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, 2018

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

SEMIANNUAL REPORT VIRTUS OPPORTUNITIES TRUST

March 31, 2018

Virtus Newfleet Bond Fund

Virtus Newfleet CA Tax-Exempt Bond Fund

Virtus Newfleet High Yield Fund

Virtus Newfleet Low Duration Income Fund

Virtus Newfleet Multi-Sector Intermediate Bond Fund*

Virtus Newfleet Senior Floating Rate Fund*

Virtus Newfleet Tax-Exempt Bond Fund

Not FDIC Insured

No Bank Guarantee

May Lose Value

*Prospectus supplements applicable to these Funds appear at the back of this semiannual report.

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 Newfleet Bond Fund (“Newfleet Bond Fund”)		8
Virtus Newfleet CA Tax-Exempt Bond Fund (“Newfleet CA Tax-Exempt Bond Fund”)		17
Virtus Newfleet High Yield Fund (“Newfleet High Yield Fund”)		20
Virtus Newfleet Low Duration Income Fund (“Newfleet Low Duration Income Fund”)		28
Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Newfleet Multi-Sector Intermediate Bond Fund”)		38
Virtus Newfleet Senior Floating Rate Fund (“Newfleet Senior Floating Rate Fund”)		49
Virtus Newfleet Tax-Exempt Bond Fund (“Newfleet Tax-Exempt Bond Fund”)		57
Statements of Assets and Liabilities		61
Statements of Operations		63
Statements of Changes in Net Assets		65
Financial Highlights		69
Notes to Financial Statements		75
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		88

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 semiannual report that reviews the performance of your fund for the six months ended March 31, 2018.

Economic growth and strong corporate earnings were driving forces in the U.S. during the period, capped off by the sweeping tax overhaul that was signed into law at year-end. The optimism carried over into the start of 2018. However, with growth heating up, inflation fears caused stock markets to plunge in early February, ushering in the return of volatility after being conspicuously absent throughout 2017. Concerns over a potential global trade war, sparked by tariff talk by the Trump administration, caused markets to remain unsettled. Meanwhile, persistent economic strength moved the Federal Reserve to hike its key interest rate in March from 1.50% to 1.75%, its highest level in nearly a decade.

For the six months ended March 31, 2018, U.S. large-cap stocks, as measured by the S&P 500^® Index, returned 5.84%, outpacing small-cap stocks, which returned 3.25%, as measured by the Russell 2000^® Index. Within international equities, emerging markets led their developed peers, with the MSCI Emerging Markets Index (net) up 8.96%, compared with the MSCI EAFE^® Index (net), which returned 2.63%.

Demand for U.S. Treasuries remained strong, as foreign investors continued to favor their yield advantage and credit quality over many foreign government bonds. The yield on the 10-year Treasury was 2.74% at March 31, 2018, up from 2.33% at September 30, 2017. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, declined 1.08% for the six months. Non-investment grade bonds also lost ground but to a lesser extent, down 0.39%, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to 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, with a broad array of Virtus Funds available through your fund exchange privileges. These include distinctive equity, fixed income, international, and asset allocation funds managed by Virtus affiliates and select subadvisers. We invite you to learn more about the Virtus family of funds at Virtus.com.

On behalf of our investment affiliates, thank you for entrusting the Virtus Funds with your assets. Should you have questions about your account or require assistance, please visit 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

May 2018

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, 2017 TO MARCH 31, 2018

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 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. Class R6 shares do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

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

Actual Expenses

The table below provides information about a Fund’s 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 table under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

		Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Newfleet Bond Fund	Class A	$	1,000.00	$	990.40		0.84	%	$	4.17
	Class C		1,000.00		987.00		1.59			7.88
	Class I		1,000.00		992.10		0.59			2.93
	Class R6		1,000.00		991.50		0.53			2.63
Newfleet CA Tax-Exempt Bond Fund	Class A		1,000.00		995.40		0.85			4.23
	Class I		1,000.00		995.70		0.60			2.99
Newfleet High Yield Fund	Class A		1,000.00		997.40		0.99			4.93
	Class C		1,000.00		995.50		1.74			8.66
	Class I		1,000.00		1,001.00		0.74			3.69
	Class R6		1,000.00		1,001.30		0.68			3.39
Newfleet Low Duration Income Fund	Class A		1,000.00		997.70		0.75			3.74
	Class C		1,000.00		994.00		1.50			7.46
	Class I		1,000.00		999.00		0.50			2.49
Newfleet Multi-Sector Intermediate Bond Fund	Class A		1,000.00		1,000.20		0.98			4.89
	Class C		1,000.00		996.50		1.73			8.61
	Class I		1,000.00		1,001.60		0.73			3.64
	Class R6		1,000.00		1,001.90		0.66			3.29
Newfleet Senior Floating Rate Fund	Class A		1,000.00		1,020.40		1.08			5.44
	Class C		1,000.00		1,016.60		1.83			9.20
	Class I		1,000.00		1,021.70		0.83			4.18
	Class R6		1,000.00		1,023.10		0.77			3.88
Newfleet Tax-Exempt Bond Fund	Class A		1,000.00		994.70		0.85			4.23
	Class C		1,000.00		990.10		1.60			7.94
	Class I		1,000.00		995.90		0.60			2.99

* Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

Each 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 had been included, the expense ratios would have been higher.

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

2

VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

Hypothetical Example for Comparison Purposes

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

		Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Newfleet Bond Fund	Class A	$	1,000.00	$	1,020.74		0.84	%	$	4.23
	Class C		1,000.00		1,017.00		1.59			8.00
	Class I		1,000.00		1,021.99		0.59			2.97
	Class R6		1,000.00		1,022.29		0.53			2.67
Newfleet CA Tax-Exempt Bond Fund	Class A		1,000.00		1,020.69		0.85			4.28
	Class I		1,000.00		1,021.94		0.60			3.02
Newfleet High Yield Fund	Class A		1,000.00		1,020.00		0.99			4.99
	Class C		1,000.00		1,016.26		1.74			8.75
	Class I		1,000.00		1,021.24		0.74			3.73
	Class R6		1,000.00		1,021.54		0.68			3.43
Newfleet Low Duration Income Fund	Class A		1,000.00		1,021.19		0.75			3.78
	Class C		1,000.00		1,017.45		1.50			7.54
	Class I		1,000.00		1,022.44		0.50			2.52
Newfleet Multi-Sector Intermediate Bond Fund	Class A		1,000.00		1,020.04		0.98			4.94
	Class C		1,000.00		1,016.31		1.73			8.70
	Class I		1,000.00		1,021.29		0.73			3.68
	Class R6		1,000.00		1,021.64		0.66			3.33
Newfleet Senior Floating Rate Fund	Class A		1,000.00		1,019.55		1.08			5.44
	Class C		1,000.00		1,015.81		1.83			9.20
	Class I		1,000.00		1,020.79		0.83			4.18
	Class R6		1,000.00		1,021.09		0.77			3.88
Newfleet Tax-Exempt Bond Fund	Class A		1,000.00		1,020.69		0.85			4.28
	Class C		1,000.00		1,016.95		1.60			8.05
	Class I		1,000.00		1,021.94		0.60			3.02

* Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

Each 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 had been included, the expense ratios would have been higher.

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

3

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2018

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

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

Bloomberg Barclays U.S. Corporate High Yield Bond Index

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

Exchange-Traded Funds (“ETFs”)

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

Federal Reserve (the “Fed”)

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

iShares^®

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

London Interbank Offered Rate (LIBOR)

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

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Payment-in-Kind Security (“PIK”)

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

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.

Real Estate Mortgage Investment Conduit (REMIC)

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

4

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2018

Russell 2000^® Index

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

S&P 500^® Index

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

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 (Unaudited)

MARCH 31, 2018

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

Newfleet Bond Fund
Corporate Bonds and Notes			52	%
Financials	17	%
Consumer Discretionary	5
Energy	5
All other Corporate Bonds and Notes	25
Mortgage-Backed Securities			17
Asset-Backed Securities			9
Loan Agreements			5
U.S. Government Securities			5
Preferred Stocks			3
Other (includes short-term investment)			9
Total			100	%

Newfleet CA Tax-Exempt Bond Fund
Pre-Refunded	17	%
General Obligation	15
Tax Allocation Revenue	14
Health Care Revenue	11
Transportation Revenue	8
Water & Sewer Revenue	8
Lease Revenue	6
Other	21
Total	100	%

Newfleet High Yield Fund
Corporate Bonds and Notes			77	%
Consumer Discretionary	18	%
Financials	12
Energy	9
Health Care	8
Industrials	7
Information Technology	6
Consumer Staples	6
All other Corporate Bonds and Notes	11
Loan Agreements			11
Other (includes short-term investment)			12
Total			100	%

Newfleet Low Duration Income Fund
Asset-Backed Securities			29	%
Mortgage-Backed Securities			28
Corporate Bonds and Notes			27
Financials	10	%
Energy	3
Health Care	3
Total of all Others	11
Loan Agreements			7
U.S. Government Securities			5
Other (includes short-term investment)			4
Total			100	%

Newfleet Multi-Sector Intermediate Bond Fund
Corporate Bonds and Notes			53	%
Financials	17	%
Energy	11
Consumer Discretionary	6
Industrials	4
All Other Corporate Bonds and Notes	15
Mortgage-Backed Securities			12
Foreign Government Securities			11
Loan Agreements			10
Asset-Backed Securities			6
Other (includes short-term investment)			8
Total			100	%

Newfleet Senior Floating Rate Fund
Loan Agreements			94	%
Healthcare	11	%
Service	11
Gaming Leisure	7
Information Technology	7
Media Telecom - Telecommunications	5
Manufacturing	5
All Other Loan Agreements	48
Corporate Bonds and Notes			4
Other (includes short-term investment)			2
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 (Unaudited) (Continued)

MARCH 31, 2018

Newfleet Tax-Exempt Bond Fund
Illinois	11%
Texas	10
New York	9
Florida	9
Colorado	7
Pennsylvania	5
New Jersey	5
Other (includes short-term investment)	44
Total	100%

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

7

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—4.9%
U.S. Treasury Bond 2.500%, 2/15/46	$	2,405	$	2,184
U.S. Treasury Note 1.125%, 2/28/19		1,065		1,056
1.625%, 2/15/26		275		253
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $3,533)				3,493
MUNICIPAL BONDS—2.9%
California—1.1%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		520		804
Georgia—0.4%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24		255		254
New York—1.0%
Port Authority of New York & New Jersey, Consolidated Bonds Revenue 5.000%, 4/15/57		640		723
Virginia—0.4%
City of Bristol, General Obligation Taxable 4.210%, 1/1/42		285		290
TOTAL MUNICIPAL BONDS (Identified Cost $2,093)				2,071
FOREIGN GOVERNMENT SECURITIES—2.2%
Argentine Republic 7.500%, 4/22/26		155		166
5.875%, 1/11/28		75		71
7.625%, 4/22/46		150		149
6.875%, 1/11/48		75		68
Dominican Republic 144A 5.950%, 1/25/27(2)		100		104
Kingdom of Abu Dhabi 144A 2.500%, 10/11/22(2)		200		193
Kingdom of Bahrain 144A 7.000%, 10/12/28(2)		200		193
Republic of South Africa 4.665%, 1/17/24		100		100
4.300%, 10/12/28		200		187
Republic of Turkey 4.875%, 10/9/26		200		188
Sultanate of Oman 144A 5.375%, 3/8/27(2)		200		195
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $1,642)				1,614
MORTGAGE-BACKED SECURITIES—17.1%
Agency—4.8%
Federal Home Loan Mortgage Corp.
Pool #G01980, 5.000%, 12/1/35		23		25
Pool #G08628, 4.000%, 2/1/45		310		319
Pool #G07961, 3.500%, 3/1/45		271		272
Pool #G08702, 3.500%, 4/1/46		316		317
Federal National Mortgage Association
Pool #812352, 5.000%, 4/1/20		18		18

	PAR VALUE		VALUE
Agency—continued
Pool #886416, 5.000%, 8/1/21	$	3	$	3
Pool #323702, 6.000%, 5/1/29		20		22
Pool #535371, 6.500%, 5/1/30		1		1
Pool #590108, 7.000%, 7/1/31		7		7
Pool #880117, 5.500%, 4/1/36		26		29
Pool #938574, 5.500%, 9/1/36		116		128
Pool #909092, 6.000%, 9/1/37		20		23
Pool #909220, 6.000%, 8/1/38		140		158
Pool #986067, 6.000%, 8/1/38		9		11
Pool #AA7001, 5.000%, 6/1/39		401		434
Pool #931995, 5.000%, 9/1/39		113		122
Pool #931983, 5.500%, 9/1/39		255		279
Pool #AE2496, 4.500%, 9/1/40		182		194
Pool #AL3000, 3.500%, 12/1/42		230		232
Pool #AX3195, 4.000%, 9/1/44		78		80
Pool #MA2495, 3.500%, 1/1/46		118		118
Pool #AS7388, 3.500%, 6/1/46		206		207
Pool #AS8483, 3.000%, 12/1/46		348		340
Pool #AS9393, 4.000%, 4/1/47		96		99
Government National Mortgage Association Pool #443000 6.500%, 9/15/28		24		27
				3,465
Non-Agency—12.3%
American Homes 4 Rent Trust 2014-SFR2, C 144A, 4.705%, 10/17/36(2)		195		205
2015-SFR2, C 144A, 4.691%, 10/17/45(2)		125		132
2015-SFR1, A 144A, 3.467%, 4/17/52(2)		213		215
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, 2003-AR3, M4 , (5.850% minus 1 month LIBOR) 4.748%, 6/25/33(1)		121		120
AMSR Trust 2016-SFR1, C 144A , (1 month LIBOR + 2.250%) 4.058%, 11/17/33(1)(2)		100		101
Angel Oak Mortgage Trust I LLC 2018-1, A1 144A 3.258%, 4/27/48(1)(2)		150		150
Aventura Mall Trust 2013-AVM, C 144A 3.743%, 12/5/32(1)(2)		325		328
Banc of America Funding Trust 2004-B, 2A1, 3.778%, 11/20/34(1)		67		67
2005-1, 1A1, 5.500%, 2/25/35		65		65
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35		51		52
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 4.984%, 7/25/35		188		194
Bank of America (Merrill Lynch – Countrywide) Home Loan Mortgage Pass-Through-Trust 2004-6, 1A2 3.586%, 5/25/34(1)		182		181
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A, 4.250%, 4/28/55(2)		160		165
2017-SPL5, B1 144A, 4.000%, 6/28/57(1)(2)		100		103
2017-SPL1, B1 144A, 4.250%, 10/28/64(1)(2)		114		117
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A, 4.250%, 6/28/53(1)(2)		100		103
2017-SPL3, B1 144A, 4.250%, 11/28/53(1)(2)		145		151
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(2)		120		122
Colony Starwood Homes Trust 2016-2A, C 144A , (1 month LIBOR + 2.150%) 3.927%, 12/17/33(2)		195		195
COLT Mortgage Loan Trust Funding LLC 2016-1, A2 144A, 3.500%, 5/25/46(2)		64		64
2017-1, A3 144A, 3.074%, 5/27/47(1)(2)		61		61
2018-1, A1 144A, 2.930%, 2/25/48(1)(2)		144		144

See Notes to Financial Statements

8

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
Credit Suisse Commercial Mortgage-Backed Trust 2006-8, 3A1 6.000%, 10/25/21	$	45	$	42
Galton Funding Mortgage Trust 2017-1, A21 144A, 3.500%, 7/25/56(1)(2)		104		103
2018-1, A23 144A, 3.500%, 11/25/57(1)(2)		94		93
GMAC Mortgage Corp. Loan Trust 2004-AR1, 12A 4.023%, 6/25/34(1)		146		148
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35(1)		51		52
Jefferies Resecuritization Trust 2014-R1, 1A1 144A 4.000%, 12/27/37(2)		9		9
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5 5.950%, 11/25/33		125		127
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C22, A4 3.801%, 9/15/47		195		200
JPMorgan Chase Mortgage Trust 2004-A4, 2A1, 3.584%, 9/25/34(1)		141		143
2016-1, M2 144A, 3.750%, 4/25/45(1)(2)		114		114
2016-2, M2 144A, 3.750%, 12/25/45(1)(2)		152		152
2017-3, 2A2 144A, 2.500%, 8/25/47(1)(2)		133		129
2017-5, A1 144A, 3.184%, 10/26/48(1)(2)		294		293
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(2)		78		80
MetLife Securitization Trust 2017-1A, M1 144A 3.640%(1)(2)		100		101
Morgan Stanley – Bank of America (Merrill Lynch) Trust 2013-C13, AS, 4.266%, 11/15/46		360		371
2015-C22, AS, 3.561%, 4/15/48		310		305
New Residential Mortgage Loan Trust 2014-1A, A 144A, 3.750%, 1/25/54(1)(2)		186		187
2015-2A, A1 144A, 3.750%, 8/25/55(1)(2)		138		139
2016-1A, A1 144A, 3.750%, 3/25/56(1)(2)		115		116
2016-4A, B1A 144A, 4.500%, 11/25/56(1)(2)		171		177
2018-1A, A1A 144A, 4.000%, 12/25/57(1)(2)		112		114
NovaStar Mortgage Funding Trust 2004-4, M5 , (1 month LIBOR + 1.725%) 3.597%, 3/25/35		165		165
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(2)		150		151
Pretium Mortgage Credit Partners I LLC 2017-NPL5, A1 144A 3.327%, 12/30/32(1)(2)		91		91
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35		116		119
Sequoia Mortgage Trust 2013-8, B1 3.533%, 6/25/43(1)		106		104
Towd Point Mortgage Trust 2015-1, A2 144A, 3.250%, 10/25/53(1)(2)		150		150
2016-1, A1B 144A, 2.750%, 2/25/55(1)(2)		119		118
2015-5, A2 144A, 3.500%, 5/25/55(1)(2)		220		221
2017-1, M1 144A, 3.750%, 10/25/56(1)(2)		100		101
2015-2, 1M1 144A, 3.250%, 11/25/60(1)(2)		445		439
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(2)		100		98
Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A 3.250%, 6/25/47(2)		62		62
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(2)		214		213
Verus Securitization Trust 2017-2A, A1 144A, 2.485%, 7/25/47(1)(2)		171		170
2018-1, A1 144A, 2.929%, 2/25/48(1)(2)		140		140

	PAR VALUE		VALUE
Non-Agency—continued
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50	$	300	$	297
				8,869
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $12,270)				12,334
ASSET-BACKED SECURITIES—9.1%
Auto Floor Plan—0.4%
Navistar Financial Dealer Note Master Owner Trust II 2016-1, B 144A , (1 month LIBOR + 1.750%) 3.622%, 9/27/21(2)		310		311
Automobiles—5.0%
American Credit Acceptance Receivables Trust 2017-2, C 144A 2.860%, 6/12/23(2)		185		184
AmeriCredit Automobile Receivables Trust 2014-1, D 2.540%, 6/8/20		235		235
Avis Budget Rental Car Funding LLC (AESOP) 2016-1A, A 144A 2.990%, 6/20/22(2)		200		199
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(2)		185		182
CarMax Auto Owner Trust 2015-2, C 2.390%, 3/15/21		235		234
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(2)		153		152
Drive Auto Receivables Trust 2015-DA, C 144A, 3.380%, 11/15/21(2)		144		145
2017-2, C, 2.750%, 9/15/23		220		219
DT Auto Owner Trust 2016-4A, C 144A 2.740%, 10/17/22(2)		235		235
Exeter Automobile Receivables Trust 2015-2A, C 144A 3.900%, 3/15/21(2)		255		257
Flagship Credit Auto Trust 2017-3, C 144A 2.910%, 9/15/23(2)		220		217
Foursight Capital Automobile Receivables Trust 2017-1, B 144A 3.050%, 12/15/22(2)		175		172
GLS Auto Receivables Trust 2017-1A, B 144A 2.980%, 12/15/21(2)		220		218
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(2)		180		180
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24(2)		185		182
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23(2)		220		216
Tesla Auto Lease Trust 2018-A, A 144A 2.320%, 12/20/19(2)		165		165
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22(2)		220		218
				3,610
Other—3.3%
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(2)		203		200
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23(2)		180		180
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(2)		185		184
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(2)		170		168

See Notes to Financial Statements

9

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Other—continued
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(2)	$	146	$	143
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23(2)		82		82
Mariner Finance Issuance Trust 2017-AA, A 144A 3.620%, 2/20/29(2)		185		186
MVW Owner Trust 2017-1A, A 144A 2.420%, 12/20/34(2)		202		197
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(2)		180		180
Orange Lake Timeshare Trust 2012-AA, A 144A 3.450%, 3/10/27(2)		19		19
Prosper Marketplace Issuance Trust 2017-2A, B 144A, 3.480%, 9/15/23(2)		185		184
2018-1A, A 144A, 3.110%, 6/17/24(2)		180		180
SoFi Consumer Loan Program LLC 2017-1, A 144A 3.280%, 1/26/26(2)		129		129
Taco Bell Funding LLC 2016-1A, A21 144A 3.832%, 5/25/46(2)		178		179
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(2)		182		183
				2,394
Student Loans—0.4%
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42(2)		220		216
SoFi Professional Loan Program LLC 2015-A, A2 144A 2.420%, 3/25/30(2)		48		48
				264
TOTAL ASSET-BACKED SECURITIES (Identified Cost $6,621)				6,579
CORPORATE BONDS AND NOTES—52.1%
Consumer Discretionary—5.4%
Altice France S.A. 144A 7.375%, 5/1/26(2)		200		190
Beazer Homes USA, Inc. 6.750%, 3/15/25		140		139
Charter Communications Operating LLC 4.908%, 7/23/25		185		189
CSC Holdings LLC 144A 5.375%, 2/1/28(2)		200		189
Discovery Communications LLC 3.950%, 3/20/28		175		168
Dollar General Corp. 4.125%, 5/1/28		214		216
Ford Motor Credit Co., LLC 5.750%, 2/1/21		235		249
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(2)		60		64
General Motors Financial Co., Inc. 4.200%, 3/1/21		90		92
3.450%, 4/10/22		30		30
Horton (D.R.), Inc. 4.750%, 2/15/23		220		231
L Brands, Inc. 6.875%, 11/1/35		82		79
Lear Corp. 3.800%, 9/15/27		220		211
Lennar Corp. 144A, 5.250%, 6/1/26(2)		150		148
144A, 4.750%, 11/29/27(2)		145		139

	PAR VALUE		VALUE
Consumer Discretionary—continued
Live Nation Entertainment, Inc. 144A 5.625%, 3/15/26(2)	$	115	$	116
MDC Holdings, Inc. 5.500%, 1/15/24		180		183
Meredith Corp. 144A 6.875%, 2/1/26(2)		55		56
PulteGroup, Inc. 6.375%, 5/15/33		130		136
QVC, Inc. 4.375%, 3/15/23		265		265
Scientific Games International, Inc. 6.625%, 5/15/21		95		97
Sirius XM Radio, Inc. 144A 5.000%, 8/1/27(2)		145		136
TRI Pointe Group, Inc. 5.875%, 6/15/24		105		106
William Lyon Homes, Inc. 144A 6.000%, 9/1/23(2)		145		145
Wyndham Worldwide Corp. 5.100%, 10/1/25		245		253
4.500%, 4/1/27		50		50
				3,877
Consumer Staples—1.8%
Anheuser-Busch InBev Finance, Inc. 3.650%, 2/1/26		185		184
Anheuser-Busch Inbev Worldwide, Inc. 4.000%, 4/13/28		105		106
CVS Health Corp. 2.875%, 6/1/26		255		235
4.300%, 3/25/28		158		159
Flowers Foods, Inc. 4.375%, 4/1/22		275		285
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26		180		166
Safeway, Inc. 7.250%, 2/1/31		115		93
Tops Holding LLC 144A 8.000%, 6/15/22(2)(8)		155		71
				1,299
Energy—5.3%
Andeavor Logistics LP 4.250%, 12/1/27		185		180
Bristow Group, Inc. 144A 8.750%, 3/1/23(2)		25		25
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25		110		115
Crestwood Midstream Partners LP 5.750%, 4/1/25		125		124
Enbridge Energy Partners LP 4.375%, 10/15/20		30		31
5.875%, 10/15/25		145		159
Energy Transfer Partners LP 4.200%, 4/15/27		185		179
EP Energy LLC 144A 8.000%, 11/29/24(2)		75		75
Gazprom OAO 144A 4.950%, 2/6/28(2)(5)		210		208
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		115		119

See Notes to Financial Statements

10

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Energy—continued
HollyFrontier Corp. 5.875%, 4/1/26	$	190	$	204
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		245		306
MPLX LP 4.875%, 12/1/24		255		267
NuStar Logistics LP 5.625%, 4/28/27		165		160
Parsley Energy LLC 144A 5.625%, 10/15/27(2)		160		160
Petrobras Global Finance BV 7.375%, 1/17/27		240		260
Petroleos Mexicanos 6.500%, 3/13/27		205		219
Range Resources Corp. 4.875%, 5/15/25		145		135
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		140		152
4.200%, 3/15/28		35		34
SM Energy Co. 5.625%, 6/1/25		45		43
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(3)		200		217
Sunoco LP 144A 5.500%, 2/15/26(2)		75		72
TransMontaigne Partners LP 6.125%, 2/15/26		60		60
USA Compression Partners LP 144A 6.875%, 4/1/26(2)		110		112
Valero Energy Partners LP 4.500%, 3/15/28		175		176
				3,792
Financials—17.0%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22		200		201
Allstate Corp. (The) Series B 5.750%, 8/15/53(4)		180		189
Apollo Management Holdings LP 144A 4.000%, 5/30/24(2)		190		191
Ares Capital Corp. 3.500%, 2/10/23		75		73
4.250%, 3/1/25		145		141
Ares Finance Co., LLC 144A 4.000%, 10/8/24(2)		270		262
Athene Holding Ltd. 4.125%, 1/12/28		175		168
Aviation Capital Group LLC 144A 3.500%, 11/1/27(2)		195		183
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(2)		200		192
Banco de Credito e Inversiones 144A 3.500%, 10/12/27(2)		300		281
Banco Santander Chile 144A 3.875%, 9/20/22(2)		215		217
Bank of America Corp. 144A, 3.004%, 12/20/23(2)		255		250
4.200%, 8/26/24		338		343
Bank of Montreal 3.803%, 12/15/32		303		287
BrightSphere Investment Group plc 4.800%, 7/27/26		200		201

	PAR VALUE		VALUE
Financials—continued
Brookfield Finance LLC 4.000%, 4/1/24	$	232	$	234
Capital One Financial Corp.
4.200%, 10/29/25		180		178
3.750%, 7/28/26		200		190
Citigroup, Inc. 3.200%, 10/21/26		330		314
Compass Bank 3.875%, 4/10/25		250		244
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22(2)		290		289
Discover Financial Services 3.950%, 11/6/24		190		188
FS Investment Corp. 4.250%, 1/15/20		165		166
4.750%, 5/15/22		40		40
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		500		541
ICAHN Enterprises LP 6.375%, 12/15/25		145		146
Jefferies Group LLC 5.125%, 1/20/23		85		90
4.850%, 1/15/27		100		102
JPMorgan Chase & Co. 3.300%, 4/1/26		365		353
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(2)		215		240
Leucadia National Corp. 5.500%, 10/18/23		150		154
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23(2)		245		250
Lincoln National Corp. 4.200%, 3/15/22		250		257
Macquarie Group Ltd. 144A 6.250%, 1/14/21(2)		210		226
Manulife Financial Corp. 4.150%, 3/4/26		215		218
Mizuho Financial Group, Inc. 3.549%, 3/5/23		200		199
Morgan Stanley 4.100%, 5/22/23		155		157
3.125%, 7/27/26		365		345
6.375%, 7/24/42		435		562
Navient Corp. 7.250%, 9/25/23		40		42
6.750%, 6/25/25		110		111
Nordea Bank AB 144A 2.125%, 5/29/20(2)		200		196
Powszechna Kasa Oszczednosci Bank Polski S.A. 144A 4.630%, 9/26/22(2)(5)		255		266
Prudential Financial, Inc. 5.875%, 9/15/42		75		79
5.625%, 6/15/43(4)		160		168
S&P Global, Inc. 4.000%, 6/15/25		195		199
Santander Holdings USA, Inc.
3.700%, 3/28/22		185		185
4.400%, 7/13/27		70		70
SBA Tower Trust 144A 2.877%, 7/10/46(2)		320		315
Societe Generale S.A. 144A 4.750%, 11/24/25(2)		200		202

See Notes to Financial Statements

11

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Financials—continued
Springleaf Finance Corp. 6.875%, 3/15/25	$	65	$	65
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(2)		160		156
Trinity Acquisition plc 3.500%, 9/15/21		15		15
4.400%, 3/15/26		80		81
Turkiye Vakiflar Bankasi TAO 144A 5.625%, 5/30/22(2)		200		196
UBS AG 7.625%, 8/17/22		500		561
Wells Fargo & Co. 3.069%, 1/24/23		95		93
3.550%, 9/29/25		145		142
Series S, 5.900%, 8/15/27		255		263
				12,267
Health Care—4.2%
Abbott Laboratories 3.400%, 11/30/23		40		40
3.750%, 11/30/26		285		283
AbbVie, Inc. 2.850%, 5/14/23		135		131
3.600%, 5/14/25		65		64
3.200%, 5/14/26		110		105
Allergan Sales LLC 144A 4.875%, 2/15/21(2)		75		77
AmerisourceBergen Corp. 3.450%, 12/15/27		145		138
Anthem, Inc. 3.650%, 12/1/27		50		48
4.101%, 3/1/28		185		185
Becton Dickinson & Co. (3 month LIBOR + 0.875%) 2.944%, 12/29/20		60		60
3.363%, 6/6/24		38		37
3.700%, 6/6/27		225		217
Cardinal Health, Inc. 3.200%, 3/15/23		130		128
3.079%, 6/15/24		10		10
3.410%, 6/15/27		75		71
Community Health Systems, Inc. 6.250%, 3/31/23		95		88
Envision Healthcare Corp. 144A 6.250%, 12/1/24(2)		35		36
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(2)		35		36
HCA, Inc. 5.375%, 2/1/25		80		80
Mylan NV 3.150%, 6/15/21		55		54
3.950%, 6/15/26		145		141
Owens & Minor, Inc. 3.875%, 9/15/21		35		35
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		80		77
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(2)		120		125
Tenet Healthcare Corp. 4.500%, 4/1/21		85		84
144A, 4.625%, 7/15/24(2)		75		72

	PAR VALUE		VALUE
Health Care—continued
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/1/26	$	80	$	64
Valeant Pharmaceuticals International, Inc. 144A, 7.500%, 7/15/21(2)		25		25
144A, 6.500%, 3/15/22(2)		10		10
144A, 5.500%, 3/1/23(2)		50		44
144A, 7.000%, 3/15/24(2)		20		21
Zimmer Biomet Holdings, Inc. (3 month LIBOR + 0.750%) 2.928%, 3/19/21		220		220
3.550%, 4/1/25		255		247
				3,053
Industrials—2.0%
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(2)		200		190
Bombardier, Inc. 144A 6.125%, 1/15/23(2)		115		115
CNH Industrial N.V. 4.500%, 8/15/23		153		156
3.850%, 11/15/27		98		95
Masco Corp. 5.950%, 3/15/22		84		91
4.450%, 4/1/25		55		56
Owens Corning 3.400%, 8/15/26		200		193
Penske Truck Leasing Co., LP 144A 3.375%, 2/1/22(2)		75		75
Pitney Bowes, Inc. 4.125%, 5/15/22		176		166
Standard Industries, Inc. 144A 6.000%, 10/15/25(2)		145		149
TransDigm, Inc. 6.000%, 7/15/22		115		117
6.500%, 5/15/25		45		45
				1,448
Information Technology—3.2%
Apple, Inc. 2.900%, 9/12/27		305		290
3.000%, 11/13/27		125		120
Arrow Electronics, Inc. 3.875%, 1/12/28		185		179
Broadcom Corp. 3.000%, 1/15/22		80		78
3.625%, 1/15/24		145		143
Citrix Systems, Inc. 4.500%, 12/1/27		170		168
Dell International LLC 144A, 6.020%, 6/15/26(2)		40		43
144A, 8.100%, 7/15/36(2)		85		103
Flex Ltd. 4.750%, 6/15/25		200		209
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		120		124
Jabil, Inc. 3.950%, 1/12/28		150		145
VeriSign, Inc. 4.750%, 7/15/27		145		139
Verisk Analytics, Inc. 4.000%, 6/15/25		190		191
VMware, Inc. 2.950%, 8/21/22		94		90
3.900%, 8/21/27		100		95

See Notes to Financial Statements

12

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Information Technology—continued
Western Digital Corp. 4.750%, 2/15/26	$	180	$	180
				2,297
Materials—4.0%
Anglo American Capital plc 144A 4.000%, 9/11/27(2)		200		192
BHP Billiton Finance USA Ltd. 144A 6.750%(2)(4)(7)		200		225
CRH America Finance, Inc. 144A 3.400%, 5/9/27(2)		200		191
FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23(2)		95		94
Glencore Funding LLC 144A 4.000%, 3/27/27(2)		185		179
GTL Trade Finance, Inc. 144A 5.893%, 4/29/24(2)		150		160
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(2)		200		202
Inversiones CMPC S.A. 144A 4.375%, 5/15/23(2)		375		383
NewMarket Corp. 4.100%, 12/15/22		288		295
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24(2)		80		77
144A, 5.000%, 5/1/25(2)		100		96
OCP SA 144A 5.625%, 4/25/24(2)		200		211
Rusal Capital DAC 144A 5.125%, 2/2/22(2)		200		197
Teck Resources Ltd. 144A 8.500%, 6/1/24(2)		40		44
United States Steel Corp. 6.250%, 3/15/26		145		144
Vulcan Materials Co. 3.900%, 4/1/27		185		182
				2,872
Real Estate—4.3%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27		120		117
American Tower Corp. 3.000%, 6/15/23		86		83
Brixmor Operating Partnership LP 3.875%, 8/15/22		55		55
Corporate Office Properties LP 3.600%, 5/15/23		265		259
Education Realty Operating Partnership LP 4.600%, 12/1/24		205		208
EPR Properties 4.750%, 12/15/26		245		245
Healthcare Realty Trust, Inc. 3.875%, 5/1/25		125		123
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		190		184
Hospitality Properties Trust 4.950%, 2/15/27		220		224
Kilroy Realty LP 4.375%, 10/1/25		190		192
LifeStorage LP 3.500%, 7/1/26		195		186
3.875%, 12/15/27		75		72

	PAR VALUE		VALUE
Real Estate—continued
MPT Operating Partnership LP 6.375%, 3/1/24	$	20	$	21
5.500%, 5/1/24		90		92
5.000%, 10/15/27		85		83
National Retail Properties, Inc. 4.000%, 11/15/25		60		60
Physicians Realty LP 3.950%, 1/15/28		200		192
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24		155		149
Select Income REIT 4.500%, 2/1/25		190		188
Welltower, Inc. 4.000%, 6/1/25		200		200
WP Carey, Inc. 4.600%, 4/1/24		160		164
				3,097
Telecommunication Services—2.5%
AT&T, Inc. 3.900%, 8/14/27		155		156
144A, 4.100%, 2/15/28(2)		449		446
Consolidated Communications, Inc. 6.500%, 10/1/22		104		93
Frontier Communications Corp. 7.125%, 1/15/23		145		98
144A, 8.500%, 4/1/26(2)		70		68
Level 3 Financing, Inc. 5.375%, 1/15/24		145		141
Qwest Corp. 7.250%, 9/15/25		150		162
Telefonica Emisiones SAU 4.570%, 4/27/23		225		236
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28(2)		200		191
Verizon Communications, Inc. 4.125%, 3/16/27		180		182
				1,773
Utilities—2.4%
American Electric Power Co., Inc. 3.200%, 11/13/27		170		162
Duke Energy Corp. 2.650%, 9/1/26		205		187
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(2)		200		204
Exelon Corp. 3.497%, 6/1/22		255		253
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25(2)		210		216
PNM Resources, Inc. 3.250%, 3/9/21		155		155
Southern Power Co. 4.150%, 12/1/25		230		236
State Grid Overseas Investment 2014 Ltd. 144A 4.125%, 5/7/24(2)		200		203
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(2)		130		123
				1,739
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $37,806)				37,514

See Notes to Financial Statements

13

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
LEVERAGED LOANS—4.9%
Chemicals—0.0%
Tronox Blocked Borrower LLC First Lien , (3 month LIBOR + 3.000%) 5.302%, 9/23/24	$	8	$	8
Tronox Finance LLC First Lien , (3 month LIBOR + 3.000%) 5.302%, 9/23/24		17		17
				25
Consumer Durables—0.1%
Global Appliance, Inc. Tranche B , (1 month LIBOR + 4.000%) 5.880%, 9/29/24		60		60
Consumer Non-Durables—0.1%
HLF Financing S.a r.l. Senior Lien , (1 month LIBOR + 5.500%) 7.377%, 2/15/23		37		37
Energy—0.2%
Ultra Resources, Inc. , (1 month LIBOR + 3.000%) 4.765%, 4/12/24		120		119
Financial—0.0%
Genworth Holdings, Inc. , (1 month LIBOR + 4.500%) 6.202%, 3/7/23		5		5
Food / Tobacco—0.3%
Aramark Intermediate HoldCo Corp. Tranche B-1 , (1 month LIBOR + 2.000%) 3.877%, 3/11/25		75		75
CHG PPC Parent LLC First Lien , (3 month LIBOR + 2.750%) 0.000%, 3/21/25(9)		10		10
JBS USA Lux S.A. , (3 month LIBOR + 2.500%) 4.678%, 10/30/22		109		109
				194
Food and Drug—0.1%
Albertson’s LLC 2017-1, Tranche B-4 , (1 month LIBOR + 2.750%) 4.627%, 8/25/21		102		101
Gaming / Leisure—0.8%
Gateway Casinos & Entertainment Ltd. , (1 month LIBOR + 3.000%) 4.750%, 3/13/25		35		35
GVC Holdings PLC , (3 month LIBOR + 2.500%) 0.000%, 3/15/24(9)		95		95
Playa Resorts Holding B.V. , (3 month LIBOR + 3.250%) 5.000%, 4/29/24		94		95
Scientific Games International, Inc. Tranche B-5 , (2 month LIBOR + 2.750%) 4.686%, 8/14/24		5		5
Seminole Tribe of Florida Tranche B , (1 month LIBOR + 2.000%) 3.877%, 7/8/24		119		120
Station Casinos LLC Tranche B , (1 month LIBOR + 2.500%) 4.380%, 6/8/23		84		84
UFC Holdings, LLC First Lien , (1 month LIBOR + 3.250%) 5.130%, 8/18/23		97		98
Wyndham Hotels & Resorts, Inc. Tranche B , (3 month LIBOR + 1.750%) 0.000%, 3/28/25(9)		30		30
				562
Healthcare—0.3%
CHG Healthcare Services, Inc. 2017, First Lien , (3 month LIBOR + 3.000%) 4.772%, 6/7/23		118		118
Concentra, Inc. Tranche B-1, First Lien , (3 month LIBOR + 2.750%) 4.530%, 6/1/22		10		10

	PAR VALUE		VALUE
Healthcare—continued
Envision Healthcare Corp. , (1 month LIBOR + 3.000%) 4.880%, 12/1/23	$	12	$	12
Parexel International Corp. , (1 month LIBOR + 2.750%) 4.627%, 9/27/24		20		20
Quorum Health Corp. , (1 month LIBOR + 6.750%) 8.627%, 4/29/22		86		88
				248
Housing—0.4%
Beacon Roofing Supply, Inc. , (1 month LIBOR + 2.250%) 3.936%, 1/2/25		125		126
Capital Automotive LP Tranche B-2, First Lien , (1 month LIBOR + 2.500%) 4.380%, 3/25/24		164		164
				290
Information Technology—0.4%
Rackspace Hosting, Inc. Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.787%, 11/3/23		163		162
SS&C Technologies Holdings, Inc.
Tranche B-3, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(9)		111		111
Tranche B-4, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(9)		39		40
				313
Manufacturing—0.6%
Accudyne Industries Borrower S.C.A. , (1 month LIBOR + 3.250%) 5.127%, 8/18/24		85		85
CPI Acquisition, Inc. First Lien , (3 month LIBOR + 4.500%) 6.358%, 8/17/22		160		109
U.S. Farathane LLC Tranche B-4 , (3 month LIBOR + 3.500%) 5.802%, 12/23/21		105		106
Zodiac Pool Solutions LLC
Tranche B-1, First Lien, (3 month LIBOR + 4.000%) 6.302%, 12/20/23		99		99
Tranche B, (3 month LIBOR + 2.250%) 0.000%, 3/7/25(9)		35		35
				434
Media / Telecom – Broadcasting—0.1%
Sinclair Television Group, Inc. Tranche B , (3 month LIBOR + 2.500%) 0.000%, 12/12/24(9)		95		95
Media / Telecom – Cable/Wireless Video—0.0%
Telenet Financing USD LLC , (3 month LIBOR + 2.500%) 0.000%, 3/1/26(9)		5		5
Media / Telecom – Diversified Media—0.2%
Crown Finance US, Inc. , (1 month LIBOR + 2.500%) 4.377%, 2/28/25		80		80
Meredith Corp. , (1 month LIBOR + 3.000%) 4.877%, 1/31/25		95		95
				175
Media / Telecom – Telecommunications—0.4%
CenturyLink, Inc. Tranche B , (1 month LIBOR + 2.750%) 4.627%, 1/31/25		115		113
Level 3 Financing, Inc. 2024, Tranche B , (1 month LIBOR + 2.250%) 4.111%, 2/22/24		145		145
				258

See Notes to Financial Statements

14

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
Media / Telecom – Wireless Communications—0.0%
Digicel International Finance Ltd. Tranche B, First Lien , (3 month LIBOR + 3.250%) 5.020%, 5/27/24	$	10		$	10
Service—0.5%
ASGN, Inc. Tranche B-2 , (3 month LIBOR + 2.000%) 0.000%, 4/2/25(9)		30			30
Delek US Holdings, Inc. , (3 month LIBOR + 2.500%) 0.000%, 3/14/25(9)		30			30
Red Ventures, LLC First Lien , (1 month LIBOR + 4.000%) 5.877%, 11/8/24		75			75
Sedgwick Claims Management Services, Inc. Second Lien , (3 month LIBOR + 5.750%) 7.734%, 2/28/22		120			121
TKC Holdings, Inc. First Lien , (3 month LIBOR + 4.250%) 6.030%, 2/1/23		79			80
					336
Transportation – Automotive—0.1%
Navistar, Inc. Tranche B , (1 month LIBOR + 3.500%) 5.210%, 11/6/24		95			95
Utility—0.3%
NRG Energy, Inc. , (3 month LIBOR + 1.750%) 4.052%, 6/30/23		109			109
Vistra Operations Co. LLC (1 month LIBOR + 2.500%) 4.377%, 8/4/23		70			70
Tranche C, (1 month LIBOR + 2.500%) 4.377%, 8/4/23		13			13
					192
TOTAL LEVERAGED LOANS (Identified Cost $3,580)					3,554
	SHARES
PREFERRED STOCKS—3.3%
Financial—2.3%
Bank of New York Mellon Corp. (The) Series E, 4.950%		150	(6)		154
Citigroup, Inc. Series J, 7.125%		8,000			229
Huntington Bancshares, Inc. Series E 5.700%		185	(6)		186
JPMorgan Chase & Co. Series Z, 5.300%		225	(6)		231
KeyCorp Series D, 5.000%		190	(6)		187
M&T Bank Corp. Series F, 5.125%		195	(6)		195
MetLife, Inc. Series D 5.875%		78	(6)		79
PNC Financial Services Group, Inc. (The) Series R, 4.850%		215	(6)		215
Series S, 5.000%		195	(6)		194
					1,670
Industrials—1.0%
General Electric Co. Series D, 5.000%		686	(6)		679
TOTAL PREFERRED STOCKS (Identified Cost $2,304)					2,349

	SHARES		VALUE
AFFILIATED MUTUAL FUND(10)—1.6%
Virtus Newfleet Credit Opportunities Fund Class R6		117,904	$	1,138
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,179)				1,138
TOTAL LONG-TERM INVESTMENTS—98.1%
(Identified Cost $71,028)				70,646
SHORT-TERM INVESTMENT—2.5%
Money Market Mutual Fund(10)—2.5%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)		1,796,181		1,796
TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,796)				1,796
TOTAL INVESTMENTS—100.6% (Identified Cost $72,824)				72,442
Other assets and liabilities, net—(0.6)%				(478	)
NET ASSETS—100.0%			$	71,964

Abbreviations:

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Variable rate security. Rate disclosed is as of March 31, 2018. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $23,334 or 32.4% of net assets.

⁽³⁾  Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁴⁾  Interest payments may be deferred.

⁽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⁾  Value shown as par value.

⁽⁷⁾  No contractual maturity date.

⁽⁸⁾  Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽⁹⁾  This loan will settle after March 31, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽¹⁰⁾  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

15

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

Country Weightings†
United States	85	%
Canada	1
Netherlands	1
Chile	1
Luxembourg	1
United Kingdom	1
Switzerland	1
Other	9
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Debt Securities:
Asset-Backed Securities	$	6,579	$	—	$	6,579
Corporate Bonds And Notes		37,514		—		37,514
Foreign Government Securities		1,614		—		1,614
Leveraged Loans		3,554		—		3,554
Mortgage-Backed Securities		12,334		—		12,334
Municipal Bonds		2,071		—		2,071
U.S. Government Securities		3,493		—		3,493
Equity Securities:
Affiliated Mutual Fund		1,138		1,138		—
Preferred Stocks		2,349		229		2,120
Short-Term Investment		1,796		1,796		—
Total Investments	$	72,442	$	3,163	$	69,279

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

There were no transfers between Level 1, Level 2, or Level 3 related to securities held as of March 31, 2018.

See Notes to Financial Statements

16

VIRTUS NEWFLEET CA TAX-EXEMPT BOND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MUNICIPAL TAX-EXEMPT BONDS(1)—95.8%
Electric Revenue—5.3%
Northern California Power Agency, Hydroelectric Project No.1, 5.000%, 7/1/32	$	200	$	221
Roseville Natural Gas Financing Authority,		450		504
5.000%, 2/15/24
5.000%, 2/15/27		210		241
Sacramento Municipal Utility District, 5.000%, 8/15/29		150		170
Southern California Public Power Authority, Windy Point Project, 5.000%, 7/1/28		250		267
				1,403
General Obligation—14.1%
Cajon Valley Union School District, 5.000%, 8/1/31		250		287
California State of, (AMBAC Insured),
5.000%, 2/1/27		290		348
5.000%, 9/1/32		300		329
6.000%, 4/1/38		250		261
4.000%, 10/1/39		100		105
Gilroy Unified School District 4.000%, 8/1/41		250		259
Grossmont Healthcare District 5.000%, 7/15/25		400		476
Long Beach Community College District, 5.000%, 5/1/32		225		259
Los Alamitos Unified School District, School Facilities Improvement District No. 1, 5.250%, 8/1/39		100		114
Midpeninsula Regional Open Space District 4.000%, 9/1/36		100		106
Oakland Unified School District (AGM Insured) 5.000%, 8/1/24		200		235
Ross Valley School District, 5.000%, 8/1/37		350		387
San Diego Unified School District, (AGM Insured) 5.500%, 7/1/25		225		276
Temple City Unified School District, 4.000%, 8/1/33		250		264
				3,706
General Revenue—5.7%
California Infrastructure & Economic Development Bank 5.000%, 10/1/23		200		232
5.000%, 10/1/33		500		594
California State Municipal Finance Authority, Bowles Hall Foundation 4.000%, 6/1/22		100		106
Golden State Tobacco Securitization Corp., 5.000%, 6/1/29		350		391
Midpeninsula Regional Open Space District, Promissory Notes 5.000%, 9/1/23		145		167
				1,490
Healthcare Revenue—10.4%
California State Health Facilities Financing Authority,
El Camino Hospital, 5.000%, 2/1/26		100		115
Cedars-Sinai Medical Center, 5.000%, 11/15/31		260		306
Cedars-Sinai Medical Center, 5.000%, 8/15/34		300		347

	PAR VALUE		VALUE
Healthcare Revenue—continued
Sutter Health, 5.000%, 11/15/35	$	125	$	143
Providence St. Joseph Health Revenue, 4.000%, 10/1/36		50		52
Sutter Health, 5.000%, 8/15/43		135		151
Lucille Salter Packard Children’s Hospital at Stanford, 5.000%, 8/15/43		100		111
Sutter Health, 5.000%, 11/15/46		100		112
Lucille Salter Packard Children’s Hospital at Stanford, 4.000%, 11/15/47		250		258
California State Municipal Finance Authority,
Community Medical Centers Revenue, 5.000%, 2/1/27		100		114
Community Medical Centers, 5.000%, 2/1/47		150		164
California Statewide Communities Development Authority,
Loma Linda University Medical Center, 5.000%, 12/1/30(2)		100		109
John Muir Health Center, 5.000%, 8/15/41		100		113
Cottage Health System, 5.000%, 11/1/43		250		277
Loma Linda University Medical Center, 5.250%, 12/1/56(2)		100		107
Regents of The University of California Medical Center Pooled Revenue 4.500%, 5/15/36		250		272
				2,751
Higher Education Revenue—4.6%
California Municipal Finance Authority, University of La Verne, 5.000%, 6/1/43		60		68
California State University 5.000%, 11/1/32		125		147
5.000%, 11/1/41		300		343
California Statewide Communities Development Authority, The Culinary Institute of America 5.000%, 7/1/46		250		275
University of California,
General Revenue, 5.000%, 5/15/23		100		115
Limited Projects Revenue, 5.000%, 5/15/23		225		258
				1,206
Lease Revenue—5.9%
California State Public Works Board,
Department of Forestry & Fire Protection, 5.000%, 11/1/32		250		250
Department of Corrections, 4.000%, 12/1/33		150		159
Municipal Improvement Corp. of Los Angeles Real Property 5.000%, 11/1/36		150		173
San Diego Regional Building Authority, County Operations Center 5.000%, 10/15/35		335		387
Ventura County Public Financing Authority, 5.000%, 11/1/25		250		283
West Hollywood Public Financing Authority, West Hollywood Park Phase II 5.000%, 4/1/34		250		290
				1,542
Pre-Refunded—16.7%
California State Health Facilities Financing Authority,
Providence Health & Services (Pre-refunded 10/1/18 @100), 6.500%, 10/1/38		5		5
Providence Health & Services (Pre-refunded 10/1/18 @100), 6.500%, 10/1/38		195		200
California State Infrastructure & Economic Development Bank,
Bay Area Toll Bridges (AMBAC Insured) (Pre-refunded 1/1/28 @ 100), 5.000%, 7/1/36		175		215
Bay Area Toll Bridges (AMBAC Insured) (Pre-refunded 7/1/26 @100), 5.125%, 7/1/37		530		644

See Notes to Financial Statements

17

VIRTUS NEWFLEET CA TAX-EXEMPT BOND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Pre-Refunded—continued
California State Public Works Board,
Department of General Services, Buildings 8&9 (Pre-refunded 4/1/19 @100), 6.125%, 4/1/29	$	500	$	523
Capital Projects (Pre-refunded 10/1/19 @100), 5.750%, 10/1/30		550		584
Los Alamitos Unified School District, School Facilities Improvement District No. 1, (Pre-refunded 8/1/23 @ 100) 5.250%, 8/1/39		150		174
Northern California Power Agency, (AMBAC Insured) (Pre-refunded 7/1/21 @ 100) 7.500%, 7/1/23		175		196
Riverside County Single Family Mortgage, (Escrowed to Maturity) (GNMA Collateralized) 7.800%, 5/1/21		1,140		1,336
Santa Margarita-Dana Point Authority, Water Improvement Districts Nos. 2,3,4 (Pre-refunded 8/1/18 @100) 5.125%, 8/1/38		500		506
				4,383
Special Tax Revenue—4.4%
Chula Vista Municipal Financing Authority, 5.000%, 9/1/27		200		230
Los Angeles County Transportation Authority, Special Tax, 5.000%, 7/1/29		400		485
San Diego County Regional Transportation Commission, Sales Tax Revenue 5.000%, 4/1/36		150		175
Tustin Unified School District, Community Facilities District No. 97-1 (BAM Insured) 5.000%, 9/1/33		250		281
				1,171
Tax Allocation Revenue—13.4%
Garden Grove Agency for Community Development Successor Agency, Garden Grove Community Project (BAM Insured) 5.000%, 10/1/29		350		404
Lafayette Redevelopment Agency Successor Agency, Lafayette Redevelopment Project (AGM Insured) 5.000%, 8/1/38		250		278
Lancaster Redevelopment Agency Successor Agency, Combined Redevelopment Project Areas (AGM Insured) 5.000%, 8/1/33		70		81
Los Angeles County Redevelopment Refunding Authority, Long Beach Project, 5.000%, 8/1/34		215		243
Menlo Park Community Development Agency Successor Agency, Las Pulgas Community Development Project (AGM Insured) 5.000%, 10/1/29		100		115
Milpitas Redevelopment Agency Successor Agency Redevelopment Project Area No.1, 5.000%, 9/1/30		300		348
Palm Desert Redevelopment Agency Successor Agency (BAM Insured), 5.000%, 10/1/28		100		119
Palmdale Community Redevelopment Agency Successor Agency, Subordinate Lien (NATL Insured) 5.000%, 9/1/34		300		341
Rancho Cucamonga Redevelopment Agency Successor Agency, Rancho Redevelopment Project Area (NATL Insured) 4.000%, 9/1/34		200		211
Sacramento Redevelopment Agency Successor Agency
(BAM Insured), 5.000%, 12/1/33		75		85
(BAM Insured), 5.000%, 12/1/34		75		85
San Marcos Redevelopment Agency Successor Agency, 5.000%, 10/1/33		300		343
San Mateo Redevelopment Agency Successor Agency, 5.000%, 8/1/30		250		282
Union City Redevelopment Agency Successor Agency, Union City Redevelopment Project, 5.000%, 10/1/36		215		243

	PAR VALUE		VALUE
Tax Allocation Revenue—continued
Westminster Redevelopment Agency Successor Agency,
(BAM Insured), 4.000%, 11/1/34	$	75	$	79
(BAM Insured), 4.000%, 11/1/36		250		261
				3,518
Transportation Revenue—7.7%
Bay Area Toll Authority, San Francisco Bay Area Toll Bridge, Senior Lien 1.375%, 4/1/53(3)		150		149
Fontana Redevelopment Agency Successor Agency 5.000%, 10/1/32		200		237
Los Angeles Department of Airports, Los Angeles International Airport, Subordinate Lien 5.000%, 5/15/32		210		240
Los Angeles Harbor Department, 5.000%, 8/1/35		235		267
San Diego County Regional Airport Authority, 5.000%, 7/1/40		400		425
San Diego Unified Port District, 5.000%, 9/1/28		200		226
San Francisco City & County Airport Commission, San Francisco International Airport, 5.000%, 5/1/43		150		164
San Francisco Municipal Transportation Agency, 5.000%, 3/1/31		125		142
5.000%, 3/1/33		150		170
				2,020
Water & Sewer Revenue—7.6%
California State Municipal Finance Authority, San Bernardino Municipal Water Department Project (BAM Insured) 5.000%, 8/1/41		250		282
East Bay Municipal Utility District Water System Revenue 5.000%, 6/1/42		250		292
Los Angeles Department of Water & Power, 5.000%, 7/1/35		295		335
Oakland, City of, Sewer Revenue, 5.000%, 6/15/29		230		263
Ross Valley Public Financing Authority, Sanitary District No.1 (AGM Insured) 5.000%, 10/1/33		225		254
San Diego County Water Authority Financing Corp. 5.000%, 5/1/37		500		580
				2,006
TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $24,574)				25,196
TOTAL LONG-TERM INVESTMENTS—95.8% (Identified Cost $24,574)				25,196
TOTAL INVESTMENTS—95.8% (Identified Cost $24,574)				25,196
Other assets and liabilities, net—4.2%				1,116
NET ASSETS—100.0%			$	26,312

Abbreviations:

AGM Assured Guaranty Municipal Corp.

AMBAC American Municipal Bond Assurance Corp.

BAM Build America Municipal Insured

GNMA Government National Mortgage Association (“Ginnie Mae”)

NATL National Public Finance Guarantee Corp.

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

See Notes to Financial Statements

18

VIRTUS NEWFLEET CA TAX-EXEMPT BOND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

Footnote Legend:

⁽¹⁾  At March 31, 2018, 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, 2018, 28.83% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers’ concentration exceeds 10% of the Fund’s net assets.

⁽²⁾  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, 2018, these securities amounted to a value of $216 or 0.8% of net assets.

⁽³⁾  Variable or step coupon security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Municipal Tax-Exempt Bonds	$	25,196	$	—	$	25,196	$	—
Total Investments	$	25,196	$	—	$	25,196	$	—

There are no Level 1 (quoted prices) or Level 3 (significant unobservable inputs) priced securities at March 31, 2018.

There were no transfers between Level 1, Level 2 or Level 3 related to securities held as of March 31, 2018.

See Notes to Financial Statements

19

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
U.S. GOVERNMENT OBLIGATIONS—3.6%
U.S. Treasury Note 2.028%, 3/28/19	$	2,500	$	2,449
TOTAL U.S. GOVERNMENT OBLIGATIONS (Identified Cost $2,449)				2,449
FOREIGN GOVERNMENT SECURITIES—0.3%
Argentine Republic 5.875%, 1/11/28		105		99
6.875%, 1/11/48		105		96
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $209)				195
ASSET-BACKED SECURITIES—0.6%
Automobiles—0.3%
Carnow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21(2)		215		218
Other—0.3%
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(2)		177		178
TOTAL ASSET-BACKED SECURITIES (Identified Cost $392)				396
CORPORATE BONDS AND NOTES—79.5%
Consumer Discretionary—19.0%
Altice France S.A. 144A, 6.000%, 5/15/22(2)		210		205
144A, 7.375%, 5/1/26(2)		340		324
Altice US Finance I Corp. 144A 5.375%, 7/15/23(2)		210		213
American Axle & Manufacturing, Inc. 6.250%, 3/15/26		15		15
Beazer Homes USA, Inc. 6.750%, 3/15/25		95		94
5.875%, 10/15/27		250		232
Boyne USA, Inc. 144A 7.250%, 5/1/25(2)		155		159
Cablevision Systems Corp. 5.875%, 9/15/22		150		149
Caesars Resort Collection LLC 144A 5.250%, 10/15/25(2)		325		312
CCO Holdings LLC 144A 5.125%, 5/1/27(2)		350		332
Cequel Communications Holdings I LLC 144A, 6.375%, 9/15/20(2)		280		285
144A, 7.500%, 4/1/28(2)		200		204
Clear Channel Worldwide Holdings, Inc.
Series B, 7.625%, 3/15/20		480		479
Series A, 7.625%, 3/15/20		150		149
Cooper-Standard Automotive, Inc. 144A 5.625%, 11/15/26(2)		220		219
CSC Holdings LLC 5.250%, 6/1/24		290		276
144A, 5.500%, 4/15/27(2)		135		129
Diamond Resorts International, Inc. 144A 10.750%, 9/1/24(2)		250		272
DISH DBS Corp. 5.000%, 3/15/23		475		429
7.750%, 7/1/26		160		151
Downstream Development Authority of The Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23(2)		115		118

	PAR VALUE		VALUE
Consumer Discretionary—continued
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(2)	$	315	$	335
Golden Nugget, Inc. 144A 6.750%, 10/15/24(2)		225		227
Goodyear Tire & Rubber Co. (The) 4.875%, 3/15/27		125		120
iHeartCommunications, Inc. 9.000%, 12/15/19(9)		250		197
Intelsat Jackson Holdings SA 5.500%, 8/1/23		220		178
International Game Technology plc 144A 6.250%, 2/15/22(2)		200		209
L Brands, Inc. 6.875%, 11/1/35		217		210
Laureate Education, Inc. 144A 8.250%, 5/1/25(2)		160		172
Lennar Corp. 144A, 5.250%, 6/1/26(2)		265		262
144A, 4.750%, 11/29/27(2)		165		158
Live Nation Entertainment, Inc. 144A 5.625%, 3/15/26(2)		250		253
M/I Homes, Inc. 5.625%, 8/1/25		205		200
McGraw-Hill Global Education Holdings LLC 144A 7.875%, 5/15/24(2)		295		282
MDC Holdings, Inc. 5.500%, 1/15/24		325		330
Meredith Corp. 144A 6.875%, 2/1/26(2)		265		272
MGM Growth Properties Operating Partnership LP 5.625%, 5/1/24		65		67
4.500%, 1/15/28		120		113
MGM Resorts International 4.625%, 9/1/26		170		162
Neiman Marcus Group Ltd. 144A 8.000%, 10/15/21(2)		400		253
PetSmart, Inc. 144A 7.125%, 3/15/23(2)		115		65
Pinnacle Entertainment, Inc. 5.625%, 5/1/24		190		199
PulteGroup, Inc. 5.500%, 3/1/26		200		206
Scientific Games International, Inc. 6.625%, 5/15/21		205		210
144A, 5.000%, 10/15/25(2)		250		243
ServiceMaster Co., LLC (The) 144A 5.125%, 11/15/24(2)		180		174
Sinclair Television Group, Inc. 144A 5.125%, 2/15/27(2)		200		185
Sirius XM Radio, Inc. 144A 5.375%, 7/15/26(2)		205		202
Sonic Automotive, Inc. 6.125%, 3/15/27		200		193
Tenneco, Inc. 5.000%, 7/15/26		175		170
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23(2)		166		174
TRI Pointe Group, Inc. 5.875%, 6/15/24		345		350
Under Armour, Inc. 3.250%, 6/15/26		165		145
Univision Communications, Inc. 144A 5.125%, 5/15/23(2)		230		219
Viking Cruises Ltd. 144A 5.875%, 9/15/27(2)		285		270

See Notes to Financial Statements

20

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—continued
Vista Outdoor, Inc. 5.875%, 10/1/23	$	185	$	173
Weekley Homes LLC 144A 6.625%, 8/15/25(2)		255		252
William Lyon Homes, Inc. 144A 6.000%, 9/1/23(2)		345		344
Wolverine World Wide, Inc. 144A 5.000%, 9/1/26(2)		250		244
				12,764
Consumer Staples—3.9%
Albertsons’s Cos LLC 5.750%, 3/15/25		195		166
Cumberland Farms, Inc. 144A 6.750%, 5/1/25(2)		315		327
Dole Food Co., Inc. 144A 7.250%, 6/15/25(2)		325		333
JBS USA LUX SA 144A 5.750%, 6/15/25(2)		120		112
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(2)		185		176
MARB BondCo plc 144A 7.000%, 3/15/24(2)		200		188
Post Holdings, Inc. 144A, 5.500%, 3/1/25(2)		65		64
144A, 5.000%, 8/15/26(2)		305		290
144A, 5.625%, 1/15/28(2)		25		24
Prestige Brands, Inc. 144A 6.375%, 3/1/24(2)		240		245
Revlon Consumer Products Corp. 6.250%, 8/1/24		200		123
Rite Aid Corp. 6.750%, 6/15/21		250		255
144A, 6.125%, 4/1/23(2)		95		96
Safeway, Inc. 7.250%, 2/1/31		215		174
Tops Holding LLC 144A 8.000%, 6/15/22(2)(9)		130		60
				2,633
Energy—12.5%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(2)		243		255
Alta Mesa Holdings LP 7.875%, 12/15/24		215		224
American Midstream Partners LP 144A 8.500%, 12/15/21(2)		175		176
Archrock Partners LP 6.000%, 10/1/22		150		149
Berry Petroleum Co., LLC 144A 7.000%, 2/15/26(2)		70		71
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(2)		245		249
Bristow Group, Inc. 144A 8.750%, 3/1/23(2)		120		121
California Resources Corp. 144A, 8.000%, 12/15/22(2)		169		133
6.000%, 11/15/24		16		10
Callon Petroleum Co. 6.125%, 10/1/24		200		205
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		210		210

	PAR VALUE		VALUE
Energy—continued
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25	$	475	$	497
Chesapeake Energy Corp. 144A 8.000%, 6/15/27(2)		435		415
Continental Resources, Inc. 4.500%, 4/15/23		145		147
Crestwood Midstream Partners LP 6.250%, 4/1/23		295		297
CrownRock LP 144A 5.625%, 10/15/25(2)		260		257
Denbury Resources, Inc. 144A 9.250%, 3/31/22(2)		73		74
Energy Transfer Equity LP 5.875%, 1/15/24		200		207
EP Energy LLC 144A, 9.375%, 5/1/24(2)		70		50
144A, 8.000%, 11/29/24(2)		105		106
144A, 8.000%, 2/15/25(2)		80		53
Forum Energy Technologies, Inc. 6.250%, 10/1/21		135		134
FTS International, Inc. 6.250%, 5/1/22		190		191
Geopark Ltd. 144A 6.500%, 9/21/24(2)		215		216
NuStar Logistics LP 5.625%, 4/28/27		155		150
Oasis Petroleum, Inc. 6.875%, 1/15/23		195		197
Peabody Energy Corp. 144A 6.375%, 3/31/25(2)		95		99
Petrobras Global Finance BV 144A, 5.299%, 1/27/25(2)		244		241
144A, 5.999%, 1/27/28(2)		116		115
Range Resources Corp. 4.875%, 5/15/25		215		199
Rowan Cos., Inc. 5.400%, 12/1/42		265		186
RSP Permian, Inc. 5.250%, 1/15/25		100		103
Sanchez Energy Corp. 144A 7.250%, 2/15/23(2)		115		116
SESI LLC 144A 7.750%, 9/15/24(2)		230		238
Seven Generations Energy Ltd. 144A 5.375%, 9/30/25(2)		215		205
SM Energy Co. 5.625%, 6/1/25		85		81
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26(2)		200		220
SRC Energy, Inc. 144A 6.250%, 12/1/25(2)		120		120
Sunoco LP 144A, 4.875%, 1/15/23(2)		55		53
144A, 5.500%, 2/15/26(2)		155		150
144A, 5.875%, 3/15/28(2)		55		53
Tapstone Energy LLC 144A 9.750%, 6/1/22(2)		175		145
TransMontaigne Partners LP 6.125%, 2/15/26		105		105
Transocean, Inc. 144A, 7.500%, 1/15/26(2)		65		64
6.800%, 3/15/38		300		234
Ultra Resources, Inc. 144A, 6.875%, 4/15/22(2)		13		11
144A, 7.125%, 4/15/25(2)		55		45

See Notes to Financial Statements

21

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Energy—continued
USA Compression Partners LP 144A 6.875%, 4/1/26(2)	$	230	$	234
Vine Oil & Gas LP 144A 8.750%, 4/15/23(2)		205		191
Weatherford International Ltd. 8.250%, 6/15/23		190		165
9.875%, 2/15/24		30		27
YPF S.A. 144A 6.950%, 7/21/27(2)		200		201
				8,395
Financials—5.4%
Acrisure LLC 144A 7.000%, 11/15/25(2)		240		230
Ally Financial, Inc. 5.750%, 11/20/25		235		242
Banco de Bogota S.A. 144A 6.250%, 5/12/26(2)		200		210
ICAHN Enterprises LP 5.875%, 2/1/22		295		296
6.375%, 12/15/25		175		176
ING Groep N.V. 6.000%(4)(6)		200		205
iStar, Inc. 6.000%, 4/1/22		170		170
5.250%, 9/15/22		335		324
Ladder Capital Finance Holdings LLLP 144A, 5.875%, 8/1/21(2)		265		270
144A, 5.250%, 3/15/22(2)		80		80
Nationstar Mortgage LLC 6.500%, 7/1/21		250		254
Navient Corp. 6.500%, 6/15/22		208		215
7.250%, 9/25/23		60		63
6.750%, 6/25/25		190		193
Springleaf Finance Corp. 6.125%, 5/15/22		335		341
6.875%, 3/15/25		130		130
Voya Financial, Inc. 5.650%, 5/15/53		205		209
				3,608
Health Care—8.6%
Avantor, Inc. 144A 6.000%, 10/1/24(2)		130		129
Change Healthcare Holdings LLC 144A 5.750%, 3/1/25(2)		85		84
Charles River Laboratories International, Inc. 144A 5.500%, 4/1/26(2)		195		198
Community Health Systems, Inc. 6.875%, 2/1/22		115		67
6.250%, 3/31/23		375		345
Concordia International Corp. 144A 9.000%, 4/1/22(2)		65		59
DaVita, Inc. 5.125%, 7/15/24		100		98
5.000%, 5/1/25		100		97
DJO Finco, Inc. 144A 8.125%, 6/15/21(2)		215		216
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22(2)(5)		235		237

	PAR VALUE		VALUE
Health Care—continued
Endo Finance LLC 144A 5.375%, 1/15/23(2)	$	250	$	189
Envision Healthcare Corp. 144A 6.250%, 12/1/24(2)		70		72
HCA, Inc. 5.375%, 2/1/25		330		331
5.250%, 6/15/26		165		167
Kindred Healthcare, Inc. 8.000%, 1/15/20		100		106
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23(2)		110		88
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24(2)		225		232
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22(2)		210		205
Polaris Intermediate Corp. PIK Interest Capitalization, 144A 8.500%, 12/1/22(2)(5)		105		107
Sotera Health Holdings LLC 144A 6.500%, 5/15/23(2)		325		327
Surgery Center Holdings, Inc. 144A, 8.875%, 4/15/21(2)		200		208
144A, 6.750%, 7/1/25(2)		55		53
Tenet Healthcare Corp. 6.000%, 10/1/20		230		238
8.125%, 4/1/22		85		89
144A, 5.125%, 5/1/25(2)		110		106
144A, 7.000%, 8/1/25(2)		380		374
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/1/26		115		92
Valeant Pharmaceuticals International, Inc. 144A, 7.250%, 7/15/22(2)		70		70
144A, 5.875%, 5/15/23(2)		200		177
144A, 7.000%, 3/15/24(2)		25		26
144A, 6.125%, 4/15/25(2)		140		121
144A, 5.500%, 11/1/25(2)		350		341
144A, 9.000%, 12/15/25(2)		70		70
144A 9.250%, 4/1/26(2)		135		134
Wellcare Health Plans, Inc. 5.250%, 4/1/25		135		136
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25(2)		220		210
				5,799
Industrials—5.6%
Advanced Disposal Services, Inc. 144A 5.625%, 11/15/24(2)		205		207
Beacon Escrow Corp. 144A 4.875%, 11/1/25(2)		185		176
Bombardier, Inc. 144A, 6.125%, 1/15/23(2)		265		264
144A, 7.500%, 12/1/24(2)		155		161
GW Honos Security Corp. 144A 8.750%, 5/15/25(2)		210		220
Harland Clarke Holdings Corp. 144A 9.250%, 3/1/21(2)		150		155
JSL Europe S.A. 144A 7.750%, 7/26/24(2)		200		203
Latam Finance Ltd. 144A 6.875%, 4/11/24(2)		205		215
Navistar International Corp. 144A 6.625%, 11/1/25(2)		285		285

See Notes to Financial Statements

22

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Industrials—continued
New Enterprise Stone & Lime Co., Inc. 144A 6.250%, 3/15/26(2)	$	110	$	110
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22(2)		130		139
Standard Industries, Inc. 144A, 6.000%, 10/15/25(2)		155		159
144A, 4.750%, 1/15/28(2)		100		94
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(2)		150		150
Topaz Marine S.A. 144A 9.125%, 7/26/22(2)		360		373
TransDigm, Inc. 6.000%, 7/15/22		105		107
6.500%, 7/15/24		95		97
6.500%, 5/15/25		230		232
Vertiv Intermediate Holding Corp. PIK Interest Capitalization, 144A 12.000%, 2/15/22(2)(5)		220		233
Wrangler Buyer Corp. 144A 6.000%, 10/1/25(2)		192		189
				3,769
Information Technology—4.1%
Blackboard, Inc. 144A 9.750%, 10/15/21(2)		129		110
BMC Software Finance, Inc. 144A 8.125%, 7/15/21(2)		220		220
Corporate Risk Holdings LLC 144A 9.500%, 7/1/19(2)		210		219
Everi Payments, Inc. 144A 7.500%, 12/15/25(2)		65		66
First Data Corp. 144A, 5.000%, 1/15/24(2)		105		105
144A, 5.750%, 1/15/24(2)		450		453
Infor US, Inc. 6.500%, 5/15/22		200		204
Match Group, Inc. 144A 5.000%, 12/15/27(2)		140		138
Rackspace Hosting, Inc. 144A 8.625%, 11/15/24(2)		320		316
Radiate Holdco LLC 144A, 6.875%, 2/15/23(2)		55		53
144A, 6.625%, 2/15/25(2)		240		223
VeriSign, Inc. 4.750%, 7/15/27		170		163
ViaSat, Inc. 144A 5.625%, 9/15/25(2)		215		207
Western Digital Corp. 4.750%, 2/15/26		280		279
				2,756
Materials—9.4%
AK Steel Corp. 7.625%, 10/1/21		100		103
7.500%, 7/15/23		140		148
Alpha 3 BV 144A 6.250%, 2/1/25(2)		280		283
ARD Securities Finance S.a.r.l. PIK Interest Capitalization, 144A 8.750%, 1/31/23(2)(5)		210		220
Ardagh Packaging Finance plc 144A, 7.250%, 5/15/24(2)		345		367
144A, 6.000%, 2/15/25(2)		200		201

	PAR VALUE		VALUE
Materials—continued
BlueScope Steel Finance Ltd. 144A 6.500%, 5/15/21(2)	$	235	$	244
BWAY Holding Co. 144A, 5.500%, 4/15/24(2)		75		75
144A, 7.250%, 4/15/25(2)		190		194
Cascades, Inc. 144A, 5.500%, 7/15/22(2)		140		141
144A, 5.750%, 7/15/23(2)		115		117
Cornerstone Chemical Co.Cornerstone Chemical Co. 144A 6.750%, 8/15/24(2)		200		199
CPG Merger Sub LLC 144A 8.000%, 10/1/21(2)		165		166
Flex Acquisition Co., Inc. 144A 6.875%, 1/15/25(2)		100		99
FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23(2)		265		263
Hexion Inc. 6.625%, 4/15/20		75		70
Hexion U.S. Finance Corp. 144A, 10.375%, 2/1/22(2)		75		73
144A, 13.750%, 2/1/22(2)		190		161
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(2)		315		319
Ingevity Corp. 144A 4.500%, 2/1/26(2)		365		351
James Hardie International Finance DAC 144A, 4.750%, 1/15/25(2)		200		196
144A, 5.000%, 1/15/28(2)		200		194
Kraton Polymers LLC 144A 7.000%, 4/15/25(2)		280		290
Mercer International, Inc. 144A 5.500%, 1/15/26(2)		80		79
NOVA Chemicals Corp.
144A, 4.875%, 6/1/24(2)		110		105
144A, 5.000%, 5/1/25(2)		175		168
Owens-Brockway Glass Container, Inc. 144A 6.375%, 8/15/25(2)		180		189
Platform Specialty Products Corp. 144A 5.875%, 12/1/25(2)		290		283
PQ Corp. 144A 5.750%, 12/15/25(2)		150		149
Reynolds Group Issuer, Inc. RegS 7.000%, 7/15/24(3)		185		194
Teck Resources Ltd. 144A, 8.500%, 6/1/24(2)		75		83
6.125%, 10/1/35		150		159
United States Steel Corp. 6.250%, 3/15/26		235		234
Vedanta Resources plc 144A 6.375%, 7/30/22(2)		200		204
				6,321
Real Estate—1.2%
CoreCivic, Inc. 5.000%, 10/15/22		145		147
ESH Hospitality, Inc. 144A 5.250%, 5/1/25(2)		170		165
Greystar Real Estate Partners LLC 144A 5.750%, 12/1/25(2)		150		150
MPT Operating Partnership LP 6.375%, 3/1/24		65		68
5.000%, 10/15/27		130		128

See Notes to Financial Statements

23

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Real Estate—continued
Uniti Group, Inc. 144A 7.125%, 12/15/24(2)	$	185	$	167
				825
Telecommunication Services—6.8%
Altice Luxembourg S.A. 144A 7.625%, 2/15/25(2)		300		257
CenturyLink, Inc. Series Y 7.500%, 4/1/24		175		176
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(2)		135		121
Consolidated Communications, Inc. 6.500%, 10/1/22		125		112
Digicel Ltd. 144A 6.750%, 3/1/23(2)		200		180
Frontier Communications Corp. 8.500%, 4/15/20		396		398
7.125%, 1/15/23		300		202
144A, 8.500%, 4/1/26(2)		100		97
GTH Finance BV 144A 7.250%, 4/26/23(2)		200		217
Level 3 Financing, Inc. 5.375%, 1/15/24		80		78
5.250%, 3/15/26		135		127
Qwest Corp. 7.250%, 9/15/25		130		140
Sprint Capital Corp. 6.875%, 11/15/28		250		233
Sprint Communications, Inc. 6.000%, 11/15/22		235		231
Sprint Corp. 7.875%, 9/15/23		450		460
T-Mobile USA, Inc. 6.500%, 1/15/24		275		288
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28(2)		400		383
Virgin Media Finance plc 144A 6.000%, 10/15/24(2)		250		248
West Corp. 144A 8.500%, 10/15/25(2)		200		194
Windstream Services LLC 144A, 6.375%, 8/1/23(2)		115		66
144A, 8.750%, 12/15/24(2)		80		47
144A, 8.625%, 10/31/25(2)		56		52
Zayo Group LLC 6.000%, 4/1/23		180		185
6.375%, 5/15/25		70		72
144A, 5.750%, 1/15/27(2)		35		34
				4,598
Utilities—3.0%
AmeriGas Partners LP 5.500%, 5/20/25		105		101
Calpine Corp. 5.375%, 1/15/23		350		335
Dynegy, Inc. 7.375%, 11/1/22		425		448
Ferrellgas Partners LP 8.625%, 6/15/20		140		128
6.750%, 6/15/23		210		191

	PAR VALUE		VALUE
Utilities—continued
NRG Energy, Inc. 7.250%, 5/15/26	$	185	$	196
144A, 5.750%, 1/15/28(2)		55		54
Suburban Propane Partners LP 5.500%, 6/1/24		145		140
TerraForm Power Operating LLC 144A, 4.250%, 1/31/23(2)		175		168
144A, 5.000%, 1/31/28(2)		240		228
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(2)(9)(10)		500		—	(11)
				1,989
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $54,069)				53,457
LEVERAGED LOANS(1)—11.5%
Chemicals—0.4%
KMG Chemicals, Inc. , (1 month LIBOR + 2.750%) 4.627%, 6/15/24		36		36
New Arclin U.S. Holding Corp. First Lien , (3 month LIBOR + 3.500%) 5.802%, 2/14/24		60		60
Omnova Solutions, Inc. Tranche B-2 , (1 month LIBOR + 3.250%) 5.127%, 8/25/23		168		171
				267
Consumer Durables—0.2%
Global Appliance, Inc. Tranche B , (1 month LIBOR + 4.000%) 5.880%, 9/29/24		144		146
Consumer Non-Durables—0.9%
Diamond (BC) B.V. , (2 month LIBOR + 3.000%) 4.994%, 9/6/24		140		139
HLF Financing S.a r.l. Senior Lien , (1 month LIBOR + 5.500%) 7.377%, 2/15/23		102		103
Parfums Holdings Co., Inc. First Lien , (3 month LIBOR + 4.750%) 7.052%, 6/30/24		253		256
Revlon Consumer Products Corp. Tranche B , (1 month LIBOR + 3.500%) 0.000%, 9/7/23(7)		100		78
				576
Energy—0.7%
California Resources Corp.
(1 month LIBOR + 10.375%) 12.229%, 12/31/21		155		175
(1 month LIBOR + 4.750%) 6.572%, 12/31/22		55		55
Chesapeake Energy Corp. Tranche A , (3 month LIBOR + 7.500%) 9.444%, 8/23/21		31		33
MEG Energy Corp. , (3 month LIBOR + 3.500%) 5.810%, 12/31/23		14		14
Traverse Midstream Partners LLC , (3 month LIBOR + 4.000%) 5.850%, 9/27/24		185		186
				463
Financial—0.4%
Asurion LLC Tranche B-2, Second Lien , (1 month LIBOR + 6.000%) 7.877%, 8/4/25		278		286
Genworth Holdings, Inc. , (1 month LIBOR + 4.500%) 6.202%, 3/7/23		10		10
				296

See Notes to Financial Statements

24

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Food / Tobacco—0.3%
Chobani LLC First Lien , (1 month LIBOR + 3.500%) 5.377%, 10/10/23	$	78	$	79
Milk Specialties Co. , (3 month LIBOR + 4.000%) 6.302%, 8/16/23		147		147
				226
Food and Drug—0.3%
Albertson’s LLC 2017-1, Tranche B-4 , (1 month LIBOR + 2.750%) 4.627%, 8/25/21		191		189
Forest Prod / Containers—0.6%
Anchor Glass Container Corp. Second Lien , (1 month LIBOR + 7.750%) 9.490%, 12/7/24		64		62
Klockner Pentaplast of America, Inc. , (1 month LIBOR + 4.250%) 6.127%, 6/30/22		353		339
				401
Gaming / Leisure—0.6%
Gateway Casinos & Entertainment Ltd. , (1 month LIBOR + 3.000%) 4.750%, 3/13/25		45		45
Mohegan Tribal Gaming Authority Tranche B , (1 month LIBOR + 4.000%) 5.877%, 10/13/23		183		182
Scientific Games International, Inc. Tranche B-5 , (2 month LIBOR + 2.750%) 4.686%, 8/14/24		10		10
UFC Holdings, LLC First Lien , (1 month LIBOR + 3.250%) 5.130%, 8/18/23		193		194
				431
Healthcare—0.5%
21st Century Oncology, Inc. Tranche B , (3 month LIBOR + 6.125%) 7.855%, 1/16/23		157		150
Immucor, Inc. Tranche B-3 , (3 month LIBOR + 5.000%) 7.302%, 6/15/21		20		20
PharMerica Corp. Second Lien , (1 month LIBOR + 7.750%) 9.461%, 12/5/25		15		15
Prospect Medical Holdings, Inc. Tranche B-1 , (1 month LIBOR + 5.500%) 7.188%, 2/22/24		85		85
Quorum Health Corp. , (1 month LIBOR + 6.750%) 8.627%, 4/29/22		93		95
				365
Housing—0.6%
84 Lumber Co. Tranche B-1 , (1 month LIBOR + 5.250%) 7.122%, 10/25/23		134		136
Capital Automotive LP Tranche B, Second Lien , (1 month LIBOR + 6.000%) 7.880%, 3/24/25		113		114
CPG International LLC , (3 month LIBOR + 3.750%) 5.593%, 5/5/24		149		150
				400
Information Technology—1.1%
Blackboard, Inc. Tranche B-4, First Lien , (3 month LIBOR + 5.000%) 6.734%, 6/30/21		81		75
Intralinks, Inc. First Lien , (1 month LIBOR + 4.000%) 5.880%, 11/14/24		140		140
Kronos, Inc. Second Lien , (3 month LIBOR + 8.250%) 10.023%, 11/1/24		78		81
Presidio Holdings, Inc. Tranche B , (3 month LIBOR + 2.750%) 4.536%, 2/2/24		111		111

	PAR VALUE		VALUE
Information Technology—continued
Rackspace Hosting, Inc. Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.787%, 11/3/23	$	144	$	143
Sorenson Communications LLC First Lien , (3 month LIBOR + 5.750%) 8.060%, 4/30/20		110		110
Veritas US, Inc. Tranche B , (3 month LIBOR + 4.500%) 6.802%, 1/27/23		70		69
				729
Manufacturing—0.9%
Accudyne Industries Borrower S.C.A. , (1 month LIBOR + 3.250%) 5.127%, 8/18/24		30		30
CPI Acquisition, Inc. First Lien , (3 month LIBOR + 4.500%) 6.358%, 8/17/22		320		219
Filtration Group Corp. , (3 month LIBOR + 3.000%) 0.000%, 3/29/25(7)		40		40
Robertshaw US Holding Corp. First Lien , (1 month LIBOR + 3.500%) 5.438%, 2/28/25		115		116
U.S. Farathane LLC Tranche B-4 , (3 month LIBOR + 3.500%) 5.802%, 12/23/21		229		230
				635
Media / Telecom – Diversified Media—0.0%
Meredith Corp. , (1 month LIBOR + 3.000%) 4.877%, 1/31/25		30		30
Media / Telecom – Telecommunications—0.4%
Securus Technologies Holdings, Inc. Second Lien , (1 month LIBOR + 8.250%) 10.127%, 11/1/25		260		262
Media / Telecom – Wireless Communications—0.2%
Sprint Communications, Inc. , (1 month LIBOR + 2.500%) 4.438%, 2/2/24		114		114
Metals / Minerals—0.5%
Contura Energy, Inc. , (1 month LIBOR + 5.000%) 6.880%, 3/18/24		181		180
Graftech International Ltd. , (1 month LIBOR + 3.500%) 5.240%, 2/12/25		140		140
				320
Retail—0.4%
BJ’s Wholesale Club, Inc. Second Lien , (1 month LIBOR + 7.500%) 9.191%, 2/3/25		175		175
Leslie’s Poolmart, Inc. Tranche B-2 , (2 month LIBOR + 3.500%) 5.278%, 8/16/23		106		107
				282
Service—1.6%
Advantage Sales & Marketing, Inc. Second Lien , (3 month LIBOR + 6.500%) 8.267%, 7/25/22		80		77
Brickman Group Ltd. LLC (The) Second Lien , (1 month LIBOR + 6.500%) 8.308%, 12/17/21		51		52
Crossmark Holdings, Inc. Second Lien , (3 month LIBOR + 7.500%) 9.802%, 12/21/20(10)		190		14
Laureate Education, Inc. 2024 , (1 month LIBOR + 3.500%) 5.377%, 4/26/24		130		130
PAE Holding Corp. First Lien , (2 month LIBOR + 5.500%) 7.494%, 10/20/22		68		68
Red Ventures, LLC First Lien , (1 month LIBOR + 4.000%) 5.877%, 11/8/24		179		181

See Notes to Financial Statements

25

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
Service—continued
Sedgwick Claims Management Services, Inc. Second Lien , (3 month LIBOR + 5.750%) 7.734%, 2/28/22	$	390		$	391
TKC Holdings, Inc. First Lien , (3 month LIBOR + 4.250%) 6.030%, 2/1/23		158			160
					1,073
Transportation – Automotive—0.1%
Deck Chassis Acquisition, Inc. Second Lien , (1 month LIBOR + 6.000%) 7.877%, 6/15/23		35			36
Utility—0.8%
APLP Holdings LP , (1 month LIBOR + 3.500%) 5.377%, 4/13/23		171			172
Lightstone Holdco LLC
Tranche B, (1 month LIBOR + 3.750%) 5.627%, 1/30/24		79			79
Tranche C, (1 month LIBOR + 3.750%) 5.627%, 1/30/24		5			5
Talen Energy Supply LLC , (1 month LIBOR + 4.000%) 5.877%, 4/15/24		109			106
Vistra Operations Co. LLC
(1 month LIBOR + 2.500%) 4.377%, 8/4/23		136			137
Tranche C, (1 month LIBOR + 2.500%) 4.377%, 8/4/23		24			24
					523
TOTAL LEVERAGED LOANS (Identified Cost $7,979)					7,764
	SHARES
PREFERRED STOCKS—1.6%
Financial—1.6%
Citigroup, Inc. Series T, 6.250%		155	(8)		164
Goldman Sachs Group, Inc. (The) Series L, 5.700%		215	(8)		219
Huntington Bancshares, Inc. Series E 5.700%		275	(8)		276
JPMorgan Chase & Co. Series V, 5.000%		145	(8)		146
KeyCorp Series D, 5.000%		250	(8)		246
TOTAL PREFERRED STOCKS (Identified Cost $1,042)					1,051
COMMON STOCKS—0.4%
Consumer Discretionary—0.4%
Caesars Entertainment Corp.(12)		6,615			74
VICI Properties, Inc.		8,620			158
					232
Energy—0.0%
Frontera Energy Corp.(12)		557			16
Sabine Oil & Gas LLC(12)		157			7
					23
TOTAL COMMON STOCKS (Identified Cost $269)					255

	SHARES		VALUE
RIGHTS—0.0%
Utilities—0.0%
Vistra Energy Corp.		8,563	$	4
TOTAL RIGHTS (Identified Cost $7)				4
WARRANTS—0.0%
Energy—0.0%
Sabine Oil & Gas LLC(10)(12)		89		—	(11)
Sabine Oil & Gas LLC(10)(12)		501		3
TOTAL WARRANTS (Identified Cost $4)				3
TOTAL LONG-TERM INVESTMENTS—97.5%
(Identified Cost $66,420)				65,574	(13)
SHORT-TERM INVESTMENT—5.6%
Money Market Mutual Fund—5.6%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(14)		3,792,822		3,793
TOTAL SHORT-TERM INVESTMENT (Identified Cost $3,793)				3,793
TOTAL INVESTMENTS—103.1% (Identified Cost $70,213)				69,367
Other assets and liabilities, net—(3.1)%				(2,099	)
NET ASSETS—100.0%			$	67,268

Abbreviations:

LIBOR London Interbank Offered Rate

PIK Payment-in-Kind Security

Footnote Legend:

⁽¹⁾ Variable rate security. Rate disclosed is as of March 31, 2018. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽²⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $33,062 or 49.1% of net assets.

⁽³⁾ Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁴⁾ Interest payments may be deferred.

⁽⁵⁾ 100% of the income received was in cash.

⁽⁶⁾ No contractual maturity date.

⁽⁷⁾ This loan will settle after March 31, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁸⁾ Value shown as par value.

⁽⁹⁾ Security in default, no interest payments are being received during the bankruptcy proceedings.

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

See Notes to Financial Statements

26

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

⁽¹⁰⁾ 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 Fair Value Hierarchy table located after the Schedule of Investments.

⁽¹¹⁾ Amount is less than $500.

⁽¹²⁾ Non-income producing.

⁽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	83	%
Canada	5
Luxembourg	3
Netherlands	2
Bermuda	1
Ireland	1
United Kingdom	1
Other	4
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	396	$	—	$	396	$	—
Corporate Bonds And Notes		53,457		—		53,457		—
Foreign Government Securities		195		—		195		—
Leveraged Loans		7,764		—		7,750		14
U.S. Government Obligations		2,449		—		2,449		—
Equity Securities:
Common Stocks		255		248		—		7
Preferred Stocks		1,051		—		1,051		—
Rights		4		—		—		4
Short-Term Investment		3,793		3,793		—		—
Warrants		3		—		—		3
Total Investments	$	69,367	$	4,041	$	65,298	$	28

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2018. A security with an end of period value of $14 was transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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

Management has determined that the amount of Level 3 securities compared to total net assets is de minimis; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2018.

See Notes to Financial Statements

27

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—5.4%
U.S. Treasury Note 1.375%, 6/30/18	$	19,890	$	19,869
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $19,881)				19,869
MUNICIPAL BOND—0.1%
Illinois—0.1%
State of Illinois Build America Taxable 5.547%, 4/1/19		190		194
TOTAL MUNICIPAL BOND (Identified Cost $194)				194
FOREIGN GOVERNMENT SECURITIES—1.2%
Argentine Republic 5.625%, 1/26/22		715		725
4.625%, 1/11/23		975		940
Republic of South Africa 4.665%, 1/17/24		875		878
Republic of Turkey 6.250%, 9/26/22		825		874
Sultanate of Oman 144A 4.125%, 1/17/23(2)		935		899
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $4,443)				4,316
MORTGAGE-BACKED SECURITIES—28.5%
Agency—4.1%
Federal Home Loan Mortgage Corp. Pool #G08628 4.000%, 2/1/45		277		286
Federal National Mortgage Association
Pool #AD6058, 4.000%, 8/1/25		56		57
Pool #AO5149, 3.000%, 6/1/27		193		194
Pool #AL7532, 3.000%, 11/1/27		709		712
Pool #AB9487, 2.500%, 5/1/28		576		569
Pool #MA2094, 2.500%, 11/1/29		552		543
Pool #AS5783, 2.500%, 9/1/30		1,318		1,296
Pool #AS5730, 3.000%, 9/1/30		2,130		2,131
Pool #AS5927, 3.000%, 10/1/30		1,246		1,247
Pool #AZ4794, 3.000%, 10/1/30		4,136		4,139
Pool #AS6593, 2.500%, 2/1/31		1,494		1,464
Pool #MA0908, 4.000%, 11/1/31		319		332
Pool #AC3654, 5.000%, 10/1/39		226		244
Pool #AD3841, 4.500%, 4/1/40		90		95
Pool #AX2491, 4.000%, 10/1/44		703		723
Pool #AS9393, 4.000%, 4/1/47		885		908
Federal National Mortgage Association REMIC 1997-70, PE (P.O.) 0.000%, 4/25/22		3		2
Government National Mortgage Association
Pool #333668, 7.000%, 7/15/23		2		2
Pool #345039, 7.000%, 9/15/23		6		7
Pool #345536, 7.000%, 1/15/24		1		1
Pool #780023, 7.000%, 9/15/24		4		4
Pool #383330, 7.000%, 7/15/25		1		1
Pool #407660, 7.000%, 7/15/25		10		10
				14,967
Non-Agency—24.4%
Access Point Funding I LLC 2017-A, A 144A 3.060%, 4/15/29(2)		421		419

	PAR VALUE		VALUE
Non-Agency—continued
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(2)	$	189	$	191
Ameriquest Mortgage Securities, Inc. 2003-10, AF6 5.210%, 11/25/33		95		97
AMSR Trust 2016-SFR1, A 144A, (1 month LIBOR + 1.400%) 3.208%, 11/17/33(1)(2)		498		500
2016-SFR1, C 144A, (1 month LIBOR + 2.250%) 4.058%, 11/17/33(1)(2)		498		502
Angel Oak Mortgage Trust LLC 2017-3, A1 144A, 2.708%, 11/25/47(1)(2)		384		384
2018-1, A1 144A, 3.258%, 4/27/48(1)(2)		1,095		1,095
Asset Backed Funding Certificates 2005-AQ1, A6 4.780%, 1/25/35		47		48
Aventura Mall Trust 2013-AVM, A 144A, 3.743%, 12/5/32(1)(2)		1,721		1,755
2013-AVM, C 144A, 3.743%, 12/5/32(1)(2)		1,130		1,139
Banc of America Funding Trust 2004-B, 2A1, 3.778%, 11/20/34(1)		44		45
2005-1, 1A1, 5.500%, 2/25/35		110		111
2006-2, 3A1, 6.000%, 3/25/36		26		26
Bank of America (Merrill Lynch – Countrywide) Alternative Loan Trust 2004-22CB, 1A1, 6.000%, 10/25/34		285		294
2004-24CB, 1A1, 6.000%, 11/25/34		193		195
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 3.274%, 8/25/34(1)		573		571
Bayview Commercial Asset Trust
2006-2A, A2 144A, (1 month LIBOR + 0.280%) 2.152%, 7/25/36(1)(2)		277		269
2008-1, A3 144A, (1 month LIBOR + 1.500%) 3.372%, 1/25/38(1)(2)		21		21
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37(1)		205		211
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57(1)(2)		323		325
Bayview Opportunity Master Fund IIIb Trust 2017-RN2, A1 144A 3.475%, 4/28/32(1)(2)		107		107
Bayview Opportunity Master Fund IVa Trust 2017-RT1, A1 144A 3.000%, 3/28/57(1)(2)		389		384
Bayview Opportunity Master Fund IVb Trust 2017-SPL4, A 144A 3.500%, 1/28/55(1)(2)		597		600
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(2)		590		601
Centex Home Equity Loan Trust 2002-A, AF6, 5.540%, 1/25/32		47		47
2004-D, AF5, 5.850%, 9/25/34(1)		271		278
Citigroup Commercial Mortgage Trust 2016-SMPL, A 144A 2.228%, 9/10/31(2)		750		727
Citigroup Mortgage Loan Trust, Inc. 2004-NCM2, 2CB2, 6.750%, 8/25/34		138		149
2014-A, A 144A, 4.000%, 1/25/35(1)(2)		350		361
2015-PS1, A1 144A, 3.750%, 9/25/42(1)(2)		280		282
2015-A, A1 144A, 3.500%, 6/25/58(1)(2)		798		797
Cold Storage Trust 2017-ICE3, A 144A , (1 month LIBOR + 1.000%) 2.777%, 4/15/36(1)(2)		1,090		1,094
Colony American Finance Ltd. 2015-1, A 144A 2.896%, 10/15/47(2)		608		605
Colony Multi-Family Mortgage Trust 2014-1, A 144A 2.543%, 4/20/50(2)		171		170
Colony Starwood Homes Trust 2016-2A, C 144A , (1 month LIBOR + 2.150%) 3.927%, 12/17/33(1)(2)		1,000		1,001

See Notes to Financial Statements

28

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
COLT Mortgage Loan Trust Funding LLC 2016-1, A1 144A, 3.000%, 5/25/46(2)	$	267	$	270
2016-1, A2 144A, 3.500%, 5/25/46(2)		893		898
2016-2, A1 144A, 2.750%, 9/25/46(1)(2)		669		666
2017-1, A3 144A, 3.074%, 5/27/47(1)(2)		375		375
2018-1, A1 144A, 2.930%, 2/25/48(1)(2)		737		737
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31(1)(2)		460		494
Commercial Mortgage Trust 2014-277P, A 144A 3.611%, 8/10/49(1)(2)		2,595		2,637
Credit Suisse First Boston Mortgage Securities Corp. 2003-27, 5A3, 5.250%, 11/25/33		46		46
2003-AR30, 5A1, 3.537%, 1/25/34(1)		234		240
Credit Suisse Mortgage Capital Trust 2016-BDWN, A 144A, (1 month LIBOR + 2.900%) 4.677%, 2/15/29(1)(2)		875		879
2013-HYB1, A16 144A, 3.006%, 4/25/43(1)(2)		658		655
2014-IVR2, A2 144A, 3.798%, 4/25/44(1)(2)		692		696
2017-FHA1, A1 144A, 3.250%, 4/25/47(1)(2)		690		674
Deephaven Residential Mortgage Trust 2017-1A, A1 144A, 2.725%, 12/26/46(1)(2)		246		243
2017-2A, A1 144A, 2.453%, 6/25/47(1)(2)		215		210
2017-3A, A3 144A, 2.813%, 10/25/47(1)(2)		655		649
2018-1A, A1 144A, 2.976%, 12/25/57(1)(2)		1,434		1,434
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34(1)(2)		810		809
Galton Funding Mortgage Trust 2017-1, A21 144A, 3.500%, 7/25/56(1)(2)		1,009		1,009
2018-1, A23 144A, 3.500%, 11/25/57(1)(2)		697		696
GMAC Mortgage Corp. Loan Trust 2004-AR1, 12A 4.023%, 6/25/34(1)		116		118
GSAA Home Equity Trust 2005-1, AF4, 5.619%, 11/25/34		112		114
2005-12, AF3W, 4.999%, 9/25/35(1)		40		41
GSR Mortgage Loan Trust 2003-3F, 1A6 6.000%, 4/25/33		340		351
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(2)		1,070		1,053
Home Equity Loan Trust 2003-HS2, AIIB , (1 month LIBOR + 0.250%) 2.122%, 6/25/28(1)		104		103
Hospitality Mortgage Trust 2017-HIT, B 144A , (1 month LIBOR + 1.180%) 2.891%, 5/8/30(1)(2)		1,045		1,049
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28		85		85
Jefferies Resecuritization Trust 2014-R1, 1A1 144A 4.000%, 12/27/37(2)		26		26
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 2004-1, 21A1, 3.546%, 4/25/34(1)		51		51
2004-9, 22A1, 3.893%, 11/25/34(1)		413		415
2004-10, 21A1, 3.801%, 1/25/35(1)		482		485
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust 2003-S8, A2, 5.000%, 9/25/18		5		5
2003-AR6, A1, 3.253%, 6/25/33(1)		203		205
2003-AR4, 2A1, 3.216%, 8/25/33(1)		118		117
JPMorgan Chase Commercial Mortgage Securities Trust 2010-CNTR, A2 144A, 4.311%, 8/5/32(2)		80		81
2015-SGP, B 144A, (1 month LIBOR + 2.750%) 4.527%, 7/15/36(1)(2)		759		761
2011-C4, A3 144A, 4.106%, 7/15/46(2)		872		872
2014-C22, A4, 3.801%, 9/15/47		1,695		1,736

	PAR VALUE		VALUE
Non-Agency—continued
JPMorgan Chase Mortgage Trust 2014-2, 2A2 144A, 3.500%, 6/25/29(1)(2)	$	561	$	567
2006-A2, 4A1, 3.718%, 8/25/34(1)		101		102
2004-A4, 2A1, 3.584%, 9/25/34(1)		96		97
2005-A4, 3A1, 3.405%, 7/25/35(1)		406		413
2014-1, 2A12 144A, 3.500%, 1/25/44(1)(2)		742		734
2015-1, AM1 144A, 2.722%, 12/25/44(1)(2)		553		552
2016-1, M2 144A, 3.750%, 4/25/45(1)(2)		655		655
2015-5, A2 144A, 2.889%, 5/25/45(1)(2)		694		692
2016-2, M2 144A, 3.750%, 12/25/45(1)(2)		1,028		1,026
2011-C4, A4 144A, 4.388%, 7/15/46(2)		295		305
2017-3, 2A2 144A, 2.500%, 8/25/47(1)(2)		1,050		1,019
2017-5, A1 144A, 3.184%, 10/26/48(1)(2)		2,363		2,352
2017-4, A3 144A, 3.500%, 11/25/48(1)(2)		221		219
LoanDepot Station Place Agency Securitization Trust 2017-LD1, C 144A , (1 month LIBOR + 1.300%) 3.172%, 11/25/50(1)(2)		775		775
MASTR Alternative Loan Trust 2003-8, 2A1, 5.750%, 11/25/33		96		99
2004-4, 6A1, 5.500%, 4/25/34		135		139
2004-7, 9A1, 6.000%, 8/25/34		107		110
2005-2, 2A1, 6.000%, 1/25/35		387		399
MASTR Asset Securitization Trust 2005-1, 1A1 5.000%, 5/25/20		46		46
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(2)		260		266
Mill City Mortgage Trust 2015-1, A3 144A, 3.000%, 6/25/56(1)(2)		600		595
2016-1, A1 144A, 2.500%, 4/25/57(1)(2)		1,122		1,107
2017-1, A1 144A, 2.750%, 11/25/58(1)(2)		441		436
Morgan Stanley – Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46		1,515		1,563
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31(2)		1,660		1,608
Morgan Stanley Capital I Trust 2017-CLS, A 144A , (1 month LIBOR + 0.700%) 2.477%, 11/15/34(1)(2)		500		501
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 2.966%, 6/25/44(1)(2)		354		354
Motel 6 Trust 2017-MTL6, A 144A , (1 month LIBOR + 0.920%) 2.697%, 8/15/34(1)(2)		1,180		1,184
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38		136		140
New Residential Mortgage Loan Trust 2016-2A, A1 144A, 3.750%, 11/26/35(1)(2)		581		586
2014-1A, A 144A, 3.750%, 1/25/54(1)(2)		1,618		1,633
2014-2A, A3 144A, 3.750%, 5/25/54(1)(2)		149		151
2014-3A, AFX3 144A, 3.750%, 11/25/54(1)(2)		1,354		1,367
2015-2A, A1 144A, 3.750%, 8/25/55(1)(2)		1,181		1,193
2016-1A, A1 144A, 3.750%, 3/25/56(1)(2)		474		478
2016-3A, A1 144A, 3.750%, 9/25/56(1)(2)		1,041		1,050
2016-4A, A1 144A, 3.750%, 11/25/56(1)(2)		1,375		1,388
2017-2A, A3 144A, 4.000%, 3/25/57(1)(2)		456		464
NovaStar Mortgage Funding Trust Series 2004-4, M5 , (1 month LIBOR + 1.725%) 3.597%, 3/25/35(1)		1,390		1,393
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57(2)		1,893		1,878
Onslow Bay Financial LLC 2018-1, A2 144A , (1 month LIBOR + 0.650%) 2.527%, 6/25/57(1)(2)		1,460		1,461
Pretium Mortgage Credit Partners I LLC 2017-NPL3, A1 144A, 3.250%, 6/29/32(2)		85		85
2018-NPL1 144A, 3.375%, 1/27/33(2)		1,070		1,067
2017-NPL2, A1 144A, 3.250%, 3/28/57(2)		548		545
2017-NPL5, A1 144A 3.327%, 12/30/32(1)(2)		946		944

See Notes to Financial Statements

29

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
Progress Residential Trust 2017-SFR1, B 144A 3.017%, 8/17/34(2)	$	690	$	676
RCO Mortgage LLC 2017-1, A1 144A 3.375%, 8/25/22(2)		280		279
RETL 2018-RVP, C144A , (1 month LIBOR + 2.050%) 3.827%, 3/15/33(1)(2)		765		770
Sequoia Mortgage Trust 2015-4, A1 144A 3.000%, 11/25/30(1)(2)		2,184		2,164
Starwood Waypoint Homes Trust 2017-1, A 144A , (1 month LIBOR + 0.950%) 2.727%, 1/17/35(1)(2)		678		681
Structured Adjustable Rate Mortgage Loan Trust 2004-1, 6A, 3.660%, 2/25/34(1)		529		521
2004-4, 3A2, 3.813%, 4/25/34(1)		532		539
2004-4, 3A1, 3.813%, 4/25/34(1)		111		111
2004-14, 7A, 3.584%, 10/25/34(1)		207		208
Structured Asset Securities Corp. 2003-37A, 2A 3.398%, 12/25/33(1)		105		106
Structured Asset Securities Corp. Assistance Loan Trust 2003-AL1, A 144A 3.357%, 4/25/31(2)		132		131
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates 2003-33H, 1A1, 5.500%, 10/25/33		334		340
2003-34A, 6A, 3.782%, 11/25/33(1)		306		303
Towd Point Mortgage Trust 2015-3, A1B 144A, 3.000%, 3/25/54(1)(2)		429		428
2016-1, A1B 144A, 2.750%, 2/25/55(1)(2)		485		481
2015-5, A1B 144A, 2.750%, 5/25/55(1)(2)		758		752
2015-5, A2 144A, 3.500%, 5/25/55(1)(2)		275		277
2016-2, A1 144A, 3.000%, 8/25/55(1)(2)		277		275
2016-4, A1 144A, 2.250%, 7/25/56(1)(2)		641		628
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(2)		360		352
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A 3.000%, 5/25/47(1)(2)		146		145
Vericrest Opportunity Loan Trust LLC 2017-NP11, A1 144A 3.375%, 10/25/47(2)		1,102		1,099
Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A 3.500%, 3/25/47(2)		707		707
Vericrest Opportunity Loan Trust LVIII LLC 2017-NPL5, A1 144A 3.375%, 5/28/47(2)		84		84
Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A 3.250%, 6/25/47(2)		857		853
Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A 3.000%, 10/25/47(2)		300		297
Verus Securitization Trust 2017-1A, A1 144A, 2.853%, 1/25/47(1)(2)		213		213
2017-2A, A1 144A, 2.485%, 7/25/47(1)(2)		1,089		1,082
2018-1, A1 144A, 2.929%, 2/25/48(1)(2)		721		721
VSD 2017-PLT1, A 3.600%, 12/25/43		246		246
Wells Fargo Mortgage Backed Securities Trust 2003-G, A1, 3.365%, 6/25/33(1)		50		50
2003-J, 2A1, 3.482%, 10/25/33(1)		118		120
2003-J, 5A1, 3.490%, 10/25/33(1)		190		191
2004-A, A1, 3.785%, 2/25/34(1)		54		56
2004-K, 1A2, 3.476%, 7/25/34(1)		181		184
2004-U, A1, 3.695%, 10/25/34(1)		62		62
2004-Z, 2A1, 3.738%, 12/25/34(1)		129		131
2005-AR12, 2A5, 3.737%, 6/25/35(1)		1,527		1,558
2005-14, 2A1, 5.500%, 12/25/35		49		50
				88,995
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $104,747)				103,962

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—29.7%
Auto Floor Plan—0.7%
Navistar Financial Dealer Note Master Owner Trust II 2016-1, B 144A , (1 month LIBOR + 1.750%) 3.622%, 9/27/21(1)(2)	$	1,710	$	1,717
NextGear Floorplan Master Owner Trust 2017-2A, A2 144A 2.560%, 10/17/22(2)		920		908
				2,625
Automobiles—18.9%
American Credit Acceptance Receivables Trust 2016-1A, B 144A, 4.240%, 6/13/22(2)		470		471
2017-2, C 144A, 2.860%, 6/12/23(2)		920		914
AmeriCredit Automobile Receivables Trust 2014-1, D, 2.540%, 6/8/20		650		650
2016-1, B, 2.300%, 3/8/21		2,330		2,318
2015-3, C, 2.730%, 3/8/21		615		615
2016-2, B, 2.210%, 5/10/21		1,000		994
2015-4, C, 2.880%, 7/8/21		700		701
2016-4, C, 2.410%, 7/8/22		725		713
2017-1, C, 2.710%, 8/18/22		915		904
Avid Automobile Receivables Trust 2018-1, A 144A 2.840%, 8/15/23(2)		1,025		1,021
Avis Budget Rental Car Funding LLC
(AESOP) 2013-1A, A 144A, 1.920%, 9/20/19(2)		1,560		1,557
(AESOP) 2013-2A, A 144A, 2.970%, 2/20/20(2)		1,905		1,907
(AESOP) 2015-2A, A 144A, 2.630%, 12/20/21(2)		910		902
(AESOP) 2016-1A, A 144A, 2.990%, 6/20/22(2)		800		796
California Republic Auto Receivables Trust 2015-3, B, 2.700%, 9/15/21		650		648
2016-1, B, 3.430%, 2/15/22		785		785
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(2)		920		907
CarFinance Capital Auto Trust 2014-2A, B 144A 2.640%, 11/16/20(2)		425		425
CarMax Auto Owner Trust 2014-4, B, 2.200%, 9/15/20		700		698
2015-2, C, 2.390%, 3/15/21		1,495		1,489
2016-2, B, 2.160%, 12/15/21		750		739
2017-1, B, 2.540%, 9/15/22		900		888
Carnow Auto Receivables Trust 2017-1A, A 144A 2.920%, 9/15/22(2)		743		740
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(2)		920		911
Chrysler Capital Auto Receivables Trust 2014-BA, D 144A, 3.440%, 8/16/21(2)		750		753
2015-BA, D 144A, 4.170%, 1/16/23(2)		965		974
CPS Auto Receivables Trust 2013-B, A 144A, 1.820%, 9/15/20(2)		396		394
2017-C, B 144A, 2.300%, 7/15/21(2)		1,085		1,076
Drive Auto Receivables Trust 2016-BA, B 144A, 2.560%, 6/15/20(2)		178		178
2016-CA, C 144A, 3.020%, 11/15/21(2)		1,555		1,557
2015-DA, C 144A, 3.380%, 11/15/21(2)		834		837
2017-AA, C 144A, 2.980%, 1/18/22(2)		900		900
DT Auto Owner Trust 2015-3A, C 144A, 3.250%, 7/15/21(2)		333		333
2016-2A, C 144A, 3.670%, 1/18/22(2)		760		763
2016-3A, C 144A, 3.150%, 3/15/22(2)		865		866
2016-4A, C 144A, 2.740%, 10/17/22(2)		1,200		1,198
2018-1A, C144A, 3.470%, 12/15/23(2)		910		910
Exeter Automobile Receivables Trust 2014-2A, C 144A, 3.260%, 12/16/19(2)		138		138

See Notes to Financial Statements

30

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Automobiles—continued
2016-1A, A 144A, 2.350%, 7/15/20(2)	$	27	$	27
2015-1A, C 144A, 4.100%, 12/15/20(2)		1,000		1,009
2015-2A, C 144A, 3.900%, 3/15/21(2)		1,510		1,522
2016-3A, B 144A, 2.840%, 8/16/21(2)		1,400		1,400
2017-1A, B 144A, 3.000%, 12/15/21(2)		910		911
2017-3A, B 144A, 2.810%, 9/15/22(2)		545		540
2018-1A, C 144A, 3.030%, 1/17/23(2)		1,115		1,104
First Investors Auto Owner Trust 2016-2A, C 144A, 2.530%, 7/15/22(2)		1,490		1,467
2017-2A, B 144A, 2.650%, 11/15/22(2)		900		889
Flagship Credit Auto Trust 2016-1, A 144A, 2.770%, 12/15/20(2)		276		276
2014-2, D 144A, 5.210%, 2/15/21(2)		905		923
2015-2, C 144A, 4.080%, 12/15/21(2)		505		510
2016-2, B 144A, 3.840%, 9/15/22(2)		825		834
Foursight Capital Automobile Receivables Trust 2016-1, A2 144A, 2.870%, 10/15/21(2)		594		592
2017-1, B 144A, 3.050%, 12/15/22(2)		855		840
2018-1, C 144A, 3.680%, 8/15/23(2)		910		911
GLS Auto Receivables Trust 2018-1A, A 144A 2.820%, 7/15/22(2)		1,005		1,001
GM Financial Consumer Automobile Receivables Trust 2017-1A, B 144A 2.300%, 6/16/23(2)		915		899
Hertz Vehicle Financing II LP 2015-2A, A 144A, 2.020%, 9/25/19(2)		1,080		1,076
2016-1A, A 144A, 2.320%, 3/25/20(2)		750		746
2016-4A, A 144A, 2.650%, 7/25/22(2)		1,120		1,094
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(2)		1,105		1,104
Hyundai Auto Receivables Trust 2014-B, D, 2.510%, 12/15/20		400		400
2015-A, D, 2.730%, 6/15/21		550		550
2015-C, B, 2.150%, 11/15/21		1,500		1,490
OneMain Direct Auto Receivables Trust 2016-1A, B 144A, 2.760%, 5/15/21(2)		645		645
2017-2A, C 144A, 2.820%, 7/15/24(2)		925		910
Santander Drive Auto Receivables Trust 2013-5, D, 2.730%, 10/15/19		383		383
2014-4, D, 3.100%, 11/16/20		1,095		1,098
2016-2, B, 2.080%, 2/16/21		1,000		998
2016-1, C, 3.090%, 4/15/22		2,010		2,015
2017-1, C, 2.580%, 5/16/22		915		909
TCF Auto Receivables Owner Trust 2014-1A, B 144A 2.330%, 5/15/20(2)		475		475
Tesla Auto Lease Trust 2018-A, A 144A 2.320%, 12/20/19(2)		1,029		1,027
Tidewater Auto Receivables Trust 2016-AA, B 144A 3.130%, 3/15/20(2)		263		262
Westlake Automobile Receivables Trust 2016-2A, C 144A, 2.830%, 5/17/21(2)		1,030		1,031
2016-3A, B 144A, 2.070%, 12/15/21(2)		1,688		1,681
2017-2A, C 144A, 2.590%, 12/15/22(2)		910		901
2018-1A, C 144A, 2.920%, 5/15/23(2)		935		930
				68,950
Home Equity Loans—0.0%
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2001-SB1, A2 3.375%, 8/25/31		98		97
Manufactured Housing—0.1%
Associates Manufactured Housing Pass-Through Certificates 1996-1, B1 8.000%, 3/15/27(1)		233		237

	PAR VALUE		VALUE
Other—8.3%
Ajax Mortgage Loan Trust 2017-B, A 144A 3.163%, 9/25/56(1)(2)	$	533	$	525
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(2)		849		836
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23(2)		920		919
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(2)		726		712
BXG Receivables Note Trust 2012-A, A 144A, 2.660%, 12/2/27(2)		34		33
2013-A, A 144A, 3.010%, 12/4/28(2)		119		118
2015-A, A 144A, 2.880%, 5/2/30(2)		278		274
CoreVest American Finance Trust 2017-1, A 144A 2.968%, 10/15/49(2)		198		194
DB Master Finance LLC 2015-1A, A2II 144A 3.980%, 2/20/45(2)		888		895
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(2)		830		822
Diamond Resorts Owner Trust 2014-1, A 144A, 2.540%, 5/20/27(2)		477		475
2017-1A, A 144A, 3.270%, 10/22/29(2)		722		708
Fairway Outdoor Funding LLC 2012-1A, A2 144A 4.212%, 10/15/42(2)		913		916
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(2)		223		220
GreatAmerica Leasing Receivables Funding LLC 2017-1, A4 144A 2.360%, 1/20/23(2)		905		896
Hilton Grand Vacations Trust 2013-A, A 144A, 2.280%, 1/25/26(2)		453		448
2014-AA, A 144A, 1.770%, 11/25/26(2)		140		138
2017-AA, A 144A, 2.660%, 12/26/28(2)		701		692
Leaf Receivables Funding 12 LLC 2017-1, B 144A 2.650%, 2/15/22(2)		1,080		1,060
Mariner Finance Issuance Trust 2017-AA, A 144A 3.620%, 2/20/29(2)		900		903
Marlette Funding Trust 2018-1A, A 144A 2.610%, 3/15/28(2)		875		874
Marriott Vacation Club Owner Trust 2012-1A, A 144A 2.510%, 5/20/30(2)		183		182
MVW Owner Trust 2015-1A, B 144A, 2.960%, 12/20/32(2)		237		233
2016-1A, A 144A, 2.250%, 12/20/33(2)		690		674
2017-1A, A 144A, 2.420%, 12/20/34(2)		1,006		984
OneMain Financial Issuance Trust 2015-1A, A 144A, 3.190%, 3/18/26(2)		1,332		1,335
2018-1A, A 144A, 3.300%, 3/14/29(2)		920		922
Orange Lake Timeshare Trust 2012-AA, A 144A, 3.450%, 3/10/27(2)		234		234
2015-AA, A 144A, 2.880%, 9/8/27(2)		233		229
2018-A, A 144A, 3.100%, 11/8/30(2)		346		345
Prosper Marketplace Issuance Trust 2018-1A, A 144A 3.110%, 6/17/24(2)		910		910
Sierra Receivables Funding Co., LLC 2017-1A, A 144A 2.910%, 3/20/34(2)		972		962
Sierra Timeshare Receivables Funding LLC 2014-1A, A 144A, 2.070%, 3/20/30(2)		58		58
2014-2A, A 144A, 2.050%, 6/20/31(1)(2)		38		37
2016-1A, A 144A, 3.080%, 3/21/33(2)		289		290
2016-2A, A 144A, 2.330%, 7/20/33(2)		373		368
Silverleaf Finance LLC XVIII 2014-A, A 144A 2.810%, 1/15/27(2)		91		91
SoFi Consumer Loan Program LLC
2016-3, A 144A, 3.050%, 12/26/25(2)		492		491

See Notes to Financial Statements

31

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Other—continued
2017-1, A 144A, 3.280%, 1/26/26(2)	$	1,375	$	1,377
2017-5, A2 144A, 2.780%, 9/25/26(2)		545		537
2017-6, A2 144A, 2.820%, 11/25/26(2)		925		915
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29(2)		1,090		1,085
SVO VOI Mortgage Corp. 2012-AA, A 144A 2.000%, 9/20/29(2)		725		714
Taco Bell Funding LLC 2016-1A, A21 144A 3.832%, 5/25/46(2)		899		904
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47(2)		814		804
VSE VOI Mortgage LLC 2016-A, A 144A, 2.540%, 7/20/33(2)		945		928
2017-A, A 144A, 2.330%, 3/20/35(2)		790		770
Welk Resorts LLC 2013-AA, A 144A, 3.100%, 3/15/29(2)		78		77
2015-AA, A 144A, 2.790%, 6/16/31(2)		189		186
Westgate Resorts LLC 2016-1A, A 144A 3.500%, 12/20/28(2)		816		817
				30,117
Student Loans—1.7%
Commonbond Student Loan Trust 2017-AGS, A1 144A 2.550%, 5/25/41(2)		736		722
DRB Prime Student Loan Trust 2015-D, A3 144A 2.500%, 1/25/36(2)		205		205
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41(2)		691		678
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(2)		920		907
SLM Private Education Loan Trust 2014-A, A2A 144A, 2.590%, 1/15/26(2)		921		920
2013-B, A2A 144A, 1.850%, 6/17/30(2)		732		727
2013-C, A2A 144A, 2.940%, 10/15/31(2)		181		181
SoFi Professional Loan Program LLC 2014-B, A2 144A, 2.550%, 8/27/29(2)		321		318
2015-A, A2 144A, 2.420%, 3/25/30(2)		126		125
2016-A, A2 144A, 2.760%, 12/26/36(2)		350		347
2017-B, A1FX 144A, 1.830%, 5/25/40(2)		492		489
2017-C, A2A 144A, 1.750%, 7/25/40(2)		712		706
				6,325
TOTAL ASSET-BACKED SECURITIES (Identified Cost $108,958)				108,351
CORPORATE BONDS AND NOTES—26.7%
Consumer Discretionary—2.5%
Aptiv plc 3.150%, 11/19/20		540		539
Daimler Finance North America LLC 144A 2.200%, 10/30/21(2)		1,195		1,150
Delphi Corp. 4.150%, 3/15/24		360		369
Discovery Communications LLC 2.950%, 3/20/23		910		877
Ford Motor Credit Co., LLC 5.750%, 2/1/21		400		423
General Motors Financial Co., Inc. 3.700%, 11/24/20		670		676
4.200%, 3/1/21		405		413
3.200%, 7/6/21		975		966

	PAR VALUE		VALUE
Consumer Discretionary—continued
Horton (D.R.), Inc. 4.750%, 2/15/23	$	895	$	939
Hyundai Capital America 144A 2.450%, 6/15/21(2)		855		831
Lennar Corp. 144A, 2.950%, 11/29/20(2)		685		668
144A, 5.250%, 6/1/26(2)		565		558
Newell Brands, Inc. 3.150%, 4/1/21		279		276
TRI Pointe Group, Inc. 5.875%, 6/15/24		175		178
Wyndham Worldwide Corp. 4.150%, 4/1/24		45		45
				8,908
Consumer Staples—0.8%
Anheuser-Busch InBev Worldwide, Inc. 3.500%, 1/12/24		423		426
Campbell Soup Co. 3.300%, 3/15/21		225		226
3.650%, 3/15/23		555		556
CVS Health Corp. 2.800%, 7/20/20		540		537
(3 month LIBOR + 0.720%) 2.777%, 3/9/21(1)		265		267
3.700%, 3/9/23		761		763
Kraft Heinz Foods Co. (The) 3.500%, 7/15/22		90		90
				2,865
Energy—2.7%
Anadarko Petroleum Corp. 4.850%, 3/15/21		530		551
Andeavor Logistics LP 3.500%, 12/1/22		1,000		983
Enbridge Energy Partners LP 4.375%, 10/15/20		90		92
Energy Transfer Equity LP 4.250%, 3/15/23		315		306
Energy Transfer Partners LP 5.000%, 10/1/22		575		598
4.500%, 11/1/23		310		314
EP Energy LLC 144A 8.000%, 11/29/24(2)		70		70
Kinder Morgan, Inc. 3.150%, 1/15/23		1,005		978
144A, 5.625%, 11/15/23(2)		85		91
MPLX LP 3.375%, 3/15/23		225		222
Petrobras Global Finance BV 144A, 5.299%, 1/27/25(2)		750		741
144A, 5.999%, 1/27/28(2)		904		895
Petroleos Mexicanos 4.875%, 1/24/22		1,370		1,404
Range Resources Corp. 5.000%, 3/15/23		510		489
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		1,240		1,345
Sinopec Capital Ltd. 144A 1.875%, 4/24/18(2)		250		250
Sunoco LP 144A 4.875%, 1/15/23(2)		390		376
				9,705

See Notes to Financial Statements

32

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Financials—10.0%
Air Lease Corp. 2.625%, 9/4/18	$	550	$	549
American Express Co. 3.400%, 2/27/23		895		893
Ares Capital Corp. 3.500%, 2/10/23		740		719
4.250%, 3/1/25		375		364
Aviation Capital Group Corp. 144A, 2.875%, 9/17/18(2)		115		115
RegS, 2.875%, 9/17/18(3)		220		220
Banco de Credito del Peru 144A 4.250%, 4/1/23(2)		350		356
Banco de Credito e Inversiones 144A 3.500%, 10/12/27(2)		755		706
Bank of America Corp. 5.490%, 3/15/19		66		67
Series L, 2.650%, 4/1/19		350		350
(3 month LIBOR + 1.180%) 2.925%, 10/21/22(1)		1,835		1,863
4.200%, 8/26/24		1,375		1,394
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22(3)		520		545
Brookfield Finance LLC 4.000%, 4/1/24		789		794
Capital One N.A. 2.950%, 7/23/21		1,085		1,069
Citigroup, Inc. , (3 month LIBOR + 1.430%) 3.436%, 9/1/23(1)		1,090		1,117
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22(2)		895		892
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(2)		935		948
Fifth Third Bancorp 4.500%, 6/1/18		150		150
First Horizon National Corp. 3.500%, 12/15/20		440		442
First Tennessee Bank N.A. 2.950%, 12/1/19		250		249
FS Investment Corp. 4.250%, 1/15/20		300		303
4.750%, 5/15/22		185		187
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		350		337
3.000%, 4/26/22		900		883
4.250%, 10/21/25		320		321
(3 month LIBOR + 1.750%) 3.510%, 10/28/27(1)		2,015		2,110
Guanay Finance Ltd. 144A 6.000%, 12/15/20(2)		601		614
HSBC Holdings plc 2.950%, 5/25/21		860		851
(3 month LIBOR + 1.500%) 3.196%, 1/5/22(1)		476		490
Huntington Bancshares, Inc. 7.000%, 12/15/20		245		267
ICAHN Enterprises LP 6.250%, 2/1/22		695		707
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		250		250
(3 month LIBOR + 0.750%) 2.541%, 11/8/20(1)		370		370
2.957%, 11/8/22		370		361
iStar, Inc. 5.250%, 9/15/22		380		368
JPMorgan Chase & Co. 2.250%, 1/23/20		540		533
2.295%, 8/15/21		300		292

	PAR VALUE		VALUE
Financials—continued
KeyCorp 5.100%, 3/24/21	$	185	$	195
Lincoln National Corp. 4.200%, 3/15/22		470		484
(3 month LIBOR + 2.040%) 3.785%, 4/20/67(1)(4)		75		71
Macquarie Group Ltd. 144A 3.000%, 12/3/18(2)		75		75
MetLife, Inc. 4.368%, 9/15/23		365		380
Metropolitan Life Global Funding I 144A 2.500%, 12/3/20(2)		650		641
Mizuho Financial Group, Inc. 2.273%, 9/13/21		565		544
Morgan Stanley (3 month LIBOR + 0.930%) 2.675%, 7/22/22(1)		725		728
4.100%, 5/22/23		730		740
(3 month LIBOR + 1.400%) 3.141%, 10/24/23(1)		730		747
Navient Corp. 6.500%, 6/15/22		473		489
Nordea Bank AB 144A 1.625%, 9/30/19(2)		1,005		990
Nuveen Finance LLC 144A 2.950%, 11/1/19(2)		430		429
Prudential Financial, Inc. 8.875%, 6/15/38		100		101
S&P Global, Inc. 3.300%, 8/14/20		519		522
Santander Holdings USA, Inc. 3.700%, 3/28/22		910		912
SBA Tower Trust 144A, 3.156%, 10/8/20(2)		750		737
144A, 2.877%, 7/9/21(2)		800		788
144A, 3.168%, 4/11/22(2)		730		720
State Bank of India 144A 3.250%, 4/18/18(2)		300		300
Turkiye Is Bankasi AS 144A 5.500%, 4/21/22(2)		800		787
Turkiye Vakiflar Bankasi TAO 144A 5.625%, 5/30/22(2)		530		521
UBS Group Funding Switzerland AG 144A 2.650%, 2/1/22(2)		400		388
Wells Fargo & Co. 3.069%, 1/24/23		470		462
(3 month LIBOR + 1.230%) 3.002%, 10/31/23(1)		730		741
XLIT Ltd. 2.300%, 12/15/18		135		134
				36,672
Health Care—2.6%
Abbott Laboratories 2.900%, 11/30/21		500		495
AbbVie, Inc. 2.500%, 5/14/20		370		365
2.300%, 5/14/21		495		482
3.200%, 11/6/22		45		44
2.850%, 5/14/23		495		479
Allergan Funding SCS 3.000%, 3/12/20		85		85
3.450%, 3/15/22		90		89
Anthem, Inc. 3.350%, 12/1/24		215		209
Becton Dickinson & Co. (3 month LIBOR + 0.875%) 2.944%, 12/29/20(1)		303		303

See Notes to Financial Statements

33

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Health Care—continued
2.894%, 6/6/22	$	322	$	312
3.363%, 6/6/24		192		185
Cardinal Health, Inc. 2.616%, 6/15/22		735		710
3.079%, 6/15/24		735		701
Community Health Systems, Inc. 6.250%, 3/31/23		150		138
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(2)		95		98
Mylan NV 3.150%, 6/15/21		230		227
Mylan, Inc. 144A 3.125%, 1/15/23(2)		1,115		1,079
Owens & Minor, Inc. 3.875%, 9/15/21		65		65
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		435		420
Tenet Healthcare Corp. 144A 4.625%, 7/15/24(2)		550		529
Valeant Pharmaceuticals International, Inc. 144A 6.500%, 3/15/22(2)		105		108
Zimmer Biomet Holdings, Inc. (3 month LIBOR + 0.750%) 2.928%, 3/19/21(1)		1,100		1,102
3.150%, 4/1/22		1,200		1,183
				9,408
Industrials—1.4%
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21		837		887
British Airways Pass-Through-Trust 2013-1, B 144A 5.625%, 6/20/20(2)		423		435
CNH Industrial N.V. 4.500%, 8/15/23		1,314		1,337
Masco Corp. 5.950%, 3/15/22		224		242
Penske Truck Leasing Co., LP
RegS, 2.500%, 6/15/19(3)		150		149
144A, 3.375%, 2/1/22(2)		205		204
Pitney Bowes, Inc. 4.125%, 5/15/22		858		811
Ryder System, Inc. 3.400%, 3/1/23		633		631
TransDigm, Inc. 6.500%, 7/15/24		395		405
				5,101
Information Technology—1.5%
Analog Devices, Inc. 2.950%, 1/12/21		1,085		1,081
Apple, Inc. 2.400%, 1/13/23		815		791
2.750%, 1/13/25		445		428
Broadcom Corp. 2.375%, 1/15/20		545		537
3.000%, 1/15/22		385		378
Dell International LLC 144A 5.450%, 6/15/23(2)		685		726
Hewlett Packard Enterprise Co. 2.850%, 10/5/18		325		325
4.400%, 10/15/22		620		641
VMware, Inc. 2.300%, 8/21/20		225		219

	PAR VALUE		VALUE
Information Technology—continued
2.950%, 8/21/22	$	465	$	446
				5,572
Materials—1.6%
Anglo American Capital plc 144A 3.625%, 9/11/24(2)		910		876
FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23(2)		450		447
Glencore Funding LLC 144A 4.125%, 5/30/23(2)		900		906
GTL Trade Finance, Inc. 144A 5.893%, 4/29/24(2)		680		725
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24(2)		380		364
144A, 5.000%, 5/1/25(2)		520		499
OCP SA 144A 5.625%, 4/25/24(2)		790		833
Severstal OAO Via Steel Capital S.A. 144A 3.850%, 8/27/21(2)(7)		1,075		1,061
Teck Resources Ltd. 144A 8.500%, 6/1/24(2)		205		228
				5,939
Real Estate—1.0%
American Tower Corp. 3.000%, 6/15/23		430		415
Brixmor Operating Partnership LP 3.875%, 8/15/22		140		141
Corporate Office Properties LP 3.700%, 6/15/21		220		220
Healthcare Trust of America Holdings LP 3.375%, 7/15/21		135		135
2.950%, 7/1/22		920		900
Hospitality Properties Trust 4.650%, 3/15/24		430		439
Kilroy Realty LP 3.450%, 12/15/24		163		158
Select Income REIT 4.150%, 2/1/22		580		580
Senior Housing Properties Trust 3.250%, 5/1/19		125		125
Ventas Realty LP 2.700%, 4/1/20		152		151
West Europe Finance LLC 144A 3.250%, 10/5/20(2)		535		535
				3,799
Telecommunication Services—1.6%
AT&T, Inc.
2.800%, 2/17/21		910		901
(3 month LIBOR + 0.890%) 2.723%, 2/14/23(1)		475		482
3.400%, 8/14/24		550		552
Axtel SAB de C.V. 144A 6.375%, 11/14/24(2)		550		558
Crown Castle International Corp. 4.875%, 4/15/22		930		977
Frontier Communications Corp. 7.125%, 1/15/23		455		307
Level 3 Financing, Inc. 5.375%, 1/15/24		725		706
Sprint Spectrum Co., LLC 144A 3.360%, 9/20/21(2)		788		783

See Notes to Financial Statements

34

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Telecommunication Services—continued
Telefonica Emisiones SAU 3.192%, 4/27/18	$	195	$	195
Verizon Communications, Inc. 3.125%, 3/16/22		306		303
				5,764
Utilities—1.0%
American Electric Power Co., Inc. 2.150%, 11/13/20		925		905
Exelon Corp. 2.850%, 6/15/20		805		798
3.497%, 6/1/22		571		565
PNM Resources, Inc. 3.250%, 3/9/21		810		809
TerraForm Power Operating LLC 144A 4.250%, 1/31/23(2)		735		706
				3,783
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $98,711)				97,516
LEVERAGED LOANS(1)—6.8%
Aerospace—0.8%
American Airlines, Inc. 2017, Tranche B , (1 month LIBOR + 2.000%) 3.877%, 4/28/23		653		653
TransDigm, Inc.
Tranche E, (1 month LIBOR + 2.750%) 4.627%, 5/14/22		78		78
Tranche F, (3 month LIBOR + 2.750%) 4.839%, 6/9/23		735		737
United Airlines, Inc. Tranche B , (3 month LIBOR + 2.000%) 3.772%, 4/1/24		1,554		1,561
				3,029
Energy—0.1%
MEG Energy Corp. , (3 month LIBOR + 3.500%) 5.810%, 12/31/23		40		40
Paragon Offshore Finance Co. , (3 month LIBOR + 2.750%) 0.000%, 7/16/21(6)(9)		1		—	(8)
Ultra Resources, Inc. , (1 month LIBOR + 3.000%) 4.765%, 4/12/24		410		405
				445
Financial—0.1%
FinCo I LLC , (1 month LIBOR + 2.750%) 4.627%, 7/14/22		260		263
Food / Tobacco—0.3%
Aramark Intermediate HoldCo Corp.
Tranche B, (1 month LIBOR + 2.000%) 3.877%, 3/28/24		359		361
Tranche B-1, (1 month LIBOR + 2.000%) 3.877%, 3/7/25		369		371
JBS USA Lux S.A. , (3 month LIBOR + 2.500%) 4.678%, 10/30/22		243		242
				974
Food and Drug—0.1%
Albertson’s LLC 2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.627%, 8/25/21		184		182

	PAR VALUE		VALUE
Food and Drug—continued
2017-1, Tranche B-5, (3 month LIBOR + 3.000%) 5.292%, 12/21/22	$	330	$	326
				508
Gaming Leisure—1.5%
Aristocrat Leisure Ltd.
Tranche B-2, (3 month LIBOR + 2.000%) 3.745%, 10/20/21		522		525
2017, (3 month LIBOR + 2.000%) 3.745%, 9/19/24		145		145
Boyd Gaming Corp. Refinancing, Tranche B , (weekly LIBOR + 2.500%) 4.236%, 9/15/23		767		771
Caesars Entertainment Operating Co. LLC Tranche B , (1 month LIBOR + 2.500%) 4.377%, 10/6/24		758		763
CityCenter Holdings LLC Tranche B , (1 month LIBOR + 2.500%) 4.377%, 4/18/24		318		319
El Dorado Resorts, Inc. , (2 month LIBOR + 2.250%) 4.125%, 4/17/24		485		486
GVC Holdings plc , (3 month LIBOR + 2.500%) 0.000%, 3/16/24(10)		475		476
Hilton Worldwide Finance LLC Series B-2 , (1 month LIBOR + 2.000%) 3.872%, 10/25/23		726		729
Las Vegas Sands LLC 2017 Refinancing , (1 month LIBOR + 1.750%) 3.627%, 3/29/24		584		585
MGM Growth Properties Operation Partnership LP Tranche B , (1 month LIBOR + 2.000%) 3.877%, 4/25/23		279		280
Scientific Games International, Inc. Tranche B-5 , (2 month LIBOR + 2.750%) 4.686%, 8/14/24		20		20
Station Casinos LLC Tranche B , (1 month LIBOR + 2.500%) 4.380%, 6/8/23		360		361
Wyndham Hotels & Resorts, Inc. Tranche B , (3 month LIBOR + 1.750%) 0.000%, 3/29/25(10)		145		145
				5,605
Healthcare—1.0%
Community Health Systems, Inc. 2021, Tranche H , (3 month LIBOR + 3.000%) 4.984%, 1/27/21		446		428
Endo Luxembourg Finance Co. S.a.r.l. , (1 month LIBOR + 4.250%) 6.188%, 4/29/24		511		509
Envision Healthcare Corp. , (1 month LIBOR + 3.000%) 4.880%, 12/1/23		352		353
HCA, Inc. Tranche B-11 , (1 month LIBOR + 1.750%) 3.627%, 3/18/23		1,806		1,813
INC Research Holdings, Inc. Tranche B , (1 month LIBOR + 2.250%) 4.127%, 8/1/24		286		287
Quintiles IMS, Inc. Tranche B-2 , (3 month LIBOR + 2.000%) 4.302%, 1/13/25		35		35
Valeant Pharmaceuticals International, Inc. Series F-4, Tranche B , (1 month LIBOR + 3.500%) 5.240%, 4/1/22		373		377
				3,802
Information Technology—0.7%
Kronos, Inc. First Lien , (1 month LIBOR + 3.000%) 4.880%, 11/1/23		489		492
Leidos Innovations Corp. Tranche B , (1 month LIBOR + 1.750%) 3.688%, 8/16/23		256		257
Rackspace Hosting, Inc. Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.787%, 11/3/23		826		822
SS&C Technologies Holdings, Inc.
Tranche B-3, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(10)		276		278

See Notes to Financial Statements

35

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Information Technology—continued
Tranche B-4, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(10)	$	99	$	99
Western Digital Corp. Tranche B-3 , (1 month LIBOR + 2.000%) 3.877%, 4/29/23		453		456
				2,404
Manufacturing—0.1%
Zodiac Pool Solutions LLC Tranche B , (3 month LIBOR + 2.250%) 0.000%, 3/7/25(10)		180		181
Media / Telecom – Broadcasting—0.1%
Sinclair Television Group, Inc. Tranche B , (3 month LIBOR + 2.500%) 0.000%, 12/12/24(10)		490		492
Media / Telecom – Cable Wireless Video—0.4%
Altice US Finance I Corp. 2017 Refinancing , (1 month LIBOR + 2.250%) 4.127%, 7/28/25		317		316
Charter Communications Operating LLC Tranche B , (1 month LIBOR + 2.000%) 3.880%, 4/13/25		1,107		1,111
Telenet Financing USD LLC , (3 month LIBOR + 2.500%) 0.000%, 3/1/26(10)		30		30
				1,457
Media / Telecom – Diversified Media—0.2%
Crown Finance US, Inc. , (1 month LIBOR + 2.500%) 4.377%, 2/7/25		380		379
Meredith Corp. , (1 month LIBOR + 3.000%) 4.877%, 1/18/25		375		377
				756
Media / Telecom – Telecommunications—0.4%
CenturyLink, Inc. Tranche B , (1 month LIBOR + 2.750%) 4.627%, 1/31/25		618		608
Level 3 Financing, Inc. 2024, Tranche B , (1 month LIBOR + 2.250%) 4.111%, 2/22/24		913		914
				1,522
Retail—0.1%
PetSmart, Inc. Tranche B-2 , (1 month LIBOR + 3.000%) 4.680%, 3/11/22		303		243
Service—0.3%
ASGN, Inc. Tranche B-2 , (3 month LIBOR + 2.000%) 0.000%, 2/21/25(10)		155		156
Delek U.S. Holdings, Inc. , (3 month LIBOR + 2.500%) 0.000%, 3/13/25(10)		140		140
First Data Corp. 2024, Tranche-A , (1 month LIBOR + 2.250%) 4.122%, 4/26/24		920		921
				1,217
Utility—0.6%
Calpine Corp. 2016 , (3 month LIBOR + 2.500%) 4.810%, 5/31/23		663		665
NRG Energy, Inc. , (3 month LIBOR + 1.750%) 4.052%, 6/30/23		988		989
Vistra Operations Co., LLC
(1 month LIBOR + 2.500%) 4.377%, 8/4/23		231		233
Tranche C, (1 month LIBOR + 2.500%) 4.377%, 8/4/23		41		42

	PAR VALUE			VALUE
Utility—continued
2016, (1 month LIBOR + 2.250%) 4.093%, 12/14/23	$	82		$	82
					2,011
TOTAL LEVERAGED LOANS (Identified Cost $24,927)					24,909
	SHARES
PREFERRED STOCKS—0.9%
Financials—0.9%
Bank of New York Mellon Corp. (The) Series E, 4.950%		390	(5)		399
Citigroup, Inc. Series T, 6.250%		660	(5)		697
Huntington Bancshares, Inc. Series E, 5.700%		560	(5)		563
JPMorgan Chase & Co. Series Z, 5.300%		1,155	(5)		1,186
Wells Fargo & Co. Series K, 5.895%		325	(5)		330
TOTAL PREFERRED STOCKS (Identified Cost $3,148)					3,175
TOTAL LONG-TERM INVESTMENTS—99.3%
(Identified Cost $365,009)					362,292
SHORT-TERM INVESTMENT—1.4%
Money Market Mutual Fund—1.4%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(11)		5,139,819			5,140
TOTAL SHORT-TERM INVESTMENT (Identified Cost $5,140)					5,140
TOTAL INVESTMENTS—100.7% (Identified Cost $370,149)					367,432
Other assets and liabilities, net—(0.7)%					(2,501	)
NET ASSETS—100.0%				$	364,931

Abbreviations:

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

Footnote Legend:

⁽¹⁾ Variable rate security. Rate disclosed is as of March 31, 2018. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽²⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $189,801 or 52.0% of net assets.

⁽³⁾ Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

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

See Notes to Financial Statements

36

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

⁽⁴⁾ Interest payments may be deferred.

⁽⁵⁾ Value shown as par value.

⁽⁶⁾ Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽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⁾  Amount is less than $500.

⁽⁹⁾ 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 Fair Value Hierarchy table located after the Schedule of Investments.

⁽¹⁰⁾ This loan will settle after March 31, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽¹¹⁾ Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
United States	92	%
United Kingdom	1
Netherlands	1
Turkey	1
Luxembourg	1
Mexico	1
Other	3
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	108,351	$	—	$	108,351	$	—
Corporate Bonds And Notes		97,516		—		97,516		—
Foreign Government Securities		4,316		—		4,316		—
Leveraged Loans		24,909		—		24,909		—
Mortgage-Backed Securities		103,962		—		103,187		775
Municipal Bonds		194		—		194		—
U.S. Government Securities		19,869		—		19,869		—
Equity Securities:
Preferred Stocks		3,175		—		3,175		—
Short-Term Investment		5,140		5,140		—		—
Total Investments	$	367,432	$	5,140	$	361,517	$	775

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2018.

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

Management has determined that the amount of Level 3 securities compared to total net assets is de minimis; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2018.

See Notes to Financial Statements

37

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENT (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—1.2%
U.S. Treasury Note 1.375%, 4/30/20	$	1,850		$	1,814
2.375%, 1/31/23		2,610			2,588
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $4,398)					4,402
MUNICIPAL BONDS—0.1%
Michigan—0.0%
Tobacco Settlement Finance Authority Revenue Taxable Series A, 7.309%, 6/1/34		140			139
Virginia—0.1%
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, 6.706%, 6/1/46		325			307
TOTAL MUNICIPAL BONDS (Identified Cost $461)					446
FOREIGN GOVERNMENT SECURITIES—11.4%
Argentine Republic 5.625%, 1/26/22		465			472
7.500%, 4/22/26		1,765			1,885
6.875%, 1/26/27		655			668
5.875%, 1/11/28		580			545
Series NY, 8.280%, 12/31/33		1,570			1,719
7.125%, 7/6/36		735			707
7.625%, 4/22/46		370			368
6.875%, 1/11/48		380			347
Bolivarian Republic of Venezuela
RegS, 7.650%, 4/21/25(3)(8)		1,500			454
9.375%, 1/13/34(8)		920			315
Dominican Republic 144A, 6.875%, 1/29/26(2)		180			200
144A, 5.950%, 1/25/27(2)		1,130			1,181
Federative Republic of Brazil 12.500%, 1/5/22		2,645	BRL		933
Treasury Note Series F, 10.000%, 1/1/23		2,480	BRL		803
Treasury Note Series F, 10.000%, 1/1/25		1,880	BRL		605
Treasury Note Series F, 10.000%, 1/1/25		1,355	BRL		436
10.250%, 1/10/28		1,265	BRL		422
5.625%, 1/7/41		670			657
Kingdom of Bahrain 144A, 7.000%, 10/12/28(2)		910			877
Kingdom of Jordan 144A, 5.750%, 1/31/27(2)		1,075			1,046
Kingdom of Morocco 144A, 5.500%, 12/11/42(2)		800			850
Provincia de Buenos Aires 144A, 9.125%, 3/16/24(2)		730			815
144A, 7.875%, 6/15/27(2)		1,180			1,227
Republic of Chile 5.500%, 8/5/20		474,000	CLP		817
Republic of Colombia 4.375%, 3/21/23		3,746,000	COP		1,255
3.875%, 4/25/27		400			395
9.850%, 6/28/27		2,429,000	COP		1,093
Republic of Costa Rica 144A, 4.375%, 4/30/25(2)		795			747
144A, 7.000%, 4/4/44(2)		200			206
Republic of Ecuador 144A, 8.875%, 10/23/27(2)		920			938

	PAR VALUE			VALUE
Foreign Government Securities—continued
Republic of Ghana 144A, 10.750%, 10/14/30(2)	$	665		$	869
Republic of Indonesia FR70 8.375%, 3/15/24		13,962,000	IDR		1,108
Republic of Kazakhstan 144A, 5.125%, 7/21/25(2)		245			265
Republic of South Africa
Series 2023, 7.750%, 2/28/23		10,500	ZAR		901
4.875%, 4/14/26		430			429
4.300%, 10/12/28		2,140			2,002
Republic of Turkey 6.250%, 9/26/22		515			545
4.875%, 10/9/26		2,440			2,300
4.875%, 4/16/43		945			763
Russian Federation
Series 6216, 6.700%, 5/15/19		89,450	RUB		1,571
Series 6215, 7.000%, 8/16/23		47,850	RUB		855
Sultanate of Oman 144A, 5.375%, 3/8/27(2)		1,135			1,107
144A, 5.625%, 1/17/28(2)		1,580			1,540
Ukraine 144A, 7.750%, 9/1/23(2)		910			941
144A, 7.750%, 9/1/26(2)		1,765			1,806
United Mexican States
Series M, 6.500%, 6/9/22		16,410	MXN		879
4.150%, 3/28/27		460			465
4.750%, 3/8/44		508			494
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $42,732)					41,823
MORTGAGE-BACKED SECURITIES—12.6%
Agency—1.9%
Federal National Mortgage Association
Pool #AX2491, 4.000%, 10/1/44		900			926
Pool #AS7244, 3.500%, 5/1/46		874			876
Pool #MA3058, 4.000%, 7/1/47		2,476			2,543
Pool #MA3088, 4.000%, 8/1/47		2,465			2,532
					6,877
Non-Agency—10.7%
American Homes 4 Rent Trust 2014-SFR2, C 144A, 4.705%, 10/17/36(2)		915			961
2015-SFR2, C 144A, 4.691%, 10/17/45(2)		1,011			1,071
2015-SFR1, A 144A, 3.467%, 4/17/52(2)		663			670
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, 2003-AR3, M4, (5.850% minus 1 month LIBOR) 4.748%, 6/25/33(1)		1,054			1,047
AMSR Trust 2016-SFR1, D 144A, (1 month LIBOR + 2.400%) 4.208%, 11/17/33(1)(2)		765			769
Banc of America Funding Trust 2004-D, 5A1, 3.686%, 1/25/35(1)		712			670
2005-1, 1A1, 5.500%, 2/25/35		299			299
2006-2, 3A1, 6.000%, 3/25/36		158			158
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 4.984%, 7/25/35		724			745
Bank of America (Merrill Lynch – Countrywide) Alternative Loan Trust 2004-22CB, 1A1, 6.000%, 10/25/34		309			318
2004-24CB, 1A1, 6.000%, 11/25/34		71			72

See Notes to Financial Statements

38

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
Bayview Opportunity Master Fund IIIb Trust 2017-RN2, A1 144A, 3.475%, 4/28/32(1)(2)	$	124	$	124
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A, 4.250%, 4/28/55(2)		625		645
2017-SPL5, B1 144A, 4.000%, 6/28/57(1)(2)		700		720
2017-SPL1, B1 144A, 4.250%, 10/28/64(1)(2)		493		504
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A, 4.250%, 6/28/53(1)(2)		445		459
2017-SPL3, B1 144A, 4.250%, 11/28/53(1)(2)		745		778
Caesars Palace Las Vegas Trust 2017-VICI, C 144A, 4.138%, 10/15/34(2)		630		641
Citigroup Mortgage Loan Trust, Inc. 2015-A, A1 144A, 3.500%, 6/25/58(1)(2)		470		470
Colony American Finance Ltd. 2015-1, A 144A, 2.896%, 10/15/47(2)		494		491
Colony Starwood Homes Trust 2016-2A, C 144A, (1 month LIBOR + 2.150%) 3.927%, 12/17/33(1)(2)		770		771
COLT Mortgage Loan Trust Funding LLC 2017-1, A3 144A, 3.074%, 5/27/47(1)(2)		430		430
2018-1, A1 144A, 2.930%, 2/25/48(1)(2)		761		761
Credit Suisse Commercial Mortgage-Backed Trust 2006-8, 3A1 6.000%, 10/25/21		200		187
Credit Suisse Mortgage Capital Trust 2014-IVR2, A2 144A, 3.798%, 4/25/44(1)(2)		277		279
Deephaven Residential Mortgage Trust 2017-1A, A2 144A, 2.928%, 12/26/46(1)(2)		347		344
2017-2A, A2 144A, 2.606%, 6/25/47(1)(2)		225		220
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A, 3.382%, 12/15/34(1)(2)		600		599
Galton Funding Mortgage Trust 2017-1, A21 144A, 3.500%, 7/25/56(1)(2)		442		442
2018-1, A23 144A, 3.500%, 11/25/57(1)(2)		609		608
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35(1)		230		233
Home Equity Loan Trust 2003-HS3, AI4 5.550%, 9/25/33		39		39
JPMorgan Chase Mortgage Trust 2014-5, B2 144A, 2.998%, 10/25/29(1)(2)		353		335
2016-1, M2 144A, 3.750%, 4/25/45(1)(2)		640		641
2016-2, M2 144A, 3.750%, 12/25/45(1)(2)		802		801
2017-3, 2A2 144A, 2.500%, 8/25/47(1)(2)		509		494
2017-5, A1 144A, 3.184%, 10/26/48(1)(2)		1,089		1,084
2017-4, A3 144A, 3.500%, 11/25/48(1)(2)		460		457
MASTR Alternative Loan Trust 2005-5, 2A3, 5.500%, 7/25/25		631		598
2005-2, 2A1, 6.000%, 1/25/35		360		371
MASTR Specialized Loan Trust 2005-3, A2 144A, 5.704%, 11/25/35(2)		205		209
MetLife Securitization Trust 2017-1A, M1 144A, 3.640%, 4/25/55(1)(2)		425		429
New Residential Mortgage Loan Trust 2016-4A, B1A 144A, 4.500%, 11/25/56(1)(2)		674		697
2017-2A, A3 144A, 4.000%, 3/25/57(1)(2)		398		406
2018-1A, A1A 144A, 4.000%, 12/25/57(1)(2)		597		610
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A, 3.000%, 7/25/57(2)		614		609
One Market Plaza Trust 2017-1MKT, A 144A, 3.614%, 2/10/32(2)		795		802

	PAR VALUE		VALUE
Non-Agency—continued
Pretium Mortgage Credit Partners I LLC 2017-NPL5, A1 144A, 3.327%, 12/30/32(1)(2)	$	357	$	356
2017-NPL2, A1 144A, 3.250%, 3/28/57(2)		432		430
Progress Residential Trust 2017-SFR1, B 144A, 3.017%, 8/17/34(2)		385		377
2018-SFR1, B 144A, 3.484%, 3/17/35(2)		725		724
RCO Mortgage LLC 2017-1, A1 144A, 3.375%, 8/25/22(2)		1,313		1,308
Resecuritization Pass-Through Trust 2005-8R, A5 6.000%, 10/25/34		267		269
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35		539		553
RETL 2018-RVP, C144A, (1 month LIBOR + 2.050%) 3.827%, 3/15/33(1)(2)		185		186
Sequoia Mortgage Trust 2013-8, B1 3.533%, 6/25/43(1)		717		701
Towd Point Mortgage Trust 2015-1, A2 144A, 3.250%, 10/25/53(1)(2)		555		553
2016-1, M1 144A, 3.500%, 2/25/55(1)(2)		380		380
2015-6, M1 144A, 3.750%, 4/25/55(1)(2)		760		773
2015-5, A2 144A, 3.500%, 5/25/55(1)(2)		690		694
2017-1, M1 144A, 3.750%, 10/25/56(1)(2)		450		456
2015-2, 1M1 144A, 3.250%, 11/25/60(1)(2)		1,920		1,893
Tricon American Homes Trust 2017-SFR1, A 144A, 2.716%, 9/17/34(2)		185		181
Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A, 3.500%, 3/25/47(2)		1,217		1,217
Vericrest Opportunity Loan Trust LVIII LLC 2017-NPL5, A1 144A, 3.375%, 5/28/47(2)		229		229
Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A, 3.000%, 10/25/47(2)		400		396
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A, 3.375%, 10/25/47(2)		555		554
Verus Securitization Trust 2018-1, A1 144A, 2.929%, 2/25/48(1)(2)		750		750
VSD 2017-PLT1, A 3.600%, 12/25/43		215		215
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50		875		867
				39,130
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $46,175)				46,007
ASSET-BACKED SECURITIES—5.8%
Automobiles—3.6%
American Credit Acceptance Receivables Trust 2018-1, C 144A, 3.550%, 4/10/24(2)		1,105		1,106
Avis Budget Rental Car Funding LLC (AESOP) 2015-2A, A 144A, 2.630%, 12/20/21(2)		1,105		1,095
Carnow Auto Receivables Trust 2016-1A, D 144A, 7.340%, 11/15/21(2)		745		754
Chrysler Capital Auto Receivables Trust 2016-BA, D 144A, 3.510%, 9/15/23(2)		860		853
Drive Auto Receivables Trust 2017-2, C 2.750%, 9/15/23		1,105		1,099
DT Auto Owner Trust 2017-2A, D 144A, 3.890%, 1/15/23(2)		1,180		1,181
Exeter Automobile Receivables Trust 2014-3A, D 144A, 5.690%, 4/15/21(2)		965		989
Flagship Credit Auto Trust 2015-1, D 144A, 5.260%, 7/15/21(2)		885		907
2014-1, E 144A, 5.710%, 8/16/21(2)		665		674

See Notes to Financial Statements

39

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Automobiles—continued
GLS Auto Receivables Trust 2017-1A, B 144A, 2.980%, 12/15/21(2)	$	1,180	$	1,172
2017-1A, C 144A, 3.500%, 7/15/22(2)		1,180		1,169
2018-1A, B 144A, 3.520%, 8/15/23(2)		1,155		1,149
Skopos Auto Receivables Trust 2018-1A, B 144A, 3.930%, 5/16/22(2)		1,015		1,015
				13,163
Other—2.2%
Aqua Finance Trust 2017-A, A 144A, 3.720%, 11/15/35(2)		1,089		1,073
CLUB Credit Trust 2017-P1, B 144A, 3.560%, 9/15/23(2)		750		747
DB Master Finance LLC 2017-1A, A2I 144A, 3.629%, 11/20/47(2)		938		933
Drug Royalty III LP 1 2016-1A, A 144A, 3.979%, 4/15/27(2)		706		701
HOA Funding LLC 2014-1A, A2 144A, 4.846%, 8/20/44(2)		1,028		1,002
Mariner Finance Issuance Trust 2017-AA, A 144A, 3.620%, 2/20/29(2)		775		778
Prosper Marketplace Issuance Trust 2017-1A, B 144A, 3.650%, 6/15/23(2)		848		851
2017-2A, B 144A, 3.480%, 9/15/23(2)		740		738
TGIF Funding LLC 2017-1A, A2 144A, 6.202%, 4/30/47(2)		1,113		1,118
				7,941
TOTAL ASSET-BACKED SECURITIES (Identified Cost $21,127)				21,104
CORPORATE BONDS AND NOTES—52.2%
Consumer Discretionary—6.7%
Altice France S.A. 144A, 7.375%, 5/1/26(2)		905		862
American Axle & Manufacturing, Inc. 6.250%, 3/15/26		55		55
Beazer Homes USA, Inc. 6.750%, 3/15/25		325		322
5.875%, 10/15/27		815		755
Caesars Resort Collection LLC 144A, 5.250%, 10/15/25(2)		500		479
Cequel Communications Holdings I LLC 144A, 7.500%, 4/1/28(2)		660		675
Charter Communications Operating LLC 4.908%, 7/23/25		860		878
Clear Channel Worldwide Holdings, Inc.
Series A, 7.625%, 3/15/20		320		318
Series B, 7.625%, 3/15/20		435		434
CSC Holdings LLC 5.250%, 6/1/24		965		918
144A, 5.375%, 2/1/28(2)		200		189
Discovery Communications LLC 3.950%, 3/20/28		900		863
DISH DBS Corp. 7.750%, 7/1/26		610		574
Downstream Development Authority of The Quapaw Tribe of Oklahoma 144A, 10.500%, 2/15/23(2)		410		420
Ford Motor Credit Co., LLC 4.389%, 1/8/26		925		919

	PAR VALUE		VALUE
Consumer Discretionary—continued
Gateway Casinos & Entertainment Ltd. 144A, 8.250%, 3/1/24(2)	$	710	$	755
Goodyear Tire & Rubber Co. (The) 4.875%, 3/15/27		455		438
iHeartCommunications, Inc. 9.000%, 12/15/19(8)		550		434
L Brands, Inc. 6.875%, 11/1/35		874		848
Lear Corp. 3.800%, 9/15/27		1,105		1,062
Lennar Corp. 144A, 5.000%, 6/15/27(2)		550		536
144A, 4.750%, 11/29/27(2)		1,155		1,106
Live Nation Entertainment, Inc. 144A, 5.625%, 3/15/26(2)		670		678
M/I Homes, Inc. 5.625%, 8/1/25		780		759
McGraw-Hill Global Education Holdings LLC 144A, 7.875%, 5/15/24(2)		700		669
MDC Holdings, Inc. 5.500%, 1/15/24		880		893
Meredith Corp. 144A, 6.875%, 2/1/26(2)		600		616
Neiman Marcus Group Ltd. 144A, 8.000%, 10/15/21(2)		740		468
PetSmart, Inc. 144A, 8.875%, 6/1/25(2)		485		276
QVC, Inc. 5.125%, 7/2/22		240		247
Scientific Games International, Inc. 6.625%, 5/15/21		540		553
144A, 5.000%, 10/15/25(2)		375		365
TRI Pointe Group, Inc. 5.875%, 6/15/24		495		502
Viking Cruises Ltd. 144A, 5.875%, 9/15/27(2)		940		891
Vista Outdoor, Inc. 5.875%, 10/1/23		850		793
Weekley Homes LLC 144A, 6.625%, 8/15/25(2)		960		948
William Lyon Homes, Inc. 144A, 6.000%, 9/1/23(2)		1,145		1,143
Wyndham Worldwide Corp. 4.500%, 4/1/27		795		789
				24,430
Consumer Staples—1.9%
Albertsons’s Cos LLC 5.750%, 3/15/25		435		371
BAT Capital Corp. 144A, 3.557%, 8/15/27(2)		1,125		1,076
Cumberland Farms, Inc. 144A, 6.750%, 5/1/25(2)		395		411
CVS Health Corp. 4.300%, 3/25/28		1,065		1,071
JBS Investments GmbH 144A, 7.250%, 4/3/24(2)		830		825
Kronos Acquisition Holdings, Inc. 144A, 9.000%, 8/15/23(2)		485		461
MARB BondCo plc 144A, 7.000%, 3/15/24(2)		955		898
Rite Aid Corp. 144A, 6.125%, 4/1/23(2)		385		388

See Notes to Financial Statements

40

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Staples—continued
Safeway, Inc. 7.250%, 2/1/31	$	510	$	413
Sigma Finance Netherlands BV 144A, 4.875%, 3/27/28(2)		800		798
Tops Holding LLC 144A, 8.000%, 6/15/22(2)(8)		760		349
				7,061
Energy—11.7%
Afren plc 144A, 11.500%, 2/1/16(2)(8)		464		—	(9)
Alliance Resource Operating Partners LP 144A, 7.500%, 5/1/25(2)		815		856
Alta Mesa Holdings LP 7.875%, 12/15/24		455		474
American Midstream Partners LP 144A, 8.500%, 12/15/21(2)		365		368
Anadarko Finance Co. Series B 7.500%, 5/1/31		245		313
Anadarko Petroleum Corp. 6.600%, 3/15/46		460		577
Berry Petroleum Co., LLC 144A, 7.000%, 2/15/26(2)		220		222
Blue Racer Midstream LLC 144A, 6.125%, 11/15/22(2)		380		387
Bristow Group, Inc. 144A, 8.750%, 3/1/23(2)		215		217
Callon Petroleum Co. 6.125%, 10/1/24		853		872
CGG SA 144A, 5.885%, 2/21/24(2)		218		257
Cheniere Corpus Christi Holdings LLC 7.000%, 6/30/24		680		752
Chesapeake Energy Corp. 144A, 8.000%, 6/15/27(2)		885		845
Continental Resources, Inc. 4.500%, 4/15/23		700		708
Crestwood Midstream Partners LP 5.750%, 4/1/25		670		664
Denbury Resources, Inc. 144A, 9.250%, 3/31/22(2)		155		158
Encana Corp. 8.125%, 9/15/30		330		430
Energy Transfer Equity LP 5.875%, 1/15/24		885		914
Energy Transfer Partners LP 5.000%, 10/1/22		1,010		1,050
EP Energy LLC 144A, 9.375%, 5/1/24(2)		380		270
144A, 8.000%, 11/29/24(2)		530		533
Gazprom OAO 144A, 4.950%, 2/6/28(2)(15)		1,535		1,522
Geopark Ltd. 144A, 6.500%, 9/21/24(2)		960		964
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		540		560
HollyFrontier Corp. 5.875%, 4/1/26		900		968
KazMunayGas National Co. JSC 144A, 4.750%, 4/19/27(2)		1,165		1,164
Kinder Morgan, Inc. 7.750%, 1/15/32		1,115		1,425

	PAR VALUE		VALUE
Energy—continued
MPLX LP 4.000%, 3/15/28	$	422	$	416
Nabors Industries, Inc. 5.500%, 1/15/23		855		836
Novatek OAO (Novatek Finance Ltd.) 144A, 4.422%, 12/13/22(2)(15)		1,105		1,113
Odebrecht Offshore Drilling Finance Ltd. 144A, 6.720%, 12/1/22(2)		260		249
PIK Interest Capitalization, 144A, 7.720%, 12/1/26(2)(13)		783		224
Odebrecht Oil & Gas Finance Ltd. 144A, 0.000%, 12/31/49(2)		124		3
Parker Drilling Co. 7.500%, 8/1/20		1,075		981
Petrobras Global Finance BV 144A, 5.299%, 1/27/25(2)		1,441		1,423
7.375%, 1/17/27		2,292		2,481
144A, 5.999%, 1/27/28(2)		198		196
Petroleos de Venezuela S.A. 144A, 6.000%, 5/16/24(2)(8)		1,580		431
Petroleos Mexicanos 4.875%, 1/24/22		375		384
6.500%, 3/13/27		2,745		2,932
6.500%, 6/2/41		465		461
6.375%, 1/23/45		610		593
PTTEP Treasury Center Co., Ltd. 144A, (U.S. Treasury Yield Curve CMT 5 year + 3.177%) 4.875%(2)(4)		315		316
Range Resources Corp. 4.875%, 5/15/25		1,190		1,104
RSP Permian, Inc. 5.250%, 1/15/25		1,110		1,147
Sabine Pass Liquefaction LLC 4.200%, 3/15/28		320		315
Sanchez Energy Corp. 144A, 7.250%, 2/15/23(2)		530		533
SESI LLC 144A, 7.750%, 9/15/24(2)		730		756
Seven Generations Energy Ltd. 144A, 5.375%, 9/30/25(2)		900		859
SM Energy Co. 5.625%, 6/1/25		400		379
Southern Gas Corridor CJSC 144A, 6.875%, 3/24/26(2)		895		986
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(3)		855		927
Sunoco LP 144A, 5.500%, 2/15/26(2)		275		265
144A, 5.875%, 3/15/28(2)		230		222
TransMontaigne Partners LP 6.125%, 2/15/26		520		521
Transocean, Inc. 144A, 9.000%, 7/15/23(2)		440		468
6.800%, 3/15/38		250		195
Ultra Resources, Inc. 144A, 6.875%, 4/15/22(2)		37		32
144A, 7.125%, 4/15/25(2)		185		152
Valero Energy Partners LP 4.500%, 3/15/28		880		885
Vine Oil & Gas LP 144A, 8.750%, 4/15/23(2)		800		746
Weatherford International Ltd. 9.875%, 2/15/24		250		228

See Notes to Financial Statements

41

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
Energy—continued
YPF S.A. 144A, 8.500%, 3/23/21(2)	$	376		$	410
144A, 8.750%, 4/4/24(2)		115			127
144A, 6.950%, 7/21/27(2)		945			949
					42,715
Financials—10.8%
Acrisure LLC 144A, 7.000%, 11/15/25(2)		1,110			1,066
AerCap Ireland Capital DAC 3.650%, 7/21/27		975			912
Allstate Corp. (The) Series B 5.750%, 8/15/53(5)		845			885
Ares Capital Corp. 3.625%, 1/19/22		465			459
3.500%, 2/10/23		565			549
Athene Holding Ltd. 4.125%, 1/12/28		935			897
Australia & New Zealand Banking Group Ltd. 144A, 4.400%, 5/19/26(2)		725			728
Aviation Capital Group LLC 144A, 3.500%, 11/1/27(2)		1,005			942
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A, 6.500%, 3/10/21(2)		425			452
144A, 5.125%, 1/18/33(2)		1,340			1,286
Banco de Bogota S.A. 144A, 6.250%, 5/12/26(2)		730			767
Bancolombia S.A. 5.125%, 9/11/22		1,015			1,049
Bank of America Corp. 4.200%, 8/26/24		1,977			2,004
Bank of China Ltd. 144A, 5.000%, 11/13/24(2)		875			901
Bank of Montreal 3.803%, 12/15/32		204			193
Bonos del Banco Central de Chile 4.500%, 6/1/20		425,000	CLP		731
Brighthouse Financial, Inc. 144A, 3.700%, 6/22/27(2)		1,155			1,071
BrightSphere Investment Group plc 4.800%, 7/27/26		785			787
Capital One Financial Corp. 3.750%, 7/28/26		1,030			980
Compass Bank 3.875%, 4/10/25		900			880
Development Bank of Kazakhstan JSC 144A, 4.125%, 12/10/22(2)		1,090			1,086
Drawbridge Special Opportunities Fund LP 144A, 5.000%, 8/1/21(2)		915			928
FS Investment Corp. 4.250%, 1/15/20		525			530
4.750%, 5/15/22		200			202
GrupoSura Finance S.A. 144A, 5.500%, 4/29/26(2)		725			768
ICAHN Enterprises LP 5.875%, 2/1/22		510			511
6.250%, 2/1/22		195			198
6.375%, 12/15/25		780			784
ING Groep N.V. 6.000%(4)(5)		865			887
Jefferies Group LLC 4.850%, 1/15/27		360			368

	PAR VALUE		VALUE
Financials—continued
Kazakhstan Temir Zholy National Co. JSC 144A, 4.850%, 11/17/27(2)	$	2,635	$	2,625
Leucadia National Corp. 5.500%, 10/18/23		575		591
Lincoln National Corp., (3 month LIBOR + 2.040%) 3.785%, 4/20/67(1)(5)		300		286
Morgan Stanley 3.125%, 7/27/26		850		804
Navient Corp. 7.250%, 9/25/23		190		199
6.750%, 6/25/25		715		725
PNC Financial Services Group, Inc. (The) Series O 6.750%, 12/31/49		1,000		1,085
Prudential Financial, Inc. 5.875%, 9/15/42		1,430		1,505
Santander Holdings USA, Inc. 4.400%, 7/13/27		700		696
Sberbank of Russia 144A, 5.500%, 2/26/24(2)(15)		450		453
Synchrony Financial 3.950%, 12/1/27		885		836
Teachers Insurance & Annuity Association of America 144A, 4.375%, 9/15/54(2)		740		721
Toronto-Dominion Bank (The) 3.625%, 9/15/31		295		282
Turkiye Vakiflar Bankasi TAO 144A, 5.625%, 5/30/22(2)		910		894
Voya Financial, Inc. 5.650%, 5/15/53		870		887
Wells Fargo & Co. 3.550%, 9/29/25		870		854
Series S, 5.900%, 8/15/27		2,210		2,277
				39,521
Health Care—3.4%
Anthem, Inc. 3.650%, 12/1/27		265		256
Avantor, Inc. 144A, 6.000%, 10/1/24(2)		415		413
Becton Dickinson & Co. 3.700%, 6/6/27		1,050		1,013
Charles River Laboratories International, Inc. 144A, 5.500%, 4/1/26(2)		565		574
Community Health Systems, Inc. 6.250%, 3/31/23		355		327
Concordia International Corp. 144A, 9.000%, 4/1/22(2)		185		168
DJO Finco, Inc. 144A, 8.125%, 6/15/21(2)		345		346
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A, 7.625%, 5/15/22(2)(13)		445		448
Endo Finance LLC 144A, 5.375%, 1/15/23(2)		660		500
Envision Healthcare Corp. 144A, 6.250%, 12/1/24(2)		165		170
HCA, Inc. 5.375%, 2/1/25		435		436
MPH Acquisition Holdings LLC 144A, 7.125%, 6/1/24(2)		675		697
Mylan NV 3.950%, 6/15/26		985		955

See Notes to Financial Statements

42

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Health Care—continued
Ortho-Clinical Diagnostics, Inc. 144A, 6.625%, 5/15/22(2)	$	420	$	410
Polaris Intermediate Corp. PIK Interest Capitalization, 144A, 8.500%, 12/1/22(2)(13)		115		117
Surgery Center Holdings, Inc. 144A, 8.875%, 4/15/21(2)		570		594
144A, 6.750%, 7/1/25(2)		190		184
Tenet Healthcare Corp. 8.125%, 4/1/22		205		214
144A, 5.125%, 5/1/25(2)		260		250
144A, 7.000%, 8/1/25(2)		785		772
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/1/26		615		493
Valeant Pharmaceuticals International, Inc. 144A, 7.500%, 7/15/21(2)		130		131
144A, 5.625%, 12/1/21(2)		140		134
144A, 6.500%, 3/15/22(2)		70		72
144A, 5.875%, 5/15/23(2)		660		586
144A, 7.000%, 3/15/24(2)		80		84
144A, 5.500%, 11/1/25(2)		1,010		983
144A, 9.000%, 12/15/25(2)		150		149
144A, 9.250%, 4/1/26(2)		260		259
West Street Merger Sub, Inc. 144A, 6.375%, 9/1/25(2)		565		538
				12,273
Industrials—4.1%
Alfa SAB de CV 144A, 5.250%, 3/25/24(2)		765		795
Ashtead Capital, Inc. 144A, 4.375%, 8/15/27(2)		1,025		974
Bombardier, Inc. 144A, 6.125%, 1/15/23(2)		975		972
CNH Industrial N.V. 4.500%, 8/15/23		708		720
3.850%, 11/15/27		522		506
DP World Ltd. 144A, 6.850%, 7/2/37(2)		400		486
Embraer Netherlands Finance BV 5.400%, 2/1/27		370		391
JSL Europe S.A. 144A, 7.750%, 7/26/24(2)		910		925
Latam Finance Ltd. 144A, 6.875%, 4/11/24(2)		795		832
Masco Corp. 5.950%, 3/15/22		486		526
Navistar International Corp. 144A, 6.625%, 11/1/25(2)		1,025		1,025
New Enterprise Stone & Lime Co., Inc. 144A, 6.250%, 3/15/26(2)		455		456
New Enterprise Stone & Lime Co., Inc. 144A, 10.125%, 4/1/22(2)		60		64
Owens Corning 3.400%, 8/15/26		1,260		1,213
Pitney Bowes, Inc. 4.125%, 5/15/22		939		887
SCF Capital Designated Activity Co. 144A, 5.375%, 6/16/23(2)		470		478
Standard Industries, Inc. 144A, 6.000%, 10/15/25(2)		450		461
144A, 4.750%, 1/15/28(2)		370		348

	PAR VALUE		VALUE
Industrials—continued
Titan Acquisition Ltd. 144A, 7.750%, 4/15/26(2)	$	600	$	598
TransDigm, Inc. 6.500%, 7/15/24		630		646
6.500%, 5/15/25		270		273
US Airways 2012-1 Class B Pass Through Trust 8.000%, 10/1/19		866		916
Wrangler Buyer Corp. 144A, 6.000%, 10/1/25(2)		609		598
				15,090
Information Technology—3.3%
Arrow Electronics, Inc. 3.875%, 1/12/28		860		832
Blackboard, Inc. 144A, 9.750%, 10/15/21(2)		503		427
Broadcom Corp. 3.000%, 1/15/22		250		245
3.625%, 1/15/24		1,145		1,126
3.125%, 1/15/25		1,595		1,507
Citrix Systems, Inc. 4.500%, 12/1/27		940		929
Dell International LLC 144A, 5.450%, 6/15/23(2)		150		159
144A, 8.100%, 7/15/36(2)		295		358
Everi Payments, Inc. 144A, 7.500%, 12/15/25(2)		250		254
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		425		441
Jabil, Inc. 3.950%, 1/12/28		980		949
Rackspace Hosting, Inc. 144A, 8.625%, 11/15/24(2)		345		341
Radiate Holdco LLC 144A, 6.875%, 2/15/23(2)		185		179
144A, 6.625%, 2/15/25(2)		930		865
VeriSign, Inc. 4.750%, 7/15/27		980		938
ViaSat, Inc. 144A, 5.625%, 9/15/25(2)		945		910
VMware, Inc. 3.900%, 8/21/27		636		602
Western Digital Corp. 4.750%, 2/15/26		1,175		1,172
				12,234
Materials—5.3%
AK Steel Corp. 7.500%, 7/15/23		385		406
Alpek SAB de C.V. 144A, 5.375%, 8/8/23(2)		1,110		1,146
Anglo American Capital plc 144A, 4.000%, 9/11/27(2)		1,200		1,150
BHP Billiton Finance USA Ltd. 144A, 6.750%(2)(4)(5)		1,015		1,139
BlueScope Steel Finance Ltd. 144A, 6.500%, 5/15/21(2)		500		518
CPG Merger Sub LLC 144A, 8.000%, 10/1/21(2)		540		545
Equate Petrochemical BV 144A, 4.250%, 11/3/26(2)		765		759
Fibria Overseas Finance Ltd. 4.000%, 1/14/25		1,297		1,252

See Notes to Financial Statements

43

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
Materials—continued
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 3/15/23(2)	$	650		$	646
Glencore Funding LLC 144A, 4.000%, 3/27/27(2)		950			916
GTL Trade Finance, Inc. 144A, 5.893%, 4/29/24(2)		1,060			1,130
Hexion Inc. 6.625%, 4/15/20		630			587
INEOS Group Holdings S.A. 144A, 5.625%, 8/1/24(2)		535			541
James Hardie International Finance DAC 144A, 5.000%, 1/15/28(2)		940			912
Kraton Polymers LLC 144A, 7.000%, 4/15/25(2)		595			616
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24(2)		395			378
144A, 5.000%, 5/1/25(2)		790			758
OCP SA 144A, 5.625%, 4/25/24(2)		690			728
Platform Specialty Products Corp. 144A, 5.875%, 12/1/25(2)		960			938
PQ Corp. 144A, 5.750%, 12/15/25(2)		340			337
Rusal Capital DAC 144A, 5.125%, 2/2/22(2)		930			917
Severstal OAO Via Steel Capital S.A. 144A, 5.900%, 10/17/22(2)(15)		275			294
Teck Resources Ltd. 144A, 8.500%, 6/1/24(2)		260			289
United States Steel Corp. 6.250%, 3/15/26		955			951
Vale Overseas Ltd. 6.250%, 8/10/26		500			560
Yamana Gold, Inc. 144A, 4.625%, 12/15/27(2)		1,010			994
					19,407
Real Estate—1.4%
EPR Properties 4.750%, 12/15/26		815			815
Healthcare Trust of America Holdings LP 3.750%, 7/1/27		455			439
Hospitality Properties Trust 4.950%, 2/15/27		925			940
LifeStorage LP 3.875%, 12/15/27		385			371
MPT Operating Partnership LP 5.500%, 5/1/24		455			464
5.000%, 10/15/27		415			407
Physicians Realty LP 4.300%, 3/15/27		790			783
Select Income REIT 4.500%, 2/1/25		900			889
					5,108
Telecommunication Services—3.0%
Altice Luxembourg S.A. 144A, 7.625%, 2/15/25(2)		715			611
America Movil SAB de C.V. 6.450%, 12/5/22		5,000	MXN		254
AT&T, Inc. 4.250%, 3/1/27		470			475

	PAR VALUE		VALUE
Telecommunication Services—continued
5.250%, 3/1/37	$	155	$	164
4.800%, 6/15/44		580		565
5.650%, 2/15/47		300		325
Consolidated Communications, Inc. 6.500%, 10/1/22		902		806
Digicel Group Ltd. 144A, 8.250%, 9/30/20(2)		665		572
Digicel Ltd. 144A, 6.750%, 3/1/23(2)		570		514
Frontier Communications Corp. 8.500%, 4/15/20		355		357
7.125%, 1/15/23		790		533
144A, 8.500%, 4/1/26(2)		350		340
GTH Finance BV 144A, 7.250%, 4/26/23(2)		700		761
Level 3 Financing, Inc. 5.375%, 1/15/24		945		921
Qwest Corp. 7.250%, 9/15/25		400		431
Sprint Corp. 7.625%, 3/1/26		340		332
Sprint Spectrum Co. LLC 144A, 5.152%, 3/20/28(2)		995		1,000
Telenet Finance Luxembourg Notes S.a.r.l. 144A, 5.500%, 3/1/28(2)		1,000		956
West Corp. 144A, 8.500%, 10/15/25(2)		300		290
Windstream Services LLC 144A, 6.375%, 8/1/23(2)		630		359
144A, 8.625%, 10/31/25(2)		520		481
				11,047
Utilities—0.6%
Eskom Holdings SOC Ltd. 144A, 7.125%, 2/11/25(2)		600		613
Ferrellgas Partners LP 8.625%, 6/15/20		155		142
6.750%, 6/15/23		855		778
TerraForm Power Operating LLC 144A, 5.000%, 1/31/28(2)		810		769
Texas Competitive Electric Escrow Series A 10.250%, 11/1/36(8)(12)		200		—	(9)
Texas Competitive Electric Holdings Co. 144A, 11.500%, 10/1/20(2)(8)(12)		375		—	(9)
				2,302
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $195,541)				191,188
LEVERAGED LOANS(1)—10.1%
Aerospace—0.3%
TransDigm, Inc.
Tranche F, (3 month LIBOR + 2.750%) 4.839%, 6/9/23		851		853
Tranche G, (3 month LIBOR + 2.500%) 4.589%, 8/22/24		74		75
				928
Chemicals—0.3%
IPS Acquisition LLC First Lien, (1 month LIBOR + 3.250%) 5.127%, 11/7/24		95		96

See Notes to Financial Statements

44

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Chemicals—continued
KMG Chemicals, Inc., (1 month LIBOR + 2.750%) 4.627%, 6/15/24	$	91	$	91
New Arclin U.S. Holding Corp. First Lien, (3 month LIBOR + 3.500%) 5.802%, 2/14/24		403		406
Omnova Solutions, Inc. Tranche B-2, (1 month LIBOR + 3.250%) 5.127%, 8/25/23		516		524
PQ Corp. Tranche B-1, (3 month LIBOR + 2.500%) 4.291%, 2/8/25		30		30
				1,147
Consumer Durables—0.2%
Global Appliance, Inc. Tranche B, (1 month LIBOR + 4.000%) 5.880%, 9/29/24		642		649
Consumer Non-Durables—0.3%
Coty, Inc. Tranche B, (3 month LIBOR + 2.250%) 0.000%, 3/29/25(6)		240		239
Galleria Co. Tranche B, (1 month LIBOR + 3.000%) 4.688%, 9/29/23		236		236
HLF Financing S.a r.l. Senior Lien, (1 month LIBOR + 5.500%) 7.377%, 2/15/23		204		205
Parfums Holdings Co., Inc. First Lien, (3 month LIBOR + 4.750%) 7.052%, 6/30/24		357		362
				1,042
Energy—0.8%
California Resources Corp., (1 month LIBOR + 10.375%) 12.229%, 12/31/21		420		474
Chesapeake Energy Corp. Tranche A, (3 month LIBOR + 7.500%) 9.444%, 8/23/21		122		130
Medallion Midland Acquisition LLC, (1 month LIBOR + 3.250%) 5.127%, 10/30/24		594		592
Seadrill Operating LP, (3 month LIBOR + 6.000%) 8.302%, 2/21/21		490		409
Traverse Midstream Partners LLC, (3 month LIBOR + 4.000%) 5.850%, 9/27/24		535		538
Ultra Resources, Inc., (1 month LIBOR + 3.000%) 4.765%, 4/12/24		945		934
				3,077
Financial—0.7%
Asurion LLC Tranche B-2, Second Lien, (1 month LIBOR + 6.000%) 7.877%, 8/4/25		1,174		1,204
Ditech Holding Corp. Tranche B, (1 month LIBOR + 6.000%) 7.877%, 6/30/22		942		915
FinCo I LLC, (1 month LIBOR + 2.750%) 4.627%, 12/27/22		200		202
Genworth Holdings, Inc., (1 month LIBOR + 4.500%) 6.202%, 3/7/23		60		61
				2,382
Food / Tobacco—0.3%
CFSP Acquisition Corp.
(3 month LIBOR + 0.500%) 0.500%, 3/14/25(6)(14)		14		14
(3 month LIBOR + 3.000%) 4.822%, 3/14/25		61		61
CHG PPC Parent LLC First Lien, (3 month LIBOR + 2.750%) 0.000%, 3/23/25(6)		65		65
Chobani LLC First Lien, (1 month LIBOR + 3.500%) 5.377%, 10/10/23		330		331

	PAR VALUE		VALUE
Food / Tobacco—continued
JBS USA Lux S.A., (3 month LIBOR + 2.500%) 4.678%, 10/30/22	$	208	$	207
Milk Specialties Co., (3 month LIBOR + 4.000%) 6.302%, 8/16/23		552		554
				1,232
Food and Drug—0.2%
Albertson’s LLC 2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.627%, 8/25/21		607		599
Forest Prod / Containers—0.1%
Anchor Glass Container Corp. Second Lien, (1 month LIBOR + 7.750%) 9.490%, 12/7/24		202		194
Spectrum Holdings III Corp. First Lien,
(3 month LIBOR + 1.000%) 1.000%, 1/31/25(6)(14)		28		28
(1 month LIBOR + 3.250%) 5.127%, 1/31/25		282		282
				504
Gaming / Leisure—0.9%
Affinity Gaming, (1 month LIBOR + 3.250%) 5.127%, 7/1/23		518		520
Everi Payments, Inc. Tranche B, (2 month LIBOR + 3.500%) 5.494%, 5/9/24		223		225
Gateway Casinos & Entertainment Ltd., (1 month LIBOR + 3.000%) 4.750%, 3/13/25		210		211
Mohegan Tribal Gaming Authority Tranche B, (1 month LIBOR + 4.000%) 5.877%, 10/13/23		433		432
Playa Resorts Holding B.V., (3 month LIBOR + 3.250%) 5.000%, 4/29/24		627		630
Scientific Games International, Inc. Tranche B-5, (2 month LIBOR + 2.750%) 4.686%, 8/14/24		35		35
Seminole Tribe of Florida Tranche B, (1 month LIBOR + 2.000%) 3.877%, 7/8/24		547		549
UFC Holdings, LLC First Lien, (1 month LIBOR + 3.250%) 5.130%, 8/18/23		392		394
Wyndham Hotels & Resorts, Inc. Tranche B, (3 month LIBOR + 1.750%) 0.000%, 3/29/25(6)		150		150
				3,146
Healthcare—0.6%
21st Century Oncology, Inc. Tranche B, (3 month LIBOR + 6.125%) 7.855%, 1/16/23		159		152
Change Healthcare Holdings, Inc., (1 month LIBOR + 2.750%) 4.627%, 3/1/24		327		328
CHG Healthcare Services, Inc. 2017, First Lien, (3 month LIBOR + 3.000%) 4.772%, 6/7/23		473		476
Envision Healthcare Corp., (1 month LIBOR + 3.000%) 4.880%, 12/1/23		54		54
PharMerica Corp. Second Lien, (1 month LIBOR + 7.750%) 9.461%, 12/5/25		80		80
Prospect Medical Holdings, Inc. Tranche B-1, (1 month LIBOR + 5.500%) 7.188%, 2/22/24		345		345
Quorum Health Corp., (1 month LIBOR + 6.750%) 8.627%, 4/29/22		234		238
U.S. Renal Care, Inc. First Lien, (3 month LIBOR + 4.250%) 6.552%, 12/30/22		382		384
				2,057
Housing—0.3%
84 Lumber Co. Tranche B-1, (1 month LIBOR + 5.250%) 7.122%, 10/25/23		456		461

See Notes to Financial Statements

45

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Housing—continued
Capital Automotive LP Tranche B, Second Lien, (1 month LIBOR + 6.000%) 7.880%, 3/24/25	$	251	$	253
CPG International LLC, (3 month LIBOR + 3.750%) 5.593%, 5/5/24		570		574
				1,288
Information Technology—0.8%
Applied Systems, Inc. Second Lien, (3 month LIBOR + 7.000%) 9.302%, 9/19/25		100		103
Blackboard, Inc. Tranche B-4, First Lien, (3 month LIBOR + 5.000%) 6.734%, 6/30/21		172		160
Intralinks, Inc. First Lien, (1 month LIBOR + 4.000%) 5.880%, 11/14/24		354		355
Kronos, Inc. Second Lien, (3 month LIBOR + 8.250%) 10.023%, 11/1/24		193		200
Presidio Holdings, Inc. Tranche B, (3 month LIBOR + 2.750%) 4.536%, 2/2/24		510		511
SS&C Technologies Holdings, Inc.
Tranche B-3, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(6)		855		859
Tranche B-4, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(6)		305		306
Veritas US, Inc. Tranche B, (3 month LIBOR + 4.500%) 6.802%, 1/27/23		345		343
				2,837
Manufacturing—0.6%
Accudyne Industries Borrower S.C.A., (1 month LIBOR + 3.250%) 5.127%, 8/18/24		104		105
CPI Acquisition, Inc. First Lien, (3 month LIBOR + 4.500%) 6.358%, 8/17/22		1,049		717
Filtration Group Corp., (3 month LIBOR + 3.000%) 0.000%, 3/29/25(6)		230		230
Pro Mach Group, Inc. First Lien, (3 month LIBOR + 3.000%) 5.035%, 3/7/25		55		55
U.S. Farathane LLC Tranche B-4, (3 month LIBOR + 3.500%) 5.802%, 12/23/21		462		464
Zodiac Pool Solutions LLC Tranche B-1, First Lien, (3 month LIBOR + 4.000%) 6.302%, 12/20/23		415		415
				1,986
Media / Telecom – Diversified Media—0.3%
Crown Finance US, Inc., (1 month LIBOR + 2.500%) 4.377%, 2/28/25		620		619
Meredith Corp., (1 month LIBOR + 3.000%) 4.877%, 1/31/25		550		553
				1,172
Media / Telecom – Telecommunications—0.6%
CenturyLink, Inc. Tranche B, (1 month LIBOR + 2.750%) 4.627%, 1/31/25		603		593
Securus Technologies Holdings, Inc.
First Lien, (1 month LIBOR + 4.500%) 6.377%, 11/1/24		693		701
Second Lien, (1 month LIBOR + 8.250%) 10.127%, 11/1/25		390		393
West Corp.
Tranche B-1, (3 month LIBOR + 3.500%) 0.000%, 10/10/24(6)		320		320

	PAR VALUE		VALUE
Media / Telecom – Telecommunications—continued
Tranche B, (1 month LIBOR + 4.000%) 5.877%, 10/10/24	$	236	$	238
				2,245
Media / Telecom – Wireless Communications—0.0%
Digicel International Finance Ltd. Tranche B, First Lien, (3 month LIBOR + 3.250%) 5.020%, 5/27/24		99		98
Metals / Minerals—0.3%
Contura Energy, Inc., (1 month LIBOR + 5.000%) 6.880%, 3/18/24		463		462
Graftech International Ltd., (1 month LIBOR + 3.500%) 5.240%, 2/12/25		550		550
				1,012
Retail—0.5%
Bass Pro Group LLC, (1 month LIBOR + 5.000%) 6.877%, 9/25/24		373		369
BJ’s Wholesale Club, Inc. Second Lien, (1 month LIBOR + 7.500%) 9.191%, 2/3/25		535		536
Leslie’s Poolmart, Inc. Tranche B-2, (2 month LIBOR + 3.500%) 5.278%, 8/16/23		295		297
Neiman Marcus Group Ltd. LLC, (1 month LIBOR + 3.250%) 4.941%, 10/25/20		688		593
				1,795
Service—1.5%
Advantage Sales & Marketing, Inc.
Tranche B-2, First Lien, (3 month LIBOR + 3.250%) 5.022%, 7/23/21		432		423
Second Lien, (3 month LIBOR + 6.500%) 8.267%, 7/25/22		680		651
Delek US Holdings, Inc., (3 month LIBOR + 2.500%) 0.000%, 3/14/25(6)		120		120
Hoya Midco LLC First Lien, (1 month LIBOR + 3.500%) 5.377%, 6/30/24		243		243
Laureate Education, Inc. 2024, (1 month LIBOR + 3.500%) 5.377%, 4/26/24		593		595
NAB Holdings, LLC 2018 Refinancing, (3 month LIBOR + 3.000%) 5.302%, 7/1/24		299		300
PAE Holding Corp. First Lien, (2 month LIBOR + 5.500%) 7.494%, 10/20/22		264		265
Pearl Intermediate Parent LLC First Lien,
(3 month LIBOR + 1.000%) 1.00% 2/14/25(6)(14)		140		138
(1 month LIBOR + 2.750%) 4.527%, 2/14/25		475		470
Red Ventures, LLC First Lien, (1 month LIBOR + 4.000%) 5.877%, 11/8/24		781		787
Sedgwick Claims Management Services, Inc. Second Lien, (3 month LIBOR + 5.750%) 7.734%, 2/28/22		1,105		1,108
TKC Holdings, Inc. First Lien, (3 month LIBOR + 4.250%) 6.030%, 2/1/23		475		480
				5,580
Total Transportation – Automotive—0.2%
Navistar, Inc. Tranche B, (1 month LIBOR + 3.500%) 5.210%, 11/6/24		830		834

See Notes to Financial Statements

46

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
Utility—0.4%
APLP Holdings LP, (1 month LIBOR + 3.500%) 5.377%, 4/13/23	$	528		$	532
Talen Energy Supply LLC, (1 month LIBOR + 4.000%) 5.877%, 4/15/24		405			397
Vistra Operations Co. LLC (1 month LIBOR + 2.500%) 4.377%, 8/4/23		320			323
Tranche C, (1 month LIBOR + 2.500%) 4.377%, 8/4/23		57			57
					1,309
TOTAL LEVERAGED LOANS (Identified Cost $37,013)					36,919
	SHARES
PREFERRED STOCKS—2.9%
Financial—2.5%
Citigroup, Inc. Series P, 5.950%		735	(7)		756
Huntington Bancshares, Inc. Series E 5.700%		1,150	(7)		1,156
JPMorgan Chase & Co. Series Z, 5.300%		1,280	(7)		1,315
KeyCorp Series D, 5.000%		1,655	(7)		1,631
M&T Bank Corp. Series F, 5.125%		930	(7)		928
MetLife, Inc. Series D 5.875%		478	(7)		486
PNC Financial Services Group, Inc. (The) Series R, 4.850%		965	(7)		967
Series S, 5.000%		775	(7)		771
Zions Bancorp 6.950%		38,525			1,086
					9,096
Industrials—0.4%
General Electric Co. Series D, 5.000%		1,485	(7)		1,470
TOTAL PREFERRED STOCKS (Identified Cost $10,388)					10,566
COMMON STOCKS—0.2%
Consumer Discretionary—0.0%
Mark IV Industries		446			16
Energy—0.2%
CGG SA(11)		264,437			524
Frontera Energy Corp.(11)		3,405			95
					619
TOTAL COMMON STOCKS (Identified Cost $493)					635
AFFILIATED MUTUAL FUND(16)—2.5%
Virtus Newfleet Credit Opportunities Fund Class R6		934,418			9,017
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $9,341)					9,017

	SHARES		VALUE
RIGHTS—0.0%
Utilities—0.0%
Vistra Energy Corp.		6,252	$	3
TOTAL RIGHTS (Identified Cost $5)				3
TOTAL LONG-TERM INVESTMENTS—99.0%
(Identified Cost $367,674)				362,110	(10)
SHORT-TERM INVESTMENT—1.1%
Money Market Mutual Fund(16)—1.1%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)		4,092,419		4,092
TOTAL SHORT-TERM INVESTMENT (Identified Cost $4,092)				4,092
TOTAL INVESTMENTS—100.1% (Identified Cost $371,766)				366,202
Other assets and liabilities, net—(0.1)%				(185	)
NET ASSETS—100.0%			$	366,017

Abbreviations:

LIBOR London Interbank Offered Rate

PIK Payment-in-Kind Security

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Variable rate security. Rate disclosed is as of March 31, 2018. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽²⁾  Security exempt from registration under Rule 144A, of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $159,602 or 43.6% of net assets.

⁽³⁾  Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

⁽⁴⁾  No contractual maturity date.

⁽⁵⁾  Interest payments may be deferred.

⁽⁶⁾  This loan will settle after March 31, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁷⁾  Value shown as par value.

⁽⁸⁾  Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽⁹⁾  Amount is less than $500.

⁽¹⁰⁾  All or a portion of the Fund’s assets have been segregated for delayed delivery securities.

⁽¹¹⁾  Non-income producing.

⁽¹²⁾  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 Fair Value Hierarchy table located after the Schedule of Investments.

⁽¹³⁾  100% of the income received was in cash.

⁽¹⁴⁾  Represents unfunded portion of security and commitment fee earned on this portion.

⁽¹⁵⁾  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.

⁽¹⁶⁾  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

47

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

Foreign Currencies:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

IDR Indonesian Rupiah

MXN Mexican Peso

RUB Russian Ruble

ZAR South African Rand

Country Weightings†
United States	69	%
Netherlands	3
Argentina	3
Mexico	3
Canada	3
Colombia	1
Russia	1
Other	17
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	21,104	$	—	$	21,104	$	—
Corporate Bonds And Notes		191,188		—		191,188		—	(1)
Foreign Government Securities		41,823		—		41,823		—
Leveraged Loans		36,919		—		36,919		—
Mortgage-Backed Securities		46,007		—		46,007		—
Municipal Bonds		446		—		446		—
U.S. Government Securities		4,402		—		4,402		—
Equity Securities:
Affiliated Mutual Fund		9,017		9,017		—		—
Common Stocks		635		619		—		16
Preferred Stocks		10,566		1,086		9,480		—
Rights		3		—		—		3
Short-Term Investment		4,092		4,092		—		—
Total Investments	$	366,202	$	14,814	$	351,369	$	19

There were no transfers between Level 1, Level 2, or Level 3 related to securities held as of March 31, 2018.

⁽¹⁾  Amount is less than $500

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

Management has determined that the amount of Level 3 securities compared to total net assets is de minimis; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2018.

See Notes to Financial Statements

48

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—0.1%
Non-Agency—0.1%
Home Equity Loan Trust 2007-HSA3, AI4 6.110%, 6/25/37(1)	$	638	$	639
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $637)				639
CORPORATE BONDS AND NOTES—4.4%
Consumer Discretionary—0.3%
DISH DBS Corp. 5.875%, 7/15/22		575		549
TRI Pointe Group, Inc. 4.875%, 7/1/21		1,165		1,173
				1,722
Consumer Staples—0.2%
Dole Food Co., Inc. 144A 7.250%, 6/15/25(2)		855		876
Energy—1.3%
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(2)		1,241		1,303
Alta Mesa Holdings LP 7.875%, 12/15/24		765		797
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		895		895
Chesapeake Energy Corp. 6.625%, 8/15/20		905		932
Denbury Resources, Inc. 144A 9.250%, 3/31/22(2)		298		304
Energy Transfer Equity LP 4.250%, 3/15/23		515		501
EP Energy LLC 144A 8.000%, 11/29/24(2)		835		839
FTS International, Inc. 6.250%, 5/1/22		825		827
Peabody Energy Corp. 144A 6.000%, 3/31/22(2)		70		71
Sunoco LP 144A 4.875%, 1/15/23(2)		295		284
				6,753
Financial—0.3%
iStar, Inc. 5.250%, 9/15/22		280		271
Springleaf Finance Corp. 6.125%, 5/15/22		1,105		1,123
				1,394
Healthcare—0.7%
Community Health Systems, Inc. 6.250%, 3/31/23		320		295
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22(2)(3)		385		388
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(2)		435		453
Tenet Healthcare Corp. 144A 4.625%, 7/15/24(2)		1,535		1,476
Valeant Pharmaceuticals International, Inc. 144A 5.500%, 11/1/25(2)		925		900
				3,512

	PAR VALUE		VALUE
Industrials—0.1%
Standard Industries, Inc. 144A 5.500%, 2/15/23(2)	$	555	$	575
Information Technology—0.1%
First Data Corp. 144A, 5.000%, 1/15/24(2)		600		600
144A, 5.750%, 1/15/24(2)		225		226
				826
Materials—1.1%
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25(2)		785		789
BWAY Holding Co. 144A 5.500%, 4/15/24(2)		1,160		1,167
FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23(2)		525		521
Hexion Inc. 6.625%, 4/15/20		645		602
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24(2)		345		330
144A, 5.000%, 5/1/25(2)		260		250
Reynolds Group Issuer, Inc. 144A, 5.125%, 7/15/23(2)		575		581
144A, 7.000%, 7/15/24(2)		1,330		1,392
				5,632
Telecommunication Services—0.2%
T-Mobile USA, Inc. 6.000%, 4/15/24		1,090		1,135
Utilities—0.1%
Ferrellgas Partners LP 6.750%, 6/15/23		920		837
Texas Competitive Electric Holdings Co. 144A 11.500%, 10/1/20(2)(6)(7)		9,165		7
				844
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $23,545)				23,269
LEVERAGED LOANS(1)—101.3%
Aerospace—2.3%
American Airlines, Inc.
2017 Replacement, (1 month LIBOR + 2.000%) 3.875%, 6/27/20		1,763		1,765
2017, Tranche B, (1 month LIBOR + 2.000%) 3.877%, 4/28/23		1,198		1,198
Science Applications International Corp. Tranche B , (3 month LIBOR + 2.000%) 3.813%, 5/4/22		1,501		1,514
TransDigm, Inc.
Tranche F, (3 month LIBOR + 2.750%) 4.839%, 6/9/23		6,559		6,575
Tranche G, (3 month LIBOR + 2.500%) 4.589%, 8/22/24		1,012		1,015
				12,067
Chemicals—4.3%
Alpha 3 B.V. Tranche B-1 , (3 month LIBOR + 3.000%) 5.302%, 1/31/24		754		760

See Notes to Financial Statements

49

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Chemicals—continued
H.B. Fuller Co. , (1 month LIBOR + 2.250%) 4.072%, 10/20/24	$	1,244	$	1,249
Ineos U.S. Finance LLC 2024 , (1 month LIBOR + 2.000%) 3.877%, 4/1/24		5,367		5,377
IPS Acquisition LLC First Lien , (1 month LIBOR + 3.250%) 5.127%, 11/7/24		1,005		1,012
KMG Chemicals, Inc. , (1 month LIBOR + 2.750%) 4.627%, 6/15/24		321		323
Kraton Polymers LLC 2018 , (1 month LIBOR + 2.500%) 4.377%, 3/8/25		423		425
MacDermid, Inc. Tranche B-7 , (1 month LIBOR + 2.500%) 4.377%, 6/7/20		1,216		1,219
New Arclin U.S. Holding Corp. First Lien , (3 month LIBOR + 3.500%) 5.802%, 2/14/24		816		822
Omnova Solutions, Inc. Tranche B-2 , (1 month LIBOR + 3.250%) 5.127%, 8/25/23		2,475		2,513
PQ Corp. Tranche B-1 , (3 month LIBOR + 2.500%) 4.291%, 2/8/25		690		692
Solenis International LP First Lien , (3 month LIBOR + 3.250%) 5.234%, 7/31/21		2,262		2,255
Tronox Blocked Borrower LLC First Lien , (3 month LIBOR + 3.000%) 5.302%, 9/23/24		178		179
Tronox Finance LLC First Lien , (3 month LIBOR + 3.000%) 5.302%, 9/23/24		411		414
Univar USA, Inc. Tranche B-3 , (1 month LIBOR + 2.500%) 4.377%, 7/1/24		3,049		3,068
Venator Materials Corp. , (1 month LIBOR + 3.000%) 4.877%, 8/8/24		2,323		2,335
				22,643
Consumer Durables—0.7%
Global Appliance, Inc. Tranche B , (1 month LIBOR + 4.000%) 5.880%, 9/29/24		1,687		1,706
Hayward Industries, Inc. First Lien , (1 month LIBOR + 3.500%) 5.377%, 8/5/24		607		609
Serta Simmons Bedding LLC First Lien , (3 month LIBOR + 3.500%) 5.243%, 11/8/23		1,697		1,531
				3,846
Consumer Non-Durables—2.2%
Diamond (BC) B.V. , (2 month LIBOR + 3.000%) 4.994%, 9/6/24		1,781		1,777
HLF Financing S.a.r.l. Senior Lien , (1 month LIBOR + 5.500%) 7.377%, 2/15/23		856		864
Libbey Glass, Inc. , (1 month LIBOR + 3.000%) 4.718%, 4/9/21		1,771		1,746
Parfums Holdings Co., Inc. First Lien , (3 month LIBOR + 4.750%) 7.052%, 6/30/24		1,598		1,617
Prestige Brands, Inc. Tranche B-4 , (1 month LIBOR + 2.000%) 3.877%, 1/26/24		555		556
Revlon Consumer Products Corp. Tranche B , (1 month LIBOR + 3.500%) 5.377%, 9/7/23		2,022		1,583
SRAM LLC First Lien , (3 month PRIME + 2.250%) 5.728%, 3/15/24		2,240		2,254
Zep, Inc. First Lien , (3 month LIBOR + 4.000%) 5.772%, 8/12/24		1,219		1,224
				11,621
Energy—3.5%
California Resources Corp. , (1 month LIBOR + 4.750%) 6.572%, 12/31/22		1,000		1,013

	PAR VALUE		VALUE
Energy—continued
Chesapeake Energy Corp. Tranche A , (3 month LIBOR + 7.500%) 9.444%, 8/23/21	$	910	$	965
Chief Exploration & Development LLC Second Lien , (2 month LIBOR + 6.500%) 8.416%, 5/16/21		1,639		1,623
Fieldwood Energy LLC
(1 month LIBOR + 7.000%) 8.877%, 8/31/20(8)		733		727
Second Lien, (3 month LIBOR + 7.125%) 0.000%, 9/30/20(4)(6)		1,623		325
First Lien, (3 month LIBOR + 7.125%) 9.002%, 9/30/20(8)		989		940
Gavilan Resources LLC Second Lien , (1 month LIBOR + 6.000%) 7.786%, 3/1/24		790		790
Medallion Midland Acquisition LLC , (1 month LIBOR + 3.250%) 5.127%, 10/30/24		1,172		1,169
MEG Energy Corp. , (3 month LIBOR + 3.500%) 5.810%, 12/31/23		568		568
MRC Global (U.S.), Inc. 2017 Refinancing, Tranche B , (1 month LIBOR + 3.500%) 5.387%, 9/20/24		1,711		1,724
Ocean Rig UDW, Inc. , (3 month FIXED + 8.000%) 8.000%, 9/20/24		270		282
Paragon Offshore Finance Co. , (3 month LIBOR + 2.750%) 0.000%, 7/16/21(4)(6)(7)		14		—
Seadrill Operating LP , (3 month LIBOR + 6.000%) 8.302%, 2/21/21		3,998		3,342
Traverse Midstream Partners LLC , (3 month LIBOR + 4.000%) 5.850%, 9/27/24		1,710		1,719
Ultra Resources, Inc. , (1 month LIBOR + 3.000%) 4.765%, 4/12/24		1,175		1,162
Weatherford International Ltd. , (1 month LIBOR + 2.300%) 4.180%, 7/13/20		2,259		2,222
				18,571
Financial—2.8%
Asurion LLC
Tranche B-4, (1 month LIBOR + 2.750%) 4.627%, 8/4/22		1,559		1,568
Tranche B-6, (1 month LIBOR + 2.750%) 4.627%, 11/3/23		1,058		1,065
Tranche B-2, Second Lien, (1 month LIBOR + 6.000%) 7.877%, 8/4/25		2,455		2,518
Ditech Holding Corp. Tranche B , (1 month LIBOR + 6.000%) 7.877%, 6/30/22		3,714		3,609
Duff & Phelps Investment Management Co. Tranche B , (3 month LIBOR + 3.250%) 5.552%, 2/13/25		1,090		1,091
FinCo I LLC , (1 month LIBOR + 2.750%) 4.627%, 12/27/22		1,308		1,323
Focus Financial Partners LLC Tranche B-1, First Lien , (3 month LIBOR + 2.750%) 5.052%, 7/3/24		1,538		1,542
Genworth Holdings, Inc. , (1 month LIBOR + 4.500%) 6.202%, 3/7/23		260		264
iStar, Inc. , (1 month LIBOR + 3.000%) 4.766%, 10/1/21(7)		328		330
Tempo Acquisition LLC , (1 month LIBOR + 3.000%) 4.877%, 5/1/24		1,573		1,581
				14,891
Food / Tobacco—3.4%
Aramark Intermediate HoldCo Corp. Tranche B-1 , (1 month LIBOR + 2.000%) 3.877%, 3/11/25		668		672
CFSP Acquisition Corp. ,
(3 month LIBOR + 0.5000%) 0.5000%, 3/14/25(4)(9)		62		61
(3 month LIBOR + 3.000%) 4.822%, 3/14/25		273		273

See Notes to Financial Statements

50

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Food / Tobacco—continued
CHG PPC Parent LLC First Lien , (3 month LIBOR + 2.750%) 0.000%, 3/23/25(4)	$	200	$	200
Chobani LLC First Lien , (1 month LIBOR + 3.500%) 5.377%, 10/10/23		1,451		1,457
Dole Food Co., Inc. Tranche B , (1 month LIBOR + 3.000%) 5.206%, 4/6/24		2,728		2,731
Hostess Brands LLC 2017 Refinancing, Tranche B , (1 month LIBOR + 2.250%) 4.127%, 8/3/22		2,684		2,695
JBS USA Lux S.A. , (3 month LIBOR + 2.500%) 4.678%, 10/30/22		4,653		4,637
Milk Specialties Co. , (3 month LIBOR + 4.000%) 6.302%, 8/16/23		1,162		1,167
Post Holdings, Inc. , (1 month LIBOR + 2.000%) 3.880%, 5/24/24		1,022		1,024
Sigma Holdco B.V. Tranche B , (3 month LIBOR + 3.000%) 0.000%, 3/6/25(4)		1,505		1,503
US Foods, Inc. , (1 month LIBOR + 2.500%) 4.377%, 6/27/23		1,444		1,453
				17,873
Food and Drug—0.9%
Albertson’s LLC 2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.627%, 8/25/21		2,685		2,651
2017-1, Tranche B-5, (3 month LIBOR + 3.000%) 5.292%, 12/21/22		2,010		1,987
				4,638
Forest Prod / Containers—4.4%
Anchor Glass Container Corp. 2017, First Lien, (1 month LIBOR + 2.750%) 4.558%, 12/7/23		995		965
Second Lien, (1 month LIBOR + 7.750%) 9.490%, 12/7/24		1,358		1,301
Berlin Packaging, Inc. S.a.r.l. 2017, First Lien , (1 month LIBOR + 3.250%) 5.060%, 10/1/21		1,848		1,855
Berry Global Group, Inc.
Tranche O, (1 month LIBOR + 2.000%) 3.740%, 2/8/20		2,988		2,999
Tranche P, (1 month LIBOR + 2.000%) 3.740%, 1/6/21		1,843		1,850
Tranche Q, (1 month LIBOR + 2.000%) 3.808%, 10/1/22		548		550
Tranche R, (1 month LIBOR + 2.000%) 3.740%, 1/19/24		272		273
BWAY Corp. , (3 month LIBOR + 3.250%) 4.958%, 4/3/24		1,816		1,824
Klockner Pentaplast of America, Inc. , (1 month LIBOR + 4.250%) 6.127%, 6/30/22		3,104		2,982
Reynolds Group Holdings, Inc. , (1 month LIBOR + 2.750%) 4.627%, 2/5/23		4,168		4,188
Spectrum Holdings III Corp. First Lien
(3 month LIBOR + 1.00%) 1.00%, 1/31/25(9)		117		117
(1 month LIBOR + 3.250%) 5.127%, 1/31/25		1,183		1,185
Tricorbraun Holding, Inc.
First Lien, (3 month LIBOR + 3.750%) 5.973%, 11/30/23		180		181
First Lien, (3 month PRIME + 2.750%) 6.052%, 11/30/23		1,785		1,793
Trident TPI Holdings, Inc.
(3 month LIBOR + 2.500%) 5.127%, 10/5/24		235		236
Tranche B-1, (1 month LIBOR + 3.250%) 5.127%, 10/17/24		559		561
				22,860

	PAR VALUE		VALUE
Gaming / Leisure—7.8%
Affinity Gaming LLC , (1 month LIBOR + 3.250%) 5.127%, 7/1/23	$	1,563	$	1,571
Aristocrat Leisure Ltd. 2017, Tranche B-2, (3 month LIBOR + 2.000%) 3.745%, 10/20/21		1,129		1,134
(3 month LIBOR + 2.000%) 3.745%, 10/19/24		1,137		1,141
Caesars Resort Collection LLC Tranche B , (1 month LIBOR + 2.750%) 4.627%, 12/23/24		6,115		6,153
CBAC Borrower LLC Tranche B , (1 month LIBOR + 4.000%) 5.877%, 7/8/24		1,095		1,103
CityCenter Holdings LLC Tranche B , (1 month LIBOR + 2.500%) 4.377%, 4/18/24		2,198		2,207
El Dorado Resorts, Inc. , (2 month LIBOR + 2.250%) 4.125%, 4/17/24		1,211		1,214
Everi Payments, Inc. Tranche B , (2 month LIBOR + 3.500%) 5.494%, 5/9/24		1,816		1,828
Gateway Casinos & Entertainment Ltd. , (1 month LIBOR + 3.000%) 4.750%, 3/13/25		905		911
Golden Nugget, Inc. Tranche B , (2 month LIBOR + 3.250%) 4.970%, 10/4/23		1,474		1,486
Greektown Holdings LLC , (1 month LIBOR + 3.000%) 4.877%, 4/25/24		854		855
GVC Holdings plc , (3 month LIBOR + 2.500%) 0.000%, 3/15/24(4)		1,445		1,446
Hilton Worldwide Finance LLC Tranche B-2 , (1 month LIBOR + 2.000%) 3.872%, 10/25/23		4,668		4,690
MGM Growth Properties Operation Partnership LP Tranche B , (1 month LIBOR + 2.000%) 3.877%, 4/25/23		2,471		2,476
Mohegan Tribal Gaming Authority Tranche B , (1 month LIBOR + 4.000%) 5.877%, 10/13/23		1,400		1,396
Playa Resorts Holding B.V. , (3 month LIBOR + 3.250%) 5.000%, 4/29/24		2,732		2,745
Scientific Games International, Inc. Tranche B-5 , (2 month LIBOR + 2.750%) 4.686%, 8/14/24		2,294		2,302
Station Casinos LLC Tranche B , (1 month LIBOR + 2.500%) 4.380%, 6/8/23		2,463		2,470
UFC Holdings LLC First Lien , (1 month LIBOR + 3.250%) 5.130%, 8/18/23		2,409		2,420
VICI Properties, Inc. Tranche B , (1 month LIBOR + 2.000%) 3.854%, 12/20/24		955		957
Wyndham Hotels & Resorts, Inc. Tranche B , (3 month LIBOR + 1.750%) 0.000%, 3/29/25(4)		430		431
				40,936
Healthcare—11.9%
21st Century Oncology, Inc. Tranche B , (3 month LIBOR + 6.125%) 7.855%, 1/16/23		1,330		1,276
Acadia Healthcare Co., Inc. . Tranche B-4 , (1 month LIBOR + 2.500%) 4.377%, 2/16/23		2,012		2,028
Air Medical Group Holdings, Inc. Tranche B , (1 month LIBOR + 4.250%) 6.015%, 3/14/25		394		397
Akorn, Inc. , (1 month LIBOR + 4.250%) 6.188%, 4/16/21		2,180		2,164
Amneal Pharmaceuticals LLC
Tranche B, (1 month LIBOR + 3.500%) 5.377%, 11/1/19		1,255		1,256
Tranche B, (3 month LIBOR + 3.500%) 0.000%, 3/23/25(4)		1,820		1,820
Ardent Legacy Acquisitions, Inc. , (1 month LIBOR + 5.500%) 7.377%, 8/4/21		1,489		1,493
Avantor Performance Materials Holdings, Inc. , (1 month LIBOR + 4.000%) 5.877%, 11/21/24		1,870		1,889

See Notes to Financial Statements

51

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Healthcare—continued
Catalent Pharma Solution, Inc. , (1 month LIBOR + 2.250%) 4.127%, 5/20/24	$	1,203	$	1,206
Change Healthcare Holdings, Inc. , (1 month LIBOR + 2.750%) 4.627%, 3/1/24		2,708		2,714
CHG Healthcare Services, Inc. 2017, First Lien , (3 month LIBOR + 3.000%) 4.772%, 6/7/23		741		746
Community Health Systems, Inc. 2019 Tranche G, (3 month LIBOR + 2.750%) 4.734%, 12/31/19		1,230		1,198
2021, Tranche H, (3 month LIBOR + 3.000%) 4.984%, 1/27/21		3,472		3,332
Concentra, Inc. Tranche B-1, First Lien , (3 month LIBOR + 2.750%) 4.530%, 6/1/22		310		312
Concordia International Corp. , (1 month LIBOR + 4.250%) 6.127%, 10/21/21(8)		1,184		1,056
CryoLife, Inc. , (3 month LIBOR + 4.000%) 6.302%, 12/2/24		783		791
DJO Finance , (3 month LIBOR + 3.250%) 5.036%, 6/8/20		2,624		2,635
Endo Luxembourg Finance Co. S.a.r.l. , (1 month LIBOR + 4.250%) 6.188%, 4/29/24		2,040		2,034
Envision Healthcare Corp. , (1 month LIBOR + 3.000%) 4.880%, 12/1/23		997		1,000
Explorer Holdings, Inc. , (3 month LIBOR + 3.750%) 5.522%, 5/2/23		427		430
Greatbatch Ltd. Tranche B , (1 month LIBOR + 3.250%) 4.990%, 10/27/22		680		686
Immucor, Inc. Tranche B-3 , (3 month LIBOR + 5.000%) 7.302%, 6/15/21		174		178
INC Research Holdings, Inc. Tranche B , (1 month LIBOR + 2.250%) 4.127%, 8/1/24		1,220		1,224
Jaguar Holding Company I, LLC 2017 , (3 month LIBOR + 2.750%) 4.589%, 8/18/22(4)		3,043		3,052
Kindred Healthcare, Inc. , (3 month LIBOR + 3.500%) 5.250%, 4/9/21		1,132		1,135
MPH Acquisition Holdings LLC , (3 month LIBOR + 2.750%) 5.052%, 6/7/23		739		742
NVA Holdings, Inc. Tranche B-3, First Lien , (3 month LIBOR + 2.750%) 5.052%, 2/2/25		1,750		1,751
Ortho-Clinical Diagnostics Holdings S.a.r.l. , (1 month LIBOR + 3.750%) 5.627%, 6/30/21		3,106		3,130
Parexel International Corp. , (1 month LIBOR + 2.750%) 4.627%, 9/27/24		1,816		1,816
PharMerica Corp.
First Lien, (1 month LIBOR + 3.500%) 5.211%, 12/6/24		1,310		1,314
Second Lien, (1 month LIBOR + 7.750%) 9.461%, 12/5/25		125		125
Prospect Medical Holdings, Inc. Tranche B-1 , (1 month LIBOR + 5.500%) 7.188%, 2/22/24		800		800
Quintiles IMS, Inc.
Tranche B-1, (3 month LIBOR + 2.000%) 4.302%, 3/7/24		2,022		2,033
Tranche B-2, (3 month LIBOR + 2.000%) 4.302%, 1/17/25		104		105
Quorum Health Corp. , (1 month LIBOR + 6.750%) 8.627%, 4/29/22		1,420		1,449
Select Medical Corp. Tranche B , (3 month LIBOR + 3.500%) 5.480%, 3/1/21		1,500		1,512
Sterigenics-Nordion , (1 month LIBOR + 3.000%) 4.877%, 5/15/22		2,186		2,184
Surgery Partners LLC , (1 month LIBOR + 3.250%) 5.130%, 9/2/24		2,881		2,878

	PAR VALUE		VALUE
Healthcare—continued
Team Health Holdings, Inc. , (1 month LIBOR + 2.750%) 4.627%, 2/6/24	$	1,062	$	1,013
U.S. Renal Care, Inc. First Lien , (3 month LIBOR + 4.250%) 6.552%, 12/30/22		2,308		2,316
Valeant Pharmaceuticals International, Inc. Series F-4, Tranche B , (1 month LIBOR + 3.500%) 5.240%, 4/1/22		3,181		3,213
				62,433
Housing—5.0%
84 Lumber Co. Tranche B-1 , (1 month LIBOR + 5.250%) 7.122%, 10/25/23		2,012		2,035
ABC Supply, Inc. , (1 month LIBOR + 2.500%) 4.377%, 10/31/23		3,505		3,510
Beacon Roofing Supply, Inc. , (1 month LIBOR + 2.250%) 3.936%, 1/2/25		630		633
Capital Automotive LP
Tranche B-2, First Lien, (1 month LIBOR + 2.500%) 4.380%, 3/25/24		515		517
Tranche B, Second Lien, (1 month LIBOR + 6.000%) 7.880%, 3/24/25		1,479		1,491
CPG International LLC , (3 month LIBOR + 3.750%) 5.593%, 5/5/24		2,388		2,404
DTZ U.S. Borrower, LLC First Lien , (3 month LIBOR + 3.250%) 5.270%, 11/4/21		1,788		1,778
HD Supply, Inc.
Tranche B-3, (3 month LIBOR + 2.250%) 4.552%, 8/13/21		1,861		1,872
Tranche B-4, (3 month LIBOR + 2.500%) 4.802%, 10/17/23		661		664
Quikrete Holdings, Inc. First Lien , (1 month LIBOR + 2.750%) 4.627%, 11/15/23		3,487		3,500
Realogy Group LLC 2025 , (1 month LIBOR + 2.250%) 3.961%, 2/8/25		3,508		3,525
Siteone Landscape Supply, LLC Tranche D , (1 month LIBOR + 2.750%) 4.630%, 4/29/22		1,444		1,449
Summit Materials , (1 month LIBOR + 2.250%) 4.127%, 11/21/24		3,052		3,071
				26,449
Information Technology—7.1%
Applied Systems, Inc.
First Lien, (3 month LIBOR + 3.250%) 5.552%, 9/19/24		284		285
Second Lien, (3 month LIBOR + 7.000%) 9.302%, 9/19/25		320		330
Blackboard, Inc. Tranche B-4, First Lien , (3 month LIBOR + 5.000%) 6.734%, 6/30/21		2,511		2,337
BMC Software Finance, Inc. Tranche B-2 , (1 month LIBOR + 3.250%) 5.127%, 9/10/22		2,776		2,788
Dell International LLC Tranche B , (1 month LIBOR + 2.000%) 3.880%, 9/7/23		3,436		3,439
Go Daddy Operating Co. LLC Tranche B-1 , (1 month LIBOR + 2.250%) 4.127%, 2/15/24		1,968		1,973
Infor U.S., Inc. Tranche B-6 , (1 month LIBOR + 2.750%) 4.627%, 2/1/22		3,673		3,679
Intralinks, Inc. First Lien , (1 month LIBOR + 4.000%) 5.880%, 11/14/24		1,586		1,590
Kronos, Inc.
First Lien, (1 month LIBOR + 3.000%) 4.880%, 11/1/23		3,796		3,818

See Notes to Financial Statements

52

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Information Technology—continued
Second Lien, (3 month LIBOR + 8.250%) 10.023%, 11/1/24	$	965	$	1,000
Leidos Innovations Corp. Tranche B , (1 month LIBOR + 1.750%) 3.688%, 8/16/23		1,392		1,400
Presidio Holdings, Inc. Tranche B , (3 month LIBOR + 2.750%) 4.536%, 2/2/24		1,321		1,323
Rackspace Hosting, Inc. Tranche B, First Lien , (3 month LIBOR + 3.000%) 4.787%, 11/3/23		3,129		3,115
Sorenson Communications LLC First Lien , (3 month LIBOR + 5.750%) 8.060%, 4/30/20		154		154
SS&C Technologies Holdings, Inc.
Tranche B-3, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(4)		3,840		3,857
Tranche B-4, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(4)		1,370		1,376
Veritas US, Inc. Tranche B , (3 month LIBOR + 4.500%) 6.802%, 1/27/23		1,819		1,811
VF Holdings Corp. Tranche B-1, First Lien , (1 month LIBOR + 3.250%) 5.127%, 6/30/23		1,107		1,116
Western Digital Corp. Tranche B-3 , (1 month LIBOR + 2.000%) 3.877%, 4/29/23		1,933		1,942
				37,333
Manufacturing—5.4%
Accudyne Industries LLC , (1 month LIBOR + 3.250%) 5.127%, 8/18/24		1,189		1,195
Brand Energy & Infrastructure Services, Inc. , (3 month LIBOR + 4.250%) 6.186%, 6/21/24		2,342		2,362
Circor International, Inc. , (1 month LIBOR + 3.500%) 5.240%, 12/11/24		1,895		1,901
CPI Acquisition, Inc. First Lien , (3 month LIBOR + 4.500%) 6.358%, 8/17/22		5,097		3,481
Filtration Group Corp. , (3 month LIBOR + 3.000%) 0.000%, 3/29/25(4)		875		877
Gardner Denver, Inc. Tranche B-1 , (3 month LIBOR + 2.750%) 5.052%, 7/30/24		3,154		3,168
Gates Global LLC Tranche B-2 , (3 month LIBOR + 2.750%) 5.052%, 4/1/24		2,153		2,163
NN, Inc. 2017, (1 month LIBOR + 3.250%) 5.127%, 4/2/21		960		962
Tranche B, (1 month LIBOR + 3.750%) 5.627%, 10/19/22		1,414		1,416
Paladin Brands Holding, Inc. Tranche B , (3 month LIBOR + 5.500%) 7.802%, 8/15/22		953		959
Pro Mach Group, Inc. First Lien , (3 month LIBOR + 3.000%) 5.035%, 3/7/25		285		285
RBS Global, Inc. (Rexnord LLC) , (1 month LIBOR + 2.250%) 4.111%, 8/21/24		1,172		1,178
Robertshaw US Holding Corp. First Lien , (1 month LIBOR + 3.500%) 5.438%, 2/28/25		1,455		1,466
Thermon Industries, Inc. Tranche B , (1 month LIBOR + 3.750%) 5.414%, 10/30/24		257		258
Titan Acquisition Ltd. , (3 month LIBOR + 3.000%) 0.000%, 3/14/25(4)		1,590		1,587
U.S. Farathane LLC Tranche B-4 , (3 month LIBOR + 3.500%) 5.802%, 12/23/21		2,254		2,266
Zodiac Pool Solutions LLC
Tranche B-1, First Lien, (3 month LIBOR + 4.000%) 6.302%, 12/20/23		1,699		1,700
Tranche B, (3 month LIBOR + 2.250%) 0.000%, 3/7/25(4)		1,335		1,341
				28,565

	PAR VALUE		VALUE
Media / Telecom – Broadcasting—4.4%
iHeartCommunications, Inc. Tranche D , (3 month LIBOR + 0.000%) 0.000%, 1/30/19(6)	$	5,288	$	4,171
Mission Broadcasting, Inc. Tranche B-2 , (1 month LIBOR + 2.500%) 4.164%, 1/17/24		115		116
Nexstar Broadcasting, Inc. Tranche B-2 , (1 month LIBOR + 2.500%) 4.164%, 1/17/24		895		898
Sinclair Television Group, Inc.
Tranche B, (1 month LIBOR + 2.250%) 4.130%, 1/3/24		2,470		2,478
Tranche B, (3 month LIBOR + 2.500%) 0.000%, 12/12/24(4)		3,780		3,794
Tribune Media Co.
Tranche B, (1 month LIBOR + 3.000%) 4.877%, 12/27/20		158		158
Tranche C, (1 month LIBOR + 3.000%) 4.877%, 1/26/24		1,975		1,975
Univision Communications, Inc. 2017 Replacement, First Lien , (1 month LIBOR + 2.750%) 4.627%, 3/15/24		9,590		9,426
				23,016
Media / Telecom – Cable/Wireless Video—5.0%
Altice US Finance I Corp. 2017 Refinancing , (1 month LIBOR + 2.250%) 4.127%, 7/28/25		1,657		1,654
Charter Communications Operating LLC Tranche B , (1 month LIBOR + 2.000%) 3.880%, 4/30/25		7,167		7,191
CSC Holdings LLC 2017 Refinancing, (1 month LIBOR + 2.250%) 4.036%, 7/17/25		3,296		3,284
2018, (1 month LIBOR + 2.500%) 4.277%, 1/25/26		350		350
MCC Iowa LLC Tranche M , (weekly LIBOR + 2.000%) 3.740%, 1/15/25		1,602		1,604
Mediacom Illinois LLC Tranche N , (3 month LIBOR + 2.250%) 3.490%, 2/15/24(4)		2,272		2,276
Radiate Holdco LLC , (1 month LIBOR + 3.000%) 4.877%, 2/1/24		2,830		2,812
Telenet Financing USD LLC , (3 month LIBOR + 2.500%) 0.000%, 3/1/26(4)		80		80
UPC Financing Partnership Tranche A-R , (1 month LIBOR + 2.500%) 4.277%, 1/15/26		2,240		2,246
Virgin Media Bristol LLC Tranche K , (1 month LIBOR + 2.500%) 4.277%, 1/15/26		2,105		2,115
Ziggo Secured Finance Partnership Tranche E , (1 month LIBOR + 2.500%) 4.277%, 4/15/25		2,395		2,377
				25,989
Media / Telecom – Diversified Media—2.4%
CDS US Intermediate Holdings, Inc. Tranche B, First Lien , (3 month LIBOR + 3.750%) 6.052%, 7/8/22		2,178		2,177
Crown Finance US, Inc. , (1 month LIBOR + 2.500%) 4.377%, 2/28/25		880		879
Formula One Management Ltd. Tranche B-3 , (1 month LIBOR + 2.500%) 4.377%, 2/1/24		2,793		2,786
Fort Dearborn Holding Co., Inc. First Lien , (3 month LIBOR + 4.000%) 5.694%, 10/19/23		1,797		1,776
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien , (1 month LIBOR + 4.000%) 5.877%, 5/4/22		3,212		3,169
Meredith Corp. , (1 month LIBOR + 3.000%) 4.877%, 1/31/25		1,190		1,197

See Notes to Financial Statements

53

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Media / Telecom – Diversified Media—continued
SMG US Midco 2, Inc. First Lien , (1 month LIBOR + 3.250%) 5.137%, 1/23/25	$	380	$	383
				12,367
Media / Telecom – Telecommunications—5.8%
Altice Financing S.A. 2017 Refinancing , (3 month LIBOR + 2.750%) 4.470%, 7/15/25		2,119		2,074
CenturyLink, Inc. Tranche B , (1 month LIBOR + 2.750%) 4.627%, 1/31/25		3,047		2,995
Communications Sales & Leasing, Inc. , (1 month LIBOR + 3.000%) 4.877%, 10/24/22		2,211		2,133
Frontier Communications Corp. Tranche B-1 , (1 month LIBOR + 3.750%) 5.630%, 6/15/24		1,836		1,810
Global Tel*Link Corp. First Lien , (3 month LIBOR + 4.000%) 6.302%, 5/23/20		2,013		2,023
Level 3 Financing, Inc. 2024, Tranche B , (1 month LIBOR + 2.250%) 4.111%, 2/22/24		8,712		8,727
Neustar, Inc.
First Lien, (3 month LIBOR + 2.500%) 4.802%, 1/8/20		254		255
First Lien, (1 month LIBOR + 3.500%) 5.377%, 8/8/24		1,199		1,202
Numericable U.S. LLC , (3 month LIBOR + 3.000%) 4.720%, 1/31/26		1,117		1,084
Securus Technologies Holdings, Inc.
First Lien, (1 month LIBOR + 4.500%) 6.377%, 11/1/24		2,489		2,515
Second Lien, (1 month LIBOR + 8.250%) 10.127%, 11/1/25		985		994
SFR Group S.A. Tranche B-11 , (3 month LIBOR + 2.750%) 4.522%, 7/31/25		3,295		3,188
West Corp.
Tranche B-1, (3 month LIBOR + 3.500%) 0.000%, 10/10/24(4)		465		465
Tranche B, (1 month LIBOR + 4.000%) 5.877%, 10/10/24		1,074		1,083
				30,548
Media / Telecom – Wireless Communications—1.1%
Digicel International Finance Ltd. Tranche B, First Lien , (3 month LIBOR + 3.250%) 5.020%, 5/27/24		730		726
SBA Senior Finance II LLC Tranche B-1 , (weekly LIBOR + 2.250%) 3.990%, 3/24/21		2,846		2,852
Sprint Communications, Inc. , (1 month LIBOR + 2.500%) 4.438%, 2/2/24		2,336		2,335
				5,913
Metals / Minerals—0.9%
Blackhawk Mining LLC Tranche B-1, First Lien , (3 month LIBOR + 10.000%) 11.780%, 2/17/22		978		847
Contura Energy, Inc. , (1 month LIBOR + 5.000%) 6.880%, 3/18/24		1,771		1,765
Graftech International Ltd. , (1 month LIBOR + 3.500%) 5.240%, 2/12/25		1,650		1,650
Peabody Energy Corp. 2017 , (1 month LIBOR + 3.500%) 5.377%, 3/31/22		281		281
				4,543

	PAR VALUE		VALUE
Retail—2.1%
Bass Pro Group LLC , (1 month LIBOR + 5.000%) 6.877%, 9/25/24	$	2,224	$	2,202
Leslie’s Poolmart, Inc. Tranche B-2 , (2 month LIBOR + 3.500%) 5.278%, 8/16/23		1,541		1,550
Michaels Stores, Inc. Tranche B-1 , (1 month LIBOR + 2.750%) 4.589%, 1/30/23		2,098		2,107
Neiman Marcus Group Ltd. LLC, (1 month LIBOR + 3.250%) 4.941%, 10/25/20		2,147		1,850
PetSmart, Inc. Tranche B-2, (1 month LIBOR + 3.000%) 4.680%, 3/11/22		2,412		1,931
Staples, Inc., (3 month LIBOR + 4.000%) 5.787%, 9/12/24		1,637		1,620
				11,260
Service—11.8%
Advanced Disposal Services, Inc., (weekly LIBOR + 2.250%) 3.981%, 11/10/23		613		614
Advantage Sales & Marketing, Inc.
First Lien, (3 month LIBOR + 3.250%) 5.017%, 7/23/21		559		547
Tranche B-2, First Lien, (3 month LIBOR + 3.250%) 5.022%, 7/23/21		1,107		1,083
Second Lien, (3 month LIBOR + 6.500%) 8.267%, 7/25/22		1,200		1,149
AlixPartners LLP 2017 Refinancing, (3 month LIBOR + 2.750%) 5.052%, 4/4/24		2,252		2,261
ASGN, Inc. Tranche B-2, (3 month LIBOR + 2.000%) 0.000%, 4/2/25(4)		585		587
Brickman Group Ltd. LLC (The)
First Lien, (1 month LIBOR + 3.000%) 4.843%, 12/18/20		3,658		3,676
Second Lien, (1 month LIBOR + 6.500%) 8.308%, 12/17/21		923		928
Casella Waste Systems, Inc. Tranche B-1, (1 month LIBOR + 2.500%) 4.308%, 10/17/23		1,180		1,184
Crossmark Holdings, Inc.
First Lien, (3 month LIBOR + 3.500%) 5.802%, 12/20/19		1,917		928
Second Lien, (3 month LIBOR + 7.500%) 9.802%, 12/21/20(7)		520		39
Delek U.S. Holdings, Inc., (3 month LIBOR + 2.500%) 0.000%, 3/14/25(4)		360		361
First Data Corp. 2022, Tranche-D, (1 month LIBOR + 2.250%) 4.122%, 7/8/22		1,525		1,527
2024, Tranche-A, (1 month LIBOR + 2.250%) 4.122%, 4/26/24		5,236		5,242
Garda World Security Corp. Tranche B, (3 month PRIME + 2.500%) 6.378%, 5/24/24		799		806
Gopher Resource LLC, (3 month LIBOR + 3.250%) 5.478%, 3/6/25		395		398
Greenrock Finance, Inc. Tranche B, First Lien, (3 month LIBOR + 3.500%) 5.802%, 6/28/24		1,172		1,179
Hoya Midco LLC First Lien, (1 month LIBOR + 3.500%) 5.377%, 6/30/24		1,077		1,077
KAR Auction Services, Inc. Tranche B-4, (3 month LIBOR + 2.250%) 4.563%, 3/11/21		1,656		1,664
Laureate Education, Inc. 2024, (1 month LIBOR + 3.500%) 5.377%, 4/26/24		3,355		3,369
NAB Holdings, LLC 2018 Refinancing, (3 month LIBOR + 3.000%) 5.302%, 7/1/24		1,731		1,740

See Notes to Financial Statements

54

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Service—continued
PAE Holding Corp. First Lien, (2 month LIBOR + 5.500%) 7.494%, 10/20/22	$	915	$	919
Patriot Container Corp., (1 month LIBOR + 3.500%) 5.322%, 3/15/25		215		216
Pearl Intermediate Parent LLC
First Lien (3 month LIBOR + 1.000%) 1.000%, 2/14/25(4)(9)		423		418
First Lien, (1 month LIBOR + 2.750%) 4.527%, 2/14/25		1,437		1,420
Prime Security Services Borrower LLC 2016 Refinancing, Tranche B-1, First Lien, (1 month LIBOR + 2.750%) 4.627%, 5/2/22		2,418		2,435
Red Ventures LLC First Lien, (1 month LIBOR + 4.000%) 5.877%, 11/8/24		1,766		1,780
Sedgwick Claims Management Services, Inc.
First Lien, (1 month LIBOR + 2.750%) 4.627%, 3/1/21		3,427		3,422
Second Lien, (3 month LIBOR + 5.750%) 7.734%, 2/28/22		1,725		1,730
ServiceMaster Co., LLC Tranche C, (1 month LIBOR + 2.500%) 4.377%, 11/8/23		5,037		5,052
Spin Holdco, Inc. Tranche B-1, First Lien, (3 month LIBOR + 3.250%) 5.083%, 11/14/22		3,276		3,294
St. George’s University Scholastic Services LLC, (1 month LIBOR + 3.750%) 5.630%, 7/6/22		1,198		1,205
TKC Holdings, Inc. First Lien, (3 month LIBOR + 4.250%) 6.030%, 2/1/23		2,535		2,557
TransUnion LLC, 2017 Replacement Tranche B-3, (1 month LIBOR + 2.000%) 3.877%, 4/10/23		4,200		4,210
WEX, Inc. Tranche B-2, (1 month LIBOR + 2.250%) 4.127%, 6/30/23		1,997		2,009
Wrangler Buyer Corp. (Waste Industries USA, Inc.), (1 month LIBOR + 3.000%) 4.877%, 9/27/24		923		927
				61,953
Transportation – Automotive—2.7%
Accuride International, Inc. 2017 Refinancing, (1 month LIBOR + 5.250%) 7.552%, 11/17/23		1,938		1,957
American Axle & Manufacturing, Inc. Tranche B, (1 month LIBOR + 2.250%) 4.130%, 4/6/24		1,389		1,395
Cooper-Standard Automotive, Inc. Tranche B-1, (3 month LIBOR + 2.000%) 4.302%, 11/2/23		1,354		1,359
Deck Chassis Acquisition, Inc. Second Lien, (1 month LIBOR + 6.000%) 7.877%, 6/15/23		345		350
DexKo Global, Inc. Tranche B, First Lien, (3 month LIBOR + 3.500%) 5.802%, 7/24/24		2,259		2,280
Federal-Mogul Corp. Tranche C, (1 month LIBOR + 3.750%) 5.580%, 4/15/21		3,460		3,480
Navistar, Inc. Tranche B, (1 month LIBOR + 3.500%) 5.210%, 11/6/24		2,315		2,326
TI Group Auto Systems LLC, (1 month LIBOR + 2.500%) 4.377%, 6/30/22		911		914
				14,061
Transportation – Land Transportation—0.2%
Transplace Holdings, Inc. First Lien, (1 month LIBOR + 4.250%) 5.961%, 10/7/24		788		791
Utility—3.2%
APLP Holdings LP, (1 month LIBOR + 3.500%) 5.377%, 4/13/23		1,432		1,442

	PAR VALUE		VALUE
Utility—continued
Calpine Construction Finance Co., LP Tranche B, (1 month LIBOR + 2.500%) 4.377%, 1/15/25	$	1,990	$	1,994
Dynegy, Inc. Tranche C-2, (1 month LIBOR + 2.750%) 4.604%, 2/7/24		2,679		2,694
Lightstone Holdco LLC
Tranche B, (1 month LIBOR + 3.750%) 5.627%, 1/30/24		692		695
Tranche C, (1 month LIBOR + 3.750%) 5.627%, 1/30/24		44		44
NRG Energy, Inc., (3 month LIBOR + 1.750%) 4.052%, 6/30/23		5,054		5,060
Talen Energy Supply LLC
Tranche B-1, (1 month LIBOR + 4.000%) 5.877%, 7/15/23		1,041		1,021
(1 month LIBOR + 4.000%) 5.877%, 4/15/24		1,235		1,211
TerraForm Power Operating LLC, (1 month LIBOR + 2.750%) 4.627%, 11/8/22		519		521
Vistra Operations Co., LLC
(1 month LIBOR + 2.500%) 4.377%, 8/4/23		1,348		1,357
Tranche C, (1 month LIBOR + 2.500%) 4.377%, 8/4/23		240		242
2016, (1 month LIBOR + 2.250%) 4.093%, 12/14/23		389		391
				16,672
TOTAL LEVERAGED LOANS (Identified Cost $537,540)				531,839
	SHARES
COMMON STOCKS—0.1%
Consumer Discretionary—0.1%
VICI Properties, Inc.		31,026		569
Energy—0.0%
Sabine Oil & Gas LLC(10)		714		34
TOTAL COMMON STOCKS (Identified Cost $614)				603
RIGHTS—0.0%
Utilities—0.0%
Vistra Energy Corp.(7)		152,810		78
TOTAL RIGHTS (Identified Cost $129)				78
WARRANTS—0.0%
Energy—0.0%
Sabine Oil & Gas LLC(10)		2,268		13
Sabine Oil & Gas LLC(10)		404		2
TOTAL WARRANTS (Identified Cost $18)				15
TOTAL LONG-TERM INVESTMENTS—105.9%
(Identified Cost $562,483)				556,443	(5)

See Notes to Financial Statements

55

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
SHORT-TERM INVESTMENT—2.0%
Money Market Mutual Fund—2.0%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.540%)(11)		10,614,731	$	10,615
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $10,615)				10,615
TOTAL INVESTMENTS—107.9% (Identified Cost $573,098)				567,058
Other assets and liabilities, net—(7.9)%				(41,705	)
NET ASSETS—100.0%			$	525,353

Abbreviations:

LIBOR London Interbank Offered Rate

PIK Payment-in-Kind Security

Footnote Legend:

⁽¹⁾  Variable rate security. Rate disclosed is as of March 31, 2018. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $13,332 or 2.5% of net assets.

⁽³⁾  100% of the income received was in cash.

⁽⁴⁾  This loan will settle after March 31, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽⁵⁾  All or a portion of the Fund’s assets have been segregated as collateral for delayed delivery settlements and leverage.

⁽⁶⁾  Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽⁷⁾  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 Fair Value Hierarchy table located after the Schedule of Investments.

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

⁽⁹⁾  Represents unfunded portion of security and commitment fee earned on this portion.

⁽¹⁰⁾  Non-income producing.

⁽¹¹⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
United States	95	%
Luxembourg	2
Netherlands	1
Canada	1
United Kingdom	1
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Corporate Bonds And Notes	$	23,269	$	—	$	23,262	$	7
Leveraged Loans		531,839		—		531,469		370
Mortgage-Backed Securities		639		—		639		—
Equity Securities:
Common Stocks		603		569		—		34
Rights		78		—		—		78
Short-Term Investment		10,615		10,615		—		—
Warrants		15		—		—		15
Total Investments	$	567,058	$	11,184	$	555,370	$	504

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2018. Securities with an end of period value of $370 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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

Management has determined that the amount of Level 3 securities compared to total net assets is de minimis; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2018.

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

See Notes to Financial Statements

56

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MUNICIPAL BONDS(2)—98.0%
Alabama—1.4%
Black Belt Energy Gas District, Natural Gas Purchase Revenue, 4.000%, 12/1/48(1)	$	465	$	499
Pell City Special Care Facilities Financing Authority, Noland Health Services Revenue, 4.000%, 12/1/25		500		522
5.000%, 12/1/25		1,000		1,085
				2,106
Arizona—4.7%
Arizona Board of Regents, Arizona State University System Revenue, 5.000%, 7/1/36		1,000		1,146
5.000%, 7/1/37		360		412
Arizona Department of Transportation, State Highway Fund Revenue, 5.000%, 7/1/36		500		578
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/1/24		565		648
Maricopa County Industrial Development Authority, Banner Health Revenue, 4.000%, 1/1/34		1,000		1,050
Northern Arizona University, Stimulus Plan for Economic and Educational Development Revenue, 5.000%, 8/1/24		1,115		1,255
5.000%, 8/1/25		2,000		2,247
				7,336
Arkansas—0.4%
University of Arkansas, Facility Revenue, 5.000%, 11/1/33		505		587
California—3.6%
California Health Facilities Financing Authority, Sutter Health Revenue, 5.000%, 11/15/30		600		695
California Municipal Finance Authority, Bowles Hall Foundation Revenue, 4.000%, 6/1/21		100		105
4.500%, 6/1/23		225		243
4.500%, 6/1/24		150		163
California State Health Facilities Financing Authority, Providence St. Joseph Health Revenue, 4.000%, 10/1/36		275		287
California State Municipal Finance Authority, Community Medical Centers Revenue, 5.000%, 2/1/27		400		454
California Statewide Communities Development Authority, The Culinary Institute of America Revenue, 5.000%, 7/1/28		200		228
California, State of, Public Works Board, Judicial Council Projects Revenue, 5.000%, 3/1/27		500		564
Garden Grove Agency Community Development Successor Agency, Tax Allocation Revenue (BAM Insured), 5.000%, 10/1/30		1,000		1,150
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue (BAM Insured), 5.000%, 5/1/32		545		630
Oakland Unified School District, General Obligation, 5.000%, 8/1/30		500		582
Palm Desert Redevelopment Agency Successor Agency (BAM Insured), 5.000%, 10/1/28		250		298
Temecula Valley Unified School District Financing Authority, Special Tax Revenue (BAM Insured), 5.000%, 9/1/25		175		203
				5,602
Colorado—6.7%
Colorado State Health Facilities Authority, Catholic Health Initiatives Revenue, 6.250%, 10/1/33		650		666

	PAR VALUE		VALUE
Colorado—continued
Denver Convention Center Hotel Authority Revenue, Senior Lien, 5.000%, 12/1/27	$	400	$	461
E-470 Public Highway Authority Revenue, 5.000%, 9/1/20		340		365
(NATL Insured), 0.000%, 9/1/29		665		376
Public Authority For Colorado Energy, Natural Gas Purchase Revenue, 6.125%, 11/15/23		2,135		2,495
6.250%, 11/15/28		2,250		2,810
Regional Transportation District, Sales Tax Revenue, Fastracks Project, 5.000%, 11/1/32		1,195		1,395
University of Colorado, Enterprise Revenue, (Pre-refunded 6/1/19 @100), 5.625%, 6/1/22		1,650		1,725
				10,293
Connecticut—1.4%
Connecticut Housing Finance Authority, Mortgage Revenue, 3.200%, 11/15/33		425		420
Connecticut State Health & Educational Facility Authority, Hartford Healthcare Revenue, 5.000%, 7/1/25		1,500		1,711
				2,131
District of Columbia—3.3%
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, (AGC Insured), 6.500%, 10/1/41		4,000		5,081
Florida—8.9%
Brevard County Health Facilities Authority, Health First Revenue, 5.000%, 4/1/21		115		125
(Pre-refunded 4/1/19 @100), 7.000%, 4/1/39		1,050		1,104
Brevard County School Board, Certificates of Participation, 5.000%, 7/1/32		1,000		1,150
Broward County School Board, Certificates of Participation, 5.000%, 7/1/32		300		345
Central Florida Expressway Authority, Senior Lien Toll Revenue, 4.000%, 7/1/30		200		214
Miami Beach Redevelopment Agency, Tax Increment Revenue, 5.000%, 2/1/32		300		338
Miami Beach, City of, Stormwater Revenue, (Pre-refunded 9/1/21 @100), (Pre-refunded 9/1/21 @100), 5.250%, 9/1/23		1,265		1,405
Miami-Dade County Aviation Revenue, 5.000%, 10/1/24		2,425		2,705
Miami-Dade County Educational Facilities Authority, University of Miami Revenue, 5.000%, 4/1/30		200		227
Miami-Dade County Expressway Authority, Toll Revenue, 5.000%, 7/1/33		455		521
Miami-Dade County School Board, Certificates of Participation, 5.000%, 2/1/34		1,700		1,908
Seminole County School Board, Certificates of Participation, 5.000%, 7/1/29		1,935		2,251
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35		750		854
Tallahassee, City of, Health Facilities Revenue, Tallahassee Memorial Healthcare, 5.000%, 12/1/36		480		525
				13,672
Georgia—3.5%
Athens-Clarke County Unified Government, Water and Sewer Revenue (Pre-refunded 1/1/19 @100), 5.625%, 1/1/28		1,500		1,545

See Notes to Financial Statements

57

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Georgia—continued
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31	$	650	$	748
DeKalb County Water & Sewer Revenue, 5.250%, 10/1/26		2,750		3,054
				5,347
Idaho—1.0%
Idaho Housing & Finance Association, Federal Highway Grant Anticipation Revenue, 4.500%, 7/15/29		1,500		1,590
Illinois—10.3%
Chicago O’Hare International Airport, Passenger Facilities Charge Revenue, 5.000%, 1/1/20		750		791
Chicago, City of,
Sales Tax Revenue (Escrowed to Maturity), 5.000%, 1/1/21		750		812
Sales Tax Revenue (Pre-refunded 1/1/22 @100), 5.250%, 1/1/38		25		28
Waterworks Revenue, Second Lien, 5.000%, 11/1/22		500		551
Waterworks Revenue, Second Lien, 5.000%, 11/1/30		500		557
Waterworks Revenue, Second Lien, (AGM Insured), 5.000%, 11/1/31		500		571
Waterworks Revenue, Second Lien, (AGM Insured), 5.250%, 11/1/32		350		407
Illinois Finance Authority,
KishHealth System Revenue (Escrowed to Maturity), 4.750%, 10/1/18		700		711
Rush University Medical Center Revenue (Pre-refunded 11/1/18 @100), 7.250%, 11/1/38		1,220		1,259
Rush University Medical Center Revenue, 5.000%, 11/15/21		250		275
Illinois State Toll Highway Authority, Toll Highway Revenue Senior Lien, 5.000%, 1/1/32		1,000		1,151
Illinois, State of, General Obligation, 5.000%, 4/1/22		815		848
5.000%, 2/1/26		1,490		1,545
5.000%, 2/1/27		1,250		1,297
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project Revenue (AGM Insured), 0.000%, 6/15/26		1,000		726
Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue, 5.000%, 6/1/27		450		516
Sales Tax Securitization Corp., Chicago Sales Tax Revenue, 5.000%, 1/1/30		1,500		1,733
University of Illinois, Auxiliary Facilities System Revenue, 5.500%, 4/1/31		1,540		1,674
5.125%, 4/1/36		500		529
				15,981
Indiana—2.2%
Indiana Finance Authority, Indiana University Health Center Revenue, 5.000%, 12/1/22		800		900
Indianapolis Local Public Improvements Bond Bank Revenue, 5.000%, 6/1/19		2,350		2,434
				3,334

	PAR VALUE		VALUE
Iowa—1.5%
Iowa, State of, Prison Infrastructure, Funding Revenue, (Pre-refunded 6/15/20 @100), 5.000%, 6/15/27	$	2,250	$	2,408
Louisiana—0.6%
New Orleans Sewerage Service Revenue, 5.000%, 6/1/19		300		311
5.000%, 6/1/20		550		585
				896
Maine—1.7%
Portland, City of, General Airport Revenue, 5.000%, 7/1/26		1,000		1,106
5.000%, 7/1/29		580		634
5.000%, 7/1/30		770		839
				2,579
Maryland—2.9%
Baltimore, City of, Convention Center Hotel Revenue, 5.000%, 9/1/36		250		280
Maryland Economic Development Corp., Exelon Generation Co. Revenue, 2.550%, 12/1/25(1)		500		501
Maryland Health & Higher Educational Facilities Authority,
Anne Arundel Health System Revenue (Pre-refunded 7/1/19 @100), 6.750%, 7/1/29		2,015		2,135
Medstar Health System Revenue, 5.000%, 8/15/26		800		917
Medstar Health System Revenue, 5.000%, 5/15/42		600		674
				4,507
Massachusetts—0.4%
Massachusetts Port Authority, Transportation Revenue, 5.000%, 7/1/31		500		578
Michigan—1.8%
Michigan Finance Authority, Beaumont Health Credit Group Revenue, 5.000%, 8/1/27		1,250		1,414
Michigan State Building Authority, Facilities Program Lease Revenue, 5.000%, 4/15/25		500		580
4.000%, 10/15/36		500		521
Royal Oak Hospital Finance Authority, William Beaumont Hospital Revenue, 5.000%, 9/1/19		200		209
				2,724
New Jersey—4.8%
Camden County Improvement Authority Healthcare Redevelopment Project, Cooper Health System Revenue, 5.000%, 2/15/22		950		1,041
New Jersey Economic Development Authority, Cigarette Tax Revenue (AGM Insured), 5.000%, 6/15/22		3,000		3,282
New Jersey Housing & Mortgage Finance Agency, Mortgage Revenue, 4.375%, 4/1/28		1,835		1,910
New Jersey Turnpike Authority, Toll Revenue, 4.000%, 1/1/35		240		252
Tobacco Settlement Financing Corp., Tobacco Settlement Revenue, 5.000%, 6/1/41		1,000		999
				7,484

See Notes to Financial Statements

58

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
New York—9.0%
Buffalo & Erie County Industrial Land Development Corp., Catholic Health System Revenue, 5.000%, 7/1/23	$	550	$	619
Long Island Power Authority, Electric Revenue, 5.000%, 9/1/32		250		290
Metropolitan Transportation Authority, Transportation Revenue, 6.250%, 11/15/23		605		622
(Pre-refunded 11/15/18 @100), 6.250%, 11/15/23		25		26
(Pre-refunded 11/15/18 @100), 6.250%, 11/15/23		1,300		1,338
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue,
(AGC Insured), 6.125%, 1/1/29		500		517
(AMBAC Insured), 5.000%, 1/1/20		900		902
(AMBAC Insured), 5.000%, 1/1/31		470		471
New York City Municipal Water Finance Authority, Water & Sewer System Revenue, 5.750%, 6/15/40		1,640		1,653
(Pre-refunded 6/15/18 @100), 5.750%, 6/15/40		1,360		1,372
New York City Transitional Finance Authority, Subordinate Future Tax Secured Revenue, 5.000%, 5/1/35		3,165		3,623
New York State Dormitory Authority,
New York University Hospitals Center Revenue, 5.000%, 7/1/33		150		170
Orange Regional Medical Center Revenue, 5.000%, 12/1/23(3)		300		330
New York Transportation Development Corp., American Airlines JFK Project Revenue, 5.000%, 8/1/26		250		266
Triborough Bridge & Tunnel Authority, Toll Revenue Subordinate Lien, 5.000%, 11/15/23		750		852
TSASC, Inc., Tobacco Settlement Revenue, 5.000%, 6/1/34		190		210
Utility Debt Securitization Authority Restructuring Charge, Electric Revenue, 5.000%, 6/15/26		500		572
				13,833
North Dakota—0.9%
Barnes County North Public School District Building Authority, Lease Revenue, 4.250%, 5/1/27		1,330		1,370
Ohio—2.5%
New Albany Community Authority, Community Facilities Revenue, 5.000%, 10/1/24		1,250		1,386
Ohio State Juvenile Correction Facilities Project, Lease Revenue, 5.000%, 10/1/21		1,080		1,190
5.000%, 10/1/22		1,135		1,274
				3,850
Oklahoma—0.9%
Oklahoma State Turnpike Authority, Turnpike Revenue, Second Senior Lien, (Pre-refunded 1/1/21 @100), 5.000%, 1/1/29		1,250		1,357
Oregon—1.6%
Oregon Facilities Authority, University of Portland Revenue, 5.000%, 4/1/30		240		270
Oregon, State of, General Obligation, 5.000%, 5/1/33		1,095		1,273
Washington & Multnomah Counties, Beaverton School District No. 48J, 0.000%, 6/15/36		800		913
				2,456
Pennsylvania—5.0%
Butler County Hospital Authority, Butler Health System Revenue, 5.000%, 7/1/30		250		278

	PAR VALUE		VALUE
Pennsylvania—continued
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, 5.000%, 7/1/34	$	250	$	289
Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien, 6.375%, 12/1/38		2,000		2,468
(Pre-refunded 12/1/20 @ 100), 6.000%, 12/1/34		1,235		1,369
(Pre-refunded 12/1/20 @ 100), 6.000%, 12/1/34		250		277
(Pre-refunded 12/1/20 @ 100), 6.000%, 12/1/34		265		293
(Pre-refunded 12/1/21 @100), 5.250%, 12/1/31		2,000		2,234
Philadelphia, City of,
Water & Wastewater Revenue, 5.000%, 11/1/31		125		145
Water & Wastewater Revenue, 5.000%, 10/1/42		300		340
				7,693
South Carolina—0.9%
Dorchester County, Water & Sewer Revenue, 5.000%, 10/1/28		1,020		1,134
South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue, 5.000%, 12/1/24		250		287
				1,421
Tennessee—2.0%
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, 5.000%, 10/1/26		1,000		1,109
Tennessee Housing Development Agency, Residential Finance Program Revenue, 2.050%, 7/1/20		555		556
2.300%, 1/1/21		320		322
Tennessee State School Bond Authority, Higher Education Program Revenue, 5.000%, 11/1/34		1,000		1,184
				3,171
Texas—9.4%
Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System (Pre-refunded 12/1/18 @ 100), 7.250%, 12/1/35		2,525		2,619
Hidalgo County Drain District No. 1, General Obligation, 5.000%, 9/1/28		1,000		1,148
North Texas Tollway Authority,
Senior Lien Toll Revenue, 5.000%, 1/1/30		400		461
Special Project System Revenue, (Pre-refunded 9/1/31 @100), 0.000%, 9/1/43		1,500		1,643
Southmost Regional Water Authority, Desalination Plant Project Revenue,
(AGM Insured), 5.000%, 9/1/25		1,015		1,127
(AGM Insured), 5.000%, 9/1/23		1,085		1,206
Texas Municipal Gas Acquisition & Supply, Gas Supply Revenue,
Corp. I, Senior Lien, 6.250%, 12/15/26		1,580		1,850
Corp. II, 2.092%, 9/15/27(1)		3,000		2,956
Upper Trinity Regional Water District Authority, Regional Treated Supply System Revenue, (BAM Insured), 5.000%, 8/1/24		1,340		1,532
				14,542
Vermont—0.4%
Burlington, City of, Airport Revenue (AGM Insured), 5.000%, 7/1/24		200		222
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, 5.000%, 12/1/35		300		338
				560

See Notes to Financial Statements

59

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
Virginia—1.5%
Riverside Regional Jail Authority, Jail Facility Revenue, 5.000%, 7/1/26	$	1,250	$	1,460
Virginia College Building Authority, Marymount University Revenue, 5.000%, 7/1/20(3)		200		210
5.000%, 7/1/21(3)		400		426
5.000%, 7/1/22(3)		195		210
				2,306
Washington—1.2%
King County Sewer Revenue, 5.000%, 7/1/36		1,630		1,873
West Virginia—0.3%
Monongalia County Building Commission, Monongalia Health System Revenue, 5.000%, 7/1/23		400		446
Wisconsin—1.3%
Public Finance Authority,
Renown Regional Medical Center Revenue, 5.000%, 6/1/33		1,000		1,117
Waste Management, Inc. Revenue, 2.875%, 5/1/27		250		248
Wisconsin, State of, General Obligation, 5.000%, 11/1/27		600		722
				2,087
TOTAL MUNICIPAL BONDS (Identified Cost $146,889)				151,201
TOTAL LONG-TERM INVESTMENTS—98.0%
(Identified Cost $146,889)				151,201
	SHARES
SHORT-TERM INVESTMENT—0.6%
Money Market Mutual Fund—0.6%
Dreyfus AMT-Free Tax Exempt Cash Management – Institutional Shares (seven-day effective yield 1.180%)(4)		997,717		998
TOTAL SHORT-TERM INVESTMENT (Identified Cost $998)				998
TOTAL INVESTMENTS—98.6% (Identified Cost $147,887)				152,199
Other assets and liabilities, net—1.4%				2,087
NET ASSETS—100.0%			$	154,286

Abbreviations:

AGC Assured Guaranty Corp.

AGM Assured Guaranty Municipal Corp.

AMBAC American Municipal Bond Assurance Corp.

BAM Build America Municipal Insured

NATL National Public Finance Guarantee Corp.

Footnote Legend:

⁽¹⁾  Variable or step coupon security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

⁽²⁾  At March 31, 2018, 20.8% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the Insurers concentration exceeds 10% of the Fund’s net assets.

⁽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, 2018, these securities amounted to a value of $1,176 or 0.8% of net assets.

⁽⁴⁾  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, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Municipal Bonds	$	151,201	$	—	$	151,201	$	—
Equity Securities:
Short-term Investment		998		998		—		—
Total Investments	$	152,199	$	998	$	151,201	$	—

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

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

60

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

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2018

(Reported in thousands except shares and per share amounts)

	Newfleet Bond Fund			Newfleet CA Tax-Exempt Bond			Newfleet High Yield Fund
Assets
Investment in securities at value(1)	$	71,304		$	25,196		$	69,367
Investments in affiliated securities at value(2)		1,138			—			—
Cash		8			702			16
Receivables
Investment securities sold		41			—			135
Fund shares sold		51			118			271
Dividends and interest		593			349			1,003
Prepaid expenses		30			19			21
Prepaid trustee retainer		1			—	(4)		1
Other assets		4			1			3
Total assets		73,170			26,385			70,817
Liabilities
Payables
Fund shares repurchased		111			35			140
Investment securities purchased		1,005			—			3,289
Dividend distributions		11			8			26
Investment advisory fees		9			2			14
Distribution and service fees		13			4			14
Administration fees		7			2			6
Transfer agent and sub-transfer agent fees and expenses		25			5			35
Trustees’ fees and expenses		—	(4)		—	(4)		—	(4)
Professional fees		14			14			14
Trustee deferred compensation plan		4			1			3
Other accrued expenses		7			2			8
Total liabilities		1,206			73			3,549
Net Assets	$	71,964		$	26,312		$	67,268
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	73,792		$	25,635		$	80,672
Accumulated undistributed net investment income (loss)		164			29			176
Accumulated undistributed net realized gain (loss)		(1,610	)		26			(12,734	)
Net unrealized appreciation (depreciation) on investments		(382	)		622			(846	)
Net Assets	$	71,964		$	26,312		$	67,268
Net Assets:
Class A	$	36,587		$	16,570		$	52,694
Class C	$	6,043		$	—		$	3,555
Class I	$	28,884		$	9,742		$	6,118
Class R6	$	450		$	—		$	4,901
Shares Outstanding (unlimited number of share authorized)(3):
Class A		3,321,280			1,440,197			12,781,507
Class C		561,542			—			877,472
Class I		2,579,775			848,436			1,481,940
Class R6		40,208			—			1,187,126
Net Asset Value and Redemption Price Per Share:
Class A	$	11.02		$	11.51		$	4.12
Class C	$	10.76		$	—		$	4.05
Class I	$	11.20		$	11.48		$	4.13
Class R6	$	11.20		$	—		$	4.13
Offering price per share NAV/(1-2.75%):
Class A	$	—		$	11.84		$	—
Offering price per share NAV/(1-3.75%):
Class A	$	11.45		$	—		$	4.28
(1) Investment in securities at cost.	$	71,645		$	24,574		$	70,213
(2) Investments in affiliated securities at cost.		1,179			—			—
(3) Bond Fund has a par value of $1.00, and all other funds on this page have no par value.
(4) Amount is less than $500.

See Notes to Financial Statements

61

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2018

(Reported in thousands except shares and per share amounts)

	Newfleet Low Duration Income Fund			Newfleet Multi-Sector Intermediate Bond Fund			Newfleet Senior Floating Rate Fund			Newfleet Tax-Exempt Bond Fund
Assets
Investment in securities at value(1)	$	367,432		$	357,185		$	567,058		$	152,199
Investments in affiliated securities at value(2)		—			9,017			—			—
Cash		20			104			1,329			—	(5)
Receivables
Investment securities sold		275			1,269			6,125			211
Fund shares sold		925			605			505			89
Dividends and interest		1,428			3,801			1,642			2,233
Prepaid expenses		31			36			32			20
Prepaid trustee retainer		4			5			6			2
Other assets		18			18			26			8
Total assets		370,133			372,040			576,723			154,762
Liabilities
Foreign currency overdraft(3)		—			17			—			—
Payables
Fund shares repurchased		691			678			5,042			280
Investment securities purchased		4,199			4,693			22,421			—
Borrowings (Note 12)		—			—			23,000			—
Dividend distributions		43			261			391			58
Investment advisory fees		66			139			179			37
Distribution and service fees		40			69			118			24
Administration fees		35			35			52			15
Transfer agent and sub-transfer agent fees and expenses		69			69			74			30
Trustees’ fees and expenses		—	(5)		—	(5)		—	(5)		—	(5)
Professional fees		15			16			—			15
Trustee deferred compensation plan		18			18			26			8
Interest payable on line of credit		—			—			6			—
Other accrued expenses		26			28			61			9
Total liabilities		5,202			6,023			51,370			476
Net Assets	$	364,931		$	366,017		$	525,353		$	154,286
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	369,080		$	383,833		$	561,039		$	149,458
Accumulated undistributed net investment income (loss)		277			238			(968	)		214
Accumulated undistributed net realized gain (loss)		(1,709	)		(12,494	)		(28,678	)		302
Net unrealized appreciation (depreciation) on investments		(2,717	)		(5,560	)		(6,040	)		4,312
Net Assets	$	364,931		$	366,017		$	525,353		$	154,286
Net Assets:
Class A	$	79,047		$	79,752		$	204,581		$	40,396
Class C	$	26,666		$	60,498		$	85,318		$	17,574
Class I	$	259,218		$	207,770		$	234,102		$	96,316
Class R6	$	—		$	17,997		$	1,352		$	—
Shares Outstanding (unlimited number of share authorized)(4):
Class A		7,394,171			7,818,767			21,713,929			3,668,787
Class C		2,494,519			5,873,385			9,044,073			1,595,761
Class I		24,254,833			20,354,654			24,869,158			8,747,482
Class R6		—			1,763,364			143,491			—
Net Asset Value and Redemption Price Per Share:
Class A	$	10.69		$	10.20		$	9.42		$	11.01
Class C	$	10.69		$	10.30		$	9.43		$	11.01
Class I	$	10.69		$	10.21		$	9.41		$	11.01
Class R6	$	—		$	10.21		$	9.42		$	—
Offering price per share NAV/(1-2.75%):
Class A	$	10.99		$	—		$	9.69		$	11.32
Offering price per share NAV/(1-3.75%):
Class A	$	—		$	10.60		$	—		$	—
(1) Investment in securities at cost	$	370,149		$	362,425		$	573,098		$	147,887
(2) Investments in affiliated securities at cost		—			9,341			—			—
(3) Foreign currency at cost		—						—			—
(4) Newfleet Low Duration Income Fund and Newfleet Tax-Exempt Bond Fund have a par value of $0.001, and all other funds on this page have no par value.
(5) Amount is less than $500.

See Notes to Financial Statements

62

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

	Newfleet Bond Fund			Newfleet CA Tax-Exempt Bond			Newfleet High Yield Fund
Investment Income
Dividends	$	12		$	—		$	51
Dividends from affiliated fund		34			—			—
Interest		1,443			482			2,203
Total investment income		1,489			482			2,254
Expenses
Investment advisory fees		163			60			226
Distribution and service fees, Class A		48			21			68
Distribution and service fees, Class C		32			—			18
Administration fees		34			12			32
Transfer agent fees and expenses		32			8			42
Sub-transfer agent fees and expenses Class A		10			3			13
Sub-transfer agent fees and expenses Class C		3			—			1
Sub-transfer agent fees and expenses Class I		9			5			4
Sub-administration fees		5			2			5
Registration fees		42			18			44
Printing fees and expenses		4			2			4
Custodian fees		3			—	(1)		4
Professional fees		13			11			13
Trustees’ fees and expenses		3			1			4
Miscellaneous expenses		4			2			6
Total expenses		405			145			484
Less expenses reimbursed and/or waived by investment adviser		(111	)		(44	)		(138	)
Low balance account fees		(1	)		—	(1)		(4	)
Net expenses		293			101			342
Net investment income (loss)		1,196			381			1,912
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Unaffiliated investments		131			28			462
Net change in unrealized appreciation (depreciation) from:
Affiliated investments		(17	)		—			—
Unaffiliated investments		(2,003	)		(532	)		(2,453	)
Net Realized and Unrealized Gain (Loss) on Investments		(1,889	)		(504	)		(1,991	)
Net increase (decrease) in net assets resulting from operations	$	(693	)	$	(123	)	$	(79	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

63

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

	Newfleet Low Duration Income Fund			Newfleet Multi-Sector Intermediate Bond Fund			Newfleet Senior Floating Rate Fund			Newfleet Tax-Exempt Bond Fund
Investment Income
Dividends	$	35		$	33		$	14		$	12
Dividends from affiliated fund		—			269			—			—
Interest		5,305			9,694			14,300			2,940
Foreign taxes withheld		—			(30	)		—			—
Total investment income		5,340			9,966			14,314			2,952
Expenses
Investment advisory fees		1,011			1,052			1,229			364
Distribution and service fees, Class A		101			106			272			54
Distribution and service fees, Class C		149			314			456			97
Administration fees		175			182			260			76
Transfer agent fees and expenses		96			94			123			41
Sub-transfer agent fees and expenses Class A		30			31			23			13
Sub-transfer agent fees and expenses Class C		9			20			29			5
Sub-transfer agent fees and expenses Class I		89			67			72			36
Sub-administration fees		23			24			36			11
Interest expense on borrowings		—			—			370			—
Registration fees		45			45			55			37
Printing fees and expenses		17			18			24			8
Custodian fees		5			7			30			1
Professional fees		14			17			19			12
Trustees’ fees and expenses		15			16			24			7
Miscellaneous expenses		15			17			105			6
Total expenses		1,794			2,010			3,127			768
Less expenses reimbursed and/or waived by investment adviser		(625	)		(206	)		(145	)		(131	)
Low balance account fees		—	(1)		(1	)		—	(1)		—	(1)
Net expenses		1,169			1,803			2,982			637
Net investment income (loss)		4,171			8,163			11,332			2,315
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Unaffiliated investments		(343	)		(395	)		2,058			305
Foreign currency transactions		—			(8	)		—			—
Net change in unrealized appreciation (depreciation) from:
Affiliated investments		—			(131	)		—			—
Unaffiliated investments		(4,525	)		(7,593	)		(1,850	)		(3,475	)
Foreign currency transactions		—			5			—			—
Net Realized and Unrealized Gain (Loss) on Investments		(4,868	)		(8,122	)		208			(3,170	)
Net increase (decrease) in net assets resulting from operations	$	(697	)	$	41		$	11,540		$	(855	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

64

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Newfleet Bond Fund						Newfleet CA Tax-Exempt Bond
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
INCREASE (DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	1,196		$	2,411		$	381		$	824
Net realized gain (loss)		131			101			28			202
Net change in unrealized appreciation (depreciation)		(2,020	)		(732	)		(532	)		(996	)
Increase (decrease) in net assets resulting from operations		(693	)		1,780			(123	)		30
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(627	)		(1,316	)		(233	)		(522	)
Class B		—			(1	)		—			—
Class C		(80	)		(199	)		—			—
Class I		(492	)		(826	)		(148	)		(321	)
Class R6		(9	)		(7	)		—			—
Net Realized Gains:
Class A		—			—			(126	)		(106	)
Class I		—			—			(74	)		(59	)
Total Dividends and Distributions to Shareholders		(1,208	)		(2,349	)		(581	)		(1,008	)
Change in Net Assets From Capital Transactions (See Note 5)
Class A		(1,957	)		(4,228	)		(283	)		(1,576	)
Class B		—			(72	)		—			—
Class C		(469	)		(2,644	)		—			—
Class I		3,022			2,463			(36	)		(1,224	)
Class R6		2			462			—			—
Increase (decrease) in net assets from share transactions		598			(4,019	)		(319	)		(2,800	)
Net increase (decrease) in net assets		(1,303	)		(4,588	)		(1,023	)		(3,778	)
Net Assets
Beginning of period		73,267			77,855			27,335			31,113
End of period	$	71,964		$	73,267		$	26,312		$	27,335
Accumulated undistributed net investment income (loss) at end of period	$	164		$	176		$	29		$	29

See Notes to Financial Statements

65

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Newfleet High Yield Fund						Newfleet Low Duration Income Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	1,912		$	3,933		$	4,171		$	7,558
Net realized gain (loss)		462			(619	)		(343	)		(561	)
Net increase in payments by affiliates		—			—			—			—
Net change in unrealized appreciation (depreciation)		(2,453	)		1,684			(4,525	)		(2,302	)
Increase (decrease) in net assets resulting from operations		(79	)		4,998			(697	)		4,695
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(1,565	)		(3,074	)		(865	)		(1,761	)
Class B		—			—	(1)		—			—
Class C		(90	)		(180	)		(208	)		(465	)
Class I		(179	)		(419	)		(3,088	)		(5,306	)
Class R6		(154	)		(73	)		—			—
Total Dividends and Distributions to Shareholders		(1,988	)		(3,746	)		(4,161	)		(7,532	)
Change in Net Assets From Capital Transactions (See Note 5)
Class A		(2,371	)		(8,670	)		(1,433	)		(19,703	)
Class B		—			(27	)		—			—
Class C		69			(705	)		(5,344	)		(13,906	)
Class I		(281	)		(1,545	)		11,847			844
Class R6		(199	)		5,263			—			—
Increase (decrease) in net assets from share transactions		(2,782	)		(5,684	)		5,070			(32,765	)
Net increase (decrease) in net assets		(4,849	)		(4,432	)		212			(35,602	)
Net Assets
Beginning of period		72,117			76,549			364,719			400,321
End of period	$	67,268		$	72,117		$	364,931		$	364,719
Accumulated undistributed net investment income (loss) at end of period	$	176		$	252		$	277		$	267

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

66

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Newfleet Multi-Sector Intermediate Bond Fund						Newfleet Senior Floating Rate Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	8,163		$	14,922		$	11,332		$	22,762
Net realized gain (loss)		(403	)		(1,924	)		2,058			(5,929	)
Net change in unrealized appreciation (depreciation)		(7,719	)		5,280			(1,850	)		6,546
Increase (decrease) in net assets resulting from operations		41			18,278			11,540			23,379
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(1,821	)		(3,951	)		(4,640	)		(9,291	)
Class B		—			(21	)		—			—
Class C		(1,112	)		(2,434	)		(1,601	)		(3,605	)
Class I		(4,965	)		(7,495	)		(5,335	)		(10,697	)
Class R6		(437	)		(277	)		(12	)		(4	)
Total Dividends and Distributions to Shareholders		(8,335	)		(14,178	)		(11,588	)		(23,597	)
Change in Net Assets From Capital Transactions (See Note 5)
Class A		(5,591	)		(12,696	)		(18,448	)		(4,634	)
Class B		—			(1,709	)		—			—
Class C		(2,063	)		(12,158	)		(12,491	)		(14,097	)
Class I		6,674			79,969			(16,643	)		40,395
Class R6		(1,003	)		17,313			1,254			104
Increase (decrease) in net assets from share transactions		(1,983	)		70,719			(46,328	)		21,768
Net increase (decrease) in net assets		(10,277	)		74,819			(46,376	)		21,550
Net Assets
Beginning of period		376,294			301,475			571,729			550,179
End of period	$	366,017		$	376,294		$	525,353		$	571,729
Accumulated undistributed net investment income (loss) at end of period	$	238		$	410		$	(968	)	$	(712	)

See Notes to Financial Statements

67

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Newfleet Tax-Exempt Bond Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	2,315		$	4,942
Net realized gain (loss)		305			729
Net change in unrealized appreciation (depreciation)		(3,475	)		(5,583	)
Increase (decrease) in net assets resulting from operations		(855	)		88
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(634	)		(1,460	)
Class C		(210	)		(434	)
Class I		(1,561	)		(2,858	)
Net Realized Gains:
Class A		(191	)		(97	)
Class C		(85	)		(36	)
Class I		(428	)		(147	)
Total Dividends and Distributions to Shareholders		(3,109	)		(5,032	)
Change in Net Assets From Capital Transactions (See Note 5)
Class A		(5,204	)		(21,229	)
Class C		(2,786	)		(5,334	)
Class I		(1,311	)		(2,165	)
Increase (decrease) in net assets from share transactions		(9,301	)		(28,728	)
Net increase (decrease) in net assets		(13,265	)		(33,672	)
Net Assets
Beginning of period		167,551			201,223
End of period	$	154,286		$	167,551
Accumulated undistributed net investment income (loss) at end of period	$	214		$	304

See Notes to Financial Statements

68

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains		Tax Return of Capital			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average Net Assets (3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(8)			Portfolio Turnover Rate(4)
Newfleet Bond Fund
Class A
10/1/17 to 3/31/18(17)		$	11.31		0.18		(0.29	)		(0.11	)		(0.18	)		—		—			(0.18	)		—			(0.29	)		$	11.02		(0.96	)%		$	36,587		0.84	%		1.16	%		3.25	%		29	%
10/1/16 to 9/30/17			11.38		0.37		(0.08	)		0.29			(0.36	)		—		—			(0.36	)		—			(0.07	)			11.31		2.60	(16)			39,536		0.84	(16)		1.17			3.26	(16)		56
10/1/15 to 9/30/16			11.02		0.36		0.33			0.69			(0.33	)		—		—			(0.33	)		—	(5)		0.36				11.38		6.38	(11)			44,136		0.86	(12)		1.18			3.28			64
10/1/14 to 9/30/15			11.43		0.40		(0.43	)		(0.03	)		(0.32	)		—		(0.06	)		(0.38	)		—			(0.41	)			11.02		(0.26	)			48,064		0.85			1.12			3.55			64
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
Class C
10/1/17 to 3/31/18(17)		$	11.04		0.14		(0.28	)		(0.14	)		(0.14	)		—		—			(0.14	)		—			(0.28	)		$	10.76		(1.30	)%		$	6,043		1.59	%		1.91	%		2.50	%		29	%
10/1/16 to 9/30/17			11.12		0.27		(0.08	)		0.19			(0.27	)		—		—			(0.27	)		—			(0.08	)			11.04		1.79	(16)			6,671		1.59	(16)		1.92			2.51	(16)		56
10/1/15 to 9/30/16			10.78		0.27		0.32			0.59			(0.25	)		—		—			(0.25	)		—	(5)		0.34				11.12		5.54	(11)			9,409		1.61	(12)		1.93			2.52			64
10/1/14 to 9/30/15			11.19		0.30		(0.41	)		(0.11	)		(0.24	)		—		(0.06	)		(0.30	)		—			(0.41	)			10.78		(1.00	)			8,853		1.60			1.87			2.74			64
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
Class I
10/1/17 to 3/31/18(17)		$	11.49		0.20		(0.29	)		(0.09	)		(0.20	)		—		—			(0.20	)		—			(0.29	)		$	11.20		(0.79	)%		$	28,884		0.59	%		0.87	%		3.51	%		29	%
10/1/16 to 9/30/17			11.56		0.40		(0.08	)		0.32			(0.39	)		—		—			(0.39	)		—			(0.07	)			11.49		2.81	(16)		$	26,597		0.59	(16)		0.92			3.52	(16)		56
10/1/15 to 9/30/16			11.19		0.40		0.33			0.73			(0.36	)		—		—			(0.36	)		—	(5)		0.37				11.56		6.63	(11)			24,236		0.61	(12)		0.93			3.51			64
10/1/14 to 9/30/15			11.59		0.43		(0.42	)		0.01			(0.35	)		—		(0.06	)		(0.41	)		—			(0.40	)			11.19		0.08				17,456		0.60			0.87			3.78			64
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
Class R6
10/1/17 to 3/31/18(17)		$	11.50		0.20		(0.30	)		(0.10	)		(0.20	)		—		—			(0.20	)		—			(0.30	)		$	11.20		(0.85	)%		$	450		0.53	%(7)		0.81	%		3.56	%		29	%
11/3/16(6) to 9/30/17			11.45		0.38		0.03			0.41			(0.36	)		—		—			(0.36	)		—			0.05				11.50		3.66	(16)			463		0.53	(16)		0.88			3.33	(16)		56	(10)

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

See Notes to Financial Statements

69

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average Net Assets (3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Newfleet CA Tax-Exempt
Bond Fund
Class A
10/1/17 to 3/31/18(17)		$	11.81		0.16		(0.21	)		(0.05	)		(0.16	)		(0.09	)		(0.25	)		—			(0.30	)		$	11.51		(0.46	)%		$	16,570		0.85	%		1.16	%		2.75	%		2	%
10/1/16 to 9/30/17			12.17		0.33		(0.28	)		0.05			(0.34	)		(0.07	)		(0.41	)		—			(0.36	)			11.81		0.45	(16)			17,298		0.85	(16)		1.17			2.82	(16)		33
10/1/15 to 9/30/16			12.14		0.37		0.29			0.66			(0.36	)		(0.27	)		(0.63	)		—			0.03				12.17		5.56				19,464		0.86	(12)		1.22			3.03			21
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
Class I
10/1/17 to 3/31/18(17)		$	11.79		0.17		(0.22	)		(0.05	)		(0.17	)		(0.09	)		(0.26	)		—			(0.31	)		$	11.48		(0.43	)%		$	9,742		0.60	%		0.96	%		3.00	%		2	%
10/1/16 to 9/30/17			12.15		0.36		(0.28	)		0.08			(0.37	)		(0.07	)		(0.44	)		—			(0.36	)			11.79		0.69	(16)			10,037		0.60	(16)		0.94			3.06	(16)		33
10/1/15 to 9/30/16			12.12		0.40		0.29			0.69			(0.39	)		(0.27	)		(0.66	)		—			0.03				12.15		5.83				11,649		0.61	(12)		0.97			3.28			21
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
Newfleet High Yield
Fund
Class A
10/1/17 to 3/31/18(17)		$	4.25		0.12		(0.13	)		(0.01	)		(0.12	)		—			(0.12	)		—			(0.13	)		$	4.12		(0.26	)%		$	52,694		0.99	%		1.39	%		5.50	%		36	%
10/1/16 to 9/30/17			4.18		0.23		0.06			0.29			(0.22	)		—			(0.22	)		—			0.07				4.25		7.05	(16)			56,694		1.00	(7)(16)		1.41			5.36	(16)		71
10/1/15 to 9/30/16			3.98		0.21		0.20			0.41			(0.21	)		—			(0.21	)		—	(5)		0.20				4.18		10.59	(11)			64,338		1.15	(12)		1.42			5.15			81
10/1/14 to 9/30/15			4.35		0.22		(0.36	)		(0.14	)		(0.23	)		—			(0.23	)		—			(0.37	)			3.98		(3.39	)			60,951		1.15			1.32			5.26			94
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
Class C
10/1/17 to 3/31/18(17)		$	4.17		0.10		(0.12	)		(0.02	)		(0.10	)		—			(0.10	)		—			(0.12	)		$	4.05		(0.45	)%		$	3,555		1.74	%		2.13	%		4.75	%		36	%
10/1/16 to 9/30/17			4.11		0.19		0.06			0.25			(0.19	)		—			(0.19	)		—			0.06				4.17		6.11	(16)			3,593		1.75	(7)(16)		2.17			4.61	(16)		71
10/1/15 to 9/30/16			3.92		0.17		0.20			0.37			(0.18	)		—			(0.18	)		—	(5)		0.19				4.11		9.68	(11)			4,231		1.90	(12)		2.17			4.40			81
10/1/14 to 9/30/15			4.28		0.19		(0.35	)		(0.16	)		(0.20	)		—			(0.20	)		—			(0.36	)			3.92		(3.93	)			3,705		1.90			2.07			4.52			94
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
Class I
10/1/17 to 3/31/18(17)		$	4.25		0.12		(0.11	)		0.01			(0.13	)		—			(0.13	)		—			(0.12	)		$	4.13		0.10	%		$	6,118		0.74	%		1.18	%		5.74	%		36	%
10/1/16 to 9/30/17			4.18		0.24		0.06			0.30			(0.23	)		—			(0.23	)		—			0.07				4.25		7.31	(16)			6,577		0.75	(7)(16)		1.17			5.62	(16)		71
10/1/15 to 9/30/16			3.98		0.21		0.21			0.42			(0.22	)		—			(0.22	)		—	(5)		0.20				4.18		10.86	(11)			7,954		0.90	(12)		1.16			5.38			81
10/1/14 to 9/30/15			4.35		0.23		(0.36	)		(0.13	)		(0.24	)		—			(0.24	)		—			(0.37	)			3.98		(3.15	)			4,625		0.90			1.07			5.53			94
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
Class R6
10/1/17 to 3/31/18(17)		$	4.25		0.12		(0.11	)		0.01			(0.13	)		—			(0.13	)		—			(0.12	)		$	4.13		0.13	%		$	4,901		0.68	%		1.03	%		5.81	%		36	%
11/3/16(6) to 9/30/17			4.14		0.22		0.10			0.32			(0.21	)		—			(0.21	)		—			0.11				4.25		7.93	(16)			5,253		0.69	(7)(16)		1.15			5.66	(16)		71	(10)

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

See Notes to Financial Statements

70

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Tax Return of Capital			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average Net Assets (3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(8)			Portfolio Turnover Rate(4)
Newfleet Low Duration Income
Fund
Class A
10/1/17 to 3/31/18(17)		$	10.83		0.12		(0.14	)		(0.02	)		(0.12	)		—			—			(0.12	)		—			(0.14	)		$	10.69		(0.23	)%		$	79,047		0.75	%		1.11	%		2.15	%		27	%
10/1/16 to 9/30/17			10.90		0.21		(0.07	)		0.14			(0.21	)		—			—			(0.21	)		—			(0.07	)			10.83		1.31				81,542		0.75			1.12			1.95			55
1/1/16 to 9/30/16(14)			10.70		0.15		0.20			0.35			(0.15	)		—			—			(0.15	)		—			0.20				10.90		3.25				102,049		0.76	(12)		1.12			1.89			38
1/1/15 to 12/31/15			10.82		0.19		(0.09	)		0.10			(0.19	)		—			(0.03	)		(0.22	)		—	(5)		(0.12	)			10.70		0.89	(11)			85,666		0.75			1.12			1.77			56
1/1/14 to 12/31/14			10.83		0.22		(0.01	)		0.21			(0.22	)		—			—			(0.22	)		—			(0.01	)			10.82		1.94				75,456		0.92	(7)		1.11			2.02			58
1/1/13 to 12/31/13			10.96		0.21		(0.13	)		0.08			(0.21	)		—			—			(0.21	)		—			(0.13	)			10.83		0.76				39,436		0.95			1.14			1.93			51
1/1/12 to 12/31/12			10.54		0.23		0.41			0.64			(0.22	)		—			—			(0.22	)		—			0.42				10.96		6.14				28,266		0.96	(12)		1.20			2.12			87	(13)
Class C
10/1/17 to 3/31/18(17)		$	10.83		0.08		(0.14	)		(0.06	)		(0.08	)		—			—			(0.08	)		—			(0.14	)		$	10.69		(0.60	)%		$	26,666		1.50	%		1.83	%		1.40	%		27	%
10/1/16 to 9/30/17			10.90		0.13		(0.07	)		0.06			(0.13	)		—			—			(0.13	)		—			(0.07	)			10.83		0.56				32,400		1.50			1.87			1.20			55
1/1/16 to 9/30/16(14)			10.70		0.09		0.19			0.28			(0.08	)		—			—			(0.08	)		—			0.20				10.90		2.67				46,642		1.51	(12)		1.87			1.15			38
1/1/15 to 12/31/15			10.82		0.11		(0.10	)		0.01			(0.10	)		—			(0.03	)		(0.13	)		—	(5)		(0.12	)			10.70		0.13	(11)			44,621		1.50			1.86			1.02			56
1/1/14 to 12/31/14			10.84		0.14		(0.02	)		0.12			(0.14	)		—			—			(0.14	)		—			(0.02	)			10.82		1.08				51,303		1.68	(7)		1.87			1.28			58
1/1/13 to 12/31/13			10.97		0.13		(0.13	)		—			(0.13	)		—			—			(0.13	)		—			(0.13	)			10.84		0.01				25,463		1.70			1.89			1.17			51
1/1/12 to 12/31/12			10.54		0.15		0.42			0.57			(0.14	)		—			—			(0.14	)		—			0.43				10.97		5.44				20,156		1.71	(12)		1.95			1.38			87	(13)
Class I
10/1/17 to 3/31/18(17)		$	10.83		0.13		(0.14	)		(0.01	)		(0.13	)		—			—			(0.13	)		—			(0.14	)		$	10.69		(0.10	)%		$	259,218		0.50	%		0.83	%		2.41	%		27	%
10/1/16 to 9/30/17			10.90		0.24		(0.07	)		0.17			(0.24	)		—			—			(0.24	)		—			(0.07	)			10.83		1.56				250,777		0.50			0.88			2.21			55
1/1/16 to 9/30/16(14)			10.70		0.17		0.20			0.37			(0.17	)		—			—			(0.17	)		—			0.20				10.90		3.44				251,630		0.52	(12)		0.87			2.15			38
1/1/15 to 12/31/15			10.81		0.22		(0.09	)		0.13			(0.21	)		—			(0.03	)		(0.24	)		—	(5)		(0.11	)			10.70		1.24	(11)			150,977		0.50			0.88			2.03			56
1/1/14 to 12/31/14			10.83		0.25		(0.02	)		0.23			(0.25	)		—			—			(0.25	)		—			(0.02	)			10.81		2.10				92,794		0.68	(7)		0.91			2.27			58
1/1/13 to 12/31/13			10.96		0.24		(0.13	)		0.11			(0.24	)		—			—			(0.24	)		—			(0.13	)			10.83		1.02				52,790		0.70			0.94			2.18			51
1/1/12 to 12/31/12			10.54		0.26		0.41			0.67			(0.25	)		—			—			(0.25	)		—			0.42				10.96		6.40				29,513		0.73	(12)		0.99			2.40			87	(13)
Newfleet Multi-Sector Intermediate Bond
Fund
Class A
10/1/17 to 3/31/18(17)		$	10.42		0.22		(0.22	)		—			(0.22	)		—			—			(0.22	)		—			(0.22	)		$	10.20		0.02	%		$	79,752		0.98	%		1.10	%		4.23	%		39	%
10/1/16 to 9/30/17			10.30		0.47		0.10			0.57			(0.45	)		—			—			(0.45	)		—			0.12				10.42		5.64	(16)			87,144		1.01	(7)(16)		1.13			4.55	(16)		64
10/1/15 to 9/30/16			9.76		0.47		0.49			0.96			(0.42	)		—			—			(0.42	)		—			0.54				10.30		10.15				98,969		1.14	(12)		1.15			4.80			60
10/1/14 to 9/30/15			10.70		0.49		(0.85	)		(0.36	)		(0.40	)		(0.13	)		(0.05	)		(0.58	)		—	(5)		(0.94	)			9.76		(3.41	)(11)			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
Class C
10/1/17 to 3/31/18(17)		$	10.53		0.18		(0.23	)		(0.05	)		(0.18	)		—			—			(0.18	)		—			(0.23	)		$	10.30		(0.35	)%		$	60,498		1.73	%		1.83	%		3.48	%		39	%
10/1/16 to 9/30/17			10.40		0.39		0.11			0.50			(0.37	)		—			—			(0.37	)		—			0.13				10.53		4.90	(16)			63,919		1.77	(7)(16)		1.88			3.80	(16)		64
10/1/15 to 9/30/16			9.85		0.40		0.50			0.90			(0.35	)		—			—			(0.35	)		—			0.55				10.40		9.34				75,350		1.88	(12)		1.90			4.04			60
10/1/14 to 9/30/15			10.79		0.42		(0.85	)		(0.43	)		(0.33	)		(0.13	)		(0.05	)		(0.51	)		—	(5)		(0.94	)			9.85		(4.11	)(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

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

See Notes to Financial Statements

71

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Tax Return of Capital			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average Net Assets (3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(8)			Portfolio Turnover Rate(4)
Newfleet Multi-Sector Intermediate Fund
(Continued)
Class I
10/1/17 to 3/31/18(17)		$	10.43		0.23		(0.21	)		0.02			(0.24	)		—			—			(0.24	)		—			(0.22	)		$	10.21		0.16	%		$	207,770		0.73	%		0.83	%		4.84	%		39	%
10/1/16 to 9/30/17			10.31		0.50		0.09			0.59			(0.47	)		—			—			(0.47	)		—			0.12				10.43		5.90	(16)			205,821		0.75	(7)(16)		0.88			4.83	(16)		64
10/1/15 to 9/30/16			9.77		0.50		0.49			0.99			(0.45	)		—			—			(0.45	)		—			0.54				10.31		10.42				123,435		0.88	(12)		0.90			5.04			60
10/1/14 to 9/30/15			10.71		0.52		(0.85	)		(0.33	)		(0.43	)		(0.13	)		(0.05	)		(0.61	)		—	(5)		(0.94	)			9.77		(3.17	)(11)			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
Class R6
10/1/17 to 3/31/18(17)		$	10.43		0.24		(0.22	)		0.02			(0.24	)		—			—			(0.24	)		—			(0.22	)		$	10.21		0.19	%		$	17,997		0.66	%(7)		0.77	%		4.55	%		39	%
10/1/16 to 9/30/17			10.31		0.50		0.10			0.60			(0.48	)		—			—			(0.48	)		—			0.12				10.43		5.98	(16)			19,410		0.67	(7)(16)		0.82			4.79	(16)		64
10/1/15 to 9/30/16			9.77		0.50		0.50			1.00			(0.46	)		—			—			(0.46	)		—			0.54				10.31		10.50				2,004		0.81	(12)		0.83			5.12			60
11/14/14(6) to 9/30/15			10.67		0.46		(0.81	)		(0.35	)		(0.37	)		(0.13	)		(0.05	)		(0.55	)		—	(5)		(0.90	)			9.77		(3.31	)(11)			1,778		0.76			0.77			5.12			66	(10)
Newfleet Senior Floating
Rate Fund
Class A
10/1/17 to 3/31/18(17)		$	9.42		0.20		—			0.20			(0.20	)		—			—			(0.20	)		—			—			$	9.42		2.04	%		$	204,581		1.08	%		1.11	%		4.17	%		21	%
10/1/16 to 9/30/17			9.42		0.37		0.02			0.39			(0.39	)		—			—			(0.39	)		—			—				9.42		4.28				223,055		1.10	(7)		1.16			3.95			95
10/1/15 to 9/30/16			9.36		0.34		0.06			0.40			(0.34	)		—			—			(0.34	)		—			0.06				9.42		4.42				227,588		1.23	(9)(12)		1.24			3.67			48
10/1/14 to 9/30/15			9.72		0.38		(0.32	)		0.06			(0.39	)		(0.03	)		—			(0.42	)		—	(5)		(0.36	)			9.36		0.53	(11)			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
Class C
10/1/17 to 3/31/18(17)		$	9.44		0.16		—			0.16			(0.17	)		—			—			(0.17	)		—			(0.01	)		$	9.43		1.66	%		$	85,318		1.83	%		1.90	%		3.41	%		21	%
10/1/16 to 9/30/17			9.43		0.30		0.03			0.33			(0.32	)		—			—			(0.32	)		—			0.01				9.44		3.50				97,800		1.85	(7)		1.92			3.20			95
10/1/15 to 9/30/16			9.37		0.27		0.06			0.33			(0.27	)		—			—			(0.27	)		—			0.06				9.43		3.63				111,839		1.98	(9)(12)		1.99			2.92			48
10/1/14 to 9/30/15			9.73		0.31		(0.33	)		(0.02	)		(0.31	)		(0.03	)		—			(0.34	)		—	(5)		(0.36	)			9.37		(0.22	)(11)			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
Class I
10/1/17 to 3/31/18(17)		$	9.42		0.21		(0.01	)		0.20			(0.21	)		—			—			(0.21	)		—			(0.01	)		$	9.41		2.17	%		$	234,102		0.83	%		0.89	%		4.42	%		21	%
10/1/16 to 9/30/17			9.41		0.40		0.02			0.42			(0.41	)		—			—			(0.41	)		—			0.01				9.42		4.54				250,770		0.84	(7)		0.92			4.21			95
10/1/15 to 9/30/16			9.35		0.36		0.06			0.42			(0.36	)		—			—			(0.36	)		—			0.06				9.41		4.69				210,752		0.97	(9)(12)		0.98			3.91			48
10/1/14 to 9/30/15			9.71		0.40		(0.32	)		0.08			(0.41	)		(0.03	)		—			(0.44	)		—	(5)		(0.36	)			9.35		0.78	(11)			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
Class R6
10/1/17 to 3/31/18(17)		$	9.42		0.21		0.01			0.22			(0.22	)		—			—			(0.22	)		—			—			$	9.42		2.13	%		$	1,352		0.77	%(7)		0.85	%		4.56	%		21	%
11/3/16(6) to 9/30/17			9.43		0.36		0.01			0.37			(0.38	)		—			—			(0.38	)		—			(0.01	)			9.42		4.32				104		0.77	(7)		0.86			3.76			95	(10)

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

See Notes to Financial Statements

72

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Payment from Affiliate		Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to     Average Net Assets(3)(8)			Ratio of Gross Expenses to Average Net Assets(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)(8)			Portfolio Turnover Rate(4)
Newfleet Tax-Exempt
Bond Fund
Class A
10/1/17 to 3/31/18(17)		$	11.28		0.16		(0.22	)		(0.06	)		(0.16	)		(0.05	)		(0.21	)		—		(0.27	)		$	11.01		(0.53	)%		$	40,396		0.85	%		1.01	%		2.80	%		4	%
10/1/16 to 9/30/17			11.55		0.31		(0.26	)		0.05			(0.30	)		(0.02	)		(0.32	)		—		(0.27	)			11.28		0.48	(16)			46,657		0.85	(16)		1.03			2.78	(16)		9
1/1/16 to 9/30/16(14)			11.43		0.22		0.12			0.34			(0.22	)		—			(0.22	)		—		0.12				11.55		3.00				69,711		0.87	(12)		1.03			2.53			9
1/1/15 to 12/31/15			11.46		0.30		(0.03	)		0.27			(0.29	)		(0.01	)		(0.30	)		—		(0.03	)			11.43		2.39				74,418		0.85			1.00			2.60			10
1/1/14 to 12/31/14			10.91		0.31		0.56			0.87			(0.32	)		—	(5)		(0.32	)		—		0.55				11.46		7.94				79,906		0.85			0.99			2.73			22
1/1/13 to 12/31/13			11.62		0.30		(0.71	)		(0.41	)		(0.30	)		—			(0.30	)		—		(0.71	)			10.91		(3.48	)			89,303		0.85			0.98			2.66			29
1/1/12 to 12/31/12			11.10		0.30		0.52			0.82			(0.30	)		—			(0.30	)		—		0.52				11.62		7.45				143,397		0.87	(12)		1.00			2.61			35
Class C
10/1/17 to 3/31/18(17)		$	11.29		0.11		(0.22	)		(0.11	)		(0.12	)		(0.05	)		(0.17	)		—		(0.28	)		$	11.01		(0.99	)%		$	17,574		1.60	%		1.74	%		2.05	%		4	%
10/1/16 to 9/30/17			11.55		0.23		(0.25	)		(0.02	)		(0.22	)		(0.02	)		(0.24	)		—		(0.26	)			11.29		(0.18	)(16)			20,832		1.60	(16)		1.78			2.03	(16)		9
1/1/16 to 9/30/16(14)			11.43		0.15		0.13			0.28			(0.16	)		—			(0.16	)		—		0.12				11.55		2.42				26,833		1.61	(12)		1.78			1.78			9
1/1/15 to 12/31/15			11.46		0.21		(0.03	)		0.18			(0.20	)		(0.01	)		(0.21	)		—		(0.03	)			11.43		1.62				30,316		1.60			1.75			1.85			10
1/1/14 to 12/31/14			10.92		0.22		0.55			0.77			(0.23	)		—	(5)		(0.23	)		—		0.54				11.46		7.13				30,967		1.60			1.74			1.98			22
1/1/13 to 12/31/13			11.63		0.22		(0.72	)		(0.50	)		(0.21	)		—			(0.21	)		—		(0.71	)			10.92		(4.29	)			28,845		1.60			1.73			1.92			29
1/1/12 to 12/31/12			11.10		0.21		0.54			0.75			(0.22	)		—			(0.22	)		—		0.53				11.63		6.74				39,792		1.62	(12)		1.75			1.86			35
Class I
10/1/17 to 3/31/18(17)		$	11.28		0.17		(0.21	)		(0.04	)		(0.18	)		(0.05	)		(0.23	)		—		(0.27	)		$	11.01		(0.41	)%		$	96,316		0.60	%		0.77	%		3.05	%		4	%
10/1/16 to 9/30/17			11.55		0.34		(0.26	)		0.08			(0.33	)		(0.02	)		(0.35	)		—		(0.27	)			11.28		0.73	(16)			100,062		0.60	(16)		0.79			3.04	(16)		9
1/1/16 to 9/30/16(14)			11.43		0.24		0.12			0.36			(0.24	)		—			(0.24	)		—		0.12				11.55		3.19				104,679		0.62	(12)		0.78			2.78			9
1/1/15 to 12/31/15			11.46		0.33		(0.03	)		0.30			(0.32	)		(0.01	)		(0.33	)		—		(0.03	)			11.43		2.64				90,912		0.60			0.77			2.85			10
1/1/14 to 12/31/14			10.91		0.34		0.56			0.90			(0.35	)		—	(5)		(0.35	)		—		0.55				11.46		8.30				86,459		0.60			0.79			2.98			22
1/1/13 to 12/31/13			11.62		0.33		(0.71	)		(0.38	)		(0.33	)		—			(0.33	)		—		(0.71	)			10.91		(3.33	)			82,936		0.60			0.77			2.88			29
1/1/12 to 12/31/12			11.10		0.33		0.52			0.85			(0.33	)		—			(0.33	)		—		0.52				11.62		7.72				162,094		0.62	(12)		0.79			2.84			35

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

See Notes to Financial Statements

73

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend

⁽¹⁾  Calculated using average shares outstanding.

⁽²⁾  Sales charges, where applicable, are not reflected in the total return calculation.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  Not annualized for periods less than one year.

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

⁽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⁾  The Fund is currently under its expense limitation.

⁽¹⁰⁾  Portfolio turnover is representative of the Fund for the entire period.

⁽¹¹⁾  Payment from affiliate had no impact on total return.

⁽¹²⁾  Net expense ratio includes extraordinary proxy expenses.

⁽¹³⁾  Portfolio turnover calculation excludes security transactions that were distributed as a result of a redemption-in-kind.

⁽¹⁴⁾  The Fund changed its fiscal year-end to September 30 during the period.

⁽¹⁵⁾  Portfolio Turnover Rate is due to high volume of portfolio activity and the limited number of investments held.

⁽¹⁶⁾  State Street Bank & Trust, custodian for some of the Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and the Ratio of Net Investment Income (Loss) to Average Net Assets. If it was included the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows:

	Class A			Class C			Class I			Class R6
Newfleet Bond Fund		0.02	%		0.02	%		0.02	%		—
Newfleet California Tax Exempt Fund		0.02	%		—			0.02	%		—
Newfleet High Yield Fund		0.08	%		0.08	%		0.08	%		—
Newfleet Multi-Sector Intermediate Bond Fund		0.02	%		0.02	%		0.02	%		—
Newfleet Tax Exempt Bond Fund		0.01	%		0.01	%		0.01	%		—

Custody fees reimbursed were included in Total Return. If excluded the impact would have been to lower the Total Return as follows:

	Class A			Class C			Class I			Class R6
Newfleet Bond Fund		0.02	%		0.02	%		0.02	%		—
Newfleet California Tax Exempt Fund		0.02	%		—			0.02	%		—
Newfleet High Yield Fund		0.08	%		0.08	%		0.08	%		—
Newfleet Multi-Sector Intermediate Bond Fund		0.02	%		0.02	%		0.02	%		—
Newfleet Tax Exempt Bond Fund		0.01	%		0.01	%		0.01	%		—

⁽¹⁷⁾  Unaudited.

See Notes to Financial Statements

74

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2018

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 seven (each a “Fund”) are reported in this semiannual report.

Each Fund is diversified and has a distinct investment objective(s).

The Funds have the following investment objectives:

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

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

All of the Funds offer Class A shares and Class C shares with the exception of the Newfleet CA Tax-Exempt Bond Fund which does not offer Class C shares. All of the Funds offer Class I shares. Effective March 6, 2017, Class B shares were converted to Class A shares. Prior to conversion, Class B shares were only available to existing shareholders through qualifying transactions. The Newfleet Bond Fund, Newfleet High Yield Fund, Newfleet Multi-Sector Intermediate Bond Fund and Newfleet Senior Floating Rate Fund also offer Class R6 shares.

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

Prior to March 6, 2017, Class B shares were generally sold with a CDSC, which declined from 5% to zero depending on the period of time the shares were 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 available only to the following investors without a minimum initial investment or minimum additional purchases: certain employer-sponsored retirement plans, including Section 401(k), 403(b) and 457, profit-sharing, money purchase pension and defined benefit plans and nonqualified deferred compensation plans, in each case provided that plan level or omnibus accounts are held on the books of the fund. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund’s determination of eligibility and may be subject to a minimum initial investment requirement. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds’ distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

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. These fees are reflected as “Low Balance Account Fees” in each Fund’s Statement of Operations for the period, as applicable.

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

Note 2. Significant Accounting Policies

The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

75

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

A. Security Valuation

Security valuation procedures for each Fund, which include nightly price variance as well as back-testing items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). 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 any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly.

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 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 or are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Claims are valued by brokers based on pricing models that take into account, among other factors, both cash and non-cash assets. The valuation is derived from expected cash flow of the claims and the non-cash assets, which include all real estate, private equity or other securities within the estate. To the extent that these inputs are observable, the values of the claims are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

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

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds 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 the 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 disbursements as designated by the underlying funds.

Dividend income from REIT investments is recorded using management’s estimate of the percentage of income included in distributions received from the REIT investments based on historical information and other industry sources. 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.

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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, 2018, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.

E. Expenses

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

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

F. Foreign Currency Transactions

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

G. When-issued Purchases and Forward Commitments (Delayed Delivery)

Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). Delayed delivery enables 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 delayed delivery securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date.

H. Interest-Only and Principal-Only Securities

Certain Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any pay down gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities.

I. Leveraged Loans

Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the 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.

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The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally the LIBOR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a 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.

As of March 31, 2018, the Funds had unfunded loan commitments as follows:

Fund	Borrower	Unfunded Loan Commitment
Newfleet Multi-Sector Intermediate Bond Fund	CFSP Acquisition Corp.	$	14
	Pearl Intermediate Parent LLC		138
	Spectrum Holdings III Corp.		28
Newfleet Senior Floating Rate Fund	CFSP Acquisition Corp.	$	61
	Pearl Intermediate Parent LLC		418
	Spectrum Holdings III Corp.		117

J. Securities Lending

($ reported in thousands)

Each Fund is permitted to loan securities from its portfolio to qualifying brokers, dealers and other financial institutions deemed creditworthy and receive, as collateral, cash or United States government securities including agency securities which at all times while the loan is outstanding will be maintained in amounts equal to at least 100% of the current market value of the loaned securities. Any cash collateral will be invested in short-term securities expected to increase the current income of the Fund lending its securities. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. During the period ended March 31, 2018, the Funds did not loan securities.

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 investment 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:

Newfleet Tax-Exempt Bond Fund 0.45%

	First $1 Billion		$1+ Billion
Newfleet Bond Fund		0.45		0.40

	First $1 Billion			$1+ Billion through $2 Billion			$2+ Billion
Newfleet CA Tax-Exempt Bond Fund		0.45	%		0.40	%		0.35	%
Newfleet High Yield Fund		0.65			0.60			0.55
Newfleet Low Duration Income Fund		0.55			0.50			0.45
Newfleet Multi-Sector Intermediate Bond Fund		0.55			0.50			0.45

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

During the period covered by these financial statements, the Newfleet Bond Fund, and, the Newfleet Multi-Sector Intermediate Fund, invested a portion of its assets in Virtus Newfleet 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 Virtus Newfleet Credit Opportunities Fund. For the period covered by these financial statements, the waiver amounted to $3, and $25, 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 “Less expenses reimbursed and/or waived by investment adviser” in the Statements of Operations.

B. Subadviser

Newfleet Asset Management, LLC (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser.

C. Expense Limits and Fee Waivers

The Adviser has contractually agreed to limit certain Funds’ total operating expenses (excluding front-end or contingent deferred sales loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or

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infrequently occurring expenses (such as litigation), acquired fund fees and dividend expenses, if any), so that such expenses do not exceed on an annualized basis the following percentages of average net assets through January 31, 2019.

	Class A			Class C			Class I			Class R6
Newfleet Bond Fund		0.85	%		1.60	%		0.60	%		0.48	%(2)
Newfleet CA Tax-Exempt Bond Fund		0.85			N/A			0.60			N/A
Newfleet High Yield Fund		1.00			1.75			0.75			0.69
Newfleet Low Duration Income Fund		0.75			1.50			0.50			N/A
Newfleet Multi-Sector Intermediate Bond Fund		0.99			1.74			0.74			0.60	(2)
Newfleet Senior Floating Rate Fund(1)		0.94			1.69			0.69			0.55	(2)
Newfleet Tax-Exempt Bond Fund		0.85			1.60			0.60			N/A

⁽¹⁾ Excluding leverage expenses, if any.

⁽²⁾  Effective March 29, 2018. For the period October 1, 2017, through March 28, 2018, the Class R6 expense caps were as follows for Newfleet Bond Fund, Newfleet Multi-Sector Intermediate Bond Fund, and Newfleet Senior Floating Rate Fund, respectively: 0.54%, 0.67%, and 0.63%.

D. Expense Recapture

Under certain conditions, for certain Funds, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements, within three years after the date on 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:

	Expiration
Fund	2018		2019		2020			2021			TOTAL
Newfleet Bond Fund
Class A	$	70	$	142	$	130		$	60		$	402
Class C		13		32		26			10			81
Class I		25		64		78			38			205
Class R6		—		—		1			1			2
Newfleet CA Tax-Exempt Bond Fund
Class A		39		71		59			26			195
Class I		19		41		35			18			113
Newfleet High Yield Fund
Class A		67		154		233			108			562
Class C		4		9		16			7			36
Class I		5		20		32			13			70
Class R6		—		—		6			9			15
Newfleet Low Duration Income Fund
Class A		131		326		336			145			938
Class C		71		162		144			50			427
Class I		180		652		907			430			2,169
Newfleet Multi-Sector Intermediate Bond Fund
Class A		—		—		91			47			138
Class C		—		—		68			29			97
Class I		—		—		182			95			277
Class R6		—		—		8			9			17
Newfleet Senior Floating Rate Fund
Class A		—		—		114			32			146
Class C		—		—		66			33			99
Class I		—		—		160			80			240
Class R6		—		—		—	(1)		—	(1)		—	(1)
Newfleet Tax-Exempt Bond Fund
Class A		59		117		98			36			310
Class C		23		45		41			14			123
Class I		69		156		184			82			491

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, 2018, it retained net commissions of $13 for Class A shares and CDSC of $9, and $4 for Class A shares, and Class C shares respectively.

In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares, and 1.00% for Class C shares; Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

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

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F. Administrator and Transfer Agent

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

For the period ended March 31, 2018, the Funds incurred administration fees totaling $771 which are included in the Statements of Operations within the line item “Administration fees.”

For the period ended March 31, 2018, the Funds incurred transfer agent fees totaling $817 which are included in the Statements of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees are paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2018, 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
Newfleet Bond Fund
Class R6		9,098	$	102
Newfleet High Yield Fund
Class R6		1,031,654		4,261
Newfleet Multi-Sector Intermediate Bond Fund
Class R6		1,428,461		14,585
Newfleet Senior Floating Rate Fund
Class I		403,648		3,798
Class R6		143,491		1,352

H. Investments in Affiliates

A summary of total long-term and short-term purchases and sales of an affiliated underlying fund, during the period ended March 31, 2018, is as follows:

	Value beginning of the period		Purchases		Sales Proceeds		Net realized Gain (Loss) on affiliated fund		Net change in unrealized appreciation (depreciation) on affiliated fund			Shares		Value end of period		Dividend Income		Distributions of Realized Gains
Newfleet Bond Fund
Affiliated Mutual Fund 1.6%
Virtus Newfleet Credit Opportunities Fund Class R6(1)	$	1,154	$	—	$	—	$	—	$	(17	)		117,904	$	1,138	$	34	$	—
Newfleet Mutli-Sector Intermediate Bond Fund
Affiliated Mutual Fund 2.5%
Virtus Newfleet Credit Opportunities Fund Class R6(1)		9,148		—		—		—		(131	)		934,418		9,017		269		—

⁽¹⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

I. Trustee Compensation

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” in the Statement of Assets and Liabilities at March 31, 2018.

Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding U.S. Government and agency securities, short-term securities and written options) during the period ended March 31, 2018, were as follows:

	Purchases		Sales
Newfleet Bond Fund	$	18,924	$	14,437
Newfleet CA Tax-Exempt Bond Fund		523		1,470
Newfleet High Yield Fund		24,584		1,843
Newfleet Low Duration Income Fund		100,735		66,303
Newfleet Multi-Sector Intermediate Bond Fund		139,619		135,140
Newfleet Senior Floating Rate Fund		119,395		142,718
Newfleet Tax-Exempt Bond Fund		6,598		3,337

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Purchases and sales of long term U.S. Government and agency securities for the Funds during the period ended March 31, 2018, were as follows:

	Purchases		Sales
Newfleet Bond Fund	$	2,915	$	6,140
Newfleet Low Duration Income Fund		—		26,976
Newfleet Multi-Sector Intermediate Bond Fund		9,470		15,718

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Note 5. Capital Share Transactions

(reported in thousands)

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

	Newfleet Bond Fund												Newfleet CA Tax-Exempt Bond Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		82		$	925			402		$	4,509			4		$	50			54		$	630
Conversion from Class B shares(1)		—			—			3			34			—			—			—			—
Reinvestment of distributions		48			533			99			1,114			25			288			42			495
Shares repurchased		(305	)		(3,415	)		(888	)		(9,885	)		(53	)		(621	)		(231	)		(2,701	)
Net Increase / (Decrease)		(175	)	$	(1,957	)		(384	)	$	(4,228	)		(24	)	$	(283	)		(135	)	$	(1,576	)
Class B
Sale of shares		—		$	—			—	(2)	$	—	(3)		—		$	—			—		$	—
Reinvestment of distributions		—			—			—	(2)		1			—			—			—			—
Shares repurchased		—			—			(4	)		(39	)		—			—			—			—
Conversion to Class A shares(1)		—			—			(3	)		(34	)		—			—			—			—
Net Increase / (Decrease)		—		$	—			(7	)	$	(72	)		—		$	—			—		$	—
Class C
Sale of shares		42		$	453			79		$	863			—		$	—			—		$	—
Reinvestment of distributions		7			74			16			171			—			—			—			—
Shares repurchased		(91	)		(996	)		(337	)		(3,678	)		—			—			—			—
Net Increase / (Decrease)		(42	)	$	(469	)		(242	)	$	(2,644	)		—		$	—			—		$	—
Class I
Sale of shares		451		$	5,128			857		$	9,728			17		$	191			369		$	4,286
Reinvestment of distributions		42			479			71			806			19			221			32			375
Shares repurchased		(228	)		(2,585	)		(711	)		(8,071	)		(39	)		(448	)		(508	)		(5,885	)
Net Increase / (Decrease)		265		$	3,022			217		$	2,463			(3	)	$	(36	)		(107	)	$	(1,224	)
Class R6
Sale of shares		13		$	144			43		$	489			—		$	—			—		$	—
Reinvestment of distributions		1			9			1			7			—			—			—			—
Shares repurchased		(13	)		(151	)		(3	)		(34	)		—			—			—			—
Net Increase / (Decrease)		1		$	2			41		$	462			—		$	—			—		$	—

⁽¹⁾  See Note 1 in Notes to Financial Statements for more information.

⁽²⁾  Amount is less than 500 shares.

⁽³⁾  Amount is less than $500.

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	Newfleet High Yield Fund												Newfleet Low Duration Income Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		73		$	316			399		$	1,684			1,011		$	10,877			2,715		$	29,348
Conversion from Class B shares(1)		—			—			5			22			—			—			—			—
Reinvestment of distributions		318			1,336			612			2,586			71			767			147			1,591
Shares repurchased		(957	)		(4,023	)		(3,076	)		(12,962	)		(1,217	)		(13,077	)		(4,696	)		(50,642	)
Net Increase / (Decrease)		(566	)	$	(2,371	)		(2,060	)	$	(8,670	)		(135	)	$	(1,433	)		(1,834	)	$	(19,703	)
Class B
Sale of shares		—		$	—			—		$	—	(3)		—		$	—			—		$	—
Reinvestment of distributions		—			—			—	(2)		—	(3)		—			—			—			—
Shares repurchased		—			—			(1	)		(5	)		—			—			—			—
Conversion to Class A shares(1)		—			—			(5	)		(22	)		—			—			—			—
Net Increase / (Decrease)		—		$	—			(6	)	$	(27	)		—		$	—			—		$	—
Class C
Sale of shares		133		$	550			116		$	480			179		$	1,932			541		$	5,842
Reinvestment of distributions		21			88			42			173			17			183			37			397
Shares repurchased		(138	)		(569	)		(327	)		(1,358	)		(693	)		(7,459	)		(1,865	)		(20,145	)
Net Increase / (Decrease)		16		$	69			(169	)	$	(705	)		(497	)	$	(5,344	)		(1,287	)	$	(13,906	)
Class I
Sale of shares		347		$	1,459			1,596		$	6,738			6,183		$	66,579			15,673		$	169,247
Reinvestment of distributions		42			175			96			408			264			2,837			428			4,627
Shares repurchased		(453	)		(1,915	)		(2,048	)		(8,691	)		(5,352	)		(57,569	)		(16,030	)		(173,030	)
Net Increase / (Decrease)		(64	)	$	(281	)		(356	)	$	(1,545	)		1,095		$	11,847			71		$	844
Class R6
Sale of shares		87		$	368			1,308		$	5,573			—		$	—			—		$	—
Reinvestment of distributions		36			153			17			74			—			—			—			—
Shares repurchased		(171	)		(720	)		(90	)		(384	)		—			—			—			—
Net Increase / (Decrease)		(48	)	$	(199	)		1,235		$	5,263			—		$	—			—		$	—

⁽¹⁾  See Note 1 in Notes to Financial Statements for more information.

⁽²⁾  Amount is less than 500 shares.

⁽³⁾  Amount is less than $500.

83

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MARCH 31, 2018

	Newfleet Multi-Sector Intermediate Bond Fund												Newfleet Senior Floating Rate Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		481		$	4,973			1,722		$	17,764			756		$	7,153			3,433		$	32,534
Conversion from Class B shares(1)		—			—			93			958			—			—			—			—
Reinvestment of distributions		152			1,572			332			3,421			467			4,407			918			8,701
Shares repurchased		(1,174	)		(12,136	)		(3,395	)		(34,839	)		(3,181	)		(30,008	)		(4,834	)		(45,869	)
Net Increase / (Decrease)		(541	)	$	(5,591	)		(1,248	)	$	(12,696	)		(1,958	)	$	(18,448	)		(483	)	$	(4,634	)
Class B
Sale of shares		—		$	—			—		$	—	(3)		—		$	—			—		$	—
Reinvestment of distributions		—			—			2			19			—			—			—			—
Shares repurchased		—			—			(76	)		(769	)		—			—			—			—
Conversion to Class A shares(1)		—			—			(93	)		(959	)		—			—			—			—
Net Increase / (Decrease)		—		$	—			(167	)	$	(1,709	)		—		$	—			—		$	—
Class C
Sale of shares		420		$	4,394			634		$	6,581			227		$	2,144			1,268		$	12,062
Reinvestment of distributions		88			918			185			1,926			148			1,400			327			3,103
Shares repurchased		(707	)		(7,375	)		(1,993	)		(20,665	)		(1,697	)		(16,035	)		(3,085	)		(29,262	)
Net Increase / (Decrease)		(199	)	$	(2,063	)		(1,174	)	$	(12,158	)		(1,322	)	$	(12,491	)		(1,490	)	$	(14,097	)
Class I
Sale of shares		5,147		$	53,450			12,330		$	126,996			4,775		$	45,047			15,257		$	144,595
Reinvestment of distributions		333			3,446			534			5,519			349			3,294			825			7,812
Shares repurchased		(4,855	)		(50,222	)		(5,110	)		(52,546	)		(6,892	)		(64,984	)		(11,839	)		(112,012	)
Net Increase / (Decrease)		625		$	6,674			7,754		$	79,969			(1,768	)	$	(16,643	)		4,243		$	40,395
Class R6
Sale of shares		149		$	1,543			1,757		$	18,255			132		$	1,250			11		$	100
Reinvestment of distributions		42			437			27			278			—	(2)		4			—	(2)		4
Shares repurchased		(288	)		(2,983	)		(118	)		(1,220	)		—			—			—			—
Net Increase / (Decrease)		(97	)	$	(1,003	)		1,666		$	17,313			132		$	1,254			11		$	104
	Newfleet Tax-Exempt Bond Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		35		$	386			213		$	2,388
Reinvestment of distributions		63			697			119			1,335
Shares repurchased		(563	)		(6,287	)		(2,234	)		(24,952	)
Net Increase / (Decrease)		(465	)	$	(5,204	)		(1,902	)	$	(21,229	)
Class C
Sale of shares		38		$	430			118		$	1,326
Reinvestment of distributions		23			259			36			404
Shares repurchased		(312	)		(3,475	)		(632	)		(7,064	)
Net Increase / (Decrease)		(251	)	$	(2,786	)		(478	)	$	(5,334	)
Class I
Sale of shares		1,207		$	13,498			2,804		$	31,369
Reinvestment of distributions		163			1,817			249			2,792
Shares repurchased		(1,489	)		(16,626	)		(3,250	)		(36,326	)
Net Increase / (Decrease)		(119	)	$	(1,311	)		(197	)	$	(2,165	)

⁽¹⁾  See Note 1 in Notes to Financial Statements for more information.

⁽²⁾  Amount is less than 500 shares.

⁽³⁾  Amount is less than $500.

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MARCH 31, 2018

Note 6. 10% Shareholders

As of March 31, 2018, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each such Fund as detailed below:

	% of Shares Outstanding			Number of Accounts*
Newfleet Bond Fund		16	%		1
Newfleet CA-Tax Exempt Bond Fund		32			1
Newfleet Low Duration Income Fund		33			2
Newfleet Multi-Sector Intermediate Bond Fund		16			1
Newfleet Senior Floating Rate Fund		42			2

* None of the accounts are affiliated.

Note 7. 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.

Note 8. Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the 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 9. Federal Income Tax Information

($ reported in thousands)

At March 31, 2018, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Funds were as follows:

Fund	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Newfleet Bond Fund	$	72,942	$	664	$	(1,164	)	$	(500	)
Newfleet CA Tax-Exempt Bond Fund		24,574		817		(195	)		622
Newfleet High Yield Fund		70,338		841		(1,812	)		(971	)
Newfleet Low Duration Income Fund		370,149		711		(3,428	)		(2,717	)
Newfleet Multi-Sector Intermediate Bond Fund		366,201		4,616		(10,518	)		(5,902	)
Newfleet Senior Floating Rate Fund		567,059		1,639		(8,956	)		(7,317	)
Newfleet Tax-Exempt Bond Fund		147,887		5,674		(1,362	)		4,312

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

	2018		No Expiration				Total
	Short-Term		Short-Term		Long-Term		Short-Term		Long-Term
Newfleet Bond Fund	$	—	$	173	$	1,433	$	173	$	1,433
Newfleet High Yield Fund		9,151		1,202		2,357		10,353		2,357
Newfleet Low Duration Income Fund		—		89		617		89		617
Newfleet Multi-Sector Intermediate Bond Fund		—		1,767		9,515		1,767		9,515
Newfleet Senior Floating Rate Fund		—		3,654		20,454		3,654		20,454

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.

85

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MARCH 31, 2018

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. Borrowings

($ reported in thousands)

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

No Funds made borrowings during the period and no Fund had any borrowings as of March 31, 2018.

Newfleet Senior Floating Rate Fund is subject to a Credit Agreement dated April 30, 2012, as amended, with a commercial bank that allows the Fund to borrow cash from the bank, up to a limit of $125,000. Borrowings under this Credit Agreement are collateralized by investments of the Fund. Borrowings under this Credit Agreement are collateralized by investments of the Fund. Interest is charged at LIBOR 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, 2018, were $103 and are included in the Statement of Operations within the line item “Interest expense and fees.” This Credit Agreement is renewable by the Fund with the bank’s consent and approval of the Board. This Credit 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 this Credit Agreement upon certain circumstances such as an event of default. From October 1, 2017, to March 31, 2018, the average daily borrowings under the Credit Agreement and the weighted daily average interest rate were $23,000 and 2.29%, respectively. At March 31, 2018, the Fund had $23,000 in such outstanding borrowings with an interest rate of 2.50%.

Note 11. Regulatory Matters and Litigation

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

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 violations of certain provisions 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. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Pursuant to an Opinion & Order (“Order”) filed on July 1, 2016, the court granted in part and denied in part the defendants’ motion to dismiss. Although the Order narrows the scope of the claims asserted and dismisses one of the defendants from the suit, claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder survive the motion. The remaining defendants filed an Answer to the Consolidated Complaint on August 5, 2016. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiff’s motion for class certification was granted by the court. Discovery has since been completed. On October 6, 2017, the defendants moved for summary judgment. Briefing on the motion for summary judgment was completed on December 22, 2017, and oral argument was held on January 18, 2018, where the Court reserved decision Virtus and its affiliates, including the Adviser, believe that the suit is without merit. Nevertheless, on February 6, 2018, Virtus reached an agreement in principle with the plaintiffs, subject to Court approval settling all claims in the litigation, in order to avoid the cost, distraction, disruption and inherent litigation uncertainty. Upon approval by the Court, which Virtus believes is likely, the resolution of this matter will not have a material impact on the results of operations, cash flows or its consolidated financial condition for Virtus. Whether or not the settlement is approved by the Court the Trust believes the risk of loss to the Funds as a result of the suit is remote. Whether or not the settlement is approved by the Court, 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”), alleged claims against Virtus, certain Virtus officers and affiliates (including the Adviser, Euclid Advisors LLC (“Euclid”) 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 October 1, 2015, the plaintiffs 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, the plaintiffs filed a Second Amended Complaint. Motions to dismiss were filed on behalf of Virtus, its officers and affiliates and the independent trustees on February 1, 2016. An Opinion & Order (“Order”) granting in part and denying in part the defendants’ motions to dismiss was issued on July 1, 2016. The Order dismissed all claims

86

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

against the Adviser, Euclid, the independent trustees and certain of the other individual defendants, and narrowed the claims asserted against the remaining defendants. The remaining defendants filed an Answer to the Second Amended Complaint on August 5, 2016. A Stipulation of Voluntary Dismissal of the claim under Section 12 of the Securities Act of 1933, as amended, was filed on September 15, 2016.

The remaining defendants filed a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on August 26, 2016. The motion was denied on January 6, 2017. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiffs’ motion for class certification was denied by the court. On December 4, 2017, the Court denied the plaintiffs’ motion seeking leave to amend their complaint, to address deficiencies identified by the Court in its orders dismissing, in part, plaintiffs’ Second Amended Complaint and denying class certification. On December 22, 2017, the plaintiffs voluntarily dismissed all remaining claims against the remaining defendants with prejudice and waived all rights to appeal.

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.

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, 2018:

Fund	Aggregate Value			% of Fund’s net assets
Newfleet High Yield Fund	$	18			0.04	%
Newfleet Low Duration Income Fund		0			0.00
Newfleet Multi-Sector Intermediate Bond Fund		—	*		0.03
Newfleet Senior Floating Rate Fund		1,067			0.21

At March 31, 2018, the Funds did not hold any securities that were illiquid or restricted except as noted in the table above.

* Amount is less than $500.

Note 13. Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 14. Subsequent Events

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

87

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 Newfleet Bond Fund, Virtus Newfleet CA Tax-Exempt Bond Fund, Virtus Newfleet High Yield Fund, Virtus Newfleet Low Duration Income Fund, Virtus Newfleet Multi-Sector Intermediate Bond Fund, Virtus Newfleet Senior Floating Rate Fund and Virtus Newfleet Tax-Exempt Bond Fund (individually and collectively, the “Funds”). At in-person meetings held on November 3, 2017 and November 15-16, 2017 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and each subadviser (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 objective(s); (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA’s or the applicable Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on each Fund’s performance and expenses; (7) fees paid to VIA and the Subadvisers by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

Nature, Extent and Quality of Services

The Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, each concerning a number of topics, including 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 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 objective(s), policies and restrictions set forth in the Funds’ prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each Subadviser’s risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

88

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(s).

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, 2017.

Virtus Newfleet Bond 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-, 5- and 10-year periods and underperformed its benchmark for the 3-year period.

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

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

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

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

Virtus Newfleet Tax-Exempt Bond 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- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.

The Board also considered management’s discussion about the reasons for each applicable Fund’s underperformance relative to its peer group or benchmark. After reviewing these and related factors, the Board concluded that each Fund’s overall performance, 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, fee information of comparable accounts managed by the Subadvisers, as applicable.

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

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

Virtus Newfleet 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.

89

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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

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

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

Virtus Newfleet Senior Floating Rate 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 Newfleet Tax-Exempt Bond 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 below the median of the Expense Group.

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

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 relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA. 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 Fund(s) 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 selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fee to be earned under the applicable Agreement(s). There may be certain indirect benefits gained, including to the extent that serving the Fund(s) could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

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

90

Virtus Newfleet Bond Fund, Virtus Newfleet Multi-Sector Intermediate Bond Fund and

Virtus Newfleet Senior Floating Rate Fund,

each a series of Virtus Opportunities Trust

Supplement dated March 19, 2018 to the Summary Prospectuses and the Virtus Opportunities Trust Statutory Prospectus, dated January 29, 2018, each as supplemented

IMPORTANT NOTICETO INVESTORS

Effective March 29, 2018, the changes described below will be made to the respective fund’s prospectuses.

Virtus Newfleet Bond Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the information for Class R6 Shares in the “Annual Fund Operating Expenses” table and associated footnotes will be replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class R6
Management Fees	0.45%
Distribution and Shareholder Servicing (12b-1) Fees	None
Other Expenses	0.40%	(b)
Acquired Fund Fees and Expenses	0.02%
Total Annual Fund Operating Expenses(d)	0.87%
Less: Fee Waiver and/or Expense Reimbursement(e)	(0.37%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(d)(e)	0.50%

^(b)  Restated to reflect certain contract and expense allocation changes.

^(d)  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.

^(e)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.85% for Class A Shares, 1.60% for Class C Shares, 0.60% for Class I Shares, 0.48% for Class R6 Shares and 0.85% for Class T Shares through January 31, 2019. 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 after the date on which it was incurred or waived by Virtus.

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the row showing Class R6 Shares in the “Example” table will be replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class R6	Sold or Held	$	51	$	241	$	446	$	1,038

Virtus Newfleet Multi-Sector Intermediate Bond Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the information for Class R6 Shares in the “Annual Fund Operating Expenses” table and associated footnotes will be replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class R6
Management Fees	0.55%
Distribution and Shareholder Servicing (12b-1) Fees	None
Other Expenses	0.26%	(b)
Acquired Fund Fees and Expenses	0.03%
Total Annual Fund Operating Expenses(d)	0.84%
Less: Fee Waiver and/or Expense Reimbursement(e)	(0.21%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(d)(e)	0.63%

^(c)  Restated to reflect certain contract and expense allocation changes.

^(f)  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.

^(g)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.99% for Class A Shares, 1.74% for Class C Shares,

0.74% for Class I Shares, 0.60% for Class R6 Shares and 0.99% for Class T Shares through January 31, 2019. 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 after the date on which it was incurred or waived by Virtus.

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the row showing Class R6 Shares in the “Example” table will be replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class R6	Sold or Held	$	64	$	247	$	445	$	1,018

Virtus Newfleet Senior Floating Rate Fund

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the information for Class R6 Shares in the “Annual Fund Operating Expenses” table and associated footnotes will be replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class R6
Management Fees(b)	0.45%
Distribution and Shareholder Servicing (12b-1) Fees	None
Interest Expense on Borrowings	0.11%
Other Expenses	0.25%	(c)
Acquired Fund Fees and Expenses	0.01%
Total Annual Fund Operating Expenses(e)	0.82%
Less: Fee Waiver and/or Expense Reimbursement(f)	(0.15%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(e)(f)	0.67%

^(b)  Restated to reflect current management fee.

^(c)  Restated to reflect certain contract and expense allocation changes.

^(e)  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.

^(f)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.94% for Class A Shares, 1.69% for Class C Shares, 0.69% for Class I Shares, 0.55% for Class R6 Shares and 0.94% for Class T Shares through January 31, 2019. 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 after the date on which it was incurred or waived by Virtus.

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the row showing Class R6 Shares in the “Example” table will be replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class R6	Sold or Held	$	68	$	247	$	440	$	1,000

All Funds

In the first table in the section “More Information About Fund Expenses” on page 133 of the statutory prospectus, the row corresponding to each of the funds will be replaced with the following:

	Class A Shares	Class C Shares	Class C1 Shares	Class I Shares	Class R6 Shares	Class T Shares
Vitus Newfleet Bond Fund	0.85%	1.60%	N/A	0.60%	0.48%	0.85%
Virtus Newfleet Multi-Sector Intermediate Bond Fund	0.99%	1.74%	N/A	0.74%	0.60%	0.99%
Virtus Newfleet Senior Floating Rate Fund	0.94%	1.69%	N/A	0.69%	0.55%	0.94%

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

VOT 8020/NBF&NMSIBF&NSFRF NewR6ExpCaps (3/2018)

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

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

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

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

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

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

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361
Website	Virtus.com

Important Notice to Shareholders

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

P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,

please call your financial representative, contact us

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

8640 05-18

SEMIANNUAL REPORT VIRTUS OPPORTUNITIES TRUST

March 31, 2018

Virtus Duff & Phelps Global Infrastructure Fund

Virtus Duff & Phelps Global Real Estate Securities Fund*

Virtus Duff & Phelps International Equity Fund*

Virtus Duff & Phelps International Real Estate Securities Fund

Virtus Herzfeld Fund

Virtus Horizon International Wealth Masters Fund*

Virtus Horizon Wealth Masters Fund*

Virtus KAR Emerging Markets Small-Cap Fund

Virtus KAR International Small-Cap Fund

Virtus Rampart Alternatives Diversifier Fund

Virtus Rampart Equity Trend Fund

Virtus Rampart Global Equity Trend Fund

Virtus Rampart Low Volatility Equity Fund

Virtus Rampart Multi-Asset Trend Fund

Virtus Rampart Sector Trend Fund

Virtus Vontobel Global Opportunities Fund

Virtus Vontobel Greater European Opportunities Fund

Not FDIC Insured

No Bank Guarantee

May Lose Value

*Prospectus supplements applicable to these Funds appear at the back of this semiannual report.

Table of Contents

Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		6
Portfolio Holdings Summary		8
Fund	Schedule of Investments
Virtus Duff & Phelps Global Infrastructure Fund (“Duff & Phelps Global Infrastructure Fund”)		11
Virtus Duff & Phelps Global Real Estate Securities Fund (“Duff & Phelps Global Real Estate Securities Fund”)		12
Virtus Duff & Phelps International Equity Fund (“Duff & Phelps International Equity Fund”)		14
Virtus Duff & Phelps International Real Estate Securities Fund (“Duff & Phelps International Real Estate Securities Fund”)		15
Virtus Herzfeld Fund (“Herzfeld Fund”)		17
Virtus Horizon International Wealth Masters Fund (“Horizon International Wealth Masters Fund”)		18
Virtus Horizon Wealth Masters Fund (“Horizon Wealth Masters Fund”)		22
Virtus KAR Emerging Markets Small-Cap Fund (“KAR Emerging Markets Small-Cap Fund”)		24
Virtus KAR International Small-Cap Fund (“KAR International Small-Cap Fund”)		26
Virtus Rampart Alternatives Diversifier Fund (“Rampart Alternatives Diversifier Fund”)		28
Virtus Rampart Equity Trend Fund (“Rampart Equity Trend Fund”)		29
Virtus Rampart Global Equity Trend Fund (“Rampart Global Equity Trend Fund”)		32
Virtus Rampart Low Volatility Equity Fund (“Rampart Low Volatility Equity Fund”)		35
Virtus Rampart Multi-Asset Trend Fund (“Rampart Multi-Asset Trend Fund”)		36
Virtus Rampart Sector Trend Fund (“Rampart Sector Trend Fund”)		39
Virtus Vontobel Global Opportunities Fund (“Vontobel Global Opportunities Fund”)		43
Virtus Vontobel Greater European Opportunities Fund (“Vontobel Greater European Opportunities Fund”)		45
Statements of Assets and Liabilities		47
Statements of Operations		53
Statements of Changes in Net Assets		59
Financial Highlights		68
Notes to Financial Statements		79
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		96

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 semiannual report that reviews the performance of your fund for the six months ended March 31, 2018.

Economic growth and strong corporate earnings were driving forces in the U.S. during the period, capped off by the sweeping tax overhaul that was signed into law at year-end. The optimism carried over into the start of 2018. However, with growth heating up, inflation fears caused stock markets to plunge in early February, ushering in the return of volatility after being conspicuously absent throughout 2017. Concerns over a potential global trade war, sparked by tariff talk by the Trump administration, caused markets to remain unsettled. Meanwhile, persistent economic strength moved the Federal Reserve to hike its key interest rate in March from 1.50% to 1.75%, its highest level in nearly a decade.

For the six months ended March 31, 2018, U.S. large-cap stocks, as measured by the S&P 500^® Index, returned 5.84%, outpacing small-cap stocks, which returned 3.25%, as measured by the Russell 2000^® Index. Within international equities, emerging markets led their developed peers, with the MSCI Emerging Markets Index (net) up 8.96%, compared with the MSCI EAFE^® Index (net), which returned 2.63%.

Demand for U.S. Treasuries remained strong, as foreign investors continued to favor their yield advantage and credit quality over many foreign government bonds. The yield on the 10-year Treasury was 2.74% at March 31, 2018, up from 2.33% at September 30, 2017. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, declined 1.08% for the six months. Non-investment grade bonds also lost ground but to a lesser extent, down 0.39%, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to 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, with a broad array of Virtus Funds available through your fund exchange privileges. These include distinctive equity, fixed income, international, and asset allocation funds managed by Virtus affiliates and select subadvisers. We invite you to learn more about the Virtus family of funds at Virtus.com.

On behalf of our investment affiliates, thank you for entrusting the Virtus Funds with your assets. Should you have questions about your account or require assistance, please visit 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

May 2018

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, 2017 TO MARCH 31, 2018

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 fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

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

Actual Expenses

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

		Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Duff & Phelps Global Infrastructure Fund	Class A	$	1,000.00	$	965.10		1.26	%	$	6.17
	Class C		1,000.00		961.80		2.01			9.83
	Class I		1,000.00		967.00		0.99			4.85
	Class R6**		1,000.00		954.60		0.94			1.51
Duff & Phelps Global Real Estate Securities Fund	Class A		1,000.00		1,014.90		1.40			7.03
	Class C		1,000.00		1,011.10		2.15			10.78
	Class I		1,000.00		1,016.20		1.15			5.78
	Class R6		1,000.00		1,016.80		1.04			5.23
Duff & Phelps International Equity Fund	Class A		1,000.00		1,026.10		1.39			7.02
	Class C		1,000.00		1,023.60		2.14			10.80
	Class I		1,000.00		1,028.10		1.15			5.81
Duff & Phelps International Real Estate Securities Fund	Class A		1,000.00		1,079.90		1.50			7.78
	Class C		1,000.00		1,076.70		2.25			11.65
	Class I		1,000.00		1,081.40		1.25			6.49
Herzfeld Fund	Class A		1,000.00		1,014.40		1.60			8.04
	Class C		1,000.00		1,010.00		2.35			11.78
	Class I		1,000.00		1,015.10		1.35			6.78
Horizon International Wealth Masters Fund	Class A		1,000.00		1,039.10		1.43			7.27
	Class C		1,000.00		1,034.70		2.19			11.11
	Class I		1,000.00		1,040.00		1.18			6.00
Horizon Wealth Masters Fund	Class A		1,000.00		1,043.60		1.35			6.88
	Class C		1,000.00		1,039.90		2.10			10.68
	Class I		1,000.00		1,044.70		1.10			5.61
KAR Emerging Markets Small-Cap Fund	Class A		1,000.00		1,142.60		1.85			9.88
	Class C		1,000.00		1,138.80		2.60			13.86
	Class I		1,000.00		1,144.30		1.60			8.55
KAR International Small-Cap Fund	Class A		1,000.00		1,090.60		1.60			8.34
	Class C		1,000.00		1,086.80		2.35			12.23
	Class I		1,000.00		1,092.00		1.35			7.04
	Class R6		1,000.00		1,092.40		1.24			6.47
Rampart Alternatives Diversifier Fund	Class A		1,000.00		1,017.80		0.74			3.72
	Class C		1,000.00		1,013.70		1.50			7.53
	Class I		1,000.00		1,019.10		0.47			2.37

2

VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

		Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Rampart Equity Trend Fund	Class A	$	1,000.00	$	1,078.70		1.57	%	$	8.14
	Class C		1,000.00		1,075.50		2.31			11.95
	Class I		1,000.00		1,081.00		1.32			6.85
	Class R6		1,000.00		1,081.30		1.23			6.38
Rampart Global Equity Trend Fund	Class A		1,000.00		1,062.50		1.75			9.00
	Class C		1,000.00		1,058.00		2.50			12.83
	Class I		1,000.00		1,062.80		1.50			7.71
Rampart Low Volatility Equity Fund	Class A		1,000.00		982.40		1.55			7.66
	Class C		1,000.00		979.90		2.30			11.35
	Class I		1,000.00		984.40		1.30			6.43
Rampart Multi-Asset Trend Fund	Class A		1,000.00		1,035.10		1.66			8.42
	Class C		1,000.00		1,031.30		2.38			12.05
	Class I		1,000.00		1,035.80		1.39			7.06
Rampart Sector Trend Fund	Class A		1,000.00		1,047.10		1.00			5.10
	Class C		1,000.00		1,043.80		1.76			8.97
	Class I		1,000.00		1,049.00		0.76			3.88
Vontobel Global Opportunities Fund	Class A		1,000.00		1,051.30		1.42			7.26
	Class C		1,000.00		1,047.70		2.17			11.08
	Class I		1,000.00		1,053.30		1.15			5.89
	Class R6**		1,000.00		937.30		1.10			1.75
Vontobel Greater European Opportunities Fund	Class A		1,000.00		993.80		1.45			7.21
	Class C		1,000.00		989.60		2.20			10.91
	Class I		1,000.00		994.30		1.20			5.97

* Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

** January 31, 2018, is the date the Class started accruing expenses. Expenses are equal to the Fund Class’ 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 (60) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

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VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

Hypothetical Example for Comparison Purposes

The table below 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 this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

		Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Duff & Phelps Global Infrastructure Fund	Class A	$	1,000.00	$	1,018.65		1.26	%	$	6.34
	Class C		1,000.00		1,014.91		2.01			10.10
	Class I		1,000.00		1,020.00		0.99			4.99
	Class R6		1,000.00		1,020.24		0.94			4.73
Duff & Phelps Global Real Estate Securities Fund	Class A		1,000.00		1,017.95		1.40			7.04
	Class C		1,000.00		1,014.21		2.15			10.80
	Class I		1,000.00		1,019.20		1.15			5.79
	Class R6		1,000.00		1,019.75		1.04			5.24
Duff & Phelps International Equity Fund	Class A		1,000.00		1,018.00		1.39			6.99
	Class C		1,000.00		1,014.26		2.14			10.75
	Class I		1,000.00		1,019.20		1.15			5.79
Duff & Phelps International Real Estate Securities Fund	Class A		1,000.00		1,017.45		1.50			7.54
	Class C		1,000.00		1,013.71		2.25			11.30
	Class I		1,000.00		1,018.70		1.25			6.29
Herzfeld Fund	Class A		1,000.00		1,016.95		1.60			8.05
	Class C		1,000.00		1,013.21		2.35			11.80
	Class I		1,000.00		1,018.20		1.35			6.79
Horizon International Wealth Masters Fund	Class A		1,000.00		1,017.80		1.43			7.19
	Class C		1,000.00		1,014.01		2.19			11.00
	Class I		1,000.00		1,019.05		1.18			5.94
Horizon Wealth Masters Fund	Class A		1,000.00		1,018.20		1.35			6.79
	Class C		1,000.00		1,014.46		2.10			10.55
	Class I		1,000.00		1,019.45		1.10			5.54
KAR Emerging Markets Small-Cap Fund	Class A		1,000.00		1,015.79		1.85			9.35
	Class C		1,000.00		1,012.03		2.60			13.11
	Class I		1,000.00		1,017.05		1.60			8.09
KAR International Small-Cap Fund	Class A		1,000.00		1,016.95		1.60			8.05
	Class C		1,000.00		1,013.21		2.35			11.80
	Class I		1,000.00		1,018.20		1.35			6.79
	Class R6		1,000.00		1,018.75		1.24			6.24
Rampart Alternatives Diversifier Fund	Class A		1,000.00		1,021.24		0.74			3.73
	Class C		1,000.00		1,017.45		1.50			7.54
	Class I		1,000.00		1,022.59		0.47			2.37
Rampart Equity Trend Fund	Class A		1,000.00		1,017.10		1.57			7.90
	Class C		1,000.00		1,013.41		2.31			11.60
	Class I		1,000.00		1,018.35		1.32			6.64
	Class R6		1,000.00		1,018.80		1.23			6.19
Rampart Global Equity Trend Fund	Class A		1,000.00		1,016.21		1.75			8.80
	Class C		1,000.00		1,012.47		2.50			12.54
	Class I		1,000.00		1,017.45		1.50			7.54
Rampart Low Volatility Equity Fund	Class A		1,000.00		1,017.20		1.55			7.80
	Class C		1,000.00		1,013.46		2.30			11.55
	Class I		1,000.00		1,018.45		1.30			6.54
Rampart Multi-Asset Trend Fund	Class A		1,000.00		1,016.65		1.66			8.35
	Class C		1,000.00		1,013.06		2.38			11.94
	Class I		1,000.00		1,018.00		1.39			6.99
Rampart Sector Trend Fund	Class A		1,000.00		1,019.95		1.00			5.04
	Class C		1,000.00		1,016.16		1.76			8.85
	Class I		1,000.00		1,021.14		0.76			3.83

4

VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

		Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Vontobel Global Opportunities Fund	Class A	$	1,000.00	$	1,017.85		1.42	%	$	7.14
	Class C		1,000.00		1,014.11		2.17			10.90
	Class I		1,000.00		1,019.20		1.15			5.79
	Class R6		1,000.00		1,019.45		1.10			5.54
Vontobel Greater European Opportunities Fund	Class A		1,000.00		1,017.70		1.45			7.29
	Class C		1,000.00		1,013.96		2.20			11.05
	Class I		1,000.00		1,018.95		1.20			6.04

* Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

5

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2018

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

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

Bloomberg Barclays U.S. Corporate High Yield Bond Index

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

Chicago Board Options Exchange Volatility Index^® (“CBOE VIX^®”)

The CBOE VIX^® shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500^® Index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The CBOE VIX^® is a widely used measure of market risk and is often referred to as the “investor fear gauge.” The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Exchange-Traded Funds (“ETFs”)

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

Federal Reserve (the “Fed”)

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

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.

iShares^®

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

London Interbank Offered Rate (“LIBOR”)

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

Master Limited Partnership (“MLP”)

A type of limited partnership that is publicly traded. The partnership must derive most of its cash flows from real estate, natural resources and commodities.

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

6

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2018

Real Estate Investment Trust (REIT)

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

Russell 2000^® Index

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

S&P 500^® Index

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

Sponsored ADR

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

U.S. Treasury Inflation-Protected Securities (TIPS)

A United States Treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation.

7

VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY (Unaudited)

MARCH 31, 2018

For each Fund, the following tables present asset allocations within certain sectors as a percentage of total investments attributable as of March 31, 2018.

Duff & Phelps Global Infrastructure Fund
Utilities	41	%
Industrials	32
Energy	15
Real Estate	10
Telecommunication Services	2
Other (includes short-term investments)	—	*
Total	100	%
* Amount is less than 0.5%.

Duff & Phelps Global Real Estate Securities Fund
Real Estate Operating Companies	23	%
Office REITs	20
Residential REITs	16
Retail REITs	14
Specialized REITs	9
Industrial REITs	8
Diversified REITs	6
Other (includes short-term investment)	4
Total	100	%

Duff & Phelps International Equity Fund
Financials	25	%
Information Technology	16
Materials	11
Consumer Discretionary	9
Health Care	9
Consumer Staples	8
Industrials	6
Other (includes short-term investment)	16
Total	100	%

Duff & Phelps International Real Estate Securities Fund
Real Estate Operating Companies	42	%
Retail REITs	21
Office REITs	14
Diversified REITs	10
Industrial REITs	5
Specialized REITs	3
Residential REITs	2
Other (includes short-term investment)	3
Total	100	%

Herzfeld Fund
Equity Funds	41	%
International Equity Funds	26
Fixed Income Funds	13
Preferred Stocks	11
International Fixed Income Funds	3
Short-Term Investment	6
Total	100	%

Horizon International Wealth Masters Fund
Consumer Discretionary	31	%
Industrials	14
Consumer Staples	12
Information Technology	11
Financials	9
Materials	8
Real Estate	5
Other (includes short-term investment)	10
Total	100	%

Horizon Wealth Masters Fund
Consumer Discretionary	34	%
Financials	13
Industrials	12
Information Technology	11
Real Estate	9
Consumer Staples	6
Energy	5
Other	10
Total	100	%

KAR Emerging Markets Small-Cap Fund
Information Technology	27	%
Industrials	21
Consumer Staples	13
Financials	11
Materials	10
Consumer Discretionary	7
Telecommunication Services	2
Short-Term Investment	9
Total	100	%

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VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY (Unaudited) (Continued)

MARCH 31, 2018

KAR International Small-Cap Fund
Information Technology	33	%
Industrials	19
Financials	12
Consumer Discretionary	8
Consumer Staples	7
Materials	7
Health Care	3
Other (includes short-term investment)	11
Total	100	%

Rampart Alternatives Diversifier Fund
Affiliated Mutual Funds	51	%
Exchange-Traded Funds	48
Short-Term Investment	1
Total	100	%

Rampart Equity Trend Fund
Consumer Discretionary	21	%
Information Technology	19
Industrials	16
Financials	15
Materials	8
Health Care	6
Real Estate	5
Other (includes short-term investments)	10
Total	100	%

Rampart Global Equity Trend Fund
Common Stocks			59	%
Consumer Discretionary	13	%
Information Technology	12
Industrials	10
Financials	9
Materials	5
Health Care	4
All other Common Stocks	6
Exchange-Traded Funds			41
Total			100	%

Rampart Low Volatility Equity Fund
Exchange-Traded Fund	99	%
Other (includes short-term investment)	1
Total	100	%

Rampart Multi-Asset Trend Fund
Exchange-Traded Funds			64	%
Common Stocks			35
Consumer Discretionary	7	%
Information Technology	7
Industrials Financials	6 5
Materials	3
Health Care	2
All other Common Stocks	5
Short-Term Investment			1
Total			100	%

Rampart Sector Trend Fund
Consumer Discretionary	20	%
Energy	20
Financials	20
Industrials	20
Information Technology	18
Telecommunication Services	1
Short-Term Investment	1
Total	100	%

Vontobel Global Opportunities Fund
Consumer Staples	23	%
Information Technology	23
Consumer Discretionary	21
Financials	17
Industrials	6
Health Care	6
Real Estate	2
Other (includes short-term investment)	2
Total	100	%

9

VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY (Unaudited) (Continued)

MARCH 31, 2018

Vontobel Greater European Opportunities Fund
Consumer Staples	32	%
Industrials	17
Health Care	14
Consumer Discretionary	14
Information Technology	10
Financials	8
Materials	4
Other (includes short-term investment)	1
Total	100	%

10

VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—100.1%
Energy—14.9%
Antero Midstream GP LP (United States)		58,670	$	938
Cheniere Energy, Inc. (United States)(1)		29,295		1,566
Enbridge, Inc. (Canada)		52,238		1,644
Kinder Morgan, Inc. (United States)		147,645		2,223
ONEOK, Inc. (United States)		30,150		1,716
Pembina Pipeline Corp. (Canada)		50,400		1,573
Targa Resources Corp. (United States)		20,925		921
TransCanada Corp. (Canada)		69,560		2,873
Williams Cos., Inc. (The) (United States)		71,745		1,784
				15,238
Industrials—32.0%
Abertis Infraestructuras SA (Spain)		92,505		2,074
Aena SME SA (Spain)(2)		24,375		4,908
Atlantia SpA (Italy)		172,431		5,336
CSX Corp. (United States)		43,840		2,442
East Japan Railway Co. (Japan)		14,740		1,366
Flughafen Zuerich AG Registered Shares (Switzerland)		9,145		2,017
Fraport AG Frankfurt Airport Services Worldwide (Germany)		13,495		1,330
Norfolk Southern Corp. (United States)		14,935		2,028
Sydney Airport (Australia)		306,065		1,587
Transurban Group (Australia)		686,630		6,055
Union Pacific Corp. (United States)		15,840		2,129
Vinci SA (France)		15,750		1,549
				32,821
Real Estate—9.6%
American Tower Corp. (United States)		37,430		5,440
Crown Castle International Corp. (United States)		40,360		4,424
				9,864
Telecommunication Services—2.1%
Cellnex Telecom SA (Spain)(2)		79,600		2,124
Utilities—41.5%
ALLETE, Inc. (United States)		14,890		1,076
American Electric Power Co., Inc. (United States)		44,100		3,025
American Water Works Co., Inc. (United States)		23,250		1,909
Aqua America, Inc. (United States)		32,865		1,119
Atmos Energy Corp. (United States)		22,275		1,876
CMS Energy Corp. (United States)		30,470		1,380
Dominion Energy, Inc. (United States)		40,575		2,736
DTE Energy Co. (United States)		22,145		2,312
Emera, Inc. (Canada)		34,920		1,105
Enel SpA (Italy)		170,215		1,041
Engie SA (France)		73,225		1,221
Fortis, Inc. (Canada)		51,850		1,750
Great Plains Energy, Inc. (United States)		42,085		1,338
Iberdrola SA (Spain)		159,110		1,169
NextEra Energy, Inc. (United States)		35,770		5,842
NiSource, Inc. (United States)		59,140		1,414
ONE Gas, Inc. (United States)		13,615		899
Orsted A/S (Denmark)(2)		20,060		1,298
Public Service Enterprise Group, Inc. (United States)		38,950		1,957
Sempra Energy (United States)		31,465		3,500
Spire, Inc. (United States)		12,360		894
Vectren Corp. (United States)		19,915		1,273
Xcel Energy, Inc. (United States)		52,300		2,379
				42,513
TOTAL COMMON STOCKS (Identified Cost $90,878)				102,560
TOTAL LONG-TERM INVESTMENTS—100.1%
(Identified Cost $90,878)				102,560

	SHARES		VALUE
SHORT-TERM INVESTMENT—0.5%
Money Market Mutual Fund—0.5%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(3)		527,098	$	527
TOTAL SHORT-TERM INVESTMENT (Identified Cost $527)				527
TOTAL INVESTMENTS—100.6% (Identified Cost $91,405)				103,087
Other assets and liabilities, net—(0.6)%				(569	)
NET ASSETS—100.0%			$	102,518

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $8,330 or 8.1% of net assets.

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

Country Weightings†
United States	59	%
Spain	10
Canada	9
Australia	7
Italy	6
France	3
Switzerland	2
Other	4
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	102,560	$	94,918	$	7,642
Short-Term Investment		527		527		—
Total Investments	$	103,087	$	95,445	$	7,642

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.

Securities held by the Fund with an end of period value of $6,055 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities.

There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

11

VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.3%
Australia—4.4%
Dexus Property Group		289,339	$	2,083
GPT Group (The) – In Specie(1)(3)		13,566		—	(5)
National Storage REIT		3,020,000		3,664
Scentre Group		750,389		2,214
				7,961
Canada—2.1%
Allied Properties Real Estate Investment Trust		60,585		1,907
RioCan Real Estate Investment Trust		99,762		1,831
				3,738
France—1.5%
Klepierre SA		68,380		2,755
Germany—5.8%
ADO Properties SA(2)		41,542		2,337
TLG Immobilien AG		99,100		2,719
Vonovia SE		109,548		5,426
				10,482
Hong Kong—8.1%
Link REIT		478,504		4,102
Swire Properties Ltd.		1,501,000		5,279
Wharf Real Estate Investment Co., Ltd.(1)		820,000		5,360
				14,741
India—1.3%
Ascendas India Trust		3,001,800		2,312
Ireland—1.1%
Green REIT plc		1,048,723		1,954
Japan—8.2%
GLP J-REIT		1,432		1,557
Hulic Co., Ltd.		218,900		2,389
Invincible Investment Corp.		5,825		2,685
Kenedix Office Investment Corp.		382		2,344
Kenedix Retail REIT Corp.		816		1,770
Mitsui Fudosan Logistics Park, Inc.		580		1,900
Nippon Building Fund, Inc.		417		2,304
				14,949
Mexico—0.7%
Prologis Property Mexico SA de CV		678,800		1,298
Netherlands—1.0%
Unibail-Rodamco SE		7,778		1,777
Norway—1.3%
Entra ASA(2)		172,500		2,350
Singapore—1.0%
Mapletree Industrial Trust		1,177,500		1,827
Spain—1.0%
Hispania Activos Inmobiliarios SOCIMI SA		89,018		1,893

	SHARES		VALUE
Sweden—1.2%
Castellum AB		138,010	$	2,256
United Kingdom—8.1%
Derwent London plc		63,910		2,781
Safestore Holdings plc		377,557		2,601
Segro plc		213,628		1,802
UNITE Group plc (The)		461,900		5,129
Workspace Group plc		172,000		2,394
				14,707
United States—52.5%
Alexandria Real Estate Equities, Inc.		28,865		3,605
American Homes 4 Rent Class A		161,250		3,238
Apartment Investment & Management Co. Class A		56,800		2,315
AvalonBay Communities, Inc.		30,465		5,010
Brixmor Property Group, Inc.		121,533		1,853
Cousins Properties, Inc.		261,400		2,269
CubeSmart		114,675		3,234
CyrusOne, Inc.		59,600		3,052
DCT Industrial Trust, Inc.		63,498		3,578
Digital Realty Trust, Inc.		56,400		5,943
Douglas Emmett, Inc.		61,695		2,268
Duke Realty Corp.		157,531		4,171
Equinix, Inc.		7,800		3,262
Equity Residential		45,715		2,817
Essex Property Trust, Inc.		17,127		4,122
Extra Space Storage, Inc.		42,545		3,717
Healthcare Trust of America, Inc. Class A		124,500		3,293
Highwoods Properties, Inc.		52,206		2,288
Host Hotels & Resorts, Inc.		179,708		3,350
Kilroy Realty Corp.		32,122		2,279
Mid-America Apartment Communities, Inc.		31,000		2,828
Paramount Group, Inc.		158,440		2,256
Prologis, Inc.		114,598		7,219
Regency Centers Corp.		55,950		3,300
RLJ Lodging Trust		111,550		2,169
Simon Property Group, Inc.		32,831		5,067
Sun Communities, Inc.		55,750		5,094
Vornado Realty Trust		26,870		1,808
				95,405
TOTAL COMMON STOCKS (Identified Cost $163,242)				180,405
TOTAL LONG-TERM INVESTMENTS—99.3%
(Identified Cost $163,242)				180,405
SHORT-TERM INVESTMENT—0.5%
Money Market Mutual Fund—0.5%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(4)		933,308		933
TOTAL SHORT-TERM INVESTMENT (Identified Cost $933)				933
TOTAL INVESTMENTS—99.8% (Identified Cost $164,175)				181,338
Other assets and liabilities, net—0.2%				447
NET ASSETS—100.0%			$	181,785

Abbreviation:

REIT Real Estate Investment Trust

For information regarding the abbreviation, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

12

VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $4,687 or 2.6% of net assets.

⁽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 Fair Value Hierarchy table located after the Schedule of Investments.

⁽⁴⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

⁽⁵⁾  Amount is less than $500.

Country Weightings†
United States	53	%
Japan	8
Hong Kong	8
United Kingdom	8
Germany	6
Australia	4
Canada	2
Other	11
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	180,405	$	155,876	$	24,529	$	—	(1)*
Short-Term Investment		933		933		—		—
Total Investments	$	181,338	$	156,809	$	24,529	$	—	(1)*

⁽¹⁾  Amount less than $500.

* Includes internally fair valued security.

Securities held by the Fund with an end of period value of $19,170 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities.

There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

Management has determined that the amount of Level 3 securities compared to total net assets is de minimis; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2018.

See Notes to Financial Statements

13

VIRTUS DUFF & PHELPS INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—54.0%
Consumer Discretionary—5.5%
Ctrip.com International Ltd. ADR (China)(1)		1,859	$	87
Sony Corp. Sponsored ADR (Japan)		2,233		108
				195
Consumer Staples—5.0%
Fomento Economico Mexicano SAB de CV Sponsored ADR (Mexico)		983		90
Marine Harvest ASA Sponsored ADR (Norway)		4,362		87
				177
Financials—15.6%
BOC Hong Kong Holdings Ltd. (Hong Kong)		18,500		91
China Construction Bank Corp. Class H (China)		109,000		114
DBS Group Holdings Ltd. (Singapore)		6,565		139
Nomura Holdings, Inc. (Japan)		16,100		93
ORIX Corp. (Japan)		6,440		113
				550
Health Care—5.4%
Allergan plc (Ireland)		716		120
ICON plc (Ireland)(1)		580		69
				189
Industrials—3.5%
Nidec Corp. (Japan)		810		125
Information Technology—10.0%
Broadcom Ltd. (Singapore)		382		90
Check Point Software Technologies Ltd. (Israel)(1)		770		77
Hitachi Ltd. (Japan)		15,195		110
SAP SE Sponsored ADR (Germany)		723		76
				353
Materials—6.6%
Anhui Conch Cement Co., Ltd. Class H (China)		24,500		135
Toray Industries, Inc. (Japan)		10,335		97
				232
Real Estate—2.4%
LendLease Group (Australia)		6,365		85
TOTAL COMMON STOCKS (Identified Cost $1,457)				1,906
TOTAL LONG-TERM INVESTMENTS—54.0%
(Identified Cost $1,457)				1,906
SHORT-TERM INVESTMENT—7.3%
Money Market Mutual Fund—7.3%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(2)		255,939		256
TOTAL SHORT-TERM INVESTMENT (Identified Cost $256)				256
TOTAL INVESTMENTS—61.3% (Identified Cost $1,713)				2,162
Other assets and liabilities, net—38.7%				1,367
NET ASSETS—100.0%			$	3,529

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Non-income producing.

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

Country Weightings†
Japan	30	%
China	16
United States	12
Singapore	11
Ireland	9
Hong Kong	4
Mexico	4
Other	14
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	1,906	$	1,343	$	563
Short-Term Investment		256		256		—
Total Investments	$	2,162	$	1,599	$	563

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.

Securities held by the Fund with an end of period value of $450 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities.

There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

For information regarding the abbreviation, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

14

VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—96.6%
Australia—12.0%
Dexus Property Group		96,518	$	695
GPT Group (The) – In Specie(1)(5)		588,920		—	(4)
National Storage REIT		662,000		803
Scentre Group		237,171		700
Westfield Corp.		148,473		974
				3,172
Canada—5.9%
Allied Properties Real Estate Investment Trust		19,065		600
First Capital Realty, Inc.		21,205		335
RioCan Real Estate Investment Trust		34,650		636
				1,571
France—4.5%
Klepierre SA		17,331		698
Mercialys SA		25,600		492
				1,190
Germany—11.4%
ADO Properties SA(2)		8,522		479
Deutsche Wohnen SE		11,575		540
TLG Immobilien AG		21,000		576
Vonovia SE		28,545		1,414
				3,009
Hong Kong—14.3%
Hysan Development Co., Ltd.		82,000		435
Link REIT		140,441		1,204
Swire Properties Ltd.		299,000		1,052
Wharf Real Estate Investment Co., Ltd.(1)		168,000		1,098
				3,789
India—1.2%
Ascendas India Trust		406,600		313
Ireland—1.7%
Green REIT plc		246,542		459
Japan—18.2%
GLP J-REIT		420		457
Hulic Co., Ltd.		63,500		693
Invincible Investment Corp.		1,402		646
Japan Real Estate Investment Corp.		98		508
Kenedix Office Investment Corp.		100		614
Kenedix Retail REIT Corp.		214		464
LaSalle Logiport REIT		220		234
Mitsui Fudosan Logistics Park, Inc.		120		393
Nippon Building Fund, Inc.		148		818
				4,827
Mexico—1.3%
Prologis Property Mexico SA de CV		183,000		350
Netherlands—3.5%
Unibail-Rodamco SE		4,000		914

	SHARES		VALUE
Norway—2.0%
Entra ASA(2)		38,000	$	518
Singapore—2.0%
Mapletree Industrial Trust		333,400		517
Spain—2.5%
Hispania Activos Inmobiliarios SOCIMI SA		31,027		660
Sweden—2.6%
Castellum AB		42,699		698
United Kingdom—13.5%
Derwent London plc		14,146		616
Safestore Holdings plc		111,376		767
Segro plc		86,368		728
UNITE Group plc (The)		71,700		796
Workspace Group plc		47,100		656
				3,563
TOTAL COMMON STOCKS (Identified Cost $18,815)				25,550
TOTAL LONG-TERM INVESTMENTS—96.6%
(Identified Cost $18,815)				25,550
SHORT-TERM INVESTMENT—3.1%
Money Market Mutual Fund—3.1%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(3)		833,401		833
TOTAL SHORT-TERM INVESTMENT (Identified Cost $833)				833
TOTAL INVESTMENTS—99.7% (Identified Cost $19,648)				26,383
Other assets and liabilities, net—0.3%				89
NET ASSETS—100.0%			$	26,472

Abbreviation:

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $997 or 3.8% of net assets.

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

⁽⁴⁾ Amount is less than $500.

⁽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 Fair Value Hierarchy table located after the Schedule of Investments.

For information regarding the abbreviation, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

15

VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

Country Weightings†
Japan	18	%
Hong Kong	14
United Kingdom	14
Australia	12
Germany	11
Canada	6
France	5
Other	20
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	25,550	$	18,072	$	7,478	$	—	*†
Short-Term Investment		833		833		—		—
Total Investments	$	26,383	$	18,905	$	7,478	$	—	*†

*  Includes internally fair valued security.

^†  Amount is less than $500.

Securities held by the Fund with an end of period value of $6,380 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities.

There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

Management has determined that the amount of Level 3 securities compared to total net assets is de minimis; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended March 31, 2018.

See Notes to Financial Statements

16

VIRTUS HERZFELD FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
CLOSED END FUNDS(1)—81.9%
Equity Funds—40.9%
Adams Diversified Equity Fund, Inc.		88,791	$	1,312
Adams Natural Resources Fund, Inc.		124,562		2,272
AllianzGI NFJ Dividend Interest & Premium Strategy Fund		130,306		1,655
Boulder Growth & Income Fund, Inc.		335,689		3,619
Central Securities Corp.		153,635		4,096
Cohen & Steers MLP Income and Energy Opportunity Fund, Inc.		29,854		271
First Trust Energy Income and Growth Fund		6,257		136
Gabelli Healthcare & WellnessRx Trust (The)		85,355		811
General American Investors Co., Inc.		42,780		1,432
Kayne Anderson Energy Development Co.		42,549		662
Kayne Anderson Midstream/Energy Fund, Inc.		87,841		1,032
Kayne Anderson MLP Investment Co.(2)		17,000		280
Liberty All-Star Equity Fund		230,587		1,414
Neuberger Berman MLP Income Fund, Inc.		28,186		230
Reaves Utility Income Fund		30,074		849
Salient Midstream & MLP Fund		26,502		241
Tekla Healthcare Opportunities Fund		198,063		3,264
Tortoise Energy Independence Fund, Inc.		8,729		98
Tortoise Energy Infrastructure Corp.		39,662		993
Tortoise Pipeline & Energy Fund, Inc.		70,661		1,134
Tortoise Power and Energy Infrastructure Fund, Inc.		20,432		366
				26,167
Fixed Income Funds—12.6%
Apollo Tactical Income Fund, Inc.		101,708		1,597
Eagle Point Credit Co., Inc.		65,996		1,197
PIMCO Dynamic Credit and Mortgage Income Fund		119,175		2,727
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		142,967		1,618
Western Asset/Claymore Inflation-Linked Securities & Income Fund		80,938		933
				8,072
International Equity Funds—25.8%
Aberdeen Japan Equity Fund, Inc.		92,393		846
Aberdeen Latin America Equity Fund, Inc.		23,956		656
Alpine Global Dynamic Dividend Fund		96,056		1,009
Alpine Total Dynamic Dividend Fund		218,231		1,951
China Fund, Inc. (The)		11,037		244
Japan Smaller Capitalization Fund, Inc.		90,167		1,108
Mexico Equity & Income Fund, Inc.		115,571		1,267
New Germany Fund, Inc. (The)		68,625		1,340
NexPoint Strategic Opportunities Fund		120,301		2,765
Source Capital, Inc.		20,883		833
Taiwan Fund, Inc. (The)		78,711		1,673
Tekla World Healthcare Fund		188,692		2,421
Templeton Dragon Fund, Inc.		19,655		437
				16,550
International Fixed Income Fund—2.6%
DoubleLine Income Solutions Fund		83,048		1,668
TOTAL CLOSED END FUNDS (Identified Cost $49,659)				52,457
PREFERRED STOCKS—11.1%
Financials—11.1%
Eagle Point Credit Co., Inc. 6.75%		34,138		857
Eagle Point Credit Co., Inc. 7.00%		145,274		3,665
Eagle Point Credit Co., Inc. Series A 7.75%		10,600		276

	SHARES		VALUE
Financials—continued
Medallion Financial Corp. 9.00%		29,568	$	742
Oxford Lane Capital Corp. 7.50%		61,448		1,552
TOTAL PREFERRED STOCKS (Identified Cost $6,925)				7,092
TOTAL LONG-TERM INVESTMENTS—93.0%
(Identified Cost $56,584)				59,549
SHORT-TERM INVESTMENT—6.9%
Money Market Mutual Fund(1)—6.9%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)		4,409,179		4,409
TOTAL SHORT-TERM INVESTMENT (Identified Cost $4,409)				4,409
TOTAL INVESTMENTS—99.9% (Identified Cost $60,993)				63,958
Other assets and liabilities, net—0.1%				72
NET ASSETS—100.0%			$	64,030

Footnote Legend:

⁽¹⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

⁽²⁾  Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Closed-End Funds	$	52,457	$	52,457
Preferred Stocks		7,092		7,092
Short-Term Investment		4,409		4,409
Total Investments	$	63,958	$	63,958

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

17

VIRTUS HORIZON INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
PREFERRED STOCK—0.4%
Consumer Discretionary—0.4%
Schaeffler AG, 4.40% (Germany)		1,746	$	27
TOTAL PREFERRED STOCK (Identified Cost $31)				27
COMMON STOCKS—99.0%
Consumer Discretionary—30.6%
adidas AG (Germany)		141		34
Altice NV Class A (Netherlands)(1)		4,759		39
Autogrill S.p.A (Italy)		738		9
Autoneum Holding AG (Switzerland)		89		24
Axel Springer SE (Germany)		368		31
Bayerische Motoren Werke AG (Germany)		286		31
Benesse Holdings, Inc. (Japan)		1,110		40
Brembo S.p.A (Italy)		635		10
Brunello Cucinelli S.p.A (Italy)		307		10
Carnival plc (United Kingdom)		703		45
CECONOMY AG (Germany)		2,076		24
Chow Tai Fook Jewellery Group Ltd. (Hong Kong)		5,400		6
Cie Financiere Richemont SA Registered Shares (Switzerland)		275		25
Continental AG (Germany)		109		30
Crown Resorts Ltd. (Australia)		2,666		26
CTS Eventim AG & Co. KGaA (Germany)		636		30
Daily Mail & General Trust plc Class A (United Kingdom)		5,565		50
De’ Longhi S.p.A (Italy)		323		10
Dixons Carphone plc (United Kingdom)		18,771		49
Domino’s Pizza Enterprises Ltd. (Australia)		739		24
Don Quijote Holdings Co., Ltd. (Japan)		800		46
Dufry AG Registered Shares (Switzerland)(1)		180		24
Dunelm Group plc (United Kingdom)		4,754		35
Fast Retailing Co., Ltd. (Japan)		101		41
Fielmann AG (Germany)		329		27
Fnac Darty SA (France)(1)		165		18
Forbo Holding AG Registered Shares (Switzerland)		16		22
Galaxy Entertainment Group Ltd. (Hong Kong)	��	780		7
Genting Singapore plc (Singapore)		8,000		7
Geox S.p.A (Italy)		2,742		9
Global Brands Group Holding Ltd. (Hong Kong)(1)		68,000		4
Harvey Norman Holdings Ltd. (Australia)		7,988		23
Heiwa Corp. (Japan)		2,335		47
Hennes & Mauritz AB Class B (Sweden)		400		6
Hermes International (France)		35		21
Hikari Tsushin, Inc. (Japan)		290		46
Hong Kong and Shanghai Hotels Ltd. (The) (Hong Kong)		4,350		7
Industria de Diseno Textil SA (Spain)		605		19
Izumi Co., Ltd. (Japan)		667		45
Jardine Cycle & Carriage Ltd. (Singapore)		259		7
JCDecaux SA (France)		467		16
Kering SA (France)		40		19
L’Occitane International SA (France)		10,250		19
Li & Fung Ltd. (Hong Kong)		12,000		6
LVMH Moet Hennessy Louis Vuitton SE (France)		64		20
Man Wah Holdings Ltd. (Hong Kong)		6,800		5
Mediaset S.p.A (Italy)(1)		2,426		9
Mekonomen AB (Sweden)		572		10
Melco International Development Ltd. (Hong Kong)		2,150		6
Melco Resorts & Entertainment Ltd. ADR (Hong Kong)		235		7
Melia Hotels International SA (Spain)		1,672		24
Merlin Entertainments plc (United Kingdom)(2)		9,298		45
Metropole Television SA (France)		721		19
MGM China Holdings Ltd. (Hong Kong)		1,900		5
Moncler S.p.A (Italy)		327		12

	SHARES		VALUE
Consumer Discretionary—continued
Nitori Holdings Co., Ltd. (Japan)		263	$	46
NOS SGPS SA (Portugal)		669		4
Ocado Group plc (United Kingdom)(1)		9,820		73
Plastic Omnium SA (France)		442		21
PRADA S.p.A (Italy)		2,650		12
Premier Investments Ltd. (Australia)		2,291		28
Publicis Groupe SA (France)		269		19
Rakuten, Inc. (Japan)		4,010		34
Royal Caribbean Cruises Ltd. (Norway)		55		6
Salvatore Ferragamo S.p.A (Italy)		358		10
Sands China Ltd. (Hong Kong)		1,250		7
Sankyo Co., Ltd. (Japan)		1,300		46
Sega Sammy Holdings, Inc. (Japan)		3,222		51
Seven West Media Ltd. (Australia)		54,616		23
Shangri-La Asia Ltd. (Hong Kong)		2,850		6
Shimamura Co., Ltd. (Japan)		336		42
SJM Holdings Ltd. (Hong Kong)		7,300		6
Sodexo SA (France)		140		14
Sports Direct International plc (United Kingdom)(1)		8,891		46
Start Today Co., Ltd. (Japan)		1,325		35
Steinhoff International Holdings NV (Germany)		39,687		11
Summit Ascent Holdings Ltd. (Hong Kong)(1)		51,600		6
Swatch Group AG (The) (Switzerland)		63		28
Techtronic Industries Co., Ltd. (Hong Kong)		1,000		6
Television Francaise 1 (France)		1,224		17
Tod’s S.p.A (Italy)		134		10
Universal Entertainment Corp. (Japan)		1,116		51
Vivendi SA (France)		695		18
Wynn Macau Ltd. (Hong Kong)		1,950		7
Yoox Net-A-Porter Group S.p.A (Italy)(1)		263		12
Yue Yuen Industrial Holdings Ltd. (Hong Kong)		1,625		7
Zensho Holdings Co., Ltd. (Japan)		2,310		53
				1,985
Consumer Staples—12.0%
AAK AB (Sweden)		122		11
Anheuser-Busch InBev NV (Belgium)		541		60
Associated British Foods plc (United Kingdom)		1,174		41
Axfood AB (Sweden)		529		9
Barry Callebaut AG Registered Shares (Switzerland)		13		25
Beiersdorf AG (Germany)		245		28
Carrefour SA (France)		887		18
Casino Guichard Perrachon SA (France)		312		15
Cosmos Pharmaceutical Corp. (Japan)		184		37
Dairy Farm International Holdings Ltd. (Singapore)		1,060		9
Davide Campari-Milano S.p.A (Italy)		1,233		9
First Resources Ltd. (Singapore)		5,530		7
Golden Agri-Resources Ltd. (Singapore)		28,900		8
Heineken Holding NV (Netherlands)		476		49
Henkel AG & Co. KGaA (Germany)		240		30
Jeronimo Martins SGPS SA (Portugal)		212		4
Kose Corp. (Japan)		263		55
L’Oreal SA (France)		84		19
Marine Harvest ASA (Norway)		402		8
MARR S.p.A (Italy)		376		11
METRO AG (Germany)		1,440		26
Orkla ASA (Norway)		670		7
Pernod Ricard SA (France)		122		20
Pola Orbis Holdings, Inc. (Japan)		1,115		46
Rallye SA (France)		1,073		16
Remy Cointreau SA (France)		134		19
Sonae SGPS SA (Portugal)		3,193		4
Sugi Holdings Co., Ltd. (Japan)		786		44

See Notes to Financial Statements

18

VIRTUS HORIZON INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Consumer Staples—continued
Sundrug Co., Ltd. (Japan)		848	$	39
Suntory Beverage & Food Ltd. (Japan)		910		44
Unicharm Corp. (Japan)		1,510		43
WH Group Ltd. (Hong Kong)(2)		5,400		6
Wilmar International Ltd. (Singapore)		3,290		8
				775
Energy—2.8%
Akastor ASA (Norway)(1)		3,271		6
Aker BP ASA (Norway)		288		8
Aker Solutions ASA (Norway)(1)		1,334		7
Avance Gas Holding Ltd. (Norway)(1)(2)		2,499		7
BW LPG Ltd. (Norway)(1)(2)		1,576		7
BW Offshore Ltd. (Norway)(1)		1,899		10
Delek Group Ltd. (Israel)		34		6
Galp Energia SGPS SA (Portugal)		229		4
Petrofac Ltd. (United Kingdom)		7,487		53
Saras S.p.A (Italy)		4,099		9
Ship Finance International Ltd. (Norway)		446		7
Tecnicas Reunidas SA (Spain)		741		22
Tenaris SA ADR (Italy)		300		11
Transocean Ltd. (United States)(1)		2,515		25
				182
Financials—9.1%
Acom Co., Ltd. (Japan)(1)		9,150		41
Ashmore Group plc (United Kingdom)		8,652		46
Assicurazioni Generali S.p.A (Italy)		500		10
Banca Mediolanum S.p.A (Italy)		1,127		10
Banco Santander SA (Spain)		3,308		21
Bank Hapoalim BM (Israel)		782		5
Bank of East Asia Ltd. (The) (Hong Kong)		1,400		6
Bankinter SA (Spain)		2,394		25
Dah Sing Financial Holdings Ltd. (Hong Kong)		1,000		6
EFG International AG (Switzerland)		2,508		20
First Pacific Co., Ltd. (Hong Kong)		8,800		5
Goldin Financial Holdings Ltd. (Hong Kong)(1)		12,000		6
Groupe Bruxelles Lambert SA (Belgium)		559		64
Industrivarden AB Class A (Sweden)		409		10
Investment AB Latour Class B (Sweden)		811		9
Jardine Lloyd Thompson Group plc (United Kingdom)		2,476		44
Kingston Financial Group Ltd. (Hong Kong)		6,000		3
L E Lundbergforetagen AB Class B (Sweden)		139		10
Matsui Securities Co., Ltd. (Japan)		4,620		42
Mizrahi Tefahot Bank Ltd. (Israel)		298		6
Oversea-Chinese Banking Corp., Ltd. (Singapore)		845		8
Pargesa Holding SA (Switzerland)		289		25
Partners Group Holding AG (Switzerland)		36		27
Platinum Asset Management Ltd. (Australia)		4,551		21
Reinet Investments SCA (United Kingdom)		2,169		42
Schroders plc (United Kingdom)		978		44
Svenska Handelsbanken AB Class A (Sweden)		756		9
United Overseas Bank Ltd. (Singapore)		400		8
Wendel SE (France)		110		17
				590
Health Care—4.2%
Arjo AB (Sweden)(1)		3,480		10
BioMerieux (France)		211		18
CYBERDYNE, Inc. (Japan)(1)		2,700		38
DiaSorin S.p.A (Italy)		102		9
Essilor International SA (France)		141		19

	SHARES		VALUE
Health Care—continued
Eurofins Scientific SE (France)		30	$	16
Getinge AB Class B (Sweden)		684		8
Ipsen SA (France)		157		24
RHOEN-KLINIKUM AG (Germany)		803		27
Roche Holding AG (Switzerland)		99		23
Straumann Holding AG Registered Shares (Switzerland)		35		22
Taisho Pharmaceutical Holdings Co., Ltd. (Japan)		510		50
Taro Pharmaceutical Industries Ltd. (Israel)(1)		49		5
				269
Industrials—14.4%
ACS Actividades de Construccion y Servicios SA (Spain)		588		23
Alfa Laval AB (Sweden)		435		10
Alstom SA (France)		465		21
ANDRITZ AG (Austria)		742		41
Arbonia AG (Switzerland)(1)		1,543		28
Assa Abloy AB Class B (Sweden)		492		11
Bollore SA (France)		3,488		19
Bouygues SA (France)		355		18
Cargotec Oyj Class B (Finland)		615		33
CK Hutchison Holdings Ltd. (Hong Kong)		490		6
Dassault Aviation SA (France)		11		21
easyJet plc (United Kingdom)		2,389		54
Ferrovial SA (Spain)		1,051		22
Fomento de Construcciones y Contratas SA (Spain)(1)		2,106		26
Golden Ocean Group Ltd. (Norway)		750		6
Hutchison Port Holdings Trust Class U (Singapore)		19,500		6
Indutrade AB (Sweden)		385		10
IWG plc (United Kingdom)		17,304		55
Jardine Matheson Holdings Ltd. (Singapore)		118		7
Jardine Strategic Holdings Ltd. (Singapore)		186		7
Johnson Electric Holdings Ltd. (Hong Kong)		1,550		6
Kloeckner & Co. SE (Germany)		2,411		30
Kone Oyj Class B (Finland)		664		33
Kuehne & Nagel International AG Registered Shares (Switzerland)		142		22
Nidec Corp. (Japan)		300		46
Noble Group Ltd. (Singapore)(1)		50,800		3
Nordex SE (Germany)(1)		2,896		25
NWS Holdings Ltd. (Hong Kong)		3,425		6
Obrascon Huarte Lain SA (Spain)(1)		3,896		17
OC Oerlikon Corp. AG Registered Shares (Switzerland)		1,533		27
Orient Overseas International Ltd. (Hong Kong)		630		6
Persol Holdings Co., Ltd. (Japan)		1,720		50
Prosegur Cia de Seguridad SA (Spain)		2,736		21
Rieter Holding AG Registered Shares (Switzerland)		108		21
Ryanair Holdings plc Sponsored ADR (United Kingdom)(1)		393		48
Salini Impregilo S.p.A (Italy)		2,339		7
Securitas AB Class B (Sweden)		584		10
Seven Group Holdings Ltd. (Australia)		2,358		32
SGL Carbon SE (Germany)(1)		2,054		29
SGS SA Registered Shares (Switzerland)		10		25
Shun Tak Holdings Ltd. (Hong Kong)		15,700		7
Skanska AB Class B (Sweden)		465		9
Sulzer AG Registered Shares (Switzerland)		206		27
				931
Information Technology—10.6%
Check Point Software Technologies Ltd. (Israel)(1)		49		5
COLOPL, Inc. (Japan)		3,700		32
Dassault Systemes SE (France)		176		24
Gree, Inc. (Japan)		6,120		35
GungHo Online Entertainment, Inc. (Japan)		14,300		49
Hexagon AB Class B (Sweden)		206		12
Keyence Corp. (Japan)		71		44

See Notes to Financial Statements

19

VIRTUS HORIZON INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Information Technology—continued
Koei Tecmo Holdings Co., Ltd. (Japan)		2,020	$	39
Konami Holdings Corp. (Japan)		712		37
Lenovo Group Ltd. (Hong Kong)		11,000		6
Mixi, Inc. (Japan)		825		30
Nemetschek SE (Germany)		322		36
Nexon Co., Ltd. (Japan)(1)		2,810		47
OBIC Co., Ltd. (Japan)		564		47
Otsuka Corp. (Japan)		1,070		54
Renishaw plc (United Kingdom)		687		43
SAP SE (Germany)		256		27
Silverlake Axis Ltd. (Singapore)		17,800		7
Square Enix Holdings Co., Ltd. (Japan)		850		39
United Internet AG Registered Shares (Germany)		421		26
VTech Holdings Ltd. (Hong Kong)		457		6
Yahoo Japan Corp. (Japan)		8,725		41
				686
Materials—7.5%
APERAM SA (Netherlands)		903		43
ArcelorMittal (Netherlands)(1)		1,439		45
EMS-Chemie Holding AG Registered Shares (Switzerland)		36		23
Evolution Mining Ltd. (Australia)		14,057		33
Fortescue Metals Group Ltd. (Australia)		6,883		23
Frutarom Industries Ltd. (Israel)		56		5
Glencore plc (Switzerland)		9,476		47
HeidelbergCement AG (Germany)		273		27
Hexpol AB (Sweden)		1,037		10
Holmen AB Class B (Sweden)		200		11
Imerys SA (France)		200		19
Israel Chemicals Ltd. (Israel)		1,223		5
Israel Corp., Ltd. (The) (Israel)(1)		27		5
LafargeHolcim Ltd. Registered Shares (Switzerland)		460		25
Nippon Paint Holdings Co., Ltd. (Japan)		1,300		48
OCI NV (Netherlands)(1)		1,855		43
Pact Group Holdings Ltd. (Australia)		6,014		25
Singamas Container Holdings Ltd. (Hong Kong)		30,000		5
Vicat SA (France)		237		18
Wacker Chemie AG (Germany)		159		26
				486
Real Estate—4.5%
Abacus Property Group (Australia)		7,970		21
Champion REIT (Hong Kong)		8,800		6
Chinese Estates Holdings Ltd. (Hong Kong)		3,700		6
City Developments Ltd. (Singapore)		850		8
CK Asset Holdings Ltd. (Hong Kong)		750		6
Fabege AB (Sweden)		479		10
Fonciere Des Regions (France)		171		19
Fortune REIT (Hong Kong)		5,400		7
Hang Lung Group Ltd. (Hong Kong)		1,600		5
Hang Lung Properties Ltd. (Hong Kong)		2,500		6
Henderson Land Development Co., Ltd. (Hong Kong)		897		6
Hongkong Land Holdings Ltd. (Singapore)		1,100		8
Hufvudstaden AB Class A (Sweden)		610		9
Hysan Development Co., Ltd. (Hong Kong)		1,170		6
Intu Properties plc (United Kingdom)		14,203		41
Kerry Properties Ltd. (Hong Kong)		1,500		7
Melisron Ltd. (Israel)		104		4
New World Development Co., Ltd. (Hong Kong)		4,300		6
Scentre Group (Australia)		7,538		22
Sino Land Co., Ltd. (Hong Kong)		3,625		6
Sun Hung Kai Properties Ltd. (Hong Kong)		370		6
Suntec REIT (Singapore)		5,200		8

	SHARES		VALUE
Real Estate—continued
UOL Group Ltd. (Singapore)		1,308	$	9
Westfield Corp. (Australia)		3,449		23
Wharf Holdings Ltd. (The) (Hong Kong)		1,750		6
Wharf Real Estate Investment Co., Ltd. (Hong Kong)(1)		910		6
Wheelock & Co., Ltd. (Hong Kong)		855		6
Wihlborgs Fastigheter AB (Sweden)		429		10
Yanlord Land Group Ltd. (Singapore)		6,800		9
				292
Telecommunication Services—2.2%
HKT Trust & HKT Ltd. (Hong Kong)		5,000		6
Hutchison Telecommunications Hong Kong Holdings Ltd. (Hong Kong)		15,650		6
Iliad SA (France)		78		16
Partner Communications Co., Ltd. (Israel)(1)		833		4
PCCW Ltd. (Hong Kong)		10,400		6
SmarTone Telecommunications Holdings Ltd. (Hong Kong)		5,000		5
SoftBank Group Corp. (Japan)		496		37
TalkTalk Telecom Group plc (United Kingdom)		24,721		40
TPG Telecom Ltd. (Australia)		5,271		23
				143
Utilities—1.1%
CK Infrastructure Holdings Ltd. (Hong Kong)		720		6
CLP Holdings Ltd. (Hong Kong)		639		7
Engie SA (France)		1,069		18
HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)(2)		6,600		6
Hong Kong & China Gas Co., Ltd. (Hong Kong)		3,113		6
Kenon Holdings Ltd. (Israel)		252		4
Power Assets Holdings Ltd. (Hong Kong)		750		7
Rubis SCA (France)		269		19
				73
TOTAL COMMON STOCKS (Identified Cost $5,313)				6,412
TOTAL LONG-TERM INVESTMENTS—99.4%
(Identified Cost $5,344)				6,439
SHORT-TERM INVESTMENT—0.2%
Money Market Mutual Fund—0.2%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(3)		12,637		13
TOTAL SHORT-TERM INVESTMENT (Identified Cost $13)				13
TOTAL INVESTMENTS—99.6% (Identified Cost $5,357)				6,452
Other assets and liabilities, net—0.4%				27
NET ASSETS—100.0%			$	6,479

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Non-income producing.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration,

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

20

VIRTUS HORIZON INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $71 or 1.1% of net assets.

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

Country Weightings†
Japan	28	%
United Kingdom	14
France	10
Germany	9
Switzerland	8
Australia	5
Hong Kong	5
Other	21
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	6,412	$	5,623	$	789
Preferred Stock		27		27		—
Short-Term Investment		13		13		—
Total Investments	$	6,452	$	5,663	$	789

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.

Securities held by the Fund with an end of period value of $771 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities.

There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

21

VIRTUS HORIZON WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.1%
Consumer Discretionary—34.0%
Amazon.com, Inc.(1)		257	$	372
AMC Networks, Inc. Class A(1)		8,268		427
American Eagle Outfitters, Inc.		20,595		410
AutoNation, Inc.(1)		8,544		400
Buckle, Inc. (The)		19,646		435
Carnival Corp.		6,020		395
CBS Corp. Class B		8,120		417
Choice Hotels International, Inc.		4,885		392
Columbia Sportswear Co.		5,279		403
Comcast Corp. Class A		11,803		403
Dick’s Sporting Goods, Inc.		11,999		421
Dillard’s, Inc. Class A		5,049		406
Discovery Communications, Inc. Class C(1)		20,104		392
DISH Network Corp. Class A(1)		10,525		399
DSW, Inc. Class A		18,730		421
Expedia Group, Inc.		3,704		409
Gap, Inc. (The)		12,640		394
Garmin Ltd.		6,807		401
GCI Liberty, Inc. Class A(1)		7,780		411
Horton (D.R.), Inc.		9,461		415
Hyatt Hotels Corp. Class A		5,105		389
International Speedway Corp. Class A		9,242		408
L Brands, Inc.		10,263		392
Lands’ End, Inc.(1)		24,289		567
Las Vegas Sands Corp.		5,438		391
Lennar Corp. Class A		6,931		408
Liberty Braves Group Class C(1)		17,627		402
Liberty Broadband Corp. Class C(1)		4,685		401
Liberty Expedia Holdings, Inc. Class A(1)		10,303		405
Liberty Global plc Class C		13,251		403
Liberty Interactive Corp. Class A(1)		15,149		381
Liberty Latin America Ltd.		19,628		375
Liberty Media Corp. Class C(1)		13,295		410
Liberty Sirius XM Group Class C(1)		9,806		401
Liberty TripAdvisor Holdings, Inc. Class A(1)		36,963		397
Lions Gate Entertainment Corp. Class B		16,025		386
Madison Square Garden Co. (The) Class A(1)		1,686		414
Marriott International, Inc. Class A		2,907		395
Marriott Vacations Worldwide Corp.		2,929		390
Mohawk Industries, Inc.(1)		1,653		384
MSG Networks, Inc. Class A(1)		17,107		387
News Corp. Class A		24,937		394
Nordstrom, Inc.		8,271		400
Papa John’s International, Inc.		6,922		397
Penn National Gaming, Inc.(1)		15,306		402
Penske Automotive Group, Inc.		9,217		409
Ralph Lauren Corp.		3,695		413
Restaurant Brands International, Inc.		6,986		398
Sears Holdings Corp.(1)		178,120		476
Sears Hometown and Outlet Stores, Inc.(1)		204,252		613
Starbucks Corp.		6,960		403
Tesla, Inc.(1)		1,314		350
Twenty-First Century Fox, Inc. Class A		11,127		408
Under Armour, Inc. Class C(1)		29,141		418
Urban Outfitters, Inc.(1)		11,227		415
Viacom, Inc. Class B		13,178		409
Weight Watchers International, Inc.(1)		6,019		384
Wendy’s Co. (The)		23,578		414
				23,712
Consumer Staples—5.9%
Boston Beer Co., Inc. (The) Class A(1)		2,227		421

	SHARES		VALUE
Consumer Staples—continued
Brown-Forman Corp. Class B		7,361	$	400
Estee Lauder Cos., Inc. (The) Class A		2,755		413
Hostess Brands, Inc.(1)		28,529		422
HRG Group, Inc.(1)		26,840		443
Lancaster Colony Corp.		3,365		414
Monster Beverage Corp.(1)		6,960		398
Nomad Foods Ltd.		25,157		396
PriceSmart, Inc.		4,989		417
Tootsie Roll Industries, Inc.		13,621		401
				4,125
Energy—5.3%
Cheniere Energy, Inc.(1)		7,701		412
Continental Resources, Inc.(1)		7,578		447
CVR Energy, Inc.		13,340		403
Exterran Corp.(1)		14,552		388
Hess Corp.		8,438		427
Par Pacific Holdings, Inc.(1)		23,170		398
RPC, Inc.		20,489		369
Transocean Ltd.		42,132		417
W&T Offshore, Inc.(1)		100,614		446
				3,707
Financials—13.0%
American Financial Group, Inc.		3,534		397
Berkley (W.R.) Corp.		5,654		411
Berkshire Hathaway, Inc. Class B(1)		1,993		397
BOK Financial Corp.		4,071		403
Brown & Brown, Inc.		15,905		405
Charles Schwab Corp. (The)		7,289		381
Cohen & Steers, Inc.		9,894		402
Erie Indemnity Co. Class A		3,414		402
First Citizens BancShares, Inc. Class A		920		380
Franklin Resources, Inc.		10,652		369
Greenlight Capital Re Ltd. Class A		26,074		418
Hilltop Holdings, Inc.		16,280		382
Leucadia National Corp.		17,610		400
Loews Corp.		7,945		395
Mercury General Corp.		8,580		394
Morningstar, Inc.		4,173		399
National General Holdings Corp.		16,409		399
Ocwen Financial Corp.(1)		95,171		392
PJT Partners, Inc. Class A		8,235		413
Raymond James Financial, Inc.		4,233		378
Third Point Reinsurance Ltd.		27,754		387
Virtu Financial, Inc. Class A		12,178		402
WisdomTree Investments, Inc.		42,157		387
				9,093
Health Care—3.8%
AquaBounty Technologies, Inc.(1)		115,949		342
Bruker Corp.		13,467		403
Danaher Corp.		4,063		398
Halozyme Therapeutics, Inc.(1)		19,272		377
Intrexon Corp.(1)		25,687		394
NantKwest, Inc.(1)		95,484		371
OPKO Health, Inc.(1)		123,909		393
				2,678
Industrials—12.0%
Air Lease Corp.		9,337		398
American Railcar Industries, Inc.		10,644		398

See Notes to Financial Statements

22

VIRTUS HORIZON WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Industrials—continued
Cintas Corp.		2,368	$	404
Colfax Corp.(1)		12,549		400
Covanta Holding Corp.		27,133		394
FedEx Corp.		1,620		389
Fortive Corp.		5,224		405
Heartland Express, Inc.		20,844		375
Herc Holdings, Inc.(1)		5,851		380
Hertz Global Holdings, Inc.(1)		19,934		396
Manitowoc Co., Inc. (The)(1)		13,946		397
MasTec, Inc.(1)		8,452		398
MSC Industrial Direct Co., Inc. Class A		4,361		400
Navistar International Corp.(1)		12,088		423
Rollins, Inc.		7,855		401
Seaspan Corp.		63,187		422
Timken Co. (The)		8,386		382
W.W. Grainger, Inc.		1,425		402
Welbilt, Inc.(1)		20,002		389
Werner Enterprises, Inc.		10,419		380
XPO Logistics, Inc.(1)		3,911		398
				8,331
Information Technology—11.2%
Alphabet, Inc. Class C(1)		372		384
Amkor Technology, Inc.(1)		36,681		372
Anixter International, Inc.(1)		5,191		393
Conduent, Inc.(1)		20,519		382
eBay, Inc.(1)		9,734		392
EchoStar Corp. Class A(1)		7,238		382
Facebook, Inc. Class A(1)		2,429		388
IAC/InterActiveCorp(1)		2,483		388
Intuit, Inc.		2,291		397
National Instruments Corp.		7,774		393
Oracle Corp.		8,676		397
Paychex, Inc.		6,238		384
PayPal Holdings, Inc.(1)		5,050		383
Pegasystems, Inc.		6,662		404
RealPage, Inc.(1)		7,665		395
salesforce.com, Inc.(1)		3,263		380
SS&C Technologies Holdings, Inc.		7,748		416
Syntel, Inc.(1)		15,211		388
TTEC Holdings, Inc.		12,586		386
Xerox Corp.		13,241		381
				7,785
Materials—5.1%
Freeport-McMoRan, Inc.(1)		22,058		388
LyondellBasell Industries N.V. Class A		3,800		402
NewMarket Corp.		1,001		402
Novagold Resources, Inc.(1)		92,360		400
Platform Specialty Products Corp.(1)		38,845		374
Scotts Miracle-Gro Co. (The)		4,644		398
Silgan Holdings, Inc.		14,603		407
TimkenSteel Corp.(1)		24,904		378
Westlake Chemical Corp.		3,557		395
				3,544
Real Estate—8.8%
Altisource Portfolio Solutions SA		14,360		381
American Homes 4 Rent Class A		20,654		415
Colony NorthStar, Inc. Class A		70,065		394
Equity LifeStyle Properties, Inc.		4,784		420
Equity Residential		6,773		417

	SHARES		VALUE
Real Estate—continued
Gaming and Leisure Properties, Inc.		12,010	$	402
Host Hotels & Resorts, Inc.		21,597		403
Howard Hughes Corp. (The)(1)		2,983		415
JBG SMITH Properties		12,032		406
Marcus & Millichap, Inc.(1)		11,412		411
Seritage Growth Properties Class A		11,686		415
Simon Property Group, Inc.		2,642		408
Taubman Centers, Inc.		7,233		412
Urban Edge Properties		19,585		418
Vornado Realty Trust		6,000		404
				6,121
TOTAL COMMON STOCKS (Identified Cost $51,319)				69,096
TOTAL LONG-TERM INVESTMENTS—99.1%
(Identified Cost $51,319)				69,096
TOTAL INVESTMENTS—99.1% (Identified Cost $51,319)				69,096
Other assets and liabilities, net—0.9%				615
NET ASSETS—100.0%			$	69,711

Footnote Legend:

⁽¹⁾  Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	69,096	$	69,096
Total Investments	$	69,096	$	69,096

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

23

VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—88.5%
Consumer Discretionary—7.0%
Ace Hardware Indonesia Tbk PT (Indonesia)		4,655,000	$	450
Fila Korea Ltd. (South Korea)		3,100		315
Goldlion Holdings Ltd. (Hong Kong)		500,284		208
Pico Far East Holdings Ltd. (Hong Kong)		636,780		244
Whirlpool SA (Brazil)		54,761		88
				1,305
Consumer Staples—12.9%
AVI Ltd. (South Africa)		49,510		464
Compania Cervecerias Unidas SA Sponsored ADR (Chile)		8,140		239
Heineken Malaysia Bhd (Malaysia)		80,000		430
Taisun International Holding Corp. (Taiwan)		102,000		535
Union de Cervecerias Peruanas Backus y Johnston SAA Class I (Peru)		57,300		350
Wawel SA (Poland)		1,211		394
				2,412
Financials—10.5%
BFI Finance Indonesia Tbk PT (Indonesia)		6,140,000		357
CARE Ratings Ltd. (India)		17,500		326
Korea Ratings Corp. (South Korea)		3,600		196
Tisco Financial Group PCL (Thailand)		85,900		247
Vostok New Ventures Ltd. (Sweden)(1)		97,052		846
				1,972
Industrials—20.4%
104 Corp. (Taiwan)		54,000		326
Blue Dart Express Ltd. (India)		3,400		198
Freight Management Holdings Bhd (Malaysia)		528,329		157
Hsin Yung Chien Co., Ltd. (Taiwan)		91,000		287
Hy-Lok Corp. (South Korea)		9,700		209
Kerry TJ Logistics Co., Ltd. (Taiwan)		427,000		551
Lumax International Corp., Ltd. (Taiwan)		163,379		323
S-1 Corp. (South Korea)		4,000		371
Sarine Technologies Ltd. (Israel)		269,000		231
Sinmag Equipment Corp. (Taiwan)		61,520		345
Sporton International Inc. (Taiwan)		50,000		274
Taiwan Secom Co., Ltd. (Taiwan)		99,874		310
Turk Traktor ve Ziraat Makineleri AS (Turkey)		12,800		234
				3,816
Information Technology—26.0%
Addcn Technology Co., Ltd, (Taiwan)		34,000		271
Autohome, Inc. ADR (China)		12,855		1,105
Baozun, Inc. Sponsored ADR (China)(1)		10,725		492
Cartrack Holdings Ltd. (South Africa)		105,600		169
Douzone Bizon Co., Ltd. (South Korea)		8,250		448
Hancom, Inc. (South Korea)		17,650		269
Linx SA (Brazil)		61,400		378
Sea Ltd. ADR (Singapore)(1)		49,180		554
SINA Corp. (China)(1)		3,855		402
Yandex N.V. Class A (Russia)(1)		19,460		768
				4,856
Materials—9.7%
Corp. Moctezuma SAB de C.V. (Mexico)		91,400		373
Enaex SA (Chile)		9,706		159
SH Kelkar & Co., Ltd. (India)		100,300		402

	SHARES		VALUE
Materials—continued
Sniezka SA (Poland)		17,669	$	356
Transpaco Ltd. (South Africa)		86,890		166
Yung Chi Paint & Varnish Manufacturing Co., Ltd. (Taiwan)		126,000		353
				1,809
Telecommunication Services—2.0%
Sarana Menara Nusantara Tbk PT (Indonesia)		1,404,000		365
TOTAL COMMON STOCKS (Identified Cost $14,049)				16,535
TOTAL LONG-TERM INVESTMENTS—88.5%
(Identified Cost $14,049)				16,535
SHORT-TERM INVESTMENT—9.4%
Money Market Mutual Fund—9.4%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(2)		1,755,083		1,755
TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,755)				1,755
TOTAL INVESTMENTS—97.9% (Identified Cost $15,804)				18,290
Other assets and liabilities, net—2.1%				396
NET ASSETS—100.0%			$	18,686

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Non-income producing.

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

Country Weightings†
Taiwan	20	%
China	11
South Korea	10
United States	10
Indonesia	6
India	5
Sweden	5
Other	33
Total	100	%
† % of total investments as of March 31, 2018.

For information regarding the abbreviation, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

24

VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	16,535	$	15,134	$	1,401
Short-Term Investment		1,755		1,755		—
Total Invest ments	$	18,290	$	16,889	$	1,401

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.

Securities held by the Fund with an end of period value of $999 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities.

There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

25

VIRTUS KAR INTERNATIONAL SMALL-CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—90.8%
Consumer Discretionary—7.6%
Asante, Inc. (Japan)		121,300	$	2,263
Ascential plc (United Kingdom)		2,453,200		14,346
Goldlion Holdings Ltd. (Hong Kong)		21,954,316		9,119
Pico Far East Holdings Ltd. (Hong Kong)		20,657,668		7,925
				33,653
Consumer Staples—7.2%
Heineken Malaysia Bhd (Malaysia)		2,256,800		12,136
Taisun International Holding Corp. (Taiwan)		1,417,000		7,435
Union de Cervecerias Peruanas Backus y Johnston SAA Class I (Peru)		634,583		3,871
Wawel SA (Poland)		27,044		8,809
				32,251
Energy—2.0%
Pason Systems, Inc. (Canada)		647,360		8,668
Qualitech PCL (Thailand)		768,161		130
				8,798
Financials—11.9%
Euler Hermes Group SA (France)		75,260		11,279
Euroz Ltd. (Australia)		3,986,131		3,475
Korea Ratings Corp. (South Korea)		79,678		4,336
Numis Corp. plc (United Kingdom)		804,417		4,119
Sabre Insurance Group plc (United Kingdom)(1)		2,230,000		7,697
Vostok New Ventures Ltd. (Sweden)(1)		2,524,137		22,007
				52,913
Health Care—3.0%
DVx, Inc. (Japan)		85,300		1,013
Haw Par Corp., Ltd. (Singapore)		539,019		5,139
WIN-Partners Co., Ltd. (Japan)		519,265		7,310
				13,462
Industrials—19.3%
104 Corp. (Taiwan)		226,000		1,364
AIT Corp. (Japan)		436,400		4,753
Amadeus Fire AG (Germany)		38,195		4,267
Asiakastieto Group Oyj (Finland)		256,997		8,032
Golden Friends Corp. (Taiwan)		2,452,000		5,046
Howden Joinery Group plc (United Kingdom)		2,021,300		13,068
Hy-Lok Corp. (South Korea)		378,009		8,139
Interworks, Inc. (Japan)		474,800		4,614
JOST Werke AG (Germany)(1)		236,838		10,681
Kerry TJ Logistics Co., Ltd. (Taiwan)		4,318,000		5,568
Lumax International Corp., Ltd. (Taiwan)		4,354,259		8,617
SJR in Scandinavia AB Class B (Sweden)		1,001,302		5,720
WABCO Holdings, Inc. (United States)(1)		45,900		6,145
				86,014
Information Technology—32.7%
Alten SA (France)		137,944		13,282
Altran Technologies SA (France)		219,500		3,246
Auto Trader Group plc (United Kingdom)		4,639,040		22,819
Autohome, Inc. ADR (China)		269,365		23,149
Bouvet ASA (Norway)		248,945		6,796
Computer Modelling Group Ltd. (Canada)		473,600		3,415
Douzone Bizon Co., Ltd. (South Korea)		83,219		4,520

	SHARES		VALUE
Information Technology—continued
e-Credible Co., Ltd. (South Korea)		296,500	$	4,006
Firstlogic, Inc. (Japan)(1)		485,800		4,095
REA Group Ltd. (Australia)		66,510		4,084
Rightmove plc (United Kingdom)		375,970		22,930
Scout24 AG (Germany)		467,025		21,745
Webstep AS (Norway)(1)		3,503,800		11,398
				145,485
Materials—7.1%
Corp. Moctezuma SAB de C.V. (Mexico)		1,462,196		5,968
Rimoni Industries Ltd. (Israel)		89,509		1,515
SH Kelkar & Co., Ltd. (India)		1,157,700		4,643
Sniezka SA (Poland)		715,050		14,413
Transpaco Ltd. (South Africa)		2,536,788		4,836
				31,375
TOTAL COMMON STOCKS (Identified Cost $353,828)				403,951
RIGHTS—0.1%
Information Technology—0.1%
Altran Technologies SA (France)(1)		219,500		368
TOTAL RIGHTS (Identified Cost $—)				368
TOTAL LONG-TERM INVESTMENTS—90.9%
(Identified Cost $353,828)				404,319
SHORT-TERM INVESTMENT—9.1%
Money Market Mutual Fund—9.1%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(2)		40,586,180		40,586
TOTAL SHORT-TERM INVESTMENT (Identified Cost $40,586)				40,586
TOTAL INVESTMENTS—100.0% (Identified Cost $394,414)				444,905
Other assets and liabilities, net—0.0%				212
NET ASSETS—100.0%			$	445,117

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Non-income producing.

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

Country Weightings†
United Kingdom	19	%
United States	11
Germany	8
France	6
Taiwan	6
Sweden	6
Japan	5
Other	39
Total	100	%
† % of total investments as of March 31, 2018.

��

For information regarding the abbreviation, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

26

VIRTUS KAR INTERNATIONAL SMALL-CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	403,951	$	387,169	$	16,782
Rights		368		368		—
Short-Term Investment		40,586		40,586		—
Total Investments	$	444,905	$	428,123	$	16,782

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.

Securities held by the Fund with an end of period value of $12,139 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities.

There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

27

VIRTUS RAMPART ALTERNATIVES DIVERSIFIER FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
AFFILIATED MUTUAL FUNDS(2)—51.0%
Equity Funds—41.5%
Virtus Duff & Phelps Global Infrastructure Fund Class R6		439,134	$	6,231
Virtus Duff & Phelps Global Real Estate Securities Fund Class I		132,523		3,792
Virtus Duff & Phelps International Real Estate Securities Fund Class I		558,108		4,097
Virtus Duff & Phelps Real Estate Securities Fund Class I		103,432		2,544
				16,664
Fixed Income Fund—9.5%
Virtus Newfleet Senior Floating Rate Fund Class I		403,648		3,798
TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $14,550)				20,462
EXCHANGE-TRADED FUNDS(2)—48.2%
Global X Uranium Index Fund		1,392		17
iShares S&P North American Natural Resources Sector Index Fund		203,753		6,744
PowerShares DB Commodity Index Tracking Fund(1)		354,816		6,025
PowerShares DB G10 Currency Harvest Fund(1)		146,426		3,456
VanEck Vectors Agribusiness Index Fund		27,207		1,682
VanEck Vectors Coal Index Fund		88,499		1,390
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $16,623)				19,314
TOTAL LONG-TERM INVESTMENTS—99.2%
(Identified Cost $31,173)				39,776
SHORT-TERM INVESTMENT—0.8%
Money Market Mutual Fund(2)—0.8%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)		313,084		313
TOTAL SHORT-TERM INVESTMENT (Identified Cost $313)				313
TOTAL INVESTMENTS—100.0% (Identified Cost $31,486)				40,089
Other assets and liabilities, net—0.0%				19
NET ASSETS—100.0%			$	40,108

Footnote Legend:

⁽¹⁾ Non-income producing.

⁽²⁾ Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at, March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Affiliated Mutual Funds	$	20,462	$	20,462
Exchange-Traded Funds		19,314		19,314
Short-Term Investment		313		313
Total Investments	$	40,089	$	40,089

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

28

VIRTUS RAMPART EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.4%
Consumer Discretionary—21.3%
Amazon.com, Inc.(1)		3,712	$	5,373
Aptiv plc		58,803		4,997
Best Buy Co., Inc.		108,599		7,601
Booking Holdings, Inc.(1)		452		940
BorgWarner, Inc.		45,843		2,303
Carnival Corp.		24,597		1,613
Charter Communications, Inc. Class A(1)		6,234		1,940
Chipotle Mexican Grill, Inc.(1)		770		249
Comcast Corp. Class A		149,935		5,123
Darden Restaurants, Inc.		3,834		327
DISH Network Corp. Class A(1)		7,326		278
Expedia, Inc.		1,141		126
Garmin Ltd.		132,782		7,825
H&R Block, Inc.		310,541		7,891
Hilton Worldwide Holdings, Inc.		12,196		961
Home Depot, Inc. (The)		31,959		5,696
Horton (D.R.), Inc.		72,040		3,158
Leggett & Platt, Inc.		49,645		2,202
Lennar Corp. Class A		57,356		3,381
Lowe’s Cos., Inc.		22,792		2,000
Marriott International, Inc. Class A		18,470		2,512
McDonald’s Corp.		24,715		3,865
MGM Resorts International		129,850		4,547
Mohawk Industries, Inc.(1)		23,797		5,526
Netflix, Inc.(1)		4,017		1,186
NIKE, Inc. Class B		117,357		7,797
Norwegian Cruise Line Holdings Ltd.(1)		10,747		569
PulteGroup, Inc.		57,088		1,684
Royal Caribbean Cruises Ltd.		10,330		1,216
Starbucks Corp.		44,109		2,553
TripAdvisor, Inc.(1)		1,006		41
Wyndham Worldwide Corp.		6,111		699
Wynn Resorts Ltd.		20,431		3,726
Yum! Brands, Inc.		10,448		889
				100,794
Consumer Staples—5.0%
Brown-Forman Corp. Class B		39,424		2,145
Constellation Brands, Inc. Class A		26,682		6,081
Costco Wholesale Corp.		15,975		3,010
Sysco Corp.		131,870		7,907
Wal-Mart Stores, Inc.		53,512		4,761
				23,904
Energy—1.8%
Andeavor		9,280		933
Marathon Petroleum Corp.		31,579		2,309
Phillips 66		27,146		2,604
Valero Energy Corp.		28,292		2,624
				8,470
Financials—14.5%
Affiliated Managers Group, Inc.		1,590		301
Aflac, Inc.		32,926		1,441
Allstate Corp. (The)		14,664		1,390
American Express Co.		32,099		2,994
Ameriprise Financial, Inc.		4,232		626
AON plc		17,744		2,490
Bank of America Corp.		60,737		1,821
Bank of New York Mellon Corp. (The)		29,291		1,509

	SHARES		VALUE
Financials—continued
BB&T Corp.		19,323	$	1,006
Berkshire Hathaway, Inc. Class B(1)		37,260		7,433
BlackRock, Inc.		3,532		1,913
Brighthouse Financial, Inc.(1)		4,013		206
Capital One Financial Corp.		21,598		2,070
Charles Schwab Corp. (The)		36,162		1,888
Chubb Ltd.		18,971		2,595
Cincinnati Financial Corp.		6,102		453
Citigroup, Inc.		16,555		1,117
Citizens Financial Group, Inc.		12,051		506
Comerica, Inc.		4,260		409
Discover Financial Services		16,191		1,165
E*TRADE Financial Corp.(1)		8,204		455
Fifth Third Bancorp		17,281		549
Franklin Resources, Inc.		9,347		324
Gallagher (Arthur J.) & Co.		12,838		882
Goldman Sachs Group, Inc. (The)		10,632		2,678
Huntington Bancshares, Inc.		26,476		400
Invesco Ltd.		11,644		373
JPMorgan Chase & Co.		21,725		2,389
KeyCorp		26,341		515
Leucadia National Corp.		6,070		138
Lincoln National Corp.		9,164		670
M&T Bank Corp.		3,686		680
Marsh & McLennan Cos., Inc.		36,238		2,993
MetLife, Inc.		44,067		2,022
Morgan Stanley		42,192		2,277
Navient Corp.		11,719		154
Northern Trust Corp.		6,143		634
People’s United Financial, Inc.		8,480		158
PNC Financial Services Group, Inc. (The)		11,654		1,763
Principal Financial Group, Inc.		11,246		685
Progressive Corp. (The)		23,767		1,448
Prudential Financial, Inc.		17,755		1,839
Raymond James Financial, Inc.		3,895		348
Regions Financial Corp.		28,411		528
State Street Corp.		10,607		1,058
SunTrust Banks, Inc.		11,660		793
Synchrony Financial		32,776		1,099
T. Rowe Price Group, Inc.		6,931		748
Torchmark Corp.		4,497		378
Travelers Cos., Inc. (The)		11,184		1,553
U.S. Bancorp		9,871		498
Unum Group		9,397		447
Wells Fargo & Co.		27,749		1,454
Willis Towers Watson plc		9,376		1,427
XL Group Ltd.		10,463		578
Zions Bancorporation		4,892		258
				68,526
Health Care—6.4%
Abbott Laboratories		22,573		1,353
Aetna, Inc.		5,804		981
Agilent Technologies, Inc.		13,064		874
Align Technology, Inc.(1)		13,168		3,307
Anthem, Inc.		4,570		1,004
Baxter International, Inc.		6,500		423
Becton, Dickinson & Co.		3,437		745
Boston Scientific Corp.(1)		17,809		487
Centene Corp.(1)		3,070		328
Cigna Corp.		4,388		736
Cooper Cos., Inc. (The)		8,934		2,044
Danaher Corp.		7,939		777

See Notes to Financial Statements

29

VIRTUS RAMPART EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Health Care—continued
DENTSPLY SIRONA, Inc.		41,916	$	2,109
Edwards Lifesciences Corp.(1)		2,745		383
Hologic, Inc.(1)		3,574		134
Humana, Inc.		2,542		683
IDEXX Laboratories, Inc.(1)		1,130		216
Illumina, Inc.(1)		5,926		1,401
Intuitive Surgical, Inc.(1)		1,454		600
IQVIA Holdings, Inc.(1)		5,909		580
Medtronic plc		17,554		1,408
Mettler-Toledo International, Inc.(1)		1,039		597
PerkinElmer, Inc.		4,474		339
ResMed, Inc.		1,840		181
Stryker Corp.		4,173		671
Thermo Fisher Scientific, Inc.		16,278		3,361
UnitedHealth Group, Inc.		17,247		3,691
Varian Medical Systems, Inc.(1)		1,188		146
Waters Corp.(1)		3,228		641
Zimmer Biomet Holdings, Inc.		2,626		286
				30,486
Industrials—16.3%
A.O. Smith Corp.		15,555		989
Allegion plc		10,132		864
Arconic, Inc.		4,860		112
Boeing Co. (The)		6,424		2,106
Caterpillar, Inc.		32,635		4,810
Cintas Corp.		46,092		7,862
CSX Corp.		34,974		1,948
Cummins, Inc.		8,558		1,387
Deere & Co.		48,896		7,595
Dover Corp.		6,171		606
Fastenal Co.		51,281		2,799
Flowserve Corp.		5,175		224
Fortive Corp.		12,114		939
Fortune Brands Home & Security, Inc.		16,430		968
General Dynamics Corp.		3,186		704
Harris Corp.		1,368		221
Hunt (JB) Transport Services, Inc.		66,341		7,772
Huntington Ingalls Industries, Inc.		522		135
Illinois Tool Works, Inc.		12,214		1,913
Ingersoll-Rand plc		9,897		846
Johnson Controls International plc		98,720		3,479
Kansas City Southern		4,052		445
L3 Technologies, Inc.		897		187
Lockheed Martin Corp.		2,863		968
Masco Corp.		33,556		1,357
Norfolk Southern Corp.		11,197		1,520
Northrop Grumman Corp.		1,998		698
PACCAR, Inc.		19,288		1,276
Parker-Hannifin Corp.		5,277		903
Pentair plc		6,541		446
Raytheon Co.		3,318		716
Republic Services, Inc.		32,445		2,149
Rockwell Collins, Inc.		1,868		252
Snap-on, Inc.		2,258		333
Stanley Black & Decker, Inc.		6,074		931
Stericycle, Inc.(1)		12,187		713
Textron, Inc.		3,023		178
TransDigm Group, Inc.		554		170
Union Pacific Corp.		30,805		4,141
United Rentals, Inc.(1)		15,080		2,605
United Technologies Corp.		8,523		1,072
W.W. Grainger, Inc.		9,253		2,612

	SHARES		VALUE
Industrials—continued
Waste Management, Inc.		57,027	$	4,797
Xylem, Inc.		7,114		547
				77,295
Information Technology—19.3%
Activision Blizzard, Inc.		63,688		4,296
Adobe Systems, Inc.(1)		12,944		2,797
Advanced Micro Devices, Inc.(1)		7,602		76
Akamai Technologies, Inc.(1)		1,156		82
Alliance Data Systems Corp.		569		121
Alphabet, Inc. Class A(1)		2,038		2,114
Alphabet, Inc. Class C(1)		2,063		2,129
Amphenol Corp. Class A		45,166		3,890
Analog Devices, Inc.		3,417		311
ANSYS, Inc.(1)		2,228		349
Apple, Inc.		38,564		6,470
Applied Materials, Inc.		76,102		4,232
Autodesk, Inc.(1)		5,756		723
Automatic Data Processing, Inc.		5,256		597
Broadcom Ltd.		3,769		888
CA, Inc.		2,652		90
Cadence Design Systems, Inc.(1)		7,415		273
Cisco Systems, Inc.		151,022		6,477
Citrix Systems, Inc.(1)		3,760		349
Corning, Inc.		128,552		3,584
eBay, Inc.(1)		6,641		267
Electronic Arts, Inc.(1)		25,937		3,145
F5 Networks, Inc.(1)		1,912		277
Facebook, Inc. Class A(1)		16,303		2,605
Fidelity National Information Services, Inc.		3,957		381
Fiserv, Inc.(1)		4,940		352
FLIR Systems, Inc.		160,203		8,012
Global Payments, Inc.		1,887		210
Hewlett Packard Enterprise Co.		11,980		210
HP, Inc.		12,546		275
Intel Corp.		43,382		2,259
Intuit, Inc.		6,378		1,106
Juniper Networks, Inc.		11,454		279
KLA-Tencor Corp.		11,182		1,219
Lam Research Corp.		11,556		2,348
Mastercard, Inc. Class A		11,009		1,928
Microchip Technology, Inc.		2,168		198
Micron Technology, Inc.(1)		10,691		557
Microsoft Corp.		65,169		5,948
Motorola Solutions, Inc.		4,949		521
NetApp, Inc.		2,026		125
NVIDIA Corp.		5,617		1,301
Oracle Corp.		25,736		1,177
Paychex, Inc.		3,791		234
PayPal Holdings, Inc.(1)		13,392		1,016
Qorvo, Inc.(1)		1,180		83
QUALCOMM, Inc.		13,665		757
Red Hat, Inc.(1)		1,495		224
salesforce.com, Inc.(1)		18,020		2,096
Seagate Technology plc		2,173		127
Skyworks Solutions, Inc.		1,703		171
Symantec Corp.		5,237		135
Synopsys, Inc.(1)		3,945		328
TE Connectivity Ltd.		76,303		7,623
Texas Instruments, Inc.		9,135		949
Total System Services, Inc.		1,983		171
VeriSign, Inc.(1)		579		69
Visa, Inc. Class A		21,494		2,571

See Notes to Financial Statements

30

VIRTUS RAMPART EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES			VALUE
Information Technology—continued
Western Digital Corp.		2,221		$	205
Western Union Co. (The)		5,443			105
Xerox Corp.		1,604			46
Xilinx, Inc.		2,326			168
					91,626
Materials—7.9%
Albemarle Corp.		7,376			684
Avery Dennison Corp.		9,836			1,045
DowDuPont, Inc.		102,811			6,550
Eastman Chemical Co.		6,315			667
Ecolab, Inc.		17,358			2,379
International Flavors & Fragrances, Inc.		5,272			722
International Paper Co.		45,951			2,455
LyondellBasell Industries N.V. Class A		72,686			7,682
Nucor Corp.		120,276			7,348
Packaging Corp. of America		10,500			1,183
PPG Industries, Inc.		16,988	��		1,896
Sealed Air Corp.		20,074			859
Sherwin-Williams Co. (The)		5,494			2,154
WestRock Co.		28,336			1,818
					37,442
Real Estate—5.1%
American Tower Corp.		13,527			1,966
CBRE Group, Inc. Class A(1)		168,277			7,946
Crown Castle International Corp.		12,814			1,404
Digital Realty Trust, Inc.		6,481			683
Duke Realty Corp.		68,150			1,805
Equinix, Inc.		2,468			1,032
Extra Space Storage, Inc.		3,971			347
Iron Mountain, Inc.		8,877			292
Prologis, Inc.		101,819			6,413
Public Storage		4,722			946
SBA Communications, Corp.(1)		3,707			634
Weyerhaeuser Co.		23,808			833
					24,301
Utilities—1.8%
AES Corp.		347,314			3,949
NRG Energy, Inc.		158,203			4,830
					8,779
TOTAL COMMON STOCKS (Identified Cost $366,808)					471,623
TOTAL LONG-TERM INVESTMENTS—99.4%
(Identified Cost $366,808)					471,623

	SHARES		VALUE
SHORT-TERM INVESTMENT—0.8%
Money Market Mutual Fund—0.8%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(2)		3,664,753	$	3,665
TOTAL SHORT-TERM INVESTMENT (Identified Cost $3,665)				3,665
TOTAL INVESTMENTS—100.2% (Identified Cost $370,473)				475,288
Other assets and liabilities, net—(0.2)%				(1,147	)
NET ASSETS—100.0%			$	474,141

Footnote Legend:

⁽¹⁾ Non-income producing.

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

Country Weightings†
United States	94	%
Switzerland	2
United Kingdom	2
Ireland	2
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Schedules of Investments):

	Total Value at March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	471,623	$	471,623
Short-Term Investment		3,665		3,665
Total Investments	$	475,288	$	475,288

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

31

VIRTUS RAMPART GLOBAL EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—58.2%
Consumer Discretionary—12.5%
Amazon.com, Inc.(1)		52	$	75
Aptiv plc		924		78
Best Buy Co., Inc.		1,493		104
Booking Holdings, Inc.(1)		7		15
BorgWarner, Inc.		631		32
Carnival Corp.		338		22
Charter Communications, Inc. Class A(1)		86		27
Chipotle Mexican Grill, Inc.(1)		9		3
Comcast Corp. Class A		2,063		70
Darden Restaurants, Inc.		53		5
DISH Network Corp. Class A(1)		101		4
Expedia Group, Inc.		15		2
Garmin Ltd.		1,826		108
H&R Block, Inc.		4,272		109
Hilton Worldwide Holdings, Inc.		168		13
Home Depot, Inc. (The)		439		78
Horton (D.R.), Inc.		991		43
Leggett & Platt, Inc.		683		30
Lennar Corp. Class A		789		46
Lowe’s Cos., Inc.		314		28
Marriott International, Inc. Class A		255		35
McDonald’s Corp.		340		53
MGM Resorts International		1,785		62
Mohawk Industries, Inc.(1)		326		76
Netflix, Inc.(1)		55		16
NIKE, Inc. Class B		1,613		107
Norwegian Cruise Line Holdings Ltd.(1)		149		8
PulteGroup, Inc.		786		23
Royal Caribbean Cruises Ltd.		142		17
Starbucks Corp.		607		35
TripAdvisor, Inc.(1)		13		1
Wyndham Worldwide Corp.		85		10
Wynn Resorts Ltd.		280		51
Yum! Brands, Inc.		144		12
				1,398
Consumer Staples—2.9%
Brown-Forman Corp. Class B		535		29
Constellation Brands, Inc. Class A		366		83
Costco Wholesale Corp.		220		41
Sysco Corp.		1,814		109
Wal-Mart Stores, Inc.		737		66
				328
Energy—1.1%
Andeavor		127		13
Marathon Petroleum Corp.		434		32
Phillips 66		373		36
Valero Energy Corp.		389		36
				117
Financials—8.5%
Affiliated Managers Group, Inc.		21		4
Aflac, Inc.		450		20
Allstate Corp. (The)		201		19
American Express Co.		442		41
Ameriprise Financial, Inc.		58		9
AON plc		244		34
Bank of America Corp.		835		25
Bank of New York Mellon Corp. (The)		403		21

	SHARES		VALUE
Financials—continued
BB&T Corp.		267	$	14
Berkshire Hathaway, Inc. Class B(1)		513		102
BlackRock, Inc.		50		27
Brighthouse Financial, Inc.(1)		54		3
Capital One Financial Corp.		297		28
Charles Schwab Corp. (The)		497		26
Chubb Ltd.		261		36
Cincinnati Financial Corp.		84		6
Citigroup, Inc.		228		15
Citizens Financial Group, Inc.		166		7
Comerica, Inc.		58		6
Discover Financial Services		223		16
E*TRADE Financial Corp.(1)		113		6
Fifth Third Bancorp		236		8
Franklin Resources, Inc.		128		4
Gallagher (Arthur J.) & Co.		176		12
Goldman Sachs Group, Inc. (The)		147		37
Huntington Bancshares, Inc.		364		6
Invesco Ltd.		160		5
JPMorgan Chase & Co.		299		33
KeyCorp		363		7
Leucadia National Corp.		84		2
Lincoln National Corp.		126		9
M&T Bank Corp.		52		10
Marsh & McLennan Cos., Inc.		498		41
MetLife, Inc.		606		28
Morgan Stanley		580		31
Navient Corp.		160		2
Northern Trust Corp.		85		9
People’s United Financial, Inc.		117		2
PNC Financial Services Group, Inc. (The)		160		24
Principal Financial Group, Inc.		154		9
Progressive Corp. (The)		326		20
Prudential Financial, Inc.		244		25
Raymond James Financial, Inc.		54		5
Regions Financial Corp.		391		7
SBA Communications, Corp.(1)		52		9
State Street Corp.		147		15
SunTrust Banks, Inc.		160		11
Synchrony Financial		450		15
T. Rowe Price Group, Inc.		95		10
Torchmark Corp.		62		5
Travelers Cos., Inc. (The)		154		21
U.S. Bancorp		135		7
Unum Group		129		6
Wells Fargo & Co.		381		20
Willis Towers Watson plc		128		20
XL Group Ltd.		144		8
Zions Bancorporation		67		4
				952
Health Care—3.8%
Abbott Laboratories		311		19
Aetna, Inc.		80		14
Agilent Technologies, Inc.		180		12
Align Technology, Inc.(1)		181		45
Anthem, Inc.		63		14
Baxter International, Inc.		90		6
Becton, Dickinson & Co.		48		10
Boston Scientific Corp.(1)		245		7
Centene Corp.(1)		43		5
Cigna Corp.		60		10
Cooper Cos., Inc. (The)		122		28

See Notes to Financial Statements

32

VIRTUS RAMPART GLOBAL EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Health Care—continued
Danaher Corp.		110	$	11
DENTSPLY SIRONA, Inc.		577		29
Edwards Lifesciences Corp.(1)		37		5
Hologic, Inc.(1)		51		2
Humana, Inc.		34		9
IDEXX Laboratories, Inc.(1)		15		3
Illumina, Inc.(1)		82		19
Intuitive Surgical, Inc.(1)		20		8
IQVIA Holdings, Inc.(1)		81		8
Medtronic plc		241		19
Mettler-Toledo International, Inc.(1)		15		9
PerkinElmer, Inc.		62		5
ResMed, Inc.		24		2
Stryker Corp.		57		9
Thermo Fisher Scientific, Inc.		223		46
UnitedHealth Group, Inc.		236		50
Varian Medical Systems, Inc.(1)		18		2
Waters Corp.(1)		45		9
Zimmer Biomet Holdings, Inc.		36		4
				419
Industrials—9.5%
A.O. Smith Corp.		214		14
Allegion plc		139		12
Arconic, Inc.		67		2
Boeing Co. (The)		89		29
Caterpillar, Inc.		449		66
Cintas Corp.		634		108
CSX Corp.		481		27
Cummins, Inc.		118		19
Deere & Co.		671		104
Dover Corp.		86		8
Fastenal Co.		705		38
Flowserve Corp.		71		3
Fortive Corp.		167		13
Fortune Brands Home & Security, Inc.		226		13
General Dynamics Corp.		44		10
Harris Corp.		19		3
Hunt (JB) Transport Services, Inc.		912		107
Huntington Ingalls Industries, Inc.		7		2
Illinois Tool Works, Inc.		168		26
Ingersoll-Rand plc		136		12
Johnson Controls International plc		1,356		48
Kansas City Southern		55		6
L3 Technologies, Inc.		12		3
Lockheed Martin Corp.		39		13
Masco Corp.		462		19
Norfolk Southern Corp.		154		21
Northrop Grumman Corp.		27		9
PACCAR, Inc.		266		18
Parker-Hannifin Corp.		72		12
Pentair plc		90		6
Raytheon Co.		46		10
Republic Services, Inc.		447		30
Rockwell Collins, Inc.		25		3
Snap-on, Inc.		30		4
Stanley Black & Decker, Inc.		84		13
Stericycle, Inc.(1)		168		10
Textron, Inc.		42		2
TransDigm Group, Inc.		8		2
Union Pacific Corp.		423		57
United Rentals, Inc.(1)		207		36
United Technologies Corp.		118		15

	SHARES		VALUE
Industrials—continued
W.W. Grainger, Inc.		126	$	36
Waste Management, Inc.		785		66
Xylem, Inc.		97		7
				1,062
Information Technology—11.3%
Activision Blizzard, Inc.		876		59
Adobe Systems, Inc.(1)		178		38
Advanced Micro Devices, Inc.(1)		103		1
Akamai Technologies, Inc.(1)		14		1
Alliance Data Systems Corp.		5		1
Alphabet, Inc. Class A(1)		28		29
Alphabet, Inc. Class C(1)		28		29
Amphenol Corp. Class A		621		54
Analog Devices, Inc.		48		4
ANSYS, Inc.(1)		30		5
Apple, Inc.		531		89
Applied Materials, Inc.		1,047		58
Autodesk, Inc.(1)		79		10
Automatic Data Processing, Inc.		72		8
Broadcom Ltd.		52		12
CA, Inc.		36		1
Cadence Design Systems, Inc.(1)		102		4
Cisco Systems, Inc.		2,075		89
Citrix Systems, Inc.(1)		52		5
Corning, Inc.		1,768		49
eBay, Inc.(1)		91		4
Electronic Arts, Inc.(1)		358		43
F5 Networks, Inc.(1)		25		4
Facebook, Inc. Class A(1)		224		36
Fidelity National Information Services, Inc.		54		5
Fiserv, Inc.(1)		66		5
FLIR Systems, Inc.		2,203		110
Global Payments, Inc.		25		3
Hewlett Packard Enterprise Co.		164		3
HP, Inc.		172		4
Intel Corp.		597		31
Intuit, Inc.		88		15
Juniper Networks, Inc.		157		4
KLA-Tencor Corp.		154		17	��
Lam Research Corp.		159		32
Mastercard, Inc. Class A		152		27
Microchip Technology, Inc.		29		3
Micron Technology, Inc.(1)		148		8
Microsoft Corp.		897		82
Motorola Solutions, Inc.		68		7
NetApp, Inc.		27		2
NVIDIA Corp.		77		18
Oracle Corp.		355		16
Paychex, Inc.		52		3
PayPal Holdings, Inc.(1)		185		14
Qorvo, Inc.(1)		17		1
QUALCOMM, Inc.		189		10
Red Hat, Inc.(1)		21		3
salesforce.com, Inc.(1)		248		29
Seagate Technology plc		29		2
Skyworks Solutions, Inc.		23		2
Symantec Corp.		72		2
Synopsys, Inc.(1)		54		5
TE Connectivity Ltd.		1,050		105
Texas Instruments, Inc.		125		13
Total System Services, Inc.		26		2
VeriSign, Inc.(1)		8		1

See Notes to Financial Statements

33

VIRTUS RAMPART GLOBAL EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Information Technology—continued
Visa, Inc. Class A		296	$	35
Western Digital Corp.		30		3
Western Union Co. (The)		74		1
Xerox Corp.		21		1
Xilinx, Inc.		31		2
				1,259
Materials—4.6%
Albemarle Corp.		102		10
Avery Dennison Corp.		135		14
DowDuPont, Inc.		1,415		90
Eastman Chemical Co.		87		9
Ecolab, Inc.		237		33
International Flavors & Fragrances, Inc.		72		10
International Paper Co.		632		34
LyondellBasell Industries N.V. Class A		1,000		106
Nucor Corp.		1,654		101
Packaging Corp. of America		145		16
PPG Industries, Inc.		235		26
Sealed Air Corp.		276		12
Sherwin-Williams Co. (The)		75		29
WestRock Co.		390		25
				515
Real Estate—2.9%
American Tower Corp.		187		27
CBRE Group, Inc. Class A(1)		2,315		109
Crown Castle International Corp.		176		19
Digital Realty Trust, Inc.		89		9
Duke Realty Corp.		938		25
Equinix, Inc.		33		14
Extra Space Storage, Inc.		54		5
Iron Mountain, Inc.		122		4
Prologis, Inc.		1,399		88
Public Storage		65		13
Weyerhaeuser Co.		327		12
				325
Utilities—1.1%
AES Corp.		4,773		54
NRG Energy, Inc.		2,177		67
				121
TOTAL COMMON STOCKS (Identified Cost $5,036)				6,496
EXCHANGE-TRADED FUNDS(2)—39.7%
iShares China Large-Cap Index Fund		11,645		550
iShares MSCI Brazil Capped Index Fund		12,089		543
iShares MSCI Germany Index Fund		16,959		543
iShares MSCI Hong Kong Index Fund		21,500		544
iShares MSCI Italy Capped Index Fund		17,343		558
iShares MSCI Japan Index Fund		9,005		546
iShares MSCI South Korea Capped Index Fund		7,628		576
iShares MSCI Taiwan Capped Index Fund		15,006		575
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $3,894)				4,435
TOTAL LONG-TERM INVESTMENTS—97.9%
(Identified Cost $8,930)				10,931

	VALUE
TOTAL INVESTMENTS—97.9%
(Identified Cost $8,930)	$ 10,931
Other assets and liabilities, net—2.1%		239
NET ASSETS—100.0%	$	11,170

Footnote Legend:

⁽¹⁾ Non-income producing.

⁽²⁾ Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

Country Weightings†
United States	90	%
Korea	5
Switzerland	1
Netherlands	1
Ireland	1
Jersey	1
Other	1
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	6,496	$	6,496
Exchange-Traded Funds		4,435		4,435
Total Investments	$	10,931	$	10,931

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

34

VIRTUS RAMPART LOW VOLATILITY EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
EXCHANGE-TRADED FUND(2)—98.4%
iShares S&P 100 Index Fund(3)		20,100	$	2,331
TOTAL EXCHANGE-TRADED FUND (Identified Cost $2,389)				2,331
TOTAL LONG-TERM INVESTMENTS—98.4% (Identified Cost $2,389)				2,331
SHORT-TERM INVESTMENT—0.5%
Money Market Mutual Fund(2)—0.5%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)		11,888		12
TOTAL SHORT-TERM INVESTMENT (Identified Cost $12)				12
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—98.9% (Identified Cost $2,401)				2,343
WRITTEN OPTIONS—0.0% (See open written options schedule)
TOTAL WRITTEN OPTIONS—0.0% (Premiums Received $1)				—	(1)
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—98.9% (Identified Cost $2,400)				2,343
Other assets and liabilities, net—1.1%				26
NET ASSETS—100.0%			$	2,369

Footnote Legend:

⁽¹⁾  Amount is less than $500.

⁽²⁾  Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

⁽³⁾  All or a portion of the security is segregated as collateral for written options.

Open Written Options contracts as of March 31, 2018, were as follows:

Description of Options	Number of Contracts		Contract Notional Amount		Strike Price(1)		Expiration Date		Value
Call Options
S&P 500® Index		2	$	573	$	2,865		4/6/18	$	—	(2)
S&P 500® Index		2		572		2,860		4/13/18		—	(2)
Total Written Options									$	—	(2)

Footnote Legend:

⁽¹⁾  Strike price not reported in thousands.

⁽²⁾  Amount is less than $500.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018			Level 1 Quoted Prices
Equity Securities:
Exchange-Traded Fund	$	2,331		$	2,331
Short-Term Investment		12			12
Total Investments before Written Options	$	2,343		$	2,343
Written Options	$	—	*	$	—	*
Total Investments Net of Written Options	$	2,343		$	2,343

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

* Amount is less than $500.

See Notes to Financial Statements

35

VIRTUS RAMPART MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—35.4%
Consumer Discretionary—7.6%
Amazon.com, Inc.(1)		224	$	324
Aptiv plc		3,420		291
Best Buy Co., Inc.		6,547		458
Booking Holdings, Inc.(1)		27		56
BorgWarner, Inc.		2,764		139
Carnival Corp.		1,483		97
Charter Communications, Inc. Class A(1)		376		117
Chipotle Mexican Grill, Inc.(1)		46		15
Comcast Corp. Class A		9,040		309
Darden Restaurants, Inc.		231		20
DISH Network Corp. Class A(1)		442		17
Expedia Group, Inc.		69		8
Garmin Ltd.		8,005		472
H&R Block, Inc.		18,723		476
Hilton Worldwide Holdings, Inc.		735		58
Home Depot, Inc. (The)		1,927		343
Horton (D.R.), Inc.		4,343		190
Leggett & Platt, Inc.		2,993		133
Lennar Corp. Class A		3,458		204
Lowe’s Cos., Inc.		1,374		121
Marriott International, Inc. Class A		1,114		151
McDonald’s Corp.		1,490		233
MGM Resorts International		7,829		274
Mohawk Industries, Inc.(1)		1,435		333
Netflix, Inc.(1)		242		71
NIKE, Inc. Class B		7,075		470
Norwegian Cruise Line Holdings Ltd.		648		34
PulteGroup, Inc.		3,442		102
Royal Caribbean Cruises Ltd.		623		73
Starbucks Corp.		2,659		154
TripAdvisor, Inc.(1)		61		2
Wyndham Worldwide Corp.		368		42
Wynn Resorts Ltd.		1,232		225
Yum! Brands, Inc.		630		54
				6,066
Consumer Staples—1.8%
Brown-Forman Corp. Class B		2,391		130
Constellation Brands, Inc. Class A		1,609		367
Costco Wholesale Corp.		963		181
Sysco Corp.		7,950		477
Wal-Mart Stores, Inc.		3,226		287
				1,442
Energy—0.6%
Andeavor		559		56
Marathon Petroleum Corp.		1,904		139
Phillips 66		1,637		157
Valero Energy Corp.		1,706		159
				511
Financials—5.1%
Affiliated Managers Group, Inc.		96		18
Aflac, Inc.		1,986		87
Allstate Corp. (The)		884		84
American Express Co.		1,935		181
Ameriprise Financial, Inc.		255		38
AON plc		1,070		150
Bank of America Corp.		3,662		110
Bank of New York Mellon Corp. (The)		1,766		91

	SHARES		VALUE
Financials—continued
BB&T Corp.		1,165	$	61
Berkshire Hathaway, Inc. Class B(1)		2,246		448
BlackRock, Inc.		213		115
Brighthouse Financial, Inc.(1)		242		12
Capital One Financial Corp.		1,302		125
Charles Schwab Corp. (The)		2,180		114
Chubb Ltd.		1,144		157
Cincinnati Financial Corp.		368		27
Citigroup, Inc.		998		67
Citizens Financial Group, Inc.		727		31
Comerica, Inc.		257		25
Discover Financial Services		976		70
E*TRADE Financial Corp.(1)		495		27
Fifth Third Bancorp		1,042		33
Franklin Resources, Inc.		564		20
Gallagher (Arthur J.) & Co.		774		53
Goldman Sachs Group, Inc. (The)		641		161
Huntington Bancshares, Inc.		1,596		24
Invesco Ltd.		702		23
JPMorgan Chase & Co.		1,310		144
KeyCorp		1,588		31
Leucadia National Corp.		366		8
Lincoln National Corp.		552		40
M&T Bank Corp.		222		41
Marsh & McLennan Cos., Inc.		2,185		180
MetLife, Inc.		2,657		122
Morgan Stanley		2,544		137
Navient Corp.		707		9
Northern Trust Corp.		370		38
People’s United Financial, Inc.		511		10
PNC Financial Services Group, Inc. (The)		703		106
Principal Financial Group, Inc.		678		41
Progressive Corp. (The)		1,433		87
Prudential Financial, Inc.		1,071		111
Raymond James Financial, Inc.		235		21
Regions Financial Corp.		1,713		32
State Street Corp.		640		64
SunTrust Banks, Inc.		703		48
Synchrony Financial		1,976		66
T. Rowe Price Group, Inc.		418		45
Torchmark Corp.		271		23
Travelers Cos., Inc. (The)		674		94
U.S. Bancorp		595		30
Unum Group		567		27
Wells Fargo & Co.		1,673		88
Willis Towers Watson plc		565		86
XL Group Ltd.		631		35
Zions Bancorporation		295		16
				4,132
Health Care—2.3%
Abbott Laboratories		1,361		82
Aetna, Inc.		350		59
Agilent Technologies, Inc.		788		53
Align Technology, Inc.(1)		794		199
Anthem, Inc.		276		61
Baxter International, Inc.		392		26
Becton, Dickinson & Co.		207		45
Boston Scientific Corp.(1)		1,074		29
Centene Corp.(1)		185		20
Cigna Corp.		265		44
Cooper Cos., Inc. (The)		539		123
Danaher Corp.	��	479		47

See Notes to Financial Statements

36

VIRTUS RAMPART MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Health Care—continued
DENTSPLY SIRONA, Inc.		2,527	$	127
Edwards Lifesciences Corp.(1)		165		23
Hologic, Inc.(1)		216		8
Humana, Inc.		153		41
IDEXX Laboratories, Inc.(1)		68		13
Illumina, Inc.(1)		357		84
Intuitive Surgical, Inc.(1)		88		36
IQVIA Holdings, Inc.(1)		356		35
Medtronic plc		1,058		85
Mettler-Toledo International, Inc.(1)		63		36
PerkinElmer, Inc.		270		20
ResMed, Inc.		111		11
Stryker Corp.		252		41
Thermo Fisher Scientific, Inc.		981		203
UnitedHealth Group, Inc.		1,040		223
Varian Medical Systems, Inc.(1)		72		9
Waters Corp.(1)		195		39
Zimmer Biomet Holdings, Inc.		158		17
				1,839
Industrials—5.8%
A.O. Smith Corp.		938		60
Allegion plc		611		52
Arconic, Inc.		293		7
Boeing Co. (The)		387		127
Caterpillar, Inc.		1,968		290
Cintas Corp.		2,779		474
CSX Corp.		2,109		117
Cummins, Inc.		516		84
Deere & Co.		2,948		458
Dover Corp.		372		37
Fastenal Co.		3,092		169
Flowserve Corp.		312		13
Fortive Corp.		730		57
Fortune Brands Home & Security, Inc.		991		58
General Dynamics Corp.		192		42
Harris Corp.		82		13
Hunt (JB) Transport Services, Inc.		4,000		469
Huntington Ingalls Industries, Inc.		31		8
Illinois Tool Works, Inc.		736		115
Ingersoll-Rand plc		597		51
Johnson Controls International plc		5,952		210
Kansas City Southern		244		27
L3 Technologies, Inc.		54		11
Lockheed Martin Corp.		173		58
Masco Corp.		2,023		82
Norfolk Southern Corp.		675		92
Northrop Grumman Corp.		120		42
PACCAR, Inc.		1,163		77
Parker-Hannifin Corp.		318		54
Pentair plc		394		27
Raytheon Co.		200		43
Republic Services, Inc.		1,956		130
Rockwell Collins, Inc.		113		15
Snap-on, Inc.		136		20
Stanley Black & Decker, Inc.		366		56
Stericycle, Inc.(1)		735		43
Textron, Inc.		182		11
TransDigm Group, Inc.		33		10
Union Pacific Corp.		1,857		250
United Rentals, Inc.(1)		909		157
United Technologies Corp.		514		65
W.W. Grainger, Inc.		558		157

	SHARES		VALUE
Industrials—continued
Waste Management, Inc.		3,438	$	289
Xylem, Inc.		429		33
				4,660
Information Technology—6.9%
Activision Blizzard, Inc.		3,840		259
Adobe Systems, Inc.(1)		780		169
Advanced Micro Devices, Inc.(1)		458		5
Akamai Technologies, Inc.(1)		70		5
Alliance Data Systems Corp.		34		7
Alphabet, Inc. Class A(1)		123		128
Alphabet, Inc. Class C(1)		124		128
Amphenol Corp. Class A		2,723		235
Analog Devices, Inc.		206		19
ANSYS, Inc.(1)		134		21
Apple, Inc.		2,325		390
Applied Materials, Inc.		4,588		255
Autodesk, Inc.(1)		347		44
Automatic Data Processing, Inc.		317		36
Broadcom Ltd.		227		53
CA, Inc.		160		5
Cadence Design Systems, Inc.(1)		447		16
Cisco Systems, Inc.		9,105		390
Citrix Systems, Inc.(1)		227		21
Corning, Inc.		7,750		216
eBay, Inc.(1)		400		16
Electronic Arts, Inc.(1)		1,564		190
F5 Networks, Inc.(1)		115		17
Facebook, Inc. Class A(1)		983		157
Fidelity National Information Services, Inc.		239		23
Fiserv, Inc.(1)		298		21
FLIR Systems, Inc.		9,659		483
Global Payments, Inc.		114		13
Hewlett Packard Enterprise Co.		722		13
HP, Inc.		756		17
Intel Corp.		2,616		136
Intuit, Inc.		385		67
Juniper Networks, Inc.		691		17
KLA-Tencor Corp.		674		73
Lam Research Corp.		697		142
Mastercard, Inc. Class A		664		116
Microchip Technology, Inc.		131		12
Micron Technology, Inc.(1)		645		34
Microsoft Corp.		3,929		359
Motorola Solutions, Inc.		298		31
NetApp, Inc.		122		8
NVIDIA Corp.		339		78
Oracle Corp.		1,552		71
Paychex, Inc.		229		14
PayPal Holdings, Inc.(1)		807		61
Qorvo, Inc.(1)		71		5
QUALCOMM, Inc.		824		46
Red Hat, Inc.(1)		90		13
salesforce.com, Inc.(1)		1,086		126
Seagate Technology plc		131		8
Skyworks Solutions, Inc.		103		10
Symantec Corp.		316		8
Synopsys, Inc.(1)		238		20
TE Connectivity Ltd.		4,600		460
Texas Instruments, Inc.		551		57
Total System Services, Inc.		120		10
VeriSign, Inc.(1)		35		4
Visa, Inc. Class A		1,296		155

See Notes to Financial Statements

37

VIRTUS RAMPART MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Information Technology—continued
Western Digital Corp.		134	$	12
Western Union Co. (The)		328		6
Xerox Corp.		97		3
Xilinx, Inc.		140		10
				5,524
Materials—2.8%
Albemarle Corp.		445		41
Avery Dennison Corp.		593		63
DowDuPont, Inc.		6,199		395
Eastman Chemical Co.		381		40
Ecolab, Inc.		1,047		143
International Flavors & Fragrances, Inc.		318		44
International Paper Co.		2,770		148
LyondellBasell Industries N.V. Class A		4,382		463
Nucor Corp.		7,251		443
Packaging Corp. of America		633		71
PPG Industries, Inc.		1,024		114
Sealed Air Corp.		1,210		52
Sherwin-Williams Co. (The)		331		130
WestRock Co.		1,708		110
				2,257
Real Estate—1.8%
American Tower Corp.		816		119
CBRE Group, Inc. Class A(1)		10,145		479
Crown Castle International Corp.		773		85
Digital Realty Trust, Inc.		391		41
Duke Realty Corp.		4,109		109
Equinix, Inc.		149		62
Extra Space Storage, Inc.		239		21
Iron Mountain, Inc.		535		17
Prologis, Inc.		6,139		387
Public Storage		285		57
SBA Communications, Corp.(1)		224		38
Weyerhaeuser Co.		1,435		50
				1,465
Utilities—0.7%
AES Corp.		20,940		238
NRG Energy, Inc.		9,538		291
				529
TOTAL COMMON STOCKS (Identified Cost $22,199)				28,425
EXCHANGE-TRADED FUNDS(2)—64.4%
iShares 1-3 Year Treasury Bond Index Fund		231,141		19,314
iShares China Large-Cap Index Fund		51,055		2,412
iShares Dow Jones U.S. Real Estate Index Fund		36,529		2,757
iShares MSCI Brazil Capped Index Fund		53,006		2,379
iShares MSCI Germany Index Fund		74,339		2,382
iShares MSCI Hong Kong Index Fund		94,246		2,385
iShares MSCI Italy Capped Index Fund		76,026		2,444
iShares MSCI Japan Index Fund		39,476		2,396
iShares MSCI South Korea Capped Index Fund		33,442		2,523
iShares MSCI Taiwan Capped Index Fund		65,779		2,522
iShares TIPS Bond Index Fund		43,081		4,870
PowerShares DB Commodity Index Tracking Fund(1)		161,369		2,740

	SHARES		VALUE
EXCHANGE-TRADED FUNDS(2)—continued
PowerShares DB Gold Fund(1)		64,174	$	2,695
TOTAL EXCHANGE-TRADED FUND (Identified Cost $49,430)				51,819
TOTAL LONG-TERM INVESTMENTS—99.8%
(Identified Cost $71,629)				80,244
SHORT-TERM INVESTMENT—0.7%
Money Market Mutual Fund(2)—0.7%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)		601,835		602
TOTAL SHORT-TERM INVESTMENT (Identified Cost $602)				602
TOTAL INVESTMENTS—100.5% (Identified Cost $72,231)				80,846
Other assets and liabilities, net—(0.5)%				(377	)
NET ASSETS—100.0%			$	80,469

Abbreviation:

TIPS U.S. Treasury Inflation-Protected Securities

Footnote Legend:

⁽¹⁾ Non-income producing.

⁽²⁾ Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

Country Weightings†
United States	94	%
Korea	3
Ireland	1
Switzerland	1
United Kingdom	1
Total	100	%
† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	28,425	$	28,425
Exchange-Traded Funds		51,819		51,819
Short-Term Investment		602		602
Total Investments	$	80,846	$	80,846

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

For information regarding the abbreviation, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

38

VIRTUS RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.1%
Consumer Discretionary—19.9%
Advance Auto Parts, Inc.		1,251	$	148
Amazon.com, Inc.(1)		7,146		10,343
Aptiv plc		3,969		337
AutoZone, Inc.(1)		465		302
Best Buy Co., Inc.		4,295		301
Booking Holdings, Inc.(1)		848		1,764
BorgWarner, Inc.		3,370		169
CarMax, Inc.(1)		3,080		191
Carnival Corp.		7,035		461
CBS Corp. Class B		6,069		312
Charter Communications, Inc. Class A(1)		3,205		998
Chipotle Mexican Grill, Inc.(1)		421		136
Comcast Corp. Class A		79,659		2,722
Darden Restaurants, Inc.		2,122		181
Discovery Communications, Inc. Class A(1)		2,702		58
Discovery Communications, Inc. Class C(1)		5,298		103
DISH Network Corp. Class A(1)		3,918		148
Dollar General Corp.		4,420		414
Dollar Tree, Inc.(1)		4,050		384
Expedia Group, Inc.		2,076		229
Foot Locker, Inc.		2,069		94
Ford Motor Co.		66,966		742
Gap, Inc. (The)		3,695		115
Garmin Ltd.		1,910		113
General Motors Co.		21,670		788
Genuine Parts Co.		2,514		226
Goodyear Tire & Rubber Co. (The)		4,128		110
H&R Block, Inc.		3,586		91
Hanesbrands, Inc.		6,109		113
Harley-Davidson, Inc.		2,865		123
Hasbro, Inc.		1,948		164
Hilton Worldwide Holdings, Inc.		3,484		274
Home Depot, Inc. (The)		20,020		3,568
Horton (D.R.), Inc.		5,893		258
Interpublic Group of Cos., Inc. (The)		6,639		153
Kohl’s Corp.		2,884		189
L Brands, Inc.		4,200		161
Leggett & Platt, Inc.		2,287		101
Lennar Corp. Class A		4,726		279
LKQ Corp.(1)		5,307		201
Lowe’s Cos., Inc.		14,282		1,253
Macy’s, Inc.		5,190		154
Marriott International, Inc. Class A		5,161		702
Mattel, Inc.		5,945		78
McDonald’s Corp.		13,783		2,155
MGM Resorts International		8,744		306
Michael Kors Holdings Ltd.(1)		2,615		162
Mohawk Industries, Inc.(1)		1,086		252
Netflix, Inc.(1)		7,695		2,273
Newell Brands, Inc.		8,235		210
News Corp. Class A		6,546		103
News Corp. Class B		2,093		34
NIKE, Inc. Class B		22,269		1,480
Nordstrom, Inc.		1,984		96
Norwegian Cruise Line Holdings Ltd.(1)		3,558		189
O’Reilly Automotive, Inc.(1)		1,429		354
Omnicom Group, Inc.		3,969		288
PulteGroup, Inc.		4,533		134
PVH Corp.		1,259		191
Ralph Lauren Corp.		954		107
Ross Stores, Inc.		6,517		508
Royal Caribbean Cruises Ltd.		2,956		348

	SHARES		VALUE
Consumer Discretionary—continued
Starbucks Corp.		24,765	$	1,434
Tapestry, Inc.		4,928		259
Target Corp.		9,380		651
Tiffany & Co.		1,763		172
Time Warner, Inc.		13,467		1,274
TJX Cos., Inc. (The)		10,834		884
Tractor Supply Co.		2,113		133
TripAdvisor, Inc.(1)		1,875		77
Twenty-First Century Fox, Inc. Class A		18,105		664
Twenty-First Century Fox, Inc. Class B		7,558		275
Ulta Beauty, Inc.(1)		1,002		205
Under Armour, Inc. Class A(1)		3,171		52
Under Armour, Inc. Class C(1)		3,152		45
VF Corp.		5,630		417
Viacom, Inc. Class B		6,022		187
Walt Disney Co. (The)		25,814		2,593
Whirlpool Corp.		1,211		185
Wyndham Worldwide Corp.		1,706		195
Wynn Resorts Ltd.		1,376		251
Yum! Brands, Inc.		5,748		489
				49,383
Energy—19.8%
Anadarko Petroleum Corp.		21,672		1,309
Andeavor		5,595		563
Apache Corp.		15,116		582
Baker Hughes a GE Co.		16,945		471
Cabot Oil & Gas Corp.		18,120		435
Chevron Corp.		74,329		8,476
Cimarex Energy Co.		3,824		358
Concho Resources, Inc.(1)		5,895		886
ConocoPhillips		40,931		2,427
Devon Energy Corp.		20,929		665
EOG Resources, Inc.		21,851		2,300
EQT Corp.		9,603		456
Exxon Mobil Corp.		152,949		11,412
Halliburton Co.		34,639		1,626
Helmerich & Payne, Inc.		4,300		286
Hess Corp.		10,577		535
Kinder Morgan, Inc.		75,669		1,140
Marathon Oil Corp.		33,419		539
Marathon Petroleum Corp.		18,784		1,373
National Oilwell Varco, Inc.		15,048		554
Newfield Exploration Co.(1)		7,862		192
Noble Energy, Inc.		19,445		589
Occidental Petroleum Corp.		29,943		1,945
ONEOK, Inc.		16,352		931
Phillips 66		16,599		1,592
Pioneer Natural Resources Co.		6,706		1,152
Range Resources Corp.		8,974		130
Schlumberger Ltd.		53,787		3,484
TechnipFMC plc		17,366		511
Valero Energy Corp.		17,030		1,580
Williams Cos., Inc. (The)		33,020		821
				49,320
Financials—19.8%
Affiliated Managers Group, Inc.		806		153
Aflac, Inc.		11,519		504
Allstate Corp. (The)		5,237		496
American Express Co.		10,653		994
American International Group, Inc.		13,425		731
Ameriprise Financial, Inc.		2,170		321

See Notes to Financial Statements

39

VIRTUS RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Financials—continued
AON plc		3,664	$	514
Assurant, Inc.		779		71
Bank of America Corp.		142,362		4,269
Bank of New York Mellon Corp. (The)		14,927		769
BB&T Corp.		11,580		603
Berkshire Hathaway, Inc. Class B(1)		28,507		5,687
BlackRock, Inc.		1,838		996
Brighthouse Financial, Inc.(1)		1,411		73
Capital One Financial Corp.		7,204		690
Cboe Global Markets, Inc.		1,670		191
Charles Schwab Corp. (The)		17,876		933
Chubb Ltd.		6,968		953
Cincinnati Financial Corp.		2,202		164
Citigroup, Inc.		38,262		2,583
Citizens Financial Group, Inc.		7,249		304
CME Group, Inc.		5,095		824
Comerica, Inc.		2,579		247
Discover Financial Services		5,265		379
E*TRADE Financial Corp.(1)		3,961		219
Everest Re Group Ltd.		608		156
Fifth Third Bancorp		10,369		329
Franklin Resources, Inc.		4,796		166
Gallagher (Arthur J.) & Co.		2,701		186
Goldman Sachs Group, Inc. (The)		5,257		1,324
Hartford Financial Services Group, Inc. (The)		5,321		274
Huntington Bancshares, Inc.		16,500		249
Intercontinental Exchange, Inc.		8,699		631
Invesco Ltd.		6,041		193
JPMorgan Chase & Co.		51,073		5,617
KeyCorp		15,786		309
Leucadia National Corp.		4,630		105
Lincoln National Corp.		3,218		235
Loews Corp.		3,993		199
M&T Bank Corp.		2,234		412
Marsh & McLennan Cos., Inc.		7,512		620
MetLife, Inc.		15,361		705
Moody’s Corp.		2,478		400
Morgan Stanley		20,436		1,103
Nasdaq, Inc.		1,721		148
Navient Corp.		3,878		51
Northern Trust Corp.		3,155		325
People’s United Financial, Inc.		5,145		96
PNC Financial Services Group, Inc. (The)		7,026		1,063
Principal Financial Group, Inc.		3,983		243
Progressive Corp. (The)		8,603		524
Prudential Financial, Inc.		6,273		650
Raymond James Financial, Inc.		1,939		173
Regions Financial Corp.		16,712		311
S&P Global, Inc.		3,769		720
State Street Corp.		5,459		544
SunTrust Banks, Inc.		6,966		474
SVB Financial Group(1)		781		187
Synchrony Financial		10,662		358
T. Rowe Price Group, Inc.		3,628		392
Torchmark Corp.		1,572		132
Travelers Cos., Inc. (The)		4,043		561
U.S. Bancorp		23,380		1,181
Unum Group		3,280		156
Wells Fargo & Co.		64,915		3,402
Willis Towers Watson plc		1,958		298
XL Group Ltd.		3,819		211
Zions Bancorporation		2,928		154
				49,235

	SHARES		VALUE
Industrials—19.7%
3M Co.		12,736	$	2,796
A.O. Smith Corp.		3,116		198
Acuity Brands, Inc.		899		125
Alaska Air Group, Inc.		2,622		162
Allegion plc		2,035		174
American Airlines Group, Inc.		8,950		465
AMETEK, Inc.		4,939		375
Arconic, Inc.		9,159		211
Boeing Co. (The)		11,781		3,863
Caterpillar, Inc.		12,746		1,879
Cintas Corp.		1,857		317
CSX Corp.		18,847		1,050
Cummins, Inc.		3,301		535
Deere & Co.		6,927		1,076
Delta Air Lines, Inc.		13,939		764
Dover Corp.		3,316		326
Eaton Corp. plc		9,413		752
Emerson Electric Co.		13,603		929
Equifax, Inc.		2,631		310
Expeditors International of Washington, Inc.		3,730		236
Fastenal Co.		6,101		333
FedEx Corp.		5,208		1,250
Flowserve Corp.		2,778		120
Fluor Corp.		2,959		169
Fortive Corp.		6,579		510
Fortune Brands Home & Security, Inc.		3,246		191
General Dynamics Corp.		5,898		1,303
General Electric Co.		188,057		2,535
Harris Corp.		2,547		411
Honeywell International, Inc.		16,101		2,327
Hunt (JB) Transport Services, Inc.		1,819		213
Huntington Ingalls Industries, Inc.		959		247
IHS Markit Ltd.(1)		7,820		377
Illinois Tool Works, Inc.		6,558		1,027
Ingersoll-Rand plc		5,326		455
Jacobs Engineering Group, Inc.		2,515		149
Johnson Controls International plc		19,669		693
Kansas City Southern		2,204		242
L3 Technologies, Inc.		1,656		344
Lockheed Martin Corp.		5,333		1,802
Masco Corp.		6,720		272
Nielsen Holdings plc		7,158		228
Norfolk Southern Corp.		6,055		822
Northrop Grumman Corp.		3,733		1,303
PACCAR, Inc.		7,460		494
Parker-Hannifin Corp.		2,835		485
Pentair plc		3,565		243
Quanta Services, Inc.(1)		3,269		112
Raytheon Co.		6,189		1,336
Republic Services, Inc.		4,846		321
Robert Half International, Inc.		2,633		152
Robinson (C.H.) Worldwide, Inc.		2,970		278
Rockwell Automation, Inc.		2,747		479
Rockwell Collins, Inc.		3,522		475
Roper Technologies, Inc.		2,195		616
Snap-on, Inc.		1,212		179
Southwest Airlines Co.		11,532		661
Stanley Black & Decker, Inc.		3,276		502
Stericycle, Inc.(1)		1,829		107
Textron, Inc.		5,587		329
TransDigm Group, Inc.		1,032		317
Union Pacific Corp.		16,736		2,250
United Continental Holdings, Inc.(1)		5,135		357
United Parcel Service, Inc. Class B		14,564		1,524

See Notes to Financial Statements

40

VIRTUS RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Industrials—continued
United Rentals, Inc.(1)		1,804	$	312
United Technologies Corp.		15,971		2,009
Verisk Analytics, Inc.(1)		3,333		347
W.W. Grainger, Inc.		1,079		305
Waste Management, Inc.		8,532		718
Xylem, Inc.		3,851		296
				49,070
Information Technology—18.5%
Accenture plc Class A		5,049		775
Activision Blizzard, Inc.		6,304		425
Adobe Systems, Inc.(1)		4,063		878
Advanced Micro Devices, Inc.(1)		6,736		68
Akamai Technologies, Inc.(1)		1,393		99
Alliance Data Systems Corp.		412		88
Alphabet, Inc. Class A(1)		2,443		2,534
Alphabet, Inc. Class C(1)		2,494		2,573
Amphenol Corp. Class A		2,506		216
Analog Devices, Inc.		3,040		277
ANSYS, Inc.(1)		687		108
Apple, Inc.		41,436		6,952
Applied Materials, Inc.		8,578		477
Autodesk, Inc.(1)		1,811		227
Automatic Data Processing, Inc.		3,654		415
Broadcom Ltd.		3,380		796
CA, Inc.		2,574		87
Cadence Design Systems, Inc.(1)		2,286		84
Cisco Systems, Inc.		39,694		1,702
Citrix Systems, Inc.(1)		1,058		98
Cognizant Technology Solutions Corp. Class A		4,830		389
Corning, Inc.		7,096		198
CSRA, Inc.		1,351		56
DXC Technology Co.		2,355		237
eBay, Inc.(1)		7,765		312
Electronic Arts, Inc.(1)		2,526		306
F5 Networks, Inc.(1)		510		74
Facebook, Inc. Class A(1)		19,373		3,096
Fidelity National Information Services, Inc.		2,732		263
Fiserv, Inc.(1)		3,402		243
FLIR Systems, Inc.		1,132		57
Gartner, Inc.(1)		751		88
Global Payments, Inc.		1,314		147
Hewlett Packard Enterprise Co.		13,029		229
HP, Inc.		13,390		294
Intel Corp.		38,188		1,989
International Business Machines Corp.		7,124		1,093
Intuit, Inc.		2,009		348
IPG Photonics Corp.(1)		305		71
Juniper Networks, Inc.		2,822		69
KLA-Tencor Corp.		1,288		140
Lam Research Corp.		1,328		270
Mastercard, Inc. Class A		7,565		1,325
Microchip Technology, Inc.		1,935		177
Micron Technology, Inc.(1)		9,507		496
Microsoft Corp.		63,682		5,812
Motorola Solutions, Inc.		1,330		140
NetApp, Inc.		2,173		134
NVIDIA Corp.		4,944		1,145
Oracle Corp.		24,800		1,135
Paychex, Inc.		2,626		162
PayPal Holdings, Inc.(1)		9,319		707
Qorvo, Inc.(1)		1,038		73
QUALCOMM, Inc.		12,153		673

	SHARES		VALUE
Information Technology—continued
Red Hat, Inc.(1)		1,458	$	218
salesforce.com, Inc.(1)		5,650		657
Seagate Technology plc		2,341		137
Skyworks Solutions, Inc.		1,494		150
Symantec Corp.		5,120		132
Synopsys, Inc.(1)		1,217		101
Take-Two Interactive Software, Inc.(1)		945		92
TE Connectivity Ltd.		2,847		284
Texas Instruments, Inc.		8,055		837
Total System Services, Inc.		1,368		118
VeriSign, Inc.(1)		685		81
Visa, Inc. Class A		14,781		1,768
Western Digital Corp.		2,444		225
Western Union Co. (The)		3,778		73
Xerox Corp.		1,764		51
Xilinx, Inc.		2,096		151
				45,902
Telecommunication Services—1.4%
AT&T, Inc.		50,453		1,799
CenturyLink, Inc.		7,986		131
Verizon Communications, Inc.		33,593		1,606
				3,536
TOTAL COMMON STOCKS (Identified Cost $209,189)				246,446
TOTAL LONG-TERM INVESTMENTS—99.1%
(Identified Cost $209,189)				246,446
SHORT-TERM INVESTMENT—0.8%
Money Market Mutual Fund—0.8%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(2)		2,061,588		2,062
TOTAL SHORT-TERM INVESTMENT (Identified Cost $2,062)				2,062
TOTAL INVESTMENTS—99.9% (Identified Cost $211,251)				248,508
Other assets and liabilities, net—0.1%				311
NET ASSETS—100.0%			$	248,819

Footnote Legend:

⁽¹⁾ Non-income producing.

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

See Notes to Financial Statements

41

VIRTUS RAMPART SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	246,446	$	246,446
Short-Term Investment		2,062		2,062
Total Investments	$	248,508	$	248,508

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

42

VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.0%
Consumer Discretionary—21.2%
Amazon.com, Inc. (United States)(1)		4,932	$	7,138
Booking Holdings, Inc. (Netherlands)(1)		3,036		6,316
Industria de Diseno Textil SA (Spain)		136,153		4,260
Naspers Ltd. Class N (South Africa)		10,050		2,455
NIKE, Inc. Class B (United States)		111,125		7,383
O’Reilly Automotive, Inc. (United States)(1)		9,214		2,280
Paddy Power Betfair plc (Ireland)		54,475		5,594
Starbucks Corp. (United States)		81,838		4,738
TJX Cos., Inc. (The) (United States)		57,346		4,677
Walt Disney Co. (The) (United States)		45,662		4,586
				49,427
Consumer Staples—22.8%
Alimentation Couche-Tard, Inc. Class B (Canada)		144,537		6,470
Altria Group, Inc. (United States)		47,003		2,929
Ambev S.A. ADR (Brazil)		451,974		3,286
Anheuser-Busch InBev NV (Belgium)		37,666		4,138
British American Tobacco plc (United Kingdom)		152,189		8,820
Casey’s General Stores, Inc. (United States)		21,221		2,329
Nestle S.A. Registered Shares (Switzerland)		54,616		4,320
Philip Morris International, Inc. (Switzerland)		73,400		7,296
Reckitt Benckiser Group plc (United Kingdom)		70,054		5,931
Unilever N.V. CVA (Netherlands)		136,375		7,697
				53,216
Financials—17.1%
AIB Group plc (Ireland)		543,582		3,272
Berkshire Hathaway, Inc. Class B (United States)(1)		34,253		6,833
CME Group, Inc. (United States)		25,119		4,063
HDFC Bank Ltd. (India)		329,057		9,586
Housing Development Finance Corp., Ltd. (India)		260,102		7,326
M&T Bank Corp. (United States)		13,723		2,530
PNC Financial Services Group, Inc. (The) (United States)		14,926		2,257
Wells Fargo & Co. (United States)		80,096		4,198
				40,065
Health Care—6.2%
Abbott Laboratories (United States)		39,756		2,382
Medtronic plc (United States)		70,757		5,676
UnitedHealth Group, Inc. (United States)		30,439		6,514
				14,572
Industrials—6.3%
Canadian National Railway Co. (Canada)		38,228		2,794
Nielsen Holdings plc (United States)		144,336		4,588
RELX NV (Netherlands)		209,231		4,333
Safran SA (France)		27,956		2,958
				14,673
Information Technology—22.6%
Alibaba Group Holding Ltd. Sponsored ADR (China)(1)		41,665		7,647
Alphabet, Inc. Class C (United States)(1)		7,123		7,350
Facebook, Inc. Class A (United States)(1)		22,987		3,673
Mastercard, Inc. Class A (United States)		52,274		9,156
SAP SE (Germany)		57,264		5,987
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		164,920		7,217
Tencent Holdings Ltd. (China)		45,310		2,432

	SHARES		VALUE
Information Technology—continued
Visa, Inc. Class A (United States)		78,270	$	9,363
				52,825
Materials—1.2%
Martin Marietta Materials, Inc. (United States)		13,284		2,754
Real Estate—1.6%
American Tower Corp. (United States)		25,479		3,703
TOTAL COMMON STOCKS (Identified Cost $164,329)				231,235
TOTAL LONG-TERM INVESTMENTS—99.0%
(Identified Cost $164,329)				231,235
SHORT-TERM INVESTMENT—0.7%
Money Market Mutual Fund—0.7%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(2)		1,724,007		1,724
TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,724)				1,724
TOTAL INVESTMENTS—99.7% (Identified Cost $166,053)				232,959
Other assets and liabilities, net—0.3%				662
NET ASSETS—100.0%			$	233,621

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾ Non-income producing.

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

Country Weightings†
United States	48	%
Netherlands	8
India	7
United Kingdom	6
Switzerland	5
China	4
Canada	4
Other	18
Total	100	%
† % of total investments as of March 31, 2018.

For information regarding the abbreviation, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

43

VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	231,235	$	211,890	$	19,345
Short-Term Investment		1,724		1,724		—
Total Investments	$	232,959	$	213,614	$	19,345

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.

Securities held by the Fund with an end of period value of $19,345 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities.

There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

44

VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
PREFERRED STOCK—2.8%
Health Care—2.8%
Grifols SA Class B, 1.780% (Spain)		12,706	$	270
TOTAL PREFERRED STOCK (Identified Cost $214)				270
COMMON STOCKS—93.6%
Consumer Discretionary—13.2%
Booking Holdings, Inc. (Netherlands)(1)		198		412
Brunello Cucinelli S.p.A (Italy)		782		25
Domino’s Pizza Group plc (United Kingdom)		43,989		204
Hermes International (France)		192		114
Industria de Diseno Textil SA (Spain)		3,544		111
LVMH Moet Hennessy Louis Vuitton SE (France)		352		108
Paddy Power Betfair plc (Ireland)		2,233		229
Sodexo SA (France)		814		82
				1,285
Consumer Staples—30.9%
Anheuser-Busch InBev NV (Belgium)		2,547		280
British American Tobacco plc (United Kingdom)		9,173		532
Diageo plc (United Kingdom)		2,937		99
Heineken N.V. (Netherlands)		1,817		195
L’Oreal SA (France)		574		129
Nestle S.A. Registered Shares (Switzerland)		5,210		412
Pernod Ricard SA (France)		596		99
Philip Morris International, Inc. (Switzerland)		3,601		358
Reckitt Benckiser Group plc (United Kingdom)		4,462		378
Unilever N.V. CVA (Netherlands)		9,314		526
				3,008
Financials—7.9%
ABN AMRO Group N.V. CVA (Netherlands)(2)		3,834		115
AIB Group plc (Ireland)		29,587		178
Groupe Bruxelles Lambert SA (Belgium)		970		111
Pargesa Holding SA (Switzerland)		696		62
Reinet Investments SCA (Luxembourg)		2,831		50
Svenska Handelsbanken AB Class A (Sweden)		5,551		69
Swedbank AB Class A (Sweden)		2,154		48
UBS Group AG Registered Shares (Switzerland)		7,606		134
				767
Health Care—10.6%
Coloplast A/S Class B (Denmark)		2,179		184
Essilor International SA (France)		1,789		241
Eurofins Scientific SE (France)		216		114
Fresenius Medical Care AG & Co. KGaA (Germany)		2,926		299
Roche Holding AG (Switzerland)		833		191
				1,029
Industrials—16.5%
Aena SME SA (Spain)(2)		1,406		283
DCC plc (Ireland)		1,596		147
DKSH Holding AG (Switzerland)		1,133		92
RELX NV (Netherlands)		14,664		304
Rentokil Initial plc (United Kingdom)		37,450		143
Safran SA (France)		1,861		197
Teleperformance (France)		1,269		197
Vinci SA (France)		2,508		246
				1,609

	SHARES		VALUE
Information Technology—9.6%
Accenture plc Class A (United States)		2,264	$	347
Amadeus IT Group SA (Spain)		2,685		198
SAP SE (Germany)		3,689		386
				931
Materials—4.0%
Air Liquide SA (France)		1,594		195
HeidelbergCement AG (Germany)		1,977		194
				389
Real Estate—0.9%
Unibail-Rodamco SE (Netherlands)		410		94
TOTAL COMMON STOCKS (Identified Cost $6,295)				9,112
TOTAL LONG-TERM INVESTMENTS—96.4%
(Identified Cost $6,509)				9,382
SHORT-TERM INVESTMENT—0.2%
Money Market Mutual Fund—0.2%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(3)		17,938		18
TOTAL SHORT-TERM INVESTMENT (Identified Cost $18)				18
TOTAL INVESTMENTS—96.6% (Identified Cost $6,527)				9,400
Other assets and liabilities, net—3.4%				334
NET ASSETS—100.0%			$	9,734

Footnote Legend:

⁽¹⁾ Non-income producing.

⁽²⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $398 or 4.1% of net assets.

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

Country Weightings†
France	18	%
Netherlands	18
United Kingdom	14
Switzerland	13
Germany	9
Spain	9
Ireland	6
Other	13
Total	100	%
† % of total investments as of March 31, 2018.

See Notes to Financial Statements

45

VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	9,112	$	9,112
Preferred Stock		270		270
Short-Term Investment		18		18
Total Investments	$	9,400	$	9,400

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

46

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2018

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

	Duff & Phelps Global Infrastructure Fund			Duff & Phelps Global Real Estate Securities Fund			Duff & Phelps International Equity Fund
Assets
Investment in securities at value(1)	$	103,087		$	181,338		$	2,162
Foreign currency at value(2)		—			81			—
Cash		—			61			—
Receivables
Investment securities sold		258			388			1,361
Fund shares sold		48			373			—	(3)
Receivable from adviser		—			—			6
Dividends and interest receivable		122			592			6
Tax reclaims		31			56			13
Prepaid expenses		43			28			20
Prepaid trustee retainer		1			2			—	(3)
Other assets		5			9			—	(3)
Total assets		103,595			182,928			3,568
Liabilities
Cash overdraft		437			—			—
Payables
Fund shares repurchased		486			639			23
Investment securities purchased		—			273			—
Investment advisory fees		58			107			—
Distribution and service fees		26			13			1
Administration fees		10			17			—	(3)
Transfer agent and sub-transfer agent fees and expenses		28			50			1
Trustees’ fees and expenses		—	(3)		—	(3)		—	(3)
Professional fees		14			12			14
Trustee deferred compensation plan		5			9			—	(3)
Other accrued expenses		13			23			—	(3)
Total liabilities		1,077			1,143			39
Net Assets	$	102,518		$	181,785		$	3,529
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	91,710		$	165,810		$	3,816
Accumulated undistributed net investment income (loss)		(125	)		(945	)		(76	)
Accumulated undistributed net realized gain (loss)		(750	)		(249	)		(660	)
Net unrealized appreciation (depreciation) on investments		11,683			17,169			449
Net Assets	$	102,518		$	181,785		$	3,529
Net Assets:
Class A	$	34,085		$	19,823		$	793
Class C	$	21,094		$	9,890		$	653
Class I	$	37,010		$	144,618		$	2,083
Class R6	$	10,329		$	7,454		$	—
Shares Outstanding:
Class A		2,401,992			692,692			70,814
Class C		1,492,302			353,624			59,493
Class I		2,606,842			5,054,053			186,985
Class R6		727,727			260,393			—
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	14.19		$	28.62		$	11.20
Class C	$	14.14		$	27.97		$	10.98
Class I	$	14.20		$	28.61		$	11.14
Class R6	$	14.19		$	28.63		$	—
Offering Price Per Share (NAV/(1–5.75%)):
Class A	$	15.06		$	30.37		$	11.88
(1) Investment in securities at cost	$	91,405		$	164,175		$	1,713
(2) Foreign currency at cost	$	—		$	81		$	—
(3) Amount is less than $500.

See Notes to Financial Statements

47

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2018

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

	Duff & Phelps International Real Estate Securities Fund			Herzfeld Fund			Horizon International Wealth Masters Fund
Assets
Investment in securities at value(1)	$	26,383		$	63,958		$	6,452
Foreign currency at value(2)		46			—			4
Cash		151			10			—	(3)
Receivables
Fund shares sold		43			68			—
Receivable from adviser		—			—			5
Dividends and interest receivable		80			119			19
Tax reclaims		15			—			7
Prepaid expenses		17			17			21
Prepaid trustee retainer		—	(3)		1			—	(3)
Other assets		1			3			—	(3)
Total assets		26,736			64,176			6,508
Liabilities
Payables
Fund shares repurchased		54			39			—	(3)
Investment securities purchased		151			—			—
Investment advisory fees		11			54			—
Distribution and service fees		1			18			—	(3)
Administration fees		2			6			1
Transfer agent and sub-transfer agent fees and expenses		8			10			—	(3)
Trustees’ fees and expenses		—	(3)		—	(3)		—	(3)
Professional fees		13			8			17
Trustee deferred compensation plan		1			3			—	(3)
Other accrued expenses		23			8			11
Total liabilities		264			146			29
Net Assets	$	26,472		$	64,030		$	6,479
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	28,199		$	58,468		$	5,368
Accumulated undistributed net investment income (loss)		(1,162	)		200			(21	)
Accumulated undistributed net realized gain (loss)		(7,300	)		2,397			36
Net unrealized appreciation (depreciation) on investments		6,735			2,965			1,096
Net Assets	$	26,472		$	64,030		$	6,479
Net Assets:
Class A	$	2,365		$	6,906		$	163
Class C	$	1,030		$	19,078		$	132
Class I	$	23,077		$	38,046		$	6,184
Shares Outstanding:
Class A		321,315			568,991			13,551
Class C		139,982			1,578,726			10,983
Class I		3,143,989			3,131,220			513,017
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	7.36		$	12.14		$	12.04
Class C	$	7.36		$	12.08		$	12.01
Class I	$	7.34		$	12.15		$	12.05
Offering Price Per Share (NAV/(1–5.75%)):
Class A	$	7.81		$	12.88		$	12.77
(1) Investment in securities at cost	$	19,648		$	60,993		$	5,357
(2) Foreign currency at cost	$	46		$	—		$	4
(3) Amount is less than $500.

See Notes to Financial Statements

48

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2018

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

	Horizon Wealth Masters Fund			KAR Emerging Markets Small-Cap Fund			KAR International Small-Cap Fund
Assets
Investment in securities at value(1)	$	69,096		$	18,290		$	444,905
Foreign currency at value(2)		—			374			1,362
Receivables
Investment securities sold		5,753			102			2,434
Fund shares sold		27			6			5,034
Dividends and interest receivable		104			42			1,348
Tax reclaims		—	(3)		1			27
Prepaid expenses		16			25			44
Prepaid trustee retainer		1			—	(3)		7
Other assets		3			1			21
Total assets		75,000			18,841			455,182
Liabilities
Cash overdraft		1			7			340
Payables
Fund shares repurchased		34			9			3,552
Investment securities purchased		5,149			105			5,604
Foreign capital gain taxes payable		—			—	(3)		1
Investment advisory fees		37			12			387
Distribution and service fees		22			1			26
Administration fees		7			2			46
Transfer agent and sub-transfer agent fees and expenses		18			1			43
Trustees’ fees and expenses		—	(3)		—	(3)		—	(3)
Professional fees		13			15			15
Trustee deferred compensation plan		3			1			21
Other accrued expenses		5			2			30
Total liabilities		5,289			155			10,065
Net Assets	$	69,711		$	18,686		$	445,117
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	53,826		$	16,323		$	392,742
Accumulated undistributed net investment income (loss)		(15	)		(9	)		(818	)
Accumulated undistributed net realized gain (loss)		(1,877	)		(115	)		2,685
Net unrealized appreciation (depreciation) on investments		17,777			2,487			50,508
Net Assets	$	69,711		$	18,686		$	445,117
Net Assets:
Class A	$	19,434		$	1,592		$	31,196
Class C	$	20,713		$	402		$	24,724
Class I	$	29,564		$	16,692		$	337,352
Class R6	$	—		$	—		$	51,845
Shares Outstanding:
Class A		1,100,042			127,973			1,789,950
Class C		1,206,246			32,229			1,435,942
Class I		1,666,372			1,339,051			19,282,352
Class R6		—			—			2,964,346
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	17.67		$	12.44		$	17.43
Class C	$	17.17		$	12.47		$	17.22
Class I	$	17.74		$	12.47		$	17.50
Class R6	$	—		$	—		$	17.49
Offering Price Per Share (NAV/(1–5.75%)):
Class A	$	18.75		$	13.20		$	18.49
(1) Investment in securities at cost	$	51,319		$	15,804		$	394,414
(2) Foreign currency at cost	$	—		$	373		$	1,355
(3) Amount is less than $500.

See Notes to Financial Statements

49

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2018

(Reported in thousands except shares and per share amounts)

	Rampart Alternatives Diversifier Fund			Rampart Equity Trend Fund			Rampart Global Equity Trend Fund
Assets
Investment in unaffiliated securities at value(1)	$	19,627		$	475,288		$	10,931
Investment in affiliated funds at value(2)		20,462			—			—
Cash		—			155			—
Receivables
Investment securities sold		—			—			250
Fund shares sold		86			19			—	(3)
Dividends and interest receivable		15			553			8
Prepaid expenses		23			35			30
Prepaid trustee retainer		—	(3)		5			—	(3)
Other assets		2			24			1
Total assets		40,215			476,079			11,220
Liabilities
Cash overdraft		—			—			14
Payables
Fund shares repurchased		43			999			4
Investment securities purchased		16			—			—
Investment advisory fees		—			415			5
Distribution and service fees		12			231			6
Administration fees		4			45			1
Transfer agent and sub-transfer agent fees and expenses		16			171			6
Trustees’ fees and expenses		—	(3)		—	(3)		—	(3)
Professional fees		9			—	(3)		12
Trustee deferred compensation plan		2			24			1
Other accrued expenses		5			53			1
Total liabilities		107			1,938			50
Net Assets	$	40,108		$	474,141		$	11,170
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	107,839		$	881,369		$	20,979
Accumulated undistributed net investment income (loss)		131			(1,066	)		(37	)
Accumulated undistributed net realized gain (loss)		(76,465	)		(510,977	)		(11,773	)
Net unrealized appreciation (depreciation) on investments		8,603			104,815			2,001
Net Assets	$	40,108		$	474,141		$	11,170
Net Assets:
Class A	$	11,184		$	122,336		$	3,791
Class C	$	11,712		$	233,089		$	5,333
Class I	$	17,212		$	118,136		$	2,046
Class R6	$	—		$	580		$	—
Shares Outstanding:
Class A		1,003,776			8,337,187			323,303
Class C		1,059,027			16,530,379			471,573
Class I		1,548,154			7,972,774			172,779
Class R6		—			38,925			—
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	11.14		$	14.67		$	11.73
Class C	$	11.06		$	14.10		$	11.31
Class I	$	11.12		$	14.82		$	11.84
Class R6	$	—		$	14.89		$	—
Offering Price Per Share (NAV/(1–5.75%)):
Class A	$	11.82		$	15.57		$	12.45
(1) Investment in unaffiliated securities at cost	$	16,936		$	370,473		$	8,930
(2) Investment in affiliated funds at cost	$	14,550		$	—		$	—
(3) Amount is less than $500.

See Notes to Financial Statements

50

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2018

(Reported in thousands except shares and per share amounts)

	Rampart Low Volatility Equity Fund			Rampart Multi-Asset Trend Fund			Rampart Sector Trend Fund
Assets
Investment in securities at value(1)	$	2,343		$	80,846		$	248,508
Cash		—			9			44
Receivables
Investment securities sold		—			—			62,812
Fund shares sold		—			6			68
Receivable from adviser		4			—			—
Dividends and interest receivable		—	(3)		34			176
Prepaid expenses		34			30			19
Prepaid trustee retainer		—	(3)		1			2
Other assets		—	(3)		4			13
Total assets		2,381			80,930			311,642
Liabilities
Written options at value(2)		—	(3)		—			—
Payables
Fund shares repurchased		—			290			672
Investment securities purchased		—			—			61,809
Investment advisory fees		—			69			99
Distribution and service fees		—	(3)		44			104
Administration fees		—	(3)		8			24
Transfer agent and sub-transfer agent fees and expenses		1			28			73
Trustees’ fees and expenses		—			—	(3)		—	(3)
Professional fees		11			9			6
Trustee deferred compensation plan		—	(3)		4			13
Other accrued expenses		—	(3)		9			23
Total liabilities		12			461			62,823
Net Assets	$	2,369		$	80,469		$	248,819
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	2,408		$	97,844		$	255,109
Accumulated undistributed net investment income (loss)		2			(53	)		(60	)
Accumulated undistributed net realized gain (loss)		16			(25,937	)		(43,487	)
Net unrealized appreciation (depreciation) on investments		(58	)		8,615			37,257
Net unrealized appreciation (depreciation) on written options		1			—			—
Net Assets	$	2,369		$	80,469		$	248,819
Net Assets:
Class A	$	457		$	16,192		$	92,754
Class C	$	259		$	46,529		$	93,865
Class I	$	1,653		$	17,748		$	62,200
Shares Outstanding:
Class A		41,742			1,443,718			7,324,316
Class C		24,327			4,283,338			7,535,584
Class I		151,072			1,571,427			4,922,392
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	10.95		$	11.22		$	12.66
Class C	$	10.66		$	10.86		$	12.46
Class I	$	10.94		$	11.29		$	12.64
Offering Price Per Share (NAV/(1–5.75%)):
Class A	$	11.62		$	11.90		$	13.43
(1) Investment in securities at cost	$	2,401		$	72,231		$	211,251
(2) Written options premiums received	$	1		$	—		$	—
(3) Amount is less than $500.

See Notes to Financial Statements

51

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2018

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

	Vontobel Global Opportunities Fund			Vontobel Greater European Opportunities Fund
Assets
Investment in securities at value(1)	$	232,959		$	9,400
Foreign currency at value(2)		12			10
Cash		10			—
Receivables
Investment securities sold		164			238
Fund shares sold		440			—
Receivable from adviser		—			1
Dividends and interest receivable		373			20
Tax reclaims		161			72
Prepaid expenses		45			25
Prepaid trustee retainer		3			—	(3)
Other assets		12			—	(3)
Total assets		234,179			9,766
Liabilities
Payables
Fund shares repurchased		205			—
Foreign capital gain taxes payable		9			—
Investment advisory fees		172			—
Distribution and service fees		52			3
Administration fees		23			1
Transfer agent and sub-transfer agent fees and expenses		57			5
Trustees’ fees and expenses		—	(3)		—	(3)
Professional fees		10			13
Trustee deferred compensation plan		12			—	(3)
Other accrued expenses		18			10
Total liabilities		558			32
Net Assets	$	233,621		$	9,734
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	159,239		$	5,958
Accumulated undistributed net investment income (loss)		(341	)		(78	)
Accumulated undistributed net realized gain (loss)		7,820			979
Net unrealized appreciation (depreciation) on investments		66,903			2,875
Net Assets	$	233,621		$	9,734
Net Assets:
Class A	$	106,773		$	3,909
Class C	$	33,516		$	2,166
Class I	$	93,238		$	3,659
Class R6	$	94		$	—
Shares Outstanding:
Class A		6,609,899			250,801
Class C		2,423,687			142,101
Class I		5,777,949			234,641
Class R6		5,807			—
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	16.15		$	15.59
Class C	$	13.83		$	15.24
Class I	$	16.14		$	15.59
Class R6	$	16.14		$	—
Offering Price Per Share (NAV/(1–5.75%)):
Class A	$	17.14		$	16.54
(1) Investment in securities at cost	$	166,053		$	6,527
(2) Foreign currency at cost	$	12		$	10
(3) Amount is less than $500.

See Notes to Financial Statements

52

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

	Duff & Phelps Global Infrastructure Fund			Duff & Phelps Global Real Estate Securities Fund			Duff & Phelps International Equity Fund
Investment Income
Dividends	$	1,853		$	4,643		$	27
Interest		3			19			1
Foreign taxes withheld		(124	)		(135	)		(2	)
Total investment income		1,732			4,527			26
Expenses
Investment advisory fees		372			828			16
Distribution and service fees, Class A		46			28			1
Distribution and service fees, Class C		118			52			4
Administration fees		54			92			2
Transfer agent fees and expenses		31			46			1
Sub-transfer agent fees and expenses, Class A		15			114			—	(1)
Sub-transfer agent fees and expenses, Class C		11			7			—	(1)
Sub-transfer agent fees and expenses, Class I		20			77			1
Sub-administration fees		7			12			—	(1)
Registration fees		29			53			26
Printing fees and expenses		7			12			1
Custodian fees		6			11			6
Professional fees		12			13			12
Trustees’ fees and expenses		5			9			—	(1)
Miscellaneous expenses		4			8			1
Total expenses before interest expense		737			1,362			71
Interest expense		—			1			—
Total expenses after interest expense		737			1,363			71
Less expenses reimbursed and/or waived by investment adviser		—			(167	)		(43	)
Low balance account fees		—	(1)		—			—
Net expenses		737			1,196			28
Net investment income (loss)		995			3,331			(2	)
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments		320			681			323
Foreign currency transactions		1			(2	)		—	(1)
Net change in unrealized appreciation (depreciation) from:
Investments		(5,253	)		(1,007	)		(219	)
Foreign currency transactions		1			5			—	(1)
Net realized and unrealized gain (loss) on investments		(4,931	)		(323	)		104
Net increase (decrease) in net assets resulting from operations	$	(3,936	)	$	3,008		$	102

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

53

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

	Duff & Phelps International Real Estate Securities Fund			Herzfeld Fund			Horizon International Wealth Masters Fund
Investment Income
Dividends	$	948		$	1,346		$	62
Interest		5			43			—	(1)
Foreign taxes withheld		(42	)		—			(5	)
Total investment income		911			1,389			57
Expenses
Investment advisory fees		130			330			29
Distribution and service fees, Class A		3			11			—	(1)
Distribution and service fees, Class C		5			96			1
Administration fees		12			30			3
Transfer agent fees and expenses		8			16			2
Sub-transfer agent fees and expenses, Class A		1			3			—	(1)
Sub-transfer agent fees and expenses, Class C		1			8			—	(1)
Sub-transfer agent fees and expenses, Class I		10			10			—
Sub-administration fees		1			5			—	(1)
Registration fees		27			26			25
Printing fees and expenses		3			6			1
Custodian fees		18			2			11
Professional fees		11			8			15
Trustees’ fees and expenses		1			3			—	(1)
Miscellaneous expenses		2			3			1
Total expenses		233			557			88
Less expenses reimbursed and/or waived by investment adviser		(63	)		(4	)		(49	)
Low balance account fees		—			—			—	(1)
Net expenses		170			553			39
Net investment income (loss)		741			836			18
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments		586			2,416			65
Foreign currency transactions		(1	)		—			—	(1)
Capital gain distributions from underlying funds		—			774			—
Net change in unrealized appreciation (depreciation) from:
Investments		693			(3,048	)		171
Foreign currency transactions		1			—			—	(1)
Net realized and unrealized gain (loss) on investments		1,279			142			236
Net increase (decrease) in net assets resulting from operations	$	2,020		$	978		$	254

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

54

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

	Horizon Wealth Masters Fund			KAR Emerging Markets Small-Cap Fund			KAR International Small-Cap Fund
Investment Income
Dividends	$	517		$	131		$	2,414
Interest		1			8			203
Foreign taxes withheld		(1	)		(15	)		(228	)
Total investment income		517			124			2,389
Expenses
Investment advisory fees		306			87			1,685
Distribution and service fees, Class A		25			2			30
Distribution and service fees, Class C		107			2			93
Administration fees		33			6			164
Transfer agent fees and expenses		18			4			74
Sub-transfer agent fees and expenses, Class A		9			1			12
Sub-transfer agent fees and expenses, Class C		11			—	(1)		6
Sub-transfer agent fees and expenses, Class I		14			3			101
Sub-administration fees		5			1			22
Registration fees		26			25			42
Printing fees and expenses		4			1			14
Custodian fees		1			5			22
Professional fees		10			15			15
Trustees’ fees and expenses		3			—	(1)		10
Miscellaneous expenses		4			2			4
Total expenses		576			154			2,294
Less expenses reimbursed and/or waived by investment adviser		(47	)		(35	)		—
Plus expenses recaptured		—			—			74
Low balance account fees		—	(1)		—			—
Net expenses		529			119			2,368
Net investment income (loss)		(12	)		5			21
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments		3,166			353			3,934
Foreign currency transactions		—			(5	)		(145	)
Net change in unrealized appreciation (depreciation) from:
Investments		(72	)		1,524			25,100
Foreign currency transactions		—			—	(1)		22
Net realized and unrealized gain (loss) on investments		3,094			1,872			28,911
Net increase (decrease) in net assets resulting from operations	$	3,082		$	1,877		$	28,932

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

55

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

	Rampart Alternatives Diversifier Fund			Rampart Equity Trend Fund			Rampart Global Equity Trend Fund
Investment Income
Dividends	$	149		$	4,435		$	159
Dividends from affiliated funds		366			—			—
Interest		2			14			—	(1)
Total investment income		517			4,449			159
Expenses
Investment advisory fees		—			2,589			68
Distribution and service fees, Class A		14			165			7
Distribution and service fees, Class C		64			1,261			31
Administration fees		20			244			6
Transfer agent fees and expenses		12			146			5
Sub-transfer agent fees and expenses, Class A		6			62			2
Sub-transfer agent fees and expenses, Class C		9			118			3
Sub-transfer agent fees and expenses, Class I		11			66			1
Sub-administration fees		3			34			1
Registration fees		27			34			24
Printing fees and expenses		5			44			2
Custodian fees		1			5			1
Professional fees		7			25			11
Trustees’ fees and expenses		2			23			—	(1)
Miscellaneous expenses		2			23			1
Total expenses		183			4,839			163
Less expenses reimbursed and/or waived by investment adviser		—			—	(1)		(25	)
Low balance account fees		—	(1)		—	(1)		—
Net expenses		183			4,839			138
Net investment income (loss)		334			(390	)		21
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Affiliated Investments		397			—			—
Unaffiliated Investments		217			33,592			1,082
Capital gain distributions from underlying funds		484			—			—
Net change in unrealized appreciation (depreciation) from:
Affiliated Investments		(1,076	)		—			—
Unaffiliated Investments		428			7,705			(233	)
Net realized and unrealized gain (loss) on investments		450			41,297			849
Net increase (decrease) in net assets resulting from operations	$	784		$	40,907		$	870

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

56

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

	Rampart Low Volatility Equity Fund			Rampart Multi-Asset Trend Fund			Rampart Sector Trend Fund
Investment Income
Dividends	$	23		$	949		$	2,369
Interest		(1	)		4			10
Total investment income		22			953			2,379
Expenses
Investment advisory fees		12			423			607
Distribution and service fees, Class A		1			21			124
Distribution and service fees, Class C		1			249			512
Administration fees		1			40			127
Transfer agent fees and expenses		1			26			80
Sub-transfer agent fees and expenses, Class A		—	(1)		8			27
Sub-transfer agent fees and expenses, Class C		—	(1)		21			40
Sub-transfer agent fees and expenses, Class I		—	(1)		9			27
Sub-administration fees		—	(1)		5			18
Registration fees		26			25			28
Printing fees and expenses		1			8			24
Custodian fees		1			1			3
Professional fees		7			12			18
Trustees’ fees and expenses		—	(1)		3			12
Miscellaneous expenses		1			4			10
Total expenses		52			855			1,657
Less expenses reimbursed and/or waived by investment adviser		(33	)		—			—
Low balance account fees		—	(1)		—	(1)		(1	)
Net expenses		19			855			1,656
Net investment income (loss)		3			98			723
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments		95			2,709			20,749
Written options		(79	)		—			—
Net change in unrealized appreciation (depreciation) from:
Investments		(61	)		43			(8,329	)
Written options		2			—			—
Net realized and unrealized gain (loss) on investments		(43	)		2,752			12,420
Net increase (decrease) in net assets resulting from operations	$	(40	)	$	2,850		$	13,143

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

57

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

	Vontobel Global Opportunities Fund			Vontobel Greater European Opportunities Fund
Investment Income
Dividends	$	1,450		$	93
Interest		—	(1)		—	(1)
Foreign taxes withheld		(39	)		(8	)
Total investment income		1,411			85
Expenses
Investment advisory fees		993			52
Distribution and service fees, Class A		143			5
Distribution and service fees, Class C		163			11
Administration fees		111			5
Transfer agent fees and expenses		79			4
Sub-transfer agent fees and expenses, Class A		33			3
Sub-transfer agent fees and expenses, Class C		13			1
Sub-transfer agent fees and expenses, Class I		26			5
Sub-administration fees		15			1
Registration fees		35			27
Printing fees and expenses		13			1
Custodian fees		11			8
Professional fees		13			11
Trustees’ fees and expenses		9			1
Miscellaneous expenses		7			2
Total expenses		1,664			137
Less expenses reimbursed and/or waived by investment adviser		—			(47	)
Low balance account fees		(3	)		—
Net expenses		1,661			90
Net investment income (loss)		(250	)		(5	)
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments		9,129			1,593
Foreign currency transactions		(14	)		1
Net change in unrealized appreciation (depreciation) from:
Investments		2,417			(1,560	)
Foreign currency transactions		1			1
Foreign taxes on unrealized capital gains		(9	)		—
Net realized and unrealized gain (loss) on investments		11,524			35
Net increase (decrease) in net assets resulting from operations	$	11,274		$	30

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

58

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

($ reported in thousands)

	Duff & Phelps Global Infrastructure Fund						Duff & Phelps Global Real Estate Securities Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	995		$	2,240		$	3,331		$	3,322
Net realized gain (loss)		321			391			679			406
Net change in unrealized appreciation (depreciation)		(5,252	)		8,609			(1,002	)		(126	)
Increase (decrease) in net assets resulting from operations		(3,936	)		11,240			3,008			3,602
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(373	)		(788	)		(322	)		(1,218	)
Class C		(145	)		(315	)		(153	)		(207	)
Class I		(553	)		(1,075	)		(3,032	)		(4,025	)
Class R6		(52	)		—			(157	)		(3	)
Net Realized Gains:
Class A		(372	)		(1,310	)		(44	)		(139	)
Class C		(235	)		(742	)		(21	)		(32	)
Class I		(541	)		(1,001	)		(291	)		(311	)
Class R6		—			—			(15	)		—	(1)
Dividends and distributions to shareholders		(2,271	)		(5,231	)		(4,035	)		(5,935	)
Change in Net Assets From Capital Transactions (See Note 6)
Class A		(1,300	)		(15,417	)		(3,834	)		(40,947	)
Class C		(2,810	)		(5,698	)		(839	)		(2,559	)
Class I		(16,885	)		12,192			(9,089	)		39,016
Class R6		10,814			—			(318	)		7,640
Increase (decrease) in net assets from share transactions		(10,181	)		(8,923	)		(14,080	)		3,150
Net increase (decrease) in net assets		(16,388	)		(2,914	)		(15,107	)		817
Net Assets
Beginning of period		118,906			121,820			196,892			196,075
End of period	$	102,518		$	118,906		$	181,785		$	196,892
Accumulated undistributed net investment income (loss) at end of period	$	(125	)	$	3		$	(945	)	$	(612	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

59

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

($ reported in thousands)

	Duff & Phelps International Equity Fund						Duff & Phelps International Real Estate Securities Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	(2	)	$	46		$	741		$	629
Net realized gain (loss)		323			414			585			2,477
Net change in unrealized appreciation (depreciation)		(219	)		(90	)		694			(3,092	)
Increase (decrease) in net assets resulting from operations		102			370			2,020			14
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(18	)		(10	)		(41	)		(519	)
Class C		(9	)		—			(9	)		(96	)
Class I		(49	)		(29	)		(500	)		(1,479	)
Dividends and distributions to shareholders		(76	)		(39	)		(550	)		(2,094	)
Change in Net Assets From Capital Transactions (See Note 6)
Class A		(93	)		(584	)		(290	)		(5,430	)
Class C		(95	)		(279	)		—	(1)		(893	)
Class I		(203	)		(593	)		256			(1,595	)
Increase (decrease) in net assets from share transactions		(391	)		(1,456	)		(34	)		(7,918	)
Net increase (decrease) in net assets		(365	)		(1,125	)		1,436			(9,998	)
Net Assets
Beginning of period		3,894			5,019			25,036			35,034
End of period	$	3,529		$	3,894		$	26,472		$	25,036
Accumulated undistributed net investment income (loss) at end of period	$	(76	)	$	2		$	(1,162	)	$	(1,353	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

60

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

($ reported in thousands)

	Herzfeld Fund						Horizon International Wealth Masters Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	836		$	1,338		$	18		$	75
Net realized gain (loss)		3,190			1,587			65			60
Net change in unrealized appreciation (depreciation)		(3,048	)		5,377			171			776
Increase (decrease) in net assets resulting from operations		978			8,302			254			911
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(94	)		(280	)		(3	)		(3	)
Class C		(120	)		(448	)		(1	)		(1	)
Class I		(430	)		(1,121	)		(89	)		(75	)
Net Realized Gains:
Class A		(55	)		—			—	(1)		—
Class C		(101	)		—			—	(1)		—
Class I		(199	)		—			(6	)		—
Dividends and distributions to shareholders		(999	)		(1,849	)		(99	)		(79	)
Change in Net Assets From Capital Transactions (See Note 6)
Class A		(1,331	)		(3,880	)		(66	)		(41	)
Class C		(46	)		1,632			(12	)		6
Class I		1,490			12,594			94			75
Increase (decrease) in net assets from share transactions		113			10,346			16			40
Net increase (decrease) in net assets		92			16,799			171			872
Net Assets
Beginning of period		63,938			47,139			6,308			5,436
End of period	$	64,030		$	63,938		$	6,479		$	6,308
Accumulated undistributed net investment income (loss) at end of period	$	200		$	8		$	(21	)	$	54

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

61

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

($ reported in thousands)

	Horizon Wealth Masters Fund						KAR Emerging Markets Small-Cap Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	(12	)	$	94		$	5		$	110
Net realized gain (loss)		3,166			5,270			348			143
Net change in unrealized appreciation (depreciation)		(72	)		6,681			1,524			908
Increase (decrease) in net assets resulting from operations		3,082			12,045			1,877			1,161
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		—			(191	)		(7	)		(10	)
Class C		—			—			—			(2	)
Class I		—			(192	)		(102	)		(93	)
Net Realized Gains:
Class A		(170	)		(23	)		—			—
Class C		(182	)		—			—			—
Class I		(247	)		(23	)		—			—
Dividends and distributions to shareholders		(599	)		(429	)		(109	)		(105	)
Change in Net Assets From Capital Transactions (See Note 6)
Class A		(1,920	)		(16,754	)		(229	)		1,173
Class C		(1,477	)		(6,811	)		41			167
Class I		(1,973	)		6,393			6,469			3,322
Increase (decrease) in net assets from share transactions		(5,370	)		(17,172	)		6,281			4,662
Net increase (decrease) in net assets		(2,887	)		(5,556	)		8,049			5,718
Net Assets
Beginning of period		72,598			78,154			10,637			4,919
End of period	$	69,711		$	72,598		$	18,686		$	10,637
Accumulated undistributed net investment income (loss) at end of period	$	(15	)	$	(3	)	$	(9	)	$	95

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

62

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

($ reported in thousands)

	KAR International Small-Cap Fund						Rampart Alternatives Diversifier Fund
	Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	21		$	1,642		$	334		$	732
Net realized gain (loss)		3,789			4,518			1,098			1,690
Net change in unrealized appreciation (depreciation)		25,122			24,065			(648	)		(1,023	)
Increase (decrease) in net assets resulting from operations		28,932			30,225			784			1,399
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(117	)		(76	)		(109	)		(265	)
Class C		(42	)		(29	)		(71	)		(59	)
Class I		(1,302	)		(1,315	)		(214	)		(486	)
Class R6		(337	)		(107	)		—			—
Net Realized Gains:
Class A		(220	)		—			—			—
Class C		(166	)		—			—			—
Class I		(2,057	)		—			—			—
Class R6		(502	)		—			—			—
Dividends and distributions to shareholders		(4,743	)		(1,527	)		(394	)		(810	)
Change in Net Assets From Capital Transactions (See Note 6)
Class A		11,030			14,841			(31	)		(8,106	)
Class C		9,912			10,909			(1,764	)		(6,514	)
Class I		143,900			114,178			(2,869	)		(146	)
Class R6		11,008			32,466			—			—
Increase (decrease) in net assets from share transactions		175,850			172,394			(4,664	)		(14,766	)
Net increase (decrease) in net assets		200,039			201,092			(4,274	)		(14,177	)
Net Assets
Beginning of period		245,078			43,986			44,382			58,559
End of period	$	445,117		$	245,078		$	40,108		$	44,382
Accumulated undistributed net investment income (loss) at end of period	$	(818	)	$	959		$	131		$	190

See Notes to Financial Statements

63

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

($ reported in thousands)

	Rampart Equity Trend Fund						Rampart Global Equity Trend Fund
	Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	(390	)	$	(253	)	$	21		$	(10	)
Net realized gain (loss)		33,592			54,229			1,082			1,473
Net change in unrealized appreciation (depreciation)		7,705			10,493			(233	)		118
Increase (decrease) in net assets resulting from operations		40,907			64,469			870			1,581
Change in Net Assets From Capital Transactions (See Note 6)
Class A		(22,497	)		(128,152	)		(1,987	)		(3,530	)
Class C		(43,087	)		(195,885	)		(1,544	)		(5,514	)
Class I		(41,130	)		(152,621	)		(288	)		(2,348	)
Class R6		353			—			—			—
Increase (decrease) in net assets from share transactions		(106,361	)		(476,658	)		(3,819	)		(11,392	)
Net increase (decrease) in net assets		(65,454	)		(412,189	)		(2,949	)		(9,811	)
Net Assets
Beginning of period		539,595			951,784			14,119			23,930
End of period	$	474,141		$	539,595		$	11,170		$	14,119
Accumulated undistributed net investment income (loss) at end of period	$	(1,066	)	$	(676	)	$	(37	)	$	(58	)

See Notes to Financial Statements

64

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

($ reported in thousands)

	Rampart Low Volatility Equity Fund						Rampart Multi-Asset Trend Fund
	Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	3		$	24		$	98		$	137
Net realized gain (loss)		16			783			2,709			6,518
Net change in unrealized appreciation (depreciation)		(59	)		(616	)		43			(2,842	)
Increase (decrease) in net assets resulting from operations		(40	)		191			2,850			3,813
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(5	)		(1	)		—			—
Class C		(2	)		—			—			—
Class I		(18	)		(16	)		—			—
Net Realized Gains:
Class A		(45	)		—			—			—
Class C		(28	)		—			—			—
Class I		(157	)		—			—			—
Dividends and distributions to shareholders		(255	)		(17	)		—			—
Change in Net Assets From Capital Transactions (See Note 6)
Class A		12			(1,185	)		(2,557	)		(12,574	)
Class C		45			(259	)		(6,168	)		(31,888	)
Class I		174			(27	)		(364	)		(11,925	)
Increase (decrease) in net assets from share transactions		231			(1,471	)		(9,089	)		(56,387	)
Net increase (decrease) in net assets		(64	)		(1,297	)		(6,239	)		(52,574	)
Net Assets
Beginning of period		2,433			3,730			86,708			139,282
End of period	$	2,369		$	2,433		$	80,469		$	86,708
Accumulated undistributed net investment income (loss) at end of period	$	2		$	24		$	(53	)	$	(151	)

See Notes to Financial Statements

65

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

($ reported in thousands)

	Rampart Sector Trend Fund						Vontobel Global Opportunities Fund
	Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	723		$	2,444		$	(250	)	$	211
Net realized gain (loss)		20,749			1,328			9,115			11,765
Net change in unrealized appreciation (depreciation)		(8,329	)		22,855			2,409			22,951
Increase (decrease) in net assets resulting from operations		13,143			26,627			11,274			34,927
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(902	)		(1,573	)		(7	)		(350	)
Class C		(24	)		(716	)		—			—
Class I		(790	)		(1,366	)		(256	)		(243	)
Net Realized Gains:
Class A		—			—			(6,240	)		(583	)
Class B		—			—			—			(1	)
Class C		—			—			(2,000	)		(147	)
Class I		—			—			(4,454	)		(265	)
Dividends and distributions to shareholders		(1,716	)		(3,655	)		(12,957	)		(1,589	)
Change in Net Assets From Capital Transactions (See Note 6)
Class A		(10,565	)		(40,023	)		(6,409	)		(11,025	)
Class B		—			—			—			(266	)
Class C		(16,466	)		(70,833	)		4,046			2,706
Class I		(12,688	)		(36,564	)		18,129			17,234
Class R6		—			—			100			—
Increase (decrease) in net assets from share transactions		(39,719	)		(147,420	)		15,866			8,649
Net increase (decrease) in net assets		(28,292	)		(124,448	)		14,183			41,987
Net Assets
Beginning of period		277,111			401,559			219,438			177,451
End of period	$	248,819		$	277,111		$	233,621		$	219,438
Accumulated undistributed net investment income (loss) at end of period	$	(60	)	$	933		$	(341	)	$	172

See Notes to Financial Statements

66

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

($ reported in thousands)

	Vontobel Greater European Opportunities Fund
	Six Months Ended March 31, 2018 (unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	(5	)	$	136
Net realized gain (loss)		1,594			1,426
Net change in unrealized appreciation (depreciation)		(1,559	)		493
Increase (decrease) in net assets resulting from operations		30			2,055
Dividends and Distributions to Shareholders:
Net Investment income
Class A		(58	)		(110	)
Class C		(17	)		(28	)
Class I		(84	)		(196	)
Net Realized Gains:
Class A		(421	)		—
Class C		(220	)		—
Class I		(503	)		—
Dividends and distributions to shareholders		(1,303	)		(334	)
Change in Net Assets From Capital Transactions (See Note 6)
Class A		197			(7,127	)
Class C		221			(284	)
Class I		(5,665	)		(605	)
Increase (decrease) in net assets from share transactions		(5,247	)		(8,016	)
Net increase (decrease) in net assets		(6,520	)		(6,295	)
Net Assets
Beginning of period		16,254			22,549
End of period	$	9,734		$	16,254
Accumulated undistributed net investment income (loss) at end of period	$	(78	)	$	86

See Notes to Financial Statements

67

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Duff & Phelps Global
Infrastructure Fund
Class A
10/1/17 to 3/31/18(15)		$	15.00		0.13		(0.64	)		(0.51	)		(0.15	)		(0.15	)		(0.30	)		(0.81	)		$	14.19		(3.49	)%		$	34,085		1.26	%		1.26	%		1.77	%		21	%
10/1/16 to 9/30/17			14.22		0.29		1.15			1.44			(0.28	)		(0.38	)		(0.66	)		0.78				15.00		10.70	(13)			37,401		1.29	(13)		1.30			2.04	(13)		56
10/1/15 to 9/30/16			13.62		0.29		1.54			1.83			(0.33	)		(0.90	)		(1.23	)		0.60				14.22		14.79				51,148		1.34	(12)		1.34			2.16			17
10/1/14 to 9/30/15			15.38		0.36		(1.60	)		(1.24	)		(0.39	)		(0.13	)		(0.52	)		(1.76	)			13.62		(8.27	)			60,744		1.22			1.22			2.38			27
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
Class C
10/1/17 to 3/31/18(15)		$	14.94		0.07		(0.63	)		(0.56	)		(0.09	)		(0.15	)		(0.24	)		(0.80	)		$	14.14		(3.82	)%		$	21,094		2.01	%		2.01	%		1.01	%		21	%
10/1/16 to 9/30/17			14.17		0.18		1.14			1.32			(0.17	)		(0.38	)		(0.55	)		0.77				14.94		9.84	(13)			25,144		2.04	(13)		2.05			1.30	(13)		56
10/1/15 to 9/30/16			13.57		0.19		1.53			1.72			(0.22	)		(0.90	)		(1.12	)		0.60				14.17		13.94				29,616		2.08	(12)		2.08			1.42			17
10/1/14 to 9/30/15			15.33		0.25		(1.59	)		(1.34	)		(0.29	)		(0.13	)		(0.42	)		(1.76	)			13.57		(8.94	)			41,039		1.97			1.97			1.66			27
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
Class I
10/1/17 to 3/31/18(15)		$	15.00		0.15		(0.63	)		(0.48	)		(0.17	)		(0.15	)		(0.32	)		(0.80	)		$	14.20		(3.30	)%		$	37,010		0.99	%		0.99	%		2.01	%		21	%
10/1/16 to 9/30/17			14.23		0.33		1.14			1.47			(0.32	)		(0.38	)		(0.70	)		0.77				15.00		10.92	(13)			56,361		1.04	(13)		1.04			2.29	(13)		56
10/1/15 to 9/30/16			13.63		0.32		1.54			1.86			(0.36	)		(0.90	)		(1.26	)		0.60				14.23		15.07				41,056		1.08	(12)		1.08			2.37			17
10/1/14 to 9/30/15			15.38		0.39		(1.58	)		(1.19	)		(0.43	)		(0.13	)		(0.56	)		(1.75	)			13.63		(7.98	)			50,522		0.97			0.97			2.61			27
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
Class R6
1/30/18(6) to 3/31/18(15)		$	15.06		0.06		(0.86	)		(0.80	)		(0.07	)		—			(0.07	)		(0.87	)		$	14.19		(4.54	)%		$	10,329		0.94	%		0.94	%		2.56	%		21	%(14)
Duff & Phelps Global Real
Estate Securities Fund
Class A
10/1/17 to 3/31/18(15)		$	28.64		0.48		(0.04	)		0.44			(0.40	)		(0.06	)		(0.46	)		(0.02	)		$	28.62		1.49	%		$	19,823		1.40	%		2.39	%		3.34	%		24	%
10/1/16 to 9/30/17			28.97		0.39		0.07			0.46			(0.72	)		(0.07	)		(0.79	)		(0.33	)			28.64		1.82				23,626		1.40			1.68			1.41			36
10/1/15 to 9/30/16			26.19		0.40		3.12			3.52			(0.33	)		(0.41	)		(0.74	)		2.78				28.97		13.75				68,087		1.41	(12)		1.54			1.45			22
10/1/14 to 9/30/15			25.18		0.66		1.08			1.74			(0.64	)		(0.09	)		(0.73	)		1.01				26.19		6.83				36,315		1.40			1.50			2.45			27
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
Class C
10/1/17 to 3/31/18(15)		$	28.12		0.36		(0.03	)		0.33			(0.42	)		(0.06	)		(0.48	)		(0.15	)		$	27.97		1.11	%		$	9,890		2.15	%		2.25	%		2.54	%		24	%
10/1/16 to 9/30/17			28.41		0.23		0.02			0.25			(0.47	)		(0.07	)		(0.54	)		(0.29	)			28.12		1.06				10,771		2.15			2.31			0.86			36
10/1/15 to 9/30/16			25.71		0.20		3.06			3.26			(0.15	)		(0.41	)		(0.56	)		2.70				28.41		12.89				13,560		2.16	(12)		2.29			0.73			22
10/1/14 to 9/30/15			24.77		0.45		1.07			1.52			(0.49	)		(0.09	)		(0.58	)		0.94				25.71		6.07				8,421		2.15			2.26			1.68			27
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

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

See Notes to Financial Statements

68

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Duff & Phelps Global Real Estate Securities Fund
(Continued)
Class I
10/1/17 to 3/31/18(15)		$	28.77		0.50			(0.03	)		0.47			(0.57	)		(0.06	)		(0.63	)		(0.16	)		$	28.61		1.62	%		$	144,618		1.15	%		1.21	%		3.48	%		24	%
10/1/16 to 9/30/17			29.19		0.54			(0.02	)		0.52			(0.87	)		(0.07	)		(0.94	)		(0.42	)			28.77		2.02				154,704		1.15			1.31			1.93			36
10/1/15 to 9/30/16			26.37		0.51			3.11			3.62			(0.39	)		(0.41	)		(0.80	)		2.82				29.19		14.06				114,428		1.16	(12)		1.29			1.79			22
10/1/14 to 9/30/15			25.33		0.73			1.10			1.83			(0.70	)		(0.09	)		(0.79	)		1.04				26.37		7.11				32,659		1.15			1.25			2.69			27
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
Class R6
10/1/17 to 3/31/18(15)		$	28.79		0.53			(0.03	)		0.50			(0.60	)		(0.06	)		(0.66	)		(0.16	)		$	28.63		1.68	%		$	7,454		1.04	%(7)		1.11	%		3.70	%		24	%
11/3/16(6) to 9/30/17			26.78		0.50			2.47			2.97			(0.89	)		(0.07	)		(0.96	)		2.01				28.79		11.39				7,791		1.04			1.12			1.92			36	(14)
Duff & Phelps
International Equity Fund
Class A
10/1/17 to 3/31/18(15)		$	11.13		—			0.30			0.30			(0.23	)		—			(0.23	)		0.07			$	11.20		2.61	%		$	793		1.39	%(7)		3.67	%		(0.04	)%		27	%
10/1/16 to 9/30/17			10.22		0.10			0.90			1.00			(0.09	)		—			(0.09	)		0.91				11.13		9.87				882		1.48			3.33			0.93			98
10/1/15 to 9/30/16			9.80		0.03			0.42			0.45			(0.03	)		—			(0.03	)		0.42				10.22		4.64				1,402		1.51	(12)		3.05			0.28			70
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
Class C
10/1/17 to 3/31/18(15)		$	10.87		(0.04	)		0.29			0.25			(0.14	)		—			(0.14	)		0.11			$	10.98		2.36	%		$	653		2.14	%(7)		4.40	%		(0.81	)%		27	%
10/1/16 to 9/30/17			9.97		0.03			0.87			0.90			—			—			—			0.90				10.87		9.03				739		2.23			4.06			0.25			98
10/1/15 to 9/30/16			9.60		(0.05	)		0.42			0.37			—			—			—			0.37				9.97		3.85				967		2.26	(12)		3.76			(0.52	)		70
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
Class I
10/1/17 to 3/31/18(15)		$	11.09		0.01			0.30			0.31			(0.26	)		—			(0.26	)		0.05			$	11.14		2.81	%		$	2,083		1.15	%(7)		3.38	%		0.19	%		27	%
10/1/16 to 9/30/17			10.19		0.14			0.88			1.02			(0.12	)		—			(0.12	)		0.90				11.09		10.16				2,273		1.23			3.07			1.38			98
10/1/15 to 9/30/16			9.78		0.05			0.43			0.48			(0.07	)		—			(0.07	)		0.41				10.19		4.89				2,650		1.26	(12)		2.76			0.50			70
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

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

See Notes to Financial Statements

69

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Capital Gains Distributions Received from Underlying Funds(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Duff & Phelps International
Real Estate Securities
Fund
Class A
10/1/17 to 3/31/18(15)		$	6.93		0.20		—		0.35			0.55			(0.12	)		—			(0.12	)		0.43			$	7.36		7.99	%		$	2,365		1.50	%		2.06	%		5.55	%		17	%
10/1/16 to 9/30/17			7.25		0.13		—		(0.01	)		0.12			(0.44	)		—			(0.44	)		(0.32	)			6.93		2.53				2,506		1.50			1.99			1.94			24
10/1/15 to 9/30/16			6.63		0.11		—		0.58			0.69			(0.07	)		—			(0.07	)		0.62				7.25		10.47				8,680		1.51	(12)		1.91			1.60			26
10/1/14 to 9/30/15			7.03		0.28		—		(0.21	)		0.07			(0.47	)		—			(0.47	)		(0.40	)			6.63		0.94				12,415		1.50			1.78			4.09			27
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
Class C
10/1/17 to 3/31/18(15)		$	6.89		0.18		—		0.35			0.53			(0.06	)		—			(0.06	)		0.47			$	7.36		7.67	%		$	1,030		2.25	%		2.76	%		4.88	%		17	%
10/1/16 to 9/30/17			7.21		0.09		—		(0.02	)		0.07			(0.39	)		—			(0.39	)		(0.32	)			6.89		1.72				957		2.25			2.73			1.32			24
10/1/15 to 9/30/16			6.59		0.07		—		0.57			0.64			(0.02	)		—			(0.02	)		0.62				7.21		9.69				2,006		2.26	(12)		2.68			0.97			26
10/1/14 to 9/30/15			6.97		0.23		—		(0.20	)		0.03			(0.41	)		—			(0.41	)		(0.38	)			6.59		0.29				2,226		2.25			2.52			3.36			27
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
Class I
10/1/17 to 3/31/18(15)		$	6.94		0.21		—		0.35			0.56			(0.16	)		—			(0.16	)		0.40			$	7.34		8.14	%		$	23,077		1.25	%		1.73	%		5.75	%		17	%
10/1/16 to 9/30/17			7.26		0.16		—		(0.03	)		0.13			(0.45	)		—			(0.45	)		(0.32	)			6.94		2.79				21,573		1.25			1.72			2.45			24
10/1/15 to 9/30/16			6.64		0.14		—		0.56			0.70			(0.08	)		—			(0.08	)		0.62				7.26		10.72				24,348		1.26	(12)		1.68			1.98			26
10/1/14 to 9/30/15			7.03		0.30		—		(0.20	)		0.10			(0.49	)		—			(0.49	)		(0.39	)			6.64		1.31				24,999		1.25			1.52			4.36			27
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
Herzfeld Fund
Class A
10/1/17 to 3/31/18(15)		$	12.15		0.18		0.15		(0.15	)		0.18			(0.12	)		(0.07	)		(0.19	)		(0.01	)		$	12.14		1.44	%		$	6,906		1.60	%		1.63	%		2.90	%		23	%
10/1/16 to 9/30/17			10.92		0.27		0.22		1.10			1.59			(0.36	)		—			(0.36	)		1.23				12.15		14.78				8,146		1.59			1.67			2.39			44
10/1/15 to 9/30/16			9.91		0.34		—		1.20			1.54			(0.43	)		(0.10	)		(0.53	)		1.01				10.92		16.04				11,060		1.61	(12)		1.74			3.33			53
10/1/14 to 9/30/15			11.37		0.35		—		(1.12	)		(0.77	)		(0.37	)		(0.32	)		(0.69	)		(1.46	)			9.91		(7.17	)			8,324		1.60			1.73			3.20			57
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
Class C
10/1/17 to 3/31/18(15)		$	12.10		0.11		0.14		(0.12	)		0.13			(0.08	)		(0.07	)		(0.15	)		(0.02	)		$	12.08		1.00	%		$	19,078		2.35	%		2.38	%		1.81	%		23	%
10/1/16 to 9/30/17			10.88		0.18		0.19		1.13			1.50			(0.28	)		—			(0.28	)		1.22				12.10		13.94				19,147		2.34			2.42			1.58			44
10/1/15 to 9/30/16			9.87		0.27		—		1.19			1.46			(0.35	)		(0.10	)		(0.45	)		1.01				10.88		15.22				15,568		2.36	(12)		2.49			2.61			53
10/1/14 to 9/30/15			11.34		0.26		—		(1.11	)		(0.85	)		(0.30	)		(0.32	)		(0.62	)		(1.47	)			9.87		(7.94	)			14,761		2.35			2.48			2.39			57
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

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

See Notes to Financial Statements

70

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Capital Gains Distributions Received from Underlying Funds(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Tax Return of Capital		Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Herzfeld Fund (Continued)
Class I
10/1/17 to 3/31/18(15)		$	12.17		0.17			0.15		(0.13	)		0.19			(0.14	)		(0.07	)		—		(0.21	)		(0.02	)		$	12.15		1.51	%		$	38,046		1.35	%		1.35	%		2.81	%		23	%
10/1/16 to 9/30/17			10.94		0.30			0.18		1.14			1.62			(0.39	)		—			—		(0.39	)		1.23				12.17		15.07				36,645		1.35			1.41			2.64			44
10/1/15 to 9/30/16			9.92		0.37			—		1.21			1.58			(0.46	)		(0.10	)		—		(0.56	)		1.02				10.94		16.40				20,511		1.36	(12)		1.49			3.59			53
10/1/14 to 9/30/15			11.39		0.37			—		(1.12	)		(0.75	)		(0.40	)		(0.32	)		—		(0.72	)		(1.47	)			9.92		(7.01	)			15,148		1.35			1.47			3.39			57
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
Horizon International
Wealth Masters Fund
Class A
10/1/17 to 3/31/18(15)		$	11.73		0.01			—		0.45			0.46			(0.14	)		(0.01	)		—		(0.15	)		0.31			$	12.04		3.91	%		$	163		1.43	%(7)		3.00	%		0.20	%		6	%
10/1/16 to 9/30/17			10.21		0.11			—		1.55			1.66			(0.14	)		—			—		(0.14	)		1.52				11.73		16.51				223		1.55			3.31			1.04			27
10/1/15 to 9/30/16			9.52		0.08			—		0.88			0.96			(0.12	)		(0.15	)		—		(0.27	)		0.69				10.21		10.29				232		1.56	(12)		3.28			0.81			34
11/17/14(6) to 9/30/15			10.00		0.08			—		(0.56	)		(0.48	)		—			—			—		—			(0.48	)			9.52		(4.80	)			126		1.55			3.84			0.91			32	(14)
Class C
10/1/17 to 3/31/18(15)		$	11.66		(0.03	)		—		0.43			0.40			(0.04	)		(0.01	)		—		(0.05	)		0.35			$	12.01		3.47	%		$	132		2.19	%(7)		3.73	%		(0.47	)%		6	%
10/1/16 to 9/30/17			10.13		0.04			—		1.54			1.58			(0.05	)		—			—		(0.05	)		1.53				11.66		15.70				140		2.30			4.01			0.38			27
10/1/15 to 9/30/16			9.46		—	(5)		—		0.87			0.87			(0.05	)		(0.15	)		—		(0.20	)		0.67				10.13		9.39				115		2.31	(12)		4.27			0.00			34
11/17/14(6) to 9/30/15			10.00		0.01			—		(0.55	)		(0.54	)		—			—			—		—			(0.54	)			9.46		(5.40	)			114		2.30			4.59			0.14			32	(14)
Class I
10/1/17 to 3/31/18(15)		$	11.77		0.03			—		0.44			0.47			(0.18	)		(0.01	)		—		(0.19	)		0.28			$	12.05		4.00	%		$	6,184		1.18	%(7)		2.68	%		0.56	%		6	%
10/1/16 to 9/30/17			10.24		0.14			—		1.54			1.68			(0.15	)		—			—		(0.15	)		1.53				11.77		16.77				5,945		1.30			3.01			1.36			27
10/1/15 to 9/30/16			9.54		0.10			—		0.89			0.99			(0.14	)		(0.15	)		—		(0.29	)		0.70				10.24		10.62				5,089		1.31	(12)		3.25			1.01			34
11/17/14(6) to 9/30/15			10.00		0.11			—		(0.57	)		(0.46	)		—			—			—		—			(0.46	)			9.54		(4.60	)			4,602		1.30			3.56			1.19			32	(14)
Horizon Wealth
Masters Fund
Class A
10/1/17 to 3/31/18(17)		$	17.07		0.01			—		0.74			0.75			—			(0.15	)		—		(0.15	)		0.60			$	17.67		4.36	%		$	19,434		1.35	%(7)		1.48	%		0.08	%		14	%
10/1/16 to 9/30/17			14.60		0.05			—		2.52			2.57			(0.10	)		—			—		(0.10	)		2.47				17.07		17.67				20,639		1.45			1.52			0.32			30
10/1/15 to 9/30/16			13.25		0.07			—		1.55			1.62			(0.03	)		(0.24	)		—		(0.27	)		1.35				14.60		12.44				33,204		1.46	(12)		1.54			0.53			30
10/1/14 to 9/30/15			14.50		0.05			—		(0.98	)		(0.93	)		(0.05	)		(0.27	)		—		(0.32	)		(1.25	)			13.25		(6.74	)			54,109		1.45			1.46			0.36			51
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
Class C
10/1/17 to 3/31/18(17)		$	16.65		(0.06	)		—		0.73			0.67			—			(0.15	)		—		(0.15	)		0.52			$	17.17		3.99	%		$	20,713		2.10	%(7)		2.24	%		(0.66	)%		14	%
10/1/16 to 9/30/17			14.26		(0.07	)		—		2.46			2.39			—			—			—		—			2.39				16.65		16.76				21,533		2.20			2.27			(0.48	)		30
10/1/15 to 9/30/16			13.02		(0.03	)		—		1.51			1.48			—			(0.24	)		—		(0.24	)		1.24				14.26		11.56				24,816		2.21	(12)		2.29			(0.22	)		30
10/1/14 to 9/30/15			14.32		(0.06	)		—		(0.97	)		(1.03	)		—			(0.27	)		—		(0.27	)		(1.30	)			13.02		(7.41	)			34,171		2.20			2.21			(0.39	)		51
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

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

See Notes to Financial Statements

71

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Horizon Wealth
Masters Fund (Continued)
Class I
10/1/17 to 3/31/18(17)		$	17.12		0.03			0.74			0.77			—			(0.15	)		(0.15	)		0.62			$	17.74		4.47	%		$	29,564		1.10	%(7)		1.23	%		0.34	%		14	%
10/1/16 to 9/30/17			14.66		0.07			2.55			2.62			(0.16	)		—			(0.16	)		2.46				17.12		17.97				30,426		1.20			1.26			0.46			30
10/1/15 to 9/30/16			13.30		0.08			1.58			1.66			(0.06	)		(0.24	)		(0.30	)		1.36				14.66		12.75				20,134		1.21	(12)		1.29			0.61			30
10/1/14 to 9/30/15			14.56		0.09			(1.00	)		(0.91	)		(0.08	)		(0.27	)		(0.35	)		(1.26	)			13.30		(6.53	)			32,495		1.20			1.21			0.62			51
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
KAR Emerging Markets
Small-Cap Fund
Class A
10/1/17 to 3/31/18(15)		$	10.95		(0.01	)		1.57			1.56			(0.07	)		—			(0.07	)		1.49			$	12.44		14.26	%		$	1,592		1.85	%		2.39	%		(0.20	)%		18	%
10/1/16 to 9/30/17			9.29		0.15			1.68			1.83			(0.17	)		—			(0.17	)		1.66				10.95		20.12				1,647		1.84			2.97			1.47			28
10/1/15 to 9/30/16			7.85		0.18			1.41			1.59			(0.15	)		—			(0.15	)		1.44				9.29		20.66				382		1.86	(12)		3.77			2.18			34
10/1/14 to 9/30/15			10.32		0.16			(2.28	)		(2.12	)		(0.12	)		(0.23	)		(0.35	)		(2.47	)			7.85		(21.20	)			332		1.85			3.62			1.73			35
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				217		1.85			4.82			2.25			44	(14)
Class C
10/1/17 to 3/31/18(15)		$	10.96		(0.05	)		1.56			1.51			—			—			—			1.51			$	12.47		13.88	%		$	402		2.60	%		3.07	%		(0.90	)%		18	%
10/1/16 to 9/30/17			9.31		0.08			1.69			1.77			(0.12	)		—			(0.12	)		1.65				10.96		19.31				317		2.59			3.73			0.78			28
10/1/15 to 9/30/16			7.80		0.12			1.41			1.53			(0.02	)		—			(0.02	)		1.51				9.31		19.62				117		2.61	(12)		4.51			1.39			34
10/1/14 to 9/30/15			10.26		0.07			(2.24	)		(2.17	)		(0.06	)		(0.23	)		(0.29	)		(2.46	)			7.80		(21.68	)			128		2.60			4.34			0.76			35
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				159		2.60			5.59			1.54			44	(14)
Class I
10/1/17 to 3/31/18(15)		$	10.99		0.01			1.57			1.58			(0.10	)		—			(0.10	)		1.48			$	12.47		14.43	%		$	16,692		1.60	%		2.07	%		0.12	%		18	%
10/1/16 to 9/30/17			9.31		0.16			1.70			1.86			(0.18	)		—			(0.18	)		1.68				10.99		20.42				8,673		1.59			2.75			1.60			28
10/1/15 to 9/30/16			7.88		0.20			1.41			1.61			(0.18	)		—			(0.18	)		1.43				9.31		20.82				4,420		1.61	(12)		3.53			2.44			34
10/1/14 to 9/30/15			10.34		0.18			(2.28	)		(2.10	)		(0.13	)		(0.23	)		(0.36	)		(2.46	)			7.88		(20.96	)			3,871		1.60			3.35			1.87			35
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				3,480		1.60			4.64			2.50			44	(14)
KAR International
Small-Cap Fund
Class A
10/1/17 to 3/31/18(15)		$	16.22		(0.02	)		1.47			1.45			(0.08	)		(0.16	)		(0.24	)		1.21			$	17.43		9.06	%		$	31,196		1.60	%		1.57	%		(0.19	)%		16	%
10/1/16 to 9/30/17			13.01		0.16			3.34			3.50			(0.29	)		—			(0.29	)		3.21				16.22		27.42				18,479		1.60			1.66			1.07			27
10/1/15 to 9/30/16			10.85		0.21			2.38			2.59			(0.20	)		(0.23	)		(0.43	)		2.16				13.01		24.58				1,985		1.61	(12)		1.87			1.80			40
10/1/14 to 9/30/15			13.70		0.17			(1.83	)		(1.66	)		(0.23	)		(0.96	)		(1.19	)		(2.85	)			10.85		(12.58	)			1,916		1.60			1.74			1.41			64
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

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

See Notes to Financial Statements

72

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Capital Gains Distributions Received from Affiliated Funds(1)		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(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
KAR International
Small-Cap Fund (Continued)
Class C
10/1/17 to 3/31/18(15)		$	16.04		(0.08	)		—		1.46			1.38			(0.04	)		(0.16	)		(0.20	)		1.18			$	17.22		8.68	%		$	24,724		2.35	%		2.28	%		(0.92	)%		16	%
10/1/16 to 9/30/17			12.92		0.06			—		3.29			3.35			(0.23	)		—			(0.23	)		3.12				16.04		26.41				13,442		2.35			2.41			0.38			27
10/1/15 to 9/30/16			10.72		0.12			—		2.37			2.49			(0.06	)		(0.23	)		(0.29	)		2.20				12.92		23.76				1,465		2.36	(12)		2.63			1.02			40
10/1/14 to 9/30/15			13.63		0.08			—		(1.82	)		(1.74	)		(0.21	)		(0.96	)		(1.17	)		(2.91	)			10.72		(13.28	)			1,464		2.35			2.49			0.65			64
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
Class I
10/1/17 to 3/31/18(15)		$	16.28		0.01			—		1.47			1.48			(0.10	)		(0.16	)		(0.26	)		1.22			$	17.50		9.20	%		$	337,352		1.35	%		1.30	%		0.08	%		16	%
10/1/16 to 9/30/17			13.04		0.20			—		3.35			3.55			(0.31	)		—			(0.31	)		3.24				16.28		27.73				176,216		1.35			1.42			1.33			27
10/1/15 to 9/30/16			10.89		0.23			—		2.40			2.63			(0.25	)		(0.23	)		(0.48	)		2.15				13.04		24.94				40,424		1.36	(12)		1.62			1.95			40
10/1/14 to 9/30/15			13.74		0.21			—		(1.85	)		(1.64	)		(0.25	)		(0.96	)		(1.21	)		(2.85	)			10.89		(12.43	)			40,512		1.35			1.49			1.70			64
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
Class R6
10/1/17 to 3/31/18(15)		$	16.28		0.01			—		1.47			1.48			(0.11	)		(0.16	)		(0.27	)		1.21			$	17.49		9.24	%		$	51,845		1.24	%		1.21	%		0.12	%		16	%
10/1/16 to 9/30/17			13.03		0.26			—		3.30			3.56			(0.31	)		—			(0.31	)		3.25				16.28		27.82				36,941		1.24			1.28			1.66			27
10/1/15 to 9/30/16			10.89		0.25			—		2.39			2.64			(0.27	)		(0.23	)		(0.50	)		2.14				13.03		25.06				112		1.27	(12)		1.52			2.19			40
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	)			90		1.27			1.41			2.02			64	(14)
Rampart
Alternatives
Diversifier Fund
Class A
10/1/17 to 3/31/18(15)		$	11.05		0.09			0.13		(0.02	)		0.20			(0.11	)		—			(0.11	)		0.09			$	11.14		1.78	%		$	11,184		0.74	%		0.74	%		1.58	%		13	%
10/1/16 to 9/30/17			10.89		0.18			0.22		(0.04	)		0.36			(0.20	)		—			(0.20	)		0.16				11.05		3.34				11,118		0.74			0.74			1.65			4
10/1/15 to 9/30/16			9.99		0.08			0.31		0.58			0.97			(0.07	)		—			(0.07	)		0.90				10.89		9.74				19,171		0.74	(12)		0.74			0.80			56
10/1/14 to 9/30/15			11.31		0.19			0.09		(1.39	)		(1.11	)		(0.21	)		—			(0.21	)		(1.32	)			9.99		(10.02	)			25,377		0.64			0.64			1.77			46
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
Class C
10/1/17 to 3/31/18(15)		$	10.97		0.05			0.12		(0.02	)		0.15			(0.06	)		—			(0.06	)		0.09			$	11.06		1.37	%		$	11,712		1.50	%		1.50	%		0.90	%		13	%
10/1/16 to 9/30/17			10.73		0.09			0.19		—			0.28			(0.04	)		—			(0.04	)		0.24				10.97		2.65				13,354		1.50			1.50			0.80			4
10/1/15 to 9/30/16			9.90		—	(5)		0.31		0.56			0.87			(0.04	)		—			(0.04	)		0.83				10.73		8.86				19,611		1.49	(12)		1.49			0.04			56
10/1/14 to 9/30/15			11.21		0.11			0.09		(1.39	)		(1.19	)		(0.12	)		—			(0.12	)		(1.31	)			9.90		(10.66	)			25,637		1.39			1.39			1.02			46
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
Class I
10/1/17 to 3/31/18(15)		$	11.03		0.11			0.12		(0.02	)		0.21			(0.12	)		—			(0.12	)		0.09			$	11.12		1.91	%		$	17,212		0.47	%		0.47	%		1.96	%		13	%
10/1/16 to 9/30/17			10.89		0.19			0.16		0.04			0.39			(0.25	)		—			(0.25	)		0.14				11.03		3.69				19,910		0.49			0.49			1.73			4
10/1/15 to 9/30/16			9.98		0.11			0.31		0.56			0.98			(0.07	)		—			(0.07	)		0.91				10.89		9.94				19,777		0.49	(12)		0.49			1.04			56
10/1/14 to 9/30/15			11.30		0.22			0.09		(1.39	)		(1.08	)		(0.24	)		—			(0.24	)		(1.32	)			9.98		(9.77	)			30,543		0.39			0.39			1.99			46
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

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

See Notes to Financial Statements

73

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Rampart Equity Trend Fund
Class A
10/1/17 to 3/31/18(15)		$	13.60		0.01			1.06			1.07			—			—			—			1.07			$	14.67		7.87	%		$	122,336		1.57	%		1.57	%		0.15	%		28	%
10/1/16 to 9/30/17			12.23		0.03			1.34			1.37			—			—			—			1.37				13.60		11.20				134,267		1.51	(7)		1.60			0.23			92
10/1/15 to 9/30/16			12.14		(0.01	)		0.10			0.09			—			—			—			0.09				12.23		0.74				245,109		1.50	(7)(12)		1.58			(0.05	)		229
10/1/14 to 9/30/15			17.39		(0.03	)		(1.79	)		(1.82	)		(0.01	)		(3.42	)		(3.43	)		(5.25	)			12.14		(12.79	)			520,337		1.60	(11)		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	(11)		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	(11)		1.62			0.75			140
Class C
10/1/17 to 3/31/18(15)		$	13.11		(0.04	)		1.03			0.99			—			—			—			0.99			$	14.10		7.55	%		$	233,089		2.31	%		2.31	%		(0.59	)%		28	%
10/1/16 to 9/30/17			11.88		(0.06	)		1.29			1.23			—			—			—			1.23				13.11		10.35				257,078		2.21	(7)		2.35			(0.47	)		92
10/1/15 to 9/30/16			11.87		(0.08	)		0.09			0.01			—			—			—			0.01				11.88		0.08				423,675		2.16	(7)(12)		2.33			(0.69	)		229
10/1/14 to 9/30/15			17.16		(0.13	)		(1.76	)		(1.89	)		—			(3.40	)		(3.40	)		(5.29	)			11.87		(13.45	)			746,390		2.36	(11)		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	(11)		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	(11)		2.37			0.02			140
Class I
10/1/17 to 3/31/18(15)		$	13.71		0.03			1.08			1.11			—			—			—			1.11			$	14.82		8.10	%		$	118,136		1.32	%		1.32	%		0.39	%		28	%
10/1/16 to 9/30/17			12.31		0.06			1.34			1.40			—			—			—			1.40				13.71		11.37				148,047		1.29	(7)		1.35			0.45			92
10/1/15 to 9/30/16			12.19		0.02			0.10			0.12			—			—			—			0.12				12.31		0.98				282,818		1.29	(7)(12)		1.33			0.16			229
10/1/14 to 9/30/15			17.42		0.01			(1.80	)		(1.79	)		(0.02	)		(3.42	)		(3.44	)		(5.23	)			12.19		(12.57	)			594,460		1.35	(11)		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	(11)		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	(11)		1.37			1.02			140
Class R6
10/1/17 to 3/31/18(15)		$	13.77		0.05			1.07			1.12			—			—			—			1.12			$	14.89		8.13	%		$	580		1.23	%		1.23	%		0.74	%		28	%
10/1/16 to 9/30/17			12.34		0.08			1.35			1.43			—			—			—			1.43				13.77		11.59				203		1.16	(7)		1.23			0.58			92
10/1/15 to 9/30/16			12.20		0.06			0.08			0.14			—			—			—			0.14				12.34		1.15				182		1.10	(7)(12)		1.25			0.49			229
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	)			89		1.28	(11)		1.28			0.10			674	(14)
Rampart Global
Equity Trend Fund
Class A
10/1/17 to 3/31/18(15)		$	11.04		0.04			0.65			0.69			—			—			—			0.69			$	11.73		6.25	%		$	3,791		1.75	%		2.09	%		0.63	%		45	%
10/1/16 to 9/30/17			9.94		0.03			1.07			1.10			—			—			—			1.10				11.04		11.07				5,420		1.75			2.03			0.27			126
10/1/15 to 9/30/16			9.76		(0.06	)		0.24			0.18			—			—			—			0.18				9.94		1.84				8,351		1.77	(12)		1.79			(0.60	)		282
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	(11)		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
Class C
10/1/17 to 3/31/18(15)		$	10.69		(0.01	)		0.63			0.62			—			—			—			0.62			$	11.31		5.80	%		$	5,333		2.50	%		2.88	%		(0.16	)%		45	%
10/1/16 to 9/30/17			9.69		(0.05	)		1.05			1.00			—			—			—			1.00				10.69		10.32				6,502		2.50			2.78			(0.46	)		126
10/1/15 to 9/30/16			9.59		(0.13	)		0.23			0.10			—			—			—			0.10				9.69		1.04				11,267		2.52	(12)		2.54			(1.35	)		282
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	(11)		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

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

See Notes to Financial Statements

74

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Rampart Global
Equity Trend Fund (Continued)
Class I
10/1/17 to 3/31/18(15)		$	11.14		0.05			0.65			0.70			—			—			—			—			0.70			$	11.84		6.28	%		$	2,046		1.50	%		1.93	%		0.83	%		45	%
10/1/16 to 9/30/17			10.00		0.05			1.09			1.14			—			—			—			—			1.14				11.14		11.40				2,197		1.50			1.78			0.47			126
10/1/15 to 9/30/16			9.79		(0.04	)		0.25			0.21			—			—			—			—			0.21				10.00		2.15				4,312		1.51	(12)		1.52			(0.40	)		282
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	(11)		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
Rampart Low Volatility
Equity Fund
Class A
10/1/17 to 3/31/18(17)		$	12.38		0.01			(0.17	)		(0.16	)		(0.12	)		(1.15	)		(1.27	)		—			(1.43	)		$	10.95		(1.76	)%		$	457		1.55	%		4.29	%		0.18	%		302	%
10/1/16 to 9/30/17			11.57		0.04			0.79			0.83			(0.02	)		—			(0.02	)		—			0.81				12.38		7.18				503		1.55			3.76			0.37			847	(9)
10/1/15 to 9/30/16			11.45		0.05			0.28			0.33			(0.04	)		(0.17	)		(0.21	)		—			0.12				11.57		2.82				1,633		1.56	(12)		2.98			0.46			10
10/1/14 to 9/30/15			11.71		0.08			(0.30	)		(0.22	)		(0.04	)		—			(0.04	)		—	(5)		(0.26	)			11.45		(1.88	)(11)			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				136		1.55			7.66			2.00			0
Class C
10/1/17 to 3/31/18(17)		$	12.11		(0.03	)		(0.17	)		(0.20	)		(0.10	)		(1.15	)		(1.25	)		—			(1.45	)		$	10.66		(2.01	)%		$	259		2.30	%		5.01	%		(0.58	)%		302	%
10/1/16 to 9/30/17			11.39		0.04			0.68			0.72			—			—			—			—			0.72				12.11		6.32				251		2.30			4.60			0.36			847	(9)
10/1/15 to 9/30/16			11.32		(0.04	)		0.28			0.24			—			(0.17	)		(0.17	)		—			0.07				11.39		2.05				491		2.31	(12)		3.64			(0.39	)		10
10/1/14 to 9/30/15			11.64		0.01			(0.31	)		(0.30	)		(0.02	)		—			(0.02	)		—	(5)		(0.32	)			11.32		(2.61	)(11)			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				130		2.30			8.49			0.99			0
Class I
10/1/17 to 3/31/18(17)		$	12.36		0.03			(0.17	)		(0.14	)		(0.13	)		(1.15	)		(1.28	)		—			(1.42	)		$	10.94		(1.56	)%		$	1,653		1.30	%		3.93	%		0.45	%		302	%
10/1/16 to 9/30/17			11.63		0.15			0.70			0.85			(0.12	)		—			(0.12	)		—			0.73				12.36		7.38				1,679		1.30			3.72			1.26			847	(9)
10/1/15 to 9/30/16			11.50		0.09			0.27			0.36			(0.06	)		(0.17	)		(0.23	)		—			0.13				11.63		3.08				1,606		1.32	(12)		2.78			0.80			10
10/1/14 to 9/30/15			11.73		0.09			(0.27	)		(0.18	)		(0.05	)		—			(0.05	)		—	(5)		(0.23	)			11.50		(1.57	)(11)			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				1,332		1.30			7.51			2.23			0
Rampart Multi-Asset
Trend Fund
Class A
10/1/17 to 3/31/18(15)		$	10.84		0.03			0.35			0.38			—			—			—			—			0.38			$	11.22		3.51	%		$	16,192		1.66	%		1.66	%		0.60	%		63	%
10/1/16 to 9/30/17			10.31		0.05			0.48			0.53			—			—			—			—			0.53				10.84		5.14				18,160		1.65	(11)		1.65			0.52			167
10/1/15 to 9/30/16			9.94		(0.01	)		0.39			0.38			(0.01	)		—			(0.01	)		—			0.37				10.31		3.82				29,798		1.61	(11)(12)		1.61			(0.07	)		223
10/1/14 to 9/30/15			11.85		(0.02	)		(0.92	)		(0.94	)		(0.04	)		(0.93	)		(0.97	)		—			(1.91	)			9.94		(8.58	)			55,214		1.62	(11)		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	(11)		1.62			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	(11)		1.64			0.51			275

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

See Notes to Financial Statements

75

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Rampart Multi-Asset Trend
Fund (Continued)
Class C
10/1/17 to 3/31/18(15)		$	10.53		(0.01	)		0.34			0.33			—			—			—			0.33			$	10.86		3.13	%		$	46,529		2.38	%		2.38	%		(0.13	)%		63	%
10/1/16 to 9/30/17			10.10		(0.02	)		0.45			0.43			—			—			—			0.43				10.53		4.26				51,105		2.39	(11)		2.39			(0.23	)		167
10/1/15 to 9/30/16			9.80		(0.08	)		0.38			0.30			—			—			—			0.30				10.10		3.06				80,962		2.36	(11)(12)		2.36			(0.80	)		223
10/1/14 to 9/30/15			11.73		(0.09	)		(0.91	)		(1.00	)		—			(0.93	)		(0.93	)		(1.93	)			9.80		(9.23	)			139,223		2.36	(11)		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	(11)		2.37			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	(11)		2.39			(0.23	)		275
Class I
10/1/17 to 3/31/18(15)		$	10.90		0.05			0.34			0.39			—			—			—			0.39			$	11.29		3.58	%		$	17,748		1.39	%		1.39	%		0.86	%		63	%
10/1/16 to 9/30/17			10.34		0.08			0.48			0.56			—			—			—			0.56				10.90		5.42				17,443		1.40	(11)		1.40			0.76			167
10/1/15 to 9/30/16			9.99		0.02			0.38			0.40			(0.05	)		—			(0.05	)		0.35				10.34		3.97				28,522		1.36	(11)(12)		1.36			0.16			223
10/1/14 to 9/30/15			11.88		0.01			(0.91	)		(0.90	)		(0.06	)		(0.93	)		(0.99	)		(1.89	)			9.99		(8.36	)			73,528		1.36	(11)		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	(11)		1.37			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	(11)		1.39			0.74			275
Rampart Sector Trend Fund
Class A
10/1/17 to 3/31/18(15)		$	12.20		0.05			0.53			0.58			(0.12	)		—			(0.12	)		0.46			$	12.66		4.71	%		$	92,754		1.00	%		1.00	%		0.77	%		111	%
10/1/16 to 9/30/17			11.29		0.11			0.94			1.05			(0.14	)		—			(0.14	)		0.91				12.20		9.46	(13)			99,321		1.03	(13)		1.03			0.98			259
10/1/15 to 9/30/16			11.00		0.11			0.26			0.37			(0.08	)		—			(0.08	)		0.29				11.29		3.36				131,389		1.05	(12)		1.05			1.00			337
10/1/14 to 9/30/15			15.21		0.05			(0.71	)		(0.66	)		(0.05	)		(3.50	)		(3.55	)		(4.21	)			11.00		(6.19	)			156,759		0.98			0.98			0.39			576
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
Class C
10/1/17 to 3/31/18(15)		$	11.94		—			0.52			0.52			—	(5)		—			—	(5)		0.52			$	12.46		4.38	%		$	93,865		1.76	%		1.76	%		0.00	%		111	%
10/1/16 to 9/30/17			11.04		0.02			0.93			0.95			(0.05	)		—			(0.05	)		0.90				11.94		8.68	(13)			105,603		1.78	(13)		1.78			0.22			259
10/1/15 to 9/30/16			10.76		0.03			0.25			0.28			—			—			—			0.28				11.04		2.60				167,265		1.80	(12)		1.80			0.24			337
10/1/14 to 9/30/15			15.02		(0.04	)		(0.69	)		(0.73	)		(0.02	)		(3.51	)		(3.53	)		(4.26	)			10.76		(6.86	)			206,556		1.74			1.74			(0.34	)		576
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
Class I
10/1/17 to 3/31/18(15)		$	12.19		0.06			0.54			0.60			(0.15	)		—			(0.15	)		0.45			$	12.64		4.90	%		$	62,200		0.76	%		0.76	%		1.01	%		111	%
10/1/16 to 9/30/17			11.28		0.14			0.94			1.08			(0.17	)		—			(0.17	)		0.91				12.19		9.77	(13)			72,187		0.78	(13)		0.78			1.22			259
10/1/15 to 9/30/16			11.02		0.13			0.27			0.40			(0.14	)		—			(0.14	)		0.26				11.28		3.65				102,905		0.80	(12)		0.80			1.21			337
10/1/14 to 9/30/15			15.21		0.08			(0.71	)		(0.63	)		(0.05	)		(3.51	)		(3.56	)		(4.19	)			11.02		(5.90	)			169,977		0.73			0.73			0.65			576
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

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

See Notes to Financial Statements

76

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Vontobel Global
Opportunities Fund
Class A
10/1/17 to 3/31/18(15)		$	16.22		(0.02	)		0.85			0.83			—	(5)		(0.90	)		(0.90	)		(0.07	)		$	16.15		5.13	%		$	106,773		1.42	%		1.42	%		(0.22	)%		15	%
10/1/16 to 9/30/17			13.69		0.02			2.64			2.66			(0.05	)		(0.08	)		(0.13	)		2.53				16.22		19.54	(13)			113,151		1.45	(13)		1.46			0.05	(13)		37
10/1/15 to 9/30/16			12.32		0.05			1.35			1.40			(0.03	)		—			(0.03	)		1.37				13.69		11.38				105,967		1.47	(12)		1.48			0.37			29
10/1/14 to 9/30/15			12.12		0.05			0.21			0.26			(0.06	)		—			(0.06	)		0.20				12.32		2.15				87,769		1.45			1.45			0.42			40
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
Class C
10/1/17 to 3/31/18(15)		$	14.06		(0.07	)		0.74			0.67			—			(0.90	)		(0.90	)		(0.23	)		$	13.83		4.77	%		$	33,516		2.17	%		2.17	%		(0.96	)%		15	%
10/1/16 to 9/30/17			11.93		(0.08	)		2.29			2.21			—			(0.08	)		(0.08	)		2.13				14.06		18.61	(13)			30,065		2.21	(13)		2.22			(0.68	)(13)		37
10/1/15 to 9/30/16			10.79		(0.04	)		1.18			1.14			—			—			—			1.14				11.93		10.57				23,070		2.23	(12)		2.24			(0.34	)		29
10/1/14 to 9/30/15			10.66		(0.01	)		0.16			0.15			(0.02	)		—			(0.02	)		0.13				10.79		1.42				14,431		2.21			2.21			(0.13	)		40
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
Class I
10/1/17 to 3/31/18(15)		$	16.23		0.01			0.85			0.86			(0.05	)		(0.90	)		(0.95	)		(0.09	)		$	16.14		5.33	%		$	93,238		1.15	%		1.15	%		0.08	%		15	%
10/1/16 to 9/30/17			13.69		0.06			2.63			2.69			(0.07	)		(0.08	)		(0.15	)		2.54				16.23		19.83	(13)			76,222		1.20	(13)		1.21			0.38	(13)		37
10/1/15 to 9/30/16			12.32		0.08			1.35			1.43			(0.06	)		—			(0.06	)		1.37				13.69		11.65				48,155		1.23	(12)		1.23			0.64			29
10/1/14 to 9/30/15			12.11		0.08			0.21			0.29			(0.08	)		—			(0.08	)		0.21				12.32		2.37				38,104		1.20			1.20			0.67			40
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
Class R6
1/30/18(6) to 3/31/18(15)		$	17.27		0.02			(1.15	)		(1.13	)		—			—			—			(1.13	)		$	16.14		(6.27	)%		$	94		1.10	%		1.10	%		0.59	%		15	%(14)
Vontobel Greater European
Opportunities Fund
Class A
10/1/17 to 3/31/18(15)		$	17.62		—			(0.06	)		(0.06	)		(0.24	)		(1.73	)		(1.97	)		(2.03	)		$	15.59		(0.62	)%		$	3,909		1.45	%		2.24	%		0.03	%		8	%
10/1/16 to 9/30/17			15.86		0.04			1.96			2.00			(0.24	)		—			(0.24	)		1.76				17.62		12.89				4,224		1.44			1.90			0.26			42
10/1/15 to 9/30/16			15.20		0.17			0.59			0.76			(0.10	)		—			(0.10	)		0.66				15.86		4.99				11,364		1.46	(12)		1.82			1.06			49
10/1/14 to 9/30/15			15.32		0.16			0.01			0.17			(0.10	)		(0.19	)		(0.29	)		(0.12	)			15.20		1.19				13,306		1.45			1.89			1.02			35
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
Class C
10/1/17 to 3/31/18(15)		$	17.22		(0.06	)		(0.06	)		(0.12	)		(0.13	)		(1.73	)		(1.86	)		(1.98	)		$	15.24		(1.04	)%		$	2,166		2.20	%		2.96	%		(0.69	)%		8	%
10/1/16 to 9/30/17			15.58		(0.02	)		1.86			1.84			(0.20	)		—			(0.20	)		1.64				17.22		12.06				2,208		2.19			2.66			(0.10	)		42
10/1/15 to 9/30/16			14.95		0.04			0.59			0.63			—			—			—			0.63				15.58		4.21				2,292		2.23	(12)		2.58			0.26			49
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

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

See Notes to Financial Statements

77

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(4)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(3)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(4)
Vontobel Greater European
Opportunities Fund (Continued)
Class I
10/1/17 to 3/31/18(15)		$	17.65		0.01		(0.05	)		(0.04	)		(0.29	)		(1.73	)		(2.02	)		(2.06	)		$	15.59		(0.57	)%		$	3,659		1.20	%		1.95	%		0.09	%		8	%
10/1/16 to 9/30/17			15.91		0.17		1.87			2.04			(0.30	)		—			(0.30	)		1.74				17.65		13.21				9,822		1.19			1.67			1.02			42
10/1/15 to 9/30/16			15.26		0.25		0.54			0.79			(0.14	)		—			(0.14	)		0.65				15.91		5.22				8,893		1.22	(12)		1.56			1.57			49
10/1/14 to 9/30/15			15.38		0.24		(0.02	)		0.22			(0.15	)		(0.19	)		(0.34	)		(0.12	)			15.26		1.47				5,751		1.20			1.63			1.55			35
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

Footnote Legend

⁽¹⁾  Calculated using average shares outstanding.

⁽²⁾  Sales charges, where applicable, are not reflected in the total return calculation.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  Not annualized for periods less than one year.

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

⁽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⁾  Portfolio Turnover Rate is due to high volume of portfolio activity and the limited number of investments held.

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

⁽¹¹⁾  The Fund is currently under its expense limitation.

⁽¹²⁾  Net expense ratios include extraordinary proxy expenses.

⁽¹³⁾  State Street Bank & Trust, custodian for some of the Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and the Ratio of Net Investment Income (Loss) to Average Net Assets. If it was included the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows:

Duff& Phelps Global Infrastructure Fund		Rampart Sector Trend Fund		VontobelGlobal Opportunities Fund
Class A	—*	Class A	—*	Class A	0.06	%
Class C	—*	Class C	—*	Class C	0.05	%
Class I	—*	Class I	—*	Class I	0.05	%

Custody fees reimbursed were included in Total Return. If excluded the impact would have been to lower the Total Return as follows:

Duff& Phelps Global Infrastructure Fund		Rampart Sector Trend Fund		VontobelGlobal Opportunities Fund
Class A	—*	Class A	—*	Class A	0.06	%
Class C	—*	Class C	—*	Class C	0.05	%
Class I	—*	Class I	—*	Class I	0.05	%

* no impact

⁽¹⁴⁾  Portfolio Turnover is representative of the Fund for the entire year.

⁽¹⁵⁾  Unaudited.

See Notes to Financial Statements

78

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2018

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 17 (each a “Fund”) are reported in this semiannual report.

Each Fund has a distinct investment objective and all of the Funds except the Herzfeld Fund are diversified. The Funds have the following investment objectives:

Fund	Investment Objective
Duff & Phelps Global Infrastructure Fund	Capital appreciation and current income.
Duff & Phelps Global Real Estate Securities Fund	Primary investment objective of long-term capital appreciation, with a secondary investment objective of income.
Duff & Phelps International Equity Fund	Long-term capital appreciation.
Duff & Phelps International Real Estate Securities Fund	Primary investment objective of long-term capital appreciation, with a secondary investment objective of income.
Herzfeld Fund	Capital appreciation and current income.
Horizon International Wealth Masters Fund	Capital appreciation.
Horizon Wealth Masters Fund	Capital appreciation.
KAR Emerging Markets Small-Cap Fund	Capital appreciation.
KAR International Small-Cap Fund	Capital appreciation.
Rampart Alternatives Diversifier Fund	Long-term capital appreciation.
Rampart Equity Trend Fund	Long-term capital appreciation.
Rampart Global Equity Trend Fund	Capital appreciation. In pursuing this objective, the Fund maintains an emphasis on preservation of capital.
Rampart Low Volatility Equity Fund	Capital appreciation with lower volatility than U.S. markets over a full market cycle.
Rampart Multi-Asset Trend Fund	Capital appreciation. In pursuing this objective, the Fund maintains an emphasis on preservation of capital.
Rampart Sector Trend Fund	Long-term capital appreciation.
Vontobel Global Opportunities Fund	Capital appreciation.
Vontobel Greater European Opportunities Fund	Long-term capital appreciation.

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

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

Effective March 6, 2017, the Vontobel Global Opportunities Fund Class B shares were converted to Class A shares. Prior to conversion, Class B shares were only available to existing shareholders through qualifying transactions.

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 sales charge or CDSC.

Class R6 shares are available only to the following investors without a minimum initial investment or minimum additional purchases: certain employer-sponsored retirement plans, including Section 401(k), 403(b) and 457, profit-sharing, money purchase pension and defined benefit plans and nonqualified deferred compensation plans, in each case provided that plan level or omnibus accounts are held on the books of the Funds. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund’s determination of eligibility and may be subject to a minimum initial investment requirement. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds’ distributor’s or an affiliate’s resources on sales of or investments on Class R6 shares.

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

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

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Note 2. Significant Accounting Policies

The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). 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 any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly.

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 Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Listed derivatives 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 the 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 percentage of income included in distributions received from the REIT investments based on historical information and other industry sources. 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.

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MARCH 31, 2018

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, 2018, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2014 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.

E. Expenses

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

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

F. Foreign Currency Transactions

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

G. Securities Lending

($ reported in thousands)

Each Fund is permitted to loan securities from its portfolio to qualifying brokers, dealers and other financial institutions deemed creditworthy and receive, as collateral, cash or United States government securities including agency securities which at all times while the loan is outstanding will be maintained in amounts equal to at least 100% of the current market value of the loaned securities. Any cash collateral will be invested in short-term securities expected to increase the current income of the Fund lending its securities. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. During the period ended March 31, 2018, the Funds did not loan securities.

Note 3. Derivative Financial Instruments and Transactions

($ reported in thousands)

Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

A. Foreign Currency Contracts

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

B. 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 for hedging purposes or to facilitate the rapid implementation of investment strategies if the Fund anticipates a significant market or sector advance. A Fund doing so is subject to equity price risk in the normal course of pursuing its investment objectives.

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 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.”

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

The following is a summary of the Fund’s option contracts, categorized as equity risk, presented in the financial statements as of March 31, 2018:

Statements of Assets and Liabilities
Liabilities: Written options at value	$	—	*
Net asset (liability) balance	$	—	*

Statements of Operations
Net realized gain (loss) on purchased options	$	3	(1)
Net realized gain (loss) on written options		(79	)
Net change in unrealized appreciation (depreciation) from purchased options		—	*(2)
Net change in unrealized appreciation (depreciation) from written options		2
Total realized and unrealized gain (loss) on purchased and written options	$	(74	)

⁽¹⁾  Amount included in Net realized gain (loss) from unaffiliated investments.

⁽²⁾  Amount included in Net change in unrealized appreciation (depreciation) from unaffiliated investments and is less than $500.

For the period ended March 31, 2018, the average daily premiums paid by the Fund for purchased options were $—*, and the average daily premiums received for written options by the Fund were $2.

* Amount is less than $500.

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 investment 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
Duff & Phelps International Equity Fund		0.85	%		0.80	%		0.75	%
Rampart Global Equity Trend Fund		1.00			0.95			0.90
Rampart Low Volatility Equity Fund		0.95			0.90			0.85
Rampart Multi-Asset Trend Fund		1.00			0.95			0.90
	First $1 Billion			$1+ Billion
Herzfeld Fund		1.00	%		0.95	%
Horizon International Wealth Masters Fund		0.90			0.85
Horizon Wealth Masters Fund		0.85			0.80
KAR Emerging Markets Small-Cap Fund		1.20			1.15
KAR International Small-Cap Fund		1.00			0.95
Rampart Equity Trend Fund		1.00			0.95
Rampart Sector Trend Fund		0.45			0.40
Vontobel Greater European Opportunities Fund		0.85			0.80
	First $1 Billion			$1+ Billion through $2 Billion			$2+ Billion
Duff & Phelps Global Infrastructure Fund		0.65	%		0.60	%		0.55	%
Duff & Phelps Global Real Estate Securities Fund		0.85			0.80			0.75
Duff & Phelps International Real Estate Securities Fund		1.00			0.95			0.90
Vontobel Global Opportunities Fund		0.85			0.80			0.75

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MARCH 31, 2018

Rampart 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 Funds they serve as of the end of the period is as follows:

Fund	Subadviser	Fund	Subadviser
Duff & Phelps Global Infrastructure Fund	DPIM(1)	Rampart Alternatives Diversifier Fund	Rampart(4)(5)
Duff & Phelps Global Real Estate Securities Fund	DPIM(1)	Rampart Equity Trend Fund	Rampart(4)
Duff & Phelps International Equity Fund	DPIM(1)	Rampart Global Equity Trend Fund	Rampart(4)
Duff & Phelps International Real Estate Securities Fund	DPIM(1)	Rampart Low Volatility Equity Fund	Rampart(4)
Herzfeld Fund	Thomas J. Herzfeld Advisors, Inc.	Rampart Multi-Asset Trend Fund	Rampart(4)
Horizon International Wealth Masters Fund	Horizon(2)	Rampart Sector Trend Fund	Rampart(4)
Horizon Wealth Masters Fund	Horizon(2)	Vontobel Global Opportunities Fund	Vontobel(6)
KAR Emerging Markets Small-Cap Fund	KAR(3)	Vontobel Greater European Opportunities Fund	Vontobel(6)
KAR International Small-Cap Fund	KAR(3)

⁽¹⁾  Duff & Phelps Investment Management Co., an indirect wholly owned subsidiary of Virtus.

⁽²⁾  Horizon Asset Management, LLC

⁽³⁾ Kayne Anderson Rudnick Investment Management, LLC, an indirect wholly owned subsidiary of Virtus.

⁽⁴⁾  Rampart Investment Management Co. LLC, an indirect wholly owned subsidiary of Virtus.

⁽⁵⁾  Prior to August 25, 2017, there was no subadviser for the Fund.

⁽⁶⁾  Vontobel Asset Management, Inc.

C. Expense Limits and Fee Waivers

The Adviser has contractually agreed to limit certain Funds’ total operating expenses (excluding front-end or contingent deferred sales loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any), so that such expenses do not exceed on an annualized basis the following percentages of average net assets through January 31, 2019.

	Class A			Class C			Class I			Class R6
Duff & Phelps Global Real Estate Securities Fund		1.40	%		2.15	%		1.15	%		0.95	%(4)
Duff & Phelps International Equity Fund(1)		1.27			2.02			1.02			N/A
Duff & Phelps International Real Estate Securities Fund		1.50			2.25			1.25			N/A
Herzfeld Fund†		1.60			2.35			1.35			N/A
Horizon International Wealth Masters Fund(2)		1.32			2.07			1.07			N/A
Horizon Wealth Masters Fund(3)		1.25			2.00			1.00			N/A
KAR Emerging Markets Small-Cap Fund		1.85			2.60			1.60			N/A
KAR International Small-Cap Fund		1.60			2.35			1.35			1.24
Rampart Equity Trend Fund†		1.60			2.35			1.35			1.26
Rampart Global Equity Trend Fund		1.75			2.50			1.50			N/A
Rampart Low Volatility Equity Fund		1.55			2.30			1.30			N/A
Rampart Multi-Asset Trend Fund†		1.75			2.50			1.50			N/A
Vontobel Global Opportunities Fund†		1.55			2.30			1.30			1.27
Vontobel Greater European Opportunities Fund		1.45			2.20			1.20			N/A

^†  Each share class is currently below its expense cap.

⁽¹⁾  Effective January 1, 2018. For the period October 1, 2017, through December 31, 2017, the expense caps were as follows for Class A, Class C, and Class I, respectively: 1.50%, 2.25%, and 1.25%.

⁽²⁾  Effective January 1, 2018. For the period October 1, 2017, through December 31, 2017, the expense caps were as follows for Class A, Class C, and Class I, respectively: 1.55%, 2.30%, and 1.30%.

⁽³⁾  Effective January 1, 2018. For the period October 1, 2017, through December 31, 2017, the expense caps were as follows for Class A, Class C, and Class I, respectively: 1.45%, 2.20%, and 1.20%.

⁽⁴⁾  Effective March 29, 2018. For the period October 1, 2017, through March 28, 2018, the expense cap was 1.04% for Class R6.

D. Expense Recapture

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

	Fiscal Year Ended
Fund	2018		2019		2020		2021		Total
Duff & Phelps Global Real Estate Securities Fund
Class A	$	20	$	63	$	107	$	111	$	301
Class C		5		13		19		5		42
Class I		21		88		218		48		375
Class R6		—		—		1		3		4

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MARCH 31, 2018

	Fiscal Year Ended
Fund	2018		2019			2020			2021			Total
Duff & Phelps International Equity Fund
Class A	$	10	$	25		$	19		$	10		$	64
Class C		7		20			14			8			49
Class I		20		51			47			25			143
Duff & Phelps International Real Estate Securities Fund
Class A		21		43			26			7			97
Class C		4		9			6			3			22
Class I		44		100			98			54			296
Herzfeld Fund
Class A		4		10			6			1			21
Class C		8		19			12			3			42
Class I		7		27			19			1			54
Horizon International Wealth Masters Fund
Class A		2		3			4			2			11
Class C		2		2			2			1			7
Class I		61		94			91			46			292
Horizon Wealth Masters Fund
Class A		8		34			19			13			74
Class C		5		24			17			15			61
Class I		6		19			19			19			63
KAR Emerging Markets Small-Cap Fund
Class A		3		6			9			4			22
Class C		1		2			2			1			6
Class I		38		78			69			30			215
KAR International Small Cap Fund
Class A		—		4			5			—			9
Class C		—		—			2			—			2
Class I		1		99			66			—			166
Class R6		—		—			1			—			1
Rampart Equity Trend Fund
Class A		—		284			164			—			448
Class C		—		998			474			—	*		1,472
Class I		—		158			119			—			277
Class R6		—		—	*		—	*		—			—	*
Rampart Global Equity Trend Fund
Class A		—		2			17			9			28
Class C		—		3			24			12			39
Class I		—		1			8			5			14
Rampart Low Volatility Equity Fund
Class A		11		29			16			7			63
Class C		8		15			7			4			34
Class I		9		23			40			22			94
Vontobel Greater European Opportunities Fund
Class A		30		48			25			17			120
Class C		3		6			10			9			28
Class I		12		37			56			21			126

* Amount is less than $500.

E. Distributor

VP Distributors, LLC (“VP Distributors”), an indirect wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months (the “period”) ended March 31, 2018, it retained net commissions of $35 of Class A shares and CDSC of $2 and $5 for Class A shares and Class C shares, respectively.

In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%⁽¹⁾ for Class A shares and 1.00%⁽¹⁾⁽²⁾ for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

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

⁽¹⁾  Some of the Funds invest in ETFs. In addition to the fees listed, the Funds bear their proportionate shares of any distribution and shareholder servicing fees of the ETFs.

⁽²⁾  The Funds’ distributor has contractually agreed to waive its 12b-1 fees applicable to Class C shares to the extent that the Funds’ investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the Fund to exceed the limits set forth in applicable law or regulation.

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MARCH 31, 2018

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, 2018, the Funds incurred administration fees from the Trust totaling $840 which are included in the Statements of Operations within the line item “Administration fees”.

For the period ended March 31, 2018, the Funds incurred transfer agent fees from the Trust totaling $1,355 which are included in the Statements of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2018, 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
Duff & Phelps Global Infrastructure Fund
Class R6		727,727	$	10,326
Duff & Phelps Global Real Estate Securities Fund
Class I		132,523		3,793
Class R6		254,277		7,282
Duff & Phelps International Equity Fund
Class A		10,200		114
Class C		10,054		110
Class I		82,983		925
Duff & Phelps International Real Estate Securities Fund
Class I		558,108		4,102
Horizon International Wealth Masters Fund
Class A		10,558		127
Class C		10,315		124
Class I		510,527		6,157
KAR Emerging Markets Small-Cap Fund
Class A		10,853		135
Class C		10,485		130
Class I		306,330		3,808
KAR International Small-Cap Fund
Class R6		258,238		4,511
Rampart Equity Trend Fund
Class R6		14,720		219
Rampart Low Volatility Equity Fund
Class A		11,448		125
Class C		11,342		121
Class I		150,812		1,650
Vontobel Global Opportunities Fund
Class R6		5,807		94

H. Investments in Affiliates

A summary of the Rampart Alternatives Diversifier Fund’s total long-term and short-term purchases and sales of the respective shares of the affiliated underlying funds⁽¹⁾ during the period ended March 31, 2018, is as follows:

	Value, beginning of period		Purchases(2)		Sales Proceeds		Net realized gain (loss) on affiliated fund		Net change in unrealized appreciation (depreciation) on affiliated fund			Shares		Value, end of period		Dividend Income		Distributions of Realized Gains
Equity Funds—41.5%
Duff & Phelps Global Infrastructure Fund, Class R6(3)	$	7,267	$	4,662	$	5,348	$	195	$	(545	)		439,134	$	6,231	$	78	$	67
Duff & Phelps Global Real Estate Securities Fund, Class I(3)		4,029		84		300		60		(81	)		132,523		3,792		76		7
Duff & Phelps International Real Estate Securities Fund, Class I(3)		4,466		100		725		108		148			558,108		4,097		100		—
Duff & Phelps Real Estate Securities Fund, Class I(3)		2,922		432		250		33		(593	)		103,432		2,544		22		410
Fixed Income Fund—9.5%
Newfleet Senior Floating Rate Fund, Class I(3)		4,111		91		400		1		(5	)		403,648		3,798		90		—
	$	22,795	$	5,369	$	7,023	$	397	$	(1,076	)			$	20,462	$	366	$	484
																		��

⁽¹⁾  The Rampart 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, 2018, the Fund was the owner of record of approximately 15% of Virtus Duff & Phelps International Real Estate Securities Fund.

⁽²⁾  Includes reinvested dividends from income and capital gain distributions.

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

85

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

I. Trustee Compensation

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” on the Statement of Assets and Liabilities at March 31, 2018.

Note 5. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding U.S. Government and agency securities and short-term securities) during the period ended March 31, 2018, were as follows:

	Purchases		Sales
Duff & Phelps Global Infrastructure Fund	$	23,892	$	33,809
Duff & Phelps Global Real Estate Securities Fund		46,707		58,904
Duff & Phelps International Equity Fund		937		2,915
Duff & Phelps International Real Estate Securities Fund		4,249		4,441
Herzfeld Fund		22,126		13,304
Horizon International Wealth Masters Fund		372		429
Horizon Wealth Masters Fund		9,948		16,280
KAR Emerging Markets Small-Cap Fund		7,387		2,321
KAR International Small-Cap Fund		203,989		47,200
Rampart Alternatives Diversifier Fund		5,369		9,465
Rampart Equity Trend Fund		142,314		248,416
Rampart Global Equity Trend Fund		5,988		9,824
Rampart Low Volatility Equity Fund		7,396		7,491
Rampart Multi-Asset Trend Fund		53,109		61,280
Rampart Sector Trend Fund		296,792		338,964
Vontobel Global Opportunities Fund		43,719		33,989
Vontobel Greater European Opportunities Fund		968		7,531

There were no purchases or sales of long-term U.S. Government and agency securities for the Funds during the period ended March 31, 2018.

Note 6. Capital Share Transactions

(reported in thousands)

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

	Duff & Phelps Global Infrastructure Fund												Duff & Phelps Global Real Estate Securities Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		169		$	2,544			702		$	9,629			78		$	2,253			569		$	15,499
Reinvestment of distributions		48			706			146			1,965			10			285			49			1,295
Shares repurchased		(309	)		(4,550	)		(1,951	)		(27,011	)		(220	)		(6,372	)		(2,143	)		(57,741	)
Net Increase / (Decrease)		(92	)	$	(1,300	)		(1,103	)	$	(15,417	)		(132	)	$	(3,834	)		(1,525	)	$	(40,947	)
Class C
Sale of shares		40		$	599			217		$	2,983			27		$	750			73		$	1,939
Reinvestment of distributions		24			349			68			912			6			171			9			237
Shares repurchased		(255	)		(3,758	)		(693	)		(9,593	)		(63	)		(1,760	)		(176	)		(4,735	)
Net Increase / (Decrease)		(191	)	$	(2,810	)		(408	)	$	(5,698	)		(30	)	$	(839	)		(94	)	$	(2,559	)
Class I
Sale of shares		333		$	4,982			2,260		$	31,812			736		$	21,336			3,140		$	85,671
Reinvestment of distributions		69			1,025			134			1,843			112			3,250			157			4,220
Shares repurchased		(1,552	)		(22,892	)		(1,523	)		(21,463	)		(1,171	)		(33,675	)		(1,839	)		(50,875	)
Net Increase / (Decrease)		(1,150	)	$	(16,885	)		871		$	12,192			(323	)	$	(9,089	)		1,458		$	39,016
Class R6
Sale of shares		748		$	11,112			—		$	—			18		$	501			284		$	8,017
Reinvestment of distributions		4			52			—			—			6			172			—	(1)		3
Shares repurchased		(24	)		(350	)		—			—			(34	)		(991	)		(13	)		(380	)
Net Increase / (Decrease)		728		$	10,814			—		$	—			(10	)	$	(318	)		271		$	7,640

⁽¹⁾  Amount is less than 500 shares.

⁽²⁾  Amount is less than $500.

86

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

	Duff & Phelps International Equity Fund												Duff & Phelps International Real Estate Securities Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		5		$	62			12		$	121			14		$	104			90		$	591
Reinvestment of distributions		2			18			1			10			5			40			84			505
Shares repurchased		(15	)		(173	)		(71	)		(715	)		(60	)		(434	)		(1,009	)		(6,526	)
Net Increase / (Decrease)		(8	)	$	(93	)		(58	)	$	(584	)		(41	)	$	(290	)		(835	)	$	(5,430	)
Class C
Sale of shares		—	(1)	$	4			12		$	125			22		$	153			8		$	55
Reinvestment of distributions		1			9			—			—			1			8			15			88
Shares repurchased		(10	)		(108	)		(41	)		(404	)		(22	)		(161	)		(162	)		(1,036	)
Net Increase / (Decrease)		(9	)	$	(95	)		(29	)	$	(279	)		1		$	—	(2)		(139	)	$	(893	)
Class I
Sale of shares		10		$	121			63		$	628			338		$	2,449			1,130		$	7,371
Reinvestment of distributions		5			49			3			29			69			499			238			1,434
Shares repurchased		(33	)		(373	)		(121	)		(1,250	)		(372	)		(2,692	)		(1,612	)		(10,400	)
Net Increase / (Decrease)		(18	)	$	(203	)		(55	)	$	(593	)		35		$	256			(244	)	$	(1,595	)
	Herzfeld Fund												Horizon International Wealth Masters Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		259		$	3,183			571		$	6,540			3		$	36			3		$	29
Reinvestment of distributions		12			149			24			277			—	(1)		3			—	(1)		3
Shares repurchased		(373	)		(4,663	)		(938	)		(10,697	)		(9	)		(105	)		(7	)		(73	)
Net Increase / (Decrease)		(102	)	$	(1,331	)		(343	)	$	(3,880	)		(6	)	$	(66	)		(4	)	$	(41	)
Class C
Sale of shares		124		$	1,534			460		$	5,183			—	(1)	$	—	(2)		1		$	6
Reinvestment of distributions		18			220			39			447			—	(1)		1			—	(1)		1
Shares repurchased		(146	)		(1,800	)		(347	)		(3,998	)		(1	)		(13	)		—	(1)		(1	)
Net Increase / (Decrease)		(4	)	$	(46	)		152		$	1,632			(1	)	$	(12	)		1		$	6
Class I
Sale of shares		665		$	8,232			2,471		$	28,062			—		$	—			—		$	—
Reinvestment of distributions		51			628			96			1,119			8			94			8			75
Shares repurchased		(596	)		(7,370	)		(1,430	)		(16,587	)		—			—			—			—
Net Increase / (Decrease)		120		$	1,490			1,137		$	12,594			8		$	94			8		$	75

⁽¹⁾  Amount is less than 500 shares.

⁽²⁾  Amount is less than $500.

87

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

	Horizon Wealth Masters Fund												KAR Emerging Markets Small-Cap Fund
	Six Months Ended March 31,  2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		28		$	494			163		$	2,547			56		$	677			136		$	1,445
Reinvestment of distributions		9			163			13			207			1			7			1			10
Shares repurchased		(146	)		(2,577	)		(1,241	)		(19,508	)		(80	)		(913	)		(28	)		(282	)
Net Increase / (Decrease)		(109	)	$	(1,920	)		(1,065	)	$	(16,754	)		(23	)	$	(229	)		109		$	1,173
Class C
Sale of shares		38		$	653			106		$	1,635			4		$	47			16		$	169
Reinvestment of distributions		9			158			—			—			—			—			—	(1)		2
Shares repurchased		(133	)		(2,288	)		(553	)		(8,446	)		—	(1)		(6	)		—	(1)		(4	)
Net Increase / (Decrease)		(86	)	$	(1,477	)		(447	)	$	(6,811	)		4		$	41			16		$	167
Class I
Sale of shares		101		$	1,782			1,013		$	16,032			610		$	7,166			384		$	4,056
Reinvestment of distributions		13			233			13			198			8			97			10			93
Shares repurchased		(225	)		(3,988	)		(622	)		(9,837	)		(68	)		(794	)		(80	)		(827	)
Net Increase / (Decrease)		(111	)	$	(1,973	)		404		$	6,393			550		$	6,469			314		$	3,322
	KAR International Small-Cap Fund												Rampart Alternatives Diversifier Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		860		$	14,570			1,332		$	19,861			86		$	960			270		$	2,927
Reinvestment of distributions		21			337			5			76			8			96			22			240
Shares repurchased		(230	)		(3,877	)		(351	)		(5,096	)		(96	)		(1,087	)		(1,048	)		(11,273	)
Net Increase / (Decrease)		651		$	11,030			986		$	14,841			(2	)	$	(31	)		(756	)	$	(8,106	)
Class C
Sale of shares		631		$	10,483			771		$	11,570			9		$	99			25		$	268
Reinvestment of distributions		13			205			3			29			6			64			5			53
Shares repurchased		(46	)		(776	)		(49	)		(690	)		(173	)		(1,927	)		(640	)		(6,835	)
Net Increase / (Decrease)		598		$	9,912			725		$	10,909			(158	)	$	(1,764	)		(610	)	$	(6,514	)
Class I
Sale of shares		9,632		$	164,096			8,528		$	126,312			119		$	1,335			808		$	8,672
Reinvestment of distributions		205			3,334			94			1,288			18			202			42			449
Shares repurchased		(1,380	)		(23,530	)		(897	)		(13,422	)		(393	)		(4,406	)		(861	)		(9,267	)
Net Increase / (Decrease)		8,457		$	143,900			7,725		$	114,178			(256	)	$	(2,869	)		(11	)	$	(146	)
Class R6
Sale of shares		1,081		$	17,673			2,429		$	35,194			—		$	—			—		$	—
Reinvestment of distributions		52			839			7			107			—			—			—			—
Shares repurchased		(438	)		(7,504	)		(175	)		(2,835	)		—			—			—			—
Net Increase / (Decrease)		695		$	11,008			2,261		$	32,466			—		$	—			—		$	—

⁽¹⁾  Amount is less than 500 shares.

⁽²⁾  Amount is less than $500.

88

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

	Rampart Equity Trend Fund												Rampart Global Equity Trend Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		110		$	1,637			402		$	5,102			9		$	101			16		$	167
Reinvestment of distributions		—			—			—			—			—			—			—			—
Shares repurchased		(1,648	)		(24,134	)		(10,567	)		(133,254	)		(176	)		(2,088	)		(365	)		(3,697	)
Net Increase / (Decrease)		(1,538	)	$	(22,497	)		(10,165	)	$	(128,152	)		(167	)	$	(1,987	)		(349	)	$	(3,530	)
Class C
Sale of shares		48		$	689			185		$	2,274			8		$	95			21		$	208
Reinvestment of distributions		—			—			—			—			—			—			—			—
Shares repurchased		(3,122	)		(43,776	)		(16,244	)		(198,159	)		(145	)		(1,639	)		(575	)		(5,722	)
Net Increase / (Decrease)		(3,074	)	$	(43,087	)		(16,059	)	$	(195,885	)		(137	)	$	(1,544	)		(554	)	$	(5,514	)
Class I
Sale of shares		538		$	7,980			3,598		$	46,378			28		$	334			71		$	726
Reinvestment of distributions		—			—			—			—			—			—			—			—
Shares repurchased		(3,362	)		(49,110	)		(15,780	)		(198,999	)		(52	)		(622	)		(305	)		(3,074	)
Net Increase / (Decrease)		(2,824	)	$	(41,130	)		(12,182	)	$	(152,621	)		(24	)	$	(288	)		(234	)	$	(2,348	)
Class R6
Sale of shares		24		$	353			—		$	—			—		$	—			—		$	—
Reinvestment of distributions		—			—			—			—			—			—			—			—
Shares repurchased		—			—			—			—			—			—			—			—
Net Increase / (Decrease)		24		$	353			—		$	—			—		$	—			—		$	—
	Rampart Low Volatility Equity Fund												Rampart Multi-Asset Trend Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		—	(1)	$	1			—	(1)	$	2			99		$	1,126			70		$	729
Reinvestment of distributions		4			50			—	(1)		1			—			—			—			—
Shares repurchased		(3	)		(39	)		(101	)		(1,188	)		(331	)		(3,683	)		(1,284	)		(13,303	)
Net Increase / (Decrease)		1		$	12			(101	)	$	(1,185	)		(232	)	$	(2,557	)		(1,214	)	$	(12,574	)
Class C
Sale of shares		6		$	68			—		$	—			40		$	440			108		$	1,092
Reinvestment of distributions		2			26			—			—			—			—			—			—
Shares repurchased		(4	)		(49	)		(22	)		(259	)		(609	)		(6,608	)		(3,274	)		(32,980	)
Net Increase / (Decrease)		4		$	45			(22	)	$	(259	)		(569	)	$	(6,168	)		(3,166	)	$	(31,888	)
Class I
Sale of shares		—	(1)	$	—	(2)		—	(1)	$	1			249		$	2,771			296		$	3,118
Reinvestment of distributions		15			174			1			16			—			—			—			—
Shares repurchased		—			—			(4	)		(44	)		(278	)		(3,135	)		(1,453	)		(15,043	)
Net Increase / (Decrease)		15		$	174			(3	)	$	(27	)		(29	)	$	(364	)		(1,157	)	$	(11,925	)

⁽¹⁾  Amount is less than 500 shares.

⁽²⁾  See Note 1 in Notes to Financial Statements for more information.

89

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

	Rampart Sector Trend Fund												Vontobel Global Opportunities Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017						Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		78		$	1,008			1,370		$	15,660			328		$	5,466			1,510		$	22,056
Conversion from Class B shares(2)		—			—			—			—			—			—			10			149
Reinvestment of distributions		54			696			124			1,376			359			5,810			64			855
Shares repurchased		(951	)		(12,269	)		(4,990	)		(57,059	)		(1,052	)		(17,685	)		(2,347	)		(34,085	)
Net Increase / (Decrease)		(819	)	$	(10,565	)		(3,496	)	$	(40,023	)		(365	)	$	(6,409	)		(763	)	$	(11,025	)
Class B
Reinvestment of distributions		—		$	—			—		$	—			—		$	—			—	(1)	$	1
Shares repurchased		—			—			—			—			—			—			(10	)		(119	)
Conversion to Class A shares(2)		—			—			—			—			—			—			(12	)		(148	)
Net Increase / (Decrease)		—		$	—			—		$	—			—		$	—			(22	)	$	(266	)
Class C
Sale of shares		65		$	823			639		$	7,011			311		$	4,453			666		$	8,575
Reinvestment of distributions		2			22			52			569			136			1,893			12			139
Shares repurchased		(1,378	)		(17,311	)		(6,991	)		(78,413	)		(162	)		(2,300	)		(474	)		(6,008	)
Net Increase / (Decrease)		(1,311	)	$	(16,466	)		(6,300	)	$	(70,833	)		285		$	4,046			204		$	2,706
Class I
Sale of shares		558		$	7,170			3,160		$	35,992			1,374		$	23,043			2,580		$	38,503
Reinvestment of distributions		58			744			107			1,180			195			3,157			14			185
Shares repurchased		(1,618	)		(20,602	)		(6,464	)		(73,736	)		(487	)		(8,071	)		(1,416	)		(21,454	)
Net Increase / (Decrease)		(1,002	)	$	(12,688	)		(3,197	)	$	(36,564	)		1,082		$	18,129			1,178		$	17,234
Class R6
Sale of shares		—		$	—			—		$	—			6		$	100			—		$	—
Reinvestment of distributions		—			—			—			—			—			—			—			—
Shares repurchased		—			—			—			—			—			—			—			—
Net Increase / (Decrease)		—		$	—			—		$	—			6		$	100			—		$	—
	Vontobel Greater European Opportunities Fund
	Six Months Ended March 31, 2018 (Unaudited)						Year Ended September 30, 2017
	SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		25		$	424			113		$	1,829
Reinvestment of distributions		30			476			8			110
Shares repurchased		(44	)		(703	)		(597	)		(9,066	)
Net Increase / (Decrease)		11		$	197			(476	)	$	(7,127	)
Class C
Sale of shares		17		$	272			33		$	533
Reinvestment of distributions		15			237			2			28
Shares repurchased		(18	)		(288	)		(54	)		(845	)
Net Increase / (Decrease)		14		$	221			(19	)	$	(284	)
Class I
Sale of shares		45		$	744			847		$	13,291
Reinvestment of distributions		37			587			14			196
Shares repurchased		(403	)		(6,996	)		(863	)		(14,092	)
Net Increase / (Decrease)		(321	)	$	(5,665	)		(2	)	$	(605	)

⁽¹⁾  Amount is less than 500 shares.

⁽²⁾  See Note 1 in Notes to Financial Statements for more information.

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MARCH 31, 2018

Note 7. Indemnifications

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

Note 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.

At March 31, 2018, the following Funds held securities issued by various companies in specific sectors as detailed below:

Fund	Sector	Percentage of Total Investments
Duff & Phelps Global Infrastructure Fund	Utilities		41	%
Duff & Phelps Global Infrastructure Fund	Industrials		32	%
Duff & Phelps International Equity Fund	Financials		25	%
Duff & Phelps International Real Estate Securities Fund	Real Estate Operating Companies		42	%
Horizon International Wealth Masters Fund	Consumer Discretionary		31	%
Horizon Wealth Masters Fund	Consumer Discretionary		34	%
KAR Emerging Markets Small-Cap Fund	Information Technology		27	%
KAR International Small-Cap Fund	Information Technology		33	%
Vontobel Greater European Opportunities Fund	Consumer Staples		32	%

Note 9. 10% Shareholders

As of March 31, 2018, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each such Fund as detailed below:

	% of Shares Outstanding			Number of Accounts
Duff & Phelps Global Infrastructure Fund#		12	%		1
Duff & Phelps Global Real Estate Securities Fund#		36			3
Duff & Phelps International Equity Fund		37			2	*
Duff & Phelps International Real Estate Securities Fund#		68			4	*
Herzfeld Fund		56			4
Horizon International Wealth Masters Fund		95			1	*
Horizon Wealth Masters Fund		14			1
KAR Emerging Markets Small-Cap Fund		64			2	*
KAR International Small-Cap Fund		43			3
Rampart Alternatives Diversifier Fund		11			1
Rampart Equity Trend Fund		22			2
Rampart Global Equity Trend Fund		12			1
Rampart Low Volatility Equity Fund		82			2	*
Rampart Multi-Asset Trend Fund		23			1
Vontobel Global Opportunities Fund		11			1
Vontobel Greater European Opportunities Fund		45			3

* Includes affiliated shareholder account.

^#  The Fund is owned by Rampart Alternatives Diversifier Fund. Rampart 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, 2018, Rampart Alternatives Diversifier Fund was the owner of record of approximately 15% of the Duff & Phelps International Real Estate Securities Fund. The other affiliated funds held by the Rampart Alternatives Diversifier Fund were less than 10% each.

91

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MARCH 31, 2018

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2018, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Funds were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Duff & Phelps Global Infrastructure Fund	$	91,682	$	15,065	$	(3,660	)	$	11,405
Duff & Phelps Global Real Estate Securities Fund		167,213		18,627		(4,502	)		14,125
Duff & Phelps International Equity Fund		1,822		379		(39	)		340
Duff & Phelps International Real Estate Securities Fund		22,353		4,177		(147	)		4,030
Herzfeld Fund		61,057		4,195		(1,294	)		2,901
Horizon International Wealth Masters Fund		5,417		1,442		(407	)		1,035
Horizon Wealth Masters Fund		55,952		15,618		(2,474	)		13,144
KAR Emerging Markets Small-Cap Fund		15,860		2,810		(380	)		2,430
KAR International Small-Cap Fund		395,228		52,984		(3,307	)		49,677
Rampart Alternatives Diversifier Fund		59,185		3,642		(22,738	)		-19,096
Rampart Equity Trend Fund		373,459		108,202		(6,373	)		101,829
Rampart Global Equity Trend Fund		9,023		2,017		(109	)		1,908
Rampart Low Volatility Equity Fund (Including Purchased Options)		2,399		1		(57	)		-56
Rampart Low Volatility Equity Fund (Written Options)		—		—		—			—
Rampart Multi-Asset Trend Fund		72,547		9,178		(879	)		8,299
Rampart Sector Trend Fund		218,838		31,295		(1,625	)		29,670
Vontobel Global Opportunities Fund		166,230		69,474		(2,745	)		66,729
Vontobel Greater European Opportunities Fund		6,662		2,822		(84	)		2,738

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
	Short-Term		Long-Term		Short-Term		Long-Term		Short-Term		Long-Term		Short-Term		Long-Term
Duff & Phelps International Equity Fund	$	—	$	—	$	—	$	—	$	942	$	—	$	942	$	—
Duff & Phelps International Real Estate Securities Fund		3,884		—		883		—		1,696		—		6,463		—
Herzfeld Fund		—		—		—		—		—		365		—		365
KAR Emerging Markets Small-Cap Fund		—		—		—		—		—		388		—		388
Rampart Alternatives Diversifier Fund		48,770		—		—		—		—		—		48,770		—
Rampart Equity Trend Fund		—		—		—		—		541,456		—		541,456		—
Rampart Global Equity Trend Fund		—		—		—		—		12,727		—		12,727		—
Rampart Multi-Asset Trend Fund		—		—		—		—		28,164		—		28,164		—
Rampart Sector Trend Fund		1,080		—		—		—		55,819		1,501		56,899		1,501

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

From March 22, 2018, to March 26, 2018, the Duff & Phelps Global Real Estate Securities Fund made borrowings. The average daily borrowings under the Agreement and the weighted daily average interest rate were $2,520 and 3.12%, respectively. No other Funds made borrowings during the period and no Fund had any outstanding borrowings as of March 31, 2018.

92

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 12. Plans of Reorganization

A. On October 22, 2015, the Board of Trustees of Virtus Opportunities Trust approved an Agreement and Plan of Reorganization (the “Plan”) with respect to Virtus Dynamic Trend Fund (the “Merged Fund”), a series of Virtus Opportunities Trust, and Virtus Rampart Equity Trend Fund (the “Acquiring Fund”), a series of 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 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 Trend Fund	Class	A	9,028	Virtus Rampart Equity Trend Fund	Class	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 Rampart Equity Trend Fund	$1,271,368

Assuming the acquisition had been completed on October 1, 2015, the Virtus Rampart Equity Trend Fund results of operations for the period ended September 30, 2016, would have been as follows:

Net investment income (loss)	$	2,270	(a)
Net gain (loss) on investments		(13,042	)(b)
Net increase (decrease) in assets from operations	$	(10,772	)

^(a)  $(3,505), as reported in the Statement of Operations, plus $5,775 Net Investment Income from Virtus Dynamic Trend Fund pre-merger.

^(b)  $16,480, 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 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 Rampart Equity Trend Fund Statement of Operations since February 5, 2016.

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.

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, 2018:

Fund	Aggregate Value			% of Fund’s net assets
Duff & Phelps Global Real Estate Securities Fund	$	—	(1)		0.0	%
Duff & Phelps International Real Estate Securities Fund	$	—	(1)		0.0

⁽¹⁾  Amount is less than $500.

At March 31, 2018, the Funds did not hold any securities that were illiquid or restricted except as noted in the table above.

93

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MARCH 31, 2018

Note 14. 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 ETFs, in each case subject to certain conditions.

Note 15. Regulatory Matters and Litigation

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

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 violations of certain provisions 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. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Pursuant to an Opinion & Order (“Order”) filed on July 1, 2016, the court granted in part and denied in part the defendants’ motion to dismiss. Although the Order narrows the scope of the claims asserted and dismisses one of the defendants from the suit, claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder survive the motion. The remaining defendants filed an Answer to the Consolidated Complaint on August 5, 2016. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiff’s motion for class certification, was granted by the court. Discovery has since been completed. On October 6, 2017, defendants moved for summary judgment. Briefing on the motion for summary judgment was completed on December 22, 2017, and oral argument was held on January 18, 2018, where the Court reserved decision. Virtus and its affiliates, including the Adviser, believe that the suit is without merit. Nevertheless, on February 6, 2018, Virtus reached an agreement in principle with the plaintiffs, subject to Court approval, settling all claims in the litigation, in order to avoid the cost, distractions, disruption, and inherent litigation uncertainty. Upon approval by the Court, which Virtus believes is likely, the resolution of this matter will not have a material impact on the results of operations, cash flows or its consolidated financial condition for Virtus. Whether or not the settlement is approved by the Court, the Trust believes that the risk of loss to the Funds as a result of this suit is remote. Whether or not the settlement is approved by the Court, 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 sub-advised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleged claims against Virtus, certain Virtus officers and affiliates (including the Adviser, Euclid Advisors LLC (“Euclid”) 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 October 1, 2015, the plaintiffs 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, the plaintiffs filed a Second Amended Complaint. Motions to dismiss were filed on behalf of Virtus, its officers and affiliates and the independent trustees on February 1, 2016. An Opinion & Order (“Order”) granting in part and denying in part the defendants’ motions to dismiss was issued on July 1, 2016. The Order dismissed all claims against the Adviser, Euclid, the independent trustees and certain of the other individual defendants, and narrowed the claims asserted against the remaining defendants. The remaining defendants filed an Answer to the Second Amended Complaint on August 5, 2016. A Stipulation of Voluntary Dismissal of the claim under Section 12 of the Securities Act of 1933, as amended, was filed on September 15, 2016.

The remaining defendants filed a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on August 26, 2016. The motion was denied on January 6, 2017. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiffs’ motion for class certification, was denied by the court. On December 4, 2017, the Court denied the plaintiffs’ motion seeking leave to amend their complaint to address deficiencies identified by the Court in its orders dismissing, in part, plaintiffs’ Second Amended Complaint and denying class certification. On December 22, 2017, the plaintiffs voluntarily dismissed all remaining claims against the remaining defendants with prejudice and waived all rights to appeal.

Note 16. Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

94

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 17. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance and has determined that the following subsequent events require recognition or disclosure in these financial statements:

Effective April 28, 2018, each of the Duff & Phelps International Equity Fund, Horizon International Wealth Masters Fund, Rampart Global Equity Trend Fund, and Rampart Low Volatility Equity Fund was liquidated at its respective net asset value.

95

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 Duff & Phelps Global Infrastructure Fund, Virtus Duff & Phelps Global Real Estate Securities Fund, Virtus Duff & Phelps International Equity Fund, Virtus Duff & Phelps International Real Estate Securities Fund, Virtus Herzfeld Fund, Virtus Horizon International Wealth Masters Fund, Virtus Horizon Wealth Masters Fund, Virtus KAR Emerging Markets Small-Cap Fund, Virtus KAR International Small-Cap Fund, Virtus Rampart Alternatives Diversifier Fund, Virtus Rampart Equity Trend Fund, Virtus Rampart Global Equity Trend Fund, Virtus Rampart Low Volatility Equity Fund, Virtus Rampart Multi-Asset Trend Fund, Virtus Rampart Sector Trend Fund, Virtus Vontobel Global Opportunities Fund and Virtus Vontobel Greater European Opportunities Fund (individually and collectively, the “Funds”). At in-person meetings held on November 3, 2017 and November 15-16, 2017 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and each subadviser (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 objective(s); (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA’s or the applicable Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on each Fund’s performance and expenses; (7) fees paid to VIA and the Subadvisers by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

Nature, Extent and Quality of Services

The Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, each concerning a number of topics, including 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 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 objective(s), policies and restrictions set forth in the Funds’ prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser’s investment management process, including (a) the experience and capability of the Subadviser’s management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser’s regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser’s brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Subadviser’s risk assessment and monitoring process. The Board noted each Subadviser’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

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

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, 2017.

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

Virtus Duff & Phelps Global Real Estate Securities 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-year period. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Duff & Phelps International Equity Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3-and 5-year periods.

Virtus Duff & Phelps International Real Estate Securities Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 3- and 5-year periods and outperformed its benchmark for the 1-, 3- and 5-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe for the 1-year period.

Virtus Herzfeld Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1- and 3- year periods.

Virtus Horizon International 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 period and underperformed its benchmark for the 1-year period.

Virtus Horizon Wealth Masters Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-year period and underperformed the median of its Performance Universe for the 3-year period. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3-year period.

Virtus KAR Emerging Markets Small-Cap Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1- and 3-year periods.

Virtus KAR International Small-Cap Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 1- and 3-year periods.

Virtus Rampart Alternatives Diversifier Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.

Virtus Rampart Equity Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Rampart Global Equity Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Rampart Low Volatility Equity Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the 1- and 3-year periods and underperformed its benchmark for the 1- and 3-year periods.

Virtus Rampart Multi-Asset Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3- and 5-year periods.

Virtus Rampart 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.

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

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Virtus Vontobel Greater European Opportunities Fund. The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 3-year period. The Board also noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1- and 5-year periods.

The Board also considered management’s discussion about the reasons for each applicable Fund’s underperformance relative to its peer group or benchmark. With respect to the Virtus Rampart Alternatives Diversifier Fund, Virtus Rampart Equity Trend Fund, Virtus Rampart Global Equity Trend Fund, Virtus Rampart Multi-Asset Trend Fund and Virtus Rampart Sector Trend Fund, the Board also considered that each Fund had recently changed the subadviser(s), so that the performance shown was primarily that of the prior subadviser(s). After reviewing these and related factors, the Board concluded that each Fund’s overall performance, or reasons discussed for underperformance and/or management’s discussion of plans to address the underperformance, was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund’s 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, fee information of comparable accounts managed by the Subadvisers, as applicable.

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

Virtus Duff & Phelps Global Infrastructure Fund. The Board considered that the Fund’s net management fee and net total expenses were below the median of the Expense Group.

Virtus Duff & Phelps Global Real Estate Securities Fund. The Board considered that the Fund’s net management fee after waivers and net total expenses after waivers were above the median of the Expense Group.

Virtus Duff & Phelps 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 above the median of the Expense Group.

Virtus Duff & Phelps International Real Estate Securities Fund. The Board considered that the Fund’s net management fee after waivers was equal to the median of the Expense Group and net total expenses after waivers were above the median of the Expense Group.

Virtus Herzfeld Fund. The Board considered that the Fund’s actual management fee after waivers and its net total expenses were above the median of the Expense Group. The Board also noted that the total expenses without indirect expenses were above the median.

Virtus Horizon 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.

Virtus Horizon Wealth Masters 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 KAR Emerging Markets Small-Cap 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 KAR International Small-Cap Fund. The Board considered that the Fund’s net management fee after waivers and net total expenses after waivers were above the median of the Expense Group.

Virtus Rampart Alternatives Diversifier Fund. The Board considered that the Fund’s actual management fee was below the median of the Expense Group and net total expenses were equal to the median of the Expense Group. The Board also noted that the total expenses without indirect expenses were below the median.

Virtus Rampart Equity Trend Fund. The Board considered that the Fund’s actual management fee after waivers and its net total expenses were above the median of the Expense Group. The Board also noted that the total expenses without indirect expenses were above the median.

Virtus Rampart Global Equity Trend Fund. The Board considered that the Fund’s actual management fee after waivers was above the median of the Expense Group, while its net total expenses were below the median of the Expense Group. The Board also noted that the total expenses without indirect expenses were above the median.

Virtus Rampart Low Volatility Equity Fund. The Board considered that the Fund’s actual 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 Rampart Multi-Asset Trend Fund. The Board considered that the Fund’s actual management fee was above the median of the Expense Group, while its net total expenses were below the median of the Expense Group. The Board also noted that the total expenses without indirect expenses were above the median.

Virtus Rampart Sector Trend Fund. The Board considered that the Fund’s actual management fee and net total expenses were below the median of the Expense Group. The Board also noted that the total expenses without indirect expenses were below the median.

Virtus Vontobel 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.

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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Virtus Vontobel Greater European Opportunities Fund. The Board considered that the Fund’s net management fee after waivers was below the median of the Expense Group and its 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, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the 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 relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA. In addition, with respect to Vontobel Asset Management, Inc., Horizon Asset Management LLC and Thomas J. Herzfeld Advisors, Inc., the unaffiliated Subadvisers, the Board relied on the ability of VIA to negotiate those Subadvisory Agreements and the fees thereunder at arm’s length. For each of the above reasons, the Board concluded that the profitability to the Subadvisers and their affiliates from their relationship with the Funds was not a material factor in approval of the Subadvisory Agreements.

Economies of Scale

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds’ assets grow. The Board noted that the management fees for 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 Fund(s) 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 selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fee to be earned under the applicable Agreement(s). There may be certain indirect benefits gained, including to the extent that serving the Fund(s) could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

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

99

Virtus Duff & Phelps International Equity Fund,

Virtus Horizon International Wealth Masters Fund and Virtus Horizon Wealth Masters Fund, each a series of Virtus Opportunities Trust

Supplement dated December 29, 2017 to the Summary Prospectuses dated April 10, 2017, and the Virtus Opportunities Trust Statutory Prospectus, dated April 10, 2017, each as supplemented

IMPORTANT NOTICETO INVESTORS

Virtus Duff & Phelps International Equity Fund

Effective January 1, 2018, 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 will be 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��T
Management Fees	0.85%		0.85%		0.85%		0.85%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None		0.25%
Other Expenses	1.93%		1.93%		1.93%		1.93%	(b)
Total Annual Fund Operating Expenses	3.03%		3.78%		2.78%		3.03%
Less: Fee Waiver and/or Expense Reimbursement(c)	(1.76%	)	(1.76%	)	(1.76%	)	(1.76%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(c)	1.27%		2.02%		1.02%		1.27%

^(b)  Estimated for current fiscal year, as annualized.

^(c)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.27% for Class A Shares, 2.02% for Class C Shares, 1.02% for Class I Shares and 1.27% for Class T Shares through January 31, 2019. 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 time 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	$	697	$	1,301	$	1,929	$	3,611
Class C	Sold	$	305	$	993	$	1,800	$	3,907
	Held	$	205	$	993	$	1,800	$	3,907
Class I	Sold or Held	$	104	$	695	$	1,313	$	2,981
Class T	Sold or Held	$	376	$	1,001	$	1,651	$	3,391

Virtus Horizon International Wealth Masters Fund

Effective January 1, 2018, 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 will be 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 T
Management Fees	0.90%		0.90%		0.90%		0.90%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None		0.25%
Other Expenses	2.12%		2.12%		2.12%		2.12%	(b)
Total Annual Fund Operating Expenses	3.27%		4.02%		3.02%		3.27%
Less: Fee Waiver and/or Expense Reimbursement(c)	(1.95%	)	(1.95%	)	(1.95%	)	(1.95%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(c)	1.32%		2.07%		1.07%		1.32%

^(b)  Estimated for current fiscal year, as annualized.

^(c)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.32% for Class A Shares, 2.07% for Class C Shares, 1.07% for Class I Shares and 1.32% for Class T Shares through January 31, 2019. 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 time 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	$	702	$	1,352	$	2,025	$	3,811
Class C	Sold	$	310	$	1,046	$	1,898	$	4,102
	Held	$	210	$	1,046	$	1,898	$	4,102
Class I	Sold or Held	$	109	$	749	$	1,415	$	3,199
Class T	Sold or Held	$	381	$	1,054	$	1,750	$	3,598

Virtus Horizon Wealth Masters Fund

Effective January 1, 2018, 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 will be 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 T
Management Fees	0.85%		0.85%		0.85%		0.85%
Distribution and Shareholder Servicing (12b-1) Fees	0.25%		1.00%		None		0.25%
Other Expenses	0.43%		0.43%		0.43%		0.43%	(b)
Total Annual Fund Operating Expenses	1.53%		2.28%		1.28%		1.53%
Less: Fee Waiver and/or Expense Reimbursement(c)	(0.28%	)	(0.28%	)	(0.28%	)	(0.28%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(c)	1.25%		2.00%		1.00%		1.25%

^(b)  Estimated for current fiscal year, as annualized.

^(c)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.25% for Class A Shares, 2.00% for Class C Shares, 1.00% for Class I Shares and 1.25% for Class T Shares through January 31, 2019. 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 time 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	$	695	$	1,005	$	1,336	$	2,271
Class C	Sold	$	303	$	686	$	1,195	$	2,594
	Held	$	203	$	686	$	1,195	$	2,594
Class I	Sold or Held	$	102	$	378	$	675	$	1,521
Class T	Sold or Held	$	374	$	695	$	1,038	$	2,005

All Funds

Effective January 1, 2018, in the first table in the section “More Information About Fund Expenses” on page 130 of the statutory prospectus, the row corresponding to each fund will be replaced with the following and the new footnote added after the table.

	Class A Shares	Class C Shares	Class C1 Shares	Class I Shares	Class R6 Shares	Class T Shares
Virtus Duff & Phelps International Equity Fund**	1.27%	2.02%	N/A	1.02%	N/A	1.27%
Virtus Horizon International Wealth Masters Fund**	1.32%	2.07%	N/A	1.07%	N/A	1.32%
Virtus Horizon Wealth Masters Fund**	1.25%	2.00%	N/A	1.00%	N/A	1.25%

** Contractual through January 31, 2019.

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

Virtus Duff & Phelps Global Real Estate Securities Fund,

a series of Virtus Opportunities Trust

Supplement dated March 19, 2018 to the Summary Prospectus and the Virtus Opportunities Trust Statutory Prospectus,

dated January 29, 2018, each as supplemented

IMPORTANT NOTICETO INVESTORS

Effective March 29, 2018, the changes described below will be made to the fund’s prospectuses.

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the information for Class R6 Shares in the “Annual Fund Operating Expenses” table and associated footnotes will be replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class R6
Management Fees	0.85%
Distribution and Shareholder Servicing (12b-1) Fees	None
Other Expenses	0.26%	(b)
Total Annual Fund Operating Expenses	1.11%
Less: Fee Waiver and/or Expense Reimbursement(d)	(0.16%	)
Total Annual Fund Operating Expenses After Expense Reimbursement(d)	0.95%

^(b)  Restated to reflect certain contract and expense allocation changes.

^(d)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.40% for Class A Shares, 2.15% for Class C Shares, 1.15% for Class I Shares, 0.95% for Class R6 Shares and 1.40% for Class T Shares through January 31, 2019. 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 after the date on which it was incurred or waived by Virtus.

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the row showing Class R6 Shares in the “Example” table will be replaced with the following:

	Share Status		1 Year		3 Years		5 Years		10 Years
Class R6		Sold or Held	$	97	$	337	$	596	$	1,337

In the first table in the section “More Information About Fund Expenses” on page 133 of the statutory prospectus, the row corresponding to fund will be replaced with the following:

	Class A Shares	Class C Shares	Class C1 Shares	Class I Shares	Class R6 Shares	Class T Shares
Virtus Duff & Phelps Global Real Estate Securities Fund	1.40%	2.15%	N/A	1.15%	0.95%	1.40%

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

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

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

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

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

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

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

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361
Website	Virtus.com

Important Notice to Shareholders

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

P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,

please call your financial representative, contact us

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

8638 05-18

SEMIANNUAL REPORT VIRTUS OPPORTUNITIES TRUST

March 31, 2018

Virtus Duff & Phelps Real Estate Securities Fund

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Duff & Phelps Real Estate Securities Fund

(“Duff & Phelps Real Estate Securities Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	6
Statement of Assets and Liabilities	8
Statement of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	15
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	25

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 Duff & Phelps Real Estate Securities Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this semiannual report that reviews the performance of your fund for the six months ended March 31, 2018.

Economic growth and strong corporate earnings were driving forces in the U.S. during the period, capped off by the sweeping tax overhaul that was signed into law at year-end. The optimism carried over into the start of 2018. However, with growth heating up, inflation fears caused stock markets to plunge in early February, ushering in the return of volatility after being conspicuously absent throughout 2017. Concerns over a potential global trade war, sparked by tariff talk by the Trump administration, caused markets to remain unsettled. Meanwhile, persistent economic strength moved the Federal Reserve to hike its key interest rate in March from 1.50% to 1.75%, its highest level in nearly a decade.

For the six months ended March 31, 2018, U.S. large-cap stocks, as measured by the S&P 500^® Index, returned 5.84%, outpacing small-cap stocks, which returned 3.25%, as measured by the Russell 2000^® Index. Within international equities, emerging markets led their developed peers, with the MSCI Emerging Markets Index (net) up 8.96%, compared with the MSCI EAFE^® Index (net), which returned 2.63%.

Demand for U.S. Treasuries remained strong, as foreign investors continued to favor their yield advantage and credit quality over many foreign government bonds. The yield on the 10-year Treasury was 2.74% at March 31, 2018, up from 2.33% at September 30, 2017. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, declined 1.08% for the six months. Non-investment grade bonds also lost ground but to a lesser extent, down 0.39%, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to 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, with a broad array of Virtus Funds available through your fund exchange privileges. These include distinctive equity, fixed income, international, and asset allocation funds managed by Virtus affiliates and select subadvisers. We invite you to learn more about the Virtus family of funds at Virtus.com.

On behalf of our investment affiliates, thank you for entrusting the Virtus Funds with your assets. Should you have questions about your account or require assistance, please visit 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

May 2018

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 DUFF & PHELPS REAL ESTATE SECURITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

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

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

Actual Expenses

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

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Class A	$	1,000.00	$	952.80		1.41	%	$	6.86
Class C		1,000.00		949.50		2.09			10.16
Class I		1,000.00		954.30		1.10			5.36
Class R6		1,000.00		955.00		0.96			4.68

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

2

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Class A	$	1,000.00	$	1,017.90		1.41	%	$	7.09
Class C		1,000.00		1,014.51		2.09			10.50
Class I		1,000.00		1,019.45		1.10			5.54
Class R6		1,000.00		1,020.14		0.96			4.84

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

3

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2018

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

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

Bloomberg Barclays U.S. Corporate High Yield Bond Index

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

Exchange-Traded Funds (“ETFs”)

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

Federal Reserve (the “Fed”)

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

London Interbank Offered Rate (“LIBOR”)

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

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Real Estate Investment Trust (“REIT”)

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

4

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2018

Russell 2000^® Index

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

S&P 500^® Index

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

5

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

Asset Allocations
The following table presents the portfolio holdings within certain sectors as a percentage of total investments attributable to each sector at March 31, 2018.
Apartments	17	%
Office	16
Industrials	15
Data Centers	14
Shopping Centers	6
Self Storage	6
Regional Malls	5
Other (includes short-term investment)	21
Total	100	%

	SHARES		VALUE
COMMON STOCKS—99.4%
REAL ESTATE INVESTMENT TRUSTS—99.4%
DATA CENTERS—14.0%
CoreSite Realty Corp.		118,600	$	11,891
CyrusOne, Inc.		308,400		15,793
Digital Realty Trust, Inc.		390,450		41,146
Equinix, Inc.		85,500		35,751
				104,581
DIVERSIFIED—2.0%
Vornado Realty Trust		223,095		15,014
HEALTH CARE—4.3%
Healthcare Realty Trust, Inc.		351,275		9,734
Healthcare Trust of America, Inc. Class A		860,700		22,765
				32,499
INDUSTRIAL/OFFICE—31.2%
Industrial—15.4%
DCT Industrial Trust, Inc.		562,650		31,700
Duke Realty Corp.		1,061,559		28,110
Prologis, Inc.		879,056		55,372
				115,182

	SHARES		VALUE
Office—15.8%
Alexandria Real Estate Equities, Inc.		222,005	$	27,726
Cousins Properties, Inc.		1,899,339		16,486
Douglas Emmett, Inc.		554,529		20,384
Highwoods Properties, Inc.		326,028		14,287
Kilroy Realty Corp.		270,066		19,164
Paramount Group, Inc.		1,429,841		20,361
				118,408
Total Industrial / Office			233,590
LODGING/RESORTS—5.1%
Host Hotels & Resorts, Inc.		1,110,786		20,705
RLJ Lodging Trust		762,302		14,819
Summit Hotel Properties, Inc.		225,000		3,062
				38,586
RESIDENTIAL—25.4%
Apartments—16.9%
Apartment Investment & Management Co. Class A		620,300		25,277
AvalonBay Communities, Inc.		216,490		35,604

See Notes to Financial Statements

6

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Apartments—(continued)
Equity Residential		427,945	$	26,370
Essex Property Trust, Inc.		82,604		19,881
Mid-America Apartment Communities, Inc.		211,800		19,325
				126,457
Manufactured Homes—4.9%
Equity LifeStyle Properties, Inc.		92,603		8,128
Sun Communities, Inc.		317,500		29,010
				37,138
Single Family Homes—3.6%
American Homes 4 Rent Class A		1,341,700		26,941
Total Residential			190,536
RETAIL—11.5%
Regional Malls—5.2%
Simon Property Group, Inc.		250,441		38,655
Shopping Centers—6.3%
Brixmor Property Group, Inc.		850,296		12,967
Federal Realty Investment Trust		89,900		10,438
Regency Centers Corp.		408,300		24,082
				47,487
Total Retail			86,142
SELF STORAGE—5.9%
CubeSmart		796,650		22,466
Extra Space Storage, Inc.		245,287		21,428
				43,894
TOTAL COMMON STOCKS (Identified Cost $550,383)				744,842
TOTAL LONG-TERM INVESTMENTS—99.4%
(Identified Cost $550,383)				744,842

	SHARES		VALUE
SHORT-TERM INVESTMENT—0.2%
Money Market Mutual Fund—0.2%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(1)		1,722,556	$	1,723
TOTAL SHORT-TERM INVESTMENT (Identified Cost $1,723)				1,723
TOTAL INVESTMENTS—99.6% (Identified Cost $552,106)			746,565
Other assets and liabilities, net—0.4%				3,095
NET ASSETS—100.0%			$749,660

Footnote Legend:

⁽¹⁾  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, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	744,842	$	744,842
Short-Term Investment		1,723		1,723
Total Investments	$	746,565	$	746,565

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2018.

There were no transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

7

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2018

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

Assets
Investment in securities at value(1)	$	746,565
Cash		383
Receivables
Investment securities sold		2,782
Fund shares sold		835
Dividends and interest receivable		2,912
Prepaid expenses		31
Prepaid trustee retainer		6
Other assets		37
Total assets		753,551
Liabilities
Payables
Fund shares repurchased		1,632
Investment securities purchased		1,162
Investment advisory fees		472
Distribution and service fees		86
Administration fees		64
Transfer agent fees and sub-transfer agent and expenses		341
Professional fees		12
Trustees’ fees and expenses		—	(2)
Trustee deferred compensation plan		37
Other accrued expenses		85
Total liabilities		3,891
Net Assets	$	749,660
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	535,891
Accumulated undistributed net investment income (loss)		1,560
Accumulated undistributed net realized gain (loss)		17,750
Net unrealized appreciation (depreciation) on investments		194,459
Net Assets	$	749,660
Net Assets:
Class A	$	282,132
Class C	$	31,437
Class I	$	417,927
Class R6	$	18,164
Shares Outstanding:
Class A		11,450,856
Class C		1,279,614
Class I		16,992,079
Class R6		738,370
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	24.64
Class C	$	24.57
Class I	$	24.60
Class R6	$	24.60
Offering Price Per Share (NAV/(1-5.75%)):
Class A	$	26.14
(1) Investment in securities at cost	$	552,106
(2) Amount is less than $500.

See Notes to Financial Statements

8

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

Investment Income
Dividends	$	12,861
Total investment income		12,861
Expenses
Investment advisory fees		3,181
Distribution and service fees, Class A		385
Distribution and service fees, Class C		191
Administration fees		397
Transfer agent fees and expenses		210
Sub-transfer agent fees and expenses, Class A		298
Sub-transfer agent fees and expenses, Class C		24
Sub-transfer agent fees and expenses, Class I		357
Sub-administration fees		55
Registration fees		56
Printing fees and expenses		62
Custodian fees		6
Professional fees		19
Trustees’ fees and expenses		41
Miscellaneous expenses		33
Total expenses		5,315
Less expenses reimbursed and/or waived by investment adviser		—	(1)
Low balance account fees		—	(1)
Net expenses		5,315
Net investment income (loss)		7,546
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments		34,496
Net change in unrealized appreciation (depreciation) from:
Investments		(79,274	)
Net realized and unrealized gain (loss) on investments		(44,778	)
Net increase (decrease) in net assets resulting from operations	$	(37,232	)

⁽¹⁾  Amount is less than $500.

See Notes to Financial Statements

9

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

(Reported in thousands)

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	7,546		$	13,978
Net realized gain (loss)		34,496			140,137
Net change in unrealized appreciation (depreciation)		(79,274	)		(155,585	)
Increase (decrease) in net assets resulting from operations		(37,232	)		(1,470	)
Dividends and Distributions to Shareholders:
Net Investment Income:
Class A		(1,977	)		(4,982	)
Class B		—			(1	)
Class C		(106	)		(240	)
Class I		(3,689	)		(8,403	)
Class R6		(170	)		(379	)
Net Realized Gains:
Class A		(46,054	)		(79,777	)
Class B		—			(55	)
Class C		(5,855	)		(9,928	)
Class I		(70,949	)		(92,737	)
Class R6		(2,941	)		(3,626	)
Dividends and distributions to shareholders		(131,741	)		(200,128	)
From Share Transactions
Sale of shares
Class A (1,204 and 3,198 shares, respectively)		32,034			98,006
Class B (0 and 0 shares, respectively)		—			9
Class C (33 and 81 shares, respectively)		881			2,483
Class I (2,309 and 6,727 shares, respectively)		62,330			204,608
Class R6 (121 and 287 shares, respectively)		3,368			8,936
Reinvestment of distributions
Class A (1,752 and 2,756 shares, respectively)		45,683			80,809
Class B (2 and 2 shares, respectively)		—			46
Class C (219 and 322 shares, respectively)		5,698			9,397
Class I (2,812 and 3,384 shares, respectively)		73,169			99,159
Class R6 (120 and 137 shares, respectively)		3,111			4,005
Conversion of shares(1)
To Class A (0 and 9 shares, respectively)		—			275
From Class B (0 and 9 shares, respectively)		—			(275	)
Shares repurchased
Class A (2,414 and 9,424 shares, respectively)		(65,243	)		(289,076	)
Class B (0 and 16 shares, respectively)		—			(508	)
Class C (396 and 806 shares, respectively)		(10,504	)		(24,952	)
Class I (5,871 and 9,200 shares, respectively)		(161,833	)		(285,514	)
Class R6 (156 and 356 shares, respectively)		(4,215	)		(10,953	)
Increase (decrease) in net assets from share transactions		(15,521	)		(103,545	)
Net increase (decrease) in net assets		(184,494	)		(305,143	)
Net Assets
Beginning of period		934,154			1,239,297
End of period	$	749,660		$	934,154
Accumulated undistributed net investment income (loss) at end of period	$	1,560		$	(44	)

⁽¹⁾  See Note 1 in Notes to Financial Statements for more information.

See Notes to Financial Statements

10

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Class A
10/1/17 to 3/31/18(10)		$	30.43		0.22		(1.42	)		(1.20	)		(0.18	)		(4.41	)		(4.59	)
10/1/16 to 9/30/17			36.87		0.38		(0.48	)		(0.10	)		(0.40	)		(5.94	)		(6.34	)
10/1/15 to 9/30/16			38.45		0.47		4.80			5.27			(0.48	)		(6.37	)		(6.85	)
10/1/14 to 9/30/15			36.65		0.51		3.76			4.27			(0.53	)		(1.94	)		(2.47	)
10/1/13 to 9/30/14			35.10		0.29		3.86			4.15			(0.29	)		(2.31	)		(2.60	)
10/1/12 to 9/30/13			34.19		0.36		0.91			1.27			(0.36	)		—			(0.36	)
Class C
10/1/17 to 3/31/18(10)		$	30.35		0.13		(1.42	)		(1.29	)		(0.08	)		(4.41	)		(4.49	)
10/1/16 to 9/30/17			36.77		0.15		(0.47	)		(0.32	)		(0.16	)		(5.94	)		(6.10	)
10/1/15 to 9/30/16			38.37		0.20		4.78			4.98			(0.21	)		(6.37	)		(6.58	)
10/1/14 to 9/30/15			36.59		0.22		3.73			3.95			(0.23	)		(1.94	)		(2.17	)
10/1/13 to 9/30/14			35.04		0.01		3.87			3.88			(0.02	)		(2.31	)		(2.33	)
10/1/12 to 9/30/13			34.14		0.08		0.92			1.00			(0.10	)		—			(0.10	)

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

See Notes to Financial Statements

11

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(6)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(5)			Ratio of Gross Expenses to Average Net Assets (before waivers and reimbursements)(3)(5)			Ratio of Net Investment Income   (Loss) to Average Net Assets(5)			Portfolio Turnover Rate(6)
	(5.79	)		$	24.64		(4.72	)%		$	282,132		1.41	%		1.41	%		1.64	%		5	%
	(6.44	)			30.43		0.63	(8)			331,957		1.39	(8)		1.39			1.21	(8)		20
	(1.58	)			36.87		15.58				530,135		1.39	(7)		1.39			1.29			31
	1.80				38.45		11.34				621,507		1.36			1.36			1.26			22
	1.55				36.65		12.75				745,473		1.38			1.38			0.79			28
	0.91				35.10		3.70				745,631		1.40			1.40			1.00			30
	(5.78	)		$	24.57		(5.05	)%		$	31,437		2.09	%		2.09	%		0.93	%		5	%
	(6.42	)			30.35		(0.09	)(8)			43,219		2.13	(8)		2.13			0.48	(8)		20
	(1.60	)			36.77		14.70				67,216		2.15	(7)		2.15			0.55			31
	1.78				38.37		10.49				66,023		2.11			2.11			0.56			22
	1.55				36.59		11.91				62,889		2.13			2.13			0.04			28
	0.90				35.04		2.93				63,005		2.15			2.15			0.23			30

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

See Notes to Financial Statements

12

VIRTUS DUFF & PHELPS 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)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Class I
10/1/17 to 3/31/18(10)		$	30.39		0.26		(1.42	)		(1.16	)		(0.22	)		(4.41	)		(4.63	)
10/1/16 to 9/30/17			36.83		0.46		(0.48	)		(0.02	)		(0.48	)		(5.94	)		(6.42	)
10/1/15 to 9/30/16			38.42		0.56		4.80			5.36			(0.58	)		(6.37	)		(6.95	)
10/1/14 to 9/30/15			36.62		0.62		3.75			4.37			(0.63	)		(1.94	)		(2.57	)
10/1/13 to 9/30/14			35.07		0.39		3.86			4.25			(0.39	)		(2.31	)		(2.70	)
10/1/12 to 9/30/13			34.16		0.43		0.92			1.35			(0.44	)		—			(0.44	)
Class R6
10/1/17 to 3/31/18(10)		$	30.39		0.29		(1.42	)		(1.13	)		(0.25	)		(4.41	)		(4.66	)
10/1/16 to 9/30/17			36.84		0.50		(0.48	)		0.02			(0.53	)		(5.94	)		(6.47	)
10/1/15 to 9/30/16			38.42		0.70		4.73			5.43			(0.64	)		(6.37	)		(7.01	)
11/12/14(4) to 9/30/15			40.32		0.79		(0.06	)		0.73			(0.69	)		(1.94	)		(2.63	)

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

See Notes to Financial Statements

13

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(6)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(5)			Ratio of Gross Expenses to Average Net Assets (before waivers and reimbursements)(3)(5)			Ratio of Net Investment Income   (Loss) to Average Net Assets(5)			Portfolio Turnover Rate(6)
	(5.79	)		$	24.60		(4.57	)%		$	417,927		1.10	%		1.10	%		1.92	%		5	%
	(6.44	)			30.39		0.90	(8)			539,098		1.13	(8)		1.13			1.49	(8)		20
	(1.59	)			36.83		15.85				619,818		1.14	(7)		1.14			1.52			31
	1.80				38.42		11.63				647,976		1.11			1.11			1.55			22
	1.55				36.62		13.04				673,005		1.13			1.13			1.07			28
	0.91				35.07		3.96				494,963		1.15			1.15			1.21			30
	(5.79	)		$	24.60		(4.50	)%		$	18,164		0.96	%(11)		0.96	%		2.13	%		5	%
	(6.45	)			30.39		1.06	(8)			19,880		0.98	(8)		0.98			1.62	(8)		20
	(1.58	)			36.84		16.06				21,604		0.98	(7)		0.98			1.93			31
	(1.90	)			38.42		1.54				1,647		0.94			0.94			2.30			22	(9)

Footnote Legend

⁽¹⁾  Calculated using average shares outstanding.

⁽²⁾  Sales charges, where applicable, are not reflected in the total return calculation.

⁽³⁾  The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

⁽⁴⁾  Inception date of class.

⁽⁵⁾  Annualized for periods less than one year.

⁽⁶⁾  Not annualized for periods less than one year.

⁽⁷⁾  Expense ratios include extraordinary proxy expenses.

⁽⁸⁾  State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included the impact would have been to lower the Ratio of Net Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) to Average Net Assets by less than 0.01%.

Custody fees reimbursed were included in Total Return. If excluded the impact would have been to lower the Total Return by less than 0.01%.

⁽⁹⁾  Portfolio Turnover is representative of the Fund for the entire year ended September 30, 2015.

⁽¹⁰⁾  Unaudited.

⁽¹¹⁾  Due to addition of expense cap, the ratio shown is a blended expense ratio.

See Notes to Financial Statements

14

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2018

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 Duff & Phelps Real Estate Securities Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has investment objectives of capital appreciation and income with approximately equal emphasis. There is no guarantee the Fund will achieve its objectives.

The Fund offers Class A shares, Class C shares, Class I shares and Class R6 shares for sale. Effective March 6, 2017, all Class B shares were converted to Class A shares. Prior to March 6, 2017, Class B shares could be purchased by existing shareholders through qualifying transactions.

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 and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are available only to the following investors without a minimum initial investment or minimum additional purchases: certain employer-sponsored retirement plans, including Section 401(k), 403(b) and 457, profit-sharing, money purchase pension and defined benefit plans and nonqualified deferred compensation plans, in each case provided that plan level or omnibus accounts are held on the books of the Fund. Other institutional investors may be permitted to purchase Class R6 shares subject to the Fund’s determination of eligibility and may be subject to a minimum initial investment requirement. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Fund’s distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

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

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

15

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 2. Significant Accounting Policies

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

A. Security Valuation

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). 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 any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly.

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 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 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

16

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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

Listed derivatives 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 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 the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method.

Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Dividend income from REIT investments is recorded using management’s estimate of the percentage of income included in distributions received from the REIT investments based on historical information and other industry sources. 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.

17

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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, 2018, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2014 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.

E. Expenses

Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses 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.

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 investment 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. Expense Limitation

Effective March 29, 2018, the Adviser has contractually agreed to limit the Fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that

18

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

such expenses do not exceed, on an annualized basis, 0.90% for Class R6 Shares through January 31, 2019. 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 after the date on which it was incurred or waived by Virtus.

D. Expense Recapture

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

	Fiscal Year Ended
	2021
Class R6	—*

* Amount is less than $500.

E. Distributor

VP Distributors, LLC (“VP Distributors”), an indirect wholly owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2018, it retained net commissions of $3 for Class A shares and deferred sales charges of $—* for Class A and $1 for Class C shares, respectively.

In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the 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.

* Amount is less than $500.

F. Administrator and Transfer Agent

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

For the period ended March 31, 2018, the Fund incurred administration fees totaling $397 which are included in the Statement of Operations within the line item “Administration fees”.

For the period ended March 31, 2018, the Fund incurred transfer agent fees totaling $861 which are included in the Statement of Operations within the line items “Transfer

19

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2018, 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		103,432	$	2,543

H. Trustee Compensation

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” on the Statement of Assets and Liabilities at March 31, 2018.

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, 2018, were as follows:

Purchases		Sales
$	44,081	$	180,887

There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2018.

Note 5. Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the 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 6. Credit Risk and Asset Concentrations

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.

20

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 7. Federal Income Tax Information

($ reported in thousands)

At March 31, 2018, 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)
$567,718	$208,050	$(29,203)	$178,847

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions reported in the Statements of Changes in Net Assets, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

Note 8. Borrowings

($ reported in thousands)

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

The Fund had no borrowings at any time during the period ended March 31, 2018.

Note 9. Regulatory Matters and Litigation

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

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 violations of certain provisions 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

21

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Pursuant to an Opinion & Order (“Order”) filed on July 1, 2016, the court granted in part and denied in part the defendants’ motion to dismiss. Although the Order narrows the scope of the claims asserted and dismisses one of the defendants from the suit, claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder survive the motion. The remaining defendants filed an Answer to the Consolidated Complaint on August 5, 2016. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiff’s motion for class certification, was granted by the court. Discovery has since been completed. On October 6, 2017, defendants moved for summary judgment. Briefing on the motion for summary judgment was completed on December 22, 2017, and oral argument was held on January 18, 2018, where the Court reserved decision. Virtus and its affiliates, including the Adviser, believe that the suit is without merit. Nevertheless, on February 6, 2018, Virtus reached an agreement in principle with the plaintiffs, subject to Court approval, settling all claims in the litigation, in order to avoid the cost, distraction, disruption, and inherent litigation uncertainty. Upon approval by the Court, which Virtus believes is likely, the resolution of this matter will not have a material impact on the results of operations, cash flows or its consolidated financial condition for Virtus. Whether or not the settlement is approved by the Court, the Trust believes that the risk of loss to the Fund as a result of this suit is remote. Whether or not the settlement is approved by the Court, the Adviser does not believe that the suit will have any impact on its ability to provide services to the Fund.

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 sub-advised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleged claims against Virtus, certain Virtus officers and affiliates (including the Adviser, Euclid Advisors LLC (“Euclid”) 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 October 1, 2015, the plaintiffs 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, the plaintiffs filed a Second Amended Complaint. Motions to dismiss were filed on behalf of Virtus, its officers and affiliates and the independent trustees on February 1, 2016. An Opinion & Order (“Order”) granting in part and denying in part the defendants’ motions to dismiss was issued on July 1, 2016. The Order dismissed all claims against the Adviser, Euclid, the independent trustees and certain of the other individual defendants, and narrowed the claims asserted against the remaining defendants. The remaining defendants filed an Answer to the Second Amended Complaint on August 5, 2016. A Stipulation of Voluntary Dismissal of the claim under Section 12 of the Securities Act of 1933, as amended, was filed on September 15, 2016.

22

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

The remaining defendants filed a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on August 26, 2016. The motion was denied on January 6, 2017. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiffs’ motion for class certification, was denied by the court. On December 4, 2017, the Court denied the plaintiffs’ motion seeking leave to amend their complaint to address deficiencies identified by the Court in its orders dismissing, in part, plaintiffs’ Second Amended Complaint and denying class certification. On December 22, 2017, the plaintiffs voluntarily dismissed all remaining claims against the remaining defendants with prejudice and waived all rights to appeal.

Note 10. 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.

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, 2018, the Fund did not hold any securities that were illiquid or restricted.

Note 11. Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 12. Subsequent Events

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

23

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 Duff & Phelps Real Estate Securities Fund (the “Fund”). At in-person meetings held on November 3, 2017 and November 15-16, 2017 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the subadviser (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 Meetings information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which

24

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

among other items, VIA’s history, investment process, investment strategies, personnel, compliance procedures and the firm’s overall performance were reviewed and discussed. The Trustees noted that the Fund is managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of the Fund’s portfolio. Under this structure, VIA is responsible for the management of the Fund’s investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor 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.

25

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, 2017.

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

The Board also considered management’s discussion about the reasons for the Fund’s underperformance. 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, 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.

26

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Fund and other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Fund by 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 for providing selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides

27

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that, while the Subadviser is an affiliate of VIA, there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

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

28

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

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

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

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

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

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

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361
Website	Virtus.com

Important Notice to Shareholders

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

For more information about

Virtus Mutual Funds, please call

your financial representative, or

contact us at 1-800-243-1574

or Virtus.com

8023 5-18

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT VIRTUS OPPORTUNITIES TRUST

March 31, 2018

Virtus Vontobel Foreign Opportunities Fund

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Vontobel Foreign Opportunities Fund

(“Vontobel Foreign Opportunities Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	16
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	26

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

The subadviser votes proxies 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 Vontobel Foreign Opportunities Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this semiannual report that reviews the performance of your fund for the six months ended March 31, 2018.

Economic growth and strong corporate earnings were driving forces in the U.S. during the period, capped off by the sweeping tax overhaul that was signed into law at year-end. The optimism carried over into the start of 2018. However, with growth heating up, inflation fears caused stock markets to plunge in early February, ushering in the return of volatility after being conspicuously absent throughout 2017. Concerns over a potential global trade war, sparked by tariff talk by the Trump administration, caused markets to remain unsettled. Meanwhile, persistent economic strength moved the Federal Reserve to hike its key interest rate in March from 1.50% to 1.75%, its highest level in nearly a decade.

For the six months ended March 31, 2018, U.S. large-cap stocks, as measured by the S&P 500^® Index, returned 5.84%, outpacing small-cap stocks, which returned 3.25%, as measured by the Russell 2000^® Index. Within international equities, emerging markets led their developed peers, with the MSCI Emerging Markets Index (net) up 8.96%, compared with the MSCI EAFE^® Index (net), which returned 2.63%.

Demand for U.S. Treasuries remained strong, as foreign investors continued to favor their yield advantage and credit quality over many foreign government bonds. The yield on the 10-year Treasury was 2.74% at March 31, 2018, up from 2.33% at September 30, 2017. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, declined 1.08% for the six months. Non-investment grade bonds also lost ground but to a lesser extent, down 0.39%, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to 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, with a broad array of Virtus Funds available through your fund exchange privileges. These include distinctive equity, fixed income, international, and asset allocation funds managed by Virtus affiliates and select subadvisers. We invite you to learn more about the Virtus family of funds at Virtus.com.

On behalf of our investment affiliates, thank you for entrusting the Virtus Funds with your assets. Should you have questions about your account or require assistance, please visit 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

May 2018

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 VONTOBEL FOREIGN OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

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

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

Actual Expenses

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

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Class A	$	1,000.00	$	1,024.30		1.45	%	$	7.32
Class C		1,000.00		1,021.00		2.13			10.73
Class I		1,000.00		1,026.00		1.14			5.76
Class R6		1,000.00		1,026.40		1.05			5.30

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

2

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Class A	$	1,000.00	$	1,017.70		1.45	%	$	7.29
Class C		1,000.00		1,014.31		2.13			10.70
Class I		1,000.00		1,019.25		1.14			5.74
Class R6		1,000.00		1,019.70		1.05			5.29

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

3

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2018

American Depositary Receipt (ADR)

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

Bloomberg Barclays U.S. Aggregate Bond Index

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

Bloomberg Barclays U.S. Corporate High Yield Bond Index

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

Exchange-Traded Funds (“ETFs”)

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

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.

London Interbank Offered Rate (“LIBOR”)

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

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Russell 2000^® Index

The Russell 2000^® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The

4

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2018

index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

S&P 500^® Index

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

Sponsored ADR

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

5

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

Asset Allocations
The following table presents portfolio holdings within certain sectors as a percentage of total investments attributable to each sector at March 31, 2018.
Consumer Staples	25	%
Information Technology	24
Consumer Discretionary	16
Industrials	13
Financials	11
Health Care	4
Materials	2
Other (includes short-term investment)	5
Total	100	%

	SHARES		VALUE
COMMON STOCKS—96.8%
Consumer Discretionary—16.4%
Aptiv plc (United Kingdom)		170,473	$	14,485
Booking Holdings, Inc. (Netherlands)(1)		29,032		60,398
Domino’s Pizza Group plc (United Kingdom)		4,221,138		19,573
Industria de Diseno Textil SA (Spain)		854,459		26,736
LVMH Moet Hennessy Louis Vuitton SE (France)		91,485		28,165
Naspers Ltd. Class N (South Africa)		76,600		18,711
Paddy Power Betfair plc (Ireland)		341,882		35,105
Shimano, Inc. (Japan)		159,100		22,937
Techtronic Industries Co., Ltd. (Hong Kong)		2,229,518		13,085
				239,195
Consumer Staples—24.8%
Alimentation Couche-Tard, Inc. Class B (Canada)		962,448		43,082

	SHARES		VALUE
Consumer Staples (continued)
Ambev S.A. ADR (Brazil)		3,172,014	$	23,061
Anheuser-Busch InBev NV (Belgium)		334,713		36,770
British American Tobacco plc (United Kingdom)		958,892		55,575
Diageo plc (United Kingdom)		430,813		14,579
L’Oreal SA (France)		67,202		15,161
Nestle S.A. Registered Shares (Switzerland)		485,068		38,369
Philip Morris International, Inc. (Switzerland)		425,123		42,257
Reckitt Benckiser Group plc (United Kingdom)		494,611		41,872
Unilever NV CVA (Netherlands)		894,109		50,464
				361,190
Financials—11.2%
AIB Group plc (Ireland)		5,747,179		34,594
HDFC Bank Ltd. (India)		2,072,391		60,371
Housing Development Finance Corp., Ltd. (India)		1,877,868		52,896

See Notes to Financial Statements

6

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Financials (continued)
UBS Group AG Registered Shares (Switzerland)		901,904	$	15,845
				163,706
Health Care—4.1%
CSL Ltd. (Australia)		129,478		15,599
Essilor International SA (France)		103,940		14,017
Grifols SA (Spain)		1,075,722		30,457
				60,073
Industrials—13.2%
Aena SME SA (Spain)(2)		158,151		31,846
Canadian National Railway Co. (Canada)		430,634		31,473
DCC plc (Ireland)		306,981		28,253
RELX NV (Netherlands)		1,347,818		27,911
Rentokil Initial plc (United Kingdom)		3,444,947		13,132
Safran SA (France)		281,213		29,751
Teleperformance (France)		197,157		30,567
				192,933
Information Technology—23.7%
Accenture plc Class A (United States)		181,356		27,838
Alibaba Group Holding Ltd. Sponsored ADR (China)(1)		324,057		59,477
Check Point Software Technologies Ltd. (Israel)		195,740		19,445
Constellation Software, Inc. (Canada)		66,127		44,867
Keyence Corp. (Japan)		25,500		15,827
Mastercard, Inc. Class A (United States)		313,387		54,893
SAP SE (Germany)		305,547		31,945
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		893,661		39,107

	SHARES		VALUE
Information Technology (continued)
Tencent Holdings Ltd. (China)		331,891	$	17,816
Visa, Inc. Class A (United States)		281,264		33,645
				344,860
Materials—1.9%
HeidelbergCement AG (Germany)		279,966		27,483
Real Estate—1.5%
Daito Trust Construction Co., Ltd. (Japan)		124,600		21,534
TOTAL COMMON STOCKS (Identified Cost $970,587)				1,410,974
TOTAL LONG-TERM INVESTMENTS—96.8%
(Identified Cost $970,587)				1,410,974
SHORT-TERM INVESTMENT—2.7%
Money Market Mutual Fund—2.7%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(3)		40,101,822		40,102
TOTAL SHORT-TERM INVESTMENT (Identified Cost $40,102)				40,102
TOTAL INVESTMENTS—99.5% (Identified Cost $1,010,689)			1,451,076
Other assets and liabilities, net—0.5%				7,404
NET ASSETS—100.0%			$1,458,480

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Non-income producing.

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

See Notes to Financial Statements

7

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, these securities amounted to a value of $31,846 or 2.2% of net assets.

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

Country Weightings †
United Kingdom	11	%
United States	11
Netherlands	9
Canada	8
France	8
India	8
Ireland	7
Other	38
Total	100	%

† % of total investments as of March 31, 2018.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	1,410,974	$	1,251,207	$	159,767
Short-Term Investment		40,102		40,102		—
Total Investments	$	1,451,076	$	1,291,309	$	159,767

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.

Securities held by the Fund with an end of period value of $146,682 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities. There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

See Notes to Financial Statements

8

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2018

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$	1,451,076
Foreign currency at value(2)		133
Cash		108
Receivables
Fund shares sold		1,608
Dividends and interest receivable		3,186
Tax reclaims		5,272
Prepaid expenses		45
Prepaid trustee retainer		19
Other assets		72
Total assets		1,461,519
Liabilities
Payables
Fund shares repurchased		980
Investment advisory fees		1,060
Distribution and service fees		130
Administration fees		139
Transfer agent and sub-transfer agent fees and expenses		468
Trustees’ fees and expenses		1
Professional fees		57
Trustee deferred compensation plan		72
Other accrued expenses		132
Total liabilities		3,039
Net Assets	$	1,458,480
Net Assets Consist of:
Common stock $0.001 par value	$	42
Capital paid in on shares of beneficial interest		968,017
Accumulated undistributed net investment income (loss)		(1,532	)
Accumulated undistributed net realized gain (loss)		51,556
Net unrealized appreciation (depreciation) on investments		440,397
Net Assets	$	1,458,480
Net Assets:
Class A	$	261,667
Class C	$	86,468
Class I	$	1,089,304
Class R6	$	21,041
Shares Outstanding:
Class A		7,538,394
Class C		2,540,562
Class I		31,357,565
Class R6		605,511
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	34.71
Class C	$	34.04
Class I	$	34.74
Class R6	$	34.75
Offering Price Per Share (NAV/(1-5.75%)):
Class A	$	36.83
(1) Investment in securities at cost	$	1,010,689
(2) Foreign currency at cost	$	133

See Notes to Financial Statements

9

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

Investment Income
Dividends	$	8,371
Interest		187
Foreign taxes withheld		(528	)
Total investment income		8,030
Expenses
Investment advisory fees		6,392
Distribution and service fees, Class A		343
Distribution and service fees, Class C		455
Administration fees		713
Transfer agent fees and expenses		368
Sub-transfer agent fees and expenses, Class A		194
Sub-transfer agent fees and expenses, Class C		39
Sub-transfer agent fees and expenses, Class I		524
Sub-administration fees		98
Registration fees		52
Printing fees and expenses		49
Custodian fees		72
Professional fees		42
Trustees’ fees and expenses		61
Miscellaneous expenses		44
Total expenses		9,446
Low balance account fees		(2	)
Net expenses		9,444
Net investment income (loss)		(1,414	)
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments		77,561
Foreign currency transactions		(95	)
Net change in unrealized appreciation (depreciation) from:
Investments		(38,711	)
Foreign currency transactions		70
Net realized and unrealized gain (loss) on investments		38,825
Net increase (decrease) in net assets resulting from operations	$	37,411

See Notes to Financial Statements

10

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ Reported in thousands)

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	(1,414	)	$	6,810
Net realized gain (loss)		77,466			166,326
Net change in unrealized appreciation (depreciation)		(38,641	)		18,780
Increase (decrease) in net assets resulting from operations		37,411			191,916
Dividends to Shareholders:
Net Investment Income:
Class A		(515	)		(2,073	)
Class C		—			(399	)
Class I		(5,658	)		(6,072	)
Class R6		(120	)		(47	)
Dividends to shareholders		(6,293	)		(8,591	)
Change in Net Assets From Capital Transactions:
Sale of shares
Class A (524 and 1,641 shares, respectively)		18,446			48,810
Class C (120 and 281 shares, respectively)		4,165			8,490
Class I (4,364 and 11,182 shares, respectively)		154,306			333,095
Class R6 (104 and 403 shares, respectively)		3,654			12,528
Reinvestment of distributions
Class A (13 and 72 shares, respectively)		454			1,916
Class C (0 and 14 shares, respectively)		—			362
Class I (153 and 217 shares, respectively)		5,358			5,789
Class R6 (3 and 2 shares, respectively)		98			47
Shares repurchased
Class A (1,207 and 5,920 shares, respectively)		(42,500	)		(174,178	)
Class C (374 and 1,337 shares, respectively)		(12,872	)		(39,376	)
Class I (4,384 and 12,532 shares, respectively)		(155,087	)		(370,468	)
Class R6 (70 and 58 shares, respectively)		(2,472	)		(1,814	)
Increase (decrease) in net assets from share transactions		(26,450	)		(174,799	)
Net increase (decrease) in net assets		4,668			8,526
Net Assets
Beginning of period		1,453,812			1,445,286
End of period	$	1,458,480		$	1,453,812
Accumulated undistributed net investment income (loss) at end of period	$	(1,532	)	$	6,175

See Notes to Financial Statements

11

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period
Class A
10/1/17 to 3/31/18(10)		$	33.95		(0.07	)		0.90			0.83			(0.07	)		(0.07	)		0.76			$	34.71
10/1/16 to 9/30/17			29.62		0.09			4.42			4.51			(0.18	)		(0.18	)		4.33				33.95
10/1/15 to 9/30/16			27.21		0.19			2.47			2.66			(0.25	)		(0.25	)		2.41				29.62
10/1/14 to 9/30/15			28.12		0.25			(0.92	)		(0.67	)		(0.24	)		(0.24	)		(0.91	)			27.21
10/1/13 to 9/30/14			27.01		0.24			1.03			1.27			(0.16	)		(0.16	)		1.11				28.12
10/1/12 to 9/30/13			25.42		0.23			1.63			1.86			(0.27	)		(0.27	)		1.59				27.01
Class C
10/1/17 to 3/31/18(10)		$	33.34		(0.18	)		0.88			0.70			—			—			0.70			$	34.04
10/1/16 to 9/30/17			29.23		(0.11	)		4.33			4.22			(0.11	)		(0.11	)		4.11				33.34
10/1/15 to 9/30/16			26.95		(0.02	)		2.42			2.40			(0.12	)		(0.12	)		2.28				29.23
10/1/14 to 9/30/15			27.88		0.04			(0.91	)		(0.87	)		(0.06	)		(0.06	)		(0.93	)			26.95
10/1/13 to 9/30/14			26.82		0.04			1.02			1.06			—			—			1.06				27.88
10/1/12 to 9/30/13			25.27		0.03			1.62			1.65			(0.10	)		(0.10	)		1.55				26.82

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

See Notes to Financial Statements

12

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Total Return(2)(6)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(5)			Ratio of Gross Expenses to Average Net Assets(3)(5)			Ratio of Net Investment Income         (Loss) to Average Net Assets(5)			Portfolio Turnover Rate(6)
	2.43	%		$	261,667		1.45	%		1.45	%		(0.39	)%		19	%
	15.41	(9)			278,667		1.45	(9)		1.46			0.28	(9)		31
	9.77				367,684		1.44	(7)		1.45			0.68			25
	(2.41	)			406,429		1.41			1.41			0.89			32
	4.72				477,036		1.43			1.43			0.85			31
	7.37				676,149		1.46			1.46			0.85			29
	2.10	%		$	86,468		2.13	%		2.13	%		(1.07	)%		19	%
	14.55	(9)			93,166		2.19	(9)		2.20			(0.39	)(9)		31
	8.94				112,180		2.19	(7)		2.20			(0.06	)		25
	(3.13	)			117,568		2.17			2.17			0.15			32
	3.95				117,906		2.18			2.18			0.15			31
	6.56				101,655		2.21			2.21			0.10			29

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

See Notes to Financial Statements

13

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES 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)(1)			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
Class I
10/1/17 to 3/31/18(10)		$	34.03		(0.01	)		0.90			0.89			(0.18	)		(0.18	)		0.71			$	34.74
10/1/16 to 9/30/17			29.63		0.20			4.40			4.60			(0.20	)		(0.20	)		4.40				34.03
10/1/15 to 9/30/16			27.23		0.26			2.46			2.72			(0.32	)		(0.32	)		2.40				29.63
10/1/14 to 9/30/15			28.14		0.32			(0.91	)		(0.59	)		(0.32	)		(0.32	)		(0.91	)			27.23
10/1/13 to 9/30/14			27.03		0.32			1.02			1.34			(0.23	)		(0.23	)		1.11				28.14
10/1/12 to 9/30/13			25.43		0.28			1.66			1.94			(0.34	)		(0.34	)		1.60				27.03
Class R6
10/1/17 to 3/31/18(10)		$	34.06		0.01			0.89			0.90			(0.21	)		(0.21	)		0.69			$	34.75
10/1/16 to 9/30/17			29.63		0.24			4.39			4.63			(0.20	)		(0.20	)		4.43				34.06
10/1/15 to 9/30/16			27.24		0.33			2.42			2.75			(0.36	)		(0.36	)		2.39				29.63
11/14/14(4) to 9/30/15			28.66		0.36			(1.45	)		(1.09	)		(0.33	)		(0.33	)		(1.42	)			27.24

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

See Notes to Financial Statements

14

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Total Return(2)(6)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(3)(5)			Ratio of Gross Expenses to Average Net Assets(3)(5)			Ratio of Net Investment Income         (Loss) to Average Net Assets(5)			Portfolio Turnover Rate(6)
	2.60	%		$	1,089,304		1.14	%		1.14	%		(0.07	)%		19	%
	15.69	(9)			1,062,609		1.19	(9)		1.20			0.64	(9)		31
	10.05				958,835		1.19	(7)		1.20			0.90			25
	(2.16	)			1,231,349		1.17			1.17			1.14			32
	4.97				1,263,398		1.18			1.18			1.13			31
	7.66				1,048,274		1.21			1.21			1.04			29
	2.64	%		$	21,041		1.05	%		1.05	%		0.03	%		19	%
	15.82	(9)			19,370		1.08	(9)		1.09			0.75	(9)		31
	10.16				6,587		1.09	(7)		1.10			1.14			25
	(3.84	)			4,502		1.07			1.07			1.44			32	(8)

Footnote Legend

⁽¹⁾  Calculated using average shares outstanding.

⁽²⁾ Sales charges, where applicable, are not reflected in the total return calculation.

⁽³⁾ The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

⁽⁴⁾  Inception date.

⁽⁵⁾  Annualized for periods less than one year.

⁽⁶⁾  Not annualized for periods less than one year.

⁽⁷⁾  Net expense ratios include extraordinary proxy expenses.

⁽⁸⁾  Portfolio Turnover is representative of the Fund for the entire year ended September 30, 2015.

⁽⁹⁾  State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and the Ratio of Net Investment Income (Loss) to Average Net Assets. If included the impact would have been to lower the Ratio of Net Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) to Average Net Assets by 0.01%.

Custody fees reimbursed were included in Total Return. If excluded the impact would have been to lower the Total Return by 0.01%.

⁽¹⁰⁾  Unaudited.

See Notes to Financial Statements

15

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2018

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 Vontobel Foreign Opportunities Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee 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 and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are available only to the following investors without a minimum initial investment or minimum additional purchases: certain employer-sponsored retirement plans, including Section 401(k), 403(b) and 457, profit-sharing, money purchase pension and defined benefit plans and nonqualified deferred compensation plans, in each case provided that plan level or omnibus accounts are held on the books of the Fund. Other institutional investors may be permitted to purchase Class R6 shares subject to the Fund’s determination of eligibility and may be subject to a minimum initial investment requirement. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Fund’s distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

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

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

16

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 2. Significant Accounting Policies

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

A. Security Valuation

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). 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 any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly.

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 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 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

17

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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

Listed derivatives 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 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 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 funds.

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, 2018, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2014 forward (with limited exceptions).

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VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

D. Distributions to Shareholders

Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.

E. Expenses

Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses 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 Transactions

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

G. Securities Lending

($ reported in thousands)

The Fund is permitted to loan securities from its portfolio to qualified brokers, dealers and other financial institutions deemed creditworthy and receive, as collateral, cash or cash or United States government securities including agency securities which at all times while the loan is outstanding will be maintained in amounts equal to at least 100% of the current market value of the loaned securities. Any cash collateral will be invested in short-term securities expected to increase the current income of the Fund. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. During the period ended March 31, 2018, the Fund did not loan securities.

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 investment 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.

19

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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, 2018, it retained net commissions of $7 for Class A shares and CDSC of $— for Class A shares and $2 for Class C shares.

In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan, as a percentage of the average daily net assets of each respective class at the 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, 2018, the Fund incurred administration fees totaling $713 which are included in the Statement of Operations within the line item “Administration fees.”

For the period ended March 31, 2018, the Fund incurred transfer agent fees totaling $1,078 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Trust.

E. Affiliated Shareholders

At March 31, 2018, 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 R6 Shares		190,434	$	6,616

20

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

F. Trustee Compensation

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” in the Statement of Assets and Liabilities at March 31, 2018.

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, 2018, were as follows:

Purchases		Sales
$	276,708	$	307,742

There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2018.

Note 5. Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the 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 6. 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 the Fund’s ability to repatriate such amounts.

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

At March 31, 2018, the Fund held securities issued by various companies in specific sectors as detailed below:

Sector	Percentage of Total Investments
Consumer Staples		25	%

21

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 7. 10% Shareholders

As of March 31, 2018, 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
	38	%		2*

*The shareholders are not affiliated with Virtus.

Note 8. Federal Income Tax Information

($ reported in thousands)

At March 31, 2018, 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)
$1,015,518	$456,196	$(20,638)	$435,558

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

2018		Total
Short-Term	Long-Term	Short-Term	Long-Term
19,701	—	19,701	—

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 9. Borrowings

($ reported in thousands)

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

The Fund had no borrowings at any time during the period ended March 31, 2018.

22

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 10. 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 the 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.

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, 2018, the Fund did not hold any securities that were illiquid or restricted.

Note 11. Regulatory Matters and Litigation

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

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 violations of certain provisions 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. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Pursuant to an Opinion & Order (“Order”) filed on July 1, 2016, the court granted in part and denied in part the defendants’ motion to dismiss. Although the Order narrows the scope of the claims asserted and dismisses one of the defendants from the suit, claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder survive the motion. The remaining defendants filed an Answer to the Consolidated Complaint on August 5, 2016. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiff’s motion for class certification, was granted by the court. Discovery has since been completed. On October 6, 2017, defendants moved for summary judgment. Briefing on the motion for summary judgment was completed on December 22, 2017, and oral argument was held on January 18, 2018, where the Court reserved decision. Virtus and its affiliates, including the

23

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Adviser, believe that the suit is without merit. Nevertheless, on February 6, 2018, Virtus reached an agreement in principle with the plaintiffs, subject to Court approval, settling all claims in the litigation, in order to avoid the cost, distraction, disruption, and inherent litigation uncertainty. Upon approval by the Court, which Virtus believes is likely, the resolution of this matter will not have a material impact on the results of operations, cash flows or its consolidated financial condition for Virtus. Whether or not the settlement is approved by the Court, the Trust believes that the risk of loss to the Fund as a result of this suit is remote. Whether or not the settlement is approved by the Court, the Adviser does not believe that the suit will have any impact on its ability to provide services to the Fund.

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 sub-advised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleged claims against Virtus, certain Virtus officers and affiliates (including the Adviser, Euclid Advisors LLC (“Euclid”) 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 October 1, 2015, the plaintiffs 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, the plaintiffs filed a Second Amended Complaint. Motions to dismiss were filed on behalf of Virtus, its officers and affiliates and the independent trustees on February 1, 2016. An Opinion & Order (“Order”) granting in part and denying in part the defendants’ motions to dismiss was issued on July 1, 2016. The Order dismissed all claims against the Adviser, Euclid, the independent trustees and certain of the other individual defendants, and narrowed the claims asserted against the remaining defendants. The remaining defendants filed an Answer to the Second Amended Complaint on August 5, 2016. A Stipulation of Voluntary Dismissal of the claim under Section 12 of the Securities Act of 1933, as amended, was filed on September 15, 2016.

The remaining defendants filed a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on August 26, 2016. The motion was denied on January 6, 2017. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiffs’ motion for class certification, was denied by the court. On December 4, 2017, the Court denied the plaintiffs’ motion seeking leave to amend their complaint to address deficiencies identified by the Court in its orders dismissing, in part, plaintiffs’ Second Amended Complaint and denying class certification. On December 22, 2017, the plaintiffs voluntarily dismissed all remaining claims against the remaining defendants with prejudice and waived all rights to appeal.

Note 12. Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities

24

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 13. Subsequent Events

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

25

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of the subadvisory agreement (the “Subadvisory Agreement”)(together with the Advisory Agreement, the “Agreements”) with respect to the funds of the Trust, including Virtus Vontobel Foreign Opportunities Fund (the “Fund”). At in-person meetings held on November 3, 2017 and November 15-16, 2017 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

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

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the Fund and its shareholders. In 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 Meetings information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel,

26

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

compliance 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 the Fund’s portfolio. Under this structure, VIA is responsible for the management of the Fund’s investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor 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

27

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (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, 2017.

The Board noted that the Fund outperformed the median of its Performance Universe and outperformed its benchmark for the 3- and 10-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1- 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 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, 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, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

28

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the 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, 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 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 selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA also provides administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fee to be earned under the applicable

29

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Agreement. There may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

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

30

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbein

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

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

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

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

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

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

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services 1-800-243-1574

Adviser Consulting Group 1-800-243-4361

Website Virtus.com

Important Notice to Shareholders

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

For more information about

Virtus Mutual Funds, please call

your financial representative,

contact us at 1-800-243-1574,

or visit Virtus.com.

8025 5-18

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT VIRTUS OPPORTUNITIES TRUST

March 31, 2018

Virtus Newfleet Multi-Sector Short Term Bond Fund*

Not FDIC Insured

No Bank Guarantee

May Lose Value

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

Table of Contents

Virtus Newfleet Multi-Sector Short Term Bond Fund

(“Newfleet Multi-Sector Short Term Bond Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	6
Statement of Assets and Liabilities	39
Statement of Operations	40
Statements of Changes in Net Assets	41
Financial Highlights	42
Notes to Financial Statements	46
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	58

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 Newfleet Multi-Sector Short Term Bond Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this semiannual report that reviews the performance of your fund for the six months ended March 31, 2018.

Economic growth and strong corporate earnings were driving forces in the U.S. during the period, capped off by the sweeping tax overhaul that was signed into law at year-end. The optimism carried over into the start of 2018. However, with growth heating up, inflation fears caused stock markets to plunge in early February, ushering in the return of volatility after being conspicuously absent throughout 2017. Concerns over a potential global trade war, sparked by tariff talk by the Trump administration, caused markets to remain unsettled. Meanwhile, persistent economic strength moved the Federal Reserve to hike its key interest rate in March from 1.50% to 1.75%, its highest level in nearly a decade.

For the six months ended March 31, 2018, U.S. large-cap stocks, as measured by the S&P 500^® Index, returned 5.84%, outpacing small-cap stocks, which returned 3.25%, as measured by the Russell 2000^® Index. Within international equities, emerging markets led their developed peers, with the MSCI Emerging Markets Index (net) up 8.96%, compared with the MSCI EAFE^® Index (net), which returned 2.63%.

Demand for U.S. Treasuries remained strong, as foreign investors continued to favor their yield advantage and credit quality over many foreign government bonds. The yield on the 10-year Treasury was 2.74% at March 31, 2018, up from 2.33% at September 30, 2017. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, declined 1.08% for the six months. Non-investment grade bonds also lost ground but to a lesser extent, down 0.39%, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to 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, with a broad array of Virtus Funds available through your fund exchange privileges. These include distinctive equity, fixed income, international, and asset allocation funds managed by Virtus affiliates and select subadvisers. We invite you to learn more about the Virtus family of funds at Virtus.com.

On behalf of our investment affiliates, thank you for entrusting the Virtus Funds with your assets. Should you have questions about your account or require assistance, please visit 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

May 2018

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 NEWFLEET MUTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the Newfleet Multi-Sector Short Term Bond Fund (the “Fund”) you may incur two types of costs; (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C1 shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class C shares are sold without a sales charge. Class I shares and Class R6 shares are sold without sales charges and do not incur distribution fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

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

Actual Expenses

The table below provides information about the Fund’s 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 table under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses paid During Period*
Class A	$	1,000.00	$	999.30		0.98	%	$	4.88
Class C		1,000.00		998.10		1.21			6.03
Class C1		1,000.00		995.60		1.72			8.58
Class I		1,000.00		998.50		0.72			3.59
Class R6		1,000.00		1,000.90		0.65			3.24

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

2

VIRTUS NEWFLEET MUTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value October 1, 2017		Ending Account Value March 31 2018		Annualized Expense Ratio			Expenses paid During Period*
Class A	$	1,000.00	$	1,020.04		0.98	%	$	4.94
Class C		1,000.00		1,018.90		1.21			6.09
Class C1		1,000.00		1,016.36		1.72			8.65
Class I		1,000.00		1,021.34		0.72			3.63
Class R6		1,000.00		1,021.69		0.65			3.28

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

3

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2018

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

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

Bloomberg Barclays U.S. Corporate High Yield Bond Index

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

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

London Interbank Offered Rate (“LIBOR”)

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

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Real Estate Investment Trust (“REIT”)

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

4

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2018

Russell 2000^® Index

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

S&P 500^® Index

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

5

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

Asset Allocations
The following table presents the portfolio holdings within certain sectors as a percentage of total investments as of March 31, 2018.
Corporate Bonds and Notes			33	%
Financials	11	%
Energy	6
Industrials	3
All other Corporate Bonds and Notes	13
Asset-Backed Securities			22
Mortgage-Backed Securities			21
Leveraged Loans			12
Foreign Government Securities			6
Other (includes short-term investment)			6
Total			100	%

	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—3.1%
U.S. Treasury Note 1.375%, 1/15/20	$	158,520	$	156,029
1.375%, 4/30/20		75,740		74,278
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $231,310)				230,307
MUNICIPAL BONDS—0.1%
Virginia—0.1%
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, 6.706%, 6/1/46		4,635		4,376
TOTAL MUNICIPAL BONDS (Identified Cost $4,327)				4,376
FOREIGN GOVERNMENT SECURITIES—6.4%
Argentine Republic 6.875%, 4/22/21		19,945		21,142

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
5.625%, 1/26/22	$	10,455		$	10,607
4.625%, 1/11/23		18,740			18,066
7.500%, 4/22/26		12,545			13,398
Series NY, 8.280%, 12/31/33		24,360			26,675
Bolivarian Republic of Venezuela RegS, 7.000%, 12/1/18(4)(9)		20,999			8,330
RegS, 7.750%, 10/13/19(4)(9)		9,851			2,980
Dominican Republic 144A, 6.600%, 1/28/24(3)		7,115			7,732
144A, 6.875%, 1/29/26(3)		3,300			3,661
Federative Republic of Brazil 12.500%, 1/5/22		52,195	BRL		18,417

See Notes to Financial Statements

6

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
Treasury Note Series F, 10.000%, 1/1/23		47,335	BRL	$	15,320
Series F, 10.000%, 1/1/23		25,125	BRL		8,132
Treasury Note Series F, 10.000%, 1/1/25		37,510	BRL		12,062
Provincia de Buenos Aires 144A, 7.875%, 6/15/27(3)	$	5,000			5,200
Provincia de Buenos Aires Argentina 144A, 5.750%, 6/15/19(3)		5,795			5,925
144A, 6.500%, 2/15/23(3)		18,460			18,991
Republic of Chile 5.500%, 8/5/20		11,647,000	CLP		20,084
Republic of Colombia
Treasury Note, Series B, 11.250%, 10/24/18		21,072,000	COP		7,861
4.375%, 3/21/23		33,056,000	COP		11,072
9.850%, 6/28/27		24,145,000	COP		10,865
Republic of Costa Rica 144A, 4.375%, 4/30/25(3)		18,640			17,525
Republic of Indonesia FR70 8.375%, 3/15/24		237,108,000	IDR		18,816
Republic of Kazakhstan 144A, 5.125%, 7/21/25(3)		6,495			7,034
Republic of South Africa 5.875%, 5/30/22		9,500			10,200
Series 2023, 7.750%, 2/28/23		145,000	ZAR		12,441
4.665%, 1/17/24		29,080			29,192
Republic of Turkey 5.625%, 3/30/21		39,640			41,027
Russian Federation Series 6216 6.700%, 5/15/19		2,095,200	RUB		36,790
Sultanate of Oman 144A, 3.625%, 6/15/21(3)		9,610			9,366

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
144A, 4.125%, 1/17/23(3)	$	18,855		$	18,124
144A, 5.375%, 3/8/27(3)		5,140			5,012
Ukraine 144A, 7.750%, 9/1/23(3)		13,715			14,183
United Mexican States Series M 6.500%, 6/9/22		250,769	MXN		13,435
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $486,371)					479,665
MORTGAGE-BACKED SECURITIES—20.7%
Agency—2.9%
Federal National Mortgage Association
Pool #702923, 4.500%, 4/1/18		1			1
Pool #792432, 5.000%, 10/1/19		40			41
Pool #812144, 5.500%, 2/1/20		9			9
Pool #784263, 5.500%, 3/1/20		10			10
Pool #803300, 5.500%, 3/1/20		3			3
Pool #811881, 5.500%, 3/1/20		9			9
Pool #819916, 5.500%, 3/1/20		33			33
Pool #819922, 5.500%, 4/1/20		57			57
Pool #811451, 5.000%, 6/1/20		122			124
Pool #AD6058, 4.000%, 8/1/25		5,114			5,263
Pool #AO5149, 3.000%, 6/1/27		631			634
Pool #AS5927, 3.000%, 10/1/30		18,333			18,345
Pool #AZ4794, 3.000%, 10/1/30		27,334			27,352
Pool #890707, 2.500%, 2/1/31		30,966			30,342
Pool #890710, 3.000%, 2/1/31		11,712			11,699
Pool #254549, 6.000%, 12/1/32		26			30

See Notes to Financial Statements

7

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Agency (continued)
Pool #695237, 5.500%, 2/1/33	$	30	$	33
Pool #773385, 5.500%, 5/1/34		184		202
Pool #725762, 6.000%, 8/1/34		146		164
Pool #806328, 5.500%, 11/1/34		130		141
Pool #806318, 5.500%, 11/1/34		140		152
Pool #806316, 6.000%, 11/1/34		134		149
Pool #800267, 5.500%, 12/1/34		34		38
Pool #808018, 5.500%, 1/1/35		199		218
Pool #941322, 6.000%, 7/1/37		16		18
Pool #889578, 6.000%, 4/1/38		98		111
Pool #AC6992, 5.000%, 12/1/39		3,156		3,419
Pool #AD3841, 4.500%, 4/1/40		4,728		4,998
Pool #AD4224, 5.000%, 8/1/40		4,814		5,163
Pool #AE4799, 4.000%, 10/1/40		110		114
Pool #AH4009, 4.000%, 3/1/41		3,882		4,010
Pool #AI2472, 4.500%, 5/1/41		3,415		3,610
Pool #AX2491, 4.000%, 10/1/44		17,675		18,177
Pool #AS6515, 4.000%, 1/1/46		11,250		11,547
Pool #AS9393, 4.000%, 4/1/47		6,967		7,154
Pool #MA3058, 4.000%, 7/1/47		33,021		33,912
Pool #MA3088, 4.000%, 8/1/47		27,293		28,031
Government National Mortgage Association
Pool #563381, 6.500%, 11/15/31		17		20

	PAR VALUE		VALUE
Agency (continued)
Pool #581072, 6.500%, 2/15/32	$	10	$	11
				215,344
Non-Agency—17.8%
Access Point Funding I LLC 2017-A, A 144A, 3.060%, 4/15/29(3)		8,037		8,002
Adjustable Rate Mortgage Trust 2005-1, 3A1 3.432%, 5/25/35(2)		2,491		2,519
American Homes 4 Rent Trust 2015-SFR1, A 144A, 3.467%, 4/17/52(3)		11,543		11,670
Ameriquest Mortgage Securities, Inc. 2003-10, AF6, 5.210%, 11/25/33(2)		330		339
2003-10, AV1, (1 month LIBOR + 0.760%) 2.632%, 12/25/33(2)		3,504		3,484
AMSR Trust 2016-SFR1, A 144A, (1 month LIBOR + 1.400%) 3.208%, 11/17/33(2)(3)		4,170		4,187
2016-SFR1, C 144A, (1 month LIBOR + 2.250%) 4.058%, 11/17/33(2)(3)		3,495		3,525
2016-SFR1, D 144A, (1 month LIBOR + 2.400%) 4.208%, 11/17/33(2)(3)		425		427
Angel Oak Mortgage Trust I LLC 2018-1, A1 144A, 3.258%, 4/27/48(2)(3)		16,135		16,135
Angel Oak Mortgage Trust LLC
2017-1, A3 144A, 3.644%, 1/25/47(2)(3)		1,095		1,089

See Notes to Financial Statements

8

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
2017-3, A1 144A, 2.708%, 11/25/47(2)(3)	$	7,708	$	7,708
Asset Backed Funding Certificates 2005-AQ1, A6 4.780%, 1/25/35(2)		865		888
Aventura Mall Trust 2013-AVM, A 144A, 3.743%, 12/5/32(2)(3)		10,350		10,556
Banc of America Funding Trust 2004-4, 3A1, 4.750%, 10/25/19		487		435
2004-B, 2A1, 3.778%, 11/20/34(2)		593		599
2004-D, 5A1, 3.686%, 1/25/35(2)		3,197		3,011
2005-1, 1A1, 5.500%, 2/25/35		333		334
2006-2, 3A1, 6.000%, 3/25/36		1,604		1,612
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35		956		969
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 4.984%, 7/25/35(2)		8,118		8,350
Bank of America (Merrill Lynch—Countrywide) Alternative Loan Trust 2004-22CB, 1A1 6.000%, 10/25/34		16,247		16,722
Bank of America (Merrill Lynch—Countrywide) Asset-Backed Certificates Trust 2004-10, AF6 4.485%, 12/25/34(2)		97		99

	PAR VALUE		VALUE
Non-Agency (continued)
Bank of America (Merrill Lynch—Countrywide) Home Loan Mortgage Pass-Through-Trust 2004-6, 1A2, 3.586%, 5/25/34(2)	$	964	$	962
2004-4, A6, 5.500%, 5/25/34		514		517
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 3.274%, 8/25/34(2)		1,141		1,138
Bayview Commercial Asset Trust 2006-2A, A2 144A, (1 month LIBOR + 0.280%) 2.152%, 7/25/36(2)(3)		5,245		5,079
2008-1, A3 144A, (1 month LIBOR + 1.500%) 3.372%, 1/25/38(2)(3)		2,099		2,100
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37(2)		3,366		3,454
Bayview Koitere Fund Trust 2017-RT4, A 144A, 3.500%, 7/28/57(2)(3)		9,150		9,212
Bayview Opportunity Master Fund IIIa Trust 2017-RN7, A1 144A, 3.105%, 9/28/32(2)(3)		4,889		4,870
2017-RN8, A1 144A, 3.352%, 11/28/32(2)(3)		7,897		7,873
Bayview Opportunity Master Fund IIIb Trust 2017-RN2, A1 144A, 3.475%, 4/28/32(2)(3)		1,858		1,855

See Notes to Financial Statements

9

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
Bayview Opportunity Master Fund IVa Trust 2016-SPL1, B1 144A, 4.250%, 4/28/55(3)	$	7,758	$	8,007
2017-RT1, A1 144A, 3.000%, 3/28/57(2)(3)		4,275		4,218
2017-SPL5, B1 144A, 4.000%, 6/28/57(2)(3)		5,910		6,078
2017-SPL1, B1 144A, 4.250%, 10/28/64(2)(3)		7,957		8,137
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A, 4.250%, 6/28/53(2)(3)		5,532		5,709
2017-SPL3, B1 144A, 4.250%, 11/28/53(2)(3)		2,000		2,088
2017-SPL4, A 144A, 3.500%, 1/28/55(2)(3)		3,141		3,155
Caesars Palace Las Vegas Trust 2017-VICI, C 144A, 4.138%, 10/15/34(3)		12,170		12,390
Citigroup Commercial Mortgage Trust 2016-SMPL, A 144A, 2.228%, 9/10/31(3)		3,655		3,544
Citigroup Mortgage Loan Trust, Inc. 2004-NCM2, 2CB2, 6.750%, 8/25/34		8,906		9,574
2014-A, A 144A, 4.000%, 1/25/35(2)(3)		6,608		6,803
2015-PS1, A1 144A, 3.750%, 9/25/42(2)(3)		5,681		5,723
2015-A, A1 144A, 3.500%, 6/25/58(2)(3)		2,845		2,843
2018-RP1, A1 144A, 2.996%, 9/25/64(2)(3)		14,909		14,802

	PAR VALUE		VALUE
Non-Agency (continued)
Cold Storage Trust 2017-ICE3, A 144A, (1 month LIBOR + 1.000%) 2.777%, 4/15/36(2)(3)	$	23,505	$	23,585
Colony American Finance Ltd. 2015-1, A 144A, 2.896%, 10/15/47(3)		8,275		8,231
Colony Multi-Family Mortgage Trust 2014-1, A 144A, 2.543%, 4/20/50(3)		2,066		2,052
Colony Starwood Homes Trust 2016-2A, C 144A, (1 month LIBOR + 2.150%) 3.927%, 12/17/33(2)(3)		18,880		18,893
COLT Mortgage Loan Trust Funding LLC 2016-1, A1 144A, 3.000%, 5/25/46(3)		1,874		1,897
2016-2, A1 144A, 2.750%, 9/25/46(2)(3)		4,636		4,622
2016-3, A1 144A, 2.800%, 12/26/46(2)(3)		2,692		2,670
2017-1, A3 144A, 3.074%, 5/27/47(2)(3)		1,041		1,042
2018-1, A1 144A, 2.930%, 2/25/48(2)(3)		14,320		14,319
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A, 7.471%, 6/20/31(2)(3)		4,080		4,384
Commercial Mortgage Trust 2014-277P, A 144A, 3.611%, 8/10/49(2)(3)		8,705		8,845
Credit Suisse First Boston Mortgage Securities Corp. 2003-27, 5A3, 5.250%, 11/25/33		925		936
2003-AR30, 5A1, 3.537%, 1/25/34(2)		4,130		4,239

See Notes to Financial Statements

10

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
2004-8, 7A1, 6.000%, 12/25/34	$	4,458	$	4,677
Credit Suisse Mortgage Capital Trust 2016-BDWN, A 144A, (1 month LIBOR + 2.900%) 4.677%, 2/15/29(2)(3)		2,975		2,987
2013-HYB1, A16 144A, 3.006%, 4/25/43(2)(3)		3,534		3,519
2014-IVR2, A2 144A, 3.798%, 4/25/44(2)(3)		8,263		8,314
2017-FHA1, A1 144A, 3.250%, 4/25/47(2)(3)		12,548		12,248
Deephaven Residential Mortgage Trust 2017-1A, A1 144A, 2.725%, 12/26/46(2)(3)		4,855		4,788
2017-1A, A2 144A, 2.928%, 12/26/46(2)(3)		1,231		1,218
2017-2A, A1 144A, 2.453%, 6/25/47(2)(3)		4,452		4,355
2017-2A, A2 144A, 2.606%, 6/25/47(2)(3)		2,009		1,966
2017-3A, A3 144A, 2.813%, 10/25/47(2)(3)		4,825		4,778
2018-1A, A1 144A, 2.976%, 12/25/57(2)(3)		12,637		12,637
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A, 3.382%, 12/15/34(2)(3)		16,875		16,849
Galton Funding Mortgage Trust 2017-1, A21 144A, 3.500%, 7/25/56(2)(3)		17,106		17,094
2018-1, A23 144A, 3.500%, 11/25/57(2)(3)		11,592		11,562
GMAC Mortgage Corp. Loan Trust 2004-AR1, 12A, 4.023%, 6/25/34(2)		4,079		4,124
2005-AR1, 5A, 3.810%, 3/18/35(2)		1,161		1,117

	PAR VALUE		VALUE
Non-Agency (continued)
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A 144A, 3.551%, 4/10/34(3)	$	8,176	$	8,307
GSAA Home Equity Trust 2005-1, AF4, 5.619%, 11/25/34(2)		240		244
2005-12, AF3W, 4.999%, 9/25/35(2)		3,233		3,267
Hilton USA Trust 2016-SFP, B 144A, 3.323%, 11/5/35(3)		22,020		21,663
Home Equity Loan Trust 2007-HSA3, AI4 6.110%, 6/25/37(2)		5,528		5,535
Hospitality Mortgage Trust 2017-HIT, B 144A, (1 month LIBOR + 1.180%) 2.891%, 5/8/30(2)(3)		14,505		14,564
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28		1,901		1,890
Jefferies Resecuritization Trust 2014-R1, 1A1 144A, 4.000%, 12/27/37(3)		892		891
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 2004-10, 14A1, 3.715%, 1/25/35(2)		910		902
2004-10, 21A1, 3.801%, 1/25/35(2)		5,857		5,897
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust 2004-CB1, 5A, 5.000%, 6/25/19		230		231
2003-AR6, A1, 3.253%, 6/25/33(2)		517		522

See Notes to Financial Statements

11

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
2003-AR4, 2A1, 3.216%, 8/25/33(2)	$	155	$	154
2004-CB1, 2A, 5.000%, 6/25/34		1,842		1,869
JPMorgan Chase Commercial Mortgage Securities Trust 2010-CNTR, A2 144A, 4.311%, 8/5/32(3)		5,429		5,535
2015-SGP, B 144A, (1 month LIBOR + 2.750%) 4.527%, 7/15/36(2)(3)		13,925		13,968
2011-C4, A3 144A, 4.106%, 7/15/46(3)		1,143		1,143
2006-LDP9, AM, 5.372%, 5/15/47		12,215		12,285
2014-C22, A4, 3.801%, 9/15/47		16,998		17,410
JPMorgan Chase Mortgage Trust 2014-2, 2A2 144A, 3.500%, 6/25/29(2)(3)		7,937		8,011
2014-5, B1 144A, 2.998%, 10/25/29(2)(3)		2,800		2,670
2014-5, B2 144A, 2.998%, 10/25/29(2)(3)		1,318		1,250
2006-A2, 4A1, 3.718%, 8/25/34(2)		976		987
2004-A4, 2A1, 3.584%, 9/25/34(2)		3,983		4,043
2005-A1, 4A1, 3.824%, 2/25/35(2)		449		456
2005-A2, 4A1, 3.461%, 4/25/35(2)		809		804
2005-A4, 3A1, 3.405%, 7/25/35(2)		2,403		2,445
2006-A6, 3A3L, 3.485%, 10/25/36(2)		1,033		909
2014-1, 2A12 144A, 3.500%, 1/25/44(2)(3)		4,502		4,456
2015-1, AM1 144A, 2.722%, 12/25/44(2)(3)		11,321		11,311
2016-1, M2 144A, 3.750%, 4/25/45(2)(3)		13,433		13,439

	PAR VALUE		VALUE
Non-Agency (continued)
2015-5, A2 144A, 2.889%, 5/25/45(2)(3)	$	11,411	$	11,363
2016-2, M2 144A, 3.750%, 12/25/45(2)(3)		13,931		13,901
2011-C4, A4 144A, 4.388%, 7/15/46(3)		5,175		5,348
2017-3, 2A2 144A, 2.500%, 8/25/47(2)(3)		9,949		9,656
2017-5, A1 144A, 3.184%, 10/26/48(2)(3)		40,557		40,369
2017-4, A3 144A, 3.500%, 11/25/48(2)(3)		13,020		12,913
LoanDepot Station Place Agency Securitization Trust 2017-LD1, C 144A, (1 month LIBOR + 1.300%) 3.172%, 11/25/50(2)(3)		16,025		16,025
MASTR Adjustable Rate Mortgages Trust 2004-12, 3A1 3.715%, 11/25/34(2)		162		161
MASTR Alternative Loan Trust 2004-7, 4A1, 4.500%, 7/25/19		588		590
2003-8, 2A1, 5.750%, 11/25/33		3,899		4,020
2004-4, 6A1, 5.500%, 4/25/34		2,189		2,265
2004-7, 9A1, 6.000%, 8/25/34		10,290		10,610
2005-2, 2A1, 6.000%, 1/25/35		2,591		2,675
2005-2, 1A1, 6.500%, 3/25/35		7,567		7,771
MASTR Asset Securitization Trust 2005-1, 1A1 5.000%, 5/25/20		66		66
MetLife Securitization Trust 2017-1A, M1 144A, 3.640%, 4/25/55(2)(3)		7,930		8,000
Mill City Mortgage Trust 2015-1, A3 144A, 3.000%, 6/25/56(2)(3)		11,900		11,810

See Notes to Financial Statements

12

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
2016-1, A1 144A, 2.500%, 4/25/57(2)(3)	$	2,861	$	2,821
2017-1, A1 144A, 2.750%, 11/25/58(2)(3)		8,881		8,791
Morgan Stanley—Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46		1,735		1,790
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A, 2.200%, 9/13/31(3)		14,805		14,343
Morgan Stanley Capital I Trust 2017-CLS, A 144A, (1 month LIBOR + 0.700%) 2.477%, 11/15/34(2)(3)		8,400		8,416
Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A, 3.316%, 2/25/34(2)		777		781
2004-2AR, 4A, 3.604%, 2/25/34(2)		619		629
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A, 2.966%, 6/25/44(2)(3)		4,147		4,145
Motel 6 Trust 2017-MTL6, A 144A, (1 month LIBOR + 0.920%) 2.697%, 8/15/34(2)(3)		26,173		26,247
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38		984		1,016
New Residential Mortgage Loan Trust 2016-2A, A1 144A, 3.750%, 11/26/35(2)(3)		13,785		13,923
2014-1A, A 144A, 3.750%, 1/25/54(2)(3)		12,275		12,389
2014-2A, A3 144A, 3.750%, 5/25/54(2)(3)		1,110		1,124
2014-3A, AFX3 144A, 3.750%, 11/25/54(2)(3)		9,645		9,736

	PAR VALUE		VALUE
Non-Agency (continued)
2015-2A, A1 144A, 3.750%, 8/25/55(2)(3)	$	7,596	$	7,673
2016-1A, A1 144A, 3.750%, 3/25/56(2)(3)		6,429		6,481
2016-3A, A1 144A, 3.750%, 9/25/56(2)(3)		7,002		7,062
2016-4A, A1 144A, 3.750%, 11/25/56(2)(3)		5,060		5,108
2017-2A, A3 144A, 4.000%, 3/25/57(2)(3)		9,053		9,228
NovaStar Mortgage Funding Trust 2004-4, M5, (1 month LIBOR + 1.725%) 3.597%, 3/25/35(2)		3,169		3,176
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A, 3.000%, 7/25/57(2)(3)		18,674		18,520
One Market Plaza Trust 2017-1MKT, A 144A, 3.614%, 2/10/32(3)		10,700		10,788
Onslow Bay Financial LLC 2018-1, A2 144A, (1 month LIBOR + 0.650%) 2.527%, 6/25/57(2)(3)		18,330		18,342
Pretium Mortgage Credit Partners I LLC 2017-NPL3, A1 144A, 3.250%, 6/29/32(2)(3)		3,539		3,522
2017-NPL5, A1 144A, 3.327%, 12/30/32(2)(3)		8,325		8,308
2018-NPL1 144A, 3.375%, 1/27/33(2)(3)		2,044		2,038
2017-NPL2, A1 144A, 3.250%, 3/28/57(2)(3)		14,678		14,593
Progress Residential Trust 2017-SFR1, B 144A, 3.017%, 8/17/34(3)		4,000		3,922
2018-SFR1, A 144A, 3.255%, 3/17/35(3)		3,150		3,141

See Notes to Financial Statements

13

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
2018-SFR1, B 144A, 3.484%, 3/17/35(3)	$	2,515	$	2,511
RCO Mortgage LLC 2017-1, A1 144A, 3.375%, 8/25/22(2)(3)		16,171		16,106
Residential Asset Mortgage Products Trust 2004-SL2, A3, 7.000%, 10/25/31		1,243		1,293
2004-SL1, A8, 6.500%, 11/25/31		1,507		1,584
2005-SL2, A4, 7.500%, 2/25/32		1,456		1,352
2004-SL4, A3, 6.500%, 7/25/32		592		595
Residential Asset Securitization Trust 2003-A11, A9, 5.750%, 11/25/33		1,895		1,924
2004-A1, A5, 5.500%, 4/25/34		9,265		9,319
Residential Funding Mortgage Securities I, Inc. 2006-S12, 1A1 5.500%, 12/25/21		438		444
RETL 2018-RVP, C 144A, (1 month LIBOR + 2.050%) 3.827%, 3/15/33(2)(3)		18,405		18,520
Seasoned Credit Risk Transfer Trust 2016-1, M1 144A, 3.000%, 9/25/55(2)(3)		6,500		6,317
Sequoia Mortgage Trust 2015-4, A1 144A, 3.000%, 11/25/30(2)(3)		9,127		9,043
2013-8, B1, 3.533%, 6/25/43(2)		6,479		6,340
2017-CH1, A2 144A, 3.500%, 8/25/47(2)(3)		4,740		4,749
Starwood Waypoint Homes Trust 2017-1, A 144A, (1 month LIBOR + 0.950%) 2.727%, 1/17/35(2)(3)		13,765		13,839

	PAR VALUE		VALUE
Non-Agency (continued)
Structured Adjustable Rate Mortgage Loan Trust 2004-4, 3A4, 3.813%, 4/25/34(2)	$	1,395	$	1,404
2004-4, 3A2, 3.813%, 4/25/34(2)		1,807		1,831
2004-4, 3A1, 3.813%, 4/25/34(2)		409		411
2004-14, 7A, 3.584%, 10/25/34(2)		6,937		6,950
Structured Asset Securities Corp. Assistance Loan Trust 2003-AL1, A 144A, 3.357%, 4/25/31(3)		5,015		4,976
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates 2003-33H, 1A1, 5.500%, 10/25/33		2,700		2,747
2003-34A, 6A, 3.782%, 11/25/33(2)		1,982		1,968
Sutherland Commercial Mortgage Loans 2017-SBC6, A 144A, 3.192%, 5/25/37(2)(3)		8,507		8,508
Towd Point Mortgage Trust 2015-1, A2 144A, 3.250%, 10/25/53(2)(3)		11,184		11,154
2015-3, A1B 144A, 3.000%, 3/25/54(2)(3)		3,208		3,199
2016-1, A1B 144A, 2.750%, 2/25/55(2)(3)		5,191		5,150
2015-6, M1 144A, 3.750%, 4/25/55(2)(3)		11,010		11,197
2015-5, A1B 144A, 2.750%, 5/25/55(2)(3)		4,914		4,876
2015-5, A2 144A, 3.500%, 5/25/55(2)(3)		3,901		3,922
2016-2, A1 144A, 3.000%, 8/25/55(2)(3)		5,879		5,836
2016-3, A1 144A, 2.250%, 4/25/56(2)(3)		4,759		4,683

See Notes to Financial Statements

14

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
2016-4, A1 144A, 2.250%, 7/25/56(2)(3)	$	4,465	$	4,375
2017-1, M1 144A, 3.750%, 10/25/56(2)(3)		3,665		3,710
2017-6, A2 144A, 3.000%, 10/25/57(2)(3)		3,930		3,795
2015-2, 1M1 144A, 3.250%, 11/25/60(2)(3)		22,558		22,244
Tricon American Homes Trust 2016-SFR1, C 144A, 3.487%, 11/17/33(3)		4,640		4,601
2017-SFR1, A 144A, 2.716%, 9/17/34(3)		3,595		3,515
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A, 3.000%, 5/25/47(2)(3)		2,890		2,863
Vericrest Opportunity Loan Trust LVI LLC 2017-NPL3, A1 144A, 3.500%, 3/25/47(2)(3)		12,342		12,344
Vericrest Opportunity Loan Trust LVIII LLC 2017-NPL5, A1 144A, 3.375%, 5/28/47(2)(3)		1,837		1,834
Vericrest Opportunity Loan Trust LX LLC 2017-NPL7, A1 144A, 3.250%, 6/25/47(2)(3)		7,988		7,954
Vericrest Opportunity Loan Trust LXII LLC 2017-NPL9, A1 144A, 3.125%, 9/25/47(2)(3)		8,604		8,557
Vericrest Opportunity Loan Trust LXIII LLC 2017-NP10, A1 144A, 3.000%, 10/25/47(2)(3)		999		990
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A, 3.375%, 10/25/47(2)(3)		31,713		31,627
Verus Securitization Trust 2017-1A, A1 144A, 2.853%, 1/25/47(2)(3)		5,335		5,342

	PAR VALUE		VALUE
Non-Agency (continued)
2017-2A, A1 144A, 2.485%, 7/25/47(2)(3)	$	16,012	$	15,900
2018-1, A1 144A, 2.929%, 2/25/48(2)(3)		15,897		15,896
VSD 2017-PLT1, A 3.600%, 12/25/43		4,785		4,778
Wells Fargo Mortgage Backed Securities Trust
2003-G, A1, 3.365%, 6/25/33(2)		784		792
2003-J, 5A1, 3.490%, 10/25/33(2)		267		270
2004-4, A9, 5.500%, 5/25/34		1,230		1,252
2004-U, A1, 3.695%, 10/25/34(2)		666		670
2004-Z, 2A1, 3.738%, 12/25/34(2)		2,858		2,908
2004-CC, A1, 3.750%, 1/25/35(2)		1,361		1,387
2005-12, 1A1, 5.500%, 11/25/35		2,223		2,259
2005-14, 2A1, 5.500%, 12/25/35		1,503		1,540
2007-16, 1A1, 6.000%, 12/28/37		1,412		1,430
				1,328,974
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $1,551,068)				1,544,318
ASSET-BACKED SECURITIES—22.5%
Auto Floor Plan—0.2%
NextGear Floorplan Master Owner Trust 2017-2A, A2 144A, 2.560%, 10/17/22(3)		12,410		12,252
Automobiles—13.7%
American Credit Acceptance Receivables Trust 2017-3, B 144A, 2.250%, 1/11/21(3)		8,000		7,955
2016-1A, B 144A, 4.240%, 6/13/22(3)		4,218		4,231

See Notes to Financial Statements

15

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Automobiles (continued)
2017-1, C 144A, 2.880%, 3/13/23(3)	$	9,000	$	8,976
2017-2, C 144A, 2.860%, 6/12/23(3)		6,705		6,662
2018-1, C 144A, 3.550%, 4/10/24(3)		8,145		8,153
AmeriCredit Automobile Receivables Trust 2014-2, C, 2.180%, 6/8/20		14,691		14,670
2014-1, D, 2.540%, 6/8/20		22,955		22,946
2015-3, C, 2.730%, 3/8/21		9,730		9,737
2016-4, C, 2.410%, 7/8/22		18,468		18,164
2017-1, C, 2.710%, 8/18/22		10,360		10,234
2017-2, C, 2.970%, 3/20/23		7,840		7,805
Avid Automobile Receivables Trust 2018-1, A 144A, 2.840%, 8/15/23(3)		4,419		4,402
Avis Budget Rental Car Funding LLC
(AESOP) 2013-1A, A 144A, 1.920%, 9/20/19(3)		2,825		2,820
(AESOP) 2013-2A, A 144A, 2.970%, 2/20/20(3)		6,350		6,357
(AESOP) 2015-2A, A 144A, 2.630%, 12/20/21(3)		22,315		22,110
(AESOP) 2016-1A, A 144A, 2.990%, 6/20/22(3)		17,000		16,909
California Republic Auto Receivables Trust 2014-2, B, 2.340%, 4/15/20		7,090		7,081
2015-3, B, 2.700%, 9/15/21		3,705		3,692

	PAR VALUE		VALUE
Automobiles (continued)
2016-1, B, 3.430%, 2/15/22	$	4,615	$	4,613
2017-1, B, 2.910%, 12/15/22		7,000		6,861
Capital Auto Receivables Asset Trust 2015-2, C, 2.670%, 8/20/20		7,250		7,257
2017-1, C 144A, 2.700%, 9/20/22(3)		3,630		3,579
2017-1, D 144A, 3.150%, 2/20/25(3)		1,980		1,962
CarFinance Capital Auto Trust 2014-1A, B 144A, 2.720%, 4/15/20(3)		101		101
2014-2A, B 144A, 2.640%, 11/16/20(3)		3,455		3,452
2014-2A, C 144A, 3.240%, 11/16/20(3)		2,765		2,751
2015-1A, B 144A, 2.910%, 6/15/21(3)		6,000		5,992
CarMax Auto Owner Trust 2014-2, B, 1.880%, 11/15/19		1,000		999
2015-2, C, 2.390%, 3/15/21		2,275		2,265
Carnow Auto Receivables Trust 2016-1A, D 144A, 7.340%, 11/15/21(3)		4,460		4,515
2017-1A, A 144A, 2.920%, 9/15/22(3)		5,495		5,471
Centre Point Funding LLC 2012-2A, 1 144A, 2.610%, 8/20/21(3)		2,732		2,707
Chrysler Capital Auto Receivables Trust 2015-BA, D 144A, 4.170%, 1/16/23(3)		8,400		8,477
2016-BA, D 144A, 3.510%, 9/15/23(3)		2,150		2,132
CPS Auto Receivables Trust 2016-C, B 144A, 2.480%, 9/15/20(3)		3,000		2,994

See Notes to Financial Statements

16

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Automobiles (continued)
2016-B, B 144A, 3.180%, 9/15/20(3)	$	4,500	$	4,510
2017-C, B 144A, 2.300%, 7/15/21(3)		6,610		6,554
2016-A, C 144A, 3.800%, 12/15/21(3)		6,500		6,553
2017-D, B 144A, 2.430%, 1/18/22(3)		6,400		6,334
Credit Acceptance Auto Loan Trust 2018-1A, A 144A, 3.010%, 2/16/27(3)		10,000		9,938
Drive Auto Receivables Trust 2017-1, B, 2.360%, 3/15/21		14,640		14,600
2017-BA, C 144A, 2.610%, 8/16/21(3)		8,750		8,743
2016-CA, C 144A, 3.020%, 11/15/21(3)		9,220		9,234
2017-AA, C 144A, 2.980%, 1/18/22(3)		15,410		15,415
2017-3, C, 2.800%, 7/15/22		7,235		7,213
2015-AA, D 144A, 4.120%, 7/15/22(3)		13,120		13,243
2017-2, C, 2.750%, 9/15/23		4,030		4,008
DT Auto Owner Trust 2015-3A, C 144A, 3.250%, 7/15/21(3)		1,160		1,162
2016-2A, C 144A, 3.670%, 1/18/22(3)		9,127		9,165
2016-3A, C 144A, 3.150%, 3/15/22(3)		8,485		8,497
2016-4A, C 144A, 2.740%, 10/17/22(3)		21,875		21,843
2017-1A, D 144A, 3.550%, 11/15/22(3)		10,000		9,967
2017-2A, D 144A, 3.890%, 1/15/23(3)		10,070		10,079
2017-3A, C 144A, 3.010%, 5/15/23(3)		11,505		11,471
2017-4A, C 144A, 2.860%, 7/17/23(3)		20,000		19,865
2018-1A, C144A, 3.470%, 12/15/23(3)		8,950		8,950

	PAR VALUE		VALUE
Automobiles (continued)
Exeter Automobile Receivables Trust 2014-2A, C 144A, 3.260%, 12/16/19(3)	$	5,641	$	5,647
2015-1A, C 144A, 4.100%, 12/15/20(3)		19,850		20,021
2015-2A, C 144A, 3.900%, 3/15/21(3)		24,230		24,422
2014-3A, D 144A, 5.690%, 4/15/21(3)		23,980		24,572
2016-3A, B 144A, 2.840%, 8/16/21(3)		8,475		8,472
2017-1A, B 144A, 3.000%, 12/15/21(3)		17,975		17,990
2017-2A, B 144A, 2.820%, 5/16/22(3)		18,780		18,653
2017-3A, B 144A, 2.810%, 9/15/22(3)		14,185		14,050
2018-1A, C 144A, 3.030%, 1/17/23(3)		18,150		17,975
First Investors Auto Owner Trust 2015-1A, C 144A, 2.710%, 6/15/21(3)		5,000		4,970
2017-2A, B 144A, 2.650%, 11/15/22(3)		2,160		2,135
Flagship Credit Auto Trust 2016-1, A 144A, 2.770%, 12/15/20(3)		1,637		1,638
2014-2, D 144A, 5.210%, 2/15/21(3)		11,010		11,233
2015-1, D 144A, 5.260%, 7/15/21(3)		3,565		3,653
2015-2, C 144A, 4.080%, 12/15/21(3)		6,495		6,565
2016-2, B 144A, 3.840%, 9/15/22(3)		4,175		4,222
2016-3, D 144A, 3.890%, 11/15/22(3)		4,990		5,015
2017-1, C 144A, 3.220%, 5/15/23(3)		7,500		7,489
2017-3, C 144A, 2.910%, 9/15/23(3)		6,980		6,899
Foursight Capital Automobile Receivables Trust 2016-1, A2 144A, 2.870%, 10/15/21(3)		3,831		3,818

See Notes to Financial Statements

17

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Automobiles (continued)
2017-1, B 144A, 3.050%, 12/15/22(3)	$	8,965	$	8,811
2017-1, C 144A, 3.470%, 12/15/22(3)		4,458		4,384
2018-1, C 144A, 3.680%, 8/15/23(3)		1,685		1,687
2018-1, D 144A, 4.190%, 11/15/23(3)		1,630		1,633
GLS Auto Receivables Trust 2016-1A, B 144A, 4.390%, 1/15/21(3)		10,500		10,598
2017-1A, B 144A, 2.980%, 12/15/21(3)		15,005		14,907
2018-1A, A 144A, 2.820%, 7/15/22(3)		3,229		3,216
2017-1A, C 144A, 3.500%, 7/15/22(3)		11,090		10,988
2018-1A, B 144A, 3.520%, 8/15/23(3)		11,975		11,911
GM Financial Consumer Automobile Receivables Trust 2017-1A, B 144A, 2.300%, 6/16/23(3)		4,185		4,111
Hertz Vehicle Financing II LP 2015-2A, A 144A, 2.020%, 9/25/19(3)		4,845		4,827
2016-1A, A 144A, 2.320%, 3/25/20(3)		8,800		8,753
2015-1A, A 144A, 2.730%, 3/25/21(3)		28,000		27,786
2015-3A, A 144A, 2.670%, 9/25/21(3)		25,000		24,657
2016-4A, A 144A, 2.650%, 7/25/22(3)		12,335		12,051
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A, 2.550%, 8/17/20(3)		17,175		17,154
Hyundai Auto Receivables Trust 2014-B, D, 2.510%, 12/15/20		9,675		9,664

	PAR VALUE		VALUE
Automobiles (continued)
2015-A, D, 2.730%, 6/15/21	$	8,950	$	8,955
2017-B, B, 2.230%, 2/15/23		4,240		4,132
OneMain Direct Auto Receivables Trust 2016-1A, B 144A, 2.760%, 5/15/21(3)		5,000		5,000
2017-2A, C 144A, 2.820%, 7/15/24(3)		6,220		6,117
Oscar US Funding Trust VIII LLC 2018-1A, A2A 144A, 2.910%, 4/12/21(3)		10,000		9,996
Prestige Auto Receivables Trust 2014-1A, C 144A, 2.390%, 5/15/20(3)		6,530		6,527
2017-1A, C 144A, 2.810%, 1/17/23(3)		8,355		8,210
Santander Drive Auto Receivables Trust 2014-3, C, 2.130%, 8/17/20		704		704
2016-2, B, 2.080%, 2/16/21		8,250		8,230
2017-1, C, 2.580%, 5/16/22		9,830		9,764
2017-2, C, 2.790%, 8/15/22		3,795		3,780
2017-3, C, 2.760%, 12/15/22		4,510		4,467
Skopos Auto Receivables Trust 2018-1A, A 144A, 3.190%, 9/15/21(3)		10,000		9,997
2018-1A, B 144A, 3.930%, 5/16/22(3)		2,465		2,465
TCF Auto Receivables Owner Trust 2014-1A, B 144A, 2.330%, 5/15/20(3)		1,733		1,732
2014-1A, C 144A, 3.120%, 4/15/21(3)		2,035		2,035
2016-PT1A, C 144A, 3.210%, 1/17/23(3)		10,900		10,705

See Notes to Financial Statements

18

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Automobiles (continued)
Tesla Auto Lease Trust 2018-A, A 144A, 2.320%, 12/20/19(3)	$	2,034	$	2,030
2018-A, B 144A, 2.750%, 2/20/20(3)		2,500		2,495
2018-A, C 144A, 2.970%, 4/20/20(3)		2,000		1,995
2018-A, D 144A, 3.300%, 5/20/20(3)		1,845		1,841
Tidewater Auto Receivables Trust 2016-AA, B 144A, 3.130%, 3/15/20(3)		2,472		2,472
United Auto Credit Securitization Trust 2016-2, C 144A, 2.480%, 3/10/20(3)		9,425		9,418
Westlake Automobile Receivables Trust 2016-2A, C 144A, 2.830%, 5/17/21(3)		3,190		3,192
2015-3A, D 144A, 4.400%, 5/17/21(3)		10,000		10,062
2017-1A, B 144A, 2.300%, 10/17/22(3)		10,000		9,967
2017-2A, C 144A, 2.590%, 12/15/22(3)		16,230		16,073
2018-1A, C 144A, 2.920%, 5/15/23(3)		22,494		22,376
				1,027,690
Consumer Discretionary—0.1%
Avid Automobile Receivables Trust 2018-1, B 144A, 3.850%, 7/15/24(3)		4,000		3,971
Home Equity Loans—0.0%
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2001-SB1, A2 3.375%, 8/25/31		961		951

	PAR VALUE		VALUE
Manufactured Housing—0.0%
Associates Manufactured Housing Pass-Through Certificates 1996-1, B1 8.000%, 3/15/27(2)	$	401	$	407
Other—7.9%
Ajax Mortgage Loan Trust 2017-B, A 144A, 3.163%, 9/25/56(2)(3)		10,318		10,171
Aqua Finance Trust 2017-A, A 144A, 3.720%, 11/15/35(3)		14,022		13,809
Ascentium Equipment Receivables Trust 2017-1A, B 144A, 2.850%, 10/10/21(3)		7,764		7,602
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A, 3.240%, 12/20/23(3)		12,425		12,407
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A, 2.940%, 5/25/29(3)		9,068		8,898
BXG Receivables Note Trust 2012-A, A 144A, 2.660%, 12/2/27(3)		1,843		1,810
2013-A, A 144A, 3.010%, 12/4/28(3)		4,207		4,163
2015-A, A 144A, 2.880%, 5/2/30(3)		3,805		3,751
2017-A, A 144A, 2.950%, 10/4/32(3)		8,202		8,041
CCG Receivables Trust 2018-1, A2 144A, 2.500%, 6/16/25(3)		4,875		4,858
Citi Held For Asset Issuance 2015-PM3, B 144A, 4.310%, 5/16/22(3)		3,569		3,576

See Notes to Financial Statements

19

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Other (continued)
CLUB Credit Trust 2017-NP1, A 144A, 2.390%, 4/17/23(3)	$	185	$	185
2017-NP1, B 144A, 3.170%, 4/17/23(3)		10,185		10,176
2017-P1, B 144A, 3.560%, 9/15/23(3)		4,565		4,546
2017-P2, A 144A, 2.610%, 1/15/24(3)		8,605		8,578
Conn’s Receivables Funding LLC 2017-B, B 144A, 4.520%, 11/15/20(3)		8,550		8,613
Consumer Installment Loan Trust 2016-LD1, A 144A, 3.960%, 7/15/22(3)		981		982
CoreVest American Finance Trust 2017-1, A 144A, 2.968%, 10/15/49(3)		4,747		4,659
DB Master Finance LLC 2015-1A, A2II 144A, 3.980%, 2/20/45(3)		2,765		2,788
2017-1A, A2I 144A, 3.629%, 11/20/47(3)		16,189		16,117
Diamond Resorts Owner Trust 2014-1, A 144A, 2.540%, 5/20/27(3)		4,605		4,585
2017-1A, A 144A, 3.270%, 10/22/29(3)		7,260		7,114
Drug Royalty II LP 2 2014-1, A2 144A, 3.484%, 7/15/23(3)		8,236		8,185
Drug Royalty III LP 1 2016-1A, A 144A, 3.979%, 4/15/27(3)		7,961		7,911
2017-1A, A1 144A, (3 month LIBOR + 2.500%) 4.222%, 4/15/27(2)(3)		3,191		3,191
Fairway Outdoor Funding LLC 2012-1A, A2 144A, 4.212%, 10/15/42(3)		13,177		13,221

	PAR VALUE		VALUE
Other (continued)
Foundation Finance Trust 2017-1A, A 144A, 3.300%, 7/15/33(3)	$	12,171	$	12,009
2016-1A, A 144A, 3.960%, 6/15/35(3)		1,744		1,749
Gold Key Resorts LLC 2014-A, A 144A, 3.220%, 3/17/31(3)		4,401		4,352
GreatAmerica Leasing Receivables Funding LLC 2017-1, A4 144A, 2.360%, 1/20/23(3)		18,010		17,823
Hilton Grand Vacations Trust 2013-A, A 144A, 2.280%, 1/25/26(3)		3,781		3,740
2014-AA, A 144A, 1.770%, 11/25/26(3)		5,639		5,537
2017-AA, A 144A, 2.660%, 12/26/28(3)		5,735		5,658
HOA Funding LLC 2014-1A, A2 144A, 4.846%, 8/20/44(3)		11,992		11,689
Leaf Receivables Funding 12 LLC 2017-1, B 144A, 2.650%, 2/15/22(3)		9,145		8,974
Mariner Finance Issuance Trust 2017-AA, A 144A, 3.620%, 2/20/29(3)		7,335		7,361
Marlette Funding Trust 2018-1A, A 144A, 2.610%, 3/15/28(3)		9,227		9,212
Marriott Vacation Club Owner Trust 2012-1A, A 144A, 2.510%, 5/20/30(3)		6,887		6,850
MVW Owner Trust 2015-1A, B 144A, 2.960%, 12/20/32(3)		861		845
2016-1A, A 144A, 2.250%, 12/20/33(3)		4,153		4,056
2017-1A, A 144A, 2.420%, 12/20/34(3)		3,741		3,656

See Notes to Financial Statements

20

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Other (continued)
NextGear Floorplan Master Owner Trust 2018-1A, A2144A, 3.220%, 2/15/23(3)	$	4,290	$	4,296
OneMain Financial Issuance Trust 2015-2A, A 144A, 2.570%, 7/18/25(3)		5,321		5,314
2015-1A, A 144A, 3.190%, 3/18/26(3)		21,108		21,154
2018-1A, A 144A, 3.300%, 3/14/29(3)		17,015		17,047
2017-1A, A1 144A, 2.370%, 9/14/32(3)		5,500		5,407
Oportun Funding VIII LLC 2018-A, A 144A, 3.610%, 3/8/24(3)		8,745		8,735
Orange Lake Timeshare Trust 2012-AA, A 144A, 3.450%, 3/10/27(3)		1,535		1,535
2015-AA, A 144A, 2.880%, 9/8/27(3)		3,961		3,891
2014-AA, A 144A, 2.290%, 7/9/29(3)		1,727		1,694
2018-A, A 144A, 3.100%, 11/8/30(3)		6,831		6,803
Prosper Marketplace Issuance Trust 2017-1A, B 144A, 3.650%, 6/15/23(3)		17,008		17,065
2017-2A, B 144A, 3.480%, 9/15/23(3)		16,905		16,855
2018-1A, A 144A, 3.110%, 6/17/24(3)		7,570		7,569
Sierra Receivables Funding Co., LLC 2017-1A, A 144A, 2.910%, 3/20/34(3)		6,182		6,116
Sierra Timeshare Receivables Funding LLC 2014-1A, A 144A, 2.070%, 3/20/30(3)		1,114		1,110
2014-2A, A 144A, 2.050%, 6/20/31(2)(3)		1,556		1,547

	PAR VALUE		VALUE
Other (continued)
2016-1A, A 144A, 3.080%, 3/21/33(3)	$	3,566	$	3,574
2016-2A, A 144A, 2.330%, 7/20/33(3)		3,355		3,316
Silverleaf Finance LLC XVIII 2014-A, A 144A, 2.810%, 1/15/27(3)		699		696
SoFi Consumer Loan Program LLC 2016-3, A 144A, 3.050%, 12/26/25(3)		11,108		11,099
2017-1, A 144A, 3.280%, 1/26/26(3)		14,688		14,714
2017-3, A 144A, 2.770%, 5/25/26(3)		10,714		10,640
2017-5, A2 144A, 2.780%, 9/25/26(3)		14,080		13,873
2017-6, A2 144A, 2.820%, 11/25/26(3)		12,870		12,727
2018-1, A2 144A, 3.140%, 2/25/27(3)		10,685		10,628
Springleaf Funding Trust 2016-AA, A 144A, 2.900%, 11/15/29(3)		11,590		11,539
SVO VOI Mortgage Corp. 2012-AA, A 144A, 2.000%, 9/20/29(3)		4,885		4,806
Taco Bell Funding LLC 2016-1A, A21 144A, 3.832%, 5/25/46(3)		7,006		7,045
TGIF Funding LLC 2017-1A, A2 144A, 6.202%, 4/30/47(3)		20,345		20,444
TRIP Rail Master Funding LLC 2017-1A, A1 144A, 2.709%, 8/15/47(3)		9,317		9,206
Volvo Financial Equipment LLC 2017-1A, B 144A, 2.400%, 1/18/22(3)		3,600		3,546
VSE VOI Mortgage LLC 2016-A, A 144A, 2.540%, 7/20/33(3)		4,742		4,660

See Notes to Financial Statements

21

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Other (continued)
2017-A, A 144A, 2.330%, 3/20/35(3)	$	9,159	$	8,930
Welk Resorts LLC 2013-AA, A 144A, 3.100%, 3/15/29(3)		1,860		1,847
2015-AA, A 144A, 2.790%, 6/16/31(3)		3,751		3,696
Wendy’s Funding LLC 2015-1A, A2II 144A, 4.080%, 6/15/45(3)		9,353		9,486
2018-1A, A2I 144A, 3.573%, 3/15/48(3)		9,451		9,336
Westgate Resorts LLC 2016-1A, A 144A, 3.500%, 12/20/28(3)		6,112		6,121
				591,515
Student Loans—0.6%
Commonbond Student Loan Trust 2017-AGS, A1 144A, 2.550%, 5/25/41(3)		7,552		7,403
DRB Prime Student Loan Trust 2015-D, A3 144A, 2.500%, 1/25/36(3)		2,165		2,157
Earnest Student Loan Program LLC 2017-A, A2 144A, 2.650%, 1/25/41(3)		4,852		4,759
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A, 2.770%, 8/25/42(3)		6,745		6,636
Navient Private Education Loan Trust 2017-A, A2A 144A, 2.880%, 12/16/58(3)		3,150		3,105
SLM Private Education Loan Trust 2013-B, A2A 144A, 1.850%, 6/17/30(3)		3,293		3,269
2013-C, A2A 144A, 2.940%, 10/15/31(3)		2,780		2,788

	PAR VALUE		VALUE
Student Loans (continued)
SoFi Professional Loan Program LLC 2014-B, A2 144A, 2.550%, 8/27/29(3)	$	479	$	475
2015-A, A2 144A, 2.420%, 3/25/30(3)		1,996		1,981
2016-A, A2 144A, 2.760%, 12/26/36(3)		1,328		1,316
2017-B, A1FX 144A, 1.830%, 5/25/40(3)		5,650		5,615
2017-C, A2A 144A, 1.750%, 7/25/40(3)		4,913		4,872
2017-E, A2B 144A, 2.720%, 11/26/40(3)		4,135		4,063
				48,439
TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,692,934)				1,685,225
CORPORATE BONDS AND NOTES—32.8%
Consumer Discretionary—2.1%
Alibaba Group Holding Ltd. 2.500%, 11/28/19		6,600		6,554
Altice France S.A. 144A, 7.375%, 5/1/26(3)		7,075		6,739
Altice US Finance I Corp. 144A, 5.375%, 7/15/23(3)		8,250		8,357
Aptiv plc 3.150%, 11/19/20		15,000		14,970
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		7,910		7,900
CSC Holdings LLC 5.250%, 6/1/24		11,500		10,939
Delphi Corp. 4.150%, 3/15/24		3,665		3,757
Discovery Communications LLC 2.200%, 9/20/19		7,185		7,111
2.950%, 3/20/23		10,295		9,917
DISH DBS Corp. 5.875%, 7/15/22		7,150		6,828

See Notes to Financial Statements

22

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Consumer Discretionary (continued)
General Motors Financial Co., Inc. 3.500%, 7/10/19	$	9,715	$	9,777
4.200%, 3/1/21		7,300		7,439
Horton (D.R.), Inc. 4.750%, 2/15/23		10,550		11,067
International Game Technology plc 144A, 6.250%, 2/15/22(3)		5,190		5,437
Lennar Corp. 144A, 2.950%, 11/29/20(3)		17,355		16,923
Newell Brands, Inc. 3.150%, 4/1/21		6,553		6,492
Scientific Games International, Inc. 144A, 5.000%, 10/15/25(3)		7,150		6,953
TRI Pointe Group, Inc. 5.875%, 6/15/24		10,130		10,279
Wyndham Worldwide Corp. 4.150%, 4/1/24		915		912
				158,351
Consumer Staples—1.3%
Anheuser-Busch InBev Worldwide, Inc.
(3 month LIBOR + 0.740%) 3.052%, 1/12/24(2)		4,943		4,972
3.500%, 1/12/24		4,321		4,350
BAT Capital Corp. 144A, 2.297%, 8/14/20(3)		7,230		7,088
144A, 2.764%, 8/15/22(3)		14,195		13,726
144A, 3.222%, 8/15/24(3)		7,160		6,900
Campbell Soup Co. 3.300%, 3/15/21		4,613		4,639
3.650%, 3/15/23		11,370		11,389
CVS Health Corp.
(3 month LIBOR + 0.720%) 2.777%, 3/9/21(2)		6,510		6,559
3.700%, 3/9/23		15,619		15,667

	PAR VALUE		VALUE
Consumer Staples (continued)
Kraft Heinz Foods Co. (The) 3.500%, 7/15/22	$	4,543	$	4,533
MARB BondCo plc 144A, 7.000%, 3/15/24(3)		18,700		17,578
				97,401
Energy—5.7%
Afren plc 144A, 11.500%, 2/1/16(3)(9)(10)		4,674		2
Anadarko Finance Co. Series B 7.500%, 5/1/31		3,000		3,830
Anadarko Petroleum Corp. 4.850%, 3/15/21		3,845		3,997
5.550%, 3/15/26		5,455		5,952
Blue Racer Midstream LLC 144A, 6.125%, 11/15/22(3)		6,070		6,176
Callon Petroleum Co. 6.125%, 10/1/24		9,266		9,477
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		11,090		11,090
Cheniere Corpus Christi Holdings LLC 7.000%, 6/30/24		7,155		7,915
Cimarex Energy Co. 4.375%, 6/1/24		11,490		11,819
CNOOC Finance Property Ltd. 2.625%, 5/5/20		5,800		5,735
Continental Resources, Inc. 5.000%, 9/15/22		5,035		5,104
4.500%, 4/15/23		6,535		6,609
Ecopetrol S.A. 5.875%, 9/18/23		16,725		17,896
Enbridge Energy Partners LP 4.375%, 10/15/20		3,930		4,017
Encana Corp. 3.900%, 11/15/21		7,960		8,061
8.125%, 9/15/30		8,110		10,568
Energy Transfer Equity LP 4.250%, 3/15/23		6,430		6,253
5.875%, 1/15/24		10,155		10,485

See Notes to Financial Statements

23

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Energy (continued)
Energy Transfer Partners LP 5.000%, 10/1/22	$	17,910	$	18,614
4.500%, 11/1/23		4,855		4,916
EP Energy LLC 144A, 9.375%, 5/1/24(3)		7,130		5,071
144A, 8.000%, 11/29/24(3)		7,660		7,698
Gazprom OAO (Gaz Capital SA) 144A, 6.510%, 3/7/22(3)(6)		16,560		17,814
Kinder Morgan, Inc. 144A, 5.625%, 11/15/23(3)		20,300		21,725
Lukoil International Finance BV 144A, 3.416%, 4/24/18(3)		6,000		6,000
MPLX LP 3.375%, 3/15/23		4,542		4,486
Petrobras Global Finance BV 8.375%, 5/23/21		9,305		10,594
144A, 5.299%, 1/27/25(3)		10,890		10,754
Petroleos de Venezuela S.A. 144A, 6.000%, 5/16/24(3)(9)		9,545		2,601
Petroleos Mexicanos 4.875%, 1/24/22		62,580		64,138
6.500%, 3/13/27		14,165		15,128
PTTEP Treasury Center Co., Ltd. 144A, (U.S. Treasury Yield Curve CMT 5 year + 3.177%) 4.875%(3)(5)		3,007		3,018
Range Resources Corp. 5.000%, 3/15/23		5,235		5,019
4.875%, 5/15/25		15,135		14,038
RSP Permian, Inc. 5.250%, 1/15/25		7,125		7,365
Sabine Pass Liquefaction LLC 5.625%, 2/1/21		8,000		8,410
6.250%, 3/15/22		8,415		9,129

	PAR VALUE		VALUE
Energy (continued)
Sinopec Capital Ltd. 144A, 1.875%, 4/24/18(3)	$	11,750	$	11,744
Southern Gas Corridor CJSC 144A, 6.875%, 3/24/26(3)		6,435		7,092
Sunoco LP 144A, 4.875%, 1/15/23(3)		9,610		9,262
Transocean, Inc. 144A, 9.000%, 7/15/23(3)		3,680		3,915
6.800%, 3/15/38		7,800		6,084
Ultra Resources, Inc. 144A, 6.875%, 4/15/22(3)		1,258		1,094
Weatherford International Ltd. 9.875%, 2/15/24		4,795		4,375
YPF S.A. 144A, 8.500%, 3/23/21(3)		5,369		5,857
144A, 8.750%, 4/4/24(3)		1,630		1,805
				422,732
Financials—10.6%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22		3,670		3,684
Air Lease Corp. 2.625%, 9/4/18		5,495		5,489
American Express Co. 3.400%, 2/27/23		18,176		18,135
Ares Capital Corp. 3.625%, 1/19/22		4,475		4,412
3.500%, 2/10/23		11,230		10,907
4.250%, 3/1/25		7,500		7,283
Australia & New Zealand Banking Group Ltd. 144A, 4.400%, 5/19/26(3)		14,195		14,247
Aviation Capital Group Corp. 144A, 2.875%, 9/17/18(3)		4,415		4,413
Banco de Credito del Peru 144A, 4.250%, 4/1/23(3)		6,284		6,400
Bank of America Corp. 5.490%, 3/15/19		2,868		2,935

See Notes to Financial Statements

24

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
CORPORATE BONDS AND NOTES (continued)
Financials (continued)
(3 month LIBOR + 1.180%) 2.925%, 10/21/22(2)	$	10,735		$	10,900
(3 month LIBOR + 1.000%) 2.741%, 4/24/23(2)		14,445			14,548
4.200%, 8/26/24		10,473			10,618
Bank of Baroda 144A, 4.875%, 7/23/19(3)		11,775			11,986
Bank of India 144A, 3.625%, 9/21/18(3)		10,200			10,195
Barclays plc 3.200%, 8/10/21		10,345			10,222
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22(4)		16,280			17,057
Bonos del Banco Central de Chile 4.500%, 6/1/20		4,570,000	CLP		7,861
Brookfield Finance LLC 4.000%, 4/1/24		15,475			15,583
Capital One N.A. 2.400%, 9/5/19		5,000			4,953
2.950%, 7/23/21		14,425			14,209
Citigroup, Inc.
(3 month LIBOR + 0.960%) 2.705%, 4/25/22(2)		18,055			18,159
(3 month LIBOR + 1.430%) 3.436%, 9/1/23(2)		10,755			11,017
3.200%, 10/21/26		7,335			6,978
Corp Financiera de Desarrollo SA 144A, 4.750%, 7/15/25(3)		6,000			6,105
Development Bank of Kazakhstan JSC 144A, 4.125%, 12/10/22(3)		13,805			13,759
Discover Bank 8.700%, 11/18/19		1,750			1,895
Drawbridge Special Opportunities Fund LP 144A, 5.000%, 8/1/21(3)		14,685			14,888

	PAR VALUE		VALUE
Financials (continued)
Fifth Third Bancorp 4.500%, 6/1/18	$	6,745	$	6,763
First Tennessee Bank N.A. 2.950%, 12/1/19		4,500		4,489
FS Investment Corp. 4.250%, 1/15/20		7,725		7,795
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		4,425		4,266
4.250%, 10/21/25		24,315		24,427
Guanay Finance Ltd. 144A, 6.000%, 12/15/20(3)		17,986		18,352
HBOS plc 144A, 6.750%, 5/21/18(3)		685		689
HSBC Holdings plc 2.950%, 5/25/21		10,000		9,898
(3 month LIBOR + 1.500%) 3.196%, 1/5/22(2)		6,524		6,719
HSBC USA, Inc. 2.625%, 9/24/18		9,485		9,483
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065		18,585
ICAHN Enterprises LP 6.250%, 2/1/22		17,330		17,633
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		6,275		6,275
(3 month LIBOR + 0.750%) 2.541%, 11/8/20(2)		630		630
2.957%, 11/8/22		14,880		14,519
International Lease Finance Corp. 3.875%, 4/15/18		7,635		7,636
Jefferies Group LLC 5.125%, 1/20/23		3,725		3,940
JPMorgan Chase & Co. 2.295%, 8/15/21		4,495		4,370
(3 month LIBOR + 0.900%) 2.645%, 4/25/23(2)		18,055		18,123

See Notes to Financial Statements

25

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Financials (continued)
JPMorgan Chase Bank N.A. 1.650%, 9/23/19	$	8,805	$	8,683
Lincoln National Corp., (3 month LIBOR + 2.040%) 3.785%, 4/20/67(2)(7)		2,885		2,748
Macquarie Group Ltd. 144A, 6.000%, 1/14/20(3)		10,950		11,462
Mizuho Financial Group, Inc. 2.601%, 9/11/22		18,300		17,622
3.549%, 3/5/23		14,850		14,772
Morgan Stanley
(3 month LIBOR + 0.930%) 2.675%, 7/22/22(2)		18,055		18,123
(3 month LIBOR + 1.400%) 3.141%, 10/24/23(2)		25,080		25,649
Navient Corp. 6.500%, 6/15/22		8,220		8,497
7.250%, 9/25/23		3,620		3,783
Nuveen Finance LLC 144A, 2.950%, 11/1/19(3)		2,850		2,843
Prudential Financial, Inc. 8.875%, 6/15/38		11,200		11,298
S&P Global, Inc. 3.300%, 8/14/20		15,097		15,180
Santander Holdings USA, Inc. 2.700%, 5/24/19		10,650		10,623
2.650%, 4/17/20		7,540		7,455
3.700%, 3/28/22		7,190		7,203
SBA Tower Trust 144A, 3.156%, 10/8/20(3)		6,050		5,948
144A, 3.168%, 4/11/22(3)		18,490		18,231
Sberbank of Russia RegS 5.717%, 6/16/21(4)(6)		7,000		7,350
Springleaf Finance Corp. 6.875%, 3/15/25		7,875		7,904

	PAR VALUE		VALUE
Financials (continued)
State Bank of India 144A, 3.250%, 4/18/18(3)	$	10,470	$	10,470
Toronto-Dominion Bank (The) 2.125%, 4/7/21		11,005		10,718
Trinity Acquisition plc 3.500%, 9/15/21		1,485		1,483
4.400%, 3/15/26		9,145		9,261
Turkiye Is Bankasi AS 144A, 3.750%, 10/10/18(3)		12,630		12,618
Turkiye Vakiflar Bankasi TAO 144A, 3.750%, 4/15/18(3)		4,000		3,993
144A, 5.625%, 5/30/22(3)		14,600		14,340
UBS Group Funding Switzerland AG 144A, 2.650%, 2/1/22(3)		8,475		8,215
Vnesheconombank 144A, 6.902%, 7/9/20(3)		9,500		10,080
Wells Fargo & Co. 3.069%, 1/24/23		6,915		6,798
(3 month LIBOR + 1.230%) 3.002%, 10/31/23(2)		10,770		10,926
Wells Fargo Bank N.A. 2.150%, 12/6/19		17,645		17,453
XLIT Ltd. 2.300%, 12/15/18		9,730		9,693
				794,852
Health Care—2.2%
Abbott Laboratories 2.900%, 11/30/21		8,815		8,731
3.400%, 11/30/23		3,910		3,880
AbbVie, Inc. 2.500%, 5/14/20		11,705		11,552
3.200%, 11/6/22		1,940		1,915
Allergan Funding SCS 3.000%, 3/12/20		2,825		2,810
3.450%, 3/15/22		3,815		3,781

See Notes to Financial Statements

26

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Health Care (continued)
Anthem, Inc. 2.950%, 12/1/22	$	7,557	$	7,365
3.350%, 12/1/24		5,452		5,291
Becton Dickinson & Co.
(3 month LIBOR + 0.875%) 2.944%, 12/29/20(2)		6,257		6,264
2.894%, 6/6/22		11,831		11,476
3.363%, 6/6/24		7,740		7,447
Cardinal Health, Inc. 2.616%, 6/15/22		10,985		10,616
3.079%, 6/15/24		11,180		10,661
Community Health Systems, Inc. 6.250%, 3/31/23		7,185		6,619
Endo Dac 144A, 6.000%, 7/15/23(3)		720		544
Fresenius U.S. Finance II, Inc. 144A, 4.500%, 1/15/23(3)		2,590		2,663
Mylan NV 3.150%, 6/15/21		4,065		4,011
Mylan, Inc. 144A, 3.125%, 1/15/23(3)		14,815		14,331
Owens & Minor, Inc. 3.875%, 9/15/21		2,485		2,465
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21		9,275		8,953
Tenet Healthcare Corp. 144A, 4.625%, 7/15/24(3)		4,350		4,181
144A, 5.125%, 5/1/25(3)		4,765		4,580
Teva Pharmaceutical Finance Netherlands III BV 144A, 6.000%, 4/15/24(3)		800		777
Valeant Pharmaceuticals International, Inc. 144A, 6.500%, 3/15/22(3)		2,190		2,261
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22		25,115		24,748
				167,922

	PAR VALUE		VALUE
Industrials—2.7%
Alfa SAB de CV 144A, 5.250%, 3/25/24(3)	$	6,775	$	7,038
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21		28,521		30,232
Bombardier, Inc. 144A, 6.125%, 1/15/23(3)		11,420		11,391
British Airways Pass-Through-Trust 2013-1, B 144A, 5.625%, 6/20/20(3)		5,793		5,956
CNH Industrial N.V. 4.500%, 8/15/23		15,130		15,398
Continental Airlines Pass-Through-Trust 1999-2, C2 6.236%, 3/15/20		4,505		4,557
Doric Nimrod Air Alpha Pass-Through-Trust 2013-1, A 144A, 5.250%, 5/30/23(3)		14,452		14,958
Doric Nimrod Air Finance Alpha Pass-Through-Trust 2012-1, A 144A, 5.125%, 11/30/22(3)		10,210		10,480
Embraer Overseas Ltd. 144A, 5.696%, 9/16/23(3)		3,460		3,689
Hawaiian Airlines Pass-Through Certificates 2013-1, B 4.950%, 1/15/22		6,160		6,266
JSL Europe S.A. 144A, 7.750%, 7/26/24(3)		5,540		5,630
Latam Finance Ltd. 144A, 6.875%, 4/11/24(3)		18,525		19,382
Masco Corp. 5.950%, 3/15/22		13,945		15,087
Penske Truck Leasing Co., LP
RegS, 2.500%, 6/15/19(4)		3,470		3,453

See Notes to Financial Statements

27

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Industrials (continued)
144A, 3.375%, 2/1/22(3)	$	8,365	$	8,317
Pitney Bowes, Inc. 4.125%, 5/15/22		10,523		9,944
SCF Capital Designated Activity Co. 144A, 5.375%, 6/16/23(3)		8,460		8,600
Standard Industries, Inc. 144A, 5.500%, 2/15/23(3)		6,590		6,821
TransDigm, Inc. 6.500%, 7/15/24		11,820		12,116
				199,315
Information Technology—1.5%
Analog Devices, Inc. 2.950%, 1/12/21		18,570		18,506
Broadcom Corp. 2.375%, 1/15/20		10,660		10,510
3.000%, 1/15/22		7,550		7,406
2.650%, 1/15/23		9,730		9,261
3.625%, 1/15/24		7,360		7,237
Dell International LLC 144A, 5.450%, 6/15/23(3)		10,540		11,169
Dun & Bradstreet Corp. (The) 4.250%, 6/15/20		4,660		4,713
Hewlett Packard Enterprise Co. 2.850%, 10/5/18		9,690		9,700
4.400%, 10/15/22		7,070		7,315
Radiate Holdco LLC 144A, 6.875%, 2/15/23(3)		3,635		3,517
Tencent Holdings Ltd. 144A, 2.985%, 1/19/23(3)		4,550		4,433
VMware, Inc. 2.300%, 8/21/20		4,567		4,441
2.950%, 8/21/22		11,670		11,180
				109,388
Materials—2.2%
Anglo American Capital plc 144A, 3.625%, 9/11/24(3)		18,490		17,805

	PAR VALUE		VALUE
Materials (continued)
Equate Petrochemical BV 144A, 3.000%, 3/3/22(3)	$	9,535	$	9,201
Fibria Overseas Finance Ltd. 4.000%, 1/14/25		17,621		17,004
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 3/15/23(3)		9,330		9,266
Glencore Funding LLC 144A, 4.125%, 5/30/23(3)		17,615		17,730
GTL Trade Finance, Inc. 144A, 5.893%, 4/29/24(3)		13,625		14,519
James Hardie International Finance DAC 144A, 4.750%, 1/15/25(3)		12,975		12,716
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24(3)		9,000		8,618
144A, 5.000%, 5/1/25(3)		16,890		16,209
OCP SA 144A, 5.625%, 4/25/24(3)		17,090		18,030
Rusal Capital DAC 144A, 5.125%, 2/2/22(3)		17,980		17,724
Teck Resources Ltd. 144A, 8.500%, 6/1/24(3)		5,145		5,717
				164,539
Real Estate—1.4%
American Tower Corp. 3.000%, 6/15/23		8,586		8,289
Brixmor Operating Partnership LP 3.875%, 8/15/22		5,570		5,593
Education Realty Operating Partnership LP 4.600%, 12/1/24		2,040		2,069

See Notes to Financial Statements

28

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Real Estate (continued)
Government Properties Income Trust 3.750%, 8/15/19	$	2,905	$	2,917
4.000%, 7/15/22		7,345		7,321
Healthcare Trust of America Holdings LP 2.950%, 7/1/22		17,890		17,496
Hospitality Properties Trust 4.500%, 6/15/23		4,445		4,540
Kilroy Realty LP 3.450%, 12/15/24		2,645		2,565
Select Income REIT 4.150%, 2/1/22		18,910		18,904
Senior Housing Properties Trust 3.250%, 5/1/19		6,685		6,690
Ventas Realty LP 2.700%, 4/1/20		2,948		2,923
Welltower, Inc. 4.125%, 4/1/19		4,100		4,149
West Europe Finance LLC 144A, 3.250%, 10/5/20(3)		19,265		19,285
				102,741
Telecommunication Services—1.9%
AT&T, Inc. 2.800%, 2/17/21		18,700		18,514
3.200%, 3/1/22		1,910		1,899
(3 month LIBOR + 0.890%) 2.723%, 2/14/23(2)		8,918		9,042
3.800%, 3/1/24		1,860		1,862
3.400%, 8/14/24		3,820		3,837
4.125%, 2/17/26		6,955		6,968
Axtel SAB de C.V. 144A, 6.375%, 11/14/24(3)		9,450		9,592
Digicel Group Ltd. 144A, 8.250%, 9/30/20(3)		10,365		8,914
Digicel Ltd. 144A, 6.750%, 3/1/23(3)		7,745		6,979

	PAR VALUE		VALUE
Telecommunication Services (continued)
Frontier Communications Corp. 8.500%, 4/15/20	$	3,200	$	3,220
8.875%, 9/15/20		3,380		3,405
7.125%, 1/15/23		9,065		6,116
Level 3 Financing, Inc. 5.375%, 1/15/24		14,170		13,807
Sprint Corp. 7.875%, 9/15/23		10,000		10,212
Sprint Spectrum Co., LLC 144A, 3.360%, 9/20/21(3)		16,406		16,304
144A, 4.738%, 3/20/25(3)		11,355		11,412
Telefonica Emisiones SAU 3.192%, 4/27/18		2,805		2,806
Verizon Communications, Inc. 3.125%, 3/16/22		9,017		8,935
				143,824
Utilities—1.3%
Eskom Holdings SOC Ltd. 144A, 5.750%, 1/26/21(3)		13,900		13,771
Exelon Corp. 2.850%, 6/15/20		18,845		18,673
3.497%, 6/1/22		8,261		8,179
Ferrellgas Partners LP 6.750%, 6/15/23		11,560		10,520
Majapahit Holding BV 144A, 7.750%, 1/20/20(3)		8,800		9,440
PNM Resources, Inc. 3.250%, 3/9/21		11,070		11,057
State Grid Overseas Investment Ltd. 144A, 1.750%, 5/22/18(3)		5,000		4,992
TerraForm Power Operating LLC 144A, 4.250%, 1/31/23(3)		18,640		17,918
Texas Competitive Electric Holdings Co. 144A, 11.500%, 10/1/20(3)(9)(12)		5,925		4

See Notes to Financial Statements

29

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Utility (continued)
Toledo Edison Co. (The) 7.250%, 5/1/20	$	224	$	240
				94,794
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $2,477,178)				2,455,859
LEVERAGED LOANS(2)—12.1%
Aerospace—0.7%
American Airlines, Inc. 2017, Tranche B, (1 month LIBOR + 2.000%) 3.877%, 4/28/23		15,904		15,900
TransDigm, Inc.
Tranche F, (3 month LIBOR + 2.750%) 4.839%, 6/9/23		18,166		18,212
Tranche G, (3 month LIBOR + 2.500%) 4.589%, 8/22/24		1,548		1,553
United Airlines, Inc. Tranche B, (3 month LIBOR + 2.000%) 3.772%, 4/1/24		13,845		13,900
				49,565
Chemicals—0.2%
Ineos U.S. Finance LLC 2024, (1 month LIBOR + 2.000%) 3.877%, 4/1/24		5,960		5,972
IPS Acquisition LLC First Lien, (1 month LIBOR + 3.250%) 5.127%, 11/7/24		1,805		1,817
New Arclin U.S. Holding Corp. First Lien, (3 month LIBOR + 3.500%) 5.802%, 2/14/24		5,491		5,530
PQ Corp. Tranche B-1, (3 month LIBOR + 2.500%) 4.291%, 2/8/25		549		551
				13,870

	PAR VALUE		VALUE
LEVERAGED LOANS(2) (continued)
Consumer Durables—0.1%
Global Appliance, Inc. Tranche B, (1 month LIBOR + 4.000%) 5.880%, 9/29/24	$	10,651	$	10,771
Consumer Non-Durables—0.2%
Coty, Inc. Tranche B, (3 month LIBOR + 2.250%) 0.000%, 3/29/25(11)		5,595		5,581
Galleria Co. Tranche B, (1 month LIBOR + 3.000%) 4.688%, 9/29/23		5,495		5,495
HLF Financing S.a.r.l. Senior Lien, (1 month LIBOR + 5.500%) 7.377%, 2/15/23		3,446		3,478
				14,554
Energy—0.5%
Medallion Midland Acquisition LLC, (1 month LIBOR + 3.250%) 5.127%, 10/30/24		7,461		7,443
Paragon Offshore Finance Co., (3 month LIBOR + 2.750%) 0.000%, 7/16/21(9)(11)(12)		81		—	(15)
Seadrill Operating LP, (3 month LIBOR + 6.000%) 8.302%, 2/21/21		8,679		7,254
Traverse Midstream Partners LLC, (3 month LIBOR + 4.000%) 5.850%, 9/27/24		10,580		10,633
Ultra Resources, Inc., (1 month LIBOR + 3.000%) 4.765%, 4/12/24		9,915		9,803
				35,133

See Notes to Financial Statements

30

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
LEVERAGED LOANS(2) (continued)
Financial—0.4%
Asurion LLC Tranche B-6, (1 month LIBOR + 2.750%) 4.627%, 11/3/23	$	6,960	$	7,004
Delos Finance S.a r.l. 2018, (3 month LIBOR + 1.750%) 4.052%, 10/6/23		16,529		16,595
FinCo I LLC, (1 month LIBOR + 2.750%) 4.627%, 12/27/22		5,212		5,270
iStar, Inc., (1 month LIBOR + 3.000%) 4.766%, 10/1/21		2,273		2,288
				31,157
Food / Tobacco—0.5%
Aramark Intermediate HoldCo Corp.
Tranche B, (1 month LIBOR + 2.000%) 3.877%, 3/28/24		6,054		6,090
Tranche B-1, (1 month LIBOR + 2.000%) 3.877%, 3/11/25		7,721		7,769
CHG PPC Parent LLC First Lien, (3 month LIBOR + 2.750%) 0.000%, 3/21/25(11)		1,165		1,166
Chobani LLC First Lien, (1 month LIBOR + 3.500%) 5.377%, 10/10/23		6,354		6,381
Hostess Brands LLC 2017 Refinancing, Tranche B, (1 month LIBOR + 2.250%) 4.127%, 8/3/22		14,534		14,593
JBS USA Lux S.A., (3 month LIBOR + 2.500%) 4.678%, 10/30/22		4,772		4,755
				40,754

	PAR VALUE		VALUE
Food and Drug—0.3%
Albertson’s LLC 2017-1, Tranche B-4, (1 month LIBOR + 2.750%) 4.627%, 8/25/21	$	23,105	$	22,809
2017-1, Tranche B-5, (3 month LIBOR + 3.000%) 5.292%, 12/21/22		2,150		2,126
				24,935
Forest Prod / Containers—0.1%
Berry Global Group, Inc.
Tranche Q, (1 month LIBOR + 2.000%) 3.808%, 10/1/22		6,504		6,533
Tranche R, (1 month LIBOR + 2.000%) 3.740%, 1/19/24		1,035		1,038
Spectrum Holdings III Corp. First Lien, (3 month LIBOR + 1.000%) 5.127%, 1/31/25(13)		267		267
(1 month LIBOR + 3.250%) 5.127%, 1/31/25		2,703		2,706
				10,544
Gaming / Leisure—1.4%
Caesars Resort Collection LLC Tranche B, (1 month LIBOR + 2.750%) 4.627%, 12/23/24		14,334		14,425
El Dorado Resorts, Inc., (2 month LIBOR + 2.250%) 4.125%, 4/17/24		4,794		4,806
GVC Holdings PLC, (3 month LIBOR + 2.500%) 0.000%, 3/15/24(11)		10,515		10,526
Hilton Worldwide Finance LLC Tranche B-2, (1 month LIBOR + 2.000%) 3.872%, 10/25/23		12,309		12,368

See Notes to Financial Statements

31

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
LEVERAGED LOANS(2) (continued)
Gaming / Leisure (continued)
Las Vegas Sands LLC 2017 Refinancing, (1 month LIBOR + 1.750%) 3.627%, 3/27/25	$	8,161	$	8,174
MGM Growth Properties Operation Partnership LP Tranche B, (1 month LIBOR + 2.000%) 3.877%, 3/24/25		7,023		7,037
Playa Resorts Holding B.V., (3 month LIBOR + 3.250%) 5.000%, 4/29/24		19,334		19,426
Scientific Games International, Inc. Tranche B-5, (2 month LIBOR + 2.750%) 4.686%, 8/14/24		745		747
Seminole Tribe of Florida Tranche B, (1 month LIBOR + 2.000%) 3.877%, 7/8/24		11,860		11,896
UFC Holdings, LLC First Lien, (1 month LIBOR + 3.250%) 5.130%, 8/18/23		9,033		9,074
VICI Properties, Inc. Tranche B, (1 month LIBOR + 2.000%) 3.854%, 12/20/24		2,453		2,460
Wyndham Hotels & Resorts, Inc. Tranche B, (3 month LIBOR + 1.750%) 0.000%, 3/28/25(11)		3,010		3,018
				103,957
Healthcare—0.8%
Change Healthcare Holdings, Inc., (1 month LIBOR + 2.750%) 4.627%, 3/1/24		5,089		5,099

	PAR VALUE		VALUE
Healthcare (continued)
Endo Luxembourg Finance Co. S.a.r.l., (1 month LIBOR + 4.250%) 6.188%, 4/29/24	$	3,672	$	3,661
Envision Healthcare Corp., (1 month LIBOR + 3.000%) 4.880%, 12/1/23		7,237		7,259
INC Research Holdings, Inc. Tranche B, (1 month LIBOR + 2.250%) 4.127%, 8/1/24		7,501		7,523
Parexel International Corp., (1 month LIBOR + 2.750%) 4.627%, 9/27/24		6,383		6,383
Prospect Medical Holdings, Inc. Tranche B-1, (1 month LIBOR + 5.500%) 7.188%, 2/22/24		6,905		6,905
Quintiles IMS, Inc. Tranche B-2, (3 month LIBOR + 2.000%) 4.302%, 1/17/25		771		775
Surgery Partners LLC, (1 month LIBOR + 3.250%) 5.130%, 9/2/24		8,821		8,812
U.S. Renal Care, Inc. First Lien, (3 month LIBOR + 4.250%) 6.552%, 12/30/22		3,893		3,906
Valeant Pharmaceuticals International, Inc. Series F-4, Tranche B, (1 month LIBOR + 3.500%) 5.240%, 4/1/22		7,520		7,596
				57,919

See Notes to Financial Statements

32

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
LEVERAGED LOANS(2) (continued)
Housing—0.6%
Beacon Roofing Supply, Inc., (1 month LIBOR + 2.250%) 3.936%, 1/2/25	$	17,200	$	17,274
Capital Automotive LP
Tranche B-2, First Lien, (1 month LIBOR + 2.500%) 4.380%, 3/25/24		829		831
Tranche B, Second Lien, (1 month LIBOR + 6.000%) 7.880%, 3/24/25		4,144		4,177
CPG International LLC, (3 month LIBOR + 3.750%) 5.593%, 5/5/24		12,031		12,116
Quikrete Holdings, Inc. First Lien, (1 month LIBOR + 2.750%) 4.627%, 11/15/23		10,684		10,725
				45,123
Information Technology—1.0%
Blackboard, Inc. Tranche B-4, First Lien, (3 month LIBOR + 5.000%) 6.734%, 6/30/21		4,047		3,768
Kronos, Inc.
First Lien, (1 month LIBOR + 3.000%) 4.880%, 11/1/23		17,676		17,780
Second Lien, (3 month LIBOR + 8.250%) 10.023%, 11/1/24		3,287		3,405
Leidos Innovations Corp. Tranche B, (1 month LIBOR + 1.750%) 3.688%, 8/16/23		5,299		5,328

	PAR VALUE		VALUE
Information Technology (continued)
Presidio Holdings, Inc. Tranche B, (3 month LIBOR + 2.750%) 4.536%, 2/2/24	$	6,430	$	6,443
Rackspace Hosting, Inc. Tranche B, First Lien, (3 month LIBOR + 3.000%) 4.787%, 11/3/23		11,501		11,453
SS&C Technologies Holdings, Inc.
Tranche B-3, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(11)		16,765		16,840
Tranche B-4, (3 month LIBOR + 2.500%) 0.000%, 2/28/25(11)		5,980		6,007
Veritas US, Inc. Tranche B, (3 month LIBOR + 4.500%) 6.802%, 1/27/23		4,174		4,154
				75,178
Manufacturing—0.2%
CPI Acquisition, Inc. First Lien, (3 month LIBOR + 4.500%) 6.358%, 8/17/22		11,746		8,022
Pro Mach Group, Inc. First Lien, (3 month LIBOR + 3.000%) 5.035%, 3/7/25		975		976
Titan Acquisition Ltd., (3 month LIBOR + 3.000%) 0.000%, 3/28/25(11)		3,540		3,533
Zodiac Pool Solutions LLC Tranche B, (3 month LIBOR + 2.250%) 0.000%, 3/7/25(11)		3,605		3,622
				16,153

See Notes to Financial Statements

33

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
LEVERAGED LOANS(2) (continued)
Media / Telecom - Broadcasting—0.4%
Sinclair Television Group, Inc.
Tranche B, (1 month LIBOR + 2.250%) 4.130%, 1/3/24	$	11,342	$	11,380
Tranche B, (3 month LIBOR + 2.500%) 0.000%, 12/12/24(11)		14,825		14,881
				26,261
Media / Telecom - Cable/Wireless Video—0.8%
Altice US Finance I Corp. 2017 Refinancing, (1 month LIBOR + 2.250%) 4.127%, 7/28/25		12,678		12,649
Charter Communications Operating LLC Tranche B, (1 month LIBOR + 2.000%) 3.880%, 4/30/25		29,207		29,304
CSC Holdings LLC 2017 Refinancing, (1 month LIBOR + 2.250%) 4.036%, 7/17/25		10,908		10,870
Telenet Financing USD LLC, (3 month LIBOR + 2.500%) 0.000%, 3/1/26(11)		690		693
Virgin Media Bristol LLC Tranche K, (1 month LIBOR + 2.500%) 4.277%, 1/15/26		6,845		6,879
				60,395
Media / Telecom - Diversified Media—0.7%
CDS US Intermediate Holdings, Inc. Tranche B, First Lien, (3 month LIBOR + 3.750%) 6.052%, 7/8/22		14,317		14,312

	PAR VALUE		VALUE
Media / Telecom - Diversified Media (continued)
Crown Finance US, Inc., (1 month LIBOR + 2.500%) 4.377%, 2/28/25	$	12,185	$	12,164
Formula One Management Ltd. Tranche B-3, (1 month LIBOR + 2.500%) 4.377%, 2/1/24		6,931		6,913
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien, (1 month LIBOR + 4.000%) 5.877%, 5/4/22		8,671		8,556
Meredith Corp., (1 month LIBOR + 3.000%) 4.877%, 1/31/25		10,870		10,930
				52,875
Media / Telecom - Telecommunications—1.3%
CenturyLink, Inc. Tranche B, (1 month LIBOR + 2.750%) 4.627%, 1/31/25		17,157		16,860
Frontier Communications Corp. Tranche B-1, (1 month LIBOR + 3.750%) 5.630%, 6/15/24		11,652		11,485
Level 3 Financing, Inc. 2024, Tranche B, (1 month LIBOR + 2.250%) 4.111%, 2/22/24		28,944		28,994
Numericable U.S. LLC, (3 month LIBOR + 3.000%) 4.720%, 1/31/26		13,915		13,498
Securus Technologies Holdings, Inc. First Lien, (1 month LIBOR + 4.500%) 6.377%, 11/1/24		16,384		16,558

See Notes to Financial Statements

34

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE		VALUE
LEVERAGED LOANS(2) (continued)
Media / Telecom - Telecommunications (continued)
West Corp.
Tranche B-1, (3 month LIBOR + 3.500%) 0.000%, 10/10/24(11)	$	5,000	$	5,004
Tranche B, (1 month LIBOR + 4.000%) 5.877%, 10/10/24		6,880		6,939
				99,338
Media / Telecom - Wireless Communications—0.0%
Digicel International Finance Ltd. Tranche B, First Lien, (3 month LIBOR + 3.250%) 5.020%, 5/27/24		2,096		2,084
Metals / Minerals—0.1%
Graftech International Ltd., (1 month LIBOR + 3.500%) 5.240%, 2/12/25		11,095		11,095
Retail—0.2%
Bass Pro Group LLC, (1 month LIBOR + 5.000%) 6.877%, 9/25/24		5,139		5,088
PetSmart, Inc. Tranche B-2, (1 month LIBOR + 3.000%) 4.680%, 3/11/22		13,590		10,876
				15,964
Service—0.9%
Advantage Sales & Marketing, Inc.
First Lien, (3 month LIBOR + 3.250%) 5.017%, 7/23/21		3,915		3,827
Tranche B-2, First Lien, (3 month LIBOR + 3.250%) 5.022%, 7/23/21		8,852		8,655

	PAR VALUE		VALUE
Service (continued)
ASGN, Inc. Tranche B-2, (3 month LIBOR + 2.000%) 0.000%, 4/2/25(11)	$	3,950	$	3,962
Delek US Holdings, Inc., (3 month LIBOR + 2.500%) 0.000%, 3/14/25(11)		2,385		2,389
First Data Corp. 2024, Tranche-A , (1 month LIBOR + 2.250%) 4.122%, 4/26/24		28,576		28,608
Hoya Midco LLC First Lien, (1 month LIBOR + 3.500%) 5.377%, 6/30/24		3,831		3,833
ServiceMaster Co., LLC Tranche C, (1 month LIBOR + 2.500%) 4.377%, 11/8/23		8,085		8,109
TKC Holdings, Inc. First Lien, (3 month LIBOR + 4.250%) 6.030%, 2/1/23		9,383		9,465
				68,848
Utility—0.5%
Dynegy, Inc. Tranche C-2, (1 month LIBOR + 2.750%) 4.604%, 2/7/24		9,314		9,367
NRG Energy, Inc. , (3 month LIBOR + 1.750%) 4.052%, 6/30/23		10,011		10,022
State of Santa Catarina (The) 4.000%, 12/27/22(10)		10,254		9,972
Vistra Operations Co. LLC
(1 month LIBOR + 2.500%) 4.377%, 8/4/23		5,942		5,978

See Notes to Financial Statements

35

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	PAR VALUE			VALUE
LEVERAGED LOANS(2) (continued)
Utility (continued)
Tranche C, (1 month LIBOR + 2.500%) 4.377%, 8/4/23	$	1,056		$	1,063
					36,402
TOTAL LEVERAGED LOANS
(Identified Cost $909,007)					902,875
	SHARES
PREFERRED STOCKS—0.5%
Financial—0.5%
Bank of New York Mellon Corp. (The) Series E, 4.950%		12,070	(8)		12,358
Huntington Bancshares, Inc. Series E, 5.700%(5)		7,740	(8)		7,779
JPMorgan Chase & Co. Series Z, 5.300%		3,985	(8)		4,092
Wells Fargo & Co. Series K, 5.895%(2)		16,155	(8)		16,387
TOTAL PREFERRED STOCKS (Identified Cost $39,993)					40,616
COMMON STOCKS—0.0%
Energy—0.0%
Frontera Energy Corp.(1)		75,733			2,115
TOTAL COMMON STOCKS (Identified Cost $2,654)					2,115
AFFILIATED MUTUAL FUND(14)—0.9%
Virtus Newfleet Credit Opportunities Fund Class R6		6,989,143			67,445
TOTAL AFFILIATED MUTUAL FUND
(Identified Cost $69,865)					67,445
RIGHTS—0.0%
Utilities—0.0%
Vistra Energy Corp.(10)	$	98,787			51
TOTAL RIGHTS (Identified Cost $84)					51
TOTAL LONG TERM INVESTMENTS—99.1%
(Identified Cost $7,464,791)					7,412,852	(16)

	SHARES		VALUE
SHORT-TERM INVESTMENT—1.3%
Money Market Mutual Fund(14)—1.3%
Dreyfus Government Cash Management Fund—Institutional Shares (seven-day effective yield 1.540%)		98,612,403	$	98,612
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $98,612)				98,612
TOTAL INVESTMENTS—100.4%
(Identified Cost $7,563,403)			7,511,464
Other assets and liabilities, net—(0.4)%				(32,693	)
NET ASSETS—100.0%			$7,478,771

Abbreviations:

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾ Non-income producing.

⁽²⁾ Variable rate security. Rate disclosed is as of March 31, 2018. For loan agreements, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁽³⁾ Security 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, 2018, these securities amounted to a value of $3,540,233 or 47.3% of net assets.

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

See Notes to Financial Statements

36

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

⁽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⁾ 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.

⁽⁷⁾ Interest payments may be deferred.

⁽⁸⁾ Value shown as par value.

⁽⁹⁾ Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽¹⁰⁾ The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located at the end of the Schedule of Investments.

⁽¹¹⁾ This loan will settle after March 31, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

⁽¹²⁾ 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 Fair Value Hierarchy table located after the Schedule of Investments.

⁽¹³⁾  Represents all, or partial unfunded portion of security and commitment fee earned on this portion.

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

⁽¹⁵⁾  Amount is less than $500.

⁽¹⁶⁾ All or a portion of the Fund’s assets have been segregated for delayed delivery security.

Foreign Currencies:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

IDR Indonesian Rupiah

MXN Mexican Peso

RUB Russian Ruble

ZAR South African Rand

Country Weightings †
United States	81	%
Argentina	2
Canada	1
Cayman Islands	1
Mexico	1
Netherlands	1
United Kingdom	1
Other	12
Total	100	%

† % of total investments as of March 31, 2018

See Notes to Financial Statements

37

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	1,685,225	$	—	$	1,675,229	$	9,996
Corporate Bonds And Notes		2,455,859		—		2,455,853		6
Foreign Government Securities		479,665		—		479,665		—
Leveraged Loans		902,875		—		890,615		12,260
Mortgage-Backed Securities		1,544,318		—		1,528,293		16,025
Municipal Bonds		4,376		—		4,376		—
U.S. Government Securities		230,307		—		230,307		—
Equity Securities:
Affiliated Mutual Fund		67,445		67,445		—		—
Common Stocks		2,115		2,115		—		—
Preferred Stocks		40,616		—		40,616		—
Rights		51		—		—		51
Short-Term Investment		98,612		98,612		—		—
Total Investments	$	7,511,464	$	168,172	$	7,304,954	$	38,338

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2018.

Securities with an end of period value of $2,288 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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

Management has determined that the amount of Level 3 securities compared to total net assets is de minimis; therefore, the roll forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2018.

See Notes to Financial Statements

38

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2018

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$	7,444,019
Investments in affiliated securities at value(2)		67,445
Cash		32,897
Receivables
Investment securities sold		18,313
Fund shares sold		12,577
Dividends and interest		41,258
Prepaid expenses		152
Prepaid trustee retainer		89
Other assets		369
Total assets		7,617,119
Liabilities
Overdraft Foreign Currency(3)		443
Payables
Fund shares repurchased		15,963
Investment securities purchased		113,829
Dividend distributions		1,487
Investment advisory fees		2,960
Distribution and service fees		987
Administration fees		728
Transfer agent and sub-transfer agent fees and expenses		1,112
Trustees’ fees and expenses		3
Professional fees		22
Trustee deferred compensation plan		369
Other accrued expenses		446
Total liabilities		138,348
Net Assets	$	7,478,771
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	7,644,725
Accumulated undistributed net investment income (loss)		(3,969	)
Accumulated undistributed net realized gain (loss) from investments		(110,094	)
Net unrealized appreciation (depreciation) on investments		(51,891	)
Net Assets	$	7,478,771
Net Assets:
Class A	$	852,353
Class C	$	1,198,778
Class C1	$	340,410
Class I	$	5,084,015
Class R6	$	3,215
Shares Outstanding (unlimited number of shares authorized, no par value):
Class A		181,095,416
Class C		251,261,946
Class C1		71,570,720
Class I		1,078,538,192
Class R6		683,020
Net Asset Value and Redemption Price Per Share:
Class A	$	4.71
Class C	$	4.77
Class C1	$	4.76
Class I	$	4.71
Class R6	$	4.71
Offering Price Per Share NAV/(1-2.25%):
Class A	$	4.82
(1) Investment in securities at cost	$	7,493,538
(2) Investments in affiliated securities at cost	$	69,865
(3) Foreign currency at cost	$	(443	)

See Notes to Financial Statements

39

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

Investment Income
Dividends	$	7
Dividend income from affiliated funds		2,015
Interest		138,772
Foreign taxes withheld		(910	)
Total investment income		139,884
Expenses
Investment advisory fees		17,436
Distribution and service fees, Class A		1,129
Distribution and service fees, Class C		3,093
Distribution and service fees, Class C1		1,795
Administration fees		3,542
Transfer agent fees and expenses		1,643
Sub-transfer agent fees and expenses, Class A		368
Sub-transfer agent fees and expenses, Class C		358
Sub-transfer agent fees and expenses, Class C1		116
Sub-transfer agent fees and expenses, Class I		1,597
Sub-administration fees		482
Registration fees		167
Printing fees and expenses		206
Custodian fees		111
Professional fees		79
Trustees’ fees and expenses		301
Miscellaneous expenses		334
Total expenses		32,757
Less expenses reimbursed and/or waived by investment adviser		(153	)
Low balance account fees		(1	)
Net expenses		32,603
Net investment income (loss)		107,281
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) from:
Unaffiliated investments		5,963
Foreign currency transactions		60
Net Change in Unrealized Appreciation (Depreciation) from:
Affiliated investments		(979	)
Unaffiliated investments		(117,702	)
Foreign currency transactions		50
Net Realized and Unrealized Gain (Loss) on Investments		(112,608	)
Net increase (decrease) in net assets resulting from operations	$	(5,327	)

See Notes to Financial Statements

40

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

(Reported in thousands)

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	107,281		$	223,499
Net realized gain (loss)		6,023			(32,143	)
Net change in unrealized appreciation (depreciation)		(118,631	)		34,057
Increase (decrease) in net assets resulting from operations		(5,327	)		225,413
Dividends and Distributions to Shareholders
Net investment income, Class A		(12,700	)		(32,514	)
Net investment income, Class B		—			(1	)
Net investment income, Class C		(15,748	)		(34,979	)
Net investment income, Class C1		(3,681	)		(9,748	)
Net investment income, Class I		(75,649	)		(144,718	)
Net investment income, Class R6		(42	)		(28	)
Dividends and distributions to shareholders		(107,820	)		(221,988	)
Change in Net Assets from Capital Transactions
Sale of shares
Class A (22,449 and 63,152 shares, respectively)		106,587			300,534
Class C (28,194 and 61,033 shares, respectively)		135,724			294,339
Class C1 (1,872 and 4,748 shares, respectively)		8,986			22,813
Class I (203,306 and 419,667 shares, respectively)		965,954			1,997,963
Class R6 (212 and 545 shares, respectively)		1,003			2,604
Reinvestment of distributions
Class A (2,333 and 6,104 shares, respectively)		11,062			29,029
Class B (0 and —(2) shares, respectively)		—			1
Class C (3,255 and 7,133 shares, respectively)		15,644			34,399
Class C1 (548 and 1,352 shares, respectively)		2,626			6,495
Class I (13,979 and 26,523 shares, respectively)		66,343			126,422
Class R6 (9 and 6 shares, respectively)		41			28
Conversion of shares(1)
To Class A (0 and 4 shares, respectively)		—			18
From Class B (0 and 4 shares, respectively)		—			(18	)
Shares repurchased
Class A (37,394 and 149,168 shares, respectively)		(177,243	)		(708,133	)
Class B ( 0 and 19 shares, respectively)		—			(90	)
Class C (41,663 and 79,694 shares, respectively)		(200,369	)		(384,088	)
Class C1 (9,101 and 29,376 shares, respectively)		(43,637	)		(141,194	)
Class I (144,121 and 283,905 shares, respectively)		(684,587	)		(1,352,667	)
Class R6 (68 and 21 shares, respectively)		(323	)		(101	)
Increase (decrease) in net assets from share transactions		207,811			228,354
Net increase (decrease) in net assets		94,664			231,779
Net Assets
Beginning of period		7,384,107			7,152,328
End of period	$	7,478,771		$	7,384,107
Accumulated undistributed net investment income (loss) at end of period	$	(3,969	)	$	(3,430	)

⁽¹⁾  See Note 1 in Notes to Financial Statements for more information.

⁽²⁾  Amount is less than 500 shares.

See Notes to Financial Statements

41

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income                 (Loss)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital
Class A
10/1/17 to 3/31/18(12)		$	4.78		0.07		(0.07	)		—			(0.07	)		—			—
10/1/16 to 9/30/17			4.78		0.14		—			0.14			(0.14	)		—			—
10/1/15 to 9/30/16			4.69		0.15		0.08			0.23			(0.14	)		—			—
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)
Class C
10/1/17 to 3/31/18(12)		$	4.84		0.06		(0.07	)		(0.01	)		(0.06	)		—			—
10/1/16 to 9/30/17			4.84		0.13		—			0.13			(0.13	)		—			—
10/1/15 to 9/30/16			4.75		0.14		0.07			0.21			(0.12	)		—			—
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)
Class C1
10/1/17 to 3/31/18(12)		$	4.83		0.05		(0.07	)		(0.02	)		(0.05	)		—			—
10/1/16 to 9/30/17			4.83		0.11		—			0.11			(0.11	)		—			—
10/1/15 to 9/30/16			4.73		0.12		0.08			0.20			(0.10	)		—			—
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)

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

See Notes to Financial Statements

42

VIRTUS NEWFLEET 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(2)(8)			Net Assets, End of Period (000’s)			Ratio of Net Expenses to Average Net Assets(3)(7)			Ratio of Gross Expenses to Average Net Assets(3)(7)			Ratio of Net Investment Income to Average Net Assets(7)			Portfolio Turnover Rate(8)
	(0.07)		(0.07	)		$	4.71		(0.07	)%		$	852,353		0.98	%		0.99	%		2.78	%		27	%
	(0.14)		—				4.78		3.07	(9)			925,677		1.00	(9)		1.01			3.04	(9)		69
	(0.14)		0.09				4.78		4.90				1,307,484		1.00	(6)		1.01			3.19			53
	(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
	(0.06)		(0.07	)		$	4.77		(0.19	)%		$	1,198,778		1.21	%		1.21	%		2.56	%		27	%
	(0.13)		—				4.84		2.78	(9)			1,266,378		1.25	(9)		1.25			2.80	(9)		69
	(0.12)		0.09				4.84		4.58				1,321,202		1.25	(6)		1.26			2.94			53
	(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
	(0.05)		(0.07	)		$	4.76		(0.44	)%		$	340,410		1.72	%		1.72	%		2.05	%		27	%
	(0.11)		—				4.83		2.28	(9)			377,835		1.75	(9)		1.75			2.30	(9)		69
	(0.10)		0.10				4.83		4.29				489,924		1.75	(6)		1.76			2.44			53
	(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

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

See Notes to Financial Statements

43

VIRTUS NEWFLEET 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)(1)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital
Class I
10/1/17 to 3/31/18(12)		$	4.79		0.07		(0.08	)		(0.01	)		(0.07	)		—			—
10/1/16 to 9/30/17			4.78		0.16		0.01			0.17			(0.16	)		—			—
10/1/15 to 9/30/16			4.69		0.16		0.08			0.24			(0.15	)		—			—
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)
Class R6
10/1/17 to 3/31/18(12)		$	4.78		0.07		(0.07	)		—			(0.07	)		—			—
11/3/16(10) to 9/30/17			4.76		0.15		0.02			0.17			(0.15	)		—			—

See Notes to Financial Statements

44

VIRTUS NEWFLEET 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(2)(8)			Net Assets, End of Period (000’s)			Ratio of Net Expenses to Average Net Assets(3)(7)			Ratio of Gross Expenses to Average Net Assets(3)(7)			Ratio of Net Investment Income to Average Net Assets(7)			Portfolio Turnover Rate(8)
(0.07)		(0.08	)		$	4.71		(0.15	)%		$	5,084,015		0.72	%		0.72	%		3.06	%		27	%
(0.16)		0.01				4.79		3.54	(9)			4,811,684		0.75	(9)		0.76			3.30	(9)		69
(0.15)		0.09				4.78		5.16				4,033,610		0.75	(6)		0.76			3.44			53
(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
(0.07)		(0.07	)		$	4.71		0.09	%		$	3,215		0.65	%(13)		0.65	%		3.13	%(11)		27	%
(0.15)		0.02				4.78		3.54	(9)			2,533		0.70	(9)		0.71			3.05	(9)		69	(5)

Footnote Legend

⁽¹⁾ Calculated using average shares outstanding.

⁽²⁾ Sales charges, where applicable, are not reflected in the total return calculation.

⁽³⁾ The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

⁽⁴⁾  Amount is less than $0.005 per share.

⁽⁵⁾  Portfolio Turnover is representative of the Fund for the entire period.

⁽⁶⁾  Net expense ratio includes extraordinary proxy expenses.

⁽⁷⁾  Annualized for periods less than one year.

⁽⁸⁾  Not annualized for periods less than one year.

⁽⁹⁾  State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and the Ratio of Net Investment Income (Loss) to Average Net Assets. If it was included the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows:

Class A	Class C	Class C1	Class I	Class R6
0.01	0.01	0.01	0.01	0.01

Custody fees reimbursed were included in Total Return. If excluded the impact would have been to lower the Total Return as follows:

Class A	Class C	Class C1	Class I	Class R6
0.01	0.01	0.01	0.01	0.01

⁽¹⁰⁾  Inception date.

⁽¹¹⁾  Due to a change in expense cap, the ratio shown is a blended expense ratio.

⁽¹²⁾  Unaudited.

⁽¹³⁾  Represents a blended ratio.

See Notes to Financial Statements

45

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2018

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 Newfleet Multi-Sector Short Term Bond Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has an investment objective of providing high current income while attempting to limit changes in the Fund’s net asset value per share caused by interest rate changes. There is no guarantee the Fund will achieve its objective.

The Fund offers Class A shares, Class C shares, Class R6 shares, Class C1 shares and Class I shares. Effective March 6, 2017, Class B shares were converted to Class A shares. Prior to conversion, Class B shares were only available to existing shareholders through qualifying transactions. Effective April 10, 2017, Class T shares of the Fund were renamed Class C1 shares.

Class A shares are sold with a front-end sales charge of up to 2.25% with some exceptions. Generally, Class A shares are not subject to any charges by the Fund when redeemed; however, a 0.50% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the CDSC applies for the Fund is 12 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are sold without a sales charge. Class C1 shares are sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are available only to the following investors without a minimum initial investment or minimum additional purchases: certain employer-sponsored retirement plans, including Section 401(k), 403(b) and 457, profit-sharing, money purchase pension and defined benefit plans and nonqualified deferred compensation plans, in each case provided that plan level or omnibus accounts are held on the books of the fund. Other institutional investors may be permitted to purchase Class R6 shares subject to the Fund’s determination of eligibility and may be subject to a minimum initial investment requirement. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Fund’s distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

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

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific

46

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds’ Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

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

A. Security Valuation

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). 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. Fair valuations are reviewed by the Board at least quarterly.

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 between levels 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 illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

47

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Claims are valued by brokers based on pricing models that take into account, among other factors, both cash and non-cash assets. The valuation is derived from expected cash flow of the claims and the non-cash assets, which include all real estate, private equity or other securities within the estate. To the extent that these inputs are observable, the values of the claims are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

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.

48

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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 funds.

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, 2018, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2014 forward (with limited exceptions).

D. Distributions to Shareholders

Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.

E. Expenses

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

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

F. Foreign Currency Transactions

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in

49

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

G. When-issued Purchases and Forward Commitments (Delayed Delivery)

The Fund may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by the Fund to purchase or sell a security at a future date, ordinarily up to 90 days later. When-issued or forward commitments enable the Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. The Fund records delayed delivery securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitments basis begin earning interest on the settlement date.

H. Leveraged loans

The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the 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 leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally the LIBOR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the

50

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

As of March 31, 2018, the Newfleet Multi-Sector Short Term Bond Fund had unfunded loan commitments as follows:

Borrower	Unfunded Loan Commitment
Spectrum Holdings III Corp.	$	267

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 investment 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 Newfleet 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 Virtus Newfleet Credit Opportunities Fund. For the period covered by these financial statements, the waiver amounted to $153. 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 “Less expenses reimbursed and/or waived by 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 front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed, on an annualized basis, the following percentages of the Fund’s average net asset values:

Class A	Class C	Class C1	Class I	Class R6	Through Date
1.10%**	1.35%**	1.85%**	0.85%**	0.55%(1)(2)	01/31/19

51

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

** Share class is currently below its expense cap.

⁽¹⁾  Effective March 29, 2018 For Class R6. For the period of October 1, 2017 through March 28, 2018 Class R6 expense cap was 0.78%

⁽²⁾  Class R6 has recapture balance less than $500, expiring in 2021.

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, 2018, it retained net commissions of $3 for Class A shares and CDSC of $—⁽¹⁾, $1 and $0 for Class A shares, Class C shares and Class C1 shares, respectively.

⁽¹⁾  Amount is less than $500.

In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class, at the annual rates as follows: 0.25% for Class A shares, 0.50% for Class C shares, and 1.00% for Class C1 shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

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

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, 2018, the Fund incurred administration fees totaling $3,542 which are included in the Statement of Operations within the line item “Administration fees.”

For the period ended March 31, 2018, the Fund incurred transfer agent fees totaling $4,024 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses”. A portion of these fees is paid to outside entities that also provide services to the Trust.

F. Affiliated Shareholders

At March 31, 2018, 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 R6 Shares		21,833	$	103

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VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

G. Investments in Affiliates

A summary of the total long-term and short-term purchases and sales of the affiliated underlying fund, during the period ended March 31, 2018, is as follows:

	Value, beginning of period		Purchases		Sales Proceeds		Net realized gain (loss) on affiliated fund		Net change in unrealized appreciation (depreciation) on affiliated fund			Shares		Value, end of period		Dividend Income		Distributions of Realized Gains
Affiliated Mutual Fund 0.9%
Virtus Newfleet Credit Opportunities Fund Class R6(1)	$	68,424	$	—	$	—	$	—	$	(979	)		6,989,143	$	67,445	$	2,015	$	—

⁽¹⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

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 the underlying fund’s net assets. At March 31, 2018, the Fund was the owner of record of approximately 78% of the Virtus Newfleet Credit Opportunities Fund.

H. Trustee Compensation

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” in the Statement of Assets and Liabilities at March 31, 2018.

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, 2018, were as follows:

Purchases			Sales
	$	2,004,587		$	1,761,286

Purchases and sales of long-term U.S. Government and agency securities during the period ended March 31, 2018, were as follows:

Purchases			Sales
	$	264,951		$	263,865

Note 5. Borrowings

($ reported in thousands)

On September 18, 2017, the Fund and certain other affiliated funds entered into a $150,000 unsecured line of credit. This Credit Agreement, as amended, is with a commercial bank

53

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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

The Fund had no borrowings at any time during the period ended March 31, 2018.

Note 6. 10% Shareholders

As of March 31, 2018, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below.

% of Shares Outstanding			Number of Accounts
	33	%		2

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.

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.

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.

54

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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, 2018, the Fund’s aggregate value of illiquid securities was $56 or 0.00% of the Fund’s net assets.

At March 31, 2018, the Fund did not hold any securities that are restricted.

Note 9. Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the 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 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2018, 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)
$7,566,764	$49,646	$(109,946)	$(55,300)

The Fund has capital loss carryovers available to offset future realized gains as follows:

No Expiration		Total
Short-Term	Long-Term
$37,683	$66,146	$103,829

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.

Note 11. Regulatory Matters and Litigation

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

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 violations of certain provisions 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

55

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Pursuant to an Opinion & Order (“Order”) filed on July 1, 2016, the court granted in part and denied in part the defendants’ motion to dismiss. Although the Order narrows the scope of the claims asserted and dismisses one of the defendants from the suit, claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder survive the motion. The remaining defendants filed an Answer to the Consolidated Complaint on August 5, 2016. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiff’s motion for class certification was granted by the court. Discovery has since been completed. On October 6, 2017, the defendants moved for summary judgment. Briefing on the motion for summary judgment was completed on December 22, 2017, and oral argument was held on January 18, 2018, where the Court reserved decision Virtus and its affiliates, including the Adviser, believe that the suit is without merit. Nevertheless, on February 6, 2018, Virtus reached an agreement in principle with the plaintiffs, subject to Court approval settling all claims in the litigation, in order to avoid the cost, distraction, disruption and inherent litigation uncertainty. Upon approval by the Court, which Virtus believes is likely, the resolution of this matter will not have a material impact on the results of operations, cash flows or its consolidated financial condition for Virtus. Whether or not the settlement is approved by the Court the Trust believes the risk of loss to the Fund as a result of the suit is remote. Whether or not the settlement is approved by the Court the Adviser does not believe that the suit will have any impact on its ability to provide services to the Fund.

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”), alleged claims against Virtus, certain Virtus officers and affiliates (including the Adviser, Euclid Advisors LLC (“Euclid”) 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 October 1, 2015, the plaintiffs 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, the plaintiffs filed a Second Amended Complaint. Motions to dismiss were filed on behalf of Virtus, its officers and affiliates and the independent trustees on February 1, 2016. An Opinion & Order (“Order”) granting in part and denying in part the defendants’ motions to dismiss was issued on July 1, 2016. The Order dismissed all claims against the Adviser, Euclid, the independent trustees and certain of the other individual defendants, and narrowed the claims asserted

56

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

against the remaining defendants. The remaining defendants filed an Answer to the Second Amended Complaint on August 5, 2016. A Stipulation of Voluntary Dismissal of the claim under Section 12 of the Securities Act of 1933, as amended, was filed on September 15, 2016.

The remaining defendants filed a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on August 26, 2016. The motion was denied on January 6, 2017. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiffs’ motion for class certification was denied by the court. On December 4, 2017, the Court denied the plaintiffs’ motion seeking leave to amend their complaint, to address deficiencies identified by the Court in its orders dismissing, in part, plaintiffs’ Second Amended Complaint and denying class certification. On December 22, 2017, the plaintiffs voluntarily dismissed all remaining claims against the remaining defendants with prejudice and waived all rights to appeal.

Note 12. Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements

Note 13. 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 these financial statements.

57

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 Newfleet Multi-Sector Short Term Bond Fund (the “Fund”). At in-person meetings held on November 3, 2017 and November 15-16, 2017 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and the subadviser (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 Meetings information provided by VIA and the Subadviser, including completed questionnaires, each concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which

58

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

among other items, VIA’s history, investment process, investment strategies, personnel, compliance procedures and the firm’s overall performance were reviewed and discussed. The Trustees noted that the Fund is managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of the Fund’s portfolio. Under this structure, VIA is responsible for the management of the Fund’s investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor 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.

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 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, 2017.

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

After reviewing these and related factors, the Board concluded that the Fund’s overall performance was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Fund for advisory services as well as the total expense level of the Fund. This information included comparisons of the Fund’s 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, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

60

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 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 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 affiliate of VIA, there are no other direct

61

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

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

62

Virtus Newfleet Multi-Sector Short Term Bond Fund,

a series of Virtus Opportunities Trust

Supplement dated March 19, 2018 to the Summary Prospectus

and the Virtus Opportunities Trust Statutory Prospectus,

dated January 29, 2018, each as supplemented

IMPORTANT NOTICETO INVESTORS

Effective March 29, 2018, the changes described below will be made to the fund’s prospectuses.

Under “Fees and Expenses” in the fund’s summary prospectus and the summary section of the statutory prospectus, the information for Class R6 Shares in the “Annual Fund Operating Expenses” table and associated footnotes will be replaced with the following:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class R6
Management Fees	0.47	%
Distribution and Shareholder Servicing (12b-1) Fees	None
Other Expenses	0.23	%(b)
Acquired Fund Fees and Expenses	0.01	%
Total Annual Fund Operating Expenses(d)	0.71	%
Less: Fee Waiver and/or Expense Reimbursement(e)	(0.15	%)
Total Annual Fund Operating Expenses After Expense Reimbursement(d)(e)	0.56	%

^(b)  Restated to reflect certain contract and expense allocation changes.

^(d)  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.

^(e)  The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.10% for Class A Shares, 1.35% for Class C Shares, 1.85% for Class C1 Shares, 0.85% for Class I Shares, 0.55% for Class R6 Shares and 1.10% for Class T Shares through January 31, 2019. 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 after the date on which it was incurred or waived by Virtus.

Under “Fees and Expense” in the fund’s summary prospectus and the summary section of the statutory prospectus s, the row showing Class R6 Shares in the “Example” table will be replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class R6	Sold or Held	$	57	$	212	$	380	$	868

63

In the first table in the section “More Information About Fund Expenses” on page 133 of the statutory prospectus, the row corresponding to the fund will be replaced with the following.

	Class A Shares		Class C Shares		Class C1 Shares		Class I Shares		Class R6 Shares	Class T Shares
Virtus Newfleet Multi-Sector Short Term Bond Fund	1.10	%	1.35	%	1.85	%	0.85	%	0.55%	1.10%

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

VOT 8020/NMSSTBF NewR6ExpCap (3/2018)

64

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

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

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

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

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

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

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services	1-800-243-1574
Adviser Consulting Group	1-800-243-4361
Website	Virtus.com

Important Notice to Shareholders

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

For more information about

Virtus Mutual Funds, please call

your financial representative,

contact us at 1-800-243-1574,

or visit Virtus.com.

8024 5-18

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT VIRTUS OPPORTUNITIES TRUST

March 31, 2018

Virtus Vontobel Emerging Markets Opportunities Fund

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Vontobel Emerging Markets Opportunities Fund

(“Vontobel Emerging Markets Opportunities Fund”)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	16
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees	26

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 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 Vontobel Emerging Markets Opportunities Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this semiannual report that reviews the performance of your fund for the six months ended March 31, 2018.

Economic growth and strong corporate earnings were driving forces in the U.S. during the period, capped off by the sweeping tax overhaul that was signed into law at year-end. The optimism carried over into the start of 2018. However, with growth heating up, inflation fears caused stock markets to plunge in early February, ushering in the return of volatility after being conspicuously absent throughout 2017. Concerns over a potential global trade war, sparked by tariff talk by the Trump administration, caused markets to remain unsettled. Meanwhile, persistent economic strength moved the Federal Reserve to hike its key interest rate in March from 1.50% to 1.75%, its highest level in nearly a decade.

For the six months ended March 31, 2018, U.S. large-cap stocks, as measured by the S&P 500^® Index, returned 5.84%, outpacing small-cap stocks, which returned 3.25%, as measured by the Russell 2000^® Index. Within international equities, emerging markets led their developed peers, with the MSCI Emerging Markets Index (net) up 8.96%, compared with the MSCI EAFE^® Index (net), which returned 2.63%.

Demand for U.S. Treasuries remained strong, as foreign investors continued to favor their yield advantage and credit quality over many foreign government bonds. The yield on the 10-year Treasury was 2.74% at March 31, 2018, up from 2.33% at September 30, 2017. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, which tracks Treasuries and other investment-grade debt securities, declined 1.08% for the six months. Non-investment grade bonds also lost ground but to a lesser extent, down 0.39%, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Market uncertainty is an ever-present reminder of the importance of portfolio diversification, including exposure to 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, with a broad array of Virtus Funds available through your fund exchange privileges. These include distinctive equity, fixed income, international, and asset allocation funds managed by Virtus affiliates and select subadvisers. We invite you to learn more about the Virtus family of funds at Virtus.com.

On behalf of our investment affiliates, thank you for entrusting the Virtus Funds with your assets. Should you have questions about your account or require assistance, please visit 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

May 2018

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 VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

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

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

Actual Expenses

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

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Class A	$	1,000.00	$	1,058.10		1.61	%	$	8.26
Class C		1,000.00		1,054.80		2.26			11.58
Class I		1,000.00		1,059.00		1.25			6.42
Class R6		1,000.00		1,060.40		1.17			6.01

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

2

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE PERIOD OF OCTOBER 1, 2017 TO MARCH 31, 2018

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio			Expenses Paid During Period*
Class A	$	1,000.00	$	1,016.90		1.61	%	$	8.10
Class C		1,000.00		1,013.66		2.26			11.35
Class I		1,000.00		1,018.70		1.25			6.29
Class R6		1,000.00		1,019.10		1.17			5.89

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

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

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

3

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2018

American Depositary Receipt (“ADR”)

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

Bloomberg Barclays U.S. Aggregate Bond Index

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

Bloomberg Barclays U.S. Corporate High Yield Bond Index

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

Exchange-Traded Funds (“ETFs”)

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

Federal Reserve (the “Fed”)

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

London Interbank Offered Rate (“LIBOR”)

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

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Real Estate Investment Trust (“REIT”)

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

4

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

KEY INVESTMENTS TERMS (Unaudited) (Continued)

MARCH 31, 2018

Russell 2000^® Index

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

S&P 500^® Index

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

Sponsored ADR

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

5

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2018

($ reported in thousands)

Asset Allocations
The following table presents the portfolio holdings within certain sectors as a percentage of total investments attributable to each sector at March 31, 2018.
Consumer Staples	29	%
Financials	27
Information Technology	21
Consumer Discretionary	8
Telecommunication Services	4
Utilities	3
Industrials	3
Other (includes short-term investments)	5
Total	100	%

	SHARES			VALUE
COMMON STOCKS—98.6%
Consumer Discretionary—7.8%
Kangwon Land, Inc. (South Korea)		2,685,547		$	71,050
Las Vegas Sands Corp. (China)		2,303,086			165,592
Naspers Ltd. Class N (South Africa)		727,803			177,780
Techtronic Industries Co., Ltd. (Hong Kong)		18,159,890			106,582
Zee Entertainment Enterprises Ltd. (India)		17,644,930			156,624
					677,628
Consumer Staples—28.6%
Ambev S.A. ADR (Brazil)		58,527,129			425,492
Amorepacific Corp. (South Korea)		507,069			150,803
Anheuser-Busch InBev NV (Belgium)		1,545,505			169,781
British American Tobacco Bhd (Malaysia)		1,968,770	(1)		13,448

	SHARES			VALUE
Consumer Staples (continued)
British American Tobacco plc (United Kingdom)		1,435,776	(2)	$	84,476
CP ALL PCL (Thailand)		66,001,549			185,741
Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico)		2,818,680			257,712
Hanjaya Mandala Sampoerna Tbk PT (Indonesia)		150,666,165			43,744
Heineken NV (Netherlands)		2,537,530			272,577
ITC Ltd. (India)		42,670,825			168,234
LG Household & Health Care Ltd. (South Korea)		174,588			197,863
Thai Beverage PCL (Thailand)		139,269,564			83,060
Unilever NV CVA (Netherlands)		4,954,654			279,645
Wal-Mart de Mexico SAB de C.V. (Mexico)		65,369,935			166,337
					2,498,913

See Notes to Financial Statements

6

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Energy—2.3%
Ultrapar Participacoes S.A. (Brazil)		9,243,504	$	200,244
Financials—26.5%
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander ADR (Mexico)		11,758,642		84,309
Bank Central Asia Tbk PT (Indonesia)		78,718,682		133,726
Bank Pekao SA (Poland)		2,885,561		103,936
Bank Rakyat Persero Tbk PT (Indonesia)		343,502,687		90,149
BB Seguridade Participacoes S.A. (Brazil)		16,168,167		143,491
Credicorp Ltd. (Peru)		523,045		118,752
HDFC Bank Ltd. (India)		15,315,747		446,163
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		5,101,538		168,030
Housing Development Finance Corp., Ltd. (India)		12,670,395		356,901
Malayan Banking Bhd (Malaysia)		32,478,800		89,006
Public Bank Bhd (Malaysia)		22,715,700		140,945
Remgro Ltd. (South Africa)		5,746,068		107,750
Samsung Fire & Marine Insurance Co., Ltd. (South Korea)		526,503		133,614
United Overseas Bank Ltd. (Singapore)		9,276,007		195,188
				2,311,960
Health Care—0.3%
China Biologic Products Holdings, Inc. (China)(3)		268,817		21,774

	SHARES		VALUE
Industrials—2.7%
Airports of Thailand PCL (Thailand)		40,616,600	$	87,676
CCR S.A. (Brazil)		16,697,610		63,119
Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico)		8,987,852		88,806
				239,601
Information Technology—21.4%
Alibaba Group Holding Ltd. Sponsored ADR (China)(3)		2,753,260		505,333
Autohome, Inc. ADR (China)		1,689,141		145,165
Cielo S.A. (Brazil)		26,181,013		164,233
HCL Technologies Ltd. (India)		5,765,039		85,742
NetEase, Inc. ADR (China)		503,574		141,197
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		33,348,693		283,081
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		3,387,852		148,252
Tata Consultancy Services Ltd. (India)		4,089,026		179,181
Tencent Holdings Ltd. (China)		3,936,275		211,298
				1,863,482
Real Estate—1.5%
Link REIT (Hong Kong)		14,906,068		127,771
Telecommunication Services—4.0%
Bharti Infratel Ltd. (India)		22,600,849		117,408
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		895,755,142		235,544
				352,952

See Notes to Financial Statements

7

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2018

($ reported in thousands)

	SHARES		VALUE
Utilities—3.5%
Equatorial Energia S.A. (Brazil)		3,061,906	$	66,590
Infraestructura Energetica Nova SAB de C.V. (Mexico)		21,928,344		107,254
Power Grid Corp. of India Ltd. (India)		42,725,595		127,320
				301,164
TOTAL COMMON STOCKS (Identified Cost $6,966,770)				8,595,489
TOTAL LONG-TERM INVESTMENTS—98.6%
(Identified Cost $6,966,770)				8,595,489
SHORT-TERM INVESTMENT—0.8%
Money Market Mutual Fund—0.8%
Dreyfus Government Cash Management Fund – Institutional Shares (seven-day effective yield 1.540%)(4)		72,430,914		72,431
TOTAL SHORT-TERM INVESTMENT
(Identified Cost $72,431)				72,431
TOTAL INVESTMENTS—99.4% (Identified Cost $7,039,201)			8,667,920
Other assets and liabilities, net—0.6%				56,010
NET ASSETS—100.0%			$8,723,930

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Shares traded on the Bursa Malaysia Exchange.

⁽²⁾  Shares traded on Johannesburg Exchange.

⁽³⁾  Non-income producing.

⁽⁴⁾  Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
India	19	%
China	14
Brazil	12
Mexico	8
South Korea	6
Netherlands	6
Indonesia	6
Other	29
Total	100	%

† % of total investments as of March 31, 2018

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2018 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2018		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	8,595,489	$	5,475,151	$	3,120,338
Short-Term Investment		72,431		72,431		—
Total Investments	$	8,667,920	$	5,547,582	$	3,120,338

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2018.

Securities held by the Fund with an end of period value of $2,720,457 were transferred from Level 1 to Level 2 based on the valuation procedures for non-U.S. securities. There were no other transfers between Level 1, Level 2, or Level 3 related to securities held at March 31, 2018.

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

See Notes to Financial Statements

8

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2018

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$	8,667,920
Cash		3,681
Receivables
Investment securities sold		57,601
Fund shares sold		16,180
Dividends and interest receivable		12,830
Tax reclaims		1,159
Prepaid expenses		116
Prepaid trustee retainer		113
Other assets		435
Total assets		8,760,035
Liabilities
Payables
Fund shares repurchased		23,658
Investment advisory fees		7,161
Distribution and service fees		347
Administration fees		845
Transfer agent and sub-transfer agent fees and expenses		2,182
Professional fees		25
Trustees’ fees and expenses		3
Trustee deferred compensation plan		435
Other accrued expenses		1,449
Total liabilities		36,105
Net Assets	$	8,723,930
Net Assets Consist of:
Common stock $0.001 par value	$	723
Capital paid in on shares of beneficial interest		7,292,027
Accumulated undistributed net investment income (loss)		954
Accumulated undistributed net realized gain (loss)		(198,508	)
Net unrealized appreciation (depreciation) on investments		1,628,734
Net Assets	$	8,723,930
Net Assets :
Class A	$	711,366
Class C	$	226,899
Class I	$	7,633,883
Class R6	$	151,782
Shares Outstanding:
Class A		60,713,426
Class C		19,980,724
Class I		629,721,045
Class R6		12,520,788
Net Asset Value and Redemption Price Per Share (unlimited number of shares authorized, no par value):
Class A	$	11.72
Class C	$	11.36
Class I	$	12.12
Class R6	$	12.12
Offering Price Per Share (NAV/(1-5.75%)):
Class A	$	12.44
(1) Investment in securities at cost	$	7,039,201

See Notes to Financial Statements

9

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2018

($ reported in thousands)

Investment Income
Dividends	$	68,437
Interest		10
Foreign taxes withheld		(5,108	)
Total investment income		63,339
Expenses
Investment advisory fees		41,607
Distribution and service fees, Class A		901
Distribution and service fees, Class C		1,129
Administration fees		4,142
Transfer agent fees and expenses		1,989
Sub-transfer agent fees and expenses, Class A		725
Sub-transfer agent fees and expenses, Class C		117
Sub-transfer agent fees and expenses, Class I		3,219
Sub-administration fees		565
Registration fees		208
Printing fees and expenses		275
Custodian fees		1,213
Professional fees		96
Trustees’ fees and expenses		346
Miscellaneous expenses		226
Total expenses		56,758
Low balance account fees		—	(1)
Net expenses		56,758
Net investment income (loss)		6,581
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investments		303,429
Foreign currency transactions		(1,791	)
Net change in unrealized appreciation (depreciation) from:
Investments		185,138
Foreign currency transactions		42
Net realized and unrealized gain (loss) on investments		486,818
Net increase (decrease) in net assets resulting from operations	$	493,399

⁽¹⁾  Amount is less than $500.

See Notes to Financial Statements

10

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
Increase (Decrease) in Net Assets Resulting From Operations
Net investment income (loss)	$	6,581		$	49,438
Net realized gain (loss)		301,638			288,101
Net change in unrealized appreciation (depreciation)		185,180			561,473
Increase (decrease) in net assets resulting from operations		493,399			899,012
Dividends to Shareholders:
Net Investment Income:
Class A		(1,486	)		(4,943	)
Class I		(29,806	)		(46,315	)
Class R6		(581	)		(765	)
Dividends to shareholders		(31,873	)		(52,023	)
Change in Net Assets From Capital Transactions:
Sale of shares
Class A (8,680 and 28,775 shares, respectively)		102,089			281,046
Class C (1,721 and 3,504 shares, respectively)		19,553			34,237
Class I (78,106 and 242,690 shares, respectively)		947,107			2,506,746
Class R6 (3,361 and 9,986 shares, respectively)		40,966			99,724
Reinvestment of distributions
Class A (112 and 488 shares, respectively)		1,286			4,491
Class I (2,299 and 4,284 shares, respectively)		27,363			42,235
Class R6 (48 and 74 shares, respectively)		573			748
Shares repurchased
Class A (11,741 and 74,887 shares, respectively)		(137,273	)		(759,735	)
Class C (1,670 and 6,657 shares, respectively)		(18,909	)		(62,016	)
Class I (77,241 and 227,089 shares, respectively)		(943,841	)		(2,276,706	)
Class R6 (1,897 and 3,461 shares, respectively)		(23,322	)		(34,879	)
Increase (decrease) in net assets from share transactions		15,592			(164,109	)
Net increase (decrease) in net assets		477,118			682,880
Net Assets
Beginning of period		8,246,812			7,563,932
End of period	$	8,723,930		$	8,246,812
Accumulated undistributed net investment income (loss) at end of period	$	954		$	26,246

See Notes to Financial Statements

11

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain/(Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Class A
10/1/17 to 3/31/18(11)		$	11.11		(0.01	)		0.64			0.63			(0.02	)		—			(0.02	)
10/1/16 to 9/30/17			9.90		0.05			1.21			1.26			(0.05	)		—			(0.05	)
1/1/16 to 9/30/16(10)			8.68		0.03			1.19			1.22			—			—			—
1/1/15 to 12/31/15			9.58		0.07			(0.91	)		(0.84	)		(0.06	)		—			(0.06	)
1/1/14 to 12/31/14			9.26		0.07			0.42			0.49			(0.06	)		(0.11	)		(0.17	)
1/1/13 to 12/31/13			10.00		0.08			(0.74	)		(0.66	)		(0.08	)		—	(4)		(0.08	)
1/1/12 to 12/31/12			8.44		0.07			1.57			1.64			(0.05	)		(0.03	)		(0.08	)
Class C
10/1/17 to 3/31/18(11)		$	10.77		(0.05	)		0.64			0.59			—			—			—
10/1/16 to 9/30/17			9.63		(0.03	)		1.17			1.14			—			—			—
1/1/16 to 9/30/16(10)			8.49		(0.02	)		1.16			1.14			—			—			—
1/1/15 to 12/31/15			9.37		—			(0.88	)		(0.88	)		—			—			—
1/1/14 to 12/31/14			9.08		(0.01	)		0.42			0.41			(0.01	)		(0.11	)		(0.12	)
1/1/13 to 12/31/13			9.82		0.01			(0.72	)		(0.71	)		(0.03	)		—	(4)		(0.03	)
1/1/12 to 12/31/12			8.31		—	(4)		1.56			1.56			(0.02	)		(0.03	)		(0.05	)

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

See Notes to Financial Statements

12

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(9)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to       Average Net Assets(3)(8)			Ratio of Gross Expenses   to Average Net Assets(3)(8)			Ratio of Net Investment Income        (Loss) to Average Net Assets(8)			Portfolio Turnover Rate(9)
	0.61			$	11.72		5.81	%		$	711,366		1.61	%		1.61	%		(0.17	)%		13	%
	1.21				11.11		12.81				706,974		1.60			1.61			0.46			27
	1.22				9.90		14.06				1,082,242		1.59	(5)		1.60			0.40			25
	(0.90	)			8.68		(8.77	)			745,947		1.56			1.56			0.73			27
	0.32				9.58		5.23				770,941		1.55			1.55			0.71			28
	(0.74	)			9.26		(6.58	)			1,097,753		1.58			1.58			0.79			31
	1.56				10.00		19.62				1,208,195		1.60			1.60			0.78			28
	0.59			$	11.36		5.48	%		$	226,899		2.26	%		2.26	%		(0.81	)%		13	%
	1.14				10.77		11.84				214,738		2.34			2.35			(0.30	)		27
	1.14				9.63		13.56				222,221		2.34	(5)		2.35			(0.31	)		25
	(0.88	)			8.49		(9.50	)			223,303		2.31			2.31			(0.01	)		27
	0.29				9.37		4.40				228,652		2.30			2.30			(0.13	)		28
	(0.74	)			9.08		(7.21	)			217,034		2.33			2.33			0.07			31
	1.51				9.82		18.66				203,974		2.35			2.35			0.01			28

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

See Notes to Financial Statements

13

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES 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)(1)			Net Realized and Unrealized Gain/(Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Class I
10/1/17 to 3/31/18(11)		$	11.49		0.01			0.67			0.68			(0.05	)		—			(0.05	)
10/1/16 to 9/30/17			10.24		0.07			1.26			1.33			(0.08	)		—			(0.08	)
1/1/16 to 9/30/16(10)			8.96		0.04			1.24			1.28			—			—			—
1/1/15 to 12/31/15			9.89		0.10			(0.95	)		(0.85	)		(0.08	)		—			(0.08	)
1/1/14 to 12/31/14			9.55		0.09			0.45			0.54			(0.09	)		(0.11	)		(0.20	)
1/1/13 to 12/31/13			10.31		0.11			(0.76	)		(0.65	)		(0.11	)		—	(4)		(0.11	)
1/1/12 to 12/31/12			8.70		0.10			1.62			1.72			(0.08	)		(0.03	)		(0.11	)
Class R6
10/1/17 to 3/31/18(11)		$	11.48		0.02			0.67			0.69			(0.05	)		—			(0.05	)
10/1/16 to 9/30/17			10.25		0.10			1.23			1.33			(0.10	)		—			(0.10	)
1/1/16 to 9/30/16(10)			8.96		0.05			1.24			1.29			—			—			—
1/1/15 to 12/31/15			9.89		0.08			(0.91	)		(0.83	)		(0.10	)		—			(0.10	)
11/12/14(6) to 12/31/14			10.42		(0.01	)		(0.45	)		(0.46	)		(0.06	)		(0.01	)		(0.07	)

See Notes to Financial Statements

14

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Change in Net Asset Value			Net Asset Value, End of Period			Total Return(2)(9)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to      Average Net Assets(3)(8)			Ratio of Gross Expenses to Average Net Assets(3)(8)			Ratio of Net Investment Income         (Loss) to Average Net Assets(8)			Portfolio Turnover Rate(9)
	0.63			$	12.12		5.90	%		$	7,633,883		1.25	%		1.25	%		0.21	%		13	%
	1.25				11.49		13.10				7,198,678		1.33			1.34			0.72			27
	1.28				10.24		14.29				6,214,272		1.33	(5)		1.34			0.64			25
	(0.93	)			8.96		(8.55	)			8,726,303		1.31			1.32			0.99			27
	0.34				9.89		5.54				7,572,633		1.30			1.35			0.85			28
	(0.76	)			9.55		(6.32	)			6,357,443		1.33			1.38			1.06			31
	1.61				10.31		19.88				5,352,379		1.35			1.40			0.99			28
	0.64			$	12.12		6.04	%		$	151,782		1.17	%		1.17	%		0.28	%		13	%
	1.23				11.48		13.15				126,422		1.20			1.21			0.92			27
	1.29				10.25		14.40				45,197		1.21	(5)		1.22			0.72			25
	(0.93	)			8.96		(8.44	)			34,379		1.21			1.21			0.90			27
	(0.53	)			9.89		(4.60	)			95		1.24			1.24			(0.41	)		28	(7)

Footnote Legend:

⁽¹⁾  Calculated using average shares outstanding.

⁽²⁾  Sales charges, where applicable, are not reflected in the total return calculation.

⁽³⁾  The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

⁽⁴⁾  Amount is less than $0.005 per share.

⁽⁵⁾  Net expense ratios include extraordinary proxy expenses.

⁽⁶⁾  Inception date.

⁽⁷⁾  Portfolio Turnover is representative of the Fund for the entire year ended December 31, 2014.

⁽⁸⁾  Annualized for periods less than one year.

⁽⁹⁾  Not annualized for periods less than one year.

⁽¹⁰⁾  The Fund changed its fiscal year end to September 30, during the period.

⁽¹¹⁾  Unaudited.

See Notes to Financial Statements

15

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2018

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 Vontobel Emerging Markets Opportunities Fund (the “Fund”) is reported in this semiannual report. The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will achieve its objective.

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

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

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

Class R6 shares are available only to the following investors without a minimum initial investment or minimum additional purchases: certain employer-sponsored retirement plans, including Section 401(k), 403(b) and 457, profit-sharing, money purchase pension and defined benefit plans and nonqualified deferred compensation plans, in each case provided that plan level or omnibus accounts are held on the books of the Fund. Other institutional investors may be permitted to purchase Class R6 shares subject to the Fund’s determination of eligibility and may be subject to a minimum initial investment requirement. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Fund’s distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.

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

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

16

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 2. Significant Accounting Policies

The Trust is an Investment Company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 the Fund, which include nightly price variance, as well as back-testing items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). 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 any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly.

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 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 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

17

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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

Listed derivatives 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 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 the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method.

Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

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, 2018, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2014 forward (with limited exceptions).

18

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

D. Distributions to Shareholders

Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.

E. Expenses

Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses 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 Transactions

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

G. Securities Lending

($ reported in thousands)

The Fund is permitted to loan securities from its portfolio to qualified brokers, dealers and other financial institutions deemed creditworthy and receive, as collateral, cash or cash or United States government securities including agency securities which at all times while the loan is outstanding will be maintained in amounts equal to at least 100% of the current market value of the loaned securities. Any cash collateral will be invested in short-term securities expected to increase the current income of the Fund. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. During the period ended March 31, 2018, the Fund did not loan securities.

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands)

A. Adviser

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

19

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

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
1.00%	0.95%

B. Subadviser

Vontobel Asset Management, Inc. (the “Subadviser”) is the subadviser to the Fund. The subadviser manages the investments of the Fund for which it is paid a fee by the Adviser.

C. Distributor

($ reported in thousands)

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, 2018, it retained net commissions of $43 of Class A shares and CDSC of $14 and $6 for Class A shares and Class C shares, respectively.

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

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, 2018, the Fund incurred administration fees totaling $4,142 which are included in the Statement of Operations within the line item “Administration fees.”

For the period ended March 31, 2018, the Fund incurred transfer agent fees totaling $5,921 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Trust. The Transfer Agent may from time to time temporarily waive all or a portion of its transfer agent fees.

E. Affiliated Shareholders

At March 31, 2018, 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 R6 Shares		547,320	$	6,623

20

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

F. Trustee Compensation

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” on the Statement of Assets and Liabilities at March 31, 2018.

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, 2018, were as follows:

Purchases		Sales
$	1,380,258	$	1,115,565

There were no purchases or sales of long-term U.S. Government and agency securities during the period ended March 31, 2018.

Note 5. Indemnifications

Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the 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 6. 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 the Fund’s ability to repatriate such amounts.

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

At March 31, 2018, the Fund held securities issued by various companies in specific sectors as detailed below:

Sector	Percentage of Total Investments
Consumer Staples		29	%
Financials		27

21

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 7. 10% Shareholders

As of March 31, 2018, 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
45%	2*

* The shareholders are not affiliated with Virtus.

Note 8. Federal Income Tax Information

($ reported in thousands)

At March 31, 2018, 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)
$7,076,062	$1,800,023	$(208,165)	$1,591,858

The Fund has capital loss carryovers available to offset future realized capital gains as follows:

No Expiration
Short-Term	Long-Term	Total
$342,537	$121,029	$463,566

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 9. Borrowings

($ reported in thousands)

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

The Fund had no borrowings at any time during the period ended March 31, 2018.

22

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Note 10. 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 the 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.

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, 2018, the Fund did not hold any securities that were illiquid or restricted.

Note 11. Regulatory Matters and Litigation

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

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 violations of certain provisions 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. A motion to dismiss the Consolidated Complaint was filed on behalf of the defendants on October 21, 2015. Pursuant to an Opinion & Order (“Order”) filed on July 1, 2016, the court granted in part and denied in part the defendants’ motion to dismiss. Although the Order narrows the scope of the claims asserted and dismisses one of the defendants from the suit, claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder survive the motion. The remaining defendants filed an Answer to the Consolidated Complaint on August 5, 2016. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiff’s motion for class certification, was granted by the court. Discovery has since been completed. On October 6, 2017, defendants moved for summary judgment. Briefing on the motion for summary judgment was completed on December 22, 2017, and oral argument was held on January 18, 2018, where the Court reserved decision. Virtus and its affiliates, including the

23

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

Adviser, believe that the suit is without merit. Nevertheless, on February 6, 2018. Virtus reached an agreement in principle with the plaintiffs, subject to Court approval, settling all claims in the litigation, in order to avoid the cost, distraction, disruption, and inherent litigation uncertainty. Upon approval by the Court, which Virtus believes is likely, the resolution of this matter will not have a material impact on the results of operations, cash flows or its consolidated financial condition for Virtus. Whether or not the settlement is approved by the Court, the Trust believes that the risk of loss to the Fund as a result of this suit is remote. Whether or not the settlement is approved by the Court, the Adviser does not believe that the suit will have any impact on its ability to provide services to the Fund.

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 sub-advised by F-Squared between May 8, 2010 and December 22, 2014, inclusive (the “Class Period”), alleged claims against Virtus, certain Virtus officers and affiliates (including the Adviser, Euclid Advisors LLC (“Euclid”) 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 October 1, 2015, the plaintiffs 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, the plaintiffs filed a Second Amended Complaint. Motions to dismiss were filed on behalf of Virtus, its officers and affiliates and the independent trustees on February 1, 2016. An Opinion & Order (“Order”) granting in part and denying in part the defendants’ motions to dismiss was issued on July 1, 2016. The Order dismissed all claims against the Adviser, Euclid, the independent trustees and certain of the other individual defendants, and narrowed the claims asserted against the remaining defendants. The remaining defendants filed an Answer to the Second Amended Complaint on August 5, 2016. A Stipulation of Voluntary Dismissal of the claim under Section 12 of the Securities Act of 1933, as amended, was filed on September 15, 2016.

The remaining defendants filed a motion to certify an interlocutory appeal of the July 1, 2016 order to the Court of Appeals for the Second Circuit on August 26, 2016. The motion was denied on January 6, 2017. Pursuant to an Opinion & Order filed on May 15, 2017, the plaintiffs’ motion for class certification, was denied by the court. On December 4, 2017, the Court denied the plaintiffs’ motion seeking leave to amend their complaint to address deficiencies identified by the Court in its orders dismissing, in part, plaintiffs’ Second Amended Complaint and denying class certification. On December 22, 2017, the plaintiffs voluntarily dismissed all remaining claims against the remaining defendants with prejudice and waived all rights to appeal.

Note 12. Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt

24

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2018

securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 13. Subsequent Events

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

25

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of the subadvisory agreement (the “Subadvisory Agreement”) (together with the Advisory Agreement, the “Agreements”) with respect to the funds of the Trust, including Virtus Vontobel Emerging Markets Opportunities Fund (the “Fund”). At in-person meetings held on November 3, 2017 and November 15-16, 2017 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

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

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria separately with respect to the Fund and its shareholders. In 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 Meetings information provided by VIA and the 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,

26

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

compliance 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 the Fund’s portfolio. Under this structure, VIA is responsible for the management of the Fund’s investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining or replacing subadvisers. In considering the Advisory Agreement with VIA, the Board considered VIA’s process for supervising and managing the Fund’s subadviser, including (a) VIA’s ability to select and monitor subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor 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.

27

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Investment Performance

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report (the “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, 2017.

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

After reviewing these and related factors, the Board concluded that the Fund’s overall performance, or reasons discussed for underperformance, was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Fund for advisory services as well as the total expense level of the Fund. This information included comparisons of the Fund’s 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.

28

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

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

Profitability

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Fund and 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, 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 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

29

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

administrative and transfer agency services to the Trust. The Board noted management’s discussion of the fact that there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

Conclusion

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

30

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

Sidney E. Harris

John R. Mallin

Hassell H. McClellan

Connie D. McDaniel

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Officers

George R. Aylward, President

Peter Batchelar, Senior Vice President

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

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

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

Julia R. Short, Senior Vice President

Francis G. Waltman, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl St.

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

The Bank of New York Mellon

225 Liberty Street

New York, NY 10286-1048

How to Contact Us

Mutual Fund Services 1-800-243-1574

Adviser Consulting Group 1-800-243-4361

Website Virtus.com

Important Notice to Shareholders

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

For more information about

Virtus Mutual Funds, please

call your financial representative,

contact us at 1-800-243-1574,

or visit Virtus.com.

8005 5-18

P.O. Box 9874

Providence, RI 02940-8074

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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), the registrant’s disclosures required by this Item are limited to any change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

	(a)(1)	Not applicable.
	(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), in the certification required by Item 13(a)(2), the registrant’s certifying officers must certify that they have disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]
	(a)(3)	Not applicable.
	(a)(4)	Not applicable.
	(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant)         Virtus Opportunities Trust

By (Signature and Title)*	/s/ George R Aylward
	George R. Aylward, President         (principal executive officer)

  Date                   June 8, 2018

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                   June 8, 2018

By (Signature and Title)*	/s/ W. Patrick Bradley
	W. Patrick Bradley, Executive Vice President, Chief Financial Officer,         and Treasurer         (principal financial officer)

  Date                   June 8, 2018

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