.60	%(3)(9)		3.83	%(3)		1.77	%(3)		16	%(4)
10/1/14 to 9/30/15			10.34		0.18			(2.28	)		(2.10	)		(0.13	)		(0.23	)		—			(0.36	)		(2.46	)			7.88		(20.96	)			3,871		1.60			3.35			1.87			35
12/17/13(6) to 9/30/14			10.00		0.20			0.17			0.37			(0.03	)		—			—			(0.03	)		0.34				10.34		3.66	(4)			3,480		1.60	(3)		4.64	(3)		2.50	(3)		44	(4)

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

See Notes to Financial Statements

41

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Infrastructure
Fund
Class A
10/1/15 to 3/31/16(8)		$	13.62		0.13			0.81			0.94			(0.16	)		(0.90	)		(1.06	)		(0.12	)		$	13.50		7.66	%(4)		$	53,286		1.31	%(3)(9)		1.32	%(3)		1.98	%(3)		7	%(4)
10/1/14 to 9/30/15			15.38		0.36			(1.60	)		(1.24	)		(0.39	)		(0.13	)		(0.52	)		(1.76	)			13.62		(8.27	)			60,744		1.22			1.22			2.38			27
10/1/13 to 9/30/14			13.94		0.71			1.40			2.11			(0.67	)		—			(0.67	)		1.44				15.38		15.21				60,673		1.29			1.29			4.69			24
10/1/12 to 9/30/13			12.88		0.35			1.05			1.40			(0.34	)		—			(0.34	)		1.06				13.94		11.05				53,354		1.28			1.28			2.62			14
10/1/11 to 9/30/12			10.97		0.31			1.95			2.26			(0.35	)		—			(0.35	)		1.91				12.88		20.80				36,347		1.32			1.32			2.59			21
10/1/10 to 9/30/11			10.71		0.33			0.25			0.58			(0.32	)		—			(0.32	)		0.26				10.97		5.40				23,120		1.34			1.34			2.89			16
Class C
10/1/15 to 3/31/16(8)		$	13.57		0.08			0.80			0.88			(0.10	)		(0.90	)		(1.00	)		(0.12	)		$	13.45		7.25	%(4)		$	31,796		2.06	%(3)(9)		2.06	%(3)		1.26	%(3)		7	%(4)
10/1/14 to 9/30/15			15.33		0.25			(1.59	)		(1.34	)		(0.29	)		(0.13	)		(0.42	)		(1.76	)			13.57		(8.94	)			41,039		1.97			1.97			1.66			27
10/1/13 to 9/30/14			13.90		0.58			1.41			1.99			(0.56	)		—			(0.56	)		1.43				15.33		14.37				26,322		2.04			2.04			3.82			24
10/1/12 to 9/30/13			12.85		0.25			1.05			1.30			(0.25	)		—			(0.25	)		1.05				13.90		10.23				17,969		2.03			2.03			1.85			14
10/1/11 to 9/30/12			10.95		0.23			1.93			2.16			(0.26	)		—			(0.26	)		1.90				12.85		19.97				9,117		2.07			2.07			1.88			21
10/1/10 to 9/30/11			10.69		0.24			0.26			0.50			(0.24	)		—			(0.24	)		0.26				10.95		4.51				6,138		2.09			2.09			2.11			16
Class I
10/1/15 to 3/31/16(8)		$	13.63		0.15			0.80			0.95			(0.17	)		(0.90	)		(1.07	)		(0.12	)		$	13.51		7.80	%(4)		$	36,811		1.06	%(3)(9)		1.06	%(3)		2.26	%(3)		7	%(4)
10/1/14 to 9/30/15			15.38		0.39			(1.58	)		(1.19	)		(0.43	)		(0.13	)		(0.56	)		(1.75	)			13.63		(7.98	)			50,522		0.97			0.97			2.61			27
10/1/13 to 9/30/14			13.94		0.74			1.41			2.15			(0.71	)		—			(0.71	)		1.44				15.38		15.49				55,557		1.04			1.04			4.87			24
10/1/12 to 9/30/13			12.89		0.39			1.04			1.43			(0.38	)		—			(0.38	)		1.05				13.94		11.23				70,485		1.03			1.03			2.86			14
10/1/11 to 9/30/12			10.97		0.35			1.95			2.30			(0.38	)		—			(0.38	)		1.92				12.89		21.19				48,830		1.07			1.07			2.85			21
10/1/10 to 9/30/11			10.72		0.36			0.24			0.60			(0.35	)		—			(0.35	)		0.25				10.97		5.56				33,865		1.09			1.09			3.16			16
Global Opportunities
Fund
Class A
10/1/15 to 3/31/16(8)		$	12.32		0.03			0.69			0.72			(0.03	)		—			(0.03	)		0.69			$	13.01		5.85	%(4)		$	96,578		1.46	%(3)(9)		1.46	%(3)		0.44	%(3)		11	%(4)
10/1/14 to 9/30/15			12.12		0.05			0.21			0.26			(0.06	)		—			(0.06	)		0.20				12.32		2.15				87,769		1.45			1.45			0.42			40
10/1/13 to 9/30/14			11.07		0.08			1.04			1.12			(0.07	)		—			(0.07	)		1.05				12.12		10.18				77,738		1.48			1.46			0.70			41
10/1/12 to 9/30/13			9.91		0.07			1.12			1.19			(0.03	)		—			(0.03	)		1.16				11.07		12.05				78,434		1.55			1.50			0.69			61
10/1/11 to 9/30/12			7.91		0.05			1.99			2.04			(0.04	)		—			(0.04	)		2.00				9.91		25.80				71,592		1.55			1.55			0.53			73
10/1/10 to 9/30/11			7.79		0.05			0.15			0.20			(0.08	)		—			(0.08	)		0.12				7.91		2.54				54,916		1.55			1.67			0.65			56
Class B
10/1/15 to 3/31/16(8)		$	10.85		(0.02	)		0.62			0.60			—	(5)		—			—			0.60			$	11.45		5.53	%(4)		$	383		2.20	%(3)(9)		2.21	%(3)		(0.40	)%(3)		11	%(4)
10/1/14 to 9/30/15			10.73		(0.06	)		0.20			0.14			(0.02	)		—			(0.02	)		0.12				10.85		1.33				474		2.20			2.20			(0.50	)		40
10/1/13 to 9/30/14			9.81		(0.01	)		0.93			0.92			—			—			—			0.92				10.73		9.38				652		2.23			2.21			(0.09	)		41
10/1/12 to 9/30/13			8.82		(0.01	)		1.00			0.99			—			—			—			0.99				9.81		11.22				798		2.30			2.25			(0.10	)		61
10/1/11 to 9/30/12			7.06		(0.02	)		1.78			1.76			—			—			—			1.76				8.82		24.93				1,048		2.30			2.30			(0.28	)		73
10/1/10 to 9/30/11			6.97		(0.01	)		0.13			0.12			(0.03	)		—			(0.03	)		0.09				7.06		1.76				915		2.30			2.42			(0.14	)		56
Class C
10/1/15 to 3/31/16(8)		$	10.79		(0.01	)		0.60			0.59			—			—			—			0.59			$	11.38		5.47	%(4)		$	21,066		2.21	%(3)(9)		2.21	%(3)		(0.24	)%(3)		11	%(4)
10/1/14 to 9/30/15			10.66		(0.01	)		0.16			0.15			(0.02	)		—			(0.02	)		0.13				10.79		1.42				14,431		2.21			2.21			(0.13	)		40
10/1/13 to 9/30/14			9.76		—	(5)		0.91			0.91			(0.01	)		—			(0.01	)		0.90				10.66		9.32				3,455		2.23			2.21			(0.04	)		41
10/1/12 to 9/30/13			8.77		—	(5)		0.99			0.99			—			—			—			0.99				9.76		11.29				2,963		2.30			2.24			(0.03	)		61
10/1/11 to 9/30/12			7.02		(0.02	)		1.77			1.75			—			—			—			1.75				8.77		24.93				1,700		2.30			2.30			(0.25	)		73
10/1/10 to 9/30/11			6.93		(0.01	)		0.13			0.12			(0.03	)		—			(0.03	)		0.09				7.02		1.77				813		2.30			2.42			(0.11	)		56

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

See Notes to Financial Statements

42

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Global Opportunities
Fund (Continued)
Class I
10/1/15 to 3/31/16(8)		$	12.32		0.05			0.69			0.74			(0.06	)		—			(0.06	)		0.68			$	13.00		6.02	%(4)		$	45,951		1.21	%(3)(9)		1.21	%(3)		0.72	%(3)		11	%(4)
10/1/14 to 9/30/15			12.11		0.08			0.21			0.29			(0.08	)		—			(0.08	)		0.21				12.32		2.37				38,104		1.20			1.20			0.67			40
10/1/13 to 9/30/14			11.07		0.11			1.05			1.16			(0.12	)		—			(0.12	)		1.04				12.11		10.49				33,917		1.23			1.21			0.97			41
10/1/12 to 9/30/13			9.91		0.10			1.12			1.22			(0.06	)		—			(0.06	)		1.16				11.07		12.36				29,540		1.30			1.30			0.94			61
8/8/12(6) to 9/30/12			9.38		—	(5)		0.53			0.53			—			—			—			0.53				9.91		5.54	(4)			23,617		1.30	(3)		1.30	(3)		0.02	(3)		73	(4)
Global Real Estate
Securities Fund
Class A
10/1/15 to 3/31/16(8)		$	26.19		0.32			2.14			2.46			(0.33	)		(0.41	)		(0.74	)		1.72			$	27.91		9.59	%(4)		$	46,393		1.40	%(3)(9)		1.52	%(3)		2.46	%(3)		10	%(4)
10/1/14 to 9/30/15			25.18		0.66			1.08			1.74			(0.64	)		(0.09	)		(0.73	)		1.01				26.19		6.83				36,315		1.40			1.50			2.45			27
10/1/13 to 9/30/14			23.14		0.38			2.19			2.57			(0.36	)		(0.17	)		(0.53	)		2.04				25.18		11.36				21,502		1.40			1.57			1.52			29
10/1/12 to 9/30/13			22.40		0.35			1.09			1.44			(0.70	)		—			(0.70	)		0.74				23.14		6.48				15,306		1.40			1.66			1.51			18
10/1/11 to 9/30/12			17.78		0.33			4.77			5.10			(0.11	)		(0.37	)		(0.48	)		4.62				22.40		29.21				8,695		1.40			2.37			1.61			31
10/1/10 to 9/30/11			19.84		0.50			(0.90	)		(0.40	)		(1.01	)		(0.65	)		(1.66	)		(2.06	)			17.78		(2.57	)			5,275		1.40			3.16			2.48			41
Class C
10/1/15 to 3/31/16(8)		$	25.71		0.22			2.11			2.33			(0.15	)		(0.41	)		(0.56	)		1.77			$	27.48		9.19	%(4)		$	10,322		2.15	%(3)(9)		2.27	%(3)		1.73	%(3)		10	%(4)
10/1/14 to 9/30/15			24.77		0.45			1.07			1.52			(0.49	)		(0.09	)		(0.58	)		0.94				25.71		6.07				8,421		2.15			2.26			1.68			27
10/1/13 to 9/30/14			22.78		0.22			2.13			2.35			(0.19	)		(0.17	)		(0.36	)		1.99				24.77		10.51				5,850		2.15			2.32			0.92			29
10/1/12 to 9/30/13			22.14		0.18			1.08			1.26			(0.62	)		—			(0.62	)		0.64				22.78		5.70				3,545		2.15			2.41			0.80			18
10/1/11 to 9/30/12			17.65		0.17			4.72			4.89			(0.03	)		(0.37	)		(0.40	)		4.49				22.14		28.18				1,356		2.15			3.11			0.83			31
10/1/10 to 9/30/11			19.67		0.35			(0.88	)		(0.53	)		(0.84	)		(0.65	)		(1.49	)		(2.02	)			17.65		(3.25	)			486		2.15			3.91			1.73			41
Class I
10/1/15 to 3/31/16(8)		$	26.37		0.40			2.12			2.52			(0.39	)		(0.41	)		(0.80	)		1.72			$	28.09		9.76	%(4)		$	61,676		1.15	%(3)(9)		1.28	%(3)		3.01	%(3)		10	%(4)
10/1/14 to 9/30/15			25.33		0.73			1.10			1.83			(0.70	)		(0.09	)		(0.79	)		1.04				26.37		7.11				32,659		1.15			1.25			2.69			27
10/1/13 to 9/30/14			23.28		0.41			2.22			2.63			(0.41	)		(0.17	)		(0.58	)		2.05				25.33		11.60				26,985		1.15			1.32			1.65			29
10/1/12 to 9/30/13			22.51		0.42			1.09			1.51			(0.74	)		—			(0.74	)		0.77				23.28		6.78				25,332		1.15			1.41			1.78			18
10/1/11 to 9/30/12			17.85		0.45			4.71			5.16			(0.13	)		(0.37	)		(0.50	)		4.66				22.51		29.50				12,063		1.15			1.93			2.04			31
10/1/10 to 9/30/11			19.91		0.63			(0.97	)		(0.34	)		(1.07	)		(0.65	)		(1.72	)		(2.06	)			17.85		(2.26	)			609		1.15			2.92			3.07			41
Greater European
Opportunities Fund
Class A
10/1/15 to 3/31/16(8)		$	15.20		0.05			0.81			0.86			(0.10	)		—			(0.10	)		0.76			$	15.96		5.65	%(4)		$	14,853		1.45	%(3)(9)		1.84	%(3)		0.70	%(3)		8	%(4)
10/1/14 to 9/30/15			15.32		0.16			0.01			0.17			(0.10	)		(0.19	)		(0.29	)		(0.12	)			15.20		1.19				13,306		1.45			1.89			1.02			35
10/1/13 to 9/30/14			15.87		0.09			(0.22	)		(0.13	)		(0.06	)		(0.36	)		(0.42	)		(0.55	)			15.32		(0.88	)			12,703		1.45			1.91			0.54			65
10/1/12 to 9/30/13			14.20		0.13			2.09			2.22			(0.12	)		(0.43	)		(0.55	)		1.67				15.87		15.92				13,433		1.45			2.22			0.86			75
10/1/11 to 9/30/12			11.80		0.16			2.87			3.03			(0.15	)		(0.48	)		(0.63	)		2.40				14.20		26.75				6,513		1.45			2.82			1.26			49
10/1/10 to 9/30/11			13.56		0.17			(0.36	)		(0.19	)		(0.29	)		(1.28	)		(1.57	)		(1.76	)			11.80		(2.09	)			4,571		1.45			3.03			1.26			46
Class C
10/1/15 to 3/31/16(8)		$	14.95		—			0.79			0.79			—			—			—			0.79			$	15.74		5.28	%(4)		$	1,762		2.20	%(3)(9)		2.59	%(3)		(0.02	)%(3)		8	%(4)
10/1/14 to 9/30/15			15.08		0.05			0.01			0.06			—	(5)		(0.19	)		(0.19	)		(0.13	)			14.95		0.43				1,564		2.20			2.64			0.34			35
10/1/13 to 9/30/14			15.71		(0.02	)		(0.23	)		(0.25	)		(0.02	)		(0.36	)		(0.38	)		(0.63	)			15.08		(1.62	)			1,130		2.20			2.67			(0.12	)		65
10/1/12 to 9/30/13			14.10		0.03			2.07			2.10			(0.06	)		(0.43	)		(0.49	)		1.61				15.71		15.11				607		2.20			2.92			0.21			75
10/1/11 to 9/30/12			11.69		0.07			2.85			2.92			(0.03	)		(0.48	)		(0.51	)		2.41				14.10		25.73				187		2.20			3.57			0.52			49
10/1/10 to 9/30/11			13.45		0.07			(0.36	)		(0.29	)		(0.19	)		(1.28	)		(1.47	)		(1.76	)			11.69		(2.77	)			144		2.20			3.78			0.53			46

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

See Notes to Financial Statements

43

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Greater European
Opportunities Fund (Continued)
Class I
10/1/15 to 3/31/16(8)		$	15.26		0.10			0.78			0.88			(0.14	)		—			(0.14	)		0.74			$	16.00		5.82	%(4)		$	13,514		1.20	%(3)(9)		1.58	%(3)		1.28	%(3)		8	%(4)
10/1/14 to 9/30/15			15.38		0.24			(0.02	)		0.22			(0.15	)		(0.19	)		(0.34	)		(0.12	)			15.26		1.47				5,751		1.20			1.63			1.55			35
10/1/13 to 9/30/14			15.92		0.14			(0.24	)		(0.10	)		(0.08	)		(0.36	)		(0.44	)		(0.54	)			15.38		(0.64	)			2,751		1.20			1.68			0.89			65
10/1/12 to 9/30/13			14.23		0.06			2.20			2.26			(0.14	)		(0.43	)		(0.57	)		1.69				15.92		16.19				1,918		1.20			1.96			0.39			75
10/1/11 to 9/30/12			11.83		0.17			2.90			3.07			(0.19	)		(0.48	)		(0.67	)		2.40				14.23		26.99				155		1.20			2.57			1.32			49
10/1/10 to 9/30/11			13.60		0.17			(0.34	)		(0.17	)		(0.32	)		(1.28	)		(1.60	)		(1.77	)			11.83		(1.84	)			206		1.20			2.78			1.33			46
International Equity Fund
Class A
10/1/15 to 3/31/16(8)		$	9.80		—			(0.08	)		(0.08	)		(0.03	)		—			(0.03	)		(0.11	)		$	9.69		(0.79	)%(4)		$	1,585		1.49	%(3)(9)		2.67	%(3)		(0.04	)%(3)		41	%(4)
10/1/14 to 9/30/15			10.90		0.03			(1.05	)		(1.02	)		(0.08	)		—			(0.08	)		(1.10	)			9.80		(9.43	)			1,923		1.50			2.27			0.25			94
10/1/13 to 9/30/14			10.50		0.13			0.64			0.77			(0.24	)		(0.13	)		(0.37	)		0.40				10.90		7.42				3,915		1.50			2.42			1.18			115
10/1/12 to 9/30/13			10.87		0.16			1.19			1.35			(0.25	)		(1.47	)		(1.72	)		(0.37	)			10.50		13.38				170		1.50			1.95			1.41			277
10/1/11 to 9/30/12			9.79		0.21			1.36			1.57			(0.30	)		(0.19	)		(0.49	)		1.08				10.87		16.58				193		1.50			1.80			2.02			25
10/1/10 to 9/30/11			10.17		0.29			(0.57	)		(0.28	)		(0.10	)		—			(0.10	)		(0.38	)			9.79		(2.85	)			952		1.50			2.11			2.73			65
Class C
10/1/15 to 3/31/16(8)		$	9.60		(0.04	)		(0.07	)		(0.11	)		—			—			—			(0.11	)		$	9.49		(1.15	)%(4)		$	1,320		2.24	%(3)(9)		3.42	%(3)		(0.81	)%(3)		41	%(4)
10/1/14 to 9/30/15			10.68		(0.02	)		(1.05	)		(1.07	)		(0.01	)		—			(0.01	)		(1.08	)			9.60		(10.01	)			1,689		2.25			3.06			(0.17	)		94
10/1/13 to 9/30/14			10.37		0.04			0.62			0.66			(0.22	)		(0.13	)		(0.35	)		0.31				10.68		6.56				804		2.25			3.13			0.38			115
10/1/12 to 9/30/13			10.77		0.08			1.20			1.28			(0.21	)		(1.47	)		(1.68	)		(0.40	)			10.37		12.53				124		2.25			2.73			0.70			277
10/1/11 to 9/30/12			9.76		0.20			1.25			1.45			(0.25	)		(0.19	)		(0.44	)		1.01				10.77		15.37				115		2.25			2.51			1.94			25
10/1/10 to 9/30/11			10.16		0.18			(0.53	)		(0.35	)		(0.05	)		—			(0.05	)		(0.40	)			9.76		(3.58	)			98		2.25			3.15			1.70			65
Class I
10/1/15 to 3/31/16(8)		$	9.78		0.01			(0.07	)		(0.06	)		(0.07	)		—			(0.07	)		(0.13	)		$	9.65		(0.67	)%(4)		$	3,471		1.24	%(3)(9)		2.41	%(3)		0.21	%(3)		41	%(4)
10/1/14 to 9/30/15			10.87		0.07			(1.06	)		(0.99	)		(0.10	)		—			(0.10	)		(1.09	)			9.78		(9.14	)			4,324		1.25			2.02			0.61			94
10/1/13 to 9/30/14			10.45		0.14			0.65			0.79			(0.24	)		(0.13	)		(0.37	)		0.42				10.87		7.67				6,435		1.25			2.19			1.24			115
10/1/12 to 9/30/13			10.82		0.22			1.16			1.38			(0.28	)		(1.47	)		(1.75	)		(0.37	)			10.45		13.68				2,185		1.25			1.54			1.97			277
10/1/11 to 9/30/12			9.80		0.30			1.26			1.56			(0.35	)		(0.19	)		(0.54	)		1.02				10.82		16.47				26,398		1.25			1.50			2.94			25
10/1/10 to 9/30/11			10.18		0.34			(0.60	)		(0.26	)		(0.12	)		—			(0.12	)		(0.38	)			9.80		(2.62	)			17,689		1.25			1.88			3.16			65
International Real
Estate Securities Fund
Class A
10/1/15 to 3/31/16(8)		$	6.63		0.04			0.42			0.46			(0.07	)		—			(0.07	)		0.39			$	7.02		6.96	%(4)		$	10,814		1.50	%(3)(9)		1.82	%(3)		1.24	%(3)		12	%(4)
10/1/14 to 9/30/15			7.03		0.28			(0.21	)		0.07			(0.47	)		—			(0.47	)		(0.40	)			6.63		0.94				12,415		1.50			1.78			4.09			27
10/1/13 to 9/30/14			6.61		0.16			0.39			0.55			(0.13	)		—			(0.13	)		0.42				7.03		8.61				11,257		1.50			1.73			2.38			32
10/1/12 to 9/30/13			6.50		0.15			0.45			0.60			(0.49	)		—			(0.49	)		0.11				6.61		9.39				10,234		1.50			1.75			2.23			22
10/1/11 to 9/30/12			5.23		0.16			1.24			1.40			(0.13	)		—			(0.13	)		1.27				6.50		27.35				3,916		1.50			1.85			2.69			41
10/1/10 to 9/30/11			6.30		0.31			(0.69	)		(0.38	)		(0.69	)		—			(0.69	)		(1.07	)			5.23		(7.15	)			3,243		1.50			1.77			5.03			41
Class C
10/1/15 to 3/31/16(8)		$	6.59		0.02			0.42			0.44			(0.02	)		—			(0.02	)		0.42			$	7.01		6.65	%(4)		$	2,183		2.25	%(3)(9)		2.57	%(3)		0.58	%(3)		12	%(4)
10/1/14 to 9/30/15			6.97		0.23			(0.20	)		0.03			(0.41	)		—			(0.41	)		(0.38	)			6.59		0.29				2,226		2.25			2.52			3.36			27
10/1/13 to 9/30/14			6.56		0.12			0.38			0.50			(0.09	)		—			(0.09	)		0.41				6.97		7.75				2,553		2.25			2.48			1.68			32
10/1/12 to 9/30/13			6.48		0.09			0.46			0.55			(0.47	)		—			(0.47	)		0.08				6.56		8.55				1,911		2.25			2.49			1.35			22
10/1/11 to 9/30/12			5.20		0.12			1.24			1.36			(0.08	)		—			(0.08	)		1.28				6.48		26.36				1,531		2.25			2.60			2.04			41
10/1/10 to 9/30/11			6.26		0.24			(0.67	)		(0.43	)		(0.63	)		—			(0.63	)		(1.06	)			5.20		(7.90	)			962		2.25			2.52			3.91			41

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

See Notes to Financial Statements

44

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
International Real
Estate Securities Fund (Continued)
Class I
10/1/15 to 3/31/16(8)		$	6.64		0.05			0.41			0.46			(0.08	)		—			(0.08	)		0.38			$	7.02		7.06	%(4)		$	23,507		1.25	%(3)(9)		1.57	%(3)		1.57	%(3)		12	%(4)
10/1/14 to 9/30/15			7.03		0.30			(0.20	)		0.10			(0.49	)		—			(0.49	)		(0.39	)			6.64		1.31				24,999		1.25			1.52			4.36			27
10/1/13 to 9/30/14			6.61		0.18			0.39			0.57			(0.15	)		—			(0.15	)		0.42				7.03		8.87				28,738		1.25			1.48			2.64			32
10/1/12 to 9/30/13			6.49		0.15			0.47			0.62			(0.50	)		—			(0.50	)		0.12				6.61		9.66				29,999		1.25			1.49			2.35			22
10/1/11 to 9/30/12			5.23		0.17			1.25			1.42			(0.16	)		—			(0.16	)		1.26				6.49		27.74				28,095		1.25			1.59			2.92			41
10/1/10 to 9/30/11			6.31		0.35			(0.72	)		(0.37	)		(0.71	)		—			(0.71	)		(1.08	)			5.23		(7.04	)			24,420		1.25			1.52			5.65			41
International
Small-Cap Fund
Class A
10/1/15 to 3/31/16(8)		$	10.85		0.05			0.90			0.95			(0.12	)		(0.23	)		(0.35	)		0.60			$	11.45		8.93	%(4)		$	1,677		1.60	%(3)(9)		1.86	%(3)		0.99	%(3)		13	%(4)
10/1/14 to 9/30/15			13.70		0.17			(1.83	)		(1.66	)		(0.23	)		(0.96	)		(1.19	)		(2.85	)			10.85		(12.58	)			1,916		1.60			1.74			1.41			64
10/1/13 to 9/30/14			13.20		0.47			0.41			0.88			(0.25	)		(0.13	)		(0.38	)		0.50				13.70		6.65				2,477		1.60			1.73			3.31			44
10/1/12 to 9/30/13			10.09		0.30			2.91			3.21			(0.09	)		(0.01	)		(0.10	)		3.11				13.20		31.97				403		1.60			2.51			2.52			26
9/5/12(6) to 9/30/12			10.00		0.02			0.07			0.09			—			—			—			0.09				10.09		0.90	(4)			101		1.60	(3)		16.64	(3)		3.65	(3)		0	(4)
Class C
10/1/15 to 3/31/16(8)		$	10.72		0.02			0.88			0.90			(0.05	)		(0.23	)		(0.28	)		0.62			$	11.34		8.53	%(4)		$	1,397		2.35	%(3)(9)		2.61	%(3)		0.29	%(3)		13	%(4)
10/1/14 to 9/30/15			13.63		0.08			(1.82	)		(1.74	)		(0.21	)		(0.96	)		(1.17	)		(2.91	)			10.72		(13.28	)			1,464		2.35			2.49			0.65			64
10/1/13 to 9/30/14			13.16		0.24			0.54			0.78			(0.18	)		(0.13	)		(0.31	)		0.47				13.63		5.89				1,194		2.35			2.49			1.73			44
10/1/12 to 9/30/13			10.09		0.19			2.93			3.12			(0.04	)		(0.01	)		(0.05	)		3.07				13.16		30.92				374		2.35			3.34			1.62			26
9/5/12(6) to 9/30/12			10.00		0.02			0.07			0.09			—			—			—			0.09				10.09		0.90	(4)			107		2.35	(3)		17.43	(3)		2.86	(3)		0	(4)
Class I
10/1/15 to 3/31/16(8)		$	10.89		0.06			0.91			0.97			(0.15	)		(0.23	)		(0.38	)		0.59			$	11.48		9.09	%(4)		$	34,986		1.35	%(3)(9)		1.61	%(3)		1.17	%(3)		13	%(4)
10/1/14 to 9/30/15			13.74		0.21			(1.85	)		(1.64	)		(0.25	)		(0.96	)		(1.21	)		(2.85	)			10.89		(12.43	)			40,512		1.35			1.49			1.70			64
10/1/13 to 9/30/14			13.21		0.36			0.57			0.93			(0.27	)		(0.13	)		(0.40	)		0.53				13.74		7.04				46,599		1.35			1.49			2.57			44
10/1/12 to 9/30/13			10.10		0.34			2.89			3.23			(0.11	)		(0.01	)		(0.12	)		3.11				13.21		32.13				18,123		1.35			2.23			2.82			26
9/5/12(6) to 9/30/12			10.00		0.03			0.07			0.10			—			—			—			0.10				10.10		1.00	(4)			2,834		1.35	(3)		16.39	(3)		3.89	(3)		0	(4)
Class R6
10/1/15 to 3/31/16(8)		$	10.89		0.08			0.90			0.98			(0.16	)		(0.23	)		(0.39	)		0.59			$	11.48		9.19	%(4)		$	98		1.27	%(3)(9)		1.51	%(3)		1.43	%(3)		13	%(4)
11/12/14(6) to 9/30/15			13.43		0.22			(1.55	)		(1.33	)		(0.25	)		(0.96	)		(1.21	)		(2.54	)			10.89		(10.41	)(4)			90		1.27	(3)		1.41	(3)		2.02	(3)		64	(4)
International Wealth
Masters Fund
Class A
10/1/15 to 3/31/16(8)		$	9.52		0.01			0.55			0.56			(0.12	)		(0.15	)		(0.27	)		0.29			$	9.81		5.97	%(4)		$	122		1.55	%(3)(9)		4.44	%(3)		0.15	%(3)		18	%(4)
11/17/14(6) to 9/30/15			10.00		0.08			(0.56	)		(0.48	)		—			—			—			(0.48	)			9.52		(4.80	)(4)			126		1.55	(3)		3.84	(3)		0.91	(3)		32	(4)
Class C
10/1/15 to 3/31/16(8)		$	9.46		(0.03	)		0.55			0.52			(0.05	)		(0.15	)		(0.20	)		0.32			$	9.78		5.61	%(4)		$	120		2.30	%(3)(9)		5.15	%(3)		(0.62	)%(3)		18	%(4)
11/17/14(6) to 9/30/15			10.00		0.01			(0.55	)		(0.54	)		—			—			—			(0.54	)			9.46		(5.40	)(4)			114		2.30	(3)		4.59	(3)		0.14	(3)		32	(4)
Class I
10/1/15 to 3/31/16(8)		$	9.54		0.02			0.56			0.58			(0.14	)		(0.15	)		(0.29	)		0.29			$	9.83		6.19	%(4)		$	4,886		1.30	%(3)(9)		4.15	%(3)		0.38	%(3)		18	%(4)
11/17/14(6) to 9/30/15			10.00		0.11			(0.57	)		(0.46	)		—			—			—			(0.46	)			9.54		(4.60	)(4)			4,602		1.30	(3)		3.56	(3)		1.19	(3)		32	(4)

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

See Notes to Financial Statements

45

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend

⁽¹⁾  Sales charges, where applicable, are not reflected in the total return calculation.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Amount is less than $0.005.

⁽⁶⁾  Inception date.

⁽⁷⁾  The Funds will also indirectly bear their prorated share of expenses of the underlying funds in which they invest. Such expenses are not included in the calculation of this ratio.

⁽⁸⁾  Unaudited.

⁽⁹⁾  Earnings credits from custodian were not material, as reflected in the Statements of Operations, and had no impact on Financial Highlights.

See Notes to Financial Statements

46

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

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, 28 funds of the Trust are offered for sale, of which 11 (each a “Fund”) are reported in this semiannual report.

Each Fund has a distinct investment objective and ten Funds are diversified. The Emerging Markets Debt Fund is non-diversified.

The Funds have the following investment objectives:

	Investment Objective(s)
Emerging Markets Debt Fund	Total return from current income and capital appreciation
Emerging Markets Equity Income Fund	Capital appreciation and income
Emerging Markets Small-Cap Fund	Capital appreciation
Global Infrastructure Fund	Capital appreciation and current income
Global Opportunities Fund	Capital appreciation
Global Real Estate Securities Fund	Primary investment objective of long-term capital appreciation, with a secondary investment objective of income
Greater European Opportunities Fund	Long-term capital appreciation
International Equity Fund	Long-term capital appreciation
International Real Estate Securities Fund	Primary investment objective of long-term capital appreciation, with a secondary investment objective of income
International Small-Cap Fund	Capital appreciation
International Wealth Masters Fund	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. Class B shares are no longer available for purchase by new or existing shareholders, except by existing shareholders through Qualifying Transactions. The International Small-Cap Fund also offers Class R6 shares. For information regarding Qualifying Transactions, refer to each Fund’s prospectus.

Class A shares of the Emerging Markets Debt Fund are sold with a front-end sales charge of up to 3.75%. Class A shares of the remaining Funds are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the 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 B shares were generally sold with a CDSC, which declines from 5% to zero depending on the period of time the shares are held. Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC. Class R6 shares are only available to participants in employer-sponsored retirement plans, such as 401(k) plans, profit-sharing plans, defined benefit plans and other employer-directed plans. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees.

Virtus Mutual 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 statements of additional information. The fees collected will be used to offset certain expenses of the Funds.

Each Class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each Class bears different distribution and/or service fees under a Board-approved Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Income and other expenses as well as 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 significant accounting policies consistently followed by the Trust in the preparation of its financial statements are summarized below and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and 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

Security valuation procedures for each Fund, which include nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Trustees (the “Board”, or the “Trustees”). All internally fair valued securities are approved by a valuation committee (the “Valuation Committee”) appointed by the Board. The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Quarterly fair valuations are reviewed by the Board.

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 between levels 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.).

47

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

•    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 not widely traded, 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 not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as treasury 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.

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

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

B. Security Transactions and Investment Income

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

Dividend income from REIT investments is recorded using management’s estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each Domestic 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, 2016, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2012 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences may include the treatment of non-taxable dividends, market premium and discount, non-deductible expenses, expiring capital loss carryovers, foreign currency gain or loss, gain or loss on futures contracts, partnerships, operating losses and losses deferred due to wash sales. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest.

48

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

E. Expenses

Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used.

In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro rata expenses of any underlying mutual funds in which the Fund invests.

F. Foreign Currency Translation

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. Loan Agreements

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. Loan agreements 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. Loan agreements 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 loan agreement. 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 loan agreement 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 loan agreement. 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. Loan agreements 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 loan agreements 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 (London Interbank Offered Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement 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 loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

At March 31, 2016, the Funds only hold assignment loans.

H. Securities Lending

Certain Funds may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of the agreement, a Fund doing so 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 a Fund net of fees and rebates charged by BBH 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.

At March 31, 2016, the International Equity Fund and International Wealth Masters Fund had securities on loan with market values of $320 and $58 and cash collateral of $327 and $60, respectively ($ reported in thousands).

I. Earnings Credit and Interest

Through arrangements with each Fund’s custodian, each Fund either receives an earnings credit or interest on agreed upon target un-invested cash balances to reduce each Fund’s custody expenses. The credits are reflected as “Earnings credit from Custodian” and the interest is reflected under “Interest income” in each Fund’s Statements of Operations for the period, as applicable.

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.

Forward Currency Contracts: A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss in the Statements of Operations. When the contract is closed or offset with the same counterparty, on settlement date, the

49

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Funds record a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset. This is presented in the Statements of Operations as net realized gain (loss) from foreign currency transactions.

Funds enter into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Funds also, from time to time, hedge the currency exposure of foreign denominated securities, held in the portfolio, back to U.S. dollars during perceived times of U.S. dollar strength. This is done in order to protect the U.S. dollar value of the portfolio. Forward currency contracts involve, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible movements in foreign exchange rates or if the counterparty does not perform under the contract.

The International Equity Fund invested in derivative instruments during the reporting period in the form of forward currency contracts. The primary type of risk associated with forward currency contracts is the risk associated with the conversion of foreign currency to U.S. dollars. The Fund may invest in forward currency contracts in an attempt to manage such risk and protect the U.S. dollar value of the portfolio.

These forward currency contracts were executed under the ISDA 2002 Master Agreement without any Schedule thereto and without the requirement of posting any collateral to the counterparty.

For the period ended March 31, 2016, the International Equity Fund had less than $500 in realized gain (loss) on foreign currency exchange contracts recognized in the Statement of Operations.

The Emerging Markets Small-Cap Fund sold warrants during the reporting period. The primary type of risk associated with warrants is equity risk. As of March 31, 2016, the Emerging Markets Small-Cap Fund holds no warrants.

Emerging Markets Small-Cap Fund – Equity risk

The effect of warrants on the Statement of Operations for the period ended March 31, 2016, was as follows:

	Location of Gain (Loss) on Warrants Recognized in Income	Realized Gain (Loss) on Warrants Recognized in Income		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Warrants	Net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments	$	5	$	(16	)

Note 4. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the adviser to the Trust. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers.

As compensation for its services to the Funds, the Adviser is entitled to a fee based upon the following annual rates as a percentage of the average daily net assets of each Fund:

	First $1 Billion			$1+ Billion
Emerging Markets Debt Fund		0.75	%		0.70	%
Emerging Markets Equity Income Fund		1.05			1.00
Emerging Markets Small-Cap Fund		1.20			1.15
Greater European Opportunities Fund		0.85			0.80
International Small-Cap Fund		1.00			0.95
International Wealth Masters Fund		0.90			0.85
	First $1 Billion			$1+ Billion through $2 Billion			$2+ Billion
Global Infrastructure Fund		0.65	%		0.60	%		0.55	%
Global Opportunities Fund		0.85			0.80			0.75
Global Real Estate Securities Fund		0.85			0.80			0.75
International Real Estate Securities Fund		1.00			0.95			0.90
	First $2 Billion			$2+ Billion through $4 Billion			$4+ Billion
International Equity Fund		0.85	%		0.80	%		0.75	%

During the period covered by these financial statements, the Emerging Markets Debt Fund invested a portion of its assets in Virtus Credit Opportunities Fund, an affiliated mutual fund. In order to avoid any duplication of advisory fees, the Adviser has voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by the Fund on the assets invested in the Credit Opportunities Fund. For the period covered by these financial statements, the waiver amounted to $1. This waiver is in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and is included in the Statement of Operations in “expenses reimbursed and/or waived by the investment adviser”.

50

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

B. Subadvisers

The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. The subadvisers and the Funds they serve are as follows:

Fund	Subadviser	Fund	Subadviser
Emerging Markets Debt Fund	NF(1)	Greater European Opportunities Fund	Vontobel(5)
Emerging Markets Equity Income fund	KBI(2)	International Equity Fund	Euclid(6)
Emerging Markets Small-Cap Fund	KAR(3)	International Real Estate Securities Fund	DPIM(4)
Global Infrastructure Fund	DPIM(4)	International Small-Cap Fund	KAR(3)
Global Opportunities Fund	Vontobel(5)	International Wealth Masters Fund	Horizon(7)
Global Real Estate Securities Fund	DPIM(4)

⁽¹⁾  Newfleet Asset Management, LLC, an indirect wholly owned subsidiary of Virtus.

⁽²⁾ Kleinwort Benson Investors International, Ltd.

⁽³⁾  Kayne Anderson Rudnick Investment Management, LLC, an indirect wholly owned subsidiary of Virtus.

⁽⁴⁾ Duff & Phelps Investment Management Co., an indirect, wholly owned subsidiary of Virtus.

⁽⁵⁾ Vontobel Asset Management, Inc.

⁽⁶⁾ Euclid Advisors LLC, an indirect wholly owned subsidiary of Virtus.

⁽⁷⁾  Horizon Asset Management, LLC

C. Expense Limits and Fee Waivers

Effective September 1, 2015, the Adviser has contractually agreed to limit the following Fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses), so that such expenses do not exceed the following percentages of the Fund’s average daily net asset values as listed below.

	Class A			Class B			Class C			Class I			Class R6			Through Date
Emerging Markets Debt Fund		1.35	%		—	%		2.10	%		1.10	%		—	%		1/31/17
Emerging Markets Equity Income Fund		1.75			—			2.50			1.50			—			1/31/17
Emerging Markets Small-Cap Fund		1.85			—			2.60			1.60			—			1/31/17
Global Opportunities Fund		1.55			2.30			2.30			1.30			—			1/31/17
Global Real Estate Securities Fund		1.40			—			2.15			1.15			—			1/31/17
Greater European Opportunities Fund		1.45			—			2.20			1.20			—			1/31/17
International Equity Fund		1.50			—			2.25			1.25			—			1/31/17
International Real Estate Securities Fund		1.50			—			2.25			1.25			—			1/31/17
International Small-Cap Fund		1.60			—			2.35			1.35			1.26			1/31/17
International Wealth Masters Fund		1.55			—			2.30			1.30			—			1/31/17

D. Expense Recapture

For certain Funds, the Adviser may recapture operating expenses waived or reimbursed under these arrangements, within three fiscal years following the end of the fiscal year in which such waiver or reimbursement occurred. 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 as follows:

	Fiscal Year Ended
	2016		2017		2018		Total
Emerging Markets Debt Fund	$	64	$	40	$	39	$	143
Emerging Markets Equity Income Fund		95		13		6		114
Emerging Markets Small-Cap Fund		—		80		79		159
Global Real Estate Securities Fund		90		79		79		248
Greater European Opportunities Fund		87		80		85		252
International Equity Fund		67		74		72		213
International Real Estate Securities Fund		95		100		114		309
International Small-Cap Fund		85		60		67		212
International Wealth Masters Fund		—		—		101		101

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, 2016, it retained net commissions of $52 for Class A shares and deferred sales charges of $1, $—*, and $6 for Class A shares, Class B shares, and Class C shares, respectively.

* Amount is less than $500.

In addition, each Fund pays VP Distributors distribution and/or service fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates as follows: Class A shares 0.25%; Class B shares 1.00%; Class C shares 1.00%; Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

51

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.

F. Administrator and Transfer Agent

Virtus Fund Services, LLC, an indirect wholly owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.

For the period ended March 31, 2016, the Funds incurred administration fees totaling $276 which are included in the Statements of Operations.

For the period ended March 31, 2016, the Funds incurred transfer agent fees totaling $310 which are included in the Statements of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2016, Virtus and its affiliates held shares of certain Funds, which may be redeemed at any time, that aggregated the following:

	Shares		Aggregate Net Asset Value
Emerging Markets Debt Fund
Class A		11,793	$	103
Class C		11,489		100
Class I		2,950,832		25,790
Emerging Markets Equity Income Fund
Class A		10,972		92
Class C		10,750		89
Class I		254,286		2,126
Emerging Markets Small-Cap Fund
Class A		10,589		87
Class C		10,346		85
Class I		297,751		2,439
Global Infrastructure Fund
Class I		791,825		10,698
Global Real Estate Securities Fund
Class I		210,318		5,908
International Equity Fund
Class A		9,905		96
Class C		9,922		94
Class I		80,097		773
International Real Estate Securities Fund
Class A		314,922		2,211
Class I		678,737		4,765
International Small-Cap Fund
Class R6		8,521		98
International Wealth Masters Fund
Class A		10,283		101
Class C		10,215		100
Class I		494,692		4,863

H. Investments in Affiliates

A summary of the Emerging Markets Debt Fund’s total long-term and short-term purchases and sales of affiliated underlying funds during the period ended March 31, 2016, is as follows:

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Distributions of Realized Gains
Virtus Credit Opportunities Fund	$	144	$	2	$	—	$	143	$	3	$	—

52

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 5. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding U.S. Government and agency securities, forward currency contracts, futures and short-term securities) during the period ended March 31, 2016, were as follows:

	Purchases		Sales
Emerging Markets Debt Fund	$	6,506	$	6,491
Emerging Markets Equity Income Fund		13,359		26,729
Emerging Markets Small-Cap Fund		658		709
Global Infrastructure Fund		9,732		49,242
Global Opportunities Fund		34,875		17,114
Global Real Estate Securities Fund		38,029		9,070
Greater European Opportunities Fund		8,982		1,884
International Equity Fund		2,764		4,661
International Real Estate Securities Fund		4,378		9,992
International Small-Cap Fund		5,036		14,742
International Wealth Masters Fund		894		915

There were no purchases or sales of long-term U.S. Government and agency securities for the Funds during the period ended March 31, 2016.

Note 6. Capital Share Transactions

(reported in thousands)

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

	Emerging Markets Debt Fund												Emerging Markets Equity Income Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		18		$	149			24		$	221			55		$	433			29		$	291
Reinvestment of distributions		2			14			4			34			2			17			3			27
Shares repurchased		(24	)		(205	)		(45	)		(414	)		(11	)		(93	)		(59	)		(589	)
Net Increase / (Decrease)		(4	)	$	(42	)		(17	)	$	(159	)		46		$	357			(27	)	$	(271	)
Class C
Sale of shares		7		$	62			44		$	408			6		$	44			26		$	248
Reinvestment of distributions		1			9			3			26			2			13			1			15
Shares repurchased		(28	)		(235	)		(62	)		(571	)		(9	)		(74	)		(26	)		(253	)
Net Increase / (Decrease)		(20	)	$	(164	)		(15	)	$	(137	)		(1	)	$	(17	)		1		$	10
Class I
Sale of shares		22		$	188			144		$	1,329			589		$	5,059			1,722		$	16,430
Reinvestment of distributions		73			626			143			1,307			16			130			34			343
Shares repurchased		(32	)		(275	)		(574	)		(5,295	)		(2,188	)		(17,800	)		(4,333	)		(41,211	)
Net Increase / (Decrease)		63		$	539			(287	)	$	(2,659	)		(1,583	)	$	(12,611	)		(2,577	)	$	(24,438	)

53

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

	Emerging Markets Small-Cap Fund												Global Infrastructure Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		3		$	23			25		$	240			214		$	2,776			2,224		$	33,956
Reinvestment of distributions		1			6			1			8			319			3,900			153			2,277
Shares repurchased		(8	)		(68	)		(5	)		(38	)		(1,047	)		(13,707	)		(1,863	)		(27,573	)
Net Increase / (Decrease)		(4	)	$	(39	)		21		$	210			(514	)	$	(7,031	)		514		$	8,660
Class C
Sale of shares		2		$	14			—	(1)	$	4			120		$	1,541			2,414		$	36,729
Reinvestment of distributions		—	(1)		—	(2)		1			4			185			2,255			62			917
Shares repurchased		(5	)		(41	)		—			—			(967	)		(12,608	)		(1,168	)		(17,261	)
Net Increase / (Decrease)		(3	)	$	(27	)		1		$	8			(662	)	$	(8,812	)		1,308		$	20,385
Class I
Sale of shares		100		$	777			274		$	2,666			527		$	6,740			1,858		$	28,316
Reinvestment of distributions		10			78			17			161			223			2,726			135			2,016
Shares repurchased		(103	)		(799	)		(136	)		(1,257	)		(1,732	)		(22,768	)		(1,897	)		(28,258	)
Net Increase / (Decrease)		7		$	56			155		$	1,570			(982	)	$	(13,302	)		96		$	2,074

	Global Opportunities Fund												Global Real Estate Securities Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		1,140		$	14,469			2,304		$	28,851			674		$	17,983			1,115		$	30,347
Reinvestment of distributions		16			202			34			423			44			1,163			25			689
Shares repurchased		(862	)		(10,830	)		(1,625	)		(20,664	)		(443	)		(11,518	)		(608	)		(16,436	)
Net Increase / (Decrease)		294		$	3,841			713		$	8,610			275		$	7,628			532		$	14,600
Class B
Sale of shares		—			—			—		$	—			—		$	—			—		$	—
Reinvestment of distributions		—			—			—	(1)		1			—			—			—			—
Shares repurchased		(10	)		(114	)		(17	)		(192	)		—			—			—			—
Net Increase / (Decrease)		(10	)	$	(114	)		(17	)	$	(191	)		—		$	—			—		$	—
Class C
Sale of shares		790		$	8,806			1,293		$	14,518			80		$	2,078			188		$	5,085
Reinvestment of distributions		—			—			1			6			7			190			5			134
Shares repurchased		(277	)		(3,033	)		(280	)		(3,149	)		(39	)		(1,020	)		(102	)		(2,710	)
Net Increase / (Decrease)		513		$	5,773			1,014		$	11,375			48		$	1,248			91		$	2,509
Class I
Sale of shares		1,012		$	12,944			650		$	8,210			1,204		$	32,160			734		$	20,228
Reinvestment of distributions		6			71			3			43			47			1,232			33			912
Shares repurchased		(577	)		(7,385	)		(361	)		(4,581	)		(294	)		(7,764	)		(594	)		(16,107	)
Net Increase / (Decrease)		441		$	5,630			292		$	3,672			957		$	25,628			173		$	5,033

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

54

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

	Greater European Opportunities Fund												International Equity Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		247		$	3,845			420		$	6,463			14		$	137			287		$	3,013
Reinvestment of distributions		6			86			16			236			1			5			3			30
Shares repurchased		(197	)		(3,053	)		(390	)		(5,967	)		(47	)		(468	)		(453	)		(4,695	)
Net Increase / (Decrease)		56		$	878			46		$	732			(32	)	$	(326	)		(163	)	$	(1,652	)
Class C
Sale of shares		34		$	515			64		$	995			26		$	249			122		$	1,322
Reinvestment of distributions		—			—			1			13			—			—			—	(1)		1
Shares repurchased		(27	)		(405	)		(35	)		(536	)		(63	)		(596	)		(21	)		(227	)
Net Increase / (Decrease)		7		$	110			30		$	472			(37	)	$	(347	)		101		$	1,096
Class I
Sale of shares		574	��	$	8,998			415		$	6,216			40		$	386			178		$	1,967
Reinvestment of distributions		6			94			3			46			3			26			5			53
Shares repurchased		(112	)		(1,733	)		(220	)		(3,420	)		(125	)		(1,231	)		(333	)		(3,549	)
Net Increase / (Decrease)		468		$	7,359			198		$	2,842			(82	)	$	(819	)		(150	)	$	(1,529	)

	International Real Estate Securities Fund												International Small-Cap Fund
	Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015						Six Months Ended March 31, 2016 (Unaudited)						Year Ended September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		563		$	3,813			522		$	3,606			9		$	101			105		$	1,306
Reinvestment of distributions		20			133			116			773			5			55			14			161
Shares repurchased		(916	)		(6,034	)		(367	)		(2,507	)		(45	)		(493	)		(123	)		(1,574	)
Net Increase / (Decrease)		(333	)	$	(2,088	)		271		$	1,872			(31	)	$	(337	)		(4	)	$	(107	)
Class C
Sale of shares		20		$	131			140		$	982			32		$	354			71		$	884
Reinvestment of distributions		1			5			17			114			3			34			9			100
Shares repurchased		(47	)		(294	)		(185	)		(1,278	)		(49	)		(537	)		(31	)		(372	)
Net Increase / (Decrease)		(26	)	$	(158	)		(28	)	$	(182	)		(14	)	$	(149	)		49		$	612
Class I
Sale of shares		498		$	3,302			1,960		$	13,578			441		$	4,857			2,141		$	26,540
Reinvestment of distributions		46			299			270			1,808			116			1,273			317			3,641
Shares repurchased		(963	)		(6,224	)		(2,548	)		(17,494	)		(1,229	)		(13,425	)		(2,129	)		(25,756	)
Net Increase / (Decrease)		(419	)	$	(2,623	)		(318	)	$	(2,108	)		(672	)	$	(7,295	)		329		$	4,425
Class R6
Sale of shares		—		$	—			—		$	—			—		$	—			7	(3)	$	100	(3)
Reinvestment of distributions		—			—			—			—			—	(1)		3			1	(3)		9	(3)
Shares repurchased		—			—			—			—			—			—			—	(1)(3)		—	(2)(3)
										��
Net Increase / (Decrease)		—		$	—			—		$	—			—	(1)	$	3			8	(3)	$	109	(3)

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

⁽³⁾  From Inception date November 12, 2014.

55

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

	International Wealth Masters Fund
	Six Months Ended March 31, 2016 (Unaudited)						From Inception November 17, 2014 to September 30, 2015
	SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		3		$	34			14		$	142
Reinvestment of distributions		—	(1)		3			—			—
Shares repurchased		(5	)		(45	)		(1	)		(7	)
Net Increase / (Decrease)		(2	)	$	(8	)		13		$	135
Class C
Sale of shares		—		$	—			15		$	149
Reinvestment of distributions		—	(1)		2			—			—
Shares repurchased		—			—			(3	)		(25	)
Net Increase / (Decrease)		—	(1)	$	2			12		$	124
Class I
Sale of shares		—		$	—			482		$	4,826
Reinvestment of distributions		15			140			—			—
Shares repurchased		—			—			—	(1)		(1	)
Net Increase / (Decrease)		15		$	140			482		$	4,825

⁽¹⁾  Amount is less than 500.

Note 7. 10% Shareholders

As of March 31, 2016, 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
Emerging Markets Debt Fund		94	%		1	*
Emerging Markets Small-Cap Fund		90			2	*
Global Infrastructure Fund#		11			1
Global Opportunities Fund		16			1
Global Real Estate Securities Fund#		35			2
Greater European Opportunities Fund		59			3
International Equity Fund		42			3	*
International Real Estate Securities Fund#		42			3	*
International Small-Cap Fund		81			1
International Wealth Masters Fund		95			1	*

* Includes affiliated shareholder accounts.

^#  The Fund is owned by Virtus Alternatives Diversifier Fund. Virtus Alternatives Diversifier Fund does not invest in the underlying Funds for the purpose of exercising management or control; however, investments made may represent a significant portion of an underlying Fund’s net assets. At March 31, 2016, Virtus Alternatives Diversifier Fund was the owner of record of approximately 13% of the International Real Estate Securities Fund, 9% of the Global Infrastructure Fund, and 5% of the Global Real Estate Securities Fund.

Note 8. Credit Risk and Asset Concentration

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.

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

56

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

At September 30, 2015, the following Funds held securities issued by various companies in specific sectors as detailed below:

Fund	Sector	Percentage of Total Investments
Emerging Markets Equity Income Fund	Financials		32	%
Global Infrastructure Fund	Utilities		39	%
Global Opportunities Fund	Consumer Staples		32	%
Global Real Estate Fund	Retail REITs		27	%
Greater European Opportunities Fund	Consumer Staples		40	%
International Real Estate Securities Fund	Real Estate Operating Companies		38	%
International Real Estate Securities Fund	Retail REITs		33	%
International Small-Cap Fund	Information Technology		25	%
International Wealth Masters Fund	Consumer Discretionary		30	%

Note 9. Indemnifications

Under the Trust’s organizational documents, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Each Trustee has entered into an indemnification agreement with the Trust. In addition, in the normal course of business, the Funds enter into contracts that provide a variety of indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and that have not occurred. However, the Funds have not had prior claims or losses pursuant to these arrangements and expect the risk of loss to be remote.

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2016, 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)
Emerging Markets Debt Fund	$	28,672	$	553	$	(2,244	)	$	(1,691	)
Emerging Markets Equity Income Fund		31,934		1,258		(2,432	)		(1,174	)
Emerging Markets Small-Cap Fund		5,203		—		(846	)		(846	)
Global Infrastructure Fund		116,816		14,203		(12,794	)		1,409
Global Opportunities Fund		127,083		34,892		(1,003	)		33,889
Global Real Estate Securities Fund		102,136		15,179		(1,914	)		13,265
Greater European Opportunities Fund		25,254		4,086		(459	)		3,627
International Equity Fund		6,093		523		(317	)		206
International Real Estate Securities Fund		30,083		9,253		(3,423	)		5,830
International Small-Cap Fund		40,875		2,524		(7,300	)		(4,776	)
International Wealth Masters Fund		5,214		471		(525	)		(54	)

Certain Funds have capital loss carryovers available to offset future realized capital gains, through the indicated expiration dates shown below:

	2018		2019		No Expiration		Total
Emerging Markets Debt Fund	$	—	$	—	$	76	$	76
Global Opportunities Fund		2,328		—		—		2,328
International Real Estate Securities Fund		3,884		883		2,948		7,715

The Trust may not realize the benefit of these losses to the extent each Fund does not realize gains on investments prior to the expiration of the capital loss carryovers.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized for tax years beginning after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

Note 11. Borrowings

($ reported in thousands)

On July 1, 2015, the Funds and other affiliated Funds entered into a $50,000 secured Line of Credit Agreement (the “Agreement”) with a commercial bank (the “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 or one-fifth of each Fund’s total net assets in accordance with the Agreement. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

From November 27, 2015, to December 3, 2015, the Emerging Markets Equity Income Fund made borrowings. The average daily borrowings under the Agreement and the weighted daily average interest rate were $629 and 1.24%, respectively. From February 2, 2016, to February 5, 2016, the International Real Estate Fund made borrowings. The average daily borrowings under the Agreement and the weighted daily average interest rate were $420 and 1.43%, respectively.

No other Funds made borrowings during the period and no Fund had any outstanding borrowings as of March 31, 2016.

57

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2016 (Unaudited)

Note 12. Illiquid and Restricted Securities

Investments are generally considered illiquid if they cannot be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by a Fund. Additionally, the following information is also considered in determining liquidity: the frequency of trades and quotes for the investment, whether the investment is listed for trading on a recognized domestic exchange and/or whether two or more brokers are willing to purchase or sell the security at a comparable price, the extent of market making activity in the investment and the nature of the market for investment. Illiquid securities are footnoted as such at the end of each Fund’s Schedule of Investments, where applicable. However, a portion of such footnoted securities could be liquid where it is determined that some, though not all, of the position could be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the applicable Fund.

Restricted securities are illiquid securities, as defined above, not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category, except where defined as illiquid.

Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

The following Funds held securities considered to be illiquid at March 31, 2016:

Fund	Aggregate Value		% of Fund’s net assets
Emerging Markets Small-Cap Fund	$	150		3.3	%
Global Real Estate Securities Fund		0		0.0
International Real Estate Securities Fund		0		0.0

At March 31, 2016, the Funds did not hold any securities that were both illiquid and restricted.

Note 13. Regulatory Matters and Litigation

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

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc. et al.) alleging violation of the federal securities laws was filed by an individual shareholder against Virtus and certain of its officers (the “defendants”) in the United States District Court for the Southern District of New York. On August 21, 2015, the lead plaintiff filed a Consolidated Class Action Complaint (the “Consolidated Complaint”) amending the originally filed complaint and adding the Trust as a defendant. The Consolidated Complaint was purportedly filed on behalf of all purchasers of Virtus common stock between January 25, 2013 and May 11, 2015 (the “Class Period”). The Consolidated Complaint alleges that during the Class Period, the defendants disseminated materially false and misleading statements and concealed material adverse facts relating to certain funds previously subadvised by F-Squared Investments, Inc. and/or its affiliates (“F-Squared”). The plaintiff seeks to recover unspecified damages. Virtus and its affiliates, including the Funds’ adviser, believe that the suit is without merit and intend to defend it vigorously. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Briefing of the motion was completed on December 4, 2015, and oral argument was held on December 17, 2015. The motion is pending. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

On May 8, 2015, a putative class action complaint (Mark Youngers v. Virtus Investment Partners, Inc. et al.) alleging violations of certain provisions of the federal securities laws was filed in the United States District Court for the Central District of California. The complaint, which was purportedly filed on behalf of purchasers of certain Virtus Funds previously subadvised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleges claims against Virtus, certain Virtus officers and affiliates (including the Funds’ investment adviser, Euclid Advisors LLC and VP Distributors, LLC), the trustees and certain officers of the Trust, and certain other parties (the “defendants”). The complaint alleges that during the Class Period the defendants disseminated materially false and misleading statements and concealed or omitted material facts necessary to make the statements made not misleading. On July 27, 2015, the court issued an order to show cause requiring lead plaintiff to explain no later than July 31, 2015, why his claims should not be transferred and consolidated with the In re Virtus Investment Partners, Inc. Securities Litigation action discussed above. On October 1, 2015, the plaintiff filed a First Amended Class Action Complaint which, among other things, added a derivative claim for breach of fiduciary duty on behalf of the Trust. On October 19, 2015, the United States District Court for the Central District of California entered an order transferring the action to the Southern District of New York. On January 4, 2016, Plaintiffs filed a Second Amended Complaint. A motion to dismiss was filed on behalf of the Company and affiliated defendants on February 1, 2016. Briefing of the motion was completed on March 11, 2016 and oral argument was held on April 8, 2016. The motion is pending. Virtus and its affiliates, including the Funds’ adviser, believe the plaintiff’s claims asserted in the complaint are frivolous and intend to defend them vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 14. Subsequent Events

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

58

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES

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”) with respect to the funds of the Trust, including Virtus Emerging Markets Debt Fund, Virtus Emerging Markets Equity Income Fund, Virtus Emerging Markets Small-Cap Fund, Virtus Global Infrastructure Fund (formerly known as Virtus Global Dividend Fund), Virtus Global Opportunities Fund, Virtus Global Real Estate Securities Fund, Virtus Greater European Opportunities Fund, Virtus International Equity Fund, Virtus International Small-Cap Fund, Virtus International Real Estate Securities Fund and Virtus International Wealth Masters Fund (individually and collectively, the “Funds”) of the Trust. At an in-person meeting held November 18-19, 2015 (the “Meeting”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meeting, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

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

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

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

Nature, Extent and Quality of Services

The Trustees received in advance of the Meeting information provided by VIA and each Subadviser, including completed questionnaires, each concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel, compliance procedures and the firm’s overall performance were reviewed and discussed. The Trustees noted that the Funds are managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of a Fund’s portfolio. Under this structure, VIA is responsible for the management of the Funds’ investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Funds’ subadvisers, including (a) VIA’s ability to select and monitor the subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadvisers’ 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 to the Funds. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, including each Subadviser’s Form ADV, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Funds’ investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA’s and the Subadvisers’ management of the Funds is subject to the oversight of the Board and must be carried out in accordance with the investment objectives, policies and restrictions set forth in the Funds’ prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the respective 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 each Subadviser’s risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

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

59

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “Lipper 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 Lipper Report presented each Fund’s performance relative to a peer group of other mutual funds (the “Performance Universe”) and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management’s discussion of the same, including the effect of market conditions on each Fund’s performance. The Board evaluated each Fund’s performance in the context of the considerations that a “manager of managers” structure requires. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds’ performance results and portfolio composition, as well as each Subadviser’s investment strategy. The Board noted VIA’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser’s performance record with respect to a Fund. The Board was mindful of VIA’s focus on each Subadviser’s performance and noted VIA’s performance in monitoring and responding to any performance issues with respect to 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, 2015.

Virtus Emerging Markets Debt Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the year to date and 1-year period.

Virtus Emerging Markets Equity Income Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the year to date and outperformed the median of its Performance Universe for the 1-year period. The Board also noted that the Fund underperformed its benchmark for the year to date and 1-year period.

Virtus Emerging Markets Small-Cap Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the year to date and outperformed the median of its Performance Universe for the 1-year period. The Board also noted that the Fund underperformed its benchmark for the year to date and 1-year period.

Virtus Global Infrastructure Fund (formerly known as Virtus Global Dividend 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 outperformed its benchmark for the - 5- and 10-year periods and underperformed its benchmark for the 1- and 3-year periods.

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

Virtus Global Real Estate Securities Fund. The Board noted that the Fund outperformed the median of its Performance Universe and its benchmark for the 1-, 3- and 5-year periods.

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

Virtus International Equity Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1-year period. The Board also noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 3-year period.

Virtus International Real Estate Securities Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 5-year period 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- and 5-year periods and slightly underperformed its benchmark for the 3-year period.

Virtus International Small-Cap Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the year to date and 1-year period. The Board also noted that the Fund outperformed its benchmark for the year to date and underperformed its benchmark for the 1-year period.

Virtus International Wealth Masters Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the year to date.

The Board also considered management’s discussion about the reasons for a 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, or reasons discussed for 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 net management fee and total expense level to those of its peer group (the “Expense Group”). In comparing each Fund’s net management fee to that of comparable funds, the Board noted that in the materials presented such fee included both advisory and administrative fees. The Board also noted that certain of the Funds had fee waivers and/or expense caps in place to limit the total expenses incurred by those Funds and their shareholders. The Board also noted that the subadvisory fees were paid by VIA out of its management fees rather than paid separately by the Funds. In this regard, the Board took into account management’s discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of the subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses. The Subadvisers provided, and the Board considered, expense 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 Group.

Virtus Emerging Markets Debt Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were above the median of the Expense Group.

Virtus Emerging Markets Equity Income Fund. The Board considered that the Fund’s net management fee and net total expenses were above the median of the Expense Group.

60

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Virtus Emerging Markets Small-Cap Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were above the median of the Expense Group.

Virtus Global Infrastructure Fund (formerly known as Virtus Global Dividend Fund). The Board considered that the Fund’s net management fee and net total expenses were below the median of the Expense Group.

Virtus Global Opportunities Fund. The Board considered that the Fund’s net management fee and net total expenses were above the median of the Expense Group.

Virtus Global Real Estate Securities Fund. The Board considered that the Fund’s net management fee after waivers was above the median of the Expense Group and net total expenses after waivers were slightly below the median of the Expense Group.

Virtus Greater European Opportunities Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were below the median of the Expense Group.

Virtus International Equity Fund. The Board considered that the Fund’s net management fee after waivers was below the median of the Expense Group and net total expenses after waivers were slightly above the median of the Expense Group.

Virtus International Real Estate Securities Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were above the median of the Expense Group.

Virtus International Small-Cap Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were above the median of the Expense Group.

Virtus International Wealth Masters Fund. The Board considered that the Fund’s net management fee after waivers was below the median of the Expense Group and net total expenses after waivers were above the median of the Expense Group.

The Board concluded that the advisory and subadvisory fees for each Fund were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

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 a VIA affiliate. In addition to the fees paid to VIA and its affiliates, including the applicable Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability 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.

In considering the profitability to the Subadvisers in connection with their 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 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 Horizon Asset Management LLC, the unaffiliated Subadvisers, the Board relied on the ability of VIA to negotiate the Subadvisory Agreements and the fees thereunder at arm’s length. For each of the above reasons, the Board concluded that the profitability to the Subadvisers and their affiliates from their relationship with the Funds was not a material factor in approval of the Subadvisory Agreements.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds’ assets grow. The Board noted that the management fees for several of the Funds included breakpoints based on assets under management, and that fee waivers and/or 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, including with respect to the Funds that do not currently have breakpoints. The Board also took into account the current size of the Funds. The Board concluded that no changes to the advisory fee structure of the Funds were necessary at this time. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

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

Other Factors. The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund. 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 Funds to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Funds, other than the fee to be earned under the Subadvisory Agreement. 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.

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement was in the best interests of 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.

61

Virtus Emerging Markets Debt Fund, Virtus Emerging Markets Small-Cap Fund,

Virtus Emerging Markets Equity Income Fund, Virtus Global Opportunities Fund,

Virtus Global Real Estate Securities Fund, Virtus Greater European Opportunities Fund,

Virtus International Equity Fund, Virtus International Real Estate Securities Fund and

Virtus International Small-Cap Fund each a series of Virtus Opportunities Trust

Supplement dated September 14, 2015 to the Summary Prospectuses dated January 28, 2015,

as supplemented, and the Virtus Opportunities Trust Statutory Prospectus,

dated January 28, 2015, as supplemented.

THIS SUPPLEMENT SUPERCEDES THE SUPPLEMENT DATED SEPTEMBER 1, 2015 TO THE

ABOVE-REFERENCED PROSPECTUSES. THIS SUPPLEMENT INCLUDES ADDITIONAL INFORMATION WHICH WAS INADVERTANTLY OMITTED IN THE EARLIER SUPPLEMENT.

IMPORTANT NOTICETO INVESTORS

Virtus Emerging Markets Debt Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A		Class C		Class I
Management Fees	0.75%		0.75%		0.75%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None
Other Expenses	0.52%		0.52%		0.52%
Total Annual Fund Operating Expenses	1.52%		2.27%		1.27%
Less: Expense Reimbursement(b)	(0.17%	)	(0.17%	)	(0.17%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(b)	1.35%		2.10%		1.10%

^(b)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.35% for Class A Shares, 2.10% for Class C Shares and 1.10% for Class I Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	507	$	804	$	1,141	$	2,091
Class C	Sold	$	313	$	676	$	1,183	$	2,578
	Held	$	213	$	676	$	1,183	$	2,578
Class I	Sold or Held	$	112	$	368	$	663	$	1,503

Virtus Emerging Markets Equity Income Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A		Class C		Class I
Management Fees	1.05%		1.05%		1.05%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None
Other Expenses	0.65%		0.65%		0.65%
Acquired Fund Fees and Expenses	0.06%		0.06%		0.06%
Total Annual Fund Operating Expenses(b)	2.01%		2.76%		1.76%
Less: Expense Reimbursement(c)	(0.26%	)	(0.26%	)	(0.26%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(b)(c)	1.75%		2.50%		1.50%

^(b)  The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.

^(c)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.75% for Class A Shares, 2.50% for Class C Shares and 1.50% for Class I Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	743	$	1,121	$	1,549	$	2,738
Class C	Sold	$	353	$	806	$	1,412	$	3,051
	Held	$	253	$	806	$	1,412	$	3,051
Class I	Sold or Held	$	153	$	502	$	904	$	2,029

Virtus Emerging Markets Small-Cap Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A		Class C		Class I
Management Fees	1.20%		1.20%		1.20%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None
Other Expenses	3.37%		3.37%		3.37%
Acquired Fund Fees and Expenses	0.02%		0.02%		0.02%
Total Annual Fund Operating Expenses(b)	4.84%		5.59%		4.59%
Less: Expense Reimbursement(c)	(2.99%	)	(2.99%	)	(2.99%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(b)(c)	1.85%		2.60%		1.60%

^(b)  The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.

^(c)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.85% for Class A Shares, 2.60% for Class C Shares and 1.60% for Class I Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	752	$	1,421	$	2,394	$	4,843
Class C	Sold	$	363	$	1,117	$	2,276	$	5,113
	Held	$	263	$	1,117	$	2,276	$	5,113
Class I	Sold or Held	$	163	$	823	$	1,812	$	4,322

Virtus Global Real Estate Securities Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A		Class C		Class I
Management Fees	0.85%		0.85%		0.85%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None
Other Expenses	0.47%		0.47%		0.47%
Total Annual Fund Operating Expenses	1.57%		2.32%		1.32%
Less: Expense Reimbursement(b)	(0.17%	)	(0.17%	)	(0.17%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(b)	1.40%		2.15%		1.15%

^(b)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.40% for Class A Shares, 2.15% for Class C Shares and 1.15% for Class I Shares through January 31, 2017. Following the

contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	709	$	1,010	$	1,350	$	2,307
Class C	Sold	$	318	$	691	$	1,209	$	2,629
	Held	$	218	$	691	$	1,209	$	2,629
Class I	Sold or Held	$	117	$	384	$	690	$	1,560

Virtus Greater European Opportunities Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A		Class C		Class I
Management Fees	0.85%		0.85%		0.85%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None
Other Expenses	0.81%		0.81%		0.81%
Acquired Fund Fees and Expenses	0.01%		0.01%		0.01%
Total Annual Fund Operating Expenses(b)	1.92%		2.67%		1.67%
Less: Expense Reimbursement(c)	(0.47%	)	(0.47%	)	(0.47%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(b)(c)	1.45%		2.20%		1.20%

^(b)  The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.

^(c)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.45% for Class A Shares, 2.20% for Class C Shares and 1.20% for Class I Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	714	$	1,055	$	1,468	$	2,615
Class C	Sold	$	323	$	738	$	1,329	$	2,931
	Held	$	223	$	738	$	1,329	$	2,931
Class I	Sold or Held	$	122	$	432	$	816	$	1,895

Virtus International Equity Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A		Class C		Class I
Management Fees	0.85%		0.85%		0.85%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None
Other Expenses	1.32%		1.32%		1.32%
Acquired Fund Fees and Expenses	0.01%		0.01%		0.01%
Total Annual Fund Operating Expenses(b)	2.43%		3.18%		2.18%
Less: Expense Reimbursement(c)	(0.93%	)	(0.93%	)	(0.93%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(b)(c)	1.50%		2.25%		1.25%

^(b)  The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.

^(c)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not

exceed 1.50% for Class A Shares, 2.25% for Class C Shares and 1.25% for Class I Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	719	$	1,116	$	1,633	$	3,044
Class C	Sold	$	328	$	801	$	1,497	$	3,352
	Held	$	228	$	801	$	1,497	$	3,352
Class I	Sold or Held	$	127	$	497	$	994	$	2,362

Virtus International Real Estate Securities Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A		Class C		Class I
Management Fees	1.00%		1.00%		1.00%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None
Other Expenses	0.48%		0.48%		0.48%
Total Annual Fund Operating Expenses	1.73%		2.48%		1.48%
Less: Expense Reimbursement(b)	(0.23%	)	(0.23%	)	(0.23%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(b)	1.50%		2.25%		1.25%

^(b)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.50% for Class A Shares, 2.25% for Class C Shares and 1.25% for Class I Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	719	$	1,045	$	1,418	$	2,462
Class C	Sold	$	328	$	728	$	1,278	$	2,780
	Held	$	228	$	728	$	1,278	$	2,780
Class I	Sold or Held	$	127	$	422	$	763	$	1,728

Virtus International Small-Cap Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes are hereby replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class A		Class C		Class I		Class R6
Management Fees	1.00%		1.00%		1.00%		1.00%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None		None
Other Expenses	0.48%		0.48%		0.48%		0.39%	(b)
Acquired Fund Fees and Expenses	0.02%		0.02%		0.02%		0.02%
Total Annual Fund Operating Expenses(c)	1.75%		2.50%		1.50%		1.41%
Less: Expense Reimbursement(d)	(0.15%	)	(0.15%	)	(0.15%	)	(0.15%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(c)(d)	1.60%		2.35%		1.35%		1.26%

^(b)  Estimated for current fiscal year, as annualized.

^(c)  The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.

^(d)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.60% for Class A Shares, 2.35% for Class C Shares, 1.35% for Class I Shares and 1.26% for Class R6 Shares through January 31, 2017. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred.

Under “Fees and Expenses, the “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	728	$	1,066	$	1,442	$	2,495
Class C	Sold	$	338	$	749	$	1,303	$	2,813
	Held	$	238	$	749	$	1,303	$	2,813
Class I	Sold or Held	$	137	$	444	$	789	$	1,764
Class R6	Sold or Held	$	128	$	416	$	742	$	1,664

Virtus Emerging Markets Debt Fund, Virtus Emerging Markets Small-Cap Fund, Virtus Emerging Markets Equity Income Fund, Virtus Global Opportunities Fund, Virtus Global Real Estate Securities Fund, Virtus Greater European Opportunities Fund, Virtus International Equity Fund, Virtus International Real Estate Securities Fund and Virtus International Small-Cap Fund.

The first paragraph and the information in the first table in the section “More Information About Fund Expenses” on page 139 of the statutory prospectus are hereby revised with the following information for the above referenced funds:

Virtus Investment Advisers, Inc. (“VIA”) has contractually agreed to limit the total operating expenses (excluding dividend and interest expenses, taxes, brokerage commissions, leverage expenses, extraordinary expenses and acquired fund fees and expenses, if any) of certain of the funds so that expenses do not exceed, on an annualized basis, the amounts indicated in the following table.

	Class A Shares	Class B Shares	Class C Shares	Class I Shares	Class R6 Shares	Class T Shares	Through Date
Virtus Emerging Markets Debt Fund	1.35%	N/A	2.10%	1.10%	N/A	N/A	January 31, 2017
Virtus Emerging Markets Equity Income Fund	1.75%	N/A	2.50%	1.50%	N/A	N/A	January 31, 2017
Virtus Emerging Markets Small-Cap Fund	1.85%	N/A	2.60%	1.60%	N/A	N/A	January 31, 2017
Virtus Global Opportunities Fund(1)	1.55%	2.30%	2.30%	1.30%	N/A	N/A	January 31, 2017
Virtus Global Real Estate Securities Fund	1.40%	N/A	2.15%	1.15%	N/A	N/A	January 31, 2017
Virtus Greater European Opportunities Fund	1.45%	N/A	2.20%	1.20%	N/A	N/A	January 31, 2017
Virtus International Equity Fund	1.50%	N/A	2.25%	1.25%	N/A	N/A	January 31, 2017
Virtus International Real Estate Securities Fund	1.50%	N/A	2.25%	1.25%	N/A	N/A	January 31, 2017
Virtus International Small-Cap Fund	1.60%	N/A	2.35%	1.35%	1.26%	N/A	January 31, 2017

⁽¹⁾  Fund expenses currently below the capped level.

Investors should retain this supplement with the Prospectuses for future reference.

VOT 8020/9FundsNewExpCap&Waiver (09/15)

Virtus Foreign Opportunities Fund, Virtus Global Opportunities Fund and

Virtus Greater European Opportunities Fund,

each a series of Virtus Opportunities Trust

Supplement dated March 8, 2016 to the Summary and Statutory Prospectuses dated January 28, 2016, as supplemented February 8, 2016, and the Statement of Additional Information (“SAI”) dated January 28, 2016

IMPORTANT NOTICE TO INVESTORS

Effective March 8, 2016, Rajiv Jain, of Vontobel Asset Management, Inc., is no longer a portfolio manager for the above-named funds. The resulting disclosure changes to the funds’ prospectuses and SAI are described below.

The disclosure under “Portfolio Management” in each fund’s summary prospectus and in the summary section of each fund’s statutory prospectus is hereby revised by removing each reference to Mr. Jain.

The disclosure under “Portfolio Management” in Virtus Foreign Opportunities Fund’s summary prospectus and in the summary section of Virtus Foreign Opportunities Fund’s statutory prospectus is hereby replaced with the following:

> Matthew Benkendorf, Chief Investment Officer and Managing Director at Vontobel, is the manager of the fund. Mr. Benkendorf has served as Portfolio Manager of the fund since March 2016.

The disclosure under “Portfolio Management” in Virtus Global Opportunities Fund’s summary prospectus and in the summary section of Virtus Global Opportunities Fund’s statutory prospectus is hereby replaced with the following:

> Matthew Benkendorf, Chief Investment Officer and Managing Director at Vontobel, is the manager of the fund. Mr. Benkendorf has served as Portfolio Manager of the fund since March 2016 and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (2009 through 2014).

The disclosure under “Portfolio Management” in Virtus Greater European Opportunities Fund’s summary prospectus and in the summary section of Virtus Greater European Opportunities Fund’s statutory prospectus is hereby replaced with the following:

> Daniel Kranson, CFA, a Portfolio Manager at Vontobel, is the manager of the fund. Mr. Kranson has served as Portfolio Manager of the fund since March 2016 and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (March 2013 through 2014).

The table under “Vontobel” on page 188 of the funds’ statutory prospectus is hereby replaced with the following:

Vontobel

Virtus Foreign Opportunities Fund	Matthew Benkendorf (since March 2016)
Virtus Global Opportunities Fund	Matthew Benkendorf (since 2009)
Virtus Greater European Opportunities Fund	Daniel Kranson, CFA (since March 2013)

The narrative under the referenced table is hereby amended by removing the biographical information for Mr. Jain and replacing the entire narrative section with the following:

Matthew Benkendorf. Mr. Benkendorf is Chief Investment Officer (since March 2016) of Vontobel. He serves as Portfolio Manager of the Foreign Opportunities Fund (since March 2016) and the Global Opportunities Fund (since March 2016) and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (2009 through 2014) of the Global Opportunities Fund. Previously at Vontobel he served as Managing Director (April 2013 to March 2016); Executive Director (April 2012 to April 2013); Director (July 2009 to April 2012); Vice President (2007 to 2009); Assistant Vice President (2005 to 2007); and Senior Research Analyst (2002 to 2005). Mr. Benkendorf joined Vontobel in 1999 as a Portfolio Administrator.

Daniel Kranson, CFA. Mr. Kranson is a Portfolio Manager of Vontobel. He serves as Portfolio Manager of the Greater European Opportunities Fund (since March 2016) and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (March 2013 through 2014) of the Greater European Opportunities Fund. Mr. Kranson joined Vontobel in 2007 as a senior research analyst with a primary focus on consumer staples, energy, health care, and materials stocks. Previously, he was at Scout Capital Management as an analyst (from 2006 to 2007) and at Sanford C. Bernstein & Co. as a sell side analyst (from 1999 to 2006).

The disclosure for each of the funds in the table under “Portfolio Managers” on pages 98 and 99 of the SAI is hereby amended by removing reference to Mr. Jain. In addition, Matthew Benkendorf’s name is hereby added as Portfolio Manager of the Foreign Opportunities Fund.

The disclosure in the “Other Accounts Managed (No Performance-Based Fees)” table and the “Other Accounts Managed (With Performance-Based Fees)” table on pages 99 to 101 of the SAI is hereby amended by removing each reference to Mr. Jain.

The disclosure in the table under “Portfolio Manager Fund Ownership” on page 103 of the SAI is hereby amended by removing the reference to ownership by Mr. Jain.

Investors should retain this supplement with the Prospectuses and SAI for future reference.

VOT 8020 Vontobel PMs (3/2016)

Virtus Emerging Markets Small-Cap Fund, Virtus Equity Trend Fund,

Virtus Global Opportunities Fund and Virtus Real Estate Securities Fund,

each a series of Virtus Opportunities Trust

Supplement dated April 14, 2016 to the Summary and Statutory Prospectuses dated January 28, 2016

IMPORTANT NOTICETO INVESTORS

Virtus Emerging Markets Small-Cap Fund

The section “Performance Information” in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus, the bar chart showing Calendar Year Total Returns for Class A Shares and is hereby amended by restating the 2015 return as -16.78%.

Additionally, the table showing Average Annual Total Returns is hereby replaced in its entirety with the following:

	1 Year		Class I Since Inception (12/17/13	)
Class A
Return Before Taxes	(21.57%	)	(11.23%	)
Return After Taxes on Distributions	(21.30%	)	(11.53%	)
Return After Taxes on Distributions and Sale of Fund Shares	(11.30%	)	(8.11%	)
Class C
Return Before Taxes	(17.30%	)	(9.25%	)
Class I
Return Before Taxes	(16.51%	)	(8.37%	)
S&P 500 Index (reflects no deduction of fees, expenses or taxes)	1.38%		9.23%
MSCI Emerging Markets Small Cap Index (net) (reflects no deduction of fees, expenses or taxes)	(6.85%	)	(2.11%	)

Virtus Equity Trend Fund

In the section “Management of the Funds,” the table on page 180 of the statutory prospectus under the heading “Management Fees” is hereby corrected for the fund to show the breakpoint to be $4 billion.

Virtus Global Opportunities Fund

The Average Annual Total Return table in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus is hereby amended by restating the one-year return for Class B Shares as -0.35%.

Virtus Real Estate Securities Fund

The Average Annual Total Return table in the fund’s summary prospectus and in the summary section of the fund’s statutory prospectus is hereby amended by restating the one-year return for Class B Shares as -2.02%.

Investors should retain this supplement with the Prospectuses for future reference.

VOT 8020 Perf (4/2016)

Virtus Alternative Solutions Trust, Virtus Equity Trust, Virtus Insight Trust, Virtus Opportunities Trust, Virtus Retirement Trust and Virtus Variable Insurance Trust

Supplement dated April 14, 2016 to the Statements of Additional Information (“SAI”) dated February 29, 2016, July 29, 2015, April 30, 2015, January 29, 2016, January 8, 2016 and April 30, 2015, respectively

IMPORTANT NOTICETO INVESTORS

In the section “More Information About Fund Investment Strategies & Related Risks,” the second sentence of the fourth paragraph under the heading “Mortgage Pass-through Securities” is hereby replaced with the following: “The Funds will take the position that privately-issued, mortgage-related securities, and other asset-backed securities, do not represent interests in any particular ‘industry’ or group of industries.”

Investors should retain this supplement with the Prospectuses for future reference.

AllSAIs/AssetBacked (4/2016)

Virtus Foreign Opportunities Fund, Virtus Global Opportunities Fund and

Virtus Greater European Opportunities Fund,

each a series of Virtus Opportunities Trust

Supplement dated May 10, 2016 to the Summary and

Statutory Prospectuses dated January 28, 2016, as supplemented

IMPORTANT NOTICETO INVESTORS

The following changes are effective June 1, 2016.

The disclosure under “Portfolio Management” in Virtus Foreign Opportunities Fund’s summary prospectus and in the summary section of Virtus Foreign Opportunities Fund’s statutory prospectus is hereby revised to read:

> Matthew Benkendorf, Chief Investment Officer and Managing Director at Vontobel, is Lead Portfolio Manager of the fund. Mr. Benkendorf has served as Lead Portfolio Manager of the fund since March 2016.

> Daniel Kranson, CFA, a Director and Portfolio Manager at Vontobel, is Deputy Portfolio Manager of the fund. Mr. Kranson has served as Deputy Portfolio Manager of the fund since June 2016.

> David Souccar, a Director and Portfolio Manager at Vontobel, is Deputy Portfolio Manager of the fund. Mr. Kranson has served as Deputy Portfolio Manager of the fund since June 2016.

The disclosure under “Portfolio Management” in Virtus Global Opportunities Fund’s summary prospectus and in the summary section of Virtus Global Opportunities Fund’s statutory prospectus is hereby revised to read:

> Matthew Benkendorf, Chief Investment Officer and Managing Director at Vontobel, is Lead Portfolio Manager of the fund. Mr. Benkendorf has served as Lead Portfolio Manager of the fund since March 2016, and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (2009 through 2014).

> Ramiz Chelat, a Director and Portfolio Manager at Vontobel, is Deputy Portfolio Manager of the fund. Mr. Chelat has served as Deputy Portfolio Manager of the fund since June 2016.

The table under “Vontobel” on page 188 of the funds’ statutory prospectus is hereby replaced with the following:

Vontobel

Virtus Foreign Opportunities Fund	Matthew Benkendorf (since March 2016) Daniel Kranson, CFA (since June 2016) David Souccar (since June 2016)
Virtus Global Opportunities Fund	Matthew Benkendorf (since 2009) Ramiz Chelat (since June 2016)
Virtus Greater European Opportunities Fund	Daniel Kranson, CFA (since March 2013)

The narrative under the referenced table is hereby revised to read:

Matthew Benkendorf. Mr. Benkendorf is Chief Investment Officer of Vontobel. He serves as Lead Portfolio Manager of the Foreign Opportunities Fund (since March 2016) and the Global Opportunities Fund (since March 2016) and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (2009 through 2014) of the Global Opportunities Fund. Previously at Vontobel he served as a Managing Director (April 2013 to March 2016); Executive Director (April 2012 to April 2013); Director (July 2009 to April 2012); Vice President (2007 to 2009); Assistant Vice President (2005 to 2007); and Senior Research Analyst (2002 to 2005). Mr. Benkendorf joined Vontobel in 1999 as a Portfolio Administrator.

Ramiz Chelat. Mr. Chelat is a Director and Portfolio Manager of Vontobel. He serves as Deputy Portfolio Manager of the Global Opportunities Fund (since June 2016). Mr. Chelat also serves as deputy portfolio manager of the Vontobel Global Equity Strategy (since June 2016). Mr. Chelat joined Vontobel in 2007 as a senior research analyst and continues to maintain his research responsibilities, with a primary focus on the consumer discretionary, consumer staples and information technology sectors. He began his financial career in 1997.

Daniel Kranson, CFA. Mr. Kranson is a Portfolio Manager of Vontobel. He serves as Portfolio Manager of the Greater European Opportunities Fund (since March 2016) and previously served as Deputy Portfolio Manager (January 2015 to March 2016) and Co-Portfolio Manager (March 2013 through 2014) of the Greater European Opportunities Fund. Mr. Kranson joined Vontobel in 2007 as a senior research analyst and continues to maintain his research responsibilities, with a primary focus on the consumer staples sector. He began his financial career in 1999.

David Souccar. Mr. Souccar is Director and Portfolio Manager at Vontobel. He serves as Deputy Portfolio Manager of the Foreign Opportunities Fund (since June 2016). Mr. Souccar also serves as deputy portfolio manager of the Vontobel International Equity Strategy (since June 2016). Mr. Souccar joined Vontobel in 2007 as a senior research analyst and continues to maintain his research responsibilities, with a focus on the energy, industrials and utilities sectors. He began his financial career in 1996.

Investors should retain this supplement with the

Prospectuses and SAI for future reference.

VOT 8020 VontobelPMs (5/2016)

Virtus Foreign Opportunities Fund, Virtus Global Opportunities Fund and

Virtus Greater European Opportunities Fund,

each a series of Virtus Opportunities Trust

Supplement dated May 10, 2016 to the

Statement of Additional Information (“SAI”) dated January 28, 2016, as supplemented

IMPORTANT NOTICETO INVESTORS

The following changes are effective June 1, 2016.

The disclosure in the table under “Portfolio Managers” beginning on page 98 of the SAI is hereby amended by adding Daniel Kranson and David Souccar as Portfolio Managers of the Foreign Opportunities Fund, and Ramiz Chelat as Portfolio Manager of the Global Opportunities Fund.

Under “Other Accounts Managed (No Performance-Based Fees)” in the section “Portfolio Managers” beginning on page 99 of the SAI, new rows showing the following information for Mr. Chelat and Mr. Souccar and an associated footnote are added to the table:

	Registered Investment Companies				Other Pooled Investment Vehicles (PIVs)				Other Accounts
Portfolio Manager	Number of Accounts		Total Assets		Number of Accounts		Total Assets		Number of Accounts		Total Assets
Ramiz Chelat*		2	$	194,163,847		11	$	4,587,981,522		22	$	4,023,219,590
David Souccar*		5	$	2,428,938,993		9	$	3,367,844,450		5	$	933,071,961

*As of March 31, 2016.

Under “Other Accounts Managed (With Performance-Based Fees)” in the section “Portfolio Managers” beginning on page 100 of the SAI, new rows showing the following information for Mr. Chelat and Mr. Souccar and an associated footnote are added to the table:

Registered Investment Companies

Other Pooled Investment Vehicles (PIVs)

Other Accounts

Portfolio Manager

Number of Accounts

Total Assets

Number of Accounts

Total Assets

Number of Accounts

Total Assets

Ramiz Chelat*

N/A

N/A

1

$291,202,908

N/A

N/A

David Souccar*

N/A

N/A

N/A

N/A

N/A

N/A

*As of March 31, 2016.

Under “Portfolio Manager Fund Ownership” in the section “Portfolio Managers” beginning on page 103 of the SAI, new rows showing the following information for Mr. Chelat and Mr. Souccar and an associated footnote are added to the table:

Portfolio Manager	Dollar Range of Equity Securities Beneficially Owned in Fund Managed
Ramiz Chelat*	Global Opportunities Fund	None
David Souccar*	Foreign Opportunities Fund	None

*As of March 31, 2016.

Under “Portfolio Manager Fund Ownership” in the section “Portfolio Managers” beginning on page 103 of the SAI, Mr. Kranson’s information in the table is hereby updated with the following and by adding an associated footnote:

Portfolio Manager	Dollar Range of Equity Securities Beneficially Owned in Fund Managed
Daniel Kranson*	Foreign Opportunities Fund	None
	Greater European Opportunities Fund	$10,001-$50,000

*As of March 31, 2016.

Investors should retain this supplement with the SAI for future reference.

VOT 8020B SAI/VontobelPMs (5/2016)

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

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 call your financial representative, or contact us

at 1-800-243-1574 or Virtus.com.

8031 05-16

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 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 registrant’s second fiscal quarter of 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. 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.

(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 6/6/16

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 6/6/16

By (Signature and Title)*	/s/ W. Patrick Bradley
	W. Patrick Bradley, Senior Vice President, Chief Financial Officer,     and Treasurer
	(principal financial officer)

Date 6/6/16

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