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, 2017

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 Horizon Wealth Masters Fund (f/k/a: Virtus Wealth Masters Fund)

Virtus Newfleet Bond Fund (f/k/a: Virtus Bond Fund)*

Virtus Newfleet CA Tax-Exempt Bond Fund (f/k/a: Virtus CA Tax-Exempt Bond Fund)

Virtus Newfleet High Yield Fund (f/k/a: Virtus High Yield Fund)

Virtus Newfleet Low Duration Income Fund (f/k/a: Virtus Low Duration Income Fund)*

Virtus Newfleet Multi-Sector Intermediate Bond Fund (f/k/a: Virtus Multi-Sector Intermediate Bond Fund)

Virtus Newfleet Senior Floating Rate Fund (f/k/a: Virtus Senior Floating Rate Fund)

Virtus Newfleet Tax-Exempt Bond Fund (f/k/a: Virtus Tax-Exempt Bond Fund)

Virtus Rampart Low Volatility Equity Fund (f/k/a: Virtus Low Volatility Equity Fund)

March 31, 2017

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

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

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		4
Portfolio Holdings Summary		6
Fund	Schedule of Investments
Virtus Horizon Wealth Masters Fund (“Horizon Wealth Masters Fund”) (f/k/a: Virtus Wealth Masters Fund)		8
Virtus Newfleet Bond Fund (“Newfleet Bond Fund”) (f/k/a: Virtus Bond Fund)		10
Virtus Newfleet CA Tax-Exempt Bond Fund (“Newfleet CA Tax-Exempt Bond Fund”) (f/k/a: Virtus CA Tax-Exempt Bond Fund)		17
Virtus Newfleet High Yield Fund (“Newfleet High Yield Fund”) (f/k/a: Virtus High Yield Fund)		20
Virtus Newfleet Low Duration Income Fund (“Newfleet Low Duration Income Fund”) (f/k/a: Virtus Low Duration Income Fund)		26
Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Newfleet Multi-Sector Intermediate Bond Fund”) (f/k/a: Virtus Multi-Sector Intermediate Bond Fund)		36
Virtus Newfleet Senior Floating Rate Fund (“Newfleet Senior Floating Rate Fund”) (f/k/a: Virtus Senior Floating Rate Fund)		46
Virtus Newfleet Tax-Exempt Bond Fund (“Newfleet Tax-Exempt Bond Fund”) (f/k/a: Virtus Tax-Exempt Bond Fund)		53
Virtus Rampart Low Volatility Equity Fund (“Rampart Low Volatility Equity Fund”) (f/k/a: Virtus Low Volatility Equity Fund)		58
Statements of Assets and Liabilities		59
Statements of Operations		62
Statements of Changes in Net Assets		65
Financial Highlights		71
Notes to Financial Statements		77
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		91

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

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

Form N-Q Information

The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

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

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six-month fiscal period ended March 31, 2017.

Despite short-lived selloffs that occurred following the U.K.’s “Brexit” decision last June and the U.S. presidential election in November, the six-month period was strong for global markets. As the fiscal period drew to a close, equity markets continued to benefit from the post-election “Trump bump.” The Federal Reserve (“the Fed”) raised interest rates twice in the period – once in December, and again in March – a clear signal that it believes the U.S. economy is on a growth path. At the same time, other major central banks remained committed to monetary stimulus, adding reassurance to global markets. U.S. growth, as evidenced by strong jobs, housing, and consumer spending data, gives investors reason for optimism. Corporate earnings got off to a strong start for the first quarter of 2017. The pro-growth policies of the new administration, if implemented, could have continued positive impact on earnings and the markets.

Global equity markets turned in positive performance over the six-month period. U.S. large- and small-cap stocks returned 10.12% and 11.52%, as measured by the returns of the S&P 500^® Index and Russell 2000^® Index, respectively. Within international equities, emerging markets slightly outperformed their developed peers, with the MSCI Emerging Markets Index (net) up 6.80%, compared with the MSCI EAFE^® Index (net), which returned 6.48%.

Demand for U.S. Treasuries remained strong, driven by foreign investors seeking safe havens and yield in light of the negative interest rate environment in many international economies. On March 31, 2017, the benchmark 10-year U.S. Treasury yielded 2.40% compared with 1.60% six months earlier. 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, was down 2.18% for the six months, while non-investment grade bonds gained 4.50%, 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.

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

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

May 2017

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, 2016 to March 31, 2017

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 sales charges and do not incur distribution and service fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
Horizon Wealth Masters Fund
Actual
Class A	$	1,000.00	$	1,106.40		1.45	%	$	7.61
Class C		1,000.00		1,102.40		2.20			11.53
Class I		1,000.00		1,107.40		1.20			6.30
Hypothetical (5% return before expenses)
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
Newfleet Bond Fund
Actual
Class A	$	1,000.00	$	994.30		0.84	%	$	4.18
Class C		1,000.00		991.40		1.59			7.89
Class I		1,000.00		995.60		0.59			2.94
Class R6**		1,000.00		1,003.50		0.53			2.11
Hypothetical (5% return before expenses)
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
Actual
Class A	$	1,000.00	$	977.50		0.85	%	$	4.19
Class I		1,000.00		977.80		0.60			2.96
Hypothetical (5% return before expenses)
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
Actual
Class A	$	1,000.00	$	1,039.70		1.01	%	$	5.14
Class C		1,000.00		1,034.10		1.76			8.93
Class I		1,000.00		1,041.00		0.76			3.87
Class R6**		1,000.00		1,046.60		0.67			2.72
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.90		1.01			5.09
Class C		1,000.00		1,016.16		1.76			8.85
Class I		1,000.00		1,021.14		0.76			3.83
Class R6**		1,000.00		1,021.59		0.67			3.38
Newfleet Low Duration Income Fund
Actual
Class A	$	1,000.00	$	998.70		0.75	%	$	3.74
Class C		1,000.00		995.00		1.50			7.46
Class I		1,000.00		1,000.00		0.50			2.49
Hypothetical (5% return before expenses)
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

2

VIRTUS OPPORTUNITIES TRUST

Disclosure of Fund Expenses (Unaudited) (Continued)

For the six-month period of October 1, 2016 to March 31, 2017

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
Newfleet Multi-Sector Intermediate Bond Fund
Actual
Class A	$	1,000.00	$	1,022.20		1.05	%	$	5.29
Class C		1,000.00		1,017.20		1.80			9.05
Class I		1,000.00		1,022.50		0.79			3.98
Class R6		1,000.00		1,022.80		0.71			3.58
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.70		1.05			5.29
Class C		1,000.00		1,015.96		1.80			9.05
Class I		1,000.00		1,020.99		0.79			3.98
Class R6		1,000.00		1,021.39		0.71			3.58
Newfleet Senior Floating Rate Fund
Actual
Class A	$	1,000.00	$	1,029.00		1.15	%	$	5.82
Class C		1,000.00		1,025.10		1.90			9.59
Class I		1,000.00		1,030.30		0.89			4.51
Class R6**		1,000.00		1,028.90		0.82			3.30
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.20		1.15			5.79
Class C		1,000.00		1,015.46		1.90			9.55
Class I		1,000.00		1,020.49		0.89			4.48
Class R6**		1,000.00		1,020.84		0.82			4.13
Newfleet Tax-Exempt Bond Fund
Actual
Class A	$	1,000.00	$	980.30		0.85	%	$	4.20
Class C		1,000.00		976.70		1.60			7.89
Class I		1,000.00		981.60		0.60			2.96
Hypothetical (5% return before expenses)
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
Rampart Low Volatility Equity Fund
Actual
Class A	$	1,000.00	$	1,043.30		1.55	%	$	7.90
Class C		1,000.00		1,037.80		2.30			11.69
Class I		1,000.00		1,043.40		1.30			6.62
Hypothetical (5% return before expenses)
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

* 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.

** November 7, 2016 is the date the class started accruing expenses. Expenses are equal to the relevant 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 (145 for actual and 182 for hypothetical) 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 expenses would have been higher.

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

3

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2017

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.

Brexit

A combination of the words “Britain” and “exit” which refers to Britain’s withdrawal from the European Union.

European Union (EU)

The European Union (EU) is a unique economic and political union of 28 European countries. The EU was created in the aftermath of the Second World War that has become a single market for goods and services and it created the single currency the euro.

Exchange-Traded Funds (ETF)

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

Federal Reserve (the “Fed”)

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

iShares^®

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

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^® 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.

4

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017

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

Horizon Wealth Masters Fund
Consumer Discretionary	32	%
Financials	13
Information Technology	11
Industrials	10
Real Estate	6
Energy	6
Materials	5
Other (includes securities-lending collateral)	17
Total	100	%

Newfleet Bond Fund
Corporate Bonds and Notes			50	%
Financials	17	%
Consumer Discretionary	5
Real Estate	5
All other Corporate Bonds and Notes	23
Mortgage-Backed Securities			22
U.S. Government Securities			6
Asset-Backed Securities			5
Preferred Stocks			4
Loan Agreements			4
Other			9
Total			100	%

Newfleet CA Tax-Exempt Bond Fund
Tax-Exempt Municipal Bonds			100	%
General Obligation	16	%
Development Revenue	15
Pre-Refunded	13
Medical Revenue	10
Lease Revenue	9
Water & Sewer Revenue	9
General Revenue	7
Other	21
Total			100	%

Newfleet High Yield Fund
Corporate Bonds and Notes			83	%
Consumer Discretionary	19	%
Energy	15
Materials	10
Health Care	10
Industrials	7
Telecommunication Services	6
Financials	5
All other Corporate Bonds and Notes	11
Loan Agreements			12
Other			5
Total			100	%

Newfleet Low Duration Income Fund
Mortgage-Backed Securities			34	%
Asset-Backed Securities			26
Corporate Bonds and Notes			23
Financials	10	%
Consumer Discretionary	2
Industrials	2
Total of all Others	9
U.S. Government Securities			9
Loan Agreements			6
Other (includes short-term investment)			2
Total			100	%

Newfleet Multi-Sector Intermediate Bond Fund
Corporate Bonds and Notes			54	%
Energy	14	%
Financials	11
Consumer Discretionary	7
Materials	6
All Other Corporate Bonds and Notes	16
Mortgage-Backed Securities			13
Foreign Government Securities			13
Loan Agreements			10
Preferred Stocks			4
Other			6
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, 2017

Newfleet Senior Floating Rate Fund
Loan Agreements			93%
Consumer Discretionary	25	%
Industrials	14
Health Care	12
Materials	9
Information Technology	9
Consumer Staples	6
All Other Loan Agreements	18
Corporate Bonds and Notes			5
Other			2
Total			100	%

Newfleet Tax-Exempt Bond Fund
New York	12	%
Texas	9
Illinois	9
Florida	8
Colorado	7
California	6
Arizona	5
Other (includes short-term investment)	44
Total	100	%

Rampart Low Volatility Equity Fund
Exchange-Traded Fund	100	%
Total	100	%

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

7

VIRTUS HORIZON WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.2%
Consumer Discretionary—34.8%
Amazon.com, Inc.(2)		483	$	428
AMC Networks, Inc. Class A(2)		7,071		415
American Eagle Outfitters, Inc.		29,826		418
AutoNation, Inc.(2)		9,587		405
Buckle, Inc. (The)		23,464		436
Cabela’s, Inc.(2)		8,713		463
Carnival Corp.		7,044		415
CBS Corp. Class B		6,170		428
Choice Hotels International, Inc.		6,609		414
Columbia Sportswear Co.		7,068		415
Comcast Corp. Class A		10,967		412
Dick’s Sporting Goods, Inc.		8,596		418
Dillard’s, Inc. Class A		8,472		443
Discovery Communications, Inc. Class C(2)		15,166		429
DISH Network Corp. Class A(2)		6,570		417
DSW, Inc. Class A		21,413		443
Expedia, Inc.		3,184		402
Fossil Group, Inc.(2)(3)		25,063		437
Gap, Inc. (The)		17,835		433
Garmin Ltd.		7,893		403
Horton (D.R.), Inc.		12,270		409
Hyatt Hotels Corp. Class A(2)		7,842		423
International Speedway Corp. Class A		11,300		418
L Brands, Inc.		8,272		390
Lands’ End, Inc.(2)(3)		20,692		444
Las Vegas Sands Corp.		7,277		415
Lennar Corp. Class A		7,920		405
Liberty Braves Group Class C(2)		18,235		431
Liberty Broadband Corp. Class C(2)		4,826		417
Liberty Expedia Holdings, Inc. Class A(2)		8,862		403
Liberty Global plc Class C(2)		11,717		411
Liberty Global plc Class C(2)		17,892		412
Liberty Interactive Corp. Class A(2)		21,276		426
Liberty Media Corp. Class C(2)		12,223		417
Liberty Sirius XM Group Class C(2)		10,524		408
Liberty TripAdvisor Holdings, Inc. Class A(2)		30,608		432
Liberty Ventures Class A(2)		9,554		425
Lions Gate Entertainment Corp. Class B(2)		17,711		432
Madison Square Garden Co. (The) Class A(2)		2,080		415
Marriott International, Inc. Class A		4,562		430
Marriott Vacations Worldwide Corp.		4,328		432
Mohawk Industries, Inc.(2)		1,772		407
MSG Networks, Inc. Class A(2)		18,029		421
News Corp. Class A		32,500		423
NIKE, Inc. Class B		7,015		391
Nordstrom, Inc.(3)		9,727		453
Papa John’s International, Inc.		5,500		440
Penn National Gaming, Inc.(2)		25,952		478
Penske Automotive Group, Inc.		8,777		411
Ralph Lauren Corp.		5,203		425
Restaurant Brands International, Inc.		7,524		419
Sears Holdings Corp.(2)(3)		44,711		514
Sears Hometown and Outlet Stores, Inc.(2)(3)		106,076		414

	SHARES		VALUE
Consumer Discretionary—continued
Starbucks Corp.		7,325	$	428
Tesla, Inc.(2)(3)		1,623		452
Tronc, Inc.(2)(3)		31,008		432
Twenty-First Century Fox, Inc. Class A		13,323		432
Under Armour, Inc. Class C(2)		23,219		425
Urban Outfitters, Inc.(2)		18,030		428
Viacom, Inc. Class B		9,668		451
Weight Watchers International, Inc.(2)		28,240		440
Wendy’s Co. (The)		30,946		421
Wynn Resorts Ltd.		3,641		417
				26,791
Consumer Staples—5.3%
Boston Beer Co., Inc. (The) Class A(2)		2,744		397
Brown-Forman Corp. Class B		8,587		397
Estee Lauder Cos., Inc. (The) Class A		4,702		399
HRG Group, Inc.(2)		21,261		411
Kraft Heinz Co.(The)		4,428		402
Lancaster Colony Corp.		3,139		404
Monster Beverage Corp.(2)		8,707		402
Nomad Foods Ltd.(2)		36,963		423
PriceSmart, Inc.		4,513		416
Tootsie Roll Industries, Inc.(3)		10,775		402
				4,053
Energy—6.0%
Cheniere Energy, Inc.(2)		9,294		439
Clayton Williams Energy, Inc.(2)(3)		3,169		419
Continental Resources, Inc.(2)		9,244		420
CVR Energy, Inc.(3)		20,767		417
Exterran Corp.(2)		14,829		466
Hess Corp.		8,522		411
Par Pacific Holdings, Inc.(2)(3)		26,081		430
RPC, Inc.(3)		22,669		415
Transocean Ltd.(2)		33,275		414
W&T Offshore, Inc.(2)		144,751		401
Western Refining, Inc.		11,495		403
				4,635
Financials—13.8%
Altisource Portfolio Solutions SA(2)(3)		15,228		560
American Financial Group, Inc.		4,317		412
AmTrust Financial Services, Inc.		24,247		448
Berkley (W.R.) Corp.		5,683		401
Berkshire Hathaway, Inc. Class B(2)		2,401		400
BOK Financial Corp.		5,365		420
Brown & Brown, Inc.		9,570		399
Charles Schwab Corp. (The)		10,057		411
Cohen & Steers, Inc.		10,897		436
Erie Indemnity Co. Class A		3,344		410
First Citizens BancShares, Inc. Class A		1,239		416
Franklin Resources, Inc.		9,848		415
Gaming and Leisure Properties, Inc.		12,853		430

	SHARES		VALUE
Financials—continued
Greenlight Capital Re Ltd. Class A(2)		18,966	$	419
Hilltop Holdings, Inc.		15,415		424
Leucadia National Corp.		15,744		409
Loews Corp.		8,752		409
Mercury General Corp.		6,888		420
Morningstar, Inc.		5,171		407
National General Holdings Corp.		17,912		426
Ocwen Financial Corp.(2)		88,847		486
PJT Partners, Inc. Class A		11,323		397
Raymond James Financial, Inc.		5,499		419
Third Point Reinsurance Ltd.(2)		33,894		410
WisdomTree Investments, Inc.(3)		47,069		427
				10,611
Health Care—4.0%
Akorn, Inc.(2)		18,170		438
AquaBounty Technologies, Inc.(2)(3)		18,769		208
Bruker Corp.		17,741		414
Cerner Corp.(2)		7,160		421
Danaher Corp.		4,716		403
Halozyme Therapeutics, Inc.(2)		30,628		397
Intrexon Corp.(2)(3)		21,075		418
OPKO Health, Inc.(2)(3)		51,741		414
				3,113
Industrials—11.3%
Air Lease Corp.		10,773		417
American Railcar Industries, Inc.(3)		10,118		416
Cintas Corp.		3,287		416
Colfax Corp.(2)		10,683		419
Covanta Holding Corp.		26,542		417
FedEx Corp.		2,122		414
Fortive Corp.		6,950		418
Heartland Express, Inc.		20,529		412
Herc Holdings, Inc.(2)		8,687		425
Hertz Global Holdings, Inc.(2)		20,986		368
Manitowoc Co., Inc. (The)(2)		69,809		398
MasTec, Inc.(2)		10,802		433
MSC Industrial Direct Co., Inc. Class A		4,043		415
Navistar International Corp.(2)		16,085		396
Rollins, Inc.		11,284		419
Seaspan Corp.(3)		62,185		431
Timken Co. (The)		9,421		426
W.W. Grainger, Inc.		1,692		394
Welbilt, Inc.(2)		21,237		417
Werner Enterprises, Inc.		15,259		400
XPO Logistics, Inc.(2)		8,775		420
				8,671
Information Technology—11.7%
Alphabet, Inc. Class C(2)		490		407
Amkor Technology, Inc.(2)		38,428		445
Anixter International, Inc.(2)		5,185		411
CommerceHub, Inc. Class C(2)		25,684		399
Conduent, Inc.(2)		25,504		428
eBay, Inc.(2)		12,264		412
EchoStar Corp. Class A(2)		7,411		422
Facebook, Inc. Class A(2)		2,938		417
IAC/InterActiveCorp(2)		5,635		416
Intuit, Inc.		3,357		389

See Notes to Financial Statements

8

VIRTUS HORIZON WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Information Technology—continued
National Instruments Corp.		12,780	$	416
Oracle Corp.		9,074		405
Paychex, Inc.		6,602		389
PayPal Holdings, Inc.(2)		9,538		410
Pegasystems, Inc.		9,784		429
RealPage, Inc.(2)		11,586		404
salesforce.com, Inc.(2)		4,986		411
SS&C Technologies Holdings, Inc.		11,432		405
Syntel, Inc.(2)		24,040		405
TeleTech Holdings, Inc.		13,551		401
Xerox Corp.		56,516		415
Yahoo!, Inc.(2)		8,898		413
				9,049
Materials—5.4%
Freeport-McMoRan, Inc.(2)		32,372		433
Huntsman Corp.		18,353		450
LyondellBasell Industries N.V. Class A		4,618		421
NewMarket Corp.		908		412
Novagold Resources, Inc.(2)(3)		76,814		374
Platform Specialty Products Corp.(2)		33,240		433
Scotts Miracle-Gro Co. (The) Class A		4,474		418
Silgan Holdings, Inc.		6,760		401

	SHARES		VALUE
Materials—continued
TimkenSteel Corp.(2)		22,413	$	424
Westlake Chemical Corp.		6,271		414
				4,180
Real Estate—6.9%
American Homes 4 Rent Class A		17,742		407
Boston Properties, Inc.		3,067		406
Colony Northstar, Inc. Class A		31,548		407
Equity LifeStyle Properties, Inc.		5,253		405
Equity Residential		6,460		402
Host Hotels & Resorts, Inc.		22,613		422
Howard Hughes Corp. (The)(2)		3,442		403
Marcus & Millichap, Inc.(2)		16,349		402
Seritage Growth Properties Class A		9,332		403
Simon Property Group, Inc.		2,407		414
Taubman Centers, Inc.		6,221		411
Urban Edge Properties		15,884		418
Vornado Realty Trust		3,972		398
				5,298
TOTAL COMMON STOCKS (Identified Cost $60,259)				76,401
TOTAL LONG TERM INVESTMENTS—99.2%
(Identified Cost $60,259)				76,401

	SHARES		VALUE
SECURITIES LENDING COLLATERAL—8.7%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) – Institutional Shares (seven-day effective yield 0.910%)(4)(5)		6,736,195	$	6,736
TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $6,736)				6,736
TOTAL INVESTMENTS—107.9% (Identified Cost $66,995)				83,137	(1)
Other assets and liabilities, net—(7.9)%				(6,097	)
NET ASSETS—100.0%			$	77,040

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

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

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

⁽⁵⁾ Shares of 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, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	76,401	$	76,401
Securities Lending Collateral		6,736		6,736
Total Investments	$	83,137	$	83,137

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

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2017.

See Notes to Financial Statements

9

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—6.2%
U.S. Treasury Bond 2.500%, 2/15/46	$	4,505	$	4,036
U.S. Treasury Note 1.625%, 2/15/26		500		470
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $4,948)				4,506
MUNICIPAL BONDS—2.4%
California—1.1%
State of California, Build America Bonds Taxable 7.600%, 11/1/40		520		775
Georgia—0.3%
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24		255		259
New York—1.0%
New York City Transitional Finance Authority Future Tax Secured Revenue Taxable 5.000%, 5/1/40		650		738
TOTAL MUNICIPAL BONDS (Identified Cost $1,857)				1,772
FOREIGN GOVERNMENT SECURITIES—3.4%
Argentine Republic
144A 7.500%, 4/22/26(3)		155		165
144A 6.875%, 1/26/27(3)		190		193
144A 7.625%, 4/22/46(3)		150		153
Dominican Republic 144A 6.600%, 1/28/24(3)		135		147
Federative Republic of Brazil 6.000%, 4/7/26		200		218
Kingdom of Bahrain 144A 7.000%, 10/12/28(3)		200		209
Kingdom of Jordan 144A 5.750%, 1/31/27(3)		200		196
Republic of Colombia 3.875%, 4/25/27		200		199
Republic of Costa Rica 144A 7.000%, 4/4/44(3)		200		202
Republic of Panama 3.875%, 3/17/28		200		203
Republic of Turkey 4.875%, 10/9/26		400		386
Sultanate of Oman 144A 4.750%, 6/15/26(3)		200		202
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $2,450)				2,473
MORTGAGE-BACKED SECURITIES—21.1%
Agency—7.2%
FHLMC
5.000%, 12/1/35		27		30
4.000%, 2/1/45		393		413
3.500%, 3/1/45		315		323
3.000%, 5/1/45		126		125
3.500%, 4/1/46		364		372

	PAR VALUE			VALUE
Agency—continued
FNMA
6.000%, 7/1/17	$	—	(13)	$	—	(13)
5.500%, 9/1/17		1			1
5.000%, 4/1/20		41			42
5.000%, 8/1/21		7			7
6.000%, 5/1/29		25			29
6.500%, 5/1/30		1			1
7.000%, 7/1/31		8			9
5.500%, 4/1/36		39			44
5.500%, 9/1/36		139			155
6.000%, 9/1/37		21			24
6.000%, 8/1/38		167			193
6.000%, 8/1/38		13			14
5.000%, 6/1/39		507			561
5.000%, 9/1/39		136			151
5.500%, 9/1/39		276			307
4.500%, 9/1/40		217			236
3.500%, 12/1/42		262			269
4.000%, 9/1/44		102			107
3.500%, 8/1/45		589			603
3.500%, 8/1/45		553			566
3.500%, 1/1/46		134			137
4.000%, 1/1/46		233			245
3.500%, 6/1/46		235			241
GNMA 6.500%, 9/15/28		27			31
					5,236
Non-Agency—13.9%
Access Point Financial, Inc. 15-A, A 144A 2.610%, 4/15/20(3)		22			22
Agate Bay Mortgage Trust 13-1, A1 144A 3.500%, 7/25/43(2)(3)		73			74
American Homes 4 Rent Trust 14-SFR2, C 144A 4.705%, 10/17/36(3)		195			203
15-SFR2, C 144A 4.691%, 10/17/45(3)		125			130
15-SFR1, A 144A 3.467%, 4/17/52(3)		217			220
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 4.800%, 6/25/33(2)		130			129
AMSR Trust 16-SFR1, C 144A 3.193%, 11/17/33(2)(3)		100			101
Aventura Mall Trust 13-AVM, C 144A 3.743%, 12/5/32(2)(3)		325			334
Banc of America Funding Trust
04-B, 2A1 3.439%, 11/20/34(2)		75			74
05-1, 1A1 5.500%, 2/25/35		83			83
Banc of America Mortgage Trust 05-3, 1A15 5.500%, 4/25/35		68			69

	PAR VALUE		VALUE
Non-Agency—continued
Bank of America (Countrywide) Asset-Backed Certificates 05-1, AF5A 5.102%, 7/25/35(2)	$	241	$	249
Bank of America (Merrill Lynch – Countrywide) Home Loan Mortgage Pass-Through-Trust 04-6, 1A2 3.051%, 5/25/34(2)		221		219
Bayview Opportunity Master Fund Trust
04-B Trust, 16-SPL2, B1 144A 4.250%, 6/28/53(2)(3)		100		103
04-A Trust, 16-SPL1, B1 144A 4.250%, 4/28/55(3)		160		165
04-A Trust, 17-SPL1, B1 144A 4.250%, 10/28/64(2)(3)		114		117
Colony Starwood Homes Trust 16-2A, C 144A 3.093%, 12/17/33(2)(3)		195		196
Credit Suisse Commercial Mortgage-Backed Trust 06-08, 3A1 6.000%, 10/25/21		70		66
Credit Suisse Mortgage Loan Trust 15-1, B4 144A 3.893%, 5/25/45(2)(3)		97		89
Freddie Mac Structured Agency Credit Risk Debt Notes 16-DNA2, M2 3.182%, 10/25/28(2)		250		255
Galton Funding Mortgage Trust 17-1, A21 144A 3.500%, 7/25/56(3)		147		149
Goldman Sachs Mortgage Securities Trust 07-GG10, A1A 5.949%, 8/10/45(2)		65		66
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35(2)		62		62
GSR Mortgage Loan Trust 06-1F, 2A4 6.000%, 2/25/36		151		130
Jefferies Resecuritization Trust 14-R1, 1A1 144A 4.000%, 12/27/37(3)		37		37
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 03-S11, 3A5 5.950%, 11/25/33		164		171
JPMorgan Chase Commercial Mortgage Securities Trust 14-C22, A4 3.801%, 9/15/47		195		202

See Notes to Financial Statements

10

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
JPMorgan Chase Mortgage Trust
04-A4, 2A1 3.197%, 9/25/34(2)	$	173	$	175
14-1, 1A1 144A 4.000%, 1/25/44(2)(3)		93		96
16-1, M2 144A 3.750%, 4/25/45(2)(3)		131		130
15-4, 1A4 144A 3.500%, 6/25/45(2)(3)		105		106
16-2, M2 144A 3.750%, 12/25/45(2)(3)		171		171
16-1, A3 144A 3.500%, 5/25/46(3)		481		485
16-5, A1 144A 2.602%, 12/25/46(2)(3)		164		163
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35(2)(3)		109		110
Morgan Stanley – Bank of America (Merrill Lynch) Trust
13-C13, AS 4.266%, 11/15/46		360		381
15-C22, AS 3.561%, 4/15/48		310		310
Morgan Stanley Capital Barclays Bank Trust 16-MART, A 144A 2.200%, 9/13/31(3)		140		137
Morgan Stanley Capital I Trust
07-T27, A4 5.791%, 6/11/42(2)		253		254
08-T29, A4 6.301%, 1/11/43(2)		487		499
07-IQ14, AM 5.777%, 4/15/49(2)		180		180
Motel 6 Trust 15-MTL6, D 144A 4.532%, 2/5/30(3)		210		211
New Residential Mortgage Loan Trust
14-1A, A 144A 3.750%, 1/25/54(2)(3)		146		149
15-2A, A1 144A 3.750%, 8/25/55(2)(3)		174		178
16-1A, A1 144A 3.750%, 3/25/56(2)(3)		148		150
16-4A, B1A 144A 4.500%, 11/25/56(3)		178		183
NovaStar Mortgage Funding Trust Series 04-4, M5 2.707%, 3/25/35(2)		185		181
One Market Plaza Trust 17-1MKT, A 144A 3.614%, 2/10/32(3)		150		155
Residential Asset Securitization Trust 05-A1, A3 5.500%, 4/25/35		131		131

	PAR VALUE		VALUE
Non-Agency—continued
Sequoia Mortgage Trust
13-8, B1 3.535%, 6/25/43(2)	$	109	$	110
14-2, A1 144A 4.000%, 7/25/44(2)(3)		88		90
Towd Point Mortgage Trust
15-1, A2 144A 3.250%, 10/25/53(2)(3)		150		146
16-1, A1B, 144A 2.750%, 2/25/55(2)(3)		169		169
15-5, A2 144A 3.500%, 5/25/55(2)(3)		220		222
15-2, 1M1 144A 3.250%, 11/25/60(2)(3)		445		442
Vericrest Opportunity Loan Trust LI LLC 16-NP11, A1 144A 3.500%, 10/25/46(2)(3)		95		96
Vericrest Opportunity Loan Trust XLVIII LLC 16-NPL8, A1 144A 3.500%, 7/25/46(2)(3)		105		105
Vericrest Opportunity Loan Trust XXII LLC 15-NPL4, A1 144A 3.500%, 2/25/55(2)(3)		75		75
Vericrest Opportunity Loan Trust XXXV LLC 16-NPL9, A1 144A 3.500%, 9/25/46(2)(3)		88		88
Vericrest Opportunity Loan Trust XXXVII LLC 15-NP11, A1 144A 3.625%, 7/25/45(2)(3)		82		82
Wells Fargo Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50		300		298
				10,173
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $15,257)				15,409
ASSET-BACKED SECURITIES—5.3%
AmeriCredit Automobile Receivables Trust 14-1, D 2.540%, 6/8/20		235		237
Avis Budget Rental Car Funding LLC
(AESOP) 12-3A, A 144A 2.100%, 3/20/19(3)		375		376
(AESOP) 16-1A, A 144A 2.990%, 6/20/22(3)		200		202
CarMax Auto Owner Trust 15-2, C 2.390%, 3/15/21		235		236
Centre Point Funding LLC 12-2A,1 144A 2.610%, 8/20/21(3)		191		188
Drive Auto Receivables Trust 15-DA, C 144A 3.380%, 11/15/21(3)		260		263

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—continued
Drug Royalty II LP 2 14-1, A2 144A 3.484%, 7/15/23(3)	$	135	$	134
DT Auto Owner Trust 16-4A, C 144A 2.740%, 10/17/22(3)		235		236
Exeter Automobile Receivables Trust 13-1A, C 144A 3.520%, 2/15/19(3)		110		111
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42(3)		140		140
Mariner Finance Issuance Trust 17-AA, A 144A 3.620%, 2/20/29(3)		185		186
Navistar Financial Dealer Note Master Owner Trust II 16-1, B 144A 2.732%, 9/27/21(2)(3)		310		311
Orange Lake Timeshare Trust 12-AA, A 144A 3.450%, 3/10/27(3)		34		34
Santander Drive Auto Receivables Trust 13-1, D 2.270%, 1/15/19		215		215
Sierra Timeshare Receivables Funding LLC 12-3A, A 144A 1.870%, 8/20/29(3)		69		68
Silverleaf Finance XV LLC 12-D, A 144A 3.000%, 3/17/25(3)		22		22
SoFi Professional Loan Program LLC 15-A, A2 144A 2.420%, 3/25/30(3)		81		81
Taco Bell Funding LLC 16-1A, A21 144A 3.832%, 5/25/46(3)		239		242
TGIF Funding LLC 17-1A, A2 144A 6.202%, 4/30/47(3)		185		182
Trip Rail Master Funding LLC 14-1A, A1 144A 2.863%, 4/15/44(3)		225		220
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23(3)		214		216
TOTAL ASSET-BACKED SECURITIES (Identified Cost $3,899)				3,900
CORPORATE BONDS AND NOTES—48.6%
Consumer Discretionary—4.8%
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20(4)		98		115
Caesars Growth Properties Holdings LLC 9.375%, 5/1/22		75		81

See Notes to Financial Statements

11

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—continued
CalAtlantic Group, Inc. 5.250%, 6/1/26	$	120	$	120
Cequel Communications Holdings I LLC
144A 5.125%, 12/15/21(3)		45		46
144A 5.125%, 12/15/21(3)		110		112
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		165		167
Cooper-Standard Automotive, Inc. 144A 5.625%, 11/15/26(3)		155		155
Diamond Resorts International, Inc. 144A 7.750%, 9/1/23(3)		15		16
Eagle II Acquisition Co., LLC 144A 6.000%, 4/1/25(3)		20		21
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(3)		60		61
Hilton Worldwide Finance LLC 144A 4.875%, 4/1/27(3)		40		40
Horton (D.R.), Inc. 4.750%, 2/15/23		220		234
Landry’s, Inc. 144A 6.750%, 10/15/24(3)		45		47
M/I Homes, Inc. 6.750%, 1/15/21		95		100
MDC Holdings, Inc. 5.500%, 1/15/24		180		186
MPG Holdco I, Inc. 7.375%, 10/15/22		145		158
NCL Corp., Ltd. 144A 4.750%, 12/15/21(3)		110		112
New York University 4.142%, 7/1/48		70		66
Pinnacle Entertainment, Inc. 144A 5.625%, 5/1/24(3)		60		61
Priceline Group, Inc. (The) 3.650%, 3/15/25		195		196
QVC, Inc. 4.375%, 3/15/23		265		266
Scientific Games International, Inc. 6.625%, 5/15/21		95		89
SFR (Numericable) Group S.A. 144A 7.375%, 5/1/26(3)		200		207
Signet UK Finance plc 4.700%, 6/15/24		210		203
Taylor Morrison Communities, Inc. 144A 5.625%, 3/1/24(3)		40		42
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23(3)		80		85
Toll Brothers Finance Corp. 5.625%, 1/15/24		10		11
TRI Pointe Group, Inc. 5.875%, 6/15/24		175		181

	PAR VALUE		VALUE
Consumer Discretionary—continued
Wyndham Worldwide Corp.
5.100%, 10/1/25	$	245	$	261
4.500%, 4/1/27		50		50
				3,489
Consumer Staples—1.7%
Anheuser-Busch InBev Finance, Inc. 3.650%, 2/1/26		185		187
CVS Health Corp. 2.875%, 6/1/26		255		243
Flowers Foods, Inc. 4.375%, 4/1/22		275		292
Post Holdings, Inc. 144A 5.750%, 3/1/27(3)		90		90
Safeway, Inc. 7.250%, 2/1/31		115		112
Smithfield Foods, Inc. 144A 4.250%, 2/1/27(3)		49		49
Tops Holding LLC 144A 8.000%, 6/15/22(3)		155		128
Whole Foods Market, Inc. 5.200%, 12/3/25		140		149
				1,250
Energy—4.3%
Alta Mesa Holdings LP 144A 7.875%, 12/15/24(3)		75		78
Antero Resources Corp. 5.625%, 6/1/23		80		82
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(3)		45		46
Cheniere Corpus Christi Holdings LLC 144A 5.875%, 3/31/25(3)		110		115
Crestwood Midstream Partners LP 144A 5.750%, 4/1/25(3)		125		128
Enbridge Energy Partners LP 4.375%, 10/15/20		30		32
Energy Transfer Partners LP 4.200%, 4/15/27		185		183
EP Energy LLC 144A 8.000%, 11/29/24(3)		20		21
FTS International, Inc. 6.250%, 5/1/22		60		53
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25		115		120
Holly Energy Partners LP 144A 6.000%, 8/1/24(3)		15		16
HollyFrontier Corp. 5.875%, 4/1/26		190		202
Kinder Morgan Energy Partners LP 7.500%, 11/15/40		245		296
Matador Resources Co. 144A 6.875%, 4/15/23(3)		120		126
MPLX LP 4.875%, 12/1/24		255		268
NGL Energy Partners LP 5.125%, 7/15/19		155		156

	PAR VALUE		VALUE
Energy—continued
Noble Holding International Ltd. 7.750%, 1/15/24	$	90	$	87
Pertamina Persero PT 144A 4.875%, 5/3/22(3)		200		212
Petrobras Global Finance BV
8.750%, 5/23/26		130		151
7.375%, 1/17/27		30		32
Petroleos Mexicanos 6.875%, 8/4/26		170		189
QEP Resources, Inc. 5.250%, 5/1/23		55		54
Sabine Pass Liquefaction LLC
6.250%, 3/15/22		140		155
144A 4.200%, 3/15/28(3)		35		34
Summit Midstream Holdings LLC (Summit Midstream Finance Corp.) 5.750%, 4/15/25		30		30
Sunoco LP 6.375%, 4/1/23		175		178
Transocean, Inc. 144A 9.000%, 7/15/23(3)		100		107
				3,151
Financials—16.9%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22		200		205
Allstate Corp. (The) 5.750%, 8/15/53(2)(6)		180		193
Ally Financial, Inc. 5.750%, 11/20/25		120		123
Apollo Management Holdings LP 144A 4.000%, 5/30/24(3)		190		191
Ares Capital Corp.
4.875%, 11/30/18		26		27
3.875%, 1/15/20		71		72
Ares Finance Co., LLC 144A 4.000%, 10/8/24(3)		270		253
Banco de Credito del Peru 144A 6.125%, 4/24/27(2)(3)		175		191
Banco de Credito e Inversiones 144A 4.000%, 2/11/23(3)		275		282
Banco Inbursa S.A. Institucion de Banca Multiple 144A 4.125%, 6/6/24(3)		160		160
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29(2)(3)		185		203
Banco Nacional de Comercio Exterior SNC 144A 4.375%, 10/14/25(3)		200		203
Banco Santander Chile 144A 3.875%, 9/20/22(3)		215		223
Bancolombia S.A. 5.125%, 9/11/22		260		272
Bank of America Corp.
2.000%, 1/11/18		150		150
5.625%, 7/1/20		235		258
4.200%, 8/26/24		338		344
Brookfield Finance LLC 4.000%, 4/1/24		157		158

See Notes to Financial Statements

12

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Financials—continued
Capital One Financial Corp.
4.200%, 10/29/25	$	180	$	181
3.750%, 7/28/26		200		194
Citigroup, Inc. 4.600%, 3/9/26		230		236
Compass Bank 3.875%, 4/10/25		250		245
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22(3)		290		287
Discover Financial Services 3.950%, 11/6/24		190		190
Ford Motor Credit Co., LLC 5.750%, 2/1/21		235		259
FS Investment Corp.
4.250%, 1/15/20		165		166
4.750%, 5/15/22		40		41
General Motors Financial Co., Inc.
4.200%, 3/1/21		90		94
3.450%, 4/10/22		30		30
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22		500		563
Hutchison Whampoa International Ltd. Series 12 144A 6.000%(2)(3)(5)(6)		310		311
ICAHN Enterprises LP
5.875%, 2/1/22		65		66
144A 6.250%, 2/1/22(3)		35		36
ING Groep N.V. 6.000%(2)(5)(6)		200		200
iStar, Inc. 6.000%, 4/1/22		35		36
Jefferies Group LLC
5.125%, 1/20/23		85		91
4.850%, 1/15/27		100		102
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(3)		215		227
Leucadia National Corp. 5.500%, 10/18/23		150		160
Liberty Mutual Group, Inc. 144A 4.250%, 6/15/23(3)		245		257
Lincoln National Corp. 4.200%, 3/15/22		250		264
Macquarie Group Ltd. 144A 6.250%, 1/14/21(3)		210		233
Manulife Financial Corp. 4.150%, 3/4/26		215		226
Morgan Stanley
4.100%, 5/22/23		155		160
4.350%, 9/8/26		340		346
6.375%, 7/24/42		435		558
Navient Corp.
6.500%, 6/15/22		75		76
7.250%, 9/25/23		40		40
OM Asset Management plc 4.800%, 7/27/26		200		199
Powszechna Kasa Oszczednosci Bank Polski S.A. 144A 4.630%, 9/26/22(3)(7)		255		269

	PAR VALUE		VALUE
Financials—continued
Prudential Financial, Inc. 5.625%, 6/15/43(2)(6)	$	160	$	172
S&P Global, Inc. 4.000%, 6/15/25		195		200
Santander Holdings USA, Inc. 144A 3.700%, 3/28/22(3)		185		185
SBA Tower Trust 144A 2.877%, 7/15/21(3)		320		318
Societe Generale S.A. 144A 4.750%, 11/24/25(3)		200		201
Starwood Property Trust, Inc. 144A 5.000%, 12/15/21(3)		20		21
State Bank of India 144A 3.250%, 4/18/18(3)		265		268
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(2)(3)		160		158
Tervita Escrow Corp. 144A 7.625%, 12/1/21(3)		15		16
Trinity Acquisition plc
3.500%, 9/15/21		15		15
4.400%, 3/15/26		80		82
UBS AG 7.625%, 8/17/22		500		578
Vnesheconombank 144A 6.025%, 7/5/22(3)		200		215
Wells Fargo & Co. 3.069%, 1/24/23		95		95
				12,375
Health Care—3.6%
Abbott Laboratories
3.400%, 11/30/23		40		40
3.750%, 11/30/26		150		150
AbbVie, Inc.
2.850%, 5/14/23		135		132
3.600%, 5/14/25		65		65
3.200%, 5/14/26		110		106
Cardinal Health, Inc.
3.200%, 3/15/23		130		132
3.750%, 9/15/25		165		170
Community Health Systems, Inc.
5.125%, 8/1/21		85		84
6.250%, 3/31/23		35		36
Envision Healthcare Corp. 144A 6.250%, 12/1/24(3)		35		37
Forest Laboratories LLC 144A 4.875%, 2/15/21(3)		160		172
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(3)		35		36
HCA, Inc.
5.375%, 2/1/25		80		83
5.250%, 6/15/26		20		21
Hill-Rom Holdings, Inc. 144A 5.000%, 2/15/25(3)		86		86
IASIS Healthcare LLC 8.375%, 5/15/19		80		77
MEDNAX, Inc. 144A 5.250%, 12/1/23(3)		90		92
Mylan N.V.
3.000%, 12/15/18		55		56
3.150%, 6/15/21		55		55

	PAR VALUE		VALUE
Health Care—continued
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22(3)	$	120	$	112
Owens & Minor, Inc. 3.875%, 9/15/21		35		36
Shire Acquisitions Investments 2.400%, 9/23/21		80		78
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(3)		120		127
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23(3)		160		172
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(3)		90		89
Tenet Healthcare Corp.
4.631%, 6/15/20(2)		75		76
4.500%, 4/1/21		85		86
144A 7.500%, 1/1/22(3)		5		5
Teva Pharmaceutical Finance III BV 3.150%, 10/1/26		120		111
Valeant Pharmaceuticals International, Inc.
144A 7.500%, 7/15/21(3)		25		22
144A 6.500%, 3/15/22(3)		10		10
144A 5.500%, 3/1/23(3)		50		39
144A 7.000%, 3/15/24(3)		20		21
				2,614
Industrials—2.5%
Carpenter Technology Corp. 4.450%, 3/1/23		250		254
Continental Airlines Pass-Through-Trust 00-1, A1 8.048%, 11/1/20		249		273
Doric Nimrod Air Alpha Pass-Through-Trust 13-1, A 144A 5.250%, 5/30/23(3)		167		174
GATX Corp. 3.250%, 9/15/26		35		33
Harland Clarke Holdings Corp. 144A 8.375%, 8/15/22(3)		40		41
Masco Corp.
5.950%, 3/15/22		110		124
4.450%, 4/1/25		55		57
Owens Corning 3.400%, 8/15/26		200		194
Park Aerospace Holdings Ltd. 144A 5.500%, 2/15/24(3)		90		94
Penske Truck Leasing Co., LP 144A 3.375%, 2/1/22(3)		75		76
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23(3)		75		82
TransDigm, Inc.
6.000%, 7/15/22		115		117
6.500%, 5/15/25		45		46
Wheels Up Finance I LLC 7.555%, 6/1/24(2)(8)		234		233
				1,798

See Notes to Financial Statements

13

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Information Technology—2.3%
Broadcom Corp.
144A 3.000%, 1/15/22(3)	$	80	$	80
144A 3.625%, 1/15/24(3)		145		146
CDW LLC (CDW Finance Corp.) 5.000%, 9/1/25		30		31
CommScope Technologies LLC 144A 5.000%, 3/15/27(3)		30		30
Diamond 1 Finance Corp.
144A 5.450%, 6/15/23(3)		40		43
144A 6.020%, 6/15/26(3)		40		44
144A 8.100%, 7/15/36(3)		85		107
Dun & Bradstreet Corp. (The) 4.625%, 12/1/22		270		279
DXC Technology Co. ( Everett Spinco, Inc.) 144A 4.250%, 4/15/24(3)		49		50
First Data Corp. 144A 5.000%, 1/15/24(3)		230		235
Flex Ltd. 4.750%, 6/15/25		200		210
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		120		124
Radiate Holdco LLC 144A 6.625%, 2/15/25(3)		95		94
Verisk Analytics, Inc. 4.000%, 6/15/25		190		193
				1,666
Materials—4.0%
Alpek SAB de C.V. 144A 5.375%, 8/8/23(3)		310		324
Eldorado Gold Corp. 144A 6.125%, 12/15/20(3)		95		98
Equate Petrochemical BV 144A 4.250%, 11/3/26(3)		200		200
Freeport-McMoRan, Inc. 3.875%, 3/15/23		80		74
Glencore Funding LLC 144A 4.000%, 3/27/27(3)		185		183
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(3)		200		201
Inversiones CMPC S.A. 144A 4.375%, 5/15/23(3)		375		384
NewMarket Corp. 4.100%, 12/15/22		288		294
Novelis Corp.
144A 6.250%, 8/15/24(3)		10		10
144A 5.875%, 9/30/26(3)		150		153
Office Cherifien des Phosphates (OCP) S.A. 144A 5.625%, 4/25/24(3)		200		213
Rusal Capital DAC 144A 5.125%, 2/2/22(3)		200		201
Severstal Oao Via Steel Capital S.A. 144A 3.850%, 8/27/21(3)(7)		220		220
Silgan Holdings, Inc. 144A 4.750%, 3/15/25(3)		35		35
Standard Industries, Inc. 144A 6.000%, 10/15/25(3)		145		150
Vulcan Materials Co. 3.900%, 4/1/27		185		187
				2,927

	PAR VALUE		VALUE
Real Estate—4.7%
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27	$	120	$	120
Brixmor Operating Partnership LP 3.875%, 8/15/22		55		56
CoreCivic, Inc. 5.000%, 10/15/22		165		171
Corporate Office Properties LP 3.600%, 5/15/23		265		258
CyrusOne LP 144A 5.375%, 3/15/27(3)		40		40
DDR Corp.
7.875%, 9/1/20		155		179
3.500%, 1/15/21		130		131
Digital Realty Trust LP 5.250%, 3/15/21		165		179
Education Realty Operating Partnership LP 4.600%, 12/1/24		205		206
EPR Properties 4.750%, 12/15/26		245		246
Healthcare Realty Trust, Inc. 3.875%, 5/1/25		125		124
Hospitality Properties Trust 4.950%, 2/15/27		220		226
Kilroy Realty LP 4.375%, 10/1/25		190		198
Kimco Realty Corp. 3.400%, 11/1/22		185		187
LifeStorage LP 3.500%, 7/1/26		125		120
MPT Operating Partnership LP
6.375%, 3/1/24		20		21
5.500%, 5/1/24		90		92
National Retail Properties, Inc. 4.000%, 11/15/25		60		61
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24		155		149
Select Income REIT 4.500%, 2/1/25		190		191
Uniti Group, Inc. (Communications Sales & Leasing, Inc.) 144A 7.125%, 12/15/24(3)		150		153
Welltower, Inc. 4.000%, 6/1/25		200		203
WP Carey, Inc. 4.600%, 4/1/24		160		166
				3,477
Telecommunication Services—1.9%
AT&T, Inc. 3.875%, 8/15/21		425		442
Crown Castle International Corp. 3.700%, 6/15/26		20		20
Frontier Communications Corp. 10.500%, 9/15/22		145		148
Qwest Corp. 7.250%, 9/15/25		150		164

	PAR VALUE		VALUE
Telecommunication Services—continued
T-Mobile USA, Inc. 6.375%, 3/1/25	$	105	$	113
Telefonica Emisiones SAU 4.570%, 4/27/23		225		241
Verizon Communications, Inc. 4.125%, 3/16/27		180		183
Zayo Group LLC
6.375%, 5/15/25		75		81
144A 5.750%, 1/15/27(3)		5		5
				1,397
Utilities—1.9%
Dominion Resources, Inc. 2.962%, 7/1/19(2)		20		20
Duke Energy Corp. 2.650%, 9/1/26		205		190
Dynegy, Inc. 7.375%, 11/1/22		165		164
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(3)		200		202
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25(3)		210		219
Southern Power Co. 4.150%, 12/1/25		230		238
State Grid Overseas Investment 2014 Ltd. 144A 4.125%, 5/7/24(3)		200		212
TerraForm Power Operating LLC 144A 6.375%, 2/1/23(2)(3)		145		151
				1,396
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $34,784)				35,540
LOAN AGREEMENTS(2)—3.9%
Consumer Discretionary—0.9%
Boyd Gaming Corp. Refinancing Tranche B, 0.000%, 9/15/23(12)		35		35
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		154		155
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		59		60
Floor & Decor Outlets of America, Inc. 5.250%, 9/30/24		77		77
Laureare Education, Inc. 2021 Extended, 8.509%, 3/17/21		63		63
Station Casinos LLC Tranche B, 3.450%, 6/8/23		71		72
U.S. Farathane LLC Tranche B-3, 0.000%, 12/23/21(12)		109		111
UFC Holdings LLC First Lien, 4.250%, 8/18/23		93		93
				666

See Notes to Financial Statements

14

VIRTUS NEWFLEET BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Staples—0.3%
Albertson’s LLC Tranche B-4 3.982%, 8/25/21	$	111	$	112
JBS USA Lux S.A. 3.289%, 10/30/22		50		50
TKC Holdings, Inc. First Lien, 4.750%, 2/1/23		40		41
				203
Energy—0.1%
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		94		91
Financials—0.0%
Avolon TLB Borrower 1 (US) LLC Tranche B-2, 0.000%, 3/21/22(12)		5		5
Health Care—0.8%
CHG Healthcare Services, Inc. First Lien, 4.750%, 6/7/23		104		105
Community Health Systems, Inc. 2021 Tranche H, 4.027%, 1/27/21		77		77
Grifols Worldwide Operations Ltd. Tranche B, 3.194%, 1/31/25		30		30
HLF Financing S.a.r.l. Senior Lien, 6.482%, 2/15/23		40		40
Inventiv Group Holdings, Inc. 4.804%, 11/9/23		58		58
MMM Holdings, Inc. 10.250%, 6/30/19		41		41
MPH Acquisition Holdings LLC 4.897%, 6/7/23		44		44
MSO of Puerto Rico, Inc. 10.250%, 6/30/19		30		30
NVA Holdings, Inc. Second Lien, 0.000%, 8/14/22(12)		73		73
Quorum Health Corp. 6.789%, 4/29/22		90		88
				586
Industrials—0.7%
84 Lumber Co. 6.750%, 10/25/23		114		116
Advanced Disposal Services, Inc. 3.698%, 11/10/23		17		17
Navistar, Inc. Tranche B, 5.000%, 8/7/20		119		121
Sedgwick Claims Management Services, Inc. Second Lien, 6.804%, 2/28/22		120		120
Zodiac Pool Solutions LLC First Lien, 5.647%, 12/20/23		100		100
				474

	PAR VALUE			VALUE
Information Technology—0.2%
Donnelley Financial Solutions, Inc. Tranche B, 5.000%, 9/29/23	$	35		$	36
Rackspace Hosting, Inc. Tranche B, First Lien, 4.535%, 11/3/23		34			34
SS&C Technologies Holdings, Inc.
2017 Refinancing Tranche B-1, 3.232%, 7/8/22		40			40
2017 Refinancing Tranche B-2, 3.232%, 7/8/22		3			3
					113
Materials—0.3%
Anchor Glass Container Corp. First Lien, 4.250%, 12/7/23		17			17
CPI Acquisition, Inc. First Lien, 5.834%, 8/17/22		160			149
Huntsman International LLC Tranche B, 3.982%, 4/1/23		44			44
Ineos U.S. Finance LLC New 2022 3.732%, 3/31/22		9			9
					219
Real Estate—0.0%
Capital Automotive LP Tranche B-2, First Lien 4.000%, 3/21/24		20			20
Telecommunication Services—0.2%
Neustar, Inc. Tranche B2, 0.000%, 3/1/24(12)		55			56
UPC Financing Partnership 3.662%, 4/15/25		60			60
					116
Utilities—0.4%
Helix Gen Funding LLC Tranche 0.000%, 3/9/24(12)		5			5
NRG Energy, Inc. 3.232%, 6/30/23		235			236
Vistra Operations Company LLC 3.732%, 8/4/23		70			70
Tranche C, 3.732%, 8/4/23		17			17
					328
TOTAL LOAN AGREEMENTS (Identified Cost $2,797)					2,821
	SHARES
PREFERRED STOCKS—3.9%
Energy—0.3%
PTT Exploration & Production PCL 144A, 4.875%(2)(3)		200	(9)		204

	SHARES			VALUE
Financials—2.6%
Bank of New York Mellon Corp. (The) Series E, 4.950%(2)		150	(9)	$	155
Citigroup, Inc. Series J, 7.125%		8,000			231
Citigroup, Inc. Series T, 6.250%(2)		155	(9)		167
JPMorgan Chase & Co. Series Z, 5.300%(2)		45	(9)		47
KeyCorp Series D, 5.000%(2)		190	(9)		189
M&T Bank Corp. Series F, 5.125%(2)		195	(9)		194
PNC Financial Services Group, Inc. (The) Series R, 4.850%(2)		215	(9)		214
PNC Financial Services Group, Inc. (The) Series S, 5.000%(2)		195	(9)		194
SunTrust Bank, Inc. 5.625%(2)		45	(9)		47
Wells Fargo & Co. Series K, 7.980%(2)		230	(9)		239
Zions Bancorp 6.950%		8,800			257
					1,934
Industrials—1.0%
General Electric Co. Series D, 5.000%(2)		686	(9)		723
TOTAL PREFERRED STOCKS (Identified Cost $2,710)					2,861
EXCHANGE-TRADED FUNDS(11)—1.6%
iShares iBoxx $ High Yield Corporate Bond Index Fund		4,000			351
iShares iBoxx $ Investment Grade Corporate Bond Index Fund		6,725			793
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,152)					1,144
AFFILIATED MUTUAL FUND—1.6%
Virtus Newfleet Credit Opportunities Fund Class R6(11)		117,904			1,178
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,179)					1,178
TOTAL LONG TERM INVESTMENTS—98.0%
(Identified Cost $71,033)					71,604	(10)
TOTAL INVESTMENTS—98.0% (Identified Cost $71,033)					71,604	(1)
Other assets and liabilities, net—2.0%					1,485
NET ASSETS—100.0%				$	73,089

Abbreviations:

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

FNMA Federal National Mortgage Association (“Fannie Mae”)

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, 2017

($ reported in thousands)

GNMA Government National Mortgage Association (“Ginnie Mae”)

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

⁽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, 2017, these securities amounted to a value of $23,295 or 31.9% of net assets.

⁽⁴⁾ Security in default, a portion of the interest payments are being received during the bankruptcy proceedings.

⁽⁵⁾ No contractual maturity date.

⁽⁶⁾ Interest payments may be deferred.

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

⁽⁸⁾ Illiquid security.

⁽⁹⁾ Value shown as par value.

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

⁽¹¹⁾ Shares of these funds are publicly offered and the prospectus and annual reports of each are publicly available.

⁽¹²⁾ This loan will settle after March 31, 2017, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽¹³⁾ Amount is less than $500 or 500 shares (reported in 000’s).

Country Weightings†
United States	83	%
Chile	1
Ireland	1
Kazakhstan	1
Luxembourg	1
Mexico	1
Switzerland	1
Other	11
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	3,900	$	—	$	3,900	$	—
Corporate Bonds And Notes		35,540		—		35,308		232
Foreign Government Securities		2,473		—		2,473		—
Loan Agreements		2,821		—		2,705		116
Mortgage-Backed Securities		15,409		—		15,409		—
Municipal Bonds		1,772		—		1,772		—
U.S. Government Securities		4,506		—		4,506		—
Equity Securities:
Affiliated Mutual Fund		1,178		1,178		—		—
Exchange-Traded Funds		1,144		1,144		—		—
Preferred Stocks		2,861		488		2,373		—
Total Investments	$	71,604	$	2,810	$	68,446	$	348

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2017.

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

	Total			Corporate Bonds and Notes			Loan Agreements
Investments in Securities
Balance as of September 30, 2016:	$	240		$	240		$	—
Accrued discount/(premium)		—	(d)		—	(d)		—	(d)
Realized gain (loss)		—	(d)		—	(d)		—
Change in unrealized appreciation (depreciation)(c)		(36	)		(38	)		2
Purchases		155			41			114
Sales(b)		(11	)		(11	)		—
Transfers into Level 3(a)		—			—			—
Transfers from Level 3(a)		—			—			—
Balance as of March 31, 2017	$	348		$	232		$	116

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2017, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydown on securities.

^(c)  Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. The change in unrealized (depreciation) on investments still held on March 31, 2017, was $(36).

^(d)  Amount is less than $500.

None of the securities in this table are internally fair valued. The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

See Notes to Financial Statements

16

VIRTUS NEWFLEET CA TAX-EXEMPT BOND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MUNICIPAL TAX-EXEMPT BONDS(2)—95.2%
Development Revenue—14.2%
Garden Grove Agency for Community Development Successor Agency, Garden Grove Community Project (BAM Insured) 5.000%, 10/1/29	$	350	$	407
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		79
Los Angeles County Redevelopment Refunding Authority, Long Beach Project, 5.000%, 8/1/34		215		245
Menlo Park Community Development Agency Successor Agency, Las Pulgas Community Development Project (AGM Insured) 5.000%, 10/1/29		100		116
Milpitas Redevelopment Agency Successor Agency Redevelopment Project Area No.1, 5.000%, 9/1/30		300		348
Palm Desert Redevelopment Agency Successor Agency, Tax Allocation Revenue (BAM Insured), 5.000%, 10/1/28		50		59
Palmdale Community Redevelopment Agency Successor Agency, Subordinate Lien (NATL Insured) 5.000%, 9/1/34		300		338
Rancho Cucamonga Redevelopment Agency Successor Agency, Rancho Redevelopment Project Area (NATL Insured) 4.000%, 9/1/34		200		204
Sacramento Redevelopment Agency Successor Agency
(BAM Insured) 5.000%, 12/1/33		75		85
(BAM Insured) 5.000%, 12/1/34		75		84
San Marcos Redevelopment Agency Successor Agency, 5.000%, 10/1/33		300		344
San Mateo Redevelopment Agency Successor Agency, 5.000%, 8/1/30		250		286
Santa Clara Redevelopment Agency, Bayshore North Project (NATL Insured) 5.000%, 6/1/22		500		503

	PAR VALUE		VALUE
Development Revenue—continued
Union City Redevelopment Agency Successor Agency, Union City Redevelopment Project, 5.000%, 10/1/36	$	215	$	243
Westminster Redevelopment Agency Successor Agency,
(BAM Insured) 4.000%, 11/1/34		75		77
(BAM Insured) 4.000%, 11/1/36		250		254
				3,950
General Obligation—15.3%
Cajon Valley Union School District, 5.000%, 8/1/31		250		291
California State of,
5.500%, 3/1/26		250		260
(AMBAC Insured) 5.000%, 2/1/27		290		352
5.000%, 9/1/32		300		338
5.000%, 12/1/37		5		5
6.000%, 4/1/38		250		274
Gilroy Unified School District 4.000%, 8/1/41		250		253
Grossmont Healthcare District 5.000%, 7/15/25		400		483
Long Beach Community College District, 5.000%, 5/1/32		225		266
Los Alamitos Unified School District, School Facilities Improvement District No. 1, 5.250%, 8/1/39		100		116
Midpeninsula Regional Open Space District 4.000%, 9/1/36		100		105
Oakland Unified School District
(AGM Insured) 5.000%, 8/1/24		200		239
5.000%, 8/1/33		300		347
Ross Valley School District, 5.000%, 8/1/37		350		398
San Diego Unified School District, (AGM Insured) 5.500%, 7/1/25		225		282
Temple City Unified School District, 4.000%, 8/1/33		250		260
				4,269
General Revenue—7.1%
California Infrastructure & Economic Development Bank
5.000%, 10/1/23		200		239
5.000%, 10/1/33		500		590
Los Angeles Museum 0.750%, 9/1/37(4)		500		500
California State Municipal Finance Authority, Bowles Hall Foundation 4.000%, 6/1/22		100		104
Golden State Tobacco Securitization Corp., 5.000%, 6/1/29		350		396
Midpeninsula Regional Open Space District, Promissory Notes 5.000%, 9/1/23		120		144
				1,973

	PAR VALUE		VALUE
Higher Education Revenue—4.1%
California State University
5.000%, 11/1/32	$	125	$	145
5.000%, 11/1/41		300		341
California Statewide Communities Development Authority, The Culinary Institute of America 5.000%, 7/1/46		250		266
University of California,
General Revenue 5.000%, 5/15/23		100		119
Limited Projects Revenue 5.000%, 5/15/23		225		267
				1,138
Lease Revenue—8.6%
California State Public Works Board,
Capital Projects, 5.750%, 10/1/30		550		604
Department of Forestry & Fire Protection, 5.000%, 11/1/32		500		511
Department of Corrections 4.000%, 12/1/33		150		156
Municipal Improvement Corp. of Los Angeles Real Property 5.000%, 11/1/36		150		170
San Diego Regional Building Authority, County Operations Center 5.000%, 10/15/35		335		383
Ventura County Public Financing Authority, 5.000%, 11/1/25		250		289
West Hollywood Public Financing Authority, West Hollywood Park Phase II 5.000%, 4/1/34		250		286
				2,399
Medical Revenue—9.3%
California State Health Facilities Financing Authority,
El Camino Hospital, 5.000%, 2/1/26		100		117
Cedars-Sinai Medical Center, 5.000%, 11/15/31		250		289
Cedars-Sinai Medical Center 5.000%, 8/15/34		300		341
Sutter Health, 5.000%, 11/15/35		125		140
Providence St Joseph Health Revenue, 4.000%, 10/1/36		50		51
Lucille Salter Packard Children’s Hospital at Stanford, 5.000%, 8/15/43		100		112
Sutter Health, 5.000%, 8/15/43		135		148
Sutter Health 5.000%, 11/15/46		100		110

See Notes to Financial Statements

17

VIRTUS NEWFLEET CA TAX-EXEMPT BOND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Medical Revenue—continued
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		163
California Statewide Communities Development Authority,
Loma Linda University Medical Center, 5.000%, 12/1/30(3)		100		109
John Muir Health Center 5.000%, 8/15/41		100		110
Cottage Health System, 5.000%, 11/1/43		250		272
Loma Linda University Medical Center 5.250%, 12/1/56(3)		100		105
Regents of The University of California Medical Center Pooled Revenue 4.500%, 5/15/36		250		269
San Benito Health Care District, (CHFCLIF Insured) 4.000%, 3/1/18		140		144
				2,594
Natural Gas Revenue—2.6%
Roseville Natural Gas Financing Authority,
5.000%, 2/15/24		450		509
5.000%, 2/15/27		195		223
				732
Power Revenue—2.4%
Northern California Power Agency, Hydroelectric Project No.1, 5.000%, 7/1/32		200		226
Sacramento Municipal Utility District, 5.000%, 8/15/29		150		175
Southern California Public Power Authority, Windy Point Project, 5.000%, 7/1/28		250		277
				678
Pre-Refunded—12.6%
California State Health Facilities Financing Authority,
Providence Health & Services (Pre-refunded 10/1/18 @100) 6.500%, 10/1/18		5		5
Providence Health & Services (Pre-refunded 10/1/18 @100) 6.500%, 10/1/38		195		211
California State Infrastructure & Economic Development Bank,
Bay Area Toll Bridges (AMBAC Insured) (Pre-refunded 1/01/28 @ 100) 5.000%, 7/1/36		100		124

	PAR VALUE		VALUE
Pre-Refunded—continued
Bay Area Toll Bridges (AMBAC Insured) (Pre-refunded 7/1/26 @100) 5.125%, 7/1/37	$	530	$	652
California State of, (Pre-refunded 12/01/17 @ 100) 5.000%, 12/1/37		70		72
California State Public Works Board, Department of General Services, Buildings 8&9 (Pre-refunded 4/1/19 @100) 6.125%, 4/1/29		500		550
Los Alamitos Unified School District, School Facilities Improvement District No. 1, (Pre-refunded 8/01/23 @ 100) 5.250%, 8/1/39		150		180
Northern California Power Agency, (AMBAC Insured) (Pre-refunded 7/1/21 @ 100) 7.500%, 7/1/23		195		228
Riverside County Single Family Mortgage, (Escrowed to Maturity) (GNMA Collateralized) 7.800%, 5/1/21		1,085		1,340
Stockton Housing Facility, O’Connor Woods Project, (GNMA Collateralized) (Pre-refunded 9/20/17 @ 100) 5.600%, 3/20/28		145		146
				3,508
Special Tax Revenue—4.6%
Chula Vista Municipal Financing Authority, 5.000%, 9/1/27		200		232
Los Angeles County Transportation Authority, Special Tax, 5.000%, 7/1/29		500		610
San Diego County Regional Transportation Commission, Sales Tax Revenue 5.000%, 4/1/36		150		174
Tustin Unified School District, Community Facilities District No. 97-1 (BAM Insured) 5.000%, 9/1/33		250		282
				1,298
Transportation Revenue—5.9%
Los Angeles Department of Airports 5.000%, 5/15/32		200		235
Los Angeles Harbor Department, 5.000%, 8/1/35		235		270
San Diego County Regional Airport Authority, 5.000%, 7/1/40		400		436
San Diego Unified Port District, 5.000%, 9/1/28		200		228

	PAR VALUE		VALUE
Transportation Revenue—continued
San Francisco City & County Airport Commission, San Francisco International Airport, 5.000%, 5/1/43	$	150	$	166
San Francisco Municipal Transportation Agency,
5.000%, 3/1/31		125		144
5.000%, 3/1/33		150		173
				1,652
Water & Sewer Revenue—8.5%
California State Municipal Finance Authority, San Bernardino Municipal Water Department Project (BAM Insured) 5.000%, 8/1/41		250		279
Los Angeles Department of Water & Power, 5.000%, 7/1/35		295		337
Oakland, City of, Sewer Revenue, 5.000%, 6/15/29		230		269
Ross Valley Public Financing Authority, Sanitary District No.1 (AGM Insured) 5.000%, 10/1/33		225		255
San Diego County Water Authority Financing Corp. 5.000%, 5/1/37		500		577
Santa Margarita-Dana Point Authority, Water Improvement Districts Nos. 2,3,4, 5.125%, 8/1/38		630		661
				2,378
TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $25,786)				26,569
TOTAL LONG TERM INVESTMENTS—95.2%
(Identified Cost $25,786)				26,569
TOTAL INVESTMENTS—95.2% (Identified Cost $25,786)				26,569	(1)
Other assets and liabilities, net—4.8%				1,343
NET ASSETS—100.0%			$	27,912

Abbreviations:

AGM Assured Guaranty Municipal Corp.

AMBAC American Municipal Bond Assurance Corp.

BAM Build America Municipal Insured

CHFCLIF California Health Facility Construction Loan Insurance Fund

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, 2017

($ reported in thousands)

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ At March 31, 2017, 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, 2017, 32.47% 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, 2017, these securities amounted to a value of $214 or 0.8% of net assets.

⁽⁴⁾ Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 2 Significant Observable Inputs
Debt Securities:
Municipal Tax-Exempt Bonds	$	26,569	$	26,569
Total Investments	$	26,569	$	26,569

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

19

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
FOREIGN GOVERNMENT SECURITIES—1.8%
Argentine Republic
144A 5.625%, 1/26/22(3)	$	365	$	374
144A 7.500%, 4/22/26(3)		340		362
144A 7.125%, 7/6/36(3)		360		349
Provincia de Buenos Aires 144A 9.125%, 3/16/24(3)		210		233
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $1,282)				1,318
MORTGAGE-BACKED SECURITIES—0.5%
Non-Agency—0.5%
Citigroup Mortgage Loan Trust, Inc. 05-5, 2A3 5.000%, 8/25/35		72		71
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34(3)		200		208
Residential Accredit Loans, Inc. 05-QS1, A5 5.500%, 1/25/35		63		63
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $335)				342
ASSET-BACKED SECURITIES—1.1%
Carnow Auto Receivables Trust 16-1A, D 144A 7.340%, 11/15/21(3)		215		215
First Investors Auto Owner Trust 15-2A, E 144A 5.590%, 11/15/22(3)		225		225
Leaf Receivables Funding 10 LLC 15-1, E2 144A 6.000%, 6/15/23(3)		160		157
TGIF Funding LLC 17-1A, A2 144A 6.202%, 4/30/47(3)		180		177
TOTAL ASSET-BACKED SECURITIES (Identified Cost $779)				774
CORPORATE BONDS AND NOTES—82.5%
Consumer Discretionary—18.7%
Altice Financing S.A. 144A 7.625%, 2/15/25(3)		300		318
AMC Entertainment Holdings, Inc. 144A 5.875%, 11/15/26(3)		50		51
American Greetings Corp. 144A 7.875%, 2/15/25(3)		150		158
Beazer Homes USA, Inc.
5.750%, 6/15/19		115		121
144A 6.750%, 3/15/25(3)		95		96
Boyd Gaming Corp. 6.875%, 5/15/23		100		108
Cablevision Systems Corp. 5.875%, 9/15/22		250		253
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20(7)		255		297
Caesars Entertainment Resort Properties LLC 8.000%, 10/1/20		100		105

	PAR VALUE		VALUE
Consumer Discretionary—continued
Caesars Growth Properties Holdings LLC 9.375%, 5/1/22	$	335	$	361
CalAtlantic Group, Inc.
5.875%, 11/15/24		28		30
5.250%, 6/1/26		210		210
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20(3)		400		412
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		690		699
Series A 7.625%, 3/15/20		150		150
Cooper-Standard Automotive, Inc. 144A 5.625%, 11/15/26(3)		220		221
CSC Holdings LLC 5.250%, 6/1/24		290		290
Dana Financing Luxembourg S.a.r.l.
144A 5.750%, 4/15/25(3)		40		40
144A 6.500%, 6/1/26(3)		55		57
Diamond Resorts International, Inc.
144A 7.750%, 9/1/23(3)		20		21
144A 10.750%, 9/1/24(3)		250		261
DISH DBS Corp.
5.000%, 3/15/23		475		478
7.750%, 7/1/26		160		186
Eagle II Acquisition Co., LLC 144A 6.000%, 4/1/25(3)		55		57
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(3)		245		249
Goodyear Tire & Rubber Co. (The) 4.875%, 3/15/27		125		125
Hilton Worldwide Finance LLC
144A 4.625%, 4/1/25(3)		60		61
144A 4.875%, 4/1/27(3)		20		20
iHeartCommunications, Inc.
9.000%, 12/15/19		400		342
9.000%, 3/1/21		95		72
Intelsat Jackson Holdings SA
7.250%, 4/1/19		40		38
5.500%, 8/1/23		425		351
144A 8.000%, 2/15/24(3)		70		74
International Game Technology plc 144A 6.250%, 2/15/22(3)		200		215
Landry’s, Inc. 144A 6.750%, 10/15/24(3)		135		140
M/I Homes, Inc. 6.750%, 1/15/21		140		147
MDC Holdings, Inc. 5.500%, 1/15/24		325		336
Meritor, Inc. 6.750%, 6/15/21		225		234
MGM Growth Properties Operating Partnership LP 5.625%, 5/1/24		65		69
MGM Resorts International 4.625%, 9/1/26		230		224

	PAR VALUE		VALUE
Consumer Discretionary—continued
MPG Holdco I, Inc. 7.375%, 10/15/22	$	225	$	245
NCL Corp., Ltd. 144A 4.750%, 12/15/21(3)		210		214
PetSmart, Inc. 144A 7.125%, 3/15/23(3)		345		329
Pinnacle Entertainment, Inc. 144A 5.625%, 5/1/24(3)		190		193
PulteGroup, Inc. 5.500%, 3/1/26		200		208
Sally Holdings LLC 5.625%, 12/1/25		145		146
Scientific Games International, Inc.
6.625%, 5/15/21		205		193
144A 7.000%, 1/1/22(3)		245		262
Servicemaster Co., LLC (The) 144A 5.125%, 11/15/24(3)		180		185
SFR (Numericable) Group S.A.
144A 6.000%, 5/15/22(3)		465		484
144A 7.375%, 5/1/26(3)		340		351
Sinclair Television Group, Inc. 144A 5.125%, 2/15/27(3)		200		194
Sirius XM Radio, Inc. 144A 5.375%, 7/15/26(3)		205		210
Six Flags Entertainment Corp. 144A 4.875%, 7/31/24(3)		95		94
Sonic Automotive, Inc. 144A 6.125%, 3/15/27(3)		200		201
Taylor Morrison Communities, Inc. 144A 5.625%, 3/1/24(3)		60		62
Tenneco, Inc. 5.000%, 7/15/26		175		172
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23(3)		290		309
TRI Pointe Group, Inc. 5.875%, 6/15/24		245		254
Univision Communications, Inc. 144A 5.125%, 5/15/23(3)		230		230
UPCB Finance IV Ltd. 144A 5.375%, 1/15/25(3)		200		202
Videotron Ltd. (Ltee) 144A 5.125%, 4/15/27(3)		72		72
VTR Finance BV 144A 6.875%, 1/15/24(3)		450		469
Wolverine World Wide, Inc. 144A 5.000%, 9/1/26(3)		250		236
Ziggo Secured Finance BV 144A 5.500%, 1/15/27(3)		265		266
				13,458
Consumer Staples—4.0%
AdvancePierre Foods Holdings, Inc. 144A 5.500%, 12/15/24(3)		230		233
Albertson’s, Inc. 144A 5.750%, 3/15/25(3)		195		189
Dole Food Co., Inc. 144A 7.250%, 6/15/25(3)		325		326

See Notes to Financial Statements

20

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Staples—continued
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(3)	$	185	$	189
Lamb Weston Holdings, Inc. 144A 4.875%, 11/1/26(3)		180		184
MARB BondCo plc 144A 7.000%, 3/15/24(3)		200		199
Pinnacle Foods Finance LLC 5.875%, 1/15/24		35		37
Post Holdings, Inc.
144A 5.500%, 3/1/25(3)		65		65
144A 5.000%, 8/15/26(3)		305		293
144A 5.750%, 3/1/27(3)		45		45
Prestige Brands, Inc. 144A 6.375%, 3/1/24(3)		200		211
Rite Aid Corp. 6.750%, 6/15/21		475		481
Safeway, Inc. 7.250%, 2/1/31		215		209
Tops Holding LLC 144A 8.000%, 6/15/22(3)		275		227
				2,888
Energy—14.6%
Alberta Energy Co., Ltd. 8.125%, 9/15/30		115		146
Alta Mesa Holdings LP 144A 7.875%, 12/15/24(3)		215		225
American Midstream Partners LP 144A 8.500%, 12/15/21(3)		175		179
Antero Resources Corp. 5.625%, 6/1/23		275		283
Archrock Partners LP 6.000%, 10/1/22		300		297
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(3)		340		346
BreitBurn Energy Partners LP 7.875%, 4/15/22(11)		150		91
California Resources Corp.
144A 8.000%, 12/15/22(3)		239		196
6.000%, 11/15/24		16		11
Callon Petroleum Co. 144A 6.125%, 10/1/24(3)		135		141
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		245		247
Cheniere Corpus Christi Holdings LLC 144A 5.875%, 3/31/25(3)		475		497
Chesapeake Energy Corp.
6.625%, 8/15/20		245		246
5.750%, 3/15/23		105		96
CONSOL Energy, Inc. 5.875%, 4/15/22		200		199
Continental Resources, Inc. 4.500%, 4/15/23		145		142
Crestwood Midstream Partners LP 6.250%, 4/1/23		295		308
Denbury Resources, Inc. 5.500%, 5/1/22		170		133
Diamondback Energy, Inc. 144A 5.375%, 5/31/25(3)		150		154

	PAR VALUE		VALUE
Energy—continued
Energy Transfer Equity LP 5.875%, 1/15/24	$	200	$	213
EnQuest plc PIK Interest Capitalization, 7.000%, 4/15/22(6)		261		204
EP Energy LLC
9.375%, 5/1/20		330		313
144A 8.000%, 11/29/24(3)		105		111
144A 8.000%, 2/15/25(3)		80		75
FTS International, Inc.
144A 8.631%, 6/15/20(2)(3)		230		233
6.250%, 5/1/22		190		167
Holly Energy Partners LP 144A 6.000%, 8/1/24(3)		25		26
Laredo Petroleum, Inc. 5.625%, 1/15/22		110		110
Matador Resources Co. 144A 6.875%, 4/15/23(3)		250		262
MEG Energy Corp. 144A 6.500%, 1/15/25(3)		180		181
NGL Energy Partners LP 5.125%, 7/15/19		200		201
Noble Holding International Ltd. 7.750%, 1/15/24		225		217
Oasis Petroleum, Inc. 6.875%, 1/15/23		210		215
Parsley Energy LLC 144A 6.250%, 6/1/24(3)		135		144
Peabody Securities Finance Corp. 144A 6.000%, 3/31/22(3)		290		290
Petrobras Global Finance BV
8.375%, 5/23/21		100		113
8.750%, 5/23/26		270		313
Precision Drilling Corp. 144A 7.750%, 12/15/23(3)		130		137
QEP Resources, Inc. 5.250%, 5/1/23		300		296
Range Resources Corp. 144A 5.000%, 3/15/23(3)		270		267
Rowan Cos., Inc. 5.400%, 12/1/42		265		200
RSP Permian, Inc. 144A 5.250%, 1/15/25(3)		135		137
Sabine Oil & Gas Corp. 7.250%, 6/15/19(10)(11)(15)		329		1
SM Energy Co.
6.125%, 11/15/22		115		116
6.500%, 1/1/23		185		189
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26(3)		200		220
Summit Midstream Holdings LLC (Summit Midstream Finance Corp.) 5.750%, 4/15/25		55		55
Sunoco LP 6.375%, 4/1/23		695		709
Transocean, Inc.
144A 9.000%, 7/15/23(3)		170		182
6.800%, 3/15/38		300		248
Weatherford International Ltd.
8.250%, 6/15/23		190		207
144A 9.875%, 2/15/24(3)		30		35

	PAR VALUE		VALUE
Energy—continued
Whiting Petroleum Corp.
5.750%, 3/15/21	$	130	$	130
6.250%, 4/1/23		50		50
				10,504
Financials—5.3%
Aircastle Ltd. 5.000%, 4/1/23		350		369
Ally Financial, Inc. 5.750%, 11/20/25		235		241
Altice US Finance I Corp. 144A 5.375%, 7/15/23(3)		210		218
Banco de Bogota S.A. 144A 6.250%, 5/12/26(3)		200		209
Genworth Holdings, Inc. 4.900%, 8/15/23		130		109
ICAHN Enterprises LP
5.875%, 2/1/22		295		301
144A 6.250%, 2/1/22(3)		25		25
ING Groep N.V. 6.000%(2)(4)(5)		200		200
iStar, Inc.
5.000%, 7/1/19		355		359
6.000%, 4/1/22		65		66
Ladder Capital Finance Holdings LLLP (Ladder Capital Finance Corp.) 144A 5.250%, 3/15/22(3)		80		81
LPL Holdings Inc. 144A 5.750%, 9/15/25(3)		125		127
Nationstar Mortgage LLC 6.500%, 7/1/21		250		254
Navient Corp.
6.500%, 6/15/22		149		151
7.250%, 9/25/23		60		61
Springleaf Finance Corp. 5.250%, 12/15/19		410		415
Sprint Capital Corp. 6.900%, 5/1/19		195		209
Starwood Property Trust, Inc. 144A 5.000%, 12/15/21(3)		65		68
Tervita Escrow Corp. 144A 7.625%, 12/1/21(3)		40		42
Voya Financial, Inc. 5.650%, 5/15/53(2)		205		209
Walter Investment Management Corp. 7.875%, 12/15/21		215		127
				3,841
Health Care—9.8%
Alere, Inc.
6.500%, 6/15/20		150		152
144A 6.375%, 7/1/23(3)		50		51
Capsugel S.A. PIK Interest Capitalization, 144A 7.000%, 5/15/19(3)(6)		212		212
Change Healthcare Holdings LLC 144A 5.750%, 3/1/25(3)		85		87

See Notes to Financial Statements

21

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Health Care—continued
Community Health Systems, Inc.
5.125%, 8/1/21	$	400	$	397
6.875%, 2/1/22		240		206
6.250%, 3/31/23		35		36
Concordia International Corp.
144A 9.000%, 4/1/22(3)		65		47
144A 7.000%, 4/15/23(3)		345		68
DaVita, Inc.
5.125%, 7/15/24		100		101
5.000%, 5/1/25		100		100
Endo Finance LLC 144A 5.375%, 1/15/23(3)		250		217
Envision Healthcare Corp. 144A 6.250%, 12/1/24(3)		70		74
HCA, Inc.
5.375%, 2/1/25		505		526
5.250%, 6/15/26		230		241
4.500%, 2/15/27		145		145
Hill-Rom Holdings, Inc. 144A 5.000%, 2/15/25(3)		145		145
IASIS Healthcare LLC 8.375%, 5/15/19		165		159
inVentiv Group Holdings, Inc. 144A 7.500%, 10/1/24(3)		75		78
Mallinckrodt International Finance S.A. 144A 5.625%, 10/15/23(3)		110		105
MEDNAX, Inc. 144A 5.250%, 12/1/23(3)		175		179
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24(3)		225		242
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22(3)		270		252
Pinnacle Merger Sub, Inc. (PRA Holdings, Inc.) 144A 9.500%, 10/1/23(3)		225		251
Sterigenics-Nordion Holdings LLC 144A 6.500%, 5/15/23(3)		325		333
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(3)		200		212
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23(3)		400		431
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(3)		555		545
Tenet Healthcare Corp.
6.000%, 10/1/20		375		398
8.125%, 4/1/22		285		299
Valeant Pharmaceuticals International, Inc.
144A 6.750%, 8/15/18(3)		41		41
144A 5.375%, 3/15/20(3)		200		180
144A 6.375%, 10/15/20(3)		325		296
144A 6.500%, 3/15/22(3)		15		15
144A 7.250%, 7/15/22(3)		70		60
144A 7.000%, 3/15/24(3)		25		26
Wellcare Health Plans, Inc. 5.250%, 4/1/25		135		140
				7,047

	PAR VALUE		VALUE
Industrials—6.8%
ADT Corp. (The) 6.250%, 10/15/21	$	200	$	218
Advanced Disposal Services, Inc. 144A 5.625%, 11/15/24(3)		205		208
Bombardier, Inc.
144A 8.750%, 12/1/21(3)		150		165
144A 6.125%, 1/15/23(3)		125		123
CEB, Inc. 144A 5.625%, 6/15/23(3)		185		201
Cemex Finance LLC 144A 6.000%, 4/1/24(3)		200		211
Cemex SAB de C.V. 144A 7.750%, 4/16/26(3)		200		225
CNH Industrial N.V. 4.500%, 8/15/23		250		254
Garda World Security Corp. 144A 7.250%, 11/15/21(3)		410		398
Harland Clarke Holdings Corp.
144A 6.875%, 3/1/20(3)		150		153
144A 9.250%, 3/1/21(3)		150		146
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22		94		94
JBS Investments GmbH 144A 7.250%, 4/3/24(3)		200		208
Navistar International Corp. 8.250%, 11/1/21		175		176
NCI Building Systems, Inc. 144A 8.250%, 1/15/23(3)		290		316
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22(3)		130		138
Park Aerospace Holdings Ltd.
144A 5.250%, 8/15/22(3)		25		26
144A 5.500%, 2/15/24(3)		125		130
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23(3)		195		214
Standard Industries, Inc. 144A 5.500%, 2/15/23(3)		90		92
TransDigm, Inc.
6.000%, 7/15/22		300		305
6.500%, 5/15/25		230		233
UAL Pass-Through-Trust 07-01, A 6.636%, 7/2/22		154		166
United Rentals North America, Inc. 5.500%, 7/15/25		270		279
Vertiv Intermediate Holding Corp. PIK Interest Capitalization, 144A 12.000%, 2/15/22(3)(6)		220		231
				4,910
Information Technology—3.7%
Blackboard, Inc. 144A 9.750%, 10/15/21(3)		129		129
BMC Software Finance, Inc. 144A 8.125%, 7/15/21(3)		220		223
CDW LLC (CDW Finance Corp.)
5.000%, 9/1/23		175		177
5.000%, 9/1/25		20		21

	PAR VALUE		VALUE
Information Technology—continued
Cogent Communications Group, Inc. 144A 5.375%, 3/1/22(3)	$	35	$	36
CommScope Technologies LLC 144A 5.000%, 3/15/27(3)		45		45
Corporate Risk Holdings LLC 144A 9.500%, 7/1/19(3)		210		223
Diamond 1 Finance Corp.
144A 5.450%, 6/15/23(3)		60		65
144A 6.020%, 6/15/26(3)		45		49
144A 8.100%, 7/15/36(3)		55		69
First Data Corp.
144A 5.000%, 1/15/24(3)		105		107
144A 5.750%, 1/15/24(3)		450		466
Infor US, Inc. 6.500%, 5/15/22		130		134
Rackspace Hosting, Inc. 144A 8.625%, 11/15/24(3)		400		423
Radiate Holdco LLC 144A 6.625%, 2/15/25(3)		525		519
				2,686
Materials—10.2%
AK Steel Corp.
7.625%, 10/1/21		100		104
7.500%, 7/15/23		140		153
7.000%, 3/15/27		145		145
Aleris International, Inc. 144A 9.500%, 4/1/21(3)		360		389
Alpha 3 BV 144A 6.250%, 2/1/25(3)		65		66
ArcelorMittal 6.125%, 6/1/25		300		334
Ardagh Packaging Finance plc
144A 7.250%, 5/15/24(3)		345		370
144A 6.000%, 2/15/25(3)		200		203
Berry Plastics Corp. 5.125%, 7/15/23		215		221
BlueScope Steel Finance Ltd. 144A 6.500%, 5/15/21(3)		235		247
Boise Cascade Co. 144A 5.625%, 9/1/24(3)		75		77
Cascades, Inc.
144A 5.500%, 7/15/22(3)		575		576
144A 5.750%, 7/15/23(3)		225		226
Eldorado Gold Corp. 144A 6.125%, 12/15/20(3)		150		154
Flex Acquisition Co., Inc. 144A 6.875%, 1/15/25(3)		100		102
Fortescue Metals Group Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22(3)		100		115
Freeport-McMoRan, Inc.
3.550%, 3/1/22		160		149
3.875%, 3/15/23		425		393
Grace (WR) & Co. 144A 5.125%, 10/1/21(3)		30		32
Hexion U.S. Finance Corp.
6.625%, 4/15/20		75		69
144A 10.375%, 2/1/22(3)		75		75
144A 13.750%, 2/1/22(3)		190		183

See Notes to Financial Statements

22

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Materials—continued
Hudbay Minerals, Inc. 144A 7.250%, 1/15/23(3)	$	100	$	107
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(3)		315		317
Kraton Polymers LLC 144A 7.000%, 4/15/25(3)		355		361
Mercer International, Inc. 144A 6.500%, 2/1/24(3)		30		30
Novelis Corp.
144A 6.250%, 8/15/24(3)		35		37
144A 5.875%, 9/30/26(3)		230		235
Owens-Brockway Glass Container, Inc. 144A 6.375%, 8/15/25(3)		180		193
Reynolds Group Issuer, Inc.
144A 5.125%, 7/15/23(3)		150		154
144A 7.000%, 7/15/24(3)		10		11
Rusal Capital DAC 144A 5.125%, 2/2/22(3)		255		257
Silgan Holdings, Inc. 144A 4.750%, 3/15/25(3)		50		50
Standard Industries, Inc. 144A 6.000%, 10/15/25(3)		155		160
Steel Dynamics Inc. 144A 5.000%, 12/15/26(3)		25		25
Teck Resources Ltd.
144A 8.500%, 6/1/24(3)		50		58
6.125%, 10/1/35		150		156
Vale Overseas Ltd.
5.875%, 6/10/21		130		139
6.250%, 8/10/26		145		158
Vedanta Resources plc
144A 9.500%, 7/18/18(3)		100		107
144A 8.250%, 6/7/21(3)		200		215
144A 6.375%, 7/30/22(3)		200		202
				7,355
Real Estate—1.0%
CoreCivic, Inc. 5.000%, 10/15/22		145		150
CyrusOne LP
144A 5.000%, 3/15/24(3)		30		31
144A 5.375%, 3/15/27(3)		40		40
ESH Hospitality, Inc. 144A 5.250%, 5/1/25(3)		170		172
MPT Operating Partnership LP 6.375%, 3/1/24		65		70
Uniti Group, Inc. (Communications Sales & Leasing, Inc.) 144A 7.125%, 12/15/24(3)		270		275
				738
Telecommunication Services—6.1%
Altice Financing S.A. 144A 6.625%, 2/15/23(3)		280		292
CenturyLink, Inc. Series Y 7.500%, 4/1/24		175		185
CSC Holdings LLC 144A 5.500%, 4/15/27(3)		135		137
Frontier Communications Corp.
8.500%, 4/15/20		425		450
10.500%, 9/15/22		550		560

	PAR VALUE		VALUE
Telecommunication Services—continued
GTH Finance BV 144A 7.250%, 4/26/23(3)	$	200	$	221
Level 3 Financing, Inc. 5.250%, 3/15/26		135		136
Qwest Corp. 7.250%, 9/15/25		130		142
Sprint Capital Corp. 6.875%, 11/15/28		250		265
Sprint Communications, Inc. 6.000%, 11/15/22		235		241
Sprint Corp. 7.875%, 9/15/23		305		338
T-Mobile USA, Inc.
6.125%, 1/15/22		240		254
6.500%, 1/15/24		275		298
6.375%, 3/1/25		100		108
6.500%, 1/15/26		100		110
Virgin Media Finance plc 144A 6.000%, 10/15/24(3)		250		260
Windstream Corp. 7.750%, 10/1/21		150		148
Zayo Group LLC
6.000%, 4/1/23		180		191
6.375%, 5/15/25		70		76
144A 5.750%, 1/15/27(3)		10		11
				4,423
Utilities—2.3%
AmeriGas Partners LP 5.500%, 5/20/25		105		105
Calpine Corp. 5.375%, 1/15/23		350		356
Dynegy, Inc. 7.375%, 11/1/22		425		423
Ferrellgas LP 144A 8.625%, 6/15/20(3)		140		135
NRG Energy, Inc. 7.250%, 5/15/26		185		192
Talen Energy Supply LLC 144A 4.625%, 7/15/19(3)		175		179
TerraForm Power Operating LLC 144A 6.375%, 2/1/23(2)(3)		250		261
Vistra Operations Company LLC (Texas Competitive Electric Holdings Co. LLC) 144A 11.500%, 10/1/20(3)(10)(11)(15)		500		—	(14)
				1,651
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $58,432)				59,501
LOAN AGREEMENTS(2)—11.7%
Consumer Discretionary—2.9%
Bass Pro Group LLC 6.147%, 12/15/23		215		208
Boyd Gaming Corp. Refinancing Tranche B, 3.447%, 9/15/23		45		45
Caesars Entertainment Operating Co., Inc.
Tranche B-5, 0.000%, 3/1/20(8)(11)		45		51

	PAR VALUE		VALUE
Consumer Discretionary—continued
Tranche B-7, 1.500%, 3/1/20(7)	$	156	$	190
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		114		115
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.147%, 7/8/22		176		178
Floor & Decor Outlets of America, Inc. 4.500%, 4/28/17		149		150
Gateway Casinos & Entertainment Ltd. Tranche B-1, 4.800%, 2/22/23		30		30
Graton Economic Development Authority Tranche B, 5.405%, 9/1/22		95		97
Laureare Education, Inc. 2021 Extended, 8.509%, 3/17/21		254		257
Leslies Poolmart, Inc. Tranche B-1, 4.774%, 8/16/23		109		110
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 10/13/23		190		190
Transtar Holding Co. 13.750%, 10/9/19(10)(11)		200		2
U.S. Farathane LLC Tranche B-3, 5.147%, 12/23/21		238		241
UFC Holdings LLC First Lien, 4.250%, 8/18/23		194		195
				2,059
Consumer Staples—1.3%
Albertson’s LLC Tranche B-4 3.982%, 8/25/21		208		209
Amplify Snack Brands, Inc. 6.500%, 9/2/23		234		228
Chobani LLC First Lien, 5.250%, 10/9/23		45		45
Crossmark Holdings, Inc. Second Lien, 8.750%, 12/21/20(10)		190		123
Kronos, Inc. Second Lien, 9.284%, 11/1/24		78		81
Milk Specialties Co. 5.147%, 8/16/23		148		150
TKC Holdings, Inc. First Lien, 4.750%, 2/1/23		105		106
				942
Energy—1.0%
Blackhawk Mining LLC First Lien, 10.650%, 2/17/22		83		81
California Resources Corp. 11.375%, 12/31/21		155		172
Chesapeake Energy Corp. Tranche A, 8.553%, 8/23/21		31		33
Contura Energy, Inc. 6.000%, 3/13/24		220		219

See Notes to Financial Statements

23

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Energy—continued
Jonah Energy LLC Second Lien, 7.500%, 5/12/21	$	125	$	120
MEG Energy Corp. 4.540%, 12/31/23		73		73
				698
Financials—0.3%
Avolon TLB Borrower 1 (US) LLC Tranche B-2, 0.000%, 1/20/22(8)		5		5
Lightstone HoldCo., LLC
Tranche B, 5.539%, 1/30/24		81		82
Tranche C, 5.539%, 1/30/24		5		5
Lonestar Intermediate Super Holdings LLC 10.000%, 8/31/21		145		151
				243
Health Care—1.6%
21st Century Oncology Holdings, Inc. Tranche B, 7.275%, 4/30/22(16)		157		143
Change Healthcare Holdings, Inc. 3.750%, 3/1/24		80		80
CHG Healthcare Services, Inc. First Lien, 4.750%, 6/7/23		15		15
HLF Financing S.a.r.l. Senior Lien, 6.482%, 2/15/23		110		110
Inventiv Group Holdings, Inc. 4.804%, 11/9/23		57		57
MMM Holdings, Inc. 10.250%, 6/30/19		65		65
MSO of Puerto Rico, Inc. 10.250%, 6/30/19		47		47
NVA Holdings, Inc.
Tranche B-2, First Lien, 4.646%, 8/14/21		82		83
Second Lien, 8.147%, 8/14/22		259		262
Quorum Health Corp. 6.789%, 4/29/22		97		95
U.S. Renal Care, Inc. First Lien, 5.397%, 12/30/22		189		178
				1,135
Industrials—1.4%
84 Lumber Co. 6.750%, 10/25/23		189		191
Brickman Group Ltd. LLC (The) Second Lien, 7.508%, 12/17/21		110		111
Coinstar LLC Tranche B, First Lien 5.250%, 9/27/23		89		90
Navistar, Inc. Tranche B, 5.000%, 8/7/20		174		176
PAE Holding Corp. First Lien, 6.500%, 10/20/22		61		62

	PAR VALUE		VALUE
Industrials—continued
Sedgwick Claims Management Services, Inc. Second Lien, 6.804%, 2/28/22	$	390	$	391
				1,021
Information Technology—1.3%
Avaya, Inc. 8.500%, 1/24/18		65		67
Blackboard, Inc. Tranche B-4, First Lien, 6.023%, 6/30/21		142		142
Cologix, Inc. Second Lien, 8.000%, 3/20/25		20		20
Donnelley Financial Solutions, Inc. Tranche B, 5.000%, 9/29/23		43		43
Mitchell International, Inc. Second Lien, 8.539%, 10/11/21		64		65
Presidio LLC Tranche B, First Lien, 4.250%, 2/2/22		130		131
Rackspace Hosting, Inc. Tranche B, First Lien, 4.535%, 11/3/23		110		111
Veritas US, Inc. Tranche B-1, 6.772%, 1/27/23		384		381
				960
Materials—0.9%
Anchor Glass Container Corp.
First Lien, 4.250%, 12/7/23		16		16
Second Lien, 8.750%, 12/7/24		64		65
CPI Acquisition, Inc. First Lien, 5.834%, 8/17/22		320		299
New Arclin U.S. Holdings Corp. First Lien, 5.670%, 2/14/24		50		51
Omnova Solutions, Inc. Tranche B-2, 5.250%, 8/25/23		192		194
				625
Real Estate—0.2%
Capital Automotive LP Tranche B, Second Lien, 7.000%, 3/21/25		115		117
Telecommunication Services—0.3%
Neustar, Inc.
Tranche B2, 0.000%, 3/1/24(8)		30		31
Tranche B, Second Lien, 0.000%, 2/28/25(8)		90		91
Sprint Communications, Inc. 3.500%, 2/2/24		115		115
				237

	PAR VALUE			VALUE
Utilities—0.5%
APLP Holdings LP 6.000%, 4/13/23	$	206		$	209
Helix Gen Funding LLC Tranche 0.000%, 3/9/24(8)		5			5
Vistra Operations Company LLC
3.732%, 8/4/23		137			137
Tranche C, 3.732%, 8/4/23		31			31
					382
TOTAL LOAN AGREEMENTS (Identified Cost $8,554)					8,419
	SHARES
PREFERRED STOCKS—1.3%
Financials—1.3%
Citigroup, Inc. Series T, 6.250%(2)		205	(9)		221
Goldman Sachs Group, Inc. (The) Series L, 5.700%(2)		215	(9)		223
JPMorgan Chase & Co. Series V, 5.000%(2)		145	(9)		147
KeyCorp Series D, 5.000%(2)		215	(9)		213
SunTrust Bank, Inc. 5.625%(2)		95	(9)		99
TOTAL PREFERRED STOCKS (Identified Cost $877)					903
COMMON STOCKS—0.5%
Energy—0.3%
Linn Energy, Inc.(13)		7,518			218
Pacific Exploration and Production Corp.(13)		557			17
Sabine Oil & Gas LLC(10)(13)		157			5
					240
Utilities—0.2%
Vistra Energy Corp.(13)		8,562			140
TOTAL COMMON STOCKS (Identified Cost $415)					380
RIGHTS—0.0%
Vistra Energy Corp.(13)		8,562			12
TOTAL RIGHTS (Identified Cost $7)					12
WARRANTS—0.0%
Sabine Oil & Gas LLC(10)(13)		501			3
TOTAL WARRANTS (Identified Cost $4)					3
TOTAL LONG TERM INVESTMENTS—99.4% (Identified Cost $70,685)					71,652	(12)
TOTAL INVESTMENTS—99.4% (Identified Cost $70,685)					71,652	(1)
Other assets and liabilities, net—0.6%					444
NET ASSETS—100.0%				$	72,096

See Notes to Financial Statements

24

VIRTUS NEWFLEET HIGH YIELD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

Abbreviation:

PIK Payment-in-Kind Security

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

⁽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, 2017, these securities amounted to a value of $33,317 or 46.2% of net assets.

⁽⁴⁾ No contractual maturity date.

⁽⁵⁾ Interest payments may be deferred.

⁽⁶⁾ 100% of the income received was in cash.

⁽⁷⁾ Security in default, a portion of the interest payments are being received during the bankruptcy proceedings.

⁽⁸⁾ This loan will settle after March 31, 2017, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾ Value shown as par value.

⁽¹⁰⁾ Illiquid security.

⁽¹¹⁾ Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽¹²⁾ All or a portion of the Fund’s assets have been segregated for delayed delivery securities.

⁽¹³⁾ Non-income producing.

⁽¹⁴⁾ Amount is less than $500.

⁽¹⁵⁾ Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽¹⁶⁾  Security in default, interest payments are being received during the bankruptcy proceedings.

Country Weightings†
United States	79	%
Canada	5
Luxembourg	3
Argentina	2
Netherlands	2
United Kingdom	2
Cayman Islands	1
Other	6
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	774	$	—	$	774	$	—
Corporate Bonds And Notes		59,501		—		59,499		2
Foreign Government Securities		1,318		—		1,318		—
Loan Agreements		8,419		—		8,226		193
Mortgage-Backed Securities		342		—		342		—
Equity Securities:
Common Stocks		380		375		—		5
Preferred Stocks		903		—		903		—
Rights		12		—		—		12
Warrants		3		—		—		3
Total Investments	$	71,652	$	375	$	71,062	$	215

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2017.

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

	Total			Asset-Backed Securities			Corporate Bonds And Notes			Loan Agreements			Common Stocks			Rights		Warrants
Investments in Securities
Balance as of September 30, 2016:	$	312		$	255		$	19		$	38		$	—		$	—	$	—
Accrued discount/(premium)		—	(e)		—			—			—	(e)		—			—		—
Realized gain (loss)		(353	)		2			(82	)		(273	)		—			—		—
Change in unrealized appreciation (depreciation)(c)		334			(5	)		84			254			(3	)		5		(1	)
Purchases		206			—			—			187			8			7		4
Sales(b)		(285	)		(252	)		(20	)		(13	)		—			—		—
Transfers into Level 3(a)(d)		1			—			1			—			—			—		—
Transfers from Level 3(a)		—			—			—			—			—			—		—
Balance as of March 31, 2017	$	215		$	—		$	2		$	193		$	5		$	12	$	3

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2017, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydown on securities.

^(c)  Included in the related net change in unrealized appreciation/(depreciation) in the Statements of Operations. The change in unrealized appreciation/(depreciation) on investments still held on March 31, 2017 was ($19).

^(d)  The transfer into Level 3 is due to a security default.

^(e)  Amount is less than $500.

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

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

See Notes to Financial Statements

25

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—8.6%
U.S. Treasury Note 0.750%, 12/31/17	$	31,455	$	31,391
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $31,416)				31,391
MUNICIPAL BONDS—0.1%
Illinois—0.1%
State of Illinois Build America Taxable 5.547%, 4/1/19		190		199
TOTAL MUNICIPAL BONDS (Identified Cost $198)				199
FOREIGN GOVERNMENT SECURITIES—0.1%
Sultanate of Oman 144A 3.625%, 6/15/21(3)		200		202
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $202)				202
MORTGAGE-BACKED SECURITIES—33.5%
Agency—7.5%
FHLMC 4.000%, 2/1/45		352		369
FNMA
4.000%, 8/1/25		77		82
3.000%, 6/1/27		229		235
3.000%, 11/1/27		872		897
2.500%, 5/1/28		706		714
2.500%, 11/1/29		677		680
2.500%, 9/1/30		1,534		1,542
3.000%, 9/1/30		2,664		2,733
3.000%, 10/1/30		1,534		1,574
3.000%, 10/1/30		4,785		4,910
2.500%, 2/1/31		6,015		6,021
4.000%, 11/1/31		391		413
5.000%, 10/1/39		293		326
4.500%, 4/1/40		110		118
4.000%, 10/1/44		859		901
3.500%, 8/1/45		761		779
3.500%, 1/1/46		448		458
3.500%, 1/1/46		2,431		2,488
4.000%, 1/1/46		1,525		1,600
3.500%, 4/1/46		504		516
FNMA REMIC 97-70, PE (P.O.) 0.000%, 4/25/22		4		4
GNMA
7.000%, 7/15/23		2		2
7.000%, 9/15/23		7		8
7.000%, 9/15/23		2		2
7.000%, 1/15/24		5		5
7.000%, 9/15/24		5		6
7.000%, 7/15/25		2		2
7.000%, 7/15/25		11		11
				27,396
Non-Agency—26.0%
Access Point Financial, Inc. 15-A, A 144A 2.610%, 4/15/20(3)		22		22

	PAR VALUE		VALUE
Non-Agency—continued
Agate Bay Mortgage Trust 13-1, A1 144A 3.500%, 7/25/43(2)(3)	$	2,210	$	2,225
American Homes 4 Rent Trust 15-SFR1, A 144A 3.467%, 4/17/52(3)		193		196
Ameriquest Mortgage Securities, Inc. 03-10, AF6 5.210%, 11/25/33(2)		156		160
AMSR Trust
16-SFR1, A 144A 2.343%, 11/17/33(2)(3)		498		502
16-SFR1, C 144A 3.193%, 11/17/33(2)(3)		498		501
Asset Backed Funding Certificates 05-AQ1, A6 4.780%, 6/25/35(2)		78		80
Aventura Mall Trust
13-AVM, C 144A 3.743%, 12/5/32(2)(3)		1,130		1,163
13-AVM, A 144A 3.743%, 12/5/32(2)(3)		1,721		1,810
Banc of America Commercial Mortgage Trust 07-4, AM 5.961%, 2/10/51(2)		1,950		1,969
Banc of America Funding Trust
04-B, 2A1 3.439%, 11/20/34(2)		50		49
05-1, 1A1 5.500%, 2/25/35		142		142
06-2, 3A1 6.000%, 3/25/36		30		31
16- R1, A1 144A 2.500%, 3/25/40(2)(3)		1,676		1,653
Banc of America Mortgage Trust
04-5, 4A1 4.750%, 6/25/19		153		154
04-7, 6A3 4.500%, 8/25/19		43		43
04-11, 5A1 6.500%, 8/25/32		364		367
Bank of America (Merrill Lynch – Countrywide) Alternative Loan Trust
04-22CB, 1A1 6.000%, 10/25/34		345		355
04-24CB, 1A1 6.000%, 11/25/34		232		239
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 15-200P, A 144A 3.218%, 4/14/33(3)		790		794
Bank of America (Merrill Lynch) Investors Trust MLMI 04-A4, A1 2.855%, 8/25/34(2)		713		722
Barclays (Lehman Brothers) – UBS Commercial Mortgage Trust
07-C6, A4 5.858%, 7/15/40(2)		420		421

	PAR VALUE		VALUE
Non-Agency—continued
07-C7, A3 5.866%, 9/15/45(2)	$	566	$	575
Bayview Commercial Asset Trust 08-1, A3 144A 2.482%, 1/25/38(2)(3)		162		159
Bayview Financial Acquisition Trust 07-A, 1A2 6.205%, 5/28/37(2)		317		326
BCRR Trust 09-1, 2A1 144A 5.858%, 7/17/40(2)(3)		41		41
Centex Home Equity Loan Trust
02-A, AF6 5.540%, 1/25/32		75		75
04-D, AF5 5.850%, 9/25/34(2)		368		380
Citigroup Commercial Mortgage Trust
16-SMPL, A 144A 2.228%, 9/10/31(3)		750		736
07-C6, A1A 5.779%, 12/10/49(2)		660		661
07-C6, A4 5.779%, 12/10/49(2)		908		909
08-C7, AM 6.127%, 12/10/49(2)		230		235
10-RR3, MLSR 144A 5.790%, 6/14/50(2)(3)		255		255
Citigroup Mortgage Loan Trust, Inc.
04-NCM2, 2CB2 6.750%, 8/25/34		155		166
14-A, A 144A 4.000%, 1/25/35(2)(3)		502		520
15-PS1, A1 144A 3.750%, 9/25/42(2)(3)		416		426
15-A, A1 144A 3.500%, 6/25/58(2)(3)		1,075		1,086
Colony American Finance Ltd. 15-1, A 144A 2.896%, 10/15/47(3)		611		608
Colony Multi-Family Mortgage Trust 14-1, A 144A 2.543%, 4/20/50(3)		723		719
Colony Starwood Homes Trust 16-2A, C 144A 3.093%, 12/17/33(2)(3)		1,000		1,004
COLT Mortgage Loan Trust Funding LLC
16-1 A1, 144A 3.000%, 5/25/46(3)		588		593
16-2, A1 144A 2.750%, 9/25/46(2)(3)		808		814
Commercial Mortgage Lease-Backed Certificates 01-CMLB, A3 144A 7.471%, 6/20/31(2)(3)		460		515
Commercial Mortgage Trust
14-277P, A 144A 3.611%, 8/10/49(2)(3)		2,595		2,689
07-C9, A4 5.808%, 12/10/49(2)		335		336

See Notes to Financial Statements

26

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
07-GG11, AM 5.867%, 12/10/49(2)	$	2,123	$	2,149
Credit Suisse First Boston Mortgage Securities Corp.
03-27, 5A3 5.250%, 11/25/33		61		62
03-AR30, 5A1 3.185%, 1/25/34(2)		333		337
Credit Suisse Mortgage Capital Trust
16-BDWN, A 144A 3.812%, 2/15/29(2)(3)		875		882
13-HYB1, A16,144A 3.005%, 4/25/43(2)(3)		924		928
Freddie Mac Structured Agency Credit Risk Debt Notes 16-DNA2, M2 3.182%, 10/25/28(2)		835		850
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.382%, 12/15/34(2)(3)		810		823
Galton Funding Mortgage Trust 17-1, A21 144A 3.500%, 7/25/56(3)		790		798
GMAC Mortgage Corp. Loan Trust 04-AR1, 12A 3.676%, 6/25/34(2)		161		163
Goldman Sachs Mortgage Securities Trust
12-ALOH, A 144A 3.551%, 4/10/34(3)		2,325		2,432
07-GG10, A4 5.949%, 8/10/45(2)		514		514
07-GG10, A1A 5.949%, 8/10/45(2)		1,692		1,696
GSAA Home Equity Trust
05-1, AF4 5.619%, 11/25/34(2)		169		173
05-12, AF3W 4.999%, 9/25/35(2)		48		49
GSR Mortgage Loan Trust 03-3F, 1A6 6.000%, 4/25/33		568		577
Hilton USA Trust 16-SFP, B 144A 3.323%, 11/5/35(3)		650		643
Home Equity Loan Trust 03-HS2, AIIB 1.232%, 6/25/28(2)		244		240
IMC Home Equity Loan Trust 97-5, A9 7.310%, 11/20/28		99		99
Jefferies Resecuritization Trust 14-R1, 1A1 144A 4.000%, 12/27/37(3)		112		112
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust
04-1, 21A1 3.121%, 4/25/34(2)		82		82
04-9, 22A1 3.549%, 11/25/34(2)		667		667
04-10, 21A1 3.487%, 1/25/35(2)		654		659

	PAR VALUE		VALUE
Non-Agency—continued
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust
07- PW17, A4 5.694%, 6/11/50(2)	$	649	$	654
07-PW18, A4 5.700%, 6/11/50		284		287
07-PW18, AM, 6.084%, 6/11/50(2)		965		985
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
03-S8, A2 5.000%, 9/25/18		27		27
03-AR6, A1 2.902%, 6/25/33(2)		295		294
03-AR4, 2A1 2.925%, 8/25/33(2)		182		179
JPMorgan Chase Commercial Mortgage Securities Trust
10-CNTR, A2 144A 4.311%, 8/5/32(3)		110		115
15-SGP, B 144A 3.662%, 7/15/36(2)(3)		759		764
11-C4, A3 144A 4.106%, 7/15/46(3)		1,379		1,411
14-C22, A4 3.801%, 9/15/47		1,695		1,757
07-LDPX, AM 5.464%, 1/15/49(2)		1,279		1,278
07-CB19, A4 5.829%, 2/12/49(2)		616		615
07-LD12, A4 5.882%, 2/15/51(2)		1,900		1,910
JPMorgan Chase Mortgage Trust
14-2, 2A2 144A 3.500%, 6/25/29(2)(3)		149		152
06-A2, 4A1 3.178%, 8/25/34(2)		145		145
04-A4, 2A1 3.197%, 9/25/34(2)		118		120
05-A4, 3A1 3.060%, 7/25/35(2)		594		588
14-1, 1A1 144A 4.000%, 1/25/44(2)(3)		260		267
16-1, M2 144A 3.750%, 4/25/45(2)(3)		750		750
15-4, 1A4 144A 3.500%, 6/25/45(2)(3)		1,305		1,316
16-2, M2 144A 3.750%, 12/25/45(2)(3)		1,159		1,158
11-C4, A4, 144A 4.388%, 7/15/46(3)		295		315
16-5, A1 144A 2.602%, 12/25/46(2)(3)		2,708		2,699
JPMorgan Chase Trust
15-1, AM1 144A 2.630%, 12/25/44(2)(3)		799		799
15-5, A2 144A 2.874%, 5/25/45(2)(3)		959		959

	PAR VALUE		VALUE
Non-Agency—continued
MASTR Alternative Loan Trust
04-10, 3A1 5.000%, 9/25/19	$	63	$	64
03-8, 2A1 5.750%, 11/25/33		111		114
04-4, 6A1 5.500%, 4/25/34		156		161
04-7, 9A1 6.000%, 8/25/34		127		131
05-2, 2A1 6.000%, 1/25/35		456		470
MASTR Asset Securitization Trust 05-1, 1A1 5.000%, 5/25/20		258		260
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35(2)(3)		361		364
Mill City Mortgage Trust
15-1, A3 144A 3.000%, 6/25/56(2)(3)		600		599
16-1, A1 144A 2.500%, 4/25/57(2)(3)		1,079		1,072
17-1, A1 144A 2.750%, 11/25/58(2)(3)		544		541
Morgan Stanley – Bank of America (Merrill Lynch) Trust 13-C13, AS 4.266%, 11/15/46		1,515		1,602
Morgan Stanley Capital Barclays Bank Trust 16-MART, A 144A 2.200%, 9/13/31(3)		1,515		1,487
Morgan Stanley Capital I Trust
07-T27, A4 5.791%, 6/11/42(2)		679		680
08-T29, A4 6.301%, 1/11/43(2)		176		180
08-T29, AM 6.301%, 1/11/43(2)		950		973
07-IQ14, AM 5.778%, 4/15/49(2)		405		405
07-IQ16, A4 5.809%, 12/12/49		549		552
Morgan Stanley Residential Mortgage Loan Trust 14-1A, A1 144A 2.971%, 6/25/44(2)(3)		465		469
Motel 6 Trust
15-MTL6, B 144A 3.298%, 2/5/30(3)		365		365
15-MTL6, D 144A 4.532%, 2/5/30(3)		810		815
National City Mortgage Capital Trust 08-1, 2A1 6.000%, 3/25/38		189		196
New Residential Mortgage Loan Trust
16-2A, A1 144A 3.750%, 11/26/35(2)(3)		730		737
14-1A, A 144A 3.750%, 1/25/54(2)(3)		1,555		1,589

See Notes to Financial Statements

27

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
14-2A, A3 144A 3.750%, 5/25/54(2)(3)	$	207	$	211
14-3A, AFX3 144A 3.750%, 11/25/54(2)(3)		1,787		1,802
15-2A, A1 144A 3.750%, 8/25/55(2)(3)		1,495		1,527
16-1A, A1 144A 3.750%, 3/25/56(2)(3)		612		618
16-3A, A1 144A 3.750%, 9/25/56(2)(3)		1,292		1,311
16-4A, A1 144A 3.750%, 11/25/56(2)(3)		352		360
NovaStar Mortgage Funding Trust Series 04-4, M5 2.707%, 3/25/35(2)		1,560		1,525
Sequoia Mortgage Trust 14-3, A9 144A 3.750%, 10/25/44(2)(3)		669		678
Station Place Securitization Trust 17-1, B 144A 2.107%, 2/25/49(2)(3)		635		635
Structured Adjustable Rate Mortgage Loan Trust
04-1, 6A 3.345%, 2/25/34(2)		587		570
04-4, 3A2 3.309%, 4/25/34(2)		766		761
04-4, 3A1 3.309%, 4/25/34(2)		159		157
04-5, 3A2 3.214%, 5/25/34(2)		326		329
04-14, 7A 3.226%, 10/25/34(2)		281		281
Structured Asset Securities Corp.
03-AL1, A 144A 3.357%, 4/25/31(3)		168		165
03-37A, 2A 2.933%, 12/25/33(2)		145		144
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates
02-AL1, A2 3.450%, 2/25/32		146		145
03-33H, 1A1 5.500%, 10/25/33		409		416
03-34A, 6A 3.506%, 11/25/33(2)		370		365
04-15, 3A3 5.500%, 9/25/34		141		142
Towd Point Mortgage Trust
15-3, A1B 144A 3.000%, 3/25/54(2)(3)		603		607
16-1, A1B, 144A 2.750%, 2/25/55(2)(3)		690		691
15 - 5, A1B 144A 2.750%, 5/25/55(2)(3)		1,004		1,005
15-5, A2 144A 3.500%, 5/25/55(2)(3)		175		176
16-2, A1 144A 3.000%, 8/25/55(2)(3)		358		359
16-4, A1 144A 2.250%, 7/25/56(2)(3)		811		801

	PAR VALUE		VALUE
Non-Agency—continued
Vericrest Opportunity Loan Trust LLC
15-NPL2, A1 144A 3.375%, 2/25/55(2)(3)	$	191	$	191
15-NPL3, A1 144A 3.375%, 10/25/58(2)(3)		184		183
Vericrest Opportunity Loan Trust XLVIII LLC 16-NPL8, A1 144A 3.500%, 7/25/46(2)(3)		753		757
Vericrest Opportunity Loan Trust XXII LLC 15-NPL4, A1 144A 3.500%, 2/25/55(2)(3)		50		50
Vericrest Opportunity Loan Trust XXXV LLC 16-NPL9, A1 144A 3.500%, 9/25/46(2)(3)		339		338
Verus Securitization Trust 17-1A, A1 144A 2.853%, 1/25/47(2)(3)		348		348
VSD 2017-PLT1 A 3.600%, 12/25/43		419		418
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust
07-C32, A3 5.760%, 6/15/49(2)		215		214
07-C33, A5 6.053%, 2/15/51(2)		79		79
Wells Fargo Mortgage Backed Securities Trust
03-G, A1 2.895%, 6/25/33(2)		63		63
03-J, 5A1 2.957%, 10/25/33(2)		219		221
03-J, 2A1 2.968%, 10/25/33(2)		151		152
04-A, A1 3.112%, 2/25/34(2)		67		68
04-K, 1A2 3.110%, 7/25/34(2)		277		277
04-U, A1 3.189%, 10/25/34(2)		84		83
04-Z, 2A1 3.001%, 12/25/34(2)		195		197
05-14, 2A1 5.500%, 12/25/35		66		68
				95,219
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $123,044)				122,615
ASSET-BACKED SECURITIES—25.5%
American Credit Acceptance Receivables Trust 16- 1A, B 144A 4.240%, 6/13/22(3)		835		848
AmeriCredit Automobile Receivables Trust
12-4, D 2.680%, 10/9/18		137		137
13-2, D 2.420%, 5/8/19		800		803
14-1, D 2.540%, 6/8/20		650		654
16-1, B 2.300%, 3/8/21		2,045		2,058

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—continued
15-3, C 2.730%, 3/8/21	$	615	$	619
16-2, B 2.210%, 5/10/21		1,000		1,002
15-4, C 2.880%, 7/8/21		700		706
16-4, C 2.410%, 7/8/22		725		718
17-1, C 2.710%, 8/18/22		915		919
Associates Manufactured Housing Pass-Through Certificates 96-1, B1 8.000%, 3/15/27(2)		441		452
Avis Budget Rental Car Funding LLC
(AESOP) 12-3A, A 144A 2.100%, 3/20/19(3)		540		541
(AESOP) 13-1A, A 144A 1.920%, 9/20/19(3)		1,000		1,000
(AESOP) 13-2A, A 144A 2.970%, 2/20/20(3)		1,905		1,935
(AESOP) 16-1A, A 144A 2.990%, 6/20/22(3)		800		810
BXG Receivables Note Trust
12-A, A 144A 2.660%, 12/2/27(3)		48		48
13-A, A 144A 3.010%, 12/4/28(3)		156		157
15-A, A 144A 2.880%, 5/2/30(3)		360		362
California Republic Auto Receivables Trust
13-1, B 144A 2.240%, 1/15/19(3)		340		341
15-3, B 2.700%, 9/15/21		650		649
16-1, B 3.430%, 2/15/22		785		799
Capital Auto Receivables Asset Trust 13-4, C 2.670%, 2/20/19		505		507
CarFinance Capital Auto Trust
13-1A, B 144A 2.750%, 11/15/18(3)		36		36
13-2A, B 144A 3.150%, 8/15/19(3)		35		35
14-2A, B 144A 2.640%, 11/16/20(3)		425		426
CarMax Auto Owner Trust
14-4, B 2.200%, 9/15/20		700		702
15-2, C 2.390%, 3/15/21		1,495		1,500
16-2, B 2.160%, 12/15/21		750		747
17-1, B 2.540%, 9/15/22		900		900
CCG Receivables Trust
14-1, B 144A 2.150%, 11/15/21(3)		400		400
15-1, A3 144A 1.920%, 1/17/23(3)		1,000		1,002
CenterPoint Energy Transition Bond Co.IV LLC 12-1, A1 0.901%, 4/15/18		55		55
Centre Point Funding LLC 12-2A,1 144A 2.610%, 8/20/21(3)		1,150		1,132

See Notes to Financial Statements

28

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—continued
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43(3)	$	619	$	614
Chrysler Capital Auto Receivables Trust
14-BA, D 144A 3.440%, 8/16/21(3)		750		757
15-BA, D 144A 4.170%, 1/16/23(3)		965		973
Citigroup 15-PM3, A 144A 2.560%, 5/16/22(3)		135		135
Conseco Financial Corp. 97-3, A5 7.140%, 3/15/28		72		73
DB Master Finance LLC 15-1A, A2I 144A 3.262%, 2/20/45(3)		980		985
Diamond Resorts Owner Trust 14-1, A 144A 2.540%, 5/20/27(3)		739		739
DRB Prime Student Loan Trust 15-D, A3 144A 2.500%, 1/25/36(3)		411		411
Drive Auto Receivables Trust
15-DA, B 144A 2.590%, 12/16/19(3)		588		589
16-AA, B 144A 3.170%, 5/15/20(3)		1,490		1,499
16-BA, B 144A 2.560%, 6/15/20(3)		1,785		1,795
15-AA, C 144A 3.060%, 5/17/21(3)		1,665		1,676
16-CA, C 144A 3.020%, 11/15/21(3)		995		1,007
15-DA, C 144A 3.380%, 11/15/21(3)		1,505		1,522
17-AA, C 144A 2.980%, 1/18/22(3)		900		906
DT Auto Owner Trust
14-2A, C 144A 2.460%, 1/15/20(3)		17		17
16-1A, B 144A 2.790%, 5/15/20(3)		850		853
14-3A, C 144A 3.040%, 9/15/20(3)		935		940
15-3A, C 144A 3.250%, 7/15/21(3)		655		662
16-2A, C 144A 3.670%, 1/18/22(3)		820		831
16-3A C,144A 3.150%, 3/15/22(3)		865		872
16-4A, C 144A 2.740%, 10/17/22(3)		1,200		1,203
Exeter Automobile Receivables Trust
14-1A, B 144A 2.420%, 1/15/19(3)		16		16
13-1A, C 144A 3.520%, 2/15/19(3)		235		236
14-1A, C 144A 3.570%, 7/15/19(3)		150		151
14-2A, C 144A 3.260%, 12/16/19(3)		335		338

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—continued
16-1A, A 144A 2.350%, 7/15/20(3)	$	655	$	656
15-A1, C 144A 4.100%, 12/15/20(3)		1,000		1,025
15-2A, C 144A 3.900%, 3/15/21(3)		1,190		1,210
16-3A, B 144A 2.840%, 8/16/21(3)		1,400		1,398
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42(3)		424		425
First Investors Auto Owner Trust 16-2A, C 144A 2.530%, 7/15/22(3)		1,490		1,470
Flagship Credit Auto Trust
16-1, A 144A 2.770%, 12/15/20(3)		629		634
15-2, C 144A 4.080%, 12/15/21(3)		505		512
16-2, B 144A 3.840%, 9/15/22(3)		825		848
Foursight Capital Automobile Receivables Trust 16-1, A2, 144A 2.870%, 10/15/21(3)		1,063		1,066
Gold Key Resorts LLC 14-A, A 144A 3.220%, 3/17/31(3)		332		333
GreatAmerica Leasing Receivables Funding LLC 17-1, A4 144A 2.360%, 1/20/23(3)		905		902
Hertz Vehicle Financing LLC
15-2A, A 144A 2.020%, 9/25/19(3)		1,080		1,075
16 -1A, A144A 2.320%, 3/25/20(3)		750		747
Hilton Grand Vacations Trust
13-A, A 144A 2.280%, 1/25/26(3)		701		699
14-AA, A 144A 1.770%, 11/25/26(3)		206		203
17-AA, A 144A 2.660%, 12/27/28(3)		910		909
Hyundai Auto Receivables Trust
14-B, D 2.510%, 12/15/20		400		401
15-A, D 2.730%, 6/15/21		550		552
15-C, B 2.150%, 11/15/21		1,500		1,500
Leaf Receivables Funding 10 LLC 15-1, D 144A 3.740%, 5/17/21(3)		585		576
Mariner Finance Issuance Trust 17-AA, A 144A 3.620%, 2/20/29(3)		900		905
Marriott Vacation Club Owner Trust 12-1A, A 144A 2.510%, 5/20/30(3)		280		280
MVW Owner Trust
15-1A, B 144A 2.960%, 12/20/32(3)		371		370
16-1A, A 144A 2.250%, 12/20/33(3)		1,024		1,009

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—continued
Navistar Financial Dealer Note Master Owner Trust II 16-1, B 144A 2.732%, 9/27/21(2)(3)	$	1,710	$	1,713
OneMain Financial Issuance Trust
14-1A, A 144A 2.430%, 6/18/24(3)		197		197
15-1A, A 144A 3.190%, 3/18/26(3)		1,660		1,678
Orange Lake Timeshare Trust
12-AA, A 144A 3.450%, 3/10/27(3)		416		419
15-AA, A 144A 2.880%, 9/8/27(3)		334		334
Santander Drive Auto Receivables Trust
13-1, D 2.270%, 1/15/19		1,691		1,695
13-3, C 1.810%, 4/15/19		235		235
13-5, D 2.730%, 10/15/19		540		545
14-4, D 3.100%, 11/16/20		1,095		1,115
16-2, B 2.080%, 2/16/21		1,000		1,001
16-1, C 3.090%, 4/15/22		2,010		2,034
17-1, C 2.580%, 5/16/22		915		915
Security National Automotive Acceptance Company Receivables Trust 14-1A, C 144A 2.210%, 1/15/20(3)		13		13
Sierra Timeshare Receivables Funding LLC
12-3A, A 144A 1.870%, 8/20/29(3)		306		305
13-1A, A 144A 1.590%, 11/20/29(3)		61		61
14-1A, A 144A 2.070%, 3/20/30(3)		95		95
14-2A, A 144A 2.050%, 6/20/31(3)		63		63
16-1A, A 144A 3.080%, 3/21/33(3)		492		498
16-2A, A 144A 2.330%, 7/20/33(3)		662		661
Silverleaf Finance LLC
XVII 13-A, A 144A 2.680%, 3/16/26(3)		51		51
XVIII 14-A, A 144A 2.810%, 1/15/27(3)		193		193
Silverleaf Finance XV LLC 12-D, A 144A 3.000%, 3/17/25(3)		15		15
SLM Private Education Loan Trust
14-A, 2A2 144A 2.590%, 1/15/26(3)		1,450		1,460
13-B, A2A 144A 1.850%, 6/17/30(3)		1,000		996

See Notes to Financial Statements

29

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—continued
13-C, A2A 144A 2.940%, 10/15/31(3)	$	311	$	314
SoFi Consumer Loan Program LLC
16-3, A 144A 3.050%, 12/26/25(3)		861		861
17-1, A 144A 3.280%, 1/26/26(3)		502		505
SoFi Professional Loan Program LLC
14-B, A2 144A 2.550%, 8/27/29(3)		552		553
15-A, A2 144A 2.420%, 3/25/30(3)		214		214
16-A, A2 144A 2.760%, 12/26/36(3)		484		488
17-B, A1FX 144A 1.830%, 5/25/40(3)		910		910
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 01-SB1, A2 3.375%, 8/25/31		135		133
SVO VOI Mortgage Corp. 12-AA, A 144A 2.000%, 9/20/29(3)		1,020		1,010
Taco Bell Funding LLC 16-1A, A21 144A 3.832%, 5/25/46(3)		990		1,004
TCF Auto Receivables Owner Trust 14-1A, B 144A 2.330%, 5/15/20(3)		475		474
Tidewater Auto Receivables Trust 16-AA, B 144A 3.130%, 3/15/20(3)		785		789
Trip Rail Master Funding LLC 11-1A, A1A 144A 4.370%, 7/15/41(3)		229		230
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23(3)		936		941
United Auto Credit Securitization Trust 16-1, B 144A 2.730%, 5/15/18(3)		316		317
Volvo Financial Equipment LLC 14-1A, C 144A 1.940%, 11/15/21(3)		205		205
VSE VOI Mortgage LLC 16-A, A 144A 2.540%, 7/20/33(3)		1,352		1,346
Welk Resorts LLC
13-AA, A 144A 3.100%, 3/15/29(3)		121		122
15-AA, A 144A 2.790%, 6/16/31(3)		258		257
Westgate Resorts LLC 16-1A, A 144A 3.500%, 12/20/28(3)		1,089		1,095
Westlake Automobile Receivables Trust
15-1A, B 144A 1.680%, 11/16/20(3)		74		74

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES—continued
16-2A C, 144A 2.830%, 5/17/21(3)	$	1,030	$	1,036
16-3A, B 144A 2.070%, 12/15/21(3)		1,688		1,681
TOTAL ASSET-BACKED SECURITIES (Identified Cost $93,073)				93,356
CORPORATE BONDS AND NOTES—23.5%
Consumer Discretionary—2.4%
American Greetings Corp. 144A 7.875%, 2/15/25(3)		5		5
CalAtlantic Group, Inc.
5.875%, 11/15/24		199		210
5.250%, 6/1/26		420		420
Cequel Communications Holdings I LLC
144A 5.125%, 12/15/21(3)		105		107
144A 5.125%, 12/15/21(3)		250		255
Charter Communications Operating LLC 4.464%, 7/23/22		690		727
Daimler Finance North America LLC 144A 2.200%, 10/30/21(3)		1,195		1,169
Delphi Automotive plc 3.150%, 11/19/20		540		551
Horton (D.R.), Inc. 4.750%, 2/15/23		895		952
Hyundai Capital America
144A 2.125%, 10/2/17(3)		60		60
144A 2.450%, 6/15/21(3)		355		349
M/I Homes, Inc. 6.750%, 1/15/21		325		342
Marriott International, Inc. Series N, 3.125%, 10/15/21		290		295
NCL Corp., Ltd. 144A 4.750%, 12/15/21(3)		580		590
QVC, Inc. 3.125%, 4/1/19		990		1,005
Taylor Morrison Communities, Inc. 144A 5.625%, 3/1/24(3)		135		141
Time Warner Cable, Inc. 6.750%, 7/1/18		215		227
Toll Brothers Finance Corp.
5.625%, 1/15/24		25		27
4.875%, 11/15/25		595		601
TRI Pointe Group, Inc.
4.875%, 7/1/21		400		413
5.875%, 6/15/24		175		181
Wyndham Worldwide Corp.
2.500%, 3/1/18		40		40
4.150%, 4/1/24		45		45
				8,712
Consumer Staples—0.6%
Anheuser-Busch InBev Finance, Inc. 2.650%, 2/1/21		540		544
CVS Health Corp. 2.800%, 7/20/20		540		549

	PAR VALUE		VALUE
Consumer Staples—continued
Kraft Heinz Foods Co. (The)
2.800%, 7/2/20	$	85	$	86
3.500%, 7/15/22		90		92
Smithfield Foods, Inc. 144A 3.350%, 2/1/22(3)		372		371
Whole Foods Market, Inc. 5.200%, 12/3/25		615		653
				2,295
Energy—1.5%
Anadarko Petroleum Corp. 4.850%, 3/15/21		530		567
Antero Resources Corp. 5.625%, 6/1/23		215		221
Enbridge Energy Partners LP 4.375%, 10/15/20		90		95
Energy Transfer Partners LP 5.200%, 2/1/22		310		332
EP Energy LLC 144A 8.000%, 11/29/24(3)		70		74
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(3)		85		93
NGL Energy Partners LP 5.125%, 7/15/19		705		710
Noble Holding International Ltd. 7.750%, 1/15/24		350		338
QEP Resources, Inc. 5.250%, 5/1/23		295		291
Regency Energy Partners LP 5.000%, 10/1/22		575		611
Sabine Pass Liquefaction LLC 6.250%, 3/15/22		1,240		1,375
Sinopec Capital Ltd. 144A 1.875%, 4/24/18(3)		250		249
Sunoco LP 6.375%, 4/1/23		400		408
				5,364
Financials—9.5%
Air Lease Corp. 2.625%, 9/4/18		550		555
Ally Financial, Inc. 5.750%, 11/20/25		330		339
Ares Capital Corp.
4.875%, 11/30/18		62		64
3.875%, 1/15/20		173		176
Aviation Capital Group Corp.
144A 2.875%, 9/17/18(3)		115		116
RegS 2.875%, 9/17/18(4)		220		222
Bank of America Corp.
5.490%, 3/15/19		66		70
Series L, 2.650%, 4/1/19		350		354
2.221%, 10/21/22(2)		545		554
4.200%, 8/26/24		1,375		1,400
Bank of New York Mellon Corp. (The)
2.200%, 3/4/19		230		232
2.050%, 5/3/21		860		849
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22(4)		520		556

See Notes to Financial Statements

30

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Financials—continued
Blackstone Holdings Finance Co., LLC 144A 6.625%, 8/15/19(3)	$	200	$	220
Brookfield Finance LLC 4.000%, 4/1/24		789		793
Citigroup, Inc. 2.485%, 9/1/23(2)		1,090		1,121
Corp Andina de Fomento 2.000%, 5/10/19		455		454
Fifth Third Bancorp 4.500%, 6/1/18		150		154
First Horizon National Corp. 3.500%, 12/15/20		440		452
First Tennessee Bank N.A. 2.950%, 12/1/19		250		253
Ford Motor Credit Co., LLC 5.750%, 2/1/21		400		441
FS Investment Corp.
4.250%, 1/15/20		300		302
4.750%, 5/15/22		185		189
General Motors Financial Co., Inc.
3.700%, 11/24/20		670		690
4.200%, 3/1/21		405		423
3.200%, 7/6/21		975		979
Goldman Sachs Group, Inc. (The)
2.350%, 11/15/21		350		343
3.000%, 4/26/22		900		901
4.250%, 10/21/25		320		326
2.789%, 10/28/27(2)		1,095		1,127
Guanay Finance Ltd. 144A 6.000%, 12/15/20(3)		797		822
HSBC Holdings plc 2.950%, 5/25/21		860		864
Huntington Bancshares, Inc. 7.000%, 12/15/20		245		281
Hutchison Whampoa International Ltd. Series 12 144A 6.000%(2)(3)(5)(6)		980		983
Icahn Enterprises LP 5.875%, 2/1/22		200		204
ICAHN Enterprises LP 144A 6.250%, 2/1/22(3)		180		183
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		250		255
iStar, Inc. 5.000%, 7/1/19		375		380
Jefferies Group LLC 5.125%, 4/13/18		150		155
JPMorgan Chase & Co.
6.125%, 6/27/17		200		202
2.250%, 1/23/20		540		542
2.295%, 8/15/21		300		297
JPMorgan Chase Bank N.A. 1.650%, 9/23/19		615		612
KeyCorp 5.100%, 3/24/21		185		202
Korea Development Bank 3.875%, 5/4/17		250		250
Lazard Group LLC 4.250%, 11/14/20		350		368

	PAR VALUE		VALUE
Financials—continued
Lincoln National Corp.
8.750%, 7/1/19	$	69	$	79
4.200%, 3/15/22		470		496
6.050%, 4/20/67(2)(5)		75		64
Macquarie Group Ltd. 144A 3.000%, 12/3/18(3)		75		76
Metropolitan Life Global Funding I 144A 2.500%, 12/3/20(3)		650		651
Mizuho Corporate Bank Ltd. 144A 1.850%, 3/21/18(3)		200		200
Mizuho Financial Group, Inc. 2.273%, 9/13/21		565		552
Morgan Stanley 2.443%, 10/24/23(2)		730		745
MUFG Union Bank N.A. 2.625%, 9/26/18		300		303
Navient Corp. 6.500%, 6/15/22		373		377
New York Life Global Funding 144A 1.950%, 2/11/20(3)		70		70
Nordea Bank AB 144A 1.625%, 9/30/19(3)		1,005		994
Prudential Financial, Inc. 8.875%, 6/15/38(2)(5)		100		107
S&P Global, Inc. 3.300%, 8/14/20		519		530
Santander Holdings USA, Inc 144A 3.700%, 3/28/22(3)		910		911
SBA Tower Trust
144A 3.156%, 10/15/20(3)		750		754
144A 2.877%, 7/15/21(3)		800		795
144A 2.933%, 12/11/17(3)		155		155
State Bank of India 144A 3.250%, 4/18/18(3)		300		303
State Street Corp. 4.956%, 3/15/18(5)		525		540
TIAA Asset Management Finance Co., LLC 144A 2.950%, 11/1/19(3)		430		437
Toronto-Dominion Bank (The) 2.125%, 4/7/21		700		694
Turkiye Is Bankasi 144A 5.500%, 4/21/22(3)		800		788
UBS Group Funding Jersey Ltd. 144A 2.650%, 2/1/22(3)		400		392
Voya Financial, Inc. 2.900%, 2/15/18		267		269
Wells Fargo & Co.
3.069%, 1/24/23		470		472
2.269%, 10/31/23(2)		730		743
Wells Fargo Bank N.A. 2.150%, 12/6/19		985		989
XLIT Ltd. Series E, 2.300%, 12/15/18		135		136
				34,877

	PAR VALUE		VALUE
Health Care—1.6%
Abbott Laboratories
2.350%, 11/22/19	$	360	$	361
2.900%, 11/30/21		500		502
AbbVie, Inc.
2.500%, 5/14/20		370		372
2.300%, 5/14/21		495		489
3.200%, 11/6/22		45		45
2.850%, 5/14/23		495		486
Actavis Capital S.a.r.l.
(Actavis Funding) 3.000%, 3/12/20		85		86
(Actavis Funding) 3.450%, 3/15/22		90		92
Community Health Systems, Inc.
5.125%, 8/1/21		65		65
6.250%, 3/31/23		150		154
Forest Laboratories LLC 144A 4.375%, 2/1/19(3)		205		212
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(3)		95		99
Mylan N.V.
3.000%, 12/15/18		195		197
3.150%, 6/15/21		230		231
Owens & Minor, Inc. 3.875%, 9/15/21		65		66
Shire Acquisitions Investments 2.400%, 9/23/21		435		426
Tenet Healthcare Corp.
4.631%, 6/15/20(2)		440		445
6.000%, 10/1/20		80		85
Teva Pharmaceutical Finance Netherlands III BV
2.200%, 7/21/21		140		135
2.800%, 7/21/23		140		133
Valeant Pharmaceuticals International, Inc. 144A 6.500%, 3/15/22(3)		105		108
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22		825		828
Zoetis, Inc. 3.450%, 11/13/20		165		169
				5,786
Industrials—1.8%
America West Airlines Pass-Through-Trust 01-1, G 7.100%, 4/2/21		956		1,041
BAE Systems Holdings, Inc. 144A 2.850%, 12/15/20(3)		200		202
British Airways Pass-Through-Trust 13-1, B 144A 5.625%, 6/20/20(3)		611		636
Continental Airlines Pass-Through-Trust 01-1, A1 6.703%, 6/15/21		302		318
Delta Air Lines, Inc. 2.875%, 3/13/20		83		84

See Notes to Financial Statements

31

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Industrials—continued
Doric Nimrod Air Alpha Pass-Through-Trust 13-1, A 144A 5.250%, 5/30/23(3)	$	902	$	939
Masco Corp. 5.950%, 3/15/22		295		331
Park Aerospace Holdings Ltd. 144A 5.250%, 8/15/22(3)		90		94
Penske Truck Leasing Co., LP
RegS 2.500%, 6/15/19(4)		150		150
144A 3.375%, 2/1/22(3)		205		208
UAL Pass-Through-Trust 07-01, A 6.636%, 7/2/22		2,500		2,703
				6,706
Information Technology—1.7%
Apple, Inc.
2.250%, 2/23/21		400		401
3.000%, 2/9/24		1,130		1,139
Broadcom Corp.
144A 2.375%, 1/15/20(3)		545		545
144A 3.000%, 1/15/22(3)		385		384
Diamond 1 Finance Corp. 144A 5.450%, 6/15/23(3)		685		739
Dun & Bradstreet Corp. (The)
3.500%, 12/1/17		65		66
4.250%, 6/15/20		135		140
Everett Spinco, Inc 144A 2.875%, 3/27/20(3)		154		155
First Data Corp. 144A 5.000%, 1/15/24(3)		785		802
Hewlett Packard Enterprise Co.
2.850%, 10/5/18		325		329
3.600%, 10/15/20		60		62
Microsoft Corp.
2.000%, 8/8/23		320		307
2.875%, 2/6/24		320		322
NXP BV (NXP Funding LLC) 144A 4.125%, 6/1/21(3)		425		441
Oracle Corp. 2.400%, 9/15/23		220		214
				6,046
Materials—1.2%
Airgas, Inc. 3.050%, 8/1/20		28		29
CRH America, Inc. 8.125%, 7/15/18		100		108
Equate Petrochemical BV 144A 3.000%, 3/3/22(3)		465		454
Fortescue Metals Group (FMG) Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22(3)		915		1,049
Glencore Funding LLC 144A 4.125%, 5/30/23(3)		900		917

	PAR VALUE		VALUE
Materials—continued
Grace (WR) & Co. 144A 5.125%, 10/1/21(3)	$	75	$	79
OCP S.A. 144A 5.625%, 4/25/24(3)		790		841
Severstal Oao Via Steel Capital S.A. 144A 3.850%, 8/27/21(3)(10)		1,075		1,076
				4,553
Real Estate—1.5%
Brixmor Operating Partnership LP 3.875%, 8/15/22		140		143
CoreCivic, Inc. 5.000%, 10/15/22		390		405
Corporate Office Properties LP 3.700%, 6/15/21		220		224
CyrusOne LP 144A 5.000%, 3/15/24(3)		145		150
DDR Corp. 7.875%, 9/1/20		570		659
Digital Realty Trust LP
3.400%, 10/1/20		325		333
3.950%, 7/1/22		195		203
HCP, Inc. 3.750%, 2/1/19		225		231
Healthcare Trust of America Holdings LP 3.375%, 7/15/21		135		137
Hospitality Properties Trust 4.500%, 6/15/23		445		460
Kimco Realty Corp. 3.400%, 11/1/22		550		555
Select Income REIT 4.150%, 2/1/22		580		585
Senior Housing Properties Trust 3.250%, 5/1/19		125		126
Ventas Realty LP
4.000%, 4/30/19		505		522
2.700%, 4/1/20		152		154
West Europe Finance LLC 144A 3.250%, 10/5/20(3)		535		545
				5,432
Telecommunication Services—1.3%
Altice Financing S.A. 144A 6.625%, 2/15/23(3)		460		480
AT&T, Inc. 3.000%, 6/30/22		1,260		1,253
Frontier Communications Corp. 10.500%, 9/15/22		455		463
T-Mobile USA, Inc. 6.000%, 4/15/24		555		593
Telefonica Emisiones SAU 3.192%, 4/27/18		195		197
Verizon Communications, Inc.
4.600%, 4/1/21		70		75
144A 2.946%, 3/15/22(3)		1,364		1,358
3.125%, 3/16/22		306		307
				4,726

	PAR VALUE		VALUE
Utilities—0.4%
Exelon Corp.
2.850%, 6/15/20	$	805	$	815
3.497%, 6/1/22		196		198
Korea Western Power Co., Ltd. 144A 3.125%, 5/10/17(3)		200		200
State Grid Overseas Investment Ltd. 144A 2.750%, 5/7/19(3)		330		334
				1,547
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $85,413)				86,044
LOAN AGREEMENTS(2)—5.8%
Consumer Discretionary—1.7%
Altice U.S. Finance I Corp.
2016 Refinancing Tranche, 3.982%, 1/15/25		309		310
Tranche B 0.000%, 7/28/25(9)		10		10
AMC Entertainment Holdings, Inc. 3.733%, 12/15/23		80		81
Aristocrat Leisure Ltd. Tranche B-2, 3.143%, 10/20/21		522		526
Boyd Gaming Corp. Refinancing Tranche B, 3.452%, 9/15/23		1,575		1,586
Charter Communications Operating LLC
Tranche F-1, 2.990%, 1/3/21		119		120
Tranche H-1, 2.990%, 1/15/22		82		82
Tranche I-1, 3.232%, 1/15/24		157		158
CSC Holdings LLC Tranche 2016, 3.943%, 10/11/24		185		185
El Dorado Resorts, Inc. Tranche B, 0.000%, 3/15/24(9)		335		335
Harbor Freight Tools USA, Inc. 4.232%, 8/18/23		751		751
Hilton Worldwide Finance LLC Tranche B-2 2.982%, 10/25/23		733		740
Las Vegas Sands, LLC Refinancing Term, 2.000%, 3/29/24		559		560
MGM Growth Properties Operating Partnership LP Tranche B, 3.482%, 4/25/23		282		284
PetSmart, Inc. Tranche B-2, 4.020%, 3/11/22		307		294
Six Flags Entertainment Corp. Tranche B, 3.910%, 6/30/22		122		123

See Notes to Financial Statements

32

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—Continued
Station Casinos LLC Tranche B, 3.450%, 6/8/23	$	296	$	297
				6,442
Consumer Staples—0.7%
Albertson’s LLC
Tranche B-4 3.982%, 8/25/21		201		202
Tranche B-5, 4.401%, 12/21/22		332		335
Aramark Intermediate HoldCo Corp. Tranche B, 2.983%, 3/28/24		445		449
Charger OpCo B.V. Tranche B-1, 3.500%, 7/2/22		85		85
Coty, Inc. Tranche B, 3.311%, 10/27/22		480		483
Galleria Co. Tranche B, 3.813%, 9/29/23		130		131
JBS USA Lux S.A. 3.289%, 10/30/22		245		246
Kronos, Inc. First Lien, 5.034%, 11/1/23		493		496
Prestige Brands, Inc. Tranche B-4, 3.732%, 1/26/24		58		59
				2,486
Energy—0.1%
MEG Energy Corp. 4.540%, 12/31/23		211		212
Paragon Offshore Finance Co. 5.750%, 7/16/21		137		54
				266
Financials—0.0%
Avolon TLB Borrower 1 (US) LLC Tranche B-2, 0.000%, 3/21/22(9)		30		30
Health Care—0.8%
DaVita HealthCare Partners, Inc. Tranche B, 3.732%, 6/24/21		98		100
Envision Healthcare Corp. 4.150%, 12/1/23		562		567
Grifols Worldwide Operations Ltd. Tranche B, 3.194%, 1/31/25		145		145
HCA, Inc. Tranche B-9, 0.000%, 3/17/23(9)		2,180		2,193
Quintiles IMS, Inc. Tranche B-1 2.978%, 3/7/24		52		53
Valeant Pharmaceuticals International, Inc. Series F, Tranche B, 5.570%, 4/1/22		97		97
				3,155

	PAR VALUE		VALUE
Industrials—1.1%
American Airlines, Inc.
2.982%, 6/27/20	$	1,005	$	1,005
Tranche B, 3.482%, 4/28/23		660		662
TransDigm, Inc.
Tranche D, 4.065%, 6/4/21		65		65
Tranche E, 4.065%, 5/14/22		78		78
Tranche F, 3.982%, 6/9/23		137		137
United Airlines, Inc. Tranche B-1, 0.000%, 4/1/24(9)		1,570		1,576
Xpo Logistics, Inc. 3.108%, 11/1/21		600		603
				4,126
Information Technology—0.3%
Abacus Innovations Corp. Tranche B, 3.250%, 8/16/23		258		261
Rackspace Hosting, Inc. Tranche B, First Lien, 4.535%, 11/3/23		182		183
SS&C Technologies Holdings, Inc.
2017 Refinancing Tranche A-2 2.732%, 7/8/20		27		27
2017 Refinancing Tranche A-1 2.732%, 7/8/20		17		18
2017 Refinancing Tranche B-2 3.232%, 7/8/22		9		9
2017 Refinancing Tranche B-1 3.232%, 7/8/22		101		101
Western Digital Corp. Tranche B-2, 3.732%, 4/29/23		550		554
				1,153
Materials—0.1%
Huntsman International LLC Tranche B, 3.982%, 4/1/23		176		178
Ineos U.S. Finance LLC Tranche 2022 3.732%, 3/31/22		25		25
				203
Telecommunication Services—0.4%
Level 3 Financing, Inc. Tranche B, 3.227%, 2/22/24		553		555
Neustar, Inc.
Tranche B1 0.000%, 9/2/19(9)		90		91
Tranche B2, 0.000%, 3/1/24(9)		190		193

	PAR VALUE			VALUE
Telecommunication Services—continued
Sprint Communications, Inc. 3.500%, 2/2/24	$	225		$	225
UPC Financing Partnership 3.662%, 4/15/25		285			286
					1,350
Utilities—0.6%
Calpine Corp. Tranche 2016, 3.900%, 5/31/23		670			674
Helix Gen Funding LLC Tranche 0.000%, 3/9/24(9)		60			61
NRG Energy, Inc. 3.232%, 6/30/23		998			1,004
Vistra Operations Company LLC
3.732%, 8/4/23		234			233
Tranche C, 3.732%, 8/4/23		54			53
4.193%, 12/14/23		83			83
					2,108
TOTAL LOAN AGREEMENTS (Identified Cost $21,291)					21,319
	SHARES
PREFERRED STOCKS—0.4%
Financials—0.4%
Bank of New York Mellon Corp. (The) Series E, 4.950%(2)		390	(7)		402
Citigroup, Inc. Series T, 6.250%(2)		660	(7)		713
JPMorgan Chase & Co. Series Z, 5.300%(2)		50	(7)		52
Wells Fargo & Co. Series K, 7.980%(2)		325	(7)		338
TOTAL PREFERRED STOCKS (Identified Cost $1,439)					1,505
EXCHANGE-TRADED FUND—0.9%
PowerShares Senior Loan Portfolio(8)		143,000			3,326
TOTAL EXCHANGE-TRADED FUND (Identified Cost $3,346)					3,326
TOTAL LONG TERM INVESTMENTS—98.4%
(Identified Cost $359,422)					359,957

See Notes to Financial Statements

33

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
SHORT-TERM INVESTMENT—1.6%
Money Market Mutual Fund—1.6%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.622%)(8)		5,758,228	$	5,758
TOTAL SHORT-TERM INVESTMENT (Identified Cost $5,758)				5,758
TOTAL INVESTMENTS—100.0%
(Identified Cost $365,180)				365,715	(1)
Other assets and liabilities, net—0.0%				109
NET ASSETS—100.0%			$	365,824

Abbreviations:

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

FNMA Federal National Mortgage Association (“Fannie Mae”)

GNMA Government National Mortgage Association (“Ginnie Mae”)

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

⁽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, 2017, these securities amounted to a value of $151,997 or 41.5% of net assets.

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

⁽⁵⁾ Interest payments may be deferred.

⁽⁶⁾ No contractual maturity date.

⁽⁷⁾ Value shown as par value.

⁽⁸⁾ Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

⁽⁹⁾ This loan will settle after March 31, 2017, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽¹⁰⁾  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.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	93,356	$	—	$	93,356	$	—
Corporate Bonds And Notes		86,044		—		86,044		—
Foreign Government Securities		202		—		202		—
Loan Agreements		21,319		—		21,319		—
Mortgage-Backed Securities		122,615		—		121,980		635
Municipal Bonds		199		—		199		—
U.S. Government Securities		31,391		—		31,391		—
Equity Securities:
Preferred Stocks		1,505		—		1,505		—
Exchange-Traded Fund		3,326		3,326		—		—
Short-Term Investment		5,758		5,758		—		—
Total Investments	$	365,715	$	9,084	$	355,996	$	635

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2017.

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

See Notes to Financial Statements

34

VIRTUS NEWFLEET LOW DURATION INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

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

	Mortgage-Backed Securities
Investments in Securities
Balance as of September 30, 2016:	$	—
Accrued discount/(premium)		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(c)		—
Purchases		635
Sales(b)		—
Transfers into Level 3(a)(d)		—
Transfers from Level 3(a)		—
Balance as of March 31, 2017	$	635

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2017, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydown on securities.

^(c)  Included in the related net change in unrealized appreciation/(depreciation) in the Statements of Operations. The change in unrealized appreciation/(depreciation) on investments still held on March 31, 2017 was $0.

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

None of the securities in this table are internally fair valued. The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

See Notes to Financial Statements

35

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE			VALUE
U.S. GOVERNMENT SECURITIES—0.8%
U.S. Treasury Note
1.250%, 3/31/21	$	765		$	749
1.875%, 2/28/22		1,920			1,916
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $2,666)					2,665
MUNICIPAL BONDS—0.1%
Michigan—0.0%
Tobacco Settlement Finance Authority Taxable Series A, 7.309%, 6/1/34		145			142
Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		325			272
TOTAL MUNICIPAL BONDS (Identified Cost $462)					414
FOREIGN GOVERNMENT SECURITIES—13.0%
Argentine Republic
144A 5.625%, 1/26/22(3)		465			477
144A 7.500%, 4/22/26(3)		1,765			1,877
144A 6.875%, 1/26/27(3)		655			664
Series NY 8.280%, 12/31/33		1,570			1,686
144A 7.125%, 7/6/36(3)		735			712
144A 7.625%, 4/22/46(3)		370			377
Bolivarian Republic of Venezuela 7.000%, 12/1/18		216			150
RegS 7.750%, 10/13/19(4)		202			114
RegS 7.650%, 4/21/25(4)		1,500			630
9.375%, 1/13/34		2,145			976
City of Buenos Aires 144A 7.500%, 6/1/27(3)		365			378
Dominican Republic 144A 6.875%, 1/29/26(3)		180			198
Federative Republic of Brazil 12.500%, 1/5/22		2,645	BRL		934
8.500%, 1/5/24		1,690	BRL		513
6.000%, 4/7/26		705			768
10.250%, 1/10/28		250	BRL		81
5.625%, 1/7/41		670			655
Federative Republic of Brazil Treasury Note Series F, 10.000%, 1/1/23		2,480	BRL		815
10.000%, 1/1/25		1,880	BRL		616
Kingdom of Bahrain 144A 7.000%, 10/12/28(3)		910			952
Kingdom of Jordan 144A 5.750%, 1/31/27(3)		1,075			1,056
Kingdom of Morocco 144A 5.500%, 12/11/42(3)		800			854
Kingdom of Qatar 144A 3.250%, 6/2/26(3)		480			477
Mongolia 144A 5.125%, 12/5/22(3)		425			402
Provincia de Buenos Aires 144A 9.125%, 3/16/24(3)		730			811

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES—continued
144A 7.875%, 6/15/27(3)	$	1,180		$	1,198
Republic of Chile 5.500%, 8/5/20		474,000	CLP		757
Republic of Colombia 4.375%, 3/21/23		3,746,000	COP		1,187
3.875%, 4/25/27		810			807
9.850%, 6/28/27		946,000	COP		417
Republic of Costa Rica 144A 4.375%, 4/30/25(3)		795			751
144A 7.000%, 4/4/44(3)		200			202
Republic of Ecuador 144A 9.650%, 12/13/26(3)		1,210			1,255
Republic of El Salvador 144A 6.375%, 1/18/27(3)		1,405			1,264
Republic of Ghana 144A 10.750%, 10/14/30(3)		665			783
Republic of Indonesia
Series FR70, 8.375%, 3/15/24		9,640,000	IDR		770
Series FR56, 8.375%, 9/15/26		13,950,000	IDR		1,139
Republic of Iraq RegS 5.800%, 1/15/28(4)		610			540
Republic of Kazakhstan 144A 5.125%, 7/21/25(3)		245			266
Republic of South Africa
Series R203, 8.250%, 9/15/17		3,690	ZAR		276
Series R208, 6.750%, 3/31/21		6,720	ZAR		482
4.875%, 4/14/26		430			432
4.300%, 10/12/28		760			713
Republic of Turkey
6.250%, 9/26/22		515			551
4.875%, 10/9/26		2,440			2,355
6.000%, 3/25/27		790			822
4.875%, 4/16/43		945			813
Russian Federation
144A 7.850%, 3/10/18(3)		60,000	RUB		1,054
Series 6216 6.700%, 5/15/19		57,000	RUB		982
144A 4.875%, 9/16/23(3)		800			859
Sultanate of Oman 144A 4.750%, 6/15/26(3)		1,170			1,179
Ukraine 144A 7.750%, 9/1/26(3)		850			782
United Mexican States
Series M, 6.500%, 6/9/22		16,410	MXN		860
4.150%, 3/28/27		460			468
4.750%, 3/8/44		508			494
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $43,684)					41,631
MORTGAGE-BACKED SECURITIES—13.3%
Agency—2.0%
FHLMC 3.500%, 4/1/46		1,216			1,244

	PAR VALUE		VALUE
Agency—continued
FNMA
4.000%, 10/1/44	$	1,099	$	1,153
3.500%, 9/1/45		1,876		1,921
3.500%, 1/1/46		1,033		1,057
3.500%, 5/1/46		1,002		1,026
				6,401
Non-Agency—11.3%
American Homes 4 Rent Trust
14-SFR2, C 144A 4.705%, 10/17/36(3)		915		954
15-SFR2, C 144A 4.691%, 10/17/45(3)		805		838
15-SFR1, A 144A 3.467%, 4/17/52(3)		676		685
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 4.800%, 6/25/33(2)		1,135		1,127
AMSR Trust 16-SFR1, D 144A 3.343%, 11/17/33(2)(3)		765		771
Banc of America Funding Trust
04-D, 5A1 3.496%, 1/25/35(2)		860		808
05-1, 1A1 5.500%, 2/25/35		385		385
06-2, 3A1 6.000%, 3/25/36		184		189
Bank of America (Countrywide) Asset-Backed Certificates
05-1, AF5A 5.102%, 7/25/35(2)		926		960
05-12, 2A4 5.575%, 2/25/36(2)		18		18
Bank of America (Merrill Lynch – Countrywide) Alternative Loan Trust
04-22CB, 1A1 6.000%, 10/25/34		373		384
04-24CB, 1A1 6.000%, 11/25/34		85		88
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 15-200P, A 144A 3.218%, 4/14/33(3)		705		709
Bayview Opportunity Master Fund Trust
04-B Trust, 16-SPL2, B1 144A 4.250%, 6/28/53(2)(3)		445		458
04-A Trust, 16-SPL1, B1 144A 4.250%, 4/28/55(3)		625		643
04-A Trust, 17-SPL1, B1 144A 4.250%, 10/28/64(2)(3)		493		508
Citigroup Mortgage Loan Trust, Inc.
05-5, 2A3 5.000%, 8/25/35		201		199

See Notes to Financial Statements

36

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Non-Agency—continued
15-A, A1 144A 3.500%, 6/25/58(2)(3)	$	633	$	640
Colony American Finance Ltd. 15-1, A 144A 2.896%, 10/15/47(3)		635		631
Colony Starwood Homes Trust 16-2A, C 144A 3.093%, 12/17/33(2)(3)		770		773
Commercial Mortgage Trust 07-GG11, AM 5.867%, 12/10/49(2)		600		607
Credit Suisse Commercial Mortgage-Backed Trust
06-08, 3A1 6.000%, 10/25/21		314		296
07-C5, A1AM 5.870%, 9/15/40(2)		939		892
Credit Suisse Mortgage Loan Trust 15-1, B4 144A 3.893%, 5/25/45(2)(3)		682		630
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.382%, 12/15/34(2)(3)		600		610
Galton Funding Mortgage Trust 17-1, A21 144A 3.500%, 7/25/56(3)		628		635
GSAA Home Equity Trust 05-12, AF3W 4.999%, 9/25/35(2)		277		280
GSR Mortgage Loan Trust 06-1F, 2A4 6.000%, 2/25/36		315		272
Home Equity Loan Trust 03-HS3, AI4 5.550%, 9/25/33(2)		122		124
Jefferies Resecuritization Trust 14-R1, 2A1 144A 4.000%, 12/27/37(3)		217		214
JPMorgan Chase Commercial Mortgage Securities Trust 07-LDPX, AM 5.464%, 1/15/49(2)		641		641
JPMorgan Chase Mortgage Trust
14-1, 1A1 144A 4.000%, 1/25/44(2)(3)		533		549
16-1, M2 144A 3.750%, 4/25/45(2)(3)		734		733
16-2, M2 144A 3.750%, 12/25/45(2)(3)		905		903
16-5, A1 144A 2.602%, 12/25/46(2)(3)		1,248		1,244
MASTR Alternative Loan Trust
05-5, 2A3 5.500%, 7/25/25		753		750
04-6, 7A1 6.000%, 7/25/34		941		931
05-2, 2A1 6.000%, 1/25/35		424		438

	PAR VALUE		VALUE
Non-Agency—continued
MASTR Reperforming Loan Trust 05-1, 1A5 144A 8.000%, 8/25/34(3)	$	534	$	553
MASTR Specialized Loan Trust 05-3, A2 144A 5.704%, 11/25/35(2)(3)		285		287
Mill City Mortgage Loan Trust 16-1, M1 144A 3.150%, 4/25/57(2)(3)		525		509
Morgan Stanley Capital I Trust 07-IQ14, AM 5.778%, 4/15/49(2)		1,197		1,196
Motel 6 Trust 15-MTL6, D 144A 4.532%, 2/5/30(3)		1,080		1,087
New Residential Mortgage Loan Trust 16-4A, B1A 144A 4.500%, 11/25/56(3)		701		722
One Market Plaza Trust 17-1MKT, A 144A 3.614%, 2/10/32(3)		620		641
Resecuritization Pass-Through Trust 05-8R, A5 6.000%, 10/25/34		349		351
Residential Asset Securitization Trust 05-A1, A3 5.500%, 4/25/35		607		608
Sequoia Mortgage Trust
13-8, B1 3.535%, 6/25/43(2)		738		741
14-2, A1 144A 4.000%, 7/25/44(2)(3)		225		228
Towd Point Mortgage Trust
15-1, A2 144A 3.250%, 10/25/53(2)(3)		555		541
15-6, M1 144A 3.750%, 4/25/55(2)(3)		760		741
15-5, A2 144A 3.500%, 5/25/55(2)(3)		690		695
15-2, 1M1 144A 3.250%, 11/25/60(2)(3)		1,920		1,905
Vericrest Opportunity Loan Trust LI LLC 16-NP11, A1 144A 3.500%, 10/25/46(2)(3)		291		293
Vericrest Opportunity Loan Trust LLC
15-NPL2, A1 144A 3.375%, 2/25/55(2)(3)		324		323
15-NPL3, A1 144A 3.375%, 10/25/58(2)(3)		315		314
Vericrest Opportunity Loan Trust XXXV LLC 16-NPL9, A1 144A 3.500%, 9/25/46(2)(3)		264		264
Vericrest Opportunity Loan Trust XXXVII LLC 15-NP11, A1 144A 3.625%, 7/25/45(2)(3)		382		383
VSD 17-PLT1, A 3.600%, 12/25/43		367		366

	PAR VALUE		VALUE
Non-Agency—continued
Wells Fargo Commercial Mortgage Trust 15-LC20, B 3.719%, 4/15/50	$	875	$	868
				36,133
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $42,512)				42,534
ASSET-BACKED SECURITIES—2.3%
Carnow Auto Receivables Trust 16-1A, D 144A 7.340%, 11/15/21(3)		745		747
Citi Held For Asset Issuance 15-PM3, B 144A 4.310%, 5/16/22(3)		740		748
DB Master Finance LLC 15-A1, A2II 144A 3.980%, 2/20/45(3)		375		381
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42(3)		520		521
First Investors Auto Owner Trust 15-2A, E 144A 5.590%, 11/15/22(3)		950		951
Flagship Credit Auto Trust 14-1, E 144A 5.710%, 8/16/21(3)		665		684
Leaf Receivables Funding 10 LLC 15-1, E2 144A 6.000%, 6/15/23(3)		555		544
Leaf Receivables Funding 11 LLC 16-1, E2 144A 6.000%, 6/15/24(3)		290		268
Mariner Finance Issuance Trust 17-AA, A 144A 3.620%, 2/20/29(3)		775		779
TGIF Funding LLC 17-1A, A2 144A 6.202%, 4/30/47(3)		780		766
Trip Rail Master Funding LLC 11-1A, A1A 144A 4.370%, 7/15/41(3)		164		165
Wendy’s Funding LLC 15-1A, A2II 144A 4.080%, 6/15/45(3)		680		684
TOTAL ASSET-BACKED SECURITIES (Identified Cost $7,207)				7,238
CORPORATE BONDS AND NOTES—53.0%
Consumer Discretionary—6.9%
Altice Financing S.A. 144A 7.625%, 2/15/25(3)		715		758
American Greetings Corp. 144A 7.875%, 2/15/25(3)		300		316
Beazer Homes USA, Inc.
5.750%, 6/15/19		472		496
144A 6.750%, 3/15/25(3)		325		327
Brookfield Residential Properties, Inc. 144A 6.125%, 7/1/22(3)		185		191

See Notes to Financial Statements

37

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—continued
Cablevision Systems Corp. 5.875%, 9/15/22	$	835	$	844
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20(10)		207		241
Caesars Entertainment Resort Properties LLC 8.000%, 10/1/20		320		335
Caesars Growth Properties Holdings LLC 9.375%, 5/1/22		785		846
CalAtlantic Group, Inc. 5.250%, 6/1/26		410		410
Cequel Communications Holdings I LLC
144A 5.125%, 12/15/21(3)		275		281
144A 5.125%, 12/15/21(3)		655		667
Clear Channel Worldwide Holdings, Inc.
Series B 7.625%, 3/15/20		880		891
Series A 7.625%, 3/15/20		320		319
Cooper-Standard Automotive, Inc. 144A 5.625%, 11/15/26(3)		540		541
Dana Financing Luxembourg S.a.r.l. 144A 5.750%, 4/15/25(3)		370		374
Diamond Resorts International, Inc. 144A 7.750%, 9/1/23(3)		60		63
Eagle II Acquisition Co., LLC 144A 6.000%, 4/1/25(3)		125		129
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(3)		365		370
Goodyear Tire & Rubber Co. (The) 4.875%, 3/15/27		455		456
Hilton Worldwide Finance LLC
144A 4.625%, 4/1/25(3)		210		213
144A 4.875%, 4/1/27(3)		130		132
Horton (D.R.), Inc. 4.750%, 2/15/23		620		660
iHeartCommunications, Inc.
9.000%, 12/15/19		550		470
9.000%, 3/1/21		220		168
International Game Technology plc 144A 6.250%, 2/15/22(3)		340		365
Landry’s, Inc. 144A 6.750%, 10/15/24(3)		215		224
M/I Homes, Inc. 6.750%, 1/15/21		525		552
MDC Holdings, Inc. 5.500%, 1/15/24		860		890
Meritor, Inc. 6.750%, 6/15/21		300		312
MPG Holdco I, Inc. 7.375%, 10/15/22		830		903
NCL Corp., Ltd. 144A 4.750%, 12/15/21(3)		650		661

	PAR VALUE		VALUE
Consumer Discretionary—continued
New York University 4.142%, 7/1/48	$	545	$	515
Pinnacle Entertainment, Inc. 144A 5.625%, 5/1/24(3)		350		356
QVC, Inc. 5.125%, 7/2/22		240		252
Scientific Games International, Inc.
6.625%, 5/15/21		540		509
144A 7.000%, 1/1/22(3)		590		632
SFR (Numericable) Group S.A. 144A 7.375%, 5/1/26(3)		905		936
Signet UK Finance plc 4.700%, 6/15/24		895		866
Six Flags Entertainment Corp. 144A 4.875%, 7/31/24(3)		610		604
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23(3)		490		522
Toll Brothers Finance Corp.
5.625%, 1/15/24		175		185
4.875%, 11/15/25		195		197
TRI Pointe Group, Inc. 5.875%, 6/15/24		445		461
VTR Finance BV 144A 6.875%, 1/15/24(3)		600		625
Wyndham Worldwide Corp. 4.500%, 4/1/27		210		212
Ziggo Secured Finance BV 144A 5.500%, 1/15/27(3)		890		892
				22,169
Consumer Staples—1.5%
Dole Food Co., Inc.
144A 7.250%, 5/1/19(3)		545		557
144A 7.250%, 6/15/25(3)		575		576
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(3)		485		495
MARB BondCo plc 144A 7.000%, 3/15/24(3)		200		199
Pilgrim’s Pride Corp. 144A 5.750%, 3/15/25(3)		340		344
Post Holdings, Inc.
144A 5.000%, 8/15/26(3)		620		595
144A 5.750%, 3/1/27(3)		205		206
Safeway, Inc. 7.250%, 2/1/31		510		497
Tops Holding LLC 144A 8.000%, 6/15/22(3)		925		763
Whole Foods Market, Inc. 5.200%, 12/3/25		540		573
				4,805
Energy—14.2%
Afren plc 144A 11.500%, 2/1/16(3)(11)(12)		464		2
Alberta Energy Co., Ltd. 8.125%, 9/15/30		330		420

	PAR VALUE		VALUE
Energy—continued
Alta Mesa Holdings LP 144A 7.875%, 12/15/24(3)	$	455	$	475
American Midstream Partners LP 144A 8.500%, 12/15/21(3)		365		374
Anadarko Finance Co. Series B 7.500%, 5/1/31		245		310
Anadarko Petroleum Corp. 6.600%, 3/15/46		460		555
Antero Resources Corp. 5.625%, 6/1/23		490		503
Archrock Partners LP 6.000%, 10/1/22		740		733
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(3)		305		310
Callon Petroleum Co. 144A 6.125%, 10/1/24(3)		265		277
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		675		680
Cheniere Corpus Christi Holdings LLC 144A 7.000%, 6/30/24(3)		680		752
Chesapeake Energy Corp. 6.625%, 8/15/20		445		447
Compagnie Generale de Geophysique-Veritas 6.500%, 6/1/21(11)		725		339
Concho Resources, Inc. 5.500%, 4/1/23		295		306
CONSOL Energy, Inc. 5.875%, 4/15/22		325		323
Continental Resources, Inc. 4.500%, 4/15/23		305		299
Crestwood Midstream Partners LP 144A 5.750%, 4/1/25(3)		670		686
Denbury Resources, Inc. 5.500%, 5/1/22		360		283
Diamondback Energy, Inc.
144A 4.750%, 11/1/24(3)		110		111
144A 5.375%, 5/31/25(3)		645		664
Ecopetrol S.A.
5.875%, 9/18/23		615		667
5.375%, 6/26/26		910		931
Encana Corp. 3.900%, 11/15/21		320		327
Energy Transfer Equity LP 5.875%, 1/15/24		885		945
EnQuest plc PIK Interest Capitalization, 7.000%, 4/15/22(19)		922		721
EP Energy LLC
9.375%, 5/1/20		615		583
144A 8.000%, 11/29/24(3)		530		559
144A 8.000%, 2/15/25(3)		280		262
FTS International, Inc. 6.250%, 5/1/22		450		396
Gazprom Neft OAO 144A 6.000%, 11/27/23(3)(7)		255		276
Gazprom OAO 144A 4.950%, 2/6/28(3)(7)		750		752

See Notes to Financial Statements

38

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Energy—continued
Helmerich & Payne International Drilling Co. 4.650%, 3/15/25	$	540	$	561
Holly Energy Partners LP 144A 6.000%, 8/1/24(3)		65		68
HollyFrontier Corp. 5.875%, 4/1/26		900		955
KazMunayGas National Co. 144A 6.375%, 4/9/21(3)		450		495
Kinder Morgan, Inc. 7.750%, 1/15/32		890		1,110
Laredo Petroleum, Inc. 7.375%, 5/1/22		610		636
Lukoil International Finance BV 144A 4.563%, 4/24/23(3)		930		954
Matador Resources Co. 144A 6.875%, 4/15/23(3)		910		956
MEG Energy Corp. 144A 6.500%, 1/15/25(3)		450		452
MPLX LP 4.875%, 12/1/24		875		920
NGL Energy Partners LP 5. 125%, 7/15/19		925		932
Noble Holding International Ltd. 7.750%, 1/15/24		420		405
Novatek OAO (Novatek Finance Ltd.) 144A 4.422%, 12/13/22(3)(7)		1,105		1,124
Occidental Petroleum Corp. 4.400%, 4/15/46		700		711
Odebrecht Offshore Drilling Finance Ltd. 144A 6.750%, 10/1/22(3)		1,013		380
Parker Drilling Co. 7.500%, 8/1/20		1,075		1,011
Parsley Energy LLC 144A 6.250%, 6/1/24(3)		285		304
Peabody Securities Finance Corp. 144A 6.000%, 3/31/22(3)		95		95
Pertamina Persero PT
144A 4.300%, 5/20/23(3)		600		620
144A 6.000%, 5/3/42(3)		400		425
144A 5.625%, 5/20/43(3)		320		329
Petrobras Global Finance BV
5.375%, 1/27/21		830		857
8.375%, 5/23/21		170		193
8.750%, 5/23/26		1,775		2,059
7.375%, 1/17/27		135		143
Petroleos de Venezuela S.A.
RegS 8.500%, 11/2/17(4)		89		74
144A 8.500%, 10/27/20(3)		177		133
144A 6.000%, 5/16/24(3)		1,580		582
Petroleos Mexicanos
6.875%, 8/4/26		1,185		1,315
6.500%, 6/2/41		465		460
5.500%, 6/27/44		650		574
PHI, Inc. 5.250%, 3/15/19		360		342

	PAR VALUE			VALUE
Energy—continued
QEP Resources, Inc.
6.875%, 3/1/21	$	445		$	475
5.250%, 5/1/23		572			564
Range Resources Corp. 144A 5.000%, 3/15/23(3)		835			826
Regency Energy Partners LP 5.000%, 10/1/22		1,010			1,074
RSP Permian, Inc. 144A 5.250%, 1/15/25(3)		480			486
Sabine Oil & Gas Corp. 7.250%, 6/15/19(11)(12)(18)		935			2
Sabine Pass Liquefaction LLC 144A 4.200%, 3/15/28(3)		320			315
SM Energy Co.
6.125%, 11/15/22		320			324
6.500%, 1/1/23		400			408
Southern Gas Corridor CJSC
144A 6.875%, 3/24/26(3)		400			440
144A 6.875%, 3/24/26(3)		495			544
State Oil Co. of the Azerbaijan Republic 6.950%, 3/18/30		855			904
Summit Midstream Holdings LLC (Summit Midstream Finance Corp.) 5.750%, 4/15/25		140			140
Sunoco LP 6.375%, 4/1/23		1,790			1,826
Transocean, Inc.
144A 9.000%, 7/15/23(3)		440			472
6.800%, 3/15/38		250			207
Weatherford International Ltd. 144A 9.875%, 2/15/24(3)		250			291
Whiting Petroleum Corp. 6.250%, 4/1/23		305			305
YPF S.A. 144A 8.500%, 3/23/21(3)		490			538
					45,584
Financials—10.5%
Akbank TAS 144A 7.500%, 2/5/18(3)		2,440	TRY		647
Allstate Corp. (The) 5.750%, 8/15/53(2)(6)		845			907
Ally Financial, Inc. 5.750%, 11/20/25		575			591
Ares Capital Corp. 3.625%, 1/19/22		465			461
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(3)		725			744
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 6.500%, 3/10/21(3)		425			465
Banco de Bogota S.A. 144A 6.250%, 5/12/26(3)		730			764
Banco de Credito del Peru 144A 6.125%, 4/24/27(2)(3)		1,095			1,196

	PAR VALUE			VALUE
Financials—continued
Banco Internacional del Peru SAA Interbank 144A 6.625%, 3/19/29(2)(3)	$	395		$	433
Banco Nacional de Comercio Exterior SNC 144A 4.375%, 10/14/25(3)		550			559
Bancolombia S.A. 5.125%, 9/11/22		1,015			1,061
Bank of America Corp. 4.200%, 8/26/24		1,057			1,076
Bank of China Ltd. 144A 5.000%, 11/13/24(3)		875			930
Bonos del Banco Central de Chile En Pesos 4.500%, 6/1/20		185,000	CLP		293
Brookfield Finance LLC 4.000%, 4/1/24		575			578
Citigroup, Inc. 4.600%, 3/9/26		580			596
Compass Bank 3.875%, 4/10/25		900			883
Development Bank of Kazakhstan JSC 144A 4.125%, 12/10/22(3)		1,090			1,079
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(3)		915			900
Eurasian Development Bank 144A 4.767%, 9/20/22(3)		925			961
FS Investment Corp.
4.250%, 1/15/20		525			529
4.750%, 5/15/22		200			205
Genworth Holdings, Inc. 4.900%, 8/15/23		585			490
GrupoSura Finance S.A. 144A 5.500%, 4/29/26(3)		725			765
Icahn Enterprises LP 6.000%, 8/1/20		370			383
ICAHN Enterprises LP
5.875%, 2/1/22		510			520
144A 6.250%, 2/1/22(3)		195			198
ICICI Bank Ltd. 144A 4.000%, 3/18/26(3)		230			229
ING Groep N.V. 6.000%(2)(5)(6)		865			864
iStar, Inc.
5.000%, 7/1/19		605			613
6.000%, 4/1/22		200			203
Jefferies Group LLC 4.850%, 1/15/27		360			367
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(3)		795			838
Leucadia National Corp. 5.500%, 10/18/23		575			612
Lincoln National Corp. 6.050%, 4/20/67(2)(6)		300			254
Morgan Stanley
144A 10.090%, 5/3/17(3)		2,400	BRL		765
4.350%, 9/8/26		415			422

See Notes to Financial Statements

39

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Financials—continued
Navient Corp.
6.500%, 6/15/22	$	391	$	395
7.250%, 9/25/23		190		192
OM Asset Management plc 4.800%, 7/27/26		785		781
Powszechna Kasa Oszczednosci Bank Polski S.A. 144A 4.630%, 9/26/22(3)(7)		1,315		1,384
Prudential Financial, Inc. 5.875%, 9/15/42(2)		1,430		1,554
Santander Bank NA 8.750%, 5/30/18		400		429
Sberbank of Russia 144A 5.500%, 2/26/24(2)(3)(7)		450		464
Springleaf Finance Corp. 5.250%, 12/15/19		500		506
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(2)(3)		740		731
Tervita Escrow Corp. 144A 7.625%, 12/1/21(3)		120		125
Toronto-Dominion Bank (The) 3.625%, 9/15/31(2)		295		289
Turkiye Garanti Bankasi AS 144A 5.250%, 9/13/22(3)		500		499
Vnesheconombank 144A 6.025%, 7/5/22(3)		435		468
Voya Financial, Inc. 5.650%, 5/15/53(2)		870		887
				32,085
Health Care—2.9%
Change Healthcare Holdings LLC 144A 5.750%, 3/1/25(3)		140		144
Community Health Systems, Inc.
5.125%, 8/1/21		165		164
6.875%, 2/1/22		420		361
6.250%, 3/31/23		100		102
Concordia International Corp.
144A 9.000%, 4/1/22(3)		185		134
144A 7.000%, 4/15/23(3)		175		35
Endo Finance LLC 144A 5.375%, 1/15/23(3)		660		573
Envision Healthcare Corp. 144A 6.250%, 12/1/24(3)		165		174
HCA, Inc. 5.375%, 2/1/25		435		454
Hill-Rom Holdings, Inc. 144A 5.000%, 2/15/25(3)		486		487
IASIS Healthcare LLC 8.375%, 5/15/19		545		525
inVentiv Group Holdings, Inc. 144A 7.500%, 10/1/24(3)		300		310

	PAR VALUE		VALUE
Health Care—continued
MEDNAX, Inc. 144A 5.250%, 12/1/23(3)	$	395	$	403
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24(3)		675		727
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22(3)		710		664
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(3)		570		604
Surgical Care Affiliates, Inc. 144A 6.000%, 4/1/23(3)		912		983
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(3)		470		462
Tenet Healthcare Corp.
4.750%, 6/1/20		275		282
6.000%, 10/1/20		180		191
144A 7.500%, 1/1/22(3)		35		38
8.125%, 4/1/22		385		403
Valeant Pharmaceuticals International, Inc.
144A 6.375%, 10/15/20(3)		320		291
144A 7.500%, 7/15/21(3)		130		114
144A 5.625%, 12/1/21(3)		140		113
144A 6.500%, 3/15/22(3)		70		72
144A 5.875%, 5/15/23(3)		380		297
144A 7.000%, 3/15/24(3)		80		82
				9,189
Industrials—4.2%
Advanced Disposal Services, Inc. 144A 5.625%, 11/15/24(3)		120		121
Bombardier, Inc. 144A 6.125%, 1/15/23(3)		575		565
Carpenter Technology Corp. 5.200%, 7/15/21		600		628
CEB, Inc. 144A 5.625%, 6/15/23(3)		610		664
Cemex Finance LLC 144A 6.000%, 4/1/24(3)		740		780
Continental Airlines Pass-Through-Trust 01-1, A1 6.703%, 6/15/21		56		59
Delhi International Airport Pvt Ltd. 144A 6.125%, 10/31/26(3)		250		270
DP World Ltd. 144A 6.850%, 7/2/37(3)		400		462
Embraer Netherlands Finance BV 5.400%, 2/1/27		370		382
GATX Corp. 3.250%, 9/15/26		125		119
Harland Clarke Holdings Corp.
144A 6.875%, 3/1/20(3)		595		605
144A 8.375%, 8/15/22(3)		140		144

	PAR VALUE		VALUE
Industrials—continued
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22	$	731	$	730
JBS Investments GmbH 144A 7.250%, 4/3/24(3)		865		900
Masco Corp. 5.950%, 3/15/22		640		719
Navistar International Corp. 8.250%, 11/1/21		570		573
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22(3)		60		64
Owens Corning 3.400%, 8/15/26		900		871
Park Aerospace Holdings Ltd. 144A 5.500%, 2/15/24(3)		390		407
Pelabuhan Indonesia II PT 144A 4.250%, 5/5/25(3)		925		921
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23(3)		490		538
SCF Capital Ltd. 144A 5.375%, 6/16/23(3)		470		486
Standard Industries, Inc. 144A 5.500%, 2/15/23(3)		225		230
TransDigm, Inc.
6.000%, 7/15/22		630		640
6.500%, 5/15/25		270		273
United Airlines Pass-Through Trust 14-1, B 4.750%, 4/11/22		409		417
Wheels Up Finance I LLC 7.555%, 6/1/24(2)(12)		855		850
				13,418
Information Technology—1.7%
Blackboard, Inc. 144A 9.750%, 10/15/21(3)		503		503
Broadcom Corp.
144A 3.000%, 1/15/22(3)		250		249
144A 3.625%, 1/15/24(3)		625		630
CDW LLC (CDW Finance Corp.) 5.000%, 9/1/25		155		158
CommScope Technologies LLC 144A 5.000%, 3/15/27(3)		170		170
Diamond 1 Finance Corp.
144A 5.450%, 6/15/23(3)		150		162
144A 6.020%, 6/15/26(3)		145		158
144A 8.100%, 7/15/36(3)		295		371
DXC Technology Co. (Everett Spinco, Inc.) 144A 4.250%, 4/15/24(3)		178		181
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		425		441

See Notes to Financial Statements

40

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Information Technology—continued
Rackspace Hosting, Inc. 144A 8.625%, 11/15/24(3)	$	1,405	$	1,484
Radiate Holdco LLC 144A 6.625%, 2/15/25(3)		930		920
				5,427
Materials—6.1%
AK Steel Corp.
7.500%, 7/15/23		385		420
7.000%, 3/15/27		630		631
Aleris International, Inc. 144A 9.500%, 4/1/21(3)		393		424
Alpek SAB de C.V. 144A 5.375%, 8/8/23(3)		1,460		1,528
Alpha 3 BV 144A 6.250%, 2/1/25(3)		155		157
ArcelorMittal 6.125%, 6/1/25		945		1,054
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25(3)		270		274
Berry Plastics Corp. 5.125%, 7/15/23		610		627
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(2)(3)(6)		525		594
BlueScope Steel Finance Ltd. 144A 6.500%, 5/15/21(3)		500		526
Eldorado Gold Corp. 144A 6.125%, 12/15/20(3)		455		469
Equate Petrochemical BV 144A 4.250%, 11/3/26(3)		765		765
Fortescue Metals Group Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22(3)		375		430
Freeport-McMoRan, Inc.
3.550%, 3/1/22		255		238
3.875%, 3/15/23		385		356
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20(3)		635		692
Gerdau Trade, Inc. 144A 5.750%, 1/30/21(3)		150		157
Glencore Funding LLC 144A 4.000%, 3/27/27(3)		950		937
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(3)		910		914
Kraton Polymers LLC 144A 7.000%, 4/15/25(3)		1,120		1,139
Mercer International, Inc. 144A 6.500%, 2/1/24(3)		95		95
Novelis Corp.
144A 6.250%, 8/15/24(3)		60		63
144A 5.875%, 9/30/26(3)		700		716
Office Cherifien des Phosphates (OCP) S.A. 144A 5.625%, 4/25/24(3)		690		735

	PAR VALUE		VALUE
Materials—continued
Owens-Brockway Glass Container, Inc. 144A 6.375%, 8/15/25(3)	$	620	$	664
Reynolds Group Issuer, Inc.
144A 5.125%, 7/15/23(3)		150		154
144A 7.000%, 7/15/24(3)		25		27
Rusal Capital DAC 144A 5.125%, 2/2/22(3)		930		936
Severstal OAO 144A 5.900%, 10/17/22(3)(7)		275		301
Severstal Oao Via Steel Capital S.A. 144A 3.850%, 8/27/21(3)(7)		620		621
Silgan Holdings, Inc. 144A 4.750%, 3/15/25(3)		140		141
Standard Industries, Inc. 144A 6.000%, 10/15/25(3)		450		465
Vale Overseas Ltd.
5.875%, 6/10/21		535		573
6.250%, 8/10/26		500		543
Vedanta Resources plc 144A 6.000%, 1/31/19(3)		995		1,025
				19,391
Real Estate—1.6%
CyrusOne LP 144A 5.375%, 3/15/27(3)		220		223
EPR Properties 4.750%, 12/15/26		815		820
ESH Hospitality, Inc. 144A 5.250%, 5/1/25(3)		605		611
Hospitality Properties Trust 4.950%, 2/15/27		925		949
MPT Operating Partnership LP 5.500%, 5/1/24		455		463
Physicians Realty LP 4.300%, 3/15/27		277		277
Select Income REIT 4.500%, 2/1/25		900		904
Uniti Group, Inc. (Communications Sales & Leasing, Inc.) 144A 7.125%, 12/15/24(3)		900		916
				5,163
Telecommunication Services—2.3%
Altice Financing S.A. 144A 6.625%, 2/15/23(3)		650		678
America Movil SAB de C.V. Series 12 6.450%, 12/5/22		5,000MXN		249
AT&T, Inc.
4.250%, 3/1/27		470		477
5.250%, 3/1/37		155		158
4.800%, 6/15/44		580		543
5.650%, 2/15/47		300		314
Digicel Group Ltd. 144A 8.250%, 9/30/20(3)		665		574

	PAR VALUE		VALUE
Telecommunication Services—continued
Empresa Nacional de Telecomunicaciones S.A. 144A 4.875%, 10/30/24(3)	$	430	$	444
Frontier Communications Corp.
6.250%, 9/15/21		370		346
10.500%, 9/15/22		695		707
GTH Finance BV 144A 7.250%, 4/26/23(3)		700		772
Qwest Corp. 7.250%, 9/15/25		400		438
Sprint Communications, Inc. 6.000%, 11/15/22		875		897
T-Mobile USA, Inc. 6.375%, 3/1/25		435		470
Zayo Group LLC
6.375%, 5/15/25		325		352
144A 5.750%, 1/15/27(3)		35		37
				7,456
Utilities—1.6%
AmeriGas Partners LP 5.500%, 5/20/25		340		339
Dynegy, Inc. 7.375%, 11/1/22		675		672
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(3)		600		607
Ferrellgas LP 144A 8.625%, 6/15/20(3)		155		149
Lamar Funding Ltd. 144A 3.958%, 5/7/25(3)		910		864
Majapahit Holding BV 144A 7.750%, 1/20/20(3)		795		899
Talen Energy Supply LLC 144A 4.625%, 7/15/19(3)		625		641
TerraForm Power Operating LLC 144A 6.375%, 2/1/23(2)(3)		860		898
Texas Competitive Electric Escrow 10.250%, 11/1/15(11)(12)(18)		200		—	(14)
Vistra Operations Company LLC ( Texas Competitive Electric Holdings Co. LLC) 144A 11.500%, 10/1/20(3)(11)(12)(18)		375		—	(14)
				5,069
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $170,139)				169,756
LOAN AGREEMENTS(2)—9.6%
Consumer Discretionary—2.2%
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22		370		361

See Notes to Financial Statements

41

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—continued
Affinity Gaming LLC 4.524%, 7/1/23	$	537	$	541
Bass Pro Group LLC 6.147%, 12/15/23		915		883
Caesars Entertainment Operating Co., Inc. Tranche B-6, 1.500%, 3/1/20(10)		484		561
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		749		755
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		347		350
Floor & Decor Outlets of America, Inc. 5.250%, 9/30/23		495		498
Gateway Casinos & Entertainment Ltd. Tranche B-1, 4.800%, 2/22/23		140		142
Graton Economic Development Authority Tranche B, 5.405%, 9/1/22		220		223
Harbor Freight Tools USA, Inc. 4.232%, 8/18/23		336		336
Laureare Education, Inc. 2021 Extended, 8.509%, 3/17/21		760		768
Leslies Poolmart, Inc. Tranche B-1, 4.774%, 8/16/23		303		305
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 10/13/23		449		451
Transtar Holding Co. 0.000%, 10/9/19(8)(11)(12)		380		4
U.S. Farathane LLC Tranche B-3, 5.147%, 12/23/21		480		485
UFC Holdings LLC First Lien, 4.250%, 8/18/23		359		362
				7,025
Consumer Staples—1.0%
Albertson’s LLC Tranche B-4 3.982%, 8/25/21		662		666
Amplify Snack Brands, Inc. 6.500%, 9/2/23		766		746
Chobani LLC First Lien, 5.250%, 10/9/23		152		153
Coty, Inc. Tranche B, 3.311%, 10/27/22		117		118
Galleria Co. Tranche B, 3.813%, 9/29/23		237		239
JBS USA Lux S.A. 3.289%, 10/30/22		210		211

	PAR VALUE		VALUE
Consumer Staples—continued
Kronos, Inc. Second Lien, 9.284%, 11/1/24	$	193	$	200
Milk Specialties Co. 5.147%, 8/16/23		557		563
TKC Holdings, Inc. First Lien, 4.750%, 2/1/23		270		273
				3,169
Energy—0.8%
California Resources Corp. 11.375%, 12/31/21		420		466
Chesapeake Energy Corp. Tranche A, 8.553%, 8/23/21		122		130
Contura Energy, Inc. 6.000%, 3/18/24		805		801
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		520		500
Peabody Energy Corp. First Lien, 5.500%, 2/8/22		390		391
Seadrill Operating LP 4.147%, 2/21/21		495		338
				2,626
Financials—0.3%
Avolon TLB Borrower 1 (US) LLC Tranche B-2, 0.000%, 3/21/22(8)		15		15
Lonestar Intermediate Super Holdings LLC 10.000%, 8/31/21		460		479
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		655		567
				1,061
Health Care—1.1%
21st Century Oncology Holdings, Inc. Tranche B, 7.275%, 4/30/22(15)		159		145
American Renal Holdings, Inc. Tranche B, First Lien, 4.750%, 8/20/19		168		168
Change Healthcare Holdings, Inc. 3.750%, 3/1/24		330		331
CHG Healthcare Services, Inc. First Lien, 4.750%, 6/7/23		477		484
HLF Financing S.a.r.l. Senior Lien, 6.482%, 2/15/23		220		221
Inventiv Group Holdings, Inc. 4.804%, 11/9/23		223		225
MMM Holdings, Inc. 10.250%, 6/30/19		201		199

	PAR VALUE		VALUE
Health Care—continued
MPH Acquisition Holdings LLC 4.897%, 6/7/23	$	198	$	201
MSO of Puerto Rico, Inc. 10.250%, 6/30/19		146		145
NVA Holdings, Inc. Second Lien, 8.147%, 8/14/22		569		575
Quorum Health Corp. 6.789%, 4/29/22		244		239
U.S. Renal Care, Inc. First Lien, 5.397%, 12/30/22		637		599
				3,532
Industrials—1.2%
84 Lumber Co. 6.750%, 10/25/23		730		739
Coinstar LLC Tranche B, First Lien 5.250%, 9/27/23		278		281
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		495		498
Navistar, Inc. Tranche B, 5.000%, 8/7/20		448		453
PAE Holding Corp. First Lien, 6.500%, 10/20/22		243		245
Quikrete Holdings, Inc. First Lien, 4.232%, 11/15/23		75		76
Sedgwick Claims Management Services, Inc. Second Lien, 6.804%, 2/28/22		1,105		1,108
Zodiac Pool Solutions LLC First Lien, 5.647%, 12/20/23		419		423
				3,823
Information Technology—1.5%
Applied Systems, Inc. Second Lien, 7.647%, 1/24/22		284		287
Avaya, Inc. 0.000%, 1/24/18(8)		235		242
Blackboard, Inc. Tranche B-4, First Lien, 6.023%, 6/30/21		555		555
Donnelley Financial Solutions, Inc. Tranche B, 5.000%, 9/29/23		168		170
First Data Corp. 2022-C, 3.984%, 7/8/22		870		877
Mitchell International, Inc. Second Lien, 8.539%, 10/11/21		382		384
Presidio LLC Tranche B, First Lien, 4.250%, 2/2/22		597		604

See Notes to Financial Statements

42

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Information Technology—continued
Rackspace Hosting, Inc. Tranche B, First Lien, 4.535%, 11/3/23	$	276	$	279
Sungard Availability Services Capital, Inc. Tranche B, 0.000%, 3/29/19(8)		625		607
Veritas US, Inc. Tranche B-1, 6.772%, 1/27/23		817		812
				4,817
Materials—0.9%
Anchor Glass Container Corp.
First Lien, 4.250%, 12/7/23		188		189
Second Lien, 8.750%, 12/7/24		202		207
CPI Acquisition, Inc. First Lien, 5.834%, 8/17/22		1,049		980
DuBois Chemicals, Inc.
First Lien, 1.000%, 3/15/24		30		30
First Lien, 4.881%, 3/15/24		125		126
Ineos U.S. Finance LLC New 2022 3.732%, 3/31/22		56		56
MacDermid, Inc. Tranche B-5, 4.500%, 6/7/20		429		434
New Arclin U.S. Holdings Corp. First Lien, 5.670%, 2/14/24		180		182
Omnova Solutions, Inc. Tranche B-2, 5.250%, 8/25/23		590		597
PQ Corp. Tranche B-1, 5.289%, 11/4/22		122		124
				2,925
Real Estate—0.1%
Capital Automotive LP Tranche B, Second Lien, 7.000%, 3/24/25		255		258
Telecommunication Services—0.2%
Neustar, Inc.
Tranche B2, 0.000%, 3/1/24(8)		200		203
Tranche B, Second Lien, 0.000%, 2/28/25(8)		235		238
				441
Utilities—0.3%
APLP Holdings LP 6.000%, 4/13/23		637		643
Helix Gen Funding LLC Tranche 0.000%, 3/9/24(8)		25		25

	PAR VALUE			VALUE
Utilities—continued
Vistra Operations Company LLC
3.732%, 8/4/23	$	324		$	324
Tranche C, 3.732%, 8/4/23		73			74
					1,066
TOTAL LOAN AGREEMENTS (Identified Cost $30,890)					30,743
	SHARES
PREFERRED STOCKS—3.8%
Energy—0.3%
PTT Exploration & Production PCL Series Y, 144A, 4.875%(2)(3)		905	(9)		926
Financials—3.0%
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%(2)		265	(9)		265
Citigroup, Inc. Series J, 7.125%		46,600			1,346
Citigroup, Inc. Series T, 6.250%(2)		1,010	(9)		1,091
Citizens Financial Group, Inc. 5.500%(2)		920	(9)		948
JPMorgan Chase & Co. Series Z, 5.300%(2)		175	(9)		181
KeyCorp Series D, 5.000%(2)		735	(9)		730
M&T Bank Corp. Series F, 5.125%(2)		930	(9)		925
PNC Financial Services Group, Inc. (The) Series R, 4.850%(2)		965	(9)		960
PNC Financial Services Group, Inc. (The) Series S, 5.000%(2)		775	(9)		771
SunTrust Bank, Inc. 5.625%(2)		260	(9)		272
Wells Fargo & Co. Series K, 7.980%(2)		950	(9)		989
Zions Bancorp 6.950%		38,525			1,124
					9,602
Industrials—0.5%
General Electric Co. Series D, 5.000%(2)		1,485	(9)		1,565
TOTAL PREFERRED STOCKS (Identified Cost $11,459)					12,093
COMMON STOCKS—0.2%
Consumer Discretionary—0.0%
Mark IV Industries(17)		446			15

	SHARES		VALUE
Energy—0.2%
Linn Energy, Inc.(17)		11,739	$	340
Pacific Exploration and Production Corp.(17)		3,405		106
				446
Utilities—0.0%
Vistra Energy Corp.(17)		6,252		102
TOTAL COMMON STOCKS (Identified Cost $617)				563
AFFILIATED MUTUAL FUND—2.9%
Virtus Newfleet Credit Opportunities Fund Class R6(13)		934,418		9,335
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $9,341)				9,335
RIGHTS—0.0%
Vistra Energy Corp.(17)		6,252		9
TOTAL RIGHTS (Identified Cost $5)				9
TOTAL LONG TERM INVESTMENTS—99.0%
(Identified Cost $318,982)				316,981	(16)
TOTAL INVESTMENTS—99.0%				316,981	(1)
(Identified Cost $318,982)
Other assets and liabilities, net—1.0%				3,195
NET ASSETS—100.0%			$	320,176

Abbreviations:

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

FNMA Federal National Mortgage Association (“Fannie Mae”)

PIK Payment-in-Kind Security

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

⁽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, 2017, these securities amounted to a value of $136,947 or 42.8% of net assets.

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

⁽⁵⁾  No contractual maturity date.

⁽⁶⁾  Interest payments may be deferred.

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

See Notes to Financial Statements

43

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

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

⁽⁸⁾  This loan will settle after March 31, 2017, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁹⁾  Value shown as par value.

⁽¹⁰⁾  Security in default, a portion of the interest payments are being received during the bankruptcy proceedings.

⁽¹¹⁾  Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽¹²⁾  Illiquid security.

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

⁽¹⁴⁾  Amount is less than $500.

⁽¹⁵⁾  Security in default, interest payments are being received during the bankruptcy proceedings.

⁽¹⁶⁾  All or a portion of the Fund’s assets have been segregated for delayed delivery securities.

⁽¹⁷⁾  Non-income producing.

⁽¹⁸⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽¹⁹⁾  100% of the income received was in cash.

Foreign Currencies:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

IDR Indonesian Rupiah

MXN Mexican Peso

RUB Russian Ruble

TRY Turkish Lira

ZAR South African Rand

Country Weightings†
United States	66	%
Argentina	3
Brazil	3
Colombia	2
Mexico	2
Russia	2
Turkey	2
Other	20
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	7,238	$	—	$	7,238	$	—
Corporate Bonds And Notes		169,756		—		168,902		854
Foreign Government Securities		41,631		—		41,631		—
Loan Agreements		30,743		—		29,999		744
Mortgage-Backed Securities		42,534		—		42,534		—
Municipal Bonds		414		—		414		—
U.S. Government Securities		2,665		—		2,665		—
Equity Securities:
Affiliated Mutual Fund		9,335		9,335		—		—
Common Stocks		563		548		—		15
Preferred Stocks		12,093		2,470		9,623		—
Rights		9		—		—		9
Total Investments	$	316,981	$	12,353	$	303,006	$	1,622

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2017.

See Notes to Financial Statements

44

VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

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

	Total			Asset-Backed Securities			Common Stocks		Corporate Bonds And Notes			Loan Agreements			Rights
Investments in Securities
Balance as of September 30, 2016:	$	1,614		$	556		$	13	$	993		$	52		$	—
Accrued discount/(premium)		1			—			—		—			1			—
Realized gain (loss)		(486	)		5			—		(491	)		—	(e)		—
Change in unrealized appreciation /(depreciation)(c)		320			(11	)		2		355			(30	)		4
Purchases		885			—			—		155			725			5
Sales(b)		(714	)		(550	)		—		(160	)		(4	)		—
Transfers into Level 3(a)(d)		2			—			—		2			—			—
Transfers from Level 3(a)		—			—			—		—			—			—
Balance as of March 31, 2017	$	1,622		$	—		$	15	$	854		$	744		$	9

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2017, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydown on securities.

^(c)  Included in the related net change in unrealized appreciation/(depreciation) in the Statements of Operations. The change in unrealized appreciation/(depreciation) on investments still held as of March 31, 2017, was $(163).

^(d)  The transfer into Level 3 is due to a security default.

^(e)  Amount is less than $500.

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

See Notes to Financial Statements

45

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES—0.2%
Non-Agency—0.2%
Home Equity Loan Trust 07-HSA3, AI4 6.110%, 6/25/37(2)	$	1,112	$	1,120
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,105)				1,120
CORPORATE BONDS AND NOTES—5.6%
Consumer Discretionary—1.0%
Boyd Gaming Corp. 6.875%, 5/15/23		365		395
IHO Verwaltungs GmbH PIK Interest Capitalization 144A 4.125%, 9/15/21(3)(4)		330		332
NCL Corp., Ltd. 144A 4.750%, 12/15/21(3)		660		672
PetSmart, Inc. 144A 7.125%, 3/15/23(3)		905		862
Scientific Games International, Inc. 144A 7.000%, 1/1/22(3)		720		771
SFR (Numericable) Group S.A. 144A 6.000%, 5/15/22(3)		1,505		1,565
TRI Pointe Group, Inc. 4.875%, 7/1/21		1,165		1,203
				5,800
Consumer Staples—0.3%
Dole Food Co., Inc.
144A 7.250%, 5/1/19(3)		880		899
144A 7.250%, 6/15/25(3)		855		857
				1,756
Energy—1.6%
Alta Mesa Holdings LP 144A 7.875%, 12/15/24(3)		765		799
Antero Midstream Partners LP 144A 5.375%, 9/15/24(3)		430		439
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		895		902
Chesapeake Energy Corp. 6.625%, 8/15/20		905		908
Denbury Resources, Inc. 5.500%, 5/1/22		690		542
Diamondback Energy, Inc. 144A 4.750%, 11/1/24(3)		170		172
EP Energy LLC
144A 8.000%, 11/29/24(3)		835		881
144A 8.000%, 2/15/25(3)		560		524
FTS International, Inc.
144A 8.631%, 6/15/20(2)(3)		1,120		1,135
6.250%, 5/1/22		825		726
MEG Energy Corp. 144A 6.500%, 1/15/25(3)		630		632
Newfield Exploration Co. 5.750%, 1/30/22		580		618
Noble Holding International Ltd. 7.750%, 1/15/24		180		174

	PAR VALUE		VALUE
Energy—continued
Peabody Securities Finance Corp. 144A 6.000%, 3/31/22(3)	$	70	$	70
Range Resources Corp. 144A 5.000%, 8/15/22(3)		600		597
RSP Permian, Inc. 144A 5.250%, 1/15/25(3)		480		486
				9,605
Financials—0.5%
iStar Financial, Inc. 4.875%, 7/1/18		785		793
iStar, Inc. 5.000%, 7/1/19		430		435
Springleaf Finance Corp. 5.250%, 12/15/19		1,410		1,426
				2,654
Health Care—0.6%
Capsugel S.A. PIK Interest Capitalization, 144A 7.000%, 5/15/19(3)(4)		270		269
Community Health Systems, Inc. 6.250%, 3/31/23		320		328
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(3)		435		461
Tenet Healthcare Corp.
5.000%, 3/1/19		415		418
4.631%, 6/15/20(2)		730		738
6.000%, 10/1/20		435		461
Valeant Pharmaceuticals International, Inc. 144A 5.375%, 3/15/20(3)		750		674
				3,349
Industrials—0.5%
American Airlines Group, Inc. 144A 4.625%, 3/1/20(3)		460		467
Harland Clarke Holdings Corp. 144A 8.375%, 8/15/22(3)		285		293
Standard Industries, Inc. 144A 5.500%, 2/15/23(3)		555		567
Wheels Up Finance I LLC 7.555%, 6/1/24(2)(7)		1,695		1,687
				3,014
Information Technology—0.1%
First Data Corp.
144A 5.000%, 1/15/24(3)		600		613
144A 5.750%, 1/15/24(3)		225		233
				846
Materials—0.7%
Ardagh Packaging Finance plc
144A 4.250%, 9/15/22(3)		200		202
144A 6.000%, 2/15/25(3)		785		796

	PAR VALUE		VALUE
Materials—continued
Hexion U.S. Finance Corp. 6.625%, 4/15/20	$	645	$	595
Reynolds Group Issuer, Inc.
144A 4.523%, 7/15/21(2)(3)		1,500		1,538
144A 5.125%, 7/15/23(3)		575		592
Vedanta Resources plc 144A 6.000%, 1/31/19(3)		685		706
				4,429
Telecommunication Services—0.2%
T-Mobile USA, Inc. 6.000%, 4/15/24		1,090		1,165
Utilities—0.1%
Talen Energy Supply LLC 144A 4.625%, 7/15/19(3)		780		799
Vistra Operations Company LLC (Texas Competitive Electric Holdings Co. LLC) 144A 11.500%, 10/1/20(3)(7)(10)(11)		9,165		7
				806
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $33,160)				33,424
LOAN AGREEMENTS(2)—98.4%
Consumer Discretionary—26.8%
Accuride International, Inc. 8.147%, 11/17/23		1,646		1,648
Advantage Sales & Marketing, Inc. Second Lien, 7.500%, 7/25/22		890		868
Affinity Gaming LLC 4.524%, 7/1/23		1,028		1,035
Altice U.S. Finance I Corp.
2016 Refinancing, 3.982%, 1/15/25		1,630		1,631
Tranche B 0.000%, 7/28/25(6)		40		40
AMC Entertainment Holdings, Inc. 3.733%, 12/15/23		438		443
American Axle & Manufacturing, Inc. Tranche B, 3.240%, 3/8/24		1,410		1,411
Aristocrat Leisure Ltd. Tranche B-2, 3.143%, 10/20/21		2,129		2,144
Bass Pro Group LLC
5.897%, 6/8/18		3,575		3,591
6.147%, 12/15/23		3,500		3,380
Boyd Gaming Corp. Refinancing Tranche B, 3.447%, 9/15/23		1,450		1,461
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 1.500%, 10/31/17(5)		890		1,106
Tranche B-5, 0.000%, 3/1/20(6)(10)		300		341

See Notes to Financial Statements

46

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Discretionary—continued
Tranche B-6, 1.500%, 3/1/20(5)	$	2,415	$	2,802
Tranche B-7, 1.500%, 3/1/20(5)		1,199		1,462
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		3,881		3,910
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		1,223		1,233
CBAC Borrower LLC Tranche B, 8.250%, 7/2/20		946		950
CBS Radio, Inc. Tranche B, 4.500%, 10/17/23		592		597
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.147%, 7/8/22		1,589		1,603
Charter Communications Operating LLC
Tranche F-1, 2.990%, 1/3/21		6,085		6,107
Tranche H-1, 2.990%, 1/15/22		1,093		1,097
Tranche I-1, 3.232%, 1/15/24		1,335		1,343
Citycenter Holdings LLC Tranche B 3.732%, 10/16/20		2,056		2,080
Cooper-Standard Automotive, Inc. Tranche B-1, 3.897%, 11/2/23		1,368		1,384
Coral-US Co-Borrower LLC Tranche B-1 5.732%, 12/30/22		2,184		2,207
CSC Holdings LLC 2016 Extended, 3.943%, 10/11/24		3,321		3,320
Dell International LLC Tranche B, 3.490%, 9/7/23		7,627		7,668
Delta 2 (Lux) S.a.r.l. Tranche B-3, 4.568%, 2/1/24		2,168		2,170
El Dorado Resorts, Inc.
4.250%, 7/25/22		1,027		1,027
Tranche B, 0.000%, 3/15/24(6)		1,135		1,135
Federal-Mogul Corp. Tranche C, 4.750%, 4/15/21		4,406		4,397
Floor & Decor Outlets of America, Inc. 4.500%, 4/28/17		1,629		1,639
Gates Global LLC Tranche B-1, 4.408%, 7/6/21		2,986		2,995
Gateway Casinos & Entertainment Ltd. Tranche B-1, 4.800%, 2/22/23		825		835

	PAR VALUE		VALUE
Consumer Discretionary—continued
Graton Economic Development Authority Tranche B, 5.741%, 9/1/22	$	943	$	953
Greektown Holdings LLC Tranche B, 0.000%, 3/21/24(6)		861		862
Harbor Freight Tools USA, Inc. 4.232%, 8/18/23		2,435		2,435
Hilton Worldwide Finance LLC Tranche B-2 2.982%, 10/25/23		6,723		6,783
iHeartCommunications, Inc. Tranche D, 7.732%, 1/30/19		5,288		4,562
Intelsat Jackson Holdings S.A. Tranche B-2, 3.887%, 6/30/19		1,838		1,804
KAR Auction Services, Inc. Tranche B-2, 4.188%, 3/11/21		2,514		2,541
Laureare Education, Inc. 2021 Extended, 8.655%, 3/17/21		2,757		2,785
Leslies Poolmart, Inc. Tranche B-1, 4.774%, 8/16/23		1,585		1,594
Libbey Glass, Inc. 3.989%, 4/9/21		1,354		1,364
Lions Gate Entertainment Corp. Tranche B, 3.982%, 12/8/23		1,330		1,340
MCC LLC Tranche H, 3.450%, 1/29/21		1,618		1,629
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien, 5.000%, 5/4/22		1,774		1,758
Mediacom Illinois LLC Tranche K 3.200%, 2/15/24		2,289		2,305
Metaldyne LLC 3.750%, 10/20/21		2,565		2,568
MGM Growth Properties Operating Partnership LP Tranche B, 3.482%, 4/25/23		2,496		2,511
Michaels Stores, Inc. Tranche B-1, 3.750%, 1/30/23		3,216		3,211
Mohegan Tribal Gaming Authority Tranche B, 5.500%, 10/13/23		1,451		1,458
Neiman Marcus Group 4.250%, 10/25/20		1,811		1,461
Nexstar Broadcasting, Inc.
Mission Broadcasting, Inc. Tranche B 3.943%, 1/17/24		116		117
Tranche B, 3.943%, 1/17/24		1,198		1,210
Party City Holdings, Inc. 2016 Replacement, 3.945%, 8/19/22		2,741		2,738

	PAR VALUE		VALUE
Consumer Discretionary—continued
Penn National Gaming, Inc. Tranche B, 3.524%, 1/19/24	$	630	$	635
PetSmart, Inc. Tranche B-2, 4.020%, 3/11/22		2,437		2,333
Scientific Games International, Inc. Tranche B-3, 4.878%, 10/1/21		2,160		2,190
Serta Simmons Bedding LLC First Lien, 4.538%, 11/8/23		1,714		1,722
ServiceMaster Co. Tranche C, 3.482%, 11/8/23		5,088		5,143
SFR (Numericable) Group S.A.
Tranche B-1 5.289%, 1/15/24		2,159		2,167
Tranche B-11, 0.000%, 6/22/25(6)		3,320		3,314
Sinclair Television Group, Inc. Tranche B, 3.240%, 1/3/24		4,505		4,521
Station Casinos LLC Tranche B, 3.450%, 6/8/23		2,291		2,297
TI Group Auto Systems LLC 3.732%, 6/30/22		1,125		1,130
Transtar Holding Co.
8.250%, 4/20/17(7)(10)		260		260
First Lien, 9.500%, 10/9/18(10)		1,422		940
0.000%, 10/9/19(6)(7)(10)		460		5
Tribune Media Co.
Tranche B, 3.982%, 12/27/20		167		169
Tranche C, 3.982%, 1/26/24		2,089		2,106
UFC Holdings LLC First Lien 4.250%, 8/18/23		2,311		2,326
University Support Services LLC 6.400%, 7/6/22		1,281		1,301
Univision Communications, Inc. First Lien, 3.750%, 3/15/24		9,520		9,475
				161,083
Consumer Staples—6.7%
Albertson’s LLC
Tranche B-4 3.982%, 8/25/21		2,246		2,259
Tranche B-5, 4.401%, 12/21/22		2,025		2,040
Amplify Snack Brands, Inc. 6.500%, 9/2/23		1,741		1,695
Aramark Intermediate HoldCo Corp. Tranche B, 2.983%, 3/8/24		1,400		1,411
Charger OpCo B.V. Tranche B-1, 3.688%, 7/2/22		664		669
Chobani LLC First Lien, 5.250%, 10/9/23		400		405
Coty, Inc. Tranche B, 3.483%, 10/27/22		840		845

See Notes to Financial Statements

47

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Consumer Staples—continued
Crossmark Holdings, Inc.
First Lien, 4.647%, 12/20/19(7)	$	1,938	$	1,550
Second Lien, 8.750%, 12/21/20(7)		520		337
Dole Food Co., Inc.
Tranche B, 4.833%, 11/1/18		2,144		2,148
0.000%, 3/24/24(6)		2,780		2,800
Galleria Co. Tranche B, 4.000%, 9/29/23		1,698		1,715
Hostess Brands LLC Tranche B, First Lien, 4.000%, 8/3/22		2,697		2,727
JBS USA Lux S.A. 3.483%, 10/30/22		3,330		3,347
Kronos, Inc.
First Lien, 5.034%, 11/1/23		3,824		3,851
Second Lien, 9.284%, 11/1/24		965		998
Milk Specialties Co. 5.147%, 8/16/23		1,174		1,186
NVA Holdings, Inc. Tranche B-2, First Lien, 4.647%, 8/14/21		572		578
Prestige Brands, Inc. Tranche B-4, 3.732%, 1/26/24		780		788
Reynolds Group Holdings, Inc. 3.982%, 2/5/23		4,991		5,016
Rite Aid Corp. Tranche 2, Second Lien, 4.875%, 6/21/21		1,150		1,155
TKC Holdings, Inc. First Lien, 4.750%, 2/1/23		1,395		1,411
US Foods, Inc. 3.732%, 6/27/23		1,459		1,475
				40,406
Energy—3.5%
Blackhawk Mining LLC First Lien, 10.500%, 2/17/22		691		673
Chesapeake Energy Corp. Tranche A, 8.553%, 8/23/21		325		347
Chief Exploration & Development LLC Second Lien, 7.932%, 5/16/21		1,639		1,601
Contura Energy, Inc. 6.000%, 3/13/24		3,100		3,085
Drillships Financing Holding, Inc. (Ocean Rig) Tranche B-1, 6.063%, 3/31/21(10)		1,713		1,232
Drillships Ocean Ventures, Inc. 5.563%, 7/25/21(10)		746		678
Fieldwood Energy LLC
8.000%, 8/31/20		733		697
First Lien, 8.375%, 9/30/20		989		861

	PAR VALUE		VALUE
Energy—continued
Second Lien, 8.375%, 9/30/20	$	1,623	$	1,181
Gavilan Resources LLC Second Lien, 7.000%, 3/1/24		790		783
Jonah Energy LLC Second Lien, 7.500%, 5/12/21		2,045		1,968
MEG Energy Corp. 4.540%, 12/31/23		2,992		2,997
Paragon Offshore Finance Co. 5.750%, 7/16/21(12)		1,712		677
Peabody Energy Corp. First Lien, 0.000%, 2/8/22(6)		1,480		1,483
Seadrill Operating LP 4.147%, 2/21/21		4,040		2,758
				21,021
Financials—4.3%
AlixPartners LLP 2017 Refinancing, 0.000%, 7/28/22(6)		3,130		3,145
Asurion LLC
Tranche B-2, 4.232%, 7/8/20		705		710
Tranche B-4, 4.250%, 8/4/22		1,633		1,643
Avolon TLB Borrower 1 (US) LLC Tranche B-2, 3.728%, 1/20/22		130		132
Delos Finance S.a.r.l. 3.397%, 10/6/23		2,212		2,240
Harland Clarke Holdings Corp. Tranche B-6 6.647%, 2/9/22		1,919		1,937
iStar, Inc. 4.750%, 7/1/20		461		467
Lightstone HoldCo., LLC
Tranche B, 5.539%, 1/30/24		712		718
Tranche C, 5.539%, 1/30/24		44		44
Lonestar Intermediate Super Holdings LLC 10.000%, 8/31/21		1,205		1,256
Trans Union LLC Tranche B-2, 3.482%, 4/9/23		5,134		5,174
VF Holdings Corp. Tranche B-1, First Lien, 4.250%, 6/30/23		1,023		1,029
Walter Investment Management Corp. Tranche B, 4.750%, 12/18/20		4,662		4,034
Ziggo Secured Finance Partnership Tranche E, 3.412%, 4/15/25		2,995		2,996
				25,525

	PAR VALUE		VALUE
Health Care—12.7%
21st Century Oncology Holdings, Inc. Tranche B, 7.275%, 4/30/22(12)	$	1,333	$	1,217
Acadia Healthcare Co., Inc. Tranche B-2, 3.982%, 2/16/23		2,060		2,075
Akorn, Inc. 5.250%, 4/16/21		2,180		2,208
Alere, Inc. Tranche B, 4.250%, 6/20/22		2,739		2,750
American Renal Holdings, Inc. Tranche B, First Lien, 4.750%, 8/20/19		1,386		1,389
Amneal Pharmaceuticals LLC Tranche B, 4.650%, 11/1/19		1,849		1,856
Ardent Legacy Acquisitions, Inc. 6.647%, 8/4/21		1,536		1,538
Capsugel Holdings LLC 4.000%, 7/31/21		3,162		3,169
Change Healthcare Holdings, Inc. 3.750%, 3/1/24		3,290		3,299
CHG Healthcare Services, Inc. First Lien, 4.750%, 6/7/23		356		361
Community Health Systems, Inc.
Tranche G, 3.777%, 12/31/19		1,275		1,269
2021 Tranche H, 4.027%, 1/27/21		5,528		5,462
Concordia International Corp. 5.250%, 10/21/21		1,215		855
DaVita HealthCare Partners, Inc. Tranche B, 3.732%, 6/24/21		3,068		3,109
DJO Finance 4.250%, 6/8/20		1,440		1,397
Endo Luxembourg Finance Co. S.a.r.l. Tranche B, 4.000%, 9/26/22		2,223		2,224
Envision Healthcare Corp. 4.150%, 12/1/23		2,041		2,061
Grifols Worldwide Operations Ltd. Tranche B, 3.197%, 1/31/25		820		822
HCA, Inc. Tranche B-9, 2.982%, 3/17/23		1,162		1,169
HLF Financing S.a.r.l. Senior Lien, 6.482%, 2/15/23		925		927
Iasis Healthcare LLC Tranche B-2, 4.500%, 5/3/18		1,941		1,946
Inventiv Group Holdings, Inc. 4.804%, 11/9/23		1,897		1,908
Jaguar Holding Company I 4.323%, 8/18/22		3,074		3,088
Kindred Healthcare, Inc. 4.688%, 4/9/21		1,144		1,148

See Notes to Financial Statements

48

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Health Care—continued
Mallinckrodt International S.A Tranche B, 3.897%, 9/24/24	$	490	$	490
MMM Holdings, Inc. 10.250%, 6/30/19		300		297
MPH Acquisition Holdings LLC 4.897%, 6/7/23		798		809
MSO of Puerto Rico, Inc. 10.250%, 6/30/19		218		216
National Mentor Holdings, Inc. Tranche B, 4.397%, 1/31/21		1,051		1,056
National Surgical Hospitals First Lien, 4.500%, 6/1/22		1,069		1,067
NVA Holdings, Inc. Second Lien, 8.147%, 8/14/22		1,263		1,275
Ortho-Clinical Diagnostics Holdings S.a.r.l. 4.750%, 6/30/21		3,146		3,134
Quintiles IMS, Inc. Tranche B-1 3.054%, 3/7/24		3,045		3,076
Quorum Health Corp. 6.789%, 4/29/22		1,483		1,452
Select Medical Corp. Tranche B, 4.590%, 3/6/24		1,515		1,532
Sterigenics-Nordion
0.000%, 5/15/22(6)		625		627
4.150%, 5/16/22		1,070		1,073
Surgery Center Holdings, Inc. First Lien, 4.750%, 11/3/20		1,439		1,457
Tenn Merger Sub, Inc. 3.750%, 2/6/24		1,942		1,931
U.S. Renal Care, Inc. First Lien, 5.397%, 12/30/22		3,231		3,040
Valeant Pharmaceuticals International, Inc. Series F, Tranche B, 5.740%, 4/1/22		6,553		6,579
				76,358
Industrials—14.7%
84 Lumber Co. 6.750%, 10/25/23		2,658		2,692
Accudyne Industries Borrower S.C.A. (Accudyne Industries LLC) 4.147%, 12/13/19		3,070		2,892
Advanced Disposal Services, Inc. 3.697%, 11/10/23		624		628
Air Canada 3.900%, 10/6/23		633		638
AlixPartners LLP 4.150%, 4/29/24		2,275		2,289
Alpha 3 B.V. Tranche B-1, 4.000%, 1/31/24		760		763
American Airlines, Inc.
2.982%, 6/27/20		2,286		2,288
Tranche B, 3.482%, 4/28/23		1,210		1,213

	PAR VALUE		VALUE
Industrials—continued
Apex Tool Group LLC 4.500%, 1/31/20	$	1,819	$	1,787
Brand Energy & Infrastructure Services, Inc. 4.867%, 11/26/20		2,430		2,440
Brickman Group Ltd. LLC (The)
First Lien, 4.007%, 12/18/20		3,763		3,779
Second Lien, 7.508%, 12/17/21		1,971		1,988
Casella Waste Systems, Inc. 4.000%, 10/17/23		1,192		1,202
Coinstar LLC Tranche B, First Lien 5.250%, 9/27/23		809		818
Columbus McKinnon Corp. 4.147%, 1/31/24		481		486
Filtration Group Corp. First Lien, 4.304%, 11/23/20		2,766		2,791
Fort Dearborn Holding Co., Inc. First Lien, 5.108%, 10/19/23		845		851
Gardner Denver, Inc. 4.409%, 7/30/20		3,050		3,049
GEO Group, Inc. 0.000%, 3/23/24(6)		1,140		1,149
Greatbatch Ltd. Tranche B, 4.500%, 10/27/22		777		778
Harland Clarke Holdings Corp. Tranche B-5, 7.147%, 12/31/21		357		361
HD Supply, Inc.
Tranche B-1, 3.732%, 8/13/21		2,228		2,248
Tranche B-2, 3.732%, 10/17/23		666		671
Headwaters, Inc. Tranche B-1, 4.000%, 3/24/22		3,051		3,059
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		3,603		3,625
MRC Global (U.S.), Inc. 5.000%, 11/8/19		2,434		2,452
Navistar, Inc. Tranche B, 5.000%, 8/7/20		1,518		1,537
NN, Inc.
0.000%, 3/27/21(6)		1,000		1,003
Tranche B, 5.232%, 10/19/22		1,435		1,437
ON Semiconductor Corp. 2017 New Replacement, 3.232%, 3/31/23		952		957
PAE Holding Corp. First Lien, 6.500%, 10/20/22		824		832
Prime Security Services Tranche B-1, First Lien, 4.250%, 5/2/22		2,437		2,465
Quikrete Holdings, Inc. First Lien, 4.232%, 11/15/23		3,617		3,655

	PAR VALUE		VALUE
Industrials—continued
Rexnord LLC Tranche B, First Lien, 3.815%, 8/21/23	$	2,348	$	2,359
Science Applications International Corp. Tranche B, 3.563%, 5/4/22		1,501		1,511
Sedgwick Claims Management Services, Inc.
First Lien, 3.750%, 3/1/21		3,453		3,456
Second Lien, 6.804%, 2/28/22		1,725		1,729
Siteone Supply Holding LLC Tranche B, 5.500%, 4/29/22		1,353		1,368
Spin Holdco, Inc. First Lien, 4.286%, 11/14/19		2,246		2,249
SRAM, LLC First Lien, 5.500%, 3/15/24		1,576		1,582
TransDigm, Inc.
Tranche D, 4.065%, 6/4/21		1,612		1,610
Tranche F, 3.982%, 6/9/23		6,014		5,998
United Airlines, Inc. Tranche B, 3.232%, 4/1/24		1,360		1,365
Waste Industries USA, Inc. Tranche B, 3.733%, 2/27/20		2,152		2,167
WEX, Inc. Tranche B 4.482%, 6/30/23		2,018		2,045
XPO Logistics, Inc. 3.108%, 11/1/21		680		683
Zodiac Pool Solutions LLC First Lien, 5.647%, 12/20/23		1,716		1,731
				88,676
Information Technology—9.3%
Abacus Innovations Corp. Tranche B, 3.250%, 8/16/23		1,406		1,421
Allflex Holdings III, Inc. First Lien, 4.583%, 7/17/20		1,544		1,554
Alorica, Inc. Tranche B, 5.732%, 6/30/22		378		384
Applied Systems, Inc. Second Lien, 7.647%, 1/24/22		1,145		1,157
Avaya, Inc.
8.500%, 1/24/18		1,025		1,057
Tranche B-7, 6.282%, 5/29/20(12)		934		747
Blackboard, Inc. Tranche B-4, First Lien, 6.023%, 6/30/21		5,716		5,707
BMC Software, Inc. 5.000%, 9/10/20		2,989		2,998
CCC Information Services 4.000%, 12/20/19		2,240		2,244

See Notes to Financial Statements

49

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Information Technology—continued
Cologix, Inc.
Delayed Draw, 0.500%, 12/15/21	$	560	$	562
First Lien, 4.000%, 3/20/24		1,115		1,118
Second Lien, 8.000%, 3/20/25		180		180
Cypress Semiconductor Corp. 4.740%, 7/5/21		1,755		1,774
Donnelley Financial Solutions, Inc. Tranche B, 5.000%, 9/29/23		545		551
First Data Corp.
2021-C, 3.984%, 3/24/21		5,673		5,723
2022-C, 3.984%, 7/8/22		1,552		1,566
Go Daddy Operating Co., LLC
3.412%, 2/15/24		1,133		1,136
3.412%, 2/15/24		852		854
Infor U.S., Inc. Tranche B-6, 3.897%, 2/1/22		4,869		4,862
Masergy Communications, Inc. Tranche B, First Lien, 5.500%, 12/15/23		633		640
Mitchell International, Inc.
4.539%, 10/13/20		3,278		3,317
Second Lien, 8.539%, 10/11/21		1,291		1,299
MKS Instruments, Inc. Tranche B-2, 3.732%, 5/1/23		448		454
Presidio LLC Tranche B, First Lien, 4.348%, 2/2/22		1,254		1,268
Rackspace Hosting, Inc. Tranche B, First Lien, 4.535%, 11/3/23		1,966		1,983
Radiate Holdco LLC 3.982%, 2/1/24		1,579		1,589
Sophia L.P. 4.397%, 9/30/22		2,504		2,506
SS&C Technologies Holdings, Inc.
2017 Refinancing Tranche A-2 2.732%, 7/8/20		270		271
2017 Refinancing Tranche A-1 2.732%, 7/8/20		174		175
2017 Refinancing Tranche B-2 3.232%, 7/8/22		111		112
2017 Refinancing Tranche B-1 3.232%, 7/8/22		1,296		1,304
Veritas US, Inc. Tranche B-1, 6.772%, 1/27/23		3,222		3,203
Western Digital Corp. Tranche B-2, 3.732%, 4/29/23		2,344		2,361
				56,077

	PAR VALUE		VALUE
Materials—9.9%
American Builders & Contractors Supply Co., Inc. 3.732%, 10/31/23	$	4,543	$	4,560
Anchor Glass Container Corp.
First Lien, 4.250%, 12/7/23		1,005		1,014
Second Lien, 8.750%, 12/7/24		1,358		1,388
Berlin Packaging, Inc. S.a.r.l. First Lien, 4.500%, 10/1/21		1,867		1,880
Berry Plastics Corp.
Tranche K, 3.239%, 2/8/20		3,810		3,837
Tranche L, 3.239%, 1/6/21		1,843		1,855
Tranche I, 3.503%, 10/1/22		597		602
Tranche J, 3.524%, 1/19/24		275		277
Bway Corp. 4.233%, 3/23/24		1,830		1,827
CPG International, Inc. 4.897%, 9/30/20		1,738		1,745
CPI Acquisition, Inc. First Lien, 5.834%, 8/17/22		5,097		4,762
DuBois Chemicals, Inc.
First Lien, 1.000%, 3/15/24		155		156
First Lien, 4.881%, 3/15/24		610		616
Duke Finance LLC First Lien, 6.147%, 2/21/24		635		641
Fortescue Metals Group (FMG) Resources Property Ltd. 3.750%, 6/30/19		1,253		1,263
Huntsman International LLC Tranche B, 3.982%, 4/1/23		4,338		4,383
Ineos U.S. Finance LLC
New 2022 3.732%, 3/31/22		6,836		6,883
New 2024 3.732%, 4/1/24		519		522
Kraton Polymers LLC 5.000%, 1/6/22		1,248		1,262
MacDermid, Inc. Tranche B-5, 4.500%, 6/7/20		1,042		1,054
New Arclin U.S. Holdings Corp. First Lien, 5.670%, 2/14/24		710		717
Omnova Solutions, Inc. Tranche B-2, 5.250%, 8/25/23		2,829		2,864
PQ Corp. Tranche B-1, 5.289%, 11/4/22		616		625
Royal Holdings, Inc. 2017 Refinancing, First Lien, 4.397%, 6/20/22		2,107		2,131
Solenis International LP First Lien, 4.294%, 7/31/21		2,265		2,276
Summit Materials 3.732%, 7/18/22		3,492		3,526

	PAR VALUE		VALUE
Materials—continued
TricorBraun, Inc.
First Lien, 3.750%, 11/30/23	$	181	$	183
First Lien, 4.897%, 11/30/23		1,803		1,824
U.S. Farathane LLC Tranche B-3, 5.147%, 12/23/21		1,962		1,984
Univar USA, Inc. Tranche B-2, 3.732%, 7/1/22		2,834		2,844
				59,501
Real Estate—1.9%
Capital Automotive LP
Tranche B-2, First Lien 4.000%, 3/21/24		535		541
Tranche B, Second Lien, 7.000%, 3/21/25		1,005		1,019
Communications Sales & Leasing, Inc. 4.000%, 10/24/22		2,231		2,228
DTZ U.S. Borrower, LLC First Lien, 4.330%, 11/4/21		2,948		2,969
ESH Hospitality, Inc. 3.482%, 8/30/23		1,024		1,031
Realogy Group LLC Tranche B, 3.232%, 7/20/22		3,543		3,583
				11,371
Telecommunication Services—5.3%
Altice Financing S.A. Tranche 7, 5.289%, 7/28/25		2,135		2,137
Global Tel*Link Corp. First Lien, 5.000%, 5/23/20		1,773		1,773
Level 3 Financing, Inc. Tranche B, 3.227%, 2/22/24		9,712		9,740
Neustar, Inc.
Tranche B1 0.000%, 9/2/19(6)		390		396
Tranche B2, 0.000%, 3/1/24(6)		1,205		1,222
SBA Senior Finance II LLC Tranche B-1, 3.240%, 3/24/21		3,682		3,695
Securus Technologies Holdings, Inc.
First Lien, 4.750%, 4/30/20		1,474		1,476
First Lien, 5.397%, 4/30/20		755		756
Sprint Communications, Inc. 3.500%, 2/2/24		2,360		2,362
UPC Financing Partnership 3.662%, 4/15/25		5,995		6,021
Virgin Media Bristol LLC 3.662%, 1/31/25		2,310		2,319
				31,897

See Notes to Financial Statements

50

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Utilities—3.3%
APLP Holdings LP 6.000%, 4/13/23	$	1,726	$	1,744
Calpine Construction Finance Co., LP Tranche B-1, 3.230%, 5/3/20		4,625		4,631
Dayton Power And Light Co. 4.240%, 8/24/22		275		278
Dynegy, Inc. Tranche C-1, 4.250%, 6/27/23		3,952		3,968
Helix Gen Funding LLC Tranche 0.000%, 3/9/24(6)		130		132
NRG Energy, Inc. 3.232%, 6/30/23		6,108		6,141
Talen Energy Supply LLC 6.060%, 12/6/23		1,051		1,062
Vistra Operations Company LLC
3.732%, 8/4/23		1,362		1,361
Tranche C, 3.732%, 8/4/23		312		312
4.193%, 12/14/23		393		394
				20,023
TOTAL LOAN AGREEMENTS (Identified Cost $593,654)				591,938
	SHARES
COMMON STOCKS—0.4%
Energy—0.0%
Sabine Oil & Gas LLC(7)(13)		714		23
Utilities—0.4%
Vistra Energy Corp.(13)		152,810		2,491
TOTAL COMMON STOCKS (Identified Cost $2,441)				2,514

	SHARES		VALUE
AFFILIATED MUTUAL FUND—1.0%
Virtus Newfleet Credit Opportunities Fund Class R6(9)		610,288	$	6,097
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $6,100)				6,097
RIGHTS—0.0%
Vistra Energy Corp.(13)		152,810		217
TOTAL RIGHTS (Identified Cost $129)				217
WARRANTS—0.0%
Sabine Oil & Gas LLC(7)(13)		404		2
Sabine Oil & Gas LLC(7)(13)		2,268		11
TOTAL WARRANTS (Identified Cost $18)				13
TOTAL LONG TERM INVESTMENTS—105.6%
(Identified Cost $636,607)				635,323	(8)
TOTAL INVESTMENTS—105.6%
(Identified Cost $636,607)				635,323	(1)
Other assets and liabilities, net—(5.6)%				(33,687	)
NET ASSETS—100.0%			$	601,636

Abbreviation:

PIK Payment-in-Kind Security

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

⁽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, 2017, these securities amounted to a value of $19,910 or 3.3% of net assets.

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

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

⁽⁶⁾  This loan will settle after March 31, 2017, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

⁽⁷⁾  Illiquid security.

⁽⁸⁾  All or a portion of the Fund’s assets have been segregated as collateral for delayed delivery settlements and leverage.

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

⁽¹⁰⁾  Security in default, no interest payments are being received during the bankruptcy proceedings.

⁽¹¹⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽¹²⁾  Security in default, interest payments are being received during the bankruptcy proceedings.

⁽¹³⁾  Non-income producing.

Country Weightings†
United States	95	%
Luxembourg	2
Canada	1
Cayman Islands	1
Netherlands	1
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable lnputs		Level 3 Significant Unobservable lnputs
Debt Securities:
Corporate Bonds And Notes	$	33,424	$	—	$	31,731	$	1,693
Loan Agreements		591,938		—		588,981		2,957
Mortgage-Backed Securities		1,120		—		1,120		—
Equity Securities:
Affiliated Mutual Fund		6,097		6,097		—		—
Common Stocks		2,514		2,491		—		23
Rights		217		—		—		217
Warrants		13		—		—		13
Total Investments	$	635,323	$	8,588	$	621,832	$	4,903

There were no transfers between Level 1 and Level 2 related to securities held as of March 31, 2017.

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

See Notes to Financial Statements

51

VIRTUS NEWFLEET SENIOR FLOATING RATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

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

	Total			Corporate Bonds			Loan Agreements			Common Stocks			Rights		Warrants
Investments in Securities
Balance as of September 30, 2016:	$	1,846		$	1,736		$	110		$	—		$	—	$	—
Accrued discount/(premium)		52			1			51			—			—		—
Realized gain (loss)		(1,239	)		1			(1,240	)		—			—		—
Change in unrealized appreciation (depreciation)(c)		988			(270	)		1,187			(11	)		87		(5	)
Purchases		3,405			305			2,918			34			130		18
Sales(b)		(149	)		(80	)		(69	)		—			—		—
Transfers into Level 3(a)		—			—			—			—			—		—
Transfers from Level 3(a)		—			—			—			—			—		—
Balance as of March 31, 2017	$	4,903		$	1,693		$	2,957		$	23		$	217	$	13

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2017, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.”

^(b)  Includes paydown on securities.

^(c)  Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. The change in unrealized appreciation (depreciation) on investments still held at March 31, 2017, was $(257).

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

See Notes to Financial Statements

52

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MUNICIPAL BONDS(3)—96.1%
Alabama—1.0%
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		1,109
				1,631
Arizona—4.9%
Arizona Board of Regents, Arizona State University System Revenue,
5.000%, 7/1/36		1,000		1,143
5.000%, 7/1/37		360		411
Arizona Department of Transportation, State Highway Fund Revenue, 5.000%, 7/1/36		500		580
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/1/24		565		662
Maricopa County Industrial Development Authority, Banner Health Revenue 4.000%, 1/1/34		1,000		1,019
Mesa, City of, Excise Tax Revenue, 5.000%, 7/1/27		500		505
Northern Arizona University, Stimulus Plan for Economic and Educational Development Revenue,
5.000%, 8/1/24		1,115		1,288
5.000%, 8/1/25		2,290		2,643
				8,251
Arkansas—0.3%
University of Arkansas, Facility Revenue, 5.000%, 11/1/33		505		587
California—5.7%
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
Bowles Hall Foundation Revenue, 4.500%, 6/1/23		225		240
Bowles Hall Foundation Revenue, 4.500%, 6/1/24		150		160
Community Medical Centers Revenue 5.000%, 2/1/27		400		458

	PAR VALUE		VALUE
California—continued
California State Health Facilities Financing Authority, Providence St Joseph Health Revenue, 4.000%, 10/1/36	$	275	$	281
California Statewide Communities Development Authority, The Culinary Institute of America Revenue, 5.000%, 7/1/28		200		224
California, State of, General Obligation, 5.000%, 2/1/24		1,500		1,744
California, State of, Public Works Board, Judicial Council Projects Revenue, 5.000%, 3/1/27		500		571
Garden Grove Agency Community Development Successor Agency, Tax Allocation Revenue (BAM Insured), 5.000%, 10/1/30		1,000		1,157
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue (BAM Insured), 5.000%, 5/1/32		545		618
Oakland Unified School District, General Obligation, 5.000%, 8/1/30		500		588
Palm Desert Redevelopment Agency Successor Agency, Tax Allocation Revenue (BAM Insured), 5.000%, 10/1/28		250		294
San Diego Public Facilities Financing Authority Sewer Revenue, 5.000%, 5/15/32		2,000		2,355
Temecula Valley Unified School District Financing Authority, Special Tax Revenue (BAM Insured), 5.000%, 9/1/25		175		204
				9,694
Colorado—7.2%
Colorado State Health Facilities Authority, Catholic Health Initiatives Revenue, 6.250%, 10/1/33		650		688
Denver Convention Center Hotel Authority Revenue, Senior Lien, 5.000%, 12/1/27		400		449
E-470 Public Highway Authority Revenue,
5.000%, 9/1/20		340		375

	PAR VALUE		VALUE
Colorado—continued
(NATL Insured), 0.000%, 9/1/29	$	665	$	354
Public Authority For Colorado Energy, Natural Gas Purchase Revenue,
6.125%, 11/15/23		2,135		2,536
6.250%, 11/15/28		2,250		2,747
Regional Transportation District, Sales Tax Revenue, Fastracks Project, 5.000%, 11/1/32		1,195		1,387
University of Colorado, Enterprise Revenue,
5.000%, 6/1/19		625		677
(Pre-refunded 6/1/19 @100) 5.625%, 6/1/22		1,650		1,808
(Pre-refunded 6/1/21 @100) 5.000%, 6/1/24		1,000		1,144
				12,165
Connecticut—1.0%
Connecticut State Health & Educational Facility Authority, Hartford Healthcare Revenue, 5.000%, 7/1/25		1,500		1,722
District of Columbia—3.0%
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, (AGC Insured) 6.500%, 10/1/41		4,000		5,088
Florida—8.4%
Brevard County Health Facilities Authority, Health First Revenue,
5.000%, 4/1/21		115		129
(Pre-refunded 4/1/19 @100), 7.000%, 4/1/39		1,050		1,171
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		344
Central Florida Expressway Authority, Senior Lien Toll Revenue, 4.000%, 7/1/30		200		211
Lee County Transportation Facilities Revenue (AGM Insured), 5.000%, 10/1/19		400		437
Miami Beach Redevelopment Agency, Tax Increment Revenue, 5.000%, 2/1/32		300		335

See Notes to Financial Statements

53

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Florida—continued
Miami Beach, City of, Stormwater Revenue, 5.250%, 9/1/23	$	1,265	$	1,450
Miami-Dade County Aviation Revenue, 5.000%, 10/1/24		2,425		2,774
Miami-Dade County Educational Facilities Authority, University of Miami Revenue, 5.000%, 4/1/30		200		226
Miami-Dade County Expressway Authority, Toll Revenue, 5.000%, 7/1/33		455		517
Miami-Dade County School Board, Certificates of Participation, 5.000%, 2/1/34		1,700		1,902
Seminole County School Board, Certificates of Participation, 5.000%, 7/1/29		1,935		2,240
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35		750		844
Tallahassee, City of, Health Facilities Revenue, Tallahassee Memorial Healthcare, 5.000%, 12/1/36		480		512
				14,242
Georgia—3.3%
Athens-Clarke County Unified Government, Water and Sewer Revenue (Pre-refunded 1/19/19 @100), 5.625%, 1/1/28		1,500		1,618
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31		650		754
DeKalb County Water & Sewer Revenue, 5.250%, 10/1/26		2,750		3,169
				5,541
Idaho—1.0%
Idaho Housing & Finance Association, Federal Highway Grant Anticipation Revenue, 4.500%, 7/15/29		1,500		1,632
Illinois—8.5%
Chicago O’Hare International Airport,
Customer Facilities Charge Revenue, Senior Lien, 5.000%, 1/1/21		1,250		1,371

	PAR VALUE		VALUE
Illinois—continued
General Revenue, Senior Lien, 5.250%, 1/1/29	$	100	$	120
Passenger Facilities Charge Revenue, 5.000%, 1/1/20		750		823
Chicago, City of,
Sales Tax Revenue, 5.000%, 1/1/21		750		810
Waterworks Revenue, Second Lien, 5.000%, 11/1/22		500		561
Waterworks Revenue, Second Lien, 5.000%, 11/1/30		500		550
Illinois Finance Authority,
KishHealth System Revenue (Escrowed to Maturity), 4.750%, 10/1/18		700		737
Rush University Medical Center Revenue (Pre-refunded 11/1/18 @100), 7.250%, 11/1/38		1,220		1,338
Rush University Medical Center Revenue, 5.000%, 11/15/21		250		284
Illinois State Toll Highway Authority, Toll Highway Revenue Senior Lien, 5.000%, 1/1/32		1,000		1,139
Illinois, State of, General Obligation,
5.000%, 4/1/22		815		861
5.000%, 2/1/26		1,490		1,549
5.000%, 2/1/27		1,250		1,308
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project Revenue (AGM Insured), 0.000%, 6/15/26		1,000		706
University of Illinois, Auxiliary Facilities System Revenue,
5.500%, 4/1/31		1,540		1,724
5.125%, 4/1/36		500		546
				14,427
Indiana—2.1%
Indiana Finance Authority, Indiana University Health Center Revenue, 5.000%, 12/1/22		800		925
Indianapolis Local Public Improvements Bond Bank Revenue, 5.000%, 6/1/19		2,500		2,693
				3,618

	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	$	2,510
Louisiana—0.7%
New Orleans Sewerage Service Revenue,
5.000%, 6/1/19		500		537
5.000%, 6/1/20		550		605
				1,142
Maine—1.5%
Portland, City of, General Airport Revenue,
5.000%, 7/1/26		1,000		1,121
5.000%, 7/1/29		580		639
5.000%, 7/1/30		770		847
				2,607
Maryland—3.5%
Baltimore Convention Center, Hotel Revenue Senior Lien (XLCA Insured),
5.250%, 9/1/22		400		401
5.250%, 9/1/23		1,500		1,503
Maryland Economic Development Corp., Exelon Generation Co. Revenue, 2.550%, 12/1/25(2)		500		498
Maryland Health & Higher Educational Facilities Authority,
Anne Arundel Health System Revenue (Pre-refunded 7/1/19 @100), 6.750%, 7/1/29		2,015		2,265
Anne Arundel Health System Revenue, 5.000%, 7/1/32		250		264
Medstar Health, Inc. Revenue, 5.000%, 8/15/26		800		925
				5,856
Michigan—1.6%
Michigan Finance Authority, Beaumont Health Credit Group Revenue, 5.000%, 8/1/27		1,250		1,423
Michigan State Building Authority, Facilities Program Lease Revenue,
5.000%, 4/15/25		500		590
4.000%, 10/15/36		500		511
Royal Oak Hospital Finance Authority, William Beaumont Hospital Revenue, 5.000%, 9/1/19		200		217
				2,741

See Notes to Financial Statements

54

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
New Jersey—4.4%
Camden County Improvement Authority Healthcare Redevelopment Project, Cooper Health System Revenue, 5.000%, 2/15/22	$	950	$	1,059
New Jersey Economic Development Authority, Cigarette Tax Revenue (AGM Insured), 5.000%, 6/15/22		3,000		3,352
New Jersey Housing & Mortgage Finance Agency, Mortgage Revenue, 4.375%, 4/1/28		1,915		1,995
Tobacco Settlement Financing Corp. Tobacco Settlement Revenue 5.000%, 6/1/41		1,000		971
				7,377
New York—12.2%
Buffalo & Erie County Industrial Land Development Corp., Catholic Health System Revenue, 5.000%, 7/1/23		550		626
Metropolitan Transportation Authority, Transportation Revenue,
6.250%, 11/15/23		605		653
(Pre-refunded 11/15/18 @100), 6.250%, 11/15/23		25		27
(Pre-refunded 11/15/18 @100), 6.250%, 11/15/23		2,510		2,723
New York City General Obligation,
6.250%, 10/15/28		40		43
(Pre-refunded 10/15/18 @100), 6.250%, 10/15/28		960		1,036
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue
(AGC Insured), 6.125%, 1/1/29		500		539
(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		3,530		3,726
(Pre-refunded 6/15/18 @100), 5.500%, 6/15/21		500		528

	PAR VALUE		VALUE
New York—continued
(Pre-refunded 6/15/18 @100), 5.500%, 6/15/22	$	1,000	$	1,055
(Pre-refunded 6/15/18 @100), 5.625%, 6/15/24		1,050		1,109
(Pre-refunded 6/15/18 @100), 5.750%, 6/15/40		1,060		1,120
New York City Transitional Finance Authority, Subordinate Future Tax Secured Revenue 5.000%, 5/1/35		3,165		3,613
New York State Dormitory Authority,
New York University Hospitals Center Revenue, 5.000%, 7/1/33		150		169
Orange Regional Medical Center Revenue, 5.000%, 12/1/23(4)		300		333
New York Transportation Development Corp., Transportation Development Revenue, 5.000%, 8/1/26		250		263
Triborough Bridge & Tunnel Authority, Toll Revenue Subordinate Lien, 5.000%, 11/15/23		750		878
TSASC, Inc., Tobacco Settlement Revenue, 5.000%, 6/1/34		190		212
Utility Debt Securitization Authority Restructuring Charge, Electric Revenue, 5.000%, 6/15/26		500		593
				20,619
North Dakota—0.8%
Barnes County North Public School District Building Authority, Lease Revenue, 4.250%, 5/1/27		1,330		1,357
Ohio—2.7%
New Albany Community Authority, Community Facilities Revenue, 5.000%, 10/1/24		1,250		1,438
Ohio State Juvenile Correction Facilities Project, Lease Revenue,
5.000%, 10/1/20		465		521
5.000%, 10/1/21		1,080		1,237
5.000%, 10/1/22		1,135		1,323
				4,519

	PAR VALUE		VALUE
Oklahoma—0.8%
Oklahoma State Turnpike Authority, Turnpike Revenue, Second Senior Lien, 5.000%, 1/1/29	$	1,250	$	1,392
Oregon—0.9%
Oregon Facilities Authority, University of Portland Revenue, 5.000%, 4/1/30		240		274
Oregon, State of, General Obligation, 5.000%, 5/1/33		1,095		1,281
				1,555
Pennsylvania—4.3%
Butler County Hospital Authority, Butler Health System Revenue, 5.000%, 7/1/30		250		276
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, 5.000%, 7/1/34		250		286
Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien,
5.250%, 12/1/31		2,000		2,244
6.000%, 12/1/34		1,235		1,408
0.000%, 12/1/38		2,000		2,378
(Pre-refunded 12/1/20 @ 100), 6.000%, 12/1/34		250		291
(Pre-refunded 12/1/20 @ 100), 6.000%, 12/1/34		265		309
				7,192
South Carolina—0.9%
Dorchester County, Water & Sewer Revenue, 5.000%, 10/1/28		1,020		1,175
South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue, 5.000%, 12/1/24		250		294
				1,469
Tennessee—1.2%
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, 5.000%, 10/1/26		1,000		1,105
Tennessee Housing Development Agency, Residential Finance Program Revenue,
2.050%, 7/1/20		635		641
2.300%, 1/1/21		365		370
				2,116

See Notes to Financial Statements

55

VIRTUS NEWFLEET TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
Texas—8.8%
Forney Independent School District, General Obligation (PSF Guaranteed) (Pre-refunded 8/15/18 @100), 5.750%, 8/15/33	$	750	$	798
Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System (Pre-refunded 12/1/18 @ 100), 7.250%, 12/1/35		2,525		2,782
Hidalgo County Drain District No. 1, General Obligation, 5.000%, 9/1/28		1,000		1,170
La Joya Independent School District, General Obligation (PSF Guaranteed), 5.000%, 2/15/20		1,000		1,101
North Texas Tollway Authority, Senior Lien Toll Revenue, 5.000%, 1/1/30		400		462
Southmost Regional Water Authority, Desalination Plant Project Revenue
(AGM Insured), 5.000%, 9/1/25		1,015		1,157
(AGM Insured), 5.000%, 9/1/23		1,085		1,238
Texas Municipal Gas Acquisition & Supply, Gas Supply Revenue,
Corp. I, Senior Lien, 6.250%, 12/15/26		1,580		1,866
Corp. II, 1.437%, 9/15/27(2)		3,000		2,811
Upper Trinity Regional Water District Authority, Regional Treated Supply System Revenue (BAM Insured), 5.000%, 8/1/24		1,340		1,569
				14,954
Vermont—0.3%
Burlington, City of, Airport Revenue (AGM Insured), 5.000%, 7/1/24		200		223

	PAR VALUE		VALUE
Vermont—continued
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, 5.000%, 12/1/35	$	300	$	330
				553
Virginia—1.4%
Riverside Regional Jail Authority, Jail Facility Revenue, 5.000%, 7/1/26		1,250		1,478
Virginia College Building Authority, Marymount University Revenue,
5.000%, 7/1/20(4)		200		213
5.000%, 7/1/21(4)		400		431
5.000%, 7/1/22(4)		195		211
				2,333
Washington—1.1%
King County Sewer Revenue 5.000%, 7/1/36		1,630		1,860
West Virginia—0.3%
Monongalia County Building Commission, Monongalia Health System Revenue, 5.000%, 7/1/23		400		457
Wisconsin—0.8%
Public Finance Authority,
Renown Regional Medical Center Revenue, 5.000%, 6/1/33		1,000		1,102
Waste Management, Inc. Revenue, 2.875%, 5/1/27		250		241
				1,343
TOTAL MUNICIPAL BONDS (Identified Cost $156,579)				162,550
TOTAL LONG TERM INVESTMENTS—96.1%
(Identified Cost $156,579)				162,550

	SHARES		VALUE
SHORT-TERM INVESTMENT—2.7%
Money Market Mutual Fund—2.7%
BlackRock Liquidity Funds MuniCash Portfolio – Institutional Shares (seven-day effective yield 0.629%)(5)		4,570,359	$	4,571
TOTAL SHORT-TERM INVESTMENT (Identified Cost $4,571)				4,571
TOTAL INVESTMENTS—98.8% (Identified Cost $161,150)				167,121	(1)
Other assets and liabilities, net—1.2%				1,982
NET ASSETS—100.0%			$	169,103

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.

PSF Permanent School Fund

XLCA XL Capital Assurance

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

⁽³⁾ At March 31, 2017, 21.0% 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.

⁽⁴⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, these securities amounted to a value of $2,666 or 1.6% of net assets.

⁽⁵⁾ Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

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) (Continued)

MARCH 31, 2017

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Debt Securities:
Municipal Bonds	$	162,550	$	—	$	162,550
Equity Securities:
Short-Term Investment		4,571		4,571		—
Total Investments	$	167,121	$	4,571	$	162,550

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

57

VIRTUS RAMPART LOW VOLATILITY EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
EXCHANGE-TRADED FUND—97.4%
PowerShares S&P 500 Low Volatility Portfolio(3)(4)		54,098	$	2,352
TOTAL EXCHANGE-TRADED FUND (Identified Cost $2,365)				2,352
	CONTRACTS
PURCHASED OPTION—0.0%
Call Option—0.0%
CBOE Volatility Index expiration 04/05/17 strike price $13		12		—	(2)
TOTAL PURCHASED OPTION—0.0% (Premiums Paid $—(2))				—	(2)
TOTAL LONG TERM INVESTMENTS—97.4%
(Identified Cost $2,365)				2,352	(1)
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—97.4%
(Identified Cost $2,365)				2,352	(1)

	CONTRACTS		VALUE
WRITTEN OPTIONS—(0.0)%
Call Option—(0.0)%
S&P 500® Index expiration 04/07/17 strike price $2445		2	$	—	(2)
S&P 500® Index expiration 04/13/17 strike price $2455		2		—	(2)
S&P 500® Index expiration 04/21/17 strike price $2420		3		—	(2)
S&P 500® Index expiration 04/28/17 strike price $2420		2		(1	)
TOTAL WRITTEN OPTIONS—(0.0)% (Premiums Received $1)				(1	)
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—97.4%
(Identified Cost $2,364)				2,351	(1)
Other assets and liabilities, net—2.6%				63
NET ASSETS—100.0%			$	2,414

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Amount is less than $500.

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

⁽⁴⁾ All or a portion of the security is segregated as collateral for written options.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017			Level 1 Quoted Prices
Equity Securities:
Exchange-Traded Fund	$	2,352		$	2,352
Purchased Option		—	*		—	*
Total Investments before Written Options	$	2,352		$	2,352
Written Options	$	(1	)	$	(1	)
Total Investments Net of Written Options	$	2,351		$	2,351

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

* Amount is less than $500.

See Notes to Financial Statements

58

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

	Horizon Wealth Masters Fund			Newfleet Bond Fund			Newfleet CA Tax-Exempt Bond Fund
Assets
Investment in unaffiliated securities at value(1)(2)	$	83,137		$	70,426		$	26,569
Investments in affiliated securities at value(3)		—			1,178			—
Cash		277			586			443
Receivables
Investment securities sold		4,980			762			676
Fund shares sold		32			22			—	(5)
Dividends and interest receivable		67			624			349
Securities lending receivable		40			—			—
Prepaid expenses		3			2			1
Prepaid trustee retainer		20			51			22
Other assets		3			3			1
Total assets		88,559			73,654			28,061
Liabilities
Payables
Fund shares repurchased		78			106			27
Investment securities purchased		4,575			376			79
Collateral on securities loaned		6,736			—			—
Dividend distributions		—			8			6
Investment advisory fees		52			7			3
Distribution and service fees		26			15			4
Administration fees		9			8			3
Transfer agent fees and expenses		17			23			4
Trustees’ fees and expenses		—	(5)		—	(5)		—	(5)
Professional fees		18			17			21
Trustee deferred compensation plan		3			3			1
Other accrued expenses		5			2			1
Total liabilities		11,519			565			149
Net Assets	$	77,040		$	73,089		$	27,912
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	67,864		$	77,234		$	26,924
Accumulated undistributed net investment income (loss)		(42	)		170			34
Accumulated undistributed net realized gain (loss)		(6,924	)		(4,886	)		171
Net unrealized appreciation (depreciation) on investments		16,142			571			783
Net Assets	$	77,040		$	73,089		$	27,912
Class A
Net asset value (net assets/shares outstanding) per share	$	16.06		$	11.14		$	11.65
Maximum offering price per share NAV/(1–2.75%)	$	—		$	—		$	11.98
Maximum offering price per share NAV/(1–3.75%)	$	—		$	11.57		$	—
Maximum offering price per share NAV/(1–5.75%)	$	17.04		$	—		$	—
Shares of beneficial interest outstanding, par value(4), unlimited authorization		1,380,046			3,563,614			1,537,025
Net Assets	$	22,166		$	39,708		$	17,903
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	15.73		$	10.89		$	—
Shares of beneficial interest outstanding, par value(4), unlimited authorization		1,481,767			722,955			—
Net Assets	$	23,312		$	7,871		$	—
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	16.09		$	11.32		$	11.62
Shares of beneficial interest outstanding, par value(4), unlimited authorization		1,961,755			2,244,240			861,123
Net Assets	$	31,562		$	25,410		$	10,009
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	—		$	11.33		$	—
Shares of beneficial interest outstanding, par value(4), unlimited authorization		—			8,857			—
Net Assets	$	—		$	100		$	—
(1) Investment in unaffiliated securities at cost	$	66,995		$	69,854		$	25,786
(2) Market value of securities on loan	$	6,597		$	—		$	—
(3) Investment in affiliated securities at cost	$	—		$	1,179		$	—
(4) All of the Funds on this page with the exception of the Newfleet Bond Fund have no par value. Newfleet Bond Fund has a par value of $1.00.
(5) Amount is less than $500.

See Notes to Financial Statements

59

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

	Newfleet High Yield Fund			Newfleet Low Duration Income Fund			Newfleet Multi-Sector Intermediate Bond Fund
Assets
Investment in unaffiliated securities at value(1)	$	71,652		$	365,715		$	307,646
Investments in affiliated securities at value(2)		—			—			9,335
Foreign currency at value(3)		—			—			2
Cash		—			6,086			4
Receivables
Investment securities sold		1,169			731			3,057
Fund shares sold		120			894			1,163
Dividends and interest receivable		1,119			1,409			3,871
Prepaid trustee retainer		2			15			11
Prepaid expenses		50			75			41
Other assets		3			14			12
Total assets		74,115			374,939			325,142
Liabilities
Cash overdraft		501			—			—
Payables
Fund shares repurchased		63			935			769
Investment securities purchased		1,339			7,926			3,710
Dividend distributions		22			24			177
Investment advisory fees		16			52			107
Distribution and service fees		16			52			77
Administration fees		8			38			33
Transfer agent fees and expenses		28			54			55
Trustees’ fees and expenses		1			5			2
Professional fees		20			15			19
Trustee deferred compensation plan		3			14			12
Other accrued expenses		2			—			5
Total liabilities		2,019			9,115			4,966
Net Assets	$	72,096		$	365,824		$	320,176
Net Assets Consist of:
Common stock $0.001 par value	$	—		$	34		$	—
Capital paid in on shares of beneficial interest		97,381			368,015			333,862
Accumulated undistributed net investment income (loss)		198			86			1,343
Accumulated undistributed net realized gain (loss)		(26,450	)		(2,846	)		(13,033	)
Net unrealized appreciation (depreciation) on investments		967			535			(1,996	)
Net Assets	$	72,096		$	365,824		$	320,176
Class A
Net asset value (net assets/shares outstanding) per share	$	4.24		$	10.78		$	10.30
Maximum offering price per share NAV/(1–2.25%)	$	—		$	11.03		$	—
Maximum offering price per share NAV/(1–3.75%)	$	4.41		$	—		$	10.70
Shares of beneficial interest outstanding, par value(4), unlimited authorization		14,043,457			7,898,870			8,195,706
Net Assets	$	59,496		$	85,147		$	84,384
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	4.16		$	10.78		$	10.39
Shares of beneficial interest outstanding, par value(4), unlimited authorization		973,065			3,543,338			6,514,811
Net Assets	$	4,052		$	38,194		$	67,716
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	4.24		$	10.78		$	10.30
Shares of beneficial interest outstanding, par value(4), unlimited authorization		1,990,822			22,501,886			16,044,385
Net Assets	$	8,443		$	242,483		$	165,313
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	4.24		$	—		$	10.30
Shares of beneficial interest outstanding, par value(4), unlimited authorization		24,684			—			268,245
Net Assets	$	105		$	—		$	2,763
(1) Investment in unaffiliated securities at cost	$	70,685		$	365,180		$	309,641
(2) Investments in affiliated securities at cost	$	—		$	—		$	9,341
(3) Foreign currency at cost	$	—		$	—		$	2
(4) All of the Funds on this page with the exception of Newfleet Low Duration Income have no par value. Newfleet Low Duration Income Fund has a par value of $0.001.

See Notes to Financial Statements

60

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

	Newfleet Senior Floating Rate Fund			Newfleet Tax-Exempt Bond Fund		Rampart Low Volatility Equity Fund
Assets
Investment in unaffiliated securities at value(1)	$	629,226		$	167,121	$	2,352
Investment in affiliated securities at value(2)		6,097			—		—
Cash		15,361			—		11
Deposits with prime broker		—			—		12
Receivables
Investment securities sold		10,695			—		65
Fund shares sold		1,872			604		—
Receivable from adviser		—			—		3
Dividends and interest receivable		1,596			2,315		—
Prepaid trustee retainer		64			44		—	(5)
Prepaid expenses		20			6		39
Other assets		22			6		—	(5)
Total assets		664,953			170,096		2,482
Liabilities
Written options at value(3)		—			—		1
Payables
Fund shares repurchased		1,465			839		50
Investment securities purchased		33,072			—		—	(5)
Borrowings (Note 13)		28,000			—		—
Dividend distributions		211			15		—
Investment advisory fees		194			38		—
Distribution and service fees		142			30		—	(5)
Administration fees		62			18		1
Transfer agent fees and expenses		74			26		1
Trustees’ fees and expenses		3			2		—
Professional fees		20			17		14
Trustee deferred compensation plan		22			6		—	(5)
Interest payable on line of credit		1			—		—
Other accrued expenses		51			2		1
Total liabilities		63,317			993		68
Net Assets	$	601,636		$	169,103	$	2,414
Net Assets Consist of:
Capital stock $0.001 par	$	—		$	15	$	—
Capital paid in on shares of beneficial interest		632,872			162,255		2,226
Accumulated undistributed net investment income (loss)		(1,273	)		302		11
Accumulated undistributed net realized gain (loss)		(28,680	)		560		190
Net unrealized appreciation (depreciation) on investments		(1,283	)		5,971		(13	)
Net unrealized appreciation (depreciation) on written options		—			—		—	(5)
Net Assets	$	601,636		$	169,103	$	2,414
Class A
Net asset value (net assets/shares outstanding) per share	$	9.49		$	11.16	$	12.05
Maximum offering price per share NAV/(1–2.75%)	$	9.76		$	11.48	$	—
Maximum offering price per share NAV/(1–5.75%)	$	—		$	—	$	12.79
Shares of beneficial interest outstanding, par value(4), unlimited authorization		23,218,407			4,424,765		42,657
Net Assets	$	220,422		$	49,361	$	514
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	9.51		$	11.16	$	11.83
Shares of beneficial interest outstanding, par value(4), unlimited authorization		11,499,119			1,947,496		22,771
Net Assets	$	109,301		$	21,728	$	269
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	9.49		$	11.16	$	12.01
Shares of beneficial interest outstanding, par value(4), unlimited authorization		28,656,794			8,786,447		135,777
Net Assets	$	271,810		$	98,014	$	1,631
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	9.49		$	—	$	—
Shares of beneficial interest outstanding, no par value(4), unlimited authorization		10,819			—		—
Net Assets	$	103		$	—	$	—
(1) Investment in unaffiliated securities at cost	$	630,507		$	161,150	$	2,365
(2) Investment in affiliated securities at cost	$	6,100		$	—	$	—
(3) Written options premiums received	$	—		$	—	$	1
(4) All of the Funds on this page with the exception of Newfleet Tax-Exempt Bond Fund have no par value. Newfleet Tax-Exempt Bond Fund has a par value of $0.001.
(5) Amount is less than $500.

See Notes to Financial Statements

61

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	Horizon Wealth Masters Fund			Newfleet Bond Fund			Newfleet CA Tax-Exempt Bond
Investment Income
Dividends	$	550		$	29		$	—
Dividends from affiliated funds		—			26			—
Interest		—			1,455			541
Security lending, net of fees		175			—			—
Foreign taxes withheld		—	(1)		—			—
Total investment income		725			1,510			541
Expenses
Investment advisory fees		330			167			65
Service fees, Class A		40			53			23
Distribution and service fees, Class B		—			—	(1)		—
Distribution and service fees, Class C		120			43			—
Administration fees		49			47			18
Transfer agent fees and expenses		65			61			17
Registration fees		21			27			13
Printing fees and expenses		5			5			2
Custodian fees		3			4			1
Professional fees		16			19			17
Trustees’ fees and expenses		4			4			2
Miscellaneous expenses		4			5			2
Total expenses		657			435			160
Less expenses reimbursed and/or waived by investment adviser		(32	)		(118	)		(50	)
Earnings credit from custodian		(1	)		(1	)		—
Custody fees reimbursed (Note 11)		—			(17	)		(5	)
Low balance account fees		—	(1)		(2	)		—	(1)
Net expenses		624			297			105
Net investment income (loss)		101			1,213			436
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		2,744			98			175
Net change in unrealized appreciation (depreciation) on unaffiliated investments		4,974			(1,818	)		(1,367	)
Net change in unrealized appreciation (depreciation) on affiliated investments		—			19			—
Net Realized and Unrealized Gain (Loss) on Investments		7,718			(1,701	)		(1,192	)
Net increase (decrease) in net assets resulting from operations	$	7,819		$	(488	)	$	(756	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

62

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	Newfleet High Yield Fund			Newfleet Low Duration Income Fund			Newfleet Multi-Sector Intermediate Bond Fund
Investment Income
Dividends	$	27		$	128		$	77
Dividends from affiliated fund		4			—			207
Interest		2,309			4,807			8,300
Foreign taxes withheld		—			—			(7	)
Total investment income		2,340			4,935			8,577
Expenses
Investment advisory fees		235			1,035			842
Service fees, Class A		75			123			119
Distribution and service fees, Class B		—	(1)		—			6
Distribution and service fees, Class C		21			212			355
Administration fees		46			239			194
Transfer agent fees and expenses		69			233			201
Registration fees		28			36			40
Printing fees and expenses		5			10			17
Custodian fees		3			5			10
Professional fees		19			20			22
Trustees’ fees and expenses		4			17			16
Miscellaneous expenses		5			14			16
Total expenses		510			1,944			1,838
Less expenses reimbursed and/or waived by investment adviser		(134	)		(668	)		(131	)
Earnings credit from custodian		(1	)		—			(4	)
Custody fees reimbursed (Note 11)		(57	)		—			(75	)
Low balance account fees		(4	)		—	(1)		(1	)
Net expenses		314			1,276			1,627
Net investment income (loss)		2,026			3,659			6,950
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(220	)		(871	)		(1,489	)
Net realized gain (loss) on affiliated investments		1			—			—
Net realized gain (loss) on foreign currency transactions		—			—			(14	)
Net change in unrealized appreciation (depreciation) on unaffiliated investments		1,038			(3,575	)		971
Net change in unrealized appreciation (depreciation) affiliated investments		6			—			149
Net change in unrealized appreciation (depreciation) on foreign currency translations		—			—			5
Net Realized and Unrealized Gain (Loss) on Investments		825			(4,446	)		(378	)
Net increase (decrease) in net assets resulting from operations	$	2,851		$	(787	)	$	6,572

⁽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, 2017

($ reported in thousands)

	Newfleet Senior Floating Rate Fund			Newfleet Tax-Exempt Bond Fund			Rampart Low Volatility Equity Fund
Investment Income
Dividends	$	355		$	17		$	35
Dividends from affiliated fund		135			—			—
Interest		14,175			3,248			—
Total investment income		14,665			3,265			35
Expenses
Investment advisory fees		1,521			406			14
Service fees, Class A		287			76			1
Distribution and service fees, Class C		555			119			2
Administration fees		363			114			2
Transfer agent fees and expenses		314			111			2
Registration fees		34			19			17
Printing fees and expenses		25			7			—	(1)
Custodian fees		18			2			1
Professional fees		26			19			11
Trustees’ fees and expenses		30			9			—	(1)
Miscellaneous expenses		109			8			2
Total expenses before interest expense		3,282			890			52
Interest expense		293			—			—
Total expenses after interest expense		3,575			890			52
Less expenses reimbursed and/or waived by investment adviser		(137	)		(154	)		(29	)
Earnings credit from custodian		(22	)		—			—	(1)
Custody fees reimbursed (Note 11)		—			(5	)		—
Low balance account fees		—	(1)		—	(1)		—
Net expenses		3,416			731			23
Net investment income (loss)		11,249			2,534			12
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(4,456	)		582			812
Net realized gain (loss) on written options		—			—			(69	)
Net change in unrealized appreciation (depreciation) on unaffiliated investments		9,456			(7,398	)		(630	)
Net change in unrealized appreciation (depreciation) affiliated investments		(3	)		—			—
Net change in unrealized appreciation (depreciation) on written options		—			—			(1	)
Net Realized and Unrealized Gain (Loss) on Investments		4,997			(6,816	)		112
Net increase (decrease) in net assets resulting from operations	$	16,246		$	(4,282	)	$	124

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

64

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Horizon Wealth Masters Fund						Newfleet Bond Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	101		$	309		$	1,213		$	2,485
Net realized gain (loss)		2,744			(4,300	)		98			(648	)
Net change in unrealized appreciation (depreciation)		4,974			13,223			(1,799	)		2,992
Increase (decrease) in net assets resulting from operations		7,819			9,232			(488	)		4,829
From Distributions to Shareholders
Net investment income, Class A		(214	)		(112	)		(666	)		(1,355	)
Net investment income, Class B		—			—			(1	)		(2	)
Net investment income, Class C		—			(3	)		(106	)		(236	)
Net investment income, Class I		(215	)		(137	)		(377	)		(650	)
Net investment income, Class R6		—			—			(1	)		—
Net realized short-term gains, Class A		—			(666	)		—			—
Net realized short-term gains, Class C		—			(438	)		—			—
Net realized short-term gains, Class I		—			(391	)		—			—
Net realized long-term gains, Class A		—			(231	)		—			—
Net realized long-term gains, Class C		—			(152	)		—			—
Net realized long-term gains, Class I		—			(136	)		—			—
Decrease in net assets from distributions to shareholders		(429	)		(2,266	)		(1,151	)		(2,243	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(14,005	)		(23,994	)		(3,475	)		(5,315	)
Change in net assets from share transactions, Class B		—			—			(72	)		(54	)
Change in net assets from share transactions, Class C		(3,836	)		(11,563	)		(1,336	)		154
Change in net assets from share transactions, Class I		9,337			(14,030	)		1,655			5,985
Change in net assets from share transactions, Class R6		—			—			101			—
Increase (decrease) in net assets from share transactions		(8,504	)		(49,587	)		(3,127	)		770
Net increase (decrease) in net assets		(1,114	)		(42,621	)		(4,766	)		3,356
Net Assets
Beginning of period		78,154			120,775			77,855			74,499
End of period	$	77,040		$	78,154		$	73,089		$	77,855
Accumulated undistributed net investment income (loss) at end of period	$	(42	)	$	286		$	170		$	108

See Notes to Financial Statements

65

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Newfleet CA Tax-Exempt Bond						Newfleet High Yield Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	436		$	976		$	2,026		$	3,669
Net realized gain (loss)		175			218			(219	)		(1,269	)
Net change in unrealized appreciation (depreciation)		(1,367	)		522			1,044			4,426
Increase (decrease) in net assets resulting from operations		(756	)		1,716			2,851			6,826
From Distributions to Shareholders
Net investment income, Class A		(281	)		(576	)		(1,497	)		(3,093	)
Net investment income, Class B		—			—			—	(1)		(2	)
Net investment income, Class C		—			—			(89	)		(162	)
Net investment income, Class I		(169	)		(361	)		(201	)		(421	)
Net investment income, Class R6		—			—			(2	)		—
Net realized short-term gains, Class A		—			(10	)		—			—
Net realized short-term gains, Class I		—			(6	)		—			—
Net realized long-term gains, Class A		(106	)		(434	)		—			—
Net realized long-term gains, Class I		(59	)		(273	)		—			—
Decrease in net assets from distributions to shareholders		(615	)		(1,660	)		(1,789	)		(3,678	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(723	)		(567	)		(5,714	)		579
Change in net assets from share transactions, Class B		—			—			(27	)		(15	)
Change in net assets from share transactions, Class C		—			—			(238	)		378
Change in net assets from share transactions, Class I		(1,107	)		587			362			3,137
Change in net assets from share transactions, Class R6		—			—			102			—
Increase (decrease) in net assets from share transactions		(1,830	)		20			(5,515	)		4,079
Net increase (decrease) in net assets		(3,201	)		76			(4,453	)		7,227
Net Assets
Beginning of period		31,113			31,037			76,549			69,322
End of period	$	27,912		$	31,113		$	72,096		$	76,549
Accumulated undistributed net investment income (loss) at end of period	$	34		$	48		$	198		$	(39	)

⁽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 Low Duration Income Fund
	Six Months Ended March 31, 2017 (Unaudited)			Fiscal Period Ended September 30, 2016(1)			Year Ended December 31, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	3,659		$	4,957		$	3,750
Net realized gain (loss)		(871	)		(74	)		(588	)
Net increase in payments by affiliates		—			—			3
Net change in unrealized appreciation (depreciation)		(3,575	)		6,087			(1,490	)
Increase (decrease) in net assets resulting from operations		(787	)		10,970			1,675
From Distributions to Shareholders
Net investment income, Class A		(964	)		(1,288	)		(1,241	)
Net investment income, Class C		(257	)		(375	)		(392	)
Net investment income, Class I		(2,594	)		(3,052	)		(2,021	)
Return of capital Class A		—			—			(182	)
Return of capital Class C		—			—			(100	)
Return of capital Class I		—			—			(261	)
Decrease in net assets from distributions to shareholders		(3,815	)		(4,715	)		(4,197	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(15,697	)		14,626			11,010
Change in net assets from share transactions, Class C		(7,930	)		1,140			(6,317	)
Change in net assets from share transactions, Class I		(6,268	)		97,036			59,540
Increase (decrease) in net assets from share transactions		(29,895	)		112,802			64,233
Net increase (decrease) in net assets		(34,497	)		119,057			61,711
Net Assets
Beginning of period		400,321			281,264			219,553
End of period	$	365,824		$	400,321		$	281,264
Accumulated undistributed net investment income (loss) at end of period	$	86		$	242		$	—

⁽¹⁾ The Fund changed its fiscal year-end to September 30 during the period.

See Notes to Financial Statements

67

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, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	6,950		$	14,173		$	11,249		$	21,432
Net realized gain (loss)		(1,503	)		(5,211	)		(4,456	)		(14,361	)
Net change in unrealized appreciation (depreciation)		1,125			18,592			9,453			15,184
Increase (decrease) in net assets resulting from operations		6,572			27,554			16,246			22,255
From Distributions to Shareholders
Net investment income, Class A		(2,105	)		(4,295	)		(4,880	)		(8,701	)
Net investment income, Class B		(21	)		(79	)		—			—
Net investment income, Class C		(1,281	)		(2,715	)		(1,941	)		(3,550	)
Net investment income, Class I		(3,174	)		(5,418	)		(5,238	)		(9,212	)
Net investment income, Class R6		(55	)		(81	)		(2	)		—
Decrease in net assets from distributions to shareholders		(6,636	)		(12,588	)		(12,061	)		(21,463	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(14,406	)		(11,062	)		(8,937	)		(41,744	)
Change in net assets from share transactions, Class B		(1,708	)		(1,247	)		—			—
Change in net assets from share transactions, Class C		(7,524	)		(12,694	)		(3,367	)		(26,952	)
Change in net assets from share transactions, Class I		41,653			(21,152	)		59,474			(73,726	)
Change in net assets from share transactions, Class R6		750			130			102			—
Increase (decrease) in net assets from share transactions		18,765			(46,025	)		47,272			(142,422	)
Net increase (decrease) in net assets		18,701			(31,059	)		51,457			(141,630	)
Net Assets
Beginning of period		301,475			332,534			550,179			691,809
End of period	$	320,176		$	301,475		$	601,636		$	550,179
Accumulated undistributed net investment income (loss) at end of period	$	1,343		$	1,029		$	(1,273	)	$	(461	)

See Notes to Financial Statements

68

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Newfleet Tax-Exempt Bond Fund
	Six Months Ended March 31, 2017 (Unaudited)			Fiscal Period Ended September 30, 2016(2)			Year Ended December 31, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	2,534		$	3,822		$	5,074
Net realized gain (loss)		582			345			67
Net change in unrealized appreciation (depreciation)		(7,398	)		1,789			(683	)
Increase (decrease) in net assets resulting from operations		(4,282	)		5,956			4,458
From Distributions to Shareholders
Net investment income, Class A		(781	)		(1,394	)		(1,938	)
Net investment income, Class C		(216	)		(385	)		(525	)
Net investment income, Class I		(1,344	)		(2,087	)		(2,479	)
Net realized short-term gains, Class A		—			—	(1)		—
Net realized short-term gains, Class C		—			—	(1)		—
Net realized short-term gains, Class I		—			—	(1)		—
Net realized long-term gains, Class A		(97	)		—			(57	)
Net realized long-term gains, Class C		(36	)		—			(23	)
Net realized long-term gains, Class I		(147	)		—			(69	)
Decrease in net assets from distributions to shareholders		(2,621	)		(3,866	)		(5,091	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(17,947	)		(5,512	)		(5,220	)
Change in net assets from share transactions, Class C		(4,185	)		(3,808	)		(530	)
Change in net assets from share transactions, Class I		(3,085	)		12,807			4,697
Increase (decrease) in net assets from share transactions		(25,217	)		3,487			(1,053	)
Net increase (decrease) in net assets		(32,120	)		5,577			(1,686	)
Net Assets
Beginning of period		201,223			195,646			197,332
End of period	$	169,103		$	201,223		$	195,646
Accumulated undistributed net investment income (loss) at end of period	$	302		$	109		$	152

⁽¹⁾ Amount is less than $500.

⁽²⁾ The Fund changed its fiscal year-end to September 30 during the period.

See Notes to Financial Statements

69

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Rampart Low Volatility Equity Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	12		$	18
Net realized gain (loss)		743			(497	)
Net change in unrealized appreciation (depreciation)		(631	)		557
Increase (decrease) in net assets resulting from operations		124			78
From Distributions to Shareholders
Net investment income, Class A		(1	)		(8	)
Net investment income, Class I		(17	)		(9	)
Net realized short-term gains, Class A		—			(13	)
Net realized short-term gains, Class C		—			(9	)
Net realized short-term gains, Class I		—			(10	)
Net realized long-term gains, Class A		—			(19	)
Net realized long-term gains, Class C		—			(13	)
Net realized long-term gains, Class I		—			(13	)
Decrease in net assets from distributions to shareholders		(18	)		(94	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(1,160	)		(421	)
Change in net assets from share transactions, Class C		(235	)		(900	)
Change in net assets from share transactions, Class I		(27	)		8
Increase (decrease) in net assets from share transactions		(1,422	)		(1,313	)
Net increase (decrease) in net assets		(1,316	)		(1,329	)
Net Assets
Beginning of period		3,730			5,059
End of period	$	2,414		$	3,730
Accumulated undistributed net investment income (loss) at end of period	$	11		$	17

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Horizon Wealth
Masters Fund
Class A
10/1/16 to 3/31/17(15)		$	14.60		0.04			1.52			1.56			(0.10	)		—			—			(0.10	)		—			1.46			$	16.06		10.64	%(4)		$	22,166		1.45	%(3)		1.53	%(3)		0.46	%(3)		15	%(4)
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
9/5/12(6) to 9/30/12			10.00		0.01			0.21			0.22			—			—			—			—			—			0.22				10.22		2.20	(4)			106		1.45	(3)		44.72	(3)		0.78	(3)		26	(4)
Class C
10/1/16 to 3/31/17(15)		$	14.26		(0.02	)		1.49			1.47			—			—			—			—			—			1.47			$	15.73		10.24	%(4)		$	23,312		2.20	%(3)		2.28	%(3)		(0.32	)%(3)		15	%(4)
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
9/5/12(6) to 9/30/12			10.00		(—	)(5)		0.21			0.21			—			—			—			—			—			0.21				10.21		2.10	(4)			107		2.20	(3)		45.67	(3)		0.04	(3)		26	(4)
Class I
10/1/16 to 3/31/17(15)		$	14.66		0.05			1.54			1.59			(0.16	)		—			—			(0.16	)		—			1.43			$	16.09		10.74	%(4)		$	31,562		1.20	%(3)		1.28	%(3)		0.60	%(3)		15	%(4)
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
9/5/12(6) to 9/30/12			10.00		0.01			0.21			0.22			—			—			—			—			—			0.22				10.22		2.20	(4)			818		1.20	(3)		44.40	(3)		1.04	(3)		26	(4)
Newfleet Bond Fund
Class A
10/1/16 to 3/31/17(15)		$	11.38		0.18			(0.25	)		(0.07	)		(0.17	)		—			—			(0.17	)		—			(0.24	)		$	11.14		(0.57	)%(4)(16)		$	39,708		0.84	%(3)(16)		1.16	%(3)		3.23	%(3)(16)		26	%(4)
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
10/1/11 to 9/30/12			10.96		0.35			0.67			1.02			(0.37	)		—			—			(0.37	)		—			0.65				11.61		9.34				67,804		0.85			1.02			3.12			210
Class C
10/1/16 to 3/31/17(15)		$	11.12		0.14			(0.24	)		(0.10	)		(0.13	)		—			—			(0.13	)		—			(0.23	)		$	10.89		(0.86	)%(4)(16)		$	7,871		1.59	%(3)(16)		1.91	%(3)		2.47	%(3)(16)		26	%(4)
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
10/1/11 to 9/30/12			10.75		0.26			0.65			0.91			(0.28	)		—			—			(0.28	)		—			0.63				11.38		8.55				8,756		1.60			1.77			2.36			210
Class I
10/1/16 to 3/31/17(15)		$	11.56		0.20			(0.25	)		(0.05	)		(0.19	)		—			—			(0.19	)		—			(0.24	)		$	11.32		(0.44	)%(4)(16)		$	25,410		0.59	%(3)(16)		0.91	%(3)		3.49	%(3)(16)		26	%(4)
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
10/1/11 to 9/30/12			11.10		0.39			0.66			1.05			(0.39	)		—			—			(0.39	)		—			0.66				11.76		9.64				29,527		0.60			0.77			3.39			210
Class R6
11/3/16(6) to 3/31/17(15)		$	11.45		0.17			(0.13	)		0.04			(0.16	)		—			—			(0.16	)		—			(0.12	)		$	11.33		1.84	%(4)(16)		$	100		0.53	%(3)(16)		0.87	%(3)		3.84	%(3)(16)		26	%(4)(10)

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)(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Newfleet CA Tax-Exempt
Bond Fund
Class A
10/1/16 to 3/31/17(15)		$	12.17		0.17		(0.44	)		(0.27	)		(0.18	)		(0.07	)		(0.25	)		—			(0.52	)		$	11.65		(2.25	)%(4)(16)		$	17,903		0.85	%(3)(16)		1.19	%(3)		2.90	%(3)(16)		29	%(4)
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
10/1/11 to 9/30/12			12.30		0.46		0.68			1.14			(0.48	)		—			(0.48	)		—			0.66				12.96		9.40				28,803		0.85			1.04			3.65			16
Class I
10/1/16 to 3/31/17(15)		$	12.15		0.19		(0.46	)		(0.27	)		(0.19	)		(0.07	)		(0.26	)		—			(0.53	)		$	11.62		(2.22	)%(4)(16)		$	10,009		0.60	%(3)(16)		0.94	%(3)		3.15	%(3)(16)		29	%(4)
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
10/1/11 to 9/30/12			12.29		0.49		0.68			1.17			(0.51	)		—			(0.51	)		—			0.66				12.95		9.68				28,639		0.60			0.79			3.90			16
Newfleet High Yield Fund
Class A
10/1/16 to 3/31/17(15)		$	4.18		0.12		0.04			0.16			(0.10	)		—			(0.10	)		—			0.06			$	4.24		3.97	%(4)(16)		$	59,496		1.01	%(3)(7)(16)		1.40	%(3)		5.46	%(3)(16)		37	%(4)
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
10/1/11 to 9/30/12			3.85		0.28		0.44			0.72			(0.29	)		—			(0.29	)		—			0.43				4.28		19.19				98,701		1.15			1.31			6.82			92
Class C
10/1/16 to 3/31/17(15)		$	4.11		0.10		0.04			0.14			(0.09	)		—			(0.09	)		—			0.05			$	4.16		3.41	%(4)(16)		$	4,052		1.76	%(3)(7)(16)		2.15	%(3)		4.70	%(3)(16)		37	%(4)
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
10/1/11 to 9/30/12			3.80		0.25		0.44			0.69			(0.26	)		—			(0.26	)		—			0.43				4.23		18.59				2,944		1.90			2.07			6.07			92
Class I
10/1/16 to 3/31/17(15)		$	4.18		0.12		0.05			0.17			(0.11	)		—			(0.11	)		—			0.06			$	4.24		4.10	%(4)(16)		$	8,443		0.76	%(3)(7)(16)		1.15	%(3)		5.75	%(3)(16)		37	%(4)
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
8/8/12(6) to 9/30/12			4.23		0.04		0.06			0.10			(0.05	)		—			(0.05	)		—			0.05				4.28		2.37	(4)			102		0.90	(3)		1.08	(3)		6.86	(3)		92	(4)
Class R6
11/3/16(6) to 3/31/17(15)		$	4.14		0.10		0.09			0.19			(0.09	)		—			(0.09	)		—			0.10			$	4.24		2.77	%(4)(16)		$	105		0.67	%(3)(7)(16)		1.11	%(3)		4.77	%(3)(16)		37	%(4)(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)(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Newfleet Low Duration Income
Fund
Class A
10/1/16 to 3/31/17(15)		$	10.90		0.10		(0.11	)		(0.01	)		(0.11	)		—			—			(0.11	)		—			(0.12	)		$	10.78		(0.13	)%(4)		$	85,147		0.75	%(3)		1.10	%(3)		1.87	%(3)		27	%(4)
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	(4)			102,049		0.76	(3)(12)		1.12	(3)		1.89	(3)		38	(4)
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)
1/1/11 to 12/31/11			10.51		0.28		0.03			0.31			(0.28	)		—			—			(0.28	)		—			0.03				10.54		2.99				15,145		0.95			1.13			2.62			47
Class C
10/1/16 to 3/31/17(15)		$	10.90		0.06		(0.11	)		(0.05	)		(0.07	)		—			—			(0.07	)		—			(0.12	)		$	10.78		(0.50	)%(4)		$	38,194		1.50	%(3)		1.85	%(3)		1.12	%(3)		27	%(4)
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	(4)			46,642		1.51	(3)(12)		1.87	(3)		1.15	(3)		38	(4)
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)
1/1/11 to 12/31/11			10.51		0.20		0.03			0.23			(0.20	)		—			—			(0.20	)		—			0.03				10.54		2.23				13,761		1.70			1.88			1.86			47
Class I
10/1/16 to 3/31/17(15)		$	10.90		0.11		(0.11	)		—			(0.12	)		—			—			(0.12	)		—			(0.12	)		$	10.78		(0.00	)%(4)		$	242,483		0.50	%(3)		0.85	%(3)		2.12	%(3)		27	%(4)
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	(4)			251,630		0.52	(3)(12)		0.87	(3)		2.15	(3)		38	(4)
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)
1/1/11 to 12/31/11			10.51		0.31		0.03			0.34			(0.31	)		—			—			(0.31	)		—			0.03				10.54		3.25				65,206		0.70			0.93			2.91			47
Newfleet Multi-Sector Intermediate Bond
Fund
Class A
10/1/16 to 3/31/17(15)		$	10.30		0.23		(0.01	)		0.22			(0.22	)		—			—			(0.22	)		—			—			$	10.30		2.22	%(4)(16)		$	84,384		1.05	%(3)(7)(16)		1.14	%(3)		4.53	%(3)(16)		35	%(4)
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
10/1/11 to 9/30/12			10.24		0.62		0.93			1.55			(0.64	)		—			—			(0.64	)		—			0.91				11.15		15.51				196,554		1.13			1.13			5.73			76
Class C
10/1/16 to 3/31/17(15)		$	10.40		0.20		(0.02	)		0.18			(0.19	)		—			—			(0.19	)		—			(0.01	)		$	10.39		1.72	%(4)(16)		$	67,716		1.80	%(3)(7)(16)		1.89	%(3)		3.79	%(3)(16)		35	%(4)
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
10/1/11 to 9/30/12			10.31		0.54		0.94			1.48			(0.56	)		—			—			(0.56	)		—			0.92				11.23		14.65				108,595		1.88			1.88			4.98			76

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

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Return of Capital			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments and after interest expense)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Newfleet Multi-Sector Intermediate Fund
(Continued)
Class I
10/1/16 to 3/31/17(15)		$	10.31		0.25		(0.02	)		0.23			(0.24	)		—			—			(0.24	)		—			(0.01	)		$	10.30		2.25	%(4)(16)		$	165,313		0.79	%(3)(7)(16)		0.89	%(3)		4.83	%(3)(16)		35	%(4)
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
10/1/11 to 9/30/12			10.24		0.64		0.93			1.57			(0.66	)		—			—			(0.66	)		—			0.91				11.15		15.80				74,847		0.88			0.88			5.93			76
Class R6
10/1/16 to 3/31/17(15)		$	10.31		0.25		(0.02	)		0.23			(0.24	)		—			—			(0.24	)		—			(0.01	)		$	10.30		2.28	%(4)(16)		$	2,763		0.71	%(3)(7)(16)		0.81	%(3)		4.92	%(3)(16)		35	%(4)
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	)(4)(11)			1,778		0.76	(3)		0.77	(3)		5.12	(3)		66	(4)(10)
Newfleet Senior Floating Rate
Fund
Class A
10/1/16 to 3/31/17(15)		$	9.42		0.19		0.08			0.27			(0.20	)		—			—			(0.20	)		—			0.07			$	9.49		2.90	%(4)		$	220,422		1.15	%(3)(7)		1.20	%(3)		3.95	%(3)		53	%(4)
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
10/1/11 to 9/30/12			9.28		0.49		0.49			0.98			(0.47	)		—			—			(0.47	)		—			0.51				9.79		10.75				256,397		1.23	(9)		1.23			5.06			56
Class C
10/1/16 to 3/31/17(15)		$	9.43		0.15		0.10			0.25			(0.17	)		—			—			(0.17	)		—			0.08			$	9.51		2.51	%(4)		$	109,301		1.90	%(3)(7)		1.95	%(3)		3.22	%(3)		53	%(4)
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
10/1/11 to 9/30/12			9.29		0.41		0.50			0.91			(0.40	)		—						(0.40	)		—			0.51				9.80		9.92				95,078		1.98	(9)		1.98			4.31			56
Class I
10/1/16 to 3/31/17(15)		$	9.41		0.20		0.09			0.29			(0.21	)		—			—			(0.21	)		—			0.08			$	9.49		3.03	%(4)		$	271,810		0.89	%(3)(7)		0.95	%(3)		4.23	%(3)		53	%(4)
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
10/1/11 to 9/30/12			9.27		0.51		0.49			1.00			(0.49	)		—			—			(0.49	)		—			0.51				9.78		11.04				94,193		0.98	(9)		0.98			5.31			56
Class R6
11/3/16(6) to 3/31/17(15)		$	9.43		0.15		0.09			0.24			(0.18	)		—			—			(0.18	)		—			0.06			$	9.49		1.01	%(4)		$	103		0.82	%(3)(7)		0.89	%(3)		3.25	%(3)		53	%(4)(10)

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

See Notes to Financial Statements

74

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Payment from Affiliate			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to     Average Net Assets(8)			Ratio of Gross Expenses to Average Net Assets (before waivers and reimbursements)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Newfleet Tax-Exempt
Bond Fund
Class A
10/1/16 to 3/31/17(15)		$	11.55		0.15			(0.38	)		(0.23	)		(0.14	)		(0.02	)		(0.16	)		—			(0.39	)		$	11.16		(1.97	)%(4)(16)		$	49,361		0.85	%(3)(16)		1.02	%(3)		2.76	%(3)(16)		6	%(4)
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	(4)			69,711		0.87	(3)(12)		1.03	(3)		2.53	(3)		9	(4)
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
1/1/11 to 12/31/11			10.38		0.39			0.74			1.13			(0.41	)		—			(0.41	)		—			0.72				11.10		10.98				107,873		0.81			0.98			3.62			59
Class C
10/1/16 to 3/31/17(15)		$	11.55		0.11			(0.38	)		(0.27	)		(0.10	)		(0.02	)		(0.12	)		—			(0.39	)		$	11.16		(2.33	)%(4)(16)		$	21,728		1.60	%(3)(16)		1.77	%(3)		2.01	%(3)(16)		6	%(4)
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	(4)			26,833		1.61	(3)(12)		1.78	(3)		1.78	(3)		9	(4)
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
1/1/11 to 12/31/11			10.38		0.31			0.74			1.05			(0.33	)		—			(0.33	)		—			0.72				11.10		10.15				28,641		1.54			1.70			2.91			59
Class I
10/1/16 to 3/31/17(15)		$	11.55		0.17			(0.38	)		(0.21	)		(0.16	)		(0.02	)		(0.18	)		—			(0.39	)		$	11.16		(1.84	)%(4)(16)		$	98,014		0.60	%(3)(16)		0.77	%(3)		3.02	%(3)(16)		6	%(4)
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	(4)			104,679		0.62	(3)(12)		0.78	(3)		2.78	(3)		9	(4)
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
1/1/11 to 12/31/11			10.38		0.41			0.74			1.15			(0.43	)		—			(0.43	)		—			0.72				11.10		11.36				94,228		0.57			0.77			3.78			59
Rampart Low Volatility
Equity Fund
Class A
10/1/16 to 3/31/17(15)		$	11.57		0.01			0.49			0.50			(0.02	)		—			(0.02	)		—			0.48			$	12.05		4.33	%(4)		$	514		1.55	%(3)		3.42	%(3)		0.10	%(3)		290	%(4)
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	(4)			136		1.55	(3)		7.66	(3)		2.00	(3)		0
Class C
10/1/16 to 3/31/17(15)		$	11.39		0.03			0.41			0.44			—			—			—			—			0.44			$	11.83		3.78	%(4)		$	269		2.30	%(3)		4.24	%(3)		0.53	%(3)		290	%(4)
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	(4)			130		2.30	(3)		8.49	(3)		0.99	(3)		0
Class I
10/1/16 to 3/31/17(15)		$	11.63		0.08			0.42			0.50			(0.12	)		—			(0.12	)		—			0.38			$	12.01		4.34	%(4)		$	1,631		1.30	%(3)		3.32	%(3)		1.41	%(3)		290	%(4)
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	(4)			1,332		1.30	(3)		7.51	(3)		2.23	(3)		0

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

See Notes to Financial Statements

75

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend

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

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Inception date.

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

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

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

⁽¹⁰⁾  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⁾  Unaudited.

⁽¹⁶⁾  Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows:

Newfleet Bond Fund 0.05%,

Newfleet California Tax Exempt Fund 0.03%,

Newfleet High Yield Fund 0.16%,

Newfleet Multi-Sector Intermediate Bond Fund 0.05%,

Newfleet Tax Exempt Bond Fund 0.01%,

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

Newfleet Bond Fund 0.02%,

Newfleet California Tax Exempt Fund 0.02%,

Newfleet High Yield Fund 0.08%,

Newfleet Multi-Sector Intermediate Bond Fund 0.02%,

Newfleet Tax Exempt Bond Fund was less than 0.01%,

Please refer to Note 11 in the Notes to Financial Statements for a further explanation on the custody fees reimbursed.

See Notes to Financial Statements

76

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2017

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, 29 funds of the Trust are offered for sale, of which nine (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)
Horizon Wealth Masters Fund	Capital appreciation.
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.
Rampart Low Volatility Equity Fund	Capital appreciation with lower volatility than U.S. markets over a full market cycle.

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

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

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 different distribution and/or service fees under a Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Income and other expenses as well as realized and unrealized gains and losses of each Fund are borne pro rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements 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.

77

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, referred to below, are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Fair valuations are reviewed quarterly by the Board.

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

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

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

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

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

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

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

B. Security Transactions and Investment Income

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

Dividend income from REIT investments is recorded using management’s estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

C. Income Taxes

Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

78

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017, 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. For the Newfleet Bond Fund, Newfleet CA Tax-Exempt Fund, Newfleet High Yield Fund, Newfleet Low Duration Income Fund, Newfleet Multi-Sector Intermediate Bond Fund, Newfleet Senior Floating Rate Fund and Newfleet Tax-Exempt Bond Fund income distributions are declared and recorded daily and distributed monthly. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP.

E. Expenses

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

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

F. Foreign Currency Translation

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

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

Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable a Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and delayed delivery securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or delayed delivery basis begin earning interest on the settlement date.

H. 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. Loan Agreements

Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Loan agreements are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Loan agreements are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Loan agreements may involve foreign borrowers, and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The loan agreements have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR (London Interbank Offered Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

At March 31, 2017, all loan agreements held by the Funds are assignment loans.

79

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

J. Securities Lending

($ reported in thousands)

Certain Funds may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of agreement, a Fund doing so is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by a Fund net of fees and rebates charged by BBH for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. At March 31, 2017, the Horizon Wealth Masters Fund had securities on loan with a market value of $6,597 and cash collateral of $6,736.

K. Earnings Credit and Interest

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

Note 3. Derivative Financial Instruments and Transactions

($ reported in thousands)

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

A. Options Contracts

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

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

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

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

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

The Fund had transactions in written call options for the period ended March 31, 2017, as follows:

Written call options	Number of contracts			Premium received
Written Options outstanding at September 30, 2016		17		$	4
Options written		85			60
Options closed		(93	)		(63	)
Options expired		—			—
Options exercised		—			—
Written Options outstanding at March 31, 2017		9		$	1

80

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

The following is a summary of the Fund’s option contracts which have a primary risk exposure to equity contracts as of March 31, 2017:

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

Statements of Operations
Net realized gain (loss) on purchased options	$	(12	)(2)
Net realized gain (loss) on written options		(69	)
Net change in unrealized appreciation (depreciation) on purchased options		6	(3)
Net change in unrealized appreciation (depreciation) on written options		(1	)
Total realized and unrealized gain (loss) on purchased and written options	$	(76	)

⁽¹⁾  Amount included in Investment in unaffiliated securities at value and is less than $500.

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

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

For the period ended March 31, 2017, the average daily premiums paid by the Fund for purchased call options were $1, and the average daily premiums received for written call options by the Fund were $7.

The Newfleet High Yield Fund and Newfleet Senior Floating Rate Fund invested in warrants during the reporting period. The primary type of risk associated with warrants is equity risk. As of March 31, 2017, the Newfleet High Yield Fund and Newfleet Senior Floating Rate Fund have amounts of $(1) and $(5), respectively included in “unrealized appreciation (depreciation) on investments” in the Statements of Assets and Liabilities and Statements of Operations. As of March 31, 2017, the Newfleet High Yield Fund and Newfleet Senior Floating Rate Fund hold warrants as disclosed in the Schedules of Investments with a value of $3 and $13, respectively. The amount of warrants outstanding at March 31, 2017, is indicative of the amount of warrants held during the year.

Newfleet High Yield Fund and Newfleet Senior Floating Rate Fund – Equity risk

	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location		Fair Value
Warrants	Investment in securities, at value	Newfleet High Yield Fund Newfleet Senior Floating Rate Fund	$	3 13		— —	$	— —

The effect of warrants on the Statements of Operations for the period ended March 31, 2017, was as follows:

	Location of Gain (Loss) on Warrants Recognized in Income	Realized Gain (Loss) on Warrants Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Warrants	Net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments	Newfleet High Yield Fund Newfleet Senior Floating Rate Fund	$	— —	$	(1 (5	)  )

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 of each Fund:

Newfleet Tax-Exempt Bond Fund 0.45%

	First $1 Billion			$1+ Billion
Horizon Wealth Masters Fund		0.85	%		0.80	%
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

81

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

	First $2 Billion			$2+ Billion through $4 Billion			$4+ Billion
Newfleet Senior Floating Rate Fund		0.45	%		0.40	%		0.38	%
Rampart Low Volatility Equity Fund		0.95			0.90			0.85

During the period covered by these financial statements, the Newfleet Bond Fund, Newfleet High Yield Fund, Newfleet Multi-Sector Intermediate Fund, and the Newfleet Senior Floating Rate 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 Newfleet Credit Opportunities Fund. For the period covered by these financial statements, the waiver amounted to $3, $1, $26, and $17, 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.”

B. Subadvisers

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

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

⁽¹⁾  Horizon Asset Management, LLC (“Horizon”)

⁽²⁾ Newfleet Asset Management, LLC, an indirect wholly owned subsidiary of Virtus (“NF”)

⁽³⁾  Rampart Investment Management Company, LLC (“Rampart”)

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 dividend expenses, if any), so that such expenses do not exceed the percentages of the applicable Fund’s average daily net asset values as listed below.

	Class A			Class C			Class I			Class R6			Through Date
Horizon Wealth Masters Fund		1.45	%		2.20	%		1.20	%		—			04/30/18
Newfleet Bond Fund		0.85			1.60			0.60			0.54	%		04/30/18
Newfleet CA Tax-Exempt Bond Fund		0.85			—			0.60			—			04/30/18
Newfleet High Yield Fund*		1.00			1.75			0.75			0.69			04/30/18
Newfleet Low Duration Income Fund		0.75			1.50			0.50			—			04/30/18
Newfleet Multi-Sector Intermediate Bond Fund		0.99			1.74			0.74			0.67			04/30/18
Newfleet Senior Floating Rate Fund(1)**		0.94			1.69			0.69			0.63			04/30/18
Newfleet Tax-Exempt Bond Fund		0.85			1.60			0.60			—			04/30/18
Rampart Low Volatility Equity Fund		1.55			2.30			1.30			—			04/30/18

⁽¹⁾ Excluding leverage expenses, if any.

* Effective November 1, 2016. For the period October 1, 2016, through October 31, 2016, the expense caps were as follows for Class A, Class C, and Class I, respectively: 1.15%, 1.90%, and 0.90%.

** Effective January 1, 2017. For the period October 1, 2016, through December 31, 2016, the expense caps were as follows for Class A, Class C, Class I, and Class R6, respectively: 1.20%, 1.95%, 0.95%, and 0.89%.

D. Expense Recapture

For certain Funds, the Adviser may recapture operating expenses waived or reimbursed 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:

	Fiscal Year Ended
	2017		2018		2019		Total
Horizon Wealth Masters Fund	$	8	$	14	$	74	$	96
Newfleet Bond Fund		197		204		239		640
Newfleet CA Tax-Exempt Bond Fund		103		110		112		325
Newfleet High Yield Fund		150		146		183		479
Newfleet Low Duration Income Fund		276		783		906		1,965
Newfleet Tax-Exempt Bond Fund		269		290		242		801
Rampart Low Volatility Equity Fund		81		55		67		203

82

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017, it retained net commissions of $156 for Class A shares and deferred sales charges of $4, and $14 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, 1.00% for Class C shares; Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

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

F. Administrator and Transfer Agent

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

For the period ended March 31, 2017, the Funds incurred administration fees totaling $827 which are included in the Statements of Operations.

For the period ended March 31, 2017, the Funds incurred transfer agent fees totaling $967 which are included in the Statements of Operations. A portion of these fees are paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2017, 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		8,857	$	100
Newfleet High Yield Fund
Class R6		24,684		105
Newfleet Senior Floating Rate Fund
Class I		472,357		4,478
Class R6		10,819		103
Rampart Low Volatility Equity Fund
Class A		10,307		124
Class C		10,197		121
Class I		135,603		1,629

H. Investments in Affiliates

A summary of the total long-term and short-term purchases and sales of an affiliated fund, Virtus Newfleet Credit Opportunities Fund, during the period ended March 31, 2017 is as follows:

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Distributions of Realized Gains
Newfleet Bond Fund	$	1,159	$	—	$	—	$	1,178	$	26	$	—
Newfleet High Yield Fund		352		—		358		—		4		—
Newfleet Multi-Sector Intermediate Bond Fund		9,186		—		—		9,335		207		—
Newfleet Senior Floating Rate Fund		5,999		—		—		6,097		135		—

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, 2017.

Note 5. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding U.S. Government and agency securities, short-term securities and written options) during the period ended March 31, 2017, were as follows:

	Purchases		Sales
Horizon Wealth Masters Fund	$	11,768	$	20,942
Newfleet Bond Fund		17,197		16,421
Newfleet CA Tax-Exempt Bond Fund		7,920		10,606
Newfleet High Yield Fund		26,942		31,313
Newfleet Low Duration Income Fund		89,471		88,285
Newfleet Multi-Sector Intermediate Bond Fund		116,888		98,835
Newfleet Senior Floating Rate Fund		365,954		325,903
Newfleet Tax-Exempt Bond Fund		10,499		37,139
Rampart Low Volatility Equity Fund		8,661		10,186

83

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Purchases and sales of long term U.S. Government and agency securities for the Funds during the period ended March 31, 2017, were as follows:

	Purchases		Sales
Newfleet Bond Fund	$	2,065	$	6,540
Newfleet Low Duration Income Fund		8,126		55,415
Newfleet Multi-Sector Intermediate Bond Fund		7,066		8,569

Note 6. Capital Share Transactions

(reported in thousands)

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

	Horizon Wealth Masters Fund												Newfleet Bond Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		114		$	1,752			312		$	4,201			273		$	3,049			195		$	2,159
Conversion from Class B shares(3)		—			—			—			—			3			34			—			—
Reinvestment of distributions		13			207			74			981			51			567			104			1,157
Shares repurchased		(1,021	)		(15,964	)		(2,195	)		(29,176	)		(643	)		(7,125	)		(780	)		(8,631	)
Net Increase / (Decrease)		(894	)	$	(14,005	)		(1,809	)	$	(23,994	)		(316	)	$	(3,475	)		(481	)	$	(5,315	)
Class B
Sale of shares		—		$	—			—		$	—			—	(1)	$	—	(2)		—	(1)	$	—	(2)
Reinvestment of distributions		—			—			—			—			—	(1)		1			—	(1)		2
Shares repurchased		—			—			—			—			(4	)		(39	)		(5	)		(56	)
Conversion to Class A shares(3)		—			—			—			—			(3	)		(34	)		—			—
Net Increase / (Decrease)		—		$	—			—		$	—			(7	)	$	(72	)		(5	)	$	(54	)
Class C
Sale of shares		75		$	1,135			200		$	2,581			65		$	711			567		$	6,059
Reinvestment of distributions		—			—			40			520			8			88			19			202
Shares repurchased		(333	)		(4,971	)		(1,124	)		(14,664	)		(197	)		(2,135	)		(560	)		(6,107	)
Net Increase / (Decrease)		(258	)	$	(3,836	)		(884	)	$	(11,563	)		(124	)	$	(1,336	)		26		$	154
Class I
Sale of shares		855		$	13,459			600		$	8,275			515		$	5,793			1,001		$	11,191
Reinvestment of distributions		13			199			47			630			33			371			56			630
Shares repurchased		(279	)		(4,321	)		(1,717	)		(22,935	)		(400	)		(4,509	)		(519	)		(5,836	)
Net Increase / (Decrease)		589		$	9,337			(1,070	)	$	(14,030	)		148		$	1,655			538		$	5,985
Class R6
Sale of shares		—		$	—			—		$	—			9		$	100			—		$	—
Reinvestment of distributions		—			—			—			—			—	(1)		1			—			—
Shares repurchased		—			—			—			—			—			—			—			—
Net Increase / (Decrease)		—		$	—			—		$	—			9		$	101			—		$	—

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

⁽³⁾  See Note 1 in Notes to Financial Statements for more information.

84

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

	Newfleet CA Tax-Exempt Bond Fund												Newfleet High Yield Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		50		$	579			53		$	647			229		$	963			1,752		$	7,051
Conversion from Class B shares(3)		—			—			—			—			5			22			—			—
Reinvestment of distributions		26			305			69			828			299			1,258			644			2,578
Shares repurchased		(138	)		(1,607	)		(168	)		(2,042	)		(1,897	)		(7,957	)		(2,294	)		(9,050	)
Net Increase / (Decrease)		(62	)	$	(723	)		(46	)	$	(567	)		(1,364	)	$	(5,714	)		102		$	579
Class B
Sale of shares		—		$	—			—		$	—			—		$	—	(2)		—		$	—	(2)
Reinvestment of distributions		—			—			—			—			—	(1)		—	(2)		—	(1)		2
Shares repurchased		—			—			—			—			(1	)		(5	)		(4	)		(17	)
Conversion to Class A shares(3)		—			—			—			—			(5	)		(22	)		—			—
Net Increase / (Decrease)		—		$	—			—		$	—			(6	)	$	(27	)		(4	)	$	(15	)
Class C
Sale of shares		—		$	—			—		$	—			66		$	271			372		$	1,482
Reinvestment of distributions		—			—			—			—			21			85			39			153
Shares repurchased		—			—			—			—			(143	)		(594	)		(326	)		(1,257	)
Net Increase / (Decrease)		—		$	—			—		$	—			(56	)	$	(238	)		85		$	378
Class I
Sale of shares		334		$	3,879			247		$	3,008			819		$	3,428			2,307		$	9,282
Reinvestment of distributions		19			226			53			637			47			197			103			413
Shares repurchased		(452	)		(5,212	)		(254	)		(3,058	)		(778	)		(3,263	)		(1,669	)		(6,558	)
Net Increase / (Decrease)		(99	)	$	(1,107	)		46		$	587			88		$	362			741		$	3,137
Class R6
Sale of shares		—		$	—			—		$	—			24		$	100			—		$	—
Reinvestment of distributions		—			—			—			—			1			2			—			—
Shares repurchased		—			—			—			—			—			—			—			—
Net Increase / (Decrease)		—		$	—			—		$	—			25		$	102			—		$	—
	Newfleet Low Duration Income Fund
	Six Months Ended March 31, 2017 (Unaudited)						Fiscal Period Ended September 30, 2016						Year Ended December 31, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		1,861		$	20,097			3,603		$	38,896			3,576		$	38,617
Reinvestment of distributions		81			878			110			1,190			122			1,317
Shares repurchased		(3,405	)		(36,672	)		(2,357	)		(25,460	)		(2,669	)		(28,924	)
Net Increase / (Decrease)		(1,463	)	$	(15,697	)		1,356		$	14,626			1,029		$	11,010
Class C
Sale of shares		428		$	4,624			1,363		$	14,668			2,142		$	23,100
Reinvestment of distributions		20			216			28			307			35			383
Shares repurchased		(1,183	)		(12,770	)		(1,282	)		(13,835	)		(2,751	)		(29,800	)
Net Increase / (Decrease)		(735	)	$	(7,930	)		109		$	1,140			(574	)	$	(6,317	)
Class I
Sale of shares		9,032		$	97,344			15,127		$	163,364			11,692		$	126,118
Reinvestment of distributions		202			2,180			214			2,320			181			1,955
Shares repurchased		(9,821	)		(105,792	)		(6,365	)		(68,648	)		(6,345	)		(68,533	)
Net Increase / (Decrease)		(587	)	$	(6,268	)		8,976		$	97,036			5,528		$	59,540

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

⁽³⁾  See Note 1 in Notes to Financial Statements for more information.

85

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

	Newfleet Multi-Sector Intermediate Bond Fund												Newfleet Senior Floating Rate Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		695		$	7,092			1,400		$	13,704			1,801		$	17,093			1,242		$	11,489
Conversion from Class B shares(3)		93			958			—			—			—			—			—			—
Reinvestment of distributions		180			1,838			383			3,779			483			4,583			895			8,271
Shares repurchased		(2,380	)		(24,294	)		(2,914	)		(28,545	)		(3,220	)		(30,613	)		(6,679	)		(61,504	)
Net Increase / (Decrease)		(1,412	)	$	(14,406	)		(1,131	)	$	(11,062	)		(936	)	$	(8,937	)		(4,542	)	$	(41,744	)
Class B
Sale of shares		—		$	—	(2)		—	(1)	$	—	(2)		—		$	—			—		$	—
Reinvestment of distributions		2			19			8			77			—			—			—			—
Shares repurchased		(76	)		(769	)		(135	)		(1,324	)		—			—			—			—
Conversion to Class A shares(3)		(93	)		(958	)		—			—			—			—			—			—
Net Increase / (Decrease)		(167	)	$	(1,708	)		(127	)	$	(1,247	)		—		$	—			—		$	—
Class C
Sale of shares		324		$	3,331			1,047		$	10,368			1,022		$	9,732			759		$	7,026
Reinvestment of distributions		97			1,000			213			2,115			176			1,668			330			3,056
Shares repurchased		(1,153	)		(11,855	)		(2,552	)		(25,177	)		(1,555	)		(14,767	)		(4,010	)		(37,034	)
Net Increase / (Decrease)		(732	)	$	(7,524	)		(1,292	)	$	(12,694	)		(357	)	$	(3,367	)		(2,921	)	$	(26,952	)
Class I
Sale of shares		6,574		$	67,154			6,322		$	61,665			10,628		$	100,801			9,465		$	87,241
Reinvestment of distributions		228			2,326			433			4,269			418			3,965			690			6,376
Shares repurchased		(2,731	)		(27,827	)		(9,006	)		(87,086	)		(4,782	)		(45,292	)		(18,214	)		(167,343	)
Net Increase / (Decrease)		4,071		$	41,653			(2,251	)	$	(21,152	)		6,264		$	59,474			(8,059	)	$	(73,726	)
Class R6
Sale of shares		95		$	972			33		$	329			11		$	100			—		$	—
Reinvestment of distributions		5			55			8			81			—	(1)		2			—			—
Shares repurchased		(27	)		(277	)		(29	)		(280	)		—			—			—			—
Net Increase / (Decrease)		73		$	750			12		$	130			11		$	102			—		$	—
	Newfleet Tax-Exempt Bond Fund
	Six Months Ended March 31, 2017 (Unaudited)						Fiscal Period Ended September 30, 2016						Year Ended December 31, 2015
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		152		$	1,704			494		$	5,709			920		$	10,518
Reinvestment of distributions		68			761			104			1,200			152			1,730
Shares repurchased		(1,832	)		(20,412	)		(1,074	)		(12,421	)		(1,533	)		(17,468	)
Net Increase / (Decrease)		(1,612	)	$	(17,947	)		(476	)	$	(5,512	)		(461	)	$	(5,220	)
Class C
Sale of shares		85		$	952			259		$	2,996			576		$	6,588
Reinvestment of distributions		19			214			28			322			41			465
Shares repurchased		(480	)		(5,351	)		(617	)		(7,126	)		(666	)		(7,583	)
Net Increase / (Decrease)		(376	)	$	(4,185	)		(330	)	$	(3,808	)		(49	)	$	(530	)
Class I
Sale of shares		2,105		$	23,478			2,773		$	32,072			1,916		$	21,874
Reinvestment of distributions		123			1,376			161			1,868			191			2,180
Shares repurchased		(2,506	)		(27,939	)		(1,827	)		(21,133	)		(1,696	)		(19,357	)
Net Increase / (Decrease)		(278	)	$	(3,085	)		1,107		$	12,807			411		$	4,697

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

⁽³⁾  See Note 1 in Notes to Financial Statements for more information.

86

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

	Rampart Low Volatility Equity Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		—	(1)	$	1			25		$	289
Reinvestment of distributions		—	(1)		1			3			40
Shares repurchased		(99	)		(1,162	)		(67	)		(750	)
Net Increase / (Decrease)		(99	)	$	(1,160	)		(39	)	$	(421	)
Class C
Sale of shares		—		$	—			19		$	216
Reinvestment of distributions		—			—			2			23
Shares repurchased		(20	)		(235	)		(103	)		(1,139	)
Net Increase / (Decrease)		(20	)	$	(235	)		(82	)	$	(900	)
Class I
Sale of shares		—	(1)	$	—	(2)		—	(1)	$	2
Reinvestment of distributions		1			16			3			32
Shares repurchased		(4	)		(43	)		(2	)		(26	)
Net Increase / (Decrease)		(3	)	$	(27	)		1		$	8

⁽¹⁾  Amount is less than 500.

⁽²⁾  Amount is less than $500.

Note 7. 10% Shareholders

As of March 31, 2017, 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
Horizon Wealth Masters Fund		14	%		1
Newfleet Bond Fund		13			1
Newfleet CA-Tax Exempt Bond Fund		32			1
Newfleet Low Duration Income Fund		37			3
Newfleet Multi-Sector Intermediate Bond Fund		12			1
Newfleet Senior Floating Rate Fund		55			4
Newfleet Tax-Exempt Bond Fund		11			1
Rampart Low Volatility Equity Fund		81			2	*

* Includes affiliated shareholder account(s)

Note 8. Credit Risk and Asset Concentration

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

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

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

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

At March 31, 2017, the following Fund held securities issued by various companies in specific sectors or countries as detailed below:

Fund	Sector	Percentage of Total Investments
Horizon Wealth Masters Fund	Consumer Discretionary		32	%
Newfleet Senior Floating Rate Fund	Consumer Discretionary		25	%

87

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 Funds enter into contracts that provide a variety of indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and that have not occurred. However, the Funds have not had prior claims or losses pursuant to these arrangements and expect the risk of loss to be remote.

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2017, 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)
Horizon Wealth Masters Fund	$	72,423		$	13,667	$	(2,953	)	$	10,714
Newfleet Bond Fund		71,051			1,508		(955	)		553
Newfleet CA Tax-Exempt Bond Fund		25,786			1,043		(260	)		783
Newfleet High Yield Fund		70,863			2,319		(1,530	)		789
Newfleet Low Duration Income Fund		365,214			1,810		(1,309	)		501
Newfleet Multi-Sector Intermediate Bond Fund		319,171			8,490		(10,680	)		(2,190	)
Newfleet Senior Floating Rate Fund		637,832			5,414		(7,923	)		(2,509	)
Newfleet Tax-Exempt Bond Fund		161,150			7,828		(1,857	)		5,971
Rampart Low Volatility Equity Fund (Including Purchased Options)		2,366			—		(14	)		(14	)
Rampart Low Volatility Equity Fund - Written Options		(1	)		—		—			—

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

	2017		2018		No Expiration				Total
	Short-Term		Short-Term		Short-Term		Long-Term		Short-Term		Long-Term
Horizon Wealth Masters Fund	$	—	$	—	$	—	$	36	$	—	$	36
Newfleet Bond Fund		3,149		—		590		858		3,739		858
Newfleet High Yield Fund		13,758		9,151		936		1,348		23,845		1,348
Newfleet Low Duration Income Fund		1,168		—		128		644		1,296		644
Newfleet Multi-Sector Intermediate Bond Fund		—		—		3,254		3,906		3,254		3,906
Newfleet Senior Floating Rate Fund		—		—		3,474		9,164		3,474		9,164
Rampart Low Volatility Equity Fund		—		—		96		145		96		145

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. Custody Fees Reimbursed

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. The amount reimbursed, including interest, is shown in the Statements of Operations under “custody fees reimbursed.”

Note 12. 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 the aggregate, to be material to these financial statements.

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

88

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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. Virtus and its affiliates, including the Adviser, believe that the suit is without merit and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

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 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. Virtus and its affiliates, including the Adviser, believe that the suit has no basis in law or fact and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 13. Borrowings

($ reported in thousands)

On June 29, 2016, the Funds and other affiliated funds of the Trust (with the exception of the Newfleet Senior Floating Rate Fund) renewed a $50,000 secured line of credit. The Credit Agreement (the “Agreement”) is with a commercial bank (the “Bank”) that allows the Funds to borrow cash from the Bank to manage large unexpected redemptions and trade fails, up to a limit of one-third or one-fifth of each Fund’s total net assets in accordance with the Agreement. The agreement has a term of 364 days and is renewable by the Funds with the Bank’s consent and approval of the Board. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds 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 Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

No Funds made borrowings during the period and no Fund had any outstanding borrowings as of March 31, 2017.

On April 30, 2012, the Newfleet Senior Floating Rate Fund entered into a Credit Agreement (the “Agreement”) with a commercial bank (the “Bank”) that allows the Fund to borrow cash from the Bank, up to a limit of $125,000. Borrowings under the Agreement are collateralized by investments of the Fund. Interest is charged at LIBOR (London Interbank Offered Rate) plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid and accrued for the period ended September 30, 2016, were $197 and are included in interest expense and fees on the Statement of Operations. The Agreement is renewable by the Fund with the Bank’s consent and approval of the Board. The Agreement can also be converted to a 364 day fixed term facility, one time at the Fund’s option. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default. From October 1, 2016, to March 31, 2017, the average daily borrowings under the Agreement and the weighted daily average interest rate were $25,275 and 1.544%, respectively. At March 31, 2017, the Fund had $28,000 in such outstanding borrowings with an interest rate of 1.631%.

Note 14. Illiquid and Restricted Securities

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

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

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

89

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

The following Funds held securities considered to be illiquid at March 31, 2017:

Fund	Aggregate Value		% of Fund’s net assets
Newfleet Bond Fund	$	233		0.3	%
Newfleet High Yield Fund		134		0.2
Newfleet Multi-Sector Intermediate Bond Fund		858		0.3
Newfleet Senior Floating Rate Fund		3,882		0.6

At March 31, 2017, the Funds did not hold any securities that are both illiquid and restricted.

Note 15. New Accounting Pronouncements

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. Certain of these amendments relate to Regulation S-X which sets forth the requisite form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

Note 16. Subsequent Events

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

90

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of each subadvisory agreement (each, a “Subadvisory Agreement” and collectively, the “Subadvisory Agreements”) (together with the Advisory Agreement, the “Agreements”) with respect to the funds of the Trust, including Virtus Bond Fund, Virtus CA Tax-Exempt Bond Fund, Virtus High Yield Fund, Virtus Low Duration Income Fund, Virtus Low Volatility Equity Fund, Virtus Multi-Sector Intermediate Bond Fund, Virtus Senior Floating Rate Fund, Virtus Tax-Exempt Bond Fund and Virtus Wealth Masters Fund (individually and collectively, the “Funds”) of the Trust. At in-person meetings held on November 2, 2016 and November 16-17, 2016 (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 the subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadvisers’ compliance with the Funds’ respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA’s supervision of the Funds’ other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor to the Funds. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

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

91

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Investment Performance

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

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended June 30, 2016.

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

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

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

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

Virtus Low Volatility Equity Fund. The Board noted that the Fund underperformed the median of its Performance Universe for the 1- and 3-year periods and underperformed its benchmark for the 1- and 3-year periods.

Virtus 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 underperformed its benchmark for the 1- and 3-year periods and outperformed its benchmark for the 5- and 10-year periods.

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

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

Virtus Wealth Masters 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.

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

Management Fees and Total Expenses

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

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

92

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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

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

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

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

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

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

Virtus 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.

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 relationship to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA. In addition, with respect to Horizon Asset Management LLC, the unaffiliated Subadviser, the Board relied on the ability of VIA to negotiate the Subadvisory Agreement and the fees thereunder at arm’s length. For each of the above reasons, the Board concluded that the profitability to the Subadvisers and their affiliates from their relationship with the Funds was not a material factor in approval of the Subadvisory Agreements.

Economies of Scale

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

For similar reasons as stated above with respect to the Subadvisers’ profitability, and based upon the current size of the 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.

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.

93

Virtus Low Duration Income Fund, a series of Virtus Opportunities Trust

Supplement dated February 1, 2017 to the

Summary and Statutory Prospectuses dated January 30, 2017

IMPORTANT NOTICE TO INVESTORS

Effective February 1, 2017, the fund’s new primary benchmark is the BofA Merrill Lynch 1-5 Year US Corporate & Government Bond Index. The fund believes that the BofA Merrill Lynch 1-5 Year US Corporate & Government Bond Index provides a better measure for the fund’s performance as it is more closely aligned with the characteristics of the fund. Also effective February 1, 2017, the fund is adding the Low Duration Income Linked Benchmark. Performance of the Low Duration Income Linked benchmark prior to February 1, 2017 is that of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index and beginning February 1, 2017 it is that of the BofA Merrill Lynch 1-5 Year US Corporate & Government Bond Index. The fund will no longer use the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index as an index for performance comparisons.

Additional Information About the BofA Merrill Lynch 1-5 Year US Corporate & Government Bond Index

The BofA Merrill Lynch 1-5 Year US Corporate & Government Bond Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 5 years. The index is calculated on a total return basis; it is unmanaged; its returns do not reflect any fees, expenses or sales charges; and it is not available for direct investment.

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

VOT 8020 LDIBenchmark (2/2017)

Virtus Bond Fund and Virtus Low Duration Income Fund,

each a series of Virtus Opportunities Trust

Supplement dated March 24, 2017 to the Summary Prospectuses and the Virtus Opportunities Trust

Statutory Prospectus, each dated January 30, 2017, as supplemented

IMPORTANT NOTICE TO INVESTORS

Effective April 30, 2017, Christopher Kelleher will retire from Newfleet and will no longer be a portfolio manager for the Virtus Bond Fund and Virtus Low Duration Income Fund. Additionally, effective April 30, 2017, Stephen H. Hooker will be added as a portfolio manager to the Virtus Bond Fund. The resulting disclosure changes to the funds’ prospectuses that will be effective on April 30, 2017 are described below.

Bond Fund

The disclosure under “Portfolio Management” in the fund’s summary prospectus and in the summary section of fund’s statutory prospectus will be replaced in its entirety with the following:

> David L. Albrycht, CFA, President and Chief Investment Officer at Newfleet, is a manager of the fund. Mr. Albrycht has served as a Portfolio Manager of the fund since inception in October 2012.

> Stephen H. Hooker, CFA, Managing Director and Portfolio Manager at Newfleet, is a manager of the fund. Mr. Hooker has served as a Portfolio Manager of the fund since April 2017.

Low Duration Income Fund

The disclosure under “Portfolio Management” in the fund’s summary prospectus and in the summary section of fund’s statutory prospectus will be replaced in its entirety with the following:

> David L. Albrycht, CFA, President and Chief Investment Officer at Newfleet. Mr. Albrycht has served as a Portfolio Manager of the fund since May 2012.

> Lisa M. Baribault, Director and Portfolio Manager at Newfleet. Ms. Baribault has served as a Portfolio Manager of the fund since January 2017.

> Benjamin Caron, CFA, Senior Managing Director and Portfolio Manager at Newfleet. Mr. Caron has served as a Portfolio Manager of the fund since May 2012.

Both Funds

The rows for the above-named funds in the table under “Newfleet” on page 201 of the funds’ statutory prospectus will be replaced with the following:

Newfleet

Virtus Bond Fund	David L. Albrycht, CFA (since May 2012) Stephen H. Hooker, CFA (since March 2017)
Virtus Low Duration Income Fund	David L. Albrycht, CFA (since May 2012) Benjamin Caron, CFA (since May 2012) Lisa M. Baribault (since January 2017)

In addition, Mr. Kelleher’s biography on page 202 of the statutory prospectus will be removed.

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

VOT 8020/BondLDI PMs (3/2017)

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

John R. Mallin

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

How to Contact Us

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

Important Notice to Shareholders

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

P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,

please call your financial representative, or contact us

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

8022 05-17

SEMIANNUAL REPORT

Virtus Duff & Phelps Real Estate Securities Fund (f/k/a: Virtus Real Estate Securities Fund)

March 31, 2017

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

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”)

(f/k/a: Virtus Real Estate Securities Fund)

Message to Shareholders	1
Disclosure of Fund Expenses	2
Key Investment Terms	4
Schedule of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	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	24

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 report that reviews the performance of your fund for the six-month fiscal period ended March 31, 2017.

Despite short-lived selloffs that occurred following the U.K.’s “Brexit” decision last June and the U.S. presidential election in November, the six-month period was strong for global markets. As the fiscal period drew to a close, equity markets continued to benefit from the post-election “Trump bump.” The Federal Reserve (“the Fed”) raised interest rates twice in the period – once in December, and again in March – a clear signal that it believes the U.S. economy is on a growth path. At the same time, other major central banks remained committed to monetary stimulus, adding reassurance to global markets. U.S. growth, as evidenced by strong jobs, housing, and consumer spending data, gives investors reason for optimism. Corporate earnings got off to a strong start for the first quarter of 2017. The pro-growth policies of the new administration, if implemented, could have continued positive impact on earnings and the markets.

Global equity markets turned in positive performance over the six-month period. U.S. large- and small-cap stocks returned 10.12% and 11.52%, as measured by the returns of the S&P 500^® Index and Russell 2000^® Index, respectively. Within international equities, emerging markets slightly outperformed their developed peers, with the MSCI Emerging Markets Index (net) up 6.80%, compared with the MSCI EAFE^® Index (net), which returned 6.48%.

Demand for U.S. Treasuries remained strong, driven by foreign investors seeking safe havens and yield in light of the negative interest rate environment in many international economies. On March 31, 2017, the benchmark 10-year U.S. Treasury yielded 2.40% compared with 1.60% six months earlier. 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, was down 2.18% for the six months, while non-investment grade bonds gained 4.50%, 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.

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

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

May 2017

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 SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

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 a sales charge and do not incur distribution and service fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

2

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
Actual
Class A	$	1,000.00	$	979.70		1.38	%	$	6.81
Class C		1,000.00		976.10		2.14			10.54
Class I		1,000.00		980.70		1.13			5.58
Class R6		1,000.00		981.90		0.97			4.79
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.05		1.38			6.94
Class C		1,000.00		1,014.31		2.14			10.75
Class I		1,000.00		1,019.30		1.13			5.69
Class R6		1,000.00		1,020.09		0.97			4.89

* 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 were included, the expenses would have been higher.

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

3

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2017

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.

Brexit

A combination of the words “Britain” and “exit” which refers to Britain’s withdrawal from the European Union.

Federal Reserve (the “Fed”)

The Central Bank of the United States, responsible for controlling the money supply, interest rates and credit with the goal of keeping the U.S. economy and currency stable.

Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and all national and state banks that are part of the system.

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Real Estate Investment Trust (REIT)

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

Russell 2000^® Index

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

4

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017

($ 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, 2017.
Office	16	%
Apartments	12
Shopping Centers	11
Industrials	11
Data Centers	9
Self Storage	9
Regional Malls	9
Other	23
Total	100	%

	SHARES		VALUE
COMMON STOCKS—99.1%
REAL ESTATE INVESTMENT TRUSTS—99.1%
DATA CENTERS—9.3%
CoreSite Realty Corp.		171,600	$	15,453
CyrusOne, Inc.		216,000		11,118
Digital Realty Trust, Inc.		375,350		39,933
Equinix, Inc.		70,600		28,266
				94,770
DIVERSIFIED—4.0%
Vornado Realty Trust		402,600		40,385
				40,385
HEALTH CARE—5.5%
Healthcare Realty Trust, Inc.		457,675		14,875
Healthcare Trust of America, Inc. Class A		866,000		27,244
Ventas, Inc.		148,561		9,662
Welltower, Inc.		66,641		4,720
				56,501
INDUSTRIAL/OFFICE—26.9%
Industrial—11.0%
DCT Industrial Trust, Inc.		705,203		33,934

	SHARES		VALUE
Industrial (continued)
Duke Realty Corp.		1,054,109	$	27,692
Prologis, Inc.		960,452		49,828
				111,454
Office—15.9%
Alexandria Real Estate Equities, Inc.		201,300		22,248
Boston Properties, Inc.		200,483		26,546
Cousins Properties, Inc.		1,969,170		16,285
Douglas Emmett, Inc.		658,529		25,288
Highwoods Properties, Inc.		411,731		20,228
Kilroy Realty Corp.		354,858		25,578
Paramount Group, Inc.		1,606,874		26,047
				162,220
Total Industrial/Office				273,674
LODGING/RESORTS—3.8%
Host Hotels & Resorts, Inc.		510,386		9,524
Pebblebrook Hotel Trust		450,463		13,158
RLJ Lodging Trust		669,802		15,747
				38,429

See Notes to Financial Statements

6

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
RESIDENTIAL—17.9%
Apartments—12.3%
American Campus Communities, Inc.		426,517	$	20,298
Apartment Investment & Management Co. Class A		460,600		20,427
AvalonBay Communities, Inc.		184,090		33,799
Equity Residential		386,945		24,076
Essex Property Trust, Inc.		115,204		26,673
				125,273
Manufactured Homes—3.4%
Equity LifeStyle Properties, Inc.		181,653		13,998
Sun Communities, Inc.		260,700		20,942
				34,940
Single Family Homes—2.2%
American Homes 4 Rent Class A		947,300		21,750
				21,750
Total Residential				181,963
RETAIL—22.5%
Free Standing—2.5%
STORE Capital Corp.		1,058,143		25,268
				25,268
Regional Malls—9.1%
GGP, Inc.		521,875		12,097
Simon Property Group, Inc.		468,441		80,587
				92,684
Shopping Centers—10.9%
Brixmor Property Group, Inc.		1,198,696		25,724
Federal Realty Investment Trust		176,200		23,523
Regency Centers Corp.		505,700		33,573

	SHARES		VALUE
Shopping Centers (continued)
Tanger Factory Outlet Centers, Inc.		876,384	$	28,719
				111,539
Total Retail				229,491
SELF STORAGE—9.2%
CubeSmart		1,311,650		34,051
Extra Space Storage, Inc.		394,183		29,323
Public Storage		137,592		30,120
				93,494
TOTAL COMMON STOCKS (Identified Cost $702,050)				1,008,707
TOTAL LONG TERM INVESTMENTS—99.1%
(Identified Cost $702,050)				1,008,707
TOTAL INVESTMENTS—99.1% (Identified Cost $702,050)			1,008,707(1)
Other assets and liabilities, net—0.9%				8,792
NET ASSETS—100.0%			$1,017,499

FOOTNOTE LEGEND:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 9 Federal Income Tax Information in the Notes to Financial Statements.

See Notes to Financial Statements

7

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	1,008,707	$	1,008,707
Total Investments	$	1,008,707	$	1,008,707

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

8

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$	1,008,707
Cash		5,336
Receivables
Investment securities sold		4,752
Fund shares sold		1,457
Dividends and interest receivable		3,545
Prepaid trustee retainer		33
Prepaid expenses		79
Other assets		38
Total assets		1,023,947
Liabilities
Payables
Fund shares repurchased		1,517
Investment securities purchased		3,663
Investment advisory fees		655
Distribution and service fees		132
Administration fees		107
Transfer agent fees and expenses		308
Trustees’ fees and expenses		9
Professional fees		2
Trustee deferred compensation plan		38
Other accrued expenses		17
Total liabilities		6,448
Net Assets	$	1,017,499
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	652,893
Accumulated undistributed net investment income (loss)		1,134
Accumulated undistributed net realized gain (loss)		56,815
Net unrealized appreciation (depreciation) on investments		306,657
Net Assets	$	1,017,499
Class A
Net asset value (net assets/shares outstanding) per share	$	29.90
Maximum offering price per share NAV/(1-5.75%)	$	31.72
Shares of beneficial interest outstanding, no par value, unlimited authorization		13,062,277
Net Assets	$	390,502
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	29.81
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,770,175
Net Assets	$	52,775
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	29.86
Shares of beneficial interest outstanding, no par value, unlimited authorization		18,547,769
Net Assets	$	553,836
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	29.89
Shares of beneficial interest outstanding, no par value, unlimited authorization		682,119
Net Assets	$	20,386
(1) Investment in securities at cost	$	702,050

See Notes to Financial Statements

9

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

Investment Income
Dividends	$	18,116
Interest		16
Total investment income		18,132
Expenses
Investment advisory fees		4,088
Service fees, Class A		572
Distribution and service fees, Class B		2
Distribution and service fees, Class C		290
Administration fees		695
Transfer agent fees and expenses		1,160
Registration fees		44
Printing fees and expenses		65
Custodian fees		9
Professional fees		24
Trustees’ fees and expenses		70
Miscellaneous expenses		44
Total expenses		7,063
Custody fees reimbursed (Note 10)		(23	)
Low balance account fees		—	(1)
Net expenses		7,040
Net investment income (loss)		11,092
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		82,256
Net change in unrealized appreciation (depreciation) on investments		(122,661	)
Net realized and unrealized gain (loss) on investments		(40,405	)
Net increase (decrease) in net assets resulting from operations	$	(29,313	)

⁽¹⁾  Amount is less than $500.

See Notes to Financial Statements

10

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

(Reported in thousands)

	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	11,092		$	17,737
Net realized gain (loss)		82,256			207,975
Net change in unrealized appreciation (depreciation)		(122,661	)		(35,860	)
Increase (decrease) in net assets resulting from operations		(29,313	)		189,852
From Distributions to Shareholders
Net investment income, Class A		(3,827	)		(7,500	)
Net investment income, Class B		(1	)		(4	)
Net investment income, Class C		(279	)		(382	)
Net investment income, Class I		(5,618	)		(9,664	)
Net investment income, Class R6		(233	)		(251	)
Net realized short-term gains, Class A		(2,818	)		(4,959	)
Net realized short-term gains, Class B		(2	)		(9	)
Net realized short-term gains, Class C		(351	)		(548	)
Net realized short-term gains, Class I		(3,262	)		(5,095	)
Net realized short-term gains, Class R6		(128	)		(91	)
Net realized long-term gains, Class A		(74,698	)		(92,687	)
Net realized long-term gains, Class B		(53	)		(183	)
Net realized long-term gains, Class C		(9,293	)		(10,113	)
Net realized long-term gains, Class I		(86,476	)		(93,730	)
Net realized long-term gains, Class R6		(3,382	)		(1,630	)
Decrease in net assets from distributions to shareholders		(190,421	)		(226,846	)
From Share Transactions
Sale of shares
Class A (1,571 and 3,093 shares, respectively)		48,885			113,074
Class B (—(1) and 1 shares, respectively)		9			18
Class C (63 and 184 shares, respectively)		1,952			6,659
Class I (4,012 and 4,851 shares, respectively)		122,934			174,976
Class R6 (105 and 562 shares, respectively)		3,444			21,137
Reinvestment of distributions
Class A (2,649 and 2,973 shares, respectively)		77,559			100,358
Class B (2 and 5 shares, respectively)		46			177
Class C (314 and 300 shares, respectively)		9,164			10,097
Class I (3,196 and 3,135 shares, respectively)		93,472			105,792
Class R6 (128 and 58 shares, respectively)		3,742			1,972
Conversion of shares(2)
To Class A (9 and 0 shares, respectively)		275			—
From Class B (9 and 0 shares, respectively)		(275	)		—
Shares repurchased
Class A (5,546 and 7,850 shares, respectively)		(171,401	)		(285,777	)
Class B (7 and 29 shares, respectively)		(233	)		(1,038	)
Class C (435 and 377 shares, respectively)		(13,777	)		(13,622	)
Class I (5,490 and 8,024 shares, respectively)		(173,542	)		(293,340	)
Class R6 (138 and 77 shares, respectively)		(4,318	)		(2,763	)
Increase (decrease) in net assets from share transactions		(2,064	)		(62,280	)
Net increase (decrease) in net assets		(221,798	)		(99,274	)
Net Assets
Beginning of period		1,239,297			1,338,571
End of period	$	1,017,499		$	1,239,297
Accumulated undistributed net investment income (loss) at end of period	$	1,134			—

⁽¹⁾  Amount is less than 500 shares.

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

See Notes to Financial Statements

11

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)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Class A
10/1/16 to 3/31/17(8)		$	36.87		0.31			(1.21	)		(0.90	)		(0.29	)		(5.78	)		(6.07	)
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	)
10/1/11 to 9/30/12			26.05		0.21			8.24			8.45			(0.31	)		—			(0.31	)
Class C
10/1/16 to 3/31/17(8)		$	36.77		0.19			(1.21	)		(1.02	)		(0.16	)		(5.78	)		(5.94	)
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	)
10/1/11 to 9/30/12			26.02		(0.03	)		8.22			8.19			(0.07	)		—			(0.07	)

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

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(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Net Investment Income   (Loss) to Average Net Assets			Portfolio Turnover Rate
	(6.97	)		$	29.90		(2.03	)%(6)(9)		$	390,502		1.38	%(5)(9)		1.92	%(5)(9)		10	%(6)
	(1.58	)			36.87		15.58				530,135		1.39	(7)		1.29			31
	1.80				38.45		11.34				621,507		1.36			1.26			22
	1.55				36.65		12.75				745,473		1.38			0.79			28
	0.91				35.10		3.70				745,631		1.40			1.00			30
	8.14				34.19		32.49				789,925		1.41			0.67			24
	(6.96	)		$	29.81		(2.39	)%(6)(9)		$	52,775		2.14	%(5)(9)		1.20	%(5)(9)		10	%(6)
	(1.60	)			36.77		14.70				67,216		2.15	(7)		0.55			31
	1.78				38.37		10.49				66,023		2.11			0.56			22
	1.55				36.59		11.91				62,889		2.13			0.04			28
	0.90				35.04		2.93				63,005		2.15			0.23			30
	8.12				34.14		31.48				60,941		2.16			(0.10	)		24

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

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Class I
10/1/16 to 3/31/17(8)		$	36.83		0.35		(1.21	)		(0.86	)		(0.33	)		(5.78	)		(6.11	)
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	)
10/1/11 to 9/30/12			26.03		0.30		8.22			8.52			(0.39	)		—			(0.39	)
Class R6
10/1/16 to 3/31/17(8)		$	36.84		0.37		(1.18	)		(0.81	)		(0.36	)		(5.78	)		(6.14	)
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

14

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

FINANCIAL HIGHLIGHTS

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(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Net Investment Income   (Loss) to Average Net Assets			Portfolio Turnover Rate
	(6.97	)		$	29.86		(1.93	)%(6)(9)		$	553,836		1.13	%(5)(9)		2.18	%(5)(9)		10	%(6)
	(1.59	)			36.83		15.85				619,818		1.14	(7)		1.52			31
	1.80				38.42		11.63				647,976		1.11			1.55			22
	1.55				36.62		13.04				673,005		1.13			1.07			28
	0.91				35.07		3.96				494,963		1.15			1.21			30
	8.13				34.16		32.80				422,374		1.16			0.93			24
	(6.95	)		$	29.89		(1.81	)%(6)(9)		$	20,386		0.97	%(5)(9)		2.33	%(5)(9)		10	%(6)
	(1.58	)			36.84		16.06				21,604		0.98	(7)		1.93			31
	(1.90	)			38.42		1.54	(6)			1,647		0.94	(5)		2.30	(5)		22	(10)

Footnote Legend

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

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  The Fund will also indirectly bear its prorated share of expenses of the underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

⁽⁴⁾  Inception date.

⁽⁵⁾  Annualized.

⁽⁶⁾  Not annualized.

⁽⁷⁾  Expense ratios include extraordinary proxy expenses.

⁽⁸⁾  Unaudited.

⁽⁹⁾  Custody fees reimbursed were excluded from the Ratio of 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 Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) 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%.

Please refer to Note 10 in the Notes to Financial Statements for a further explanation on the custody fees reimbursed.

⁽¹⁰⁾  Portfolio Turnover is representative of the Fund for the entire year ended September 30, 2015.

See Notes to Financial Statements

15

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2017

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, 29 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.

Prior to March 6, 2017, Class B shares were 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 I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

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

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 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 different distribution and/or service fees under a Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Income and other expenses as well as realized and unrealized gains and losses of the Fund are borne pro rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in

16

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 quarterly by the Board.

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

17

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method.

Dividend income from REIT investments is recorded using management’s estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

C. Income Taxes

The Fund is treated as a separate taxable entity. It is the intention of the Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2017, 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 DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 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. Earnings Credit and Interest

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

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the 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 the Subadviser 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, 2017, it retained net commissions of $5 for Class A shares and deferred sales charges of $0 for Class C shares.

19

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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

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

D. Administrator and Transfer Agent

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

For the period ended March 31, 2017, the Fund incurred administration fees totaling $537 which are included in the Statement of Operations.

For the period ended March 31, 2017, the Fund incurred transfer agent fees totaling $1,122 which are included in the Statement of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust.

E. Affiliated Shareholders

At March 31, 2017, 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		118,309	$	3,532

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, 2017.

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, 2017, were as follows:

Purchases		Sales
$	106,474	$	280,498

There were no purchases or sales of long-term U.S. Government and agency securities for the period ended March 31, 2017.

20

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Note 5. Borrowings

($ reported in thousands)

On June 29, 2016, the Fund and other affiliated funds renewed a $50,000 secured line of credit. The Credit Agreement (the “Agreement”) is with a commercial bank (the “Bank”) that allows the Fund to borrow cash from the Bank to manage large unexpected redemptions and trade fails, up to a limit of one-fifth of the Fund’s total net assets in accordance with the Agreement. The agreement has a term of 364 days and is renewable by the Fund with the Bank’s consent and approval of the Board. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The 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 Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

The Fund had no outstanding borrowings at any time during the period ended March 31, 2017.

Note 6. 10% Shareholders

As of March 31, 2017, 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
	10	%		1*

* The shareholders are not affiliated with Virtus.

Note 7. Credit Risk and Asset Concentrations

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

21

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Note 9. Federal Income Tax Information

($ reported in thousands)

At March 31, 2017, 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)
$720,089	$300,376	$(11,758)	$288,618

Note 10. Custody Fees Reimbursed

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. The amount reimbursed, including interest, is shown in the Statement of Operations under “Custody fees reimbursed.”

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 the aggregate, to be material to these financial statements.

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc., et al.) alleging 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. Virtus and its affiliates, including the Adviser, believe that the suit is without merit and intend to defend it vigorously. The Trust believes that the risk of loss to the Fund as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Fund.

22

VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 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. Virtus and its affiliates, including the Adviser, believe that the suit has no basis in law or fact and intend to defend it vigorously. The Trust believes that the risk of loss to the Fund as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Fund.

Note 12. New Accounting Pronouncements

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. Certain of these amendments relate to Regulation S-X which sets forth the requisite form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

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 the 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 Real Estate Securities Fund (the “Fund”). At in-person meetings held on November 2, 2016 and November 16-17, 2016 (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 objectives; (4) the profitability of VIA under the Advisory Agreement; (5) any “fall-out” benefits to VIA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA’s or the Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on the Fund’s performance and expenses; (7) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

Nature, Extent and Quality of Services

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

24

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (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 the subadviser; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s 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 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, 2016.

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

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

Management Fees and Total Expenses

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

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

John R. Mallin

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

How to Contact Us

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

Important Notice to Shareholders

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

For more information about

Virtus Mutual Funds, please call

your financial representative, or

contact us at 1-800-243-1574

or Virtus.com

8023 5-17

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT

Virtus Vontobel Foreign Opportunities Fund

(f/k/a Virtus Foreign Opportunities Fund)

March 31, 2017

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Vontobel Foreign Opportunities Fund

(“Vontobel Foreign Opportunities Fund” *f/k/a “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	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 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 report that reviews the performance of your fund for the six-month fiscal period ended March 31, 2017.

Despite short-lived selloffs that occurred following the U.K.’s “Brexit” decision last June and the U.S. presidential election in November, the six-month period was strong for global markets. As the fiscal period drew to a close, equity markets continued to benefit from the post-election “Trump bump.” The Federal Reserve (“the Fed”) raised interest rates twice in the period – once in December, and again in March – a clear signal that it believes the U.S. economy is on a growth path. At the same time, other major central banks remained committed to monetary stimulus, adding reassurance to global markets. U.S. growth, as evidenced by strong jobs, housing, and consumer spending data, gives investors reason for optimism. Corporate earnings got off to a strong start for the first quarter of 2017. The pro-growth policies of the new administration, if implemented, could have continued positive impact on earnings and the markets.

Global equity markets turned in positive performance over the six-month period. U.S. large- and small-cap stocks returned 10.12% and 11.52%, as measured by the returns of the S&P 500^® Index and Russell 2000^® Index, respectively. Within international equities, emerging markets slightly outperformed their developed peers, with the MSCI Emerging Markets Index (net) up 6.80%, compared with the MSCI EAFE^® Index (net), which returned 6.48%.

Demand for U.S. Treasuries remained strong, driven by foreign investors seeking safe havens and yield in light of the negative interest rate environment in many international economies. On March 31, 2017, the benchmark 10-year U.S. Treasury yielded 2.40% compared with 1.60% six months earlier. 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, was down 2.18% for the six months, while non-investment grade bonds gained 4.50%, 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.

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

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

May 2017

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 SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

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 a sales charge and do not incur distribution and service fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

2

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
Actual
Class A	$	1,000.00	$	1,021.90		1.45	%	$	7.31
Class C		1,000.00		1,018.00		2.21	%		11.12
Class I		1,000.00		1,023.30		1.21	%		6.10
Class R6		1,000.00		1,023.90		1.09	%		5.50
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.70		1.45	%		7.29
Class C		1,000.00		1,013.91		2.21	%		11.10
Class I		1,000.00		1,018.90		1.21	%		6.09
Class R6		1,000.00		1,019.50		1.09	%		5.49

* Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (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 were included, the expenses would have been higher.

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

3

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2017

American Depositary Receipt (ADR)

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

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.

Brexit

A combination of the words “Britain” and “exit” which refers to Britain’s withdrawal from the European Union.

Federal Reserve (the “Fed”)

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

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Real Estate Investment Trust (REIT)

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

Russell 2000^® Index

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

4

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2017

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 VONTOBEL FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ 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, 2017.
Consumer Staples	32	%
Consumer Discretionary	17
Information Technology	16
Industrials	12
Financials	11
Health Care	10
Real Estate	2
Total	100	%

	SHARES		VALUE
COMMON STOCKS—97.0%
Consumer Discretionary—16.3%
Alimentation Couche-Tard, Inc. Class B (Canada)		936,501	$	42,309
Domino’s Pizza Group plc (United Kingdom)		4,067,029		15,735
Hermes International (France)		28,709		13,601
LVMH Moet Hennessy Louis Vuitton SE (France)		70,374		15,454
Naspers Ltd. Class N (South Africa)		156,661		27,032
Paddy Power Betfair plc (Ireland)		303,433		32,532
Priceline Group, Inc. (The) (United States)(2)		19,654		34,984
Shimano, Inc. (Japan)		149,200		21,778
Sodexo SA (France)		117,596		13,831
				217,256
Consumer Staples—30.8%
Ambev S.A. ADR (Brazil)		2,849,834		16,415
Anheuser-Busch InBev N.V. (Belgium)		355,965		39,076
British American Tobacco plc (United Kingdom)		1,014,532		67,369

	SHARES		VALUE
Consumer Staples (continued)
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		2,427	$	13,763
Diageo plc (United Kingdom)		796,280		22,781
Fomento Economico Mexicano SAB de CV Sponsored ADR (Mexico)		206,915		18,316
L’Oreal SA (France)		70,851		13,616
Nestle S.A. Registered Shares (Switzerland)		518,206		39,759
Philip Morris International, Inc. (United States)		430,996		48,659
Reckitt Benckiser Group plc (United Kingdom)		573,512		52,354
Unicharm Corp. (Japan)		825,800		19,786
Unilever N.V. CVA (Netherlands)		1,176,385		58,444
				410,338
Financials—10.8%
HDFC Bank Ltd. (India)		3,036,702		67,461
Housing Development Finance Corp., Ltd. (India)		2,274,274		52,609
Lloyds Banking Group plc (United Kingdom)		9,685,929		8,048

See Notes to Financial Statements

6

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Financials (continued)
UBS Group AG Registered Shares (Switzerland)		954,063	$	15,269
				143,387
Health Care—9.8%
Coloplast A/S Class B (Denmark)		176,430		13,776
CSL Ltd. (Australia)		136,832		13,102
Essilor International SA (France)		139,905		17,000
Grifols SA (Spain)		994,931		24,402
Ramsay Health Care Ltd. (Australia)		352,616		18,828
Roche Holding AG (Switzerland)		171,042		43,680
				130,788
Industrials—11.5%
Aena SA (Spain)(3)		235,113		37,196
Bureau Veritas SA (France)		848,289		17,896
Canadian National Railway Co. (Canada)		485,328		35,823
DCC plc (Ireland)		245,569		21,614
RELX N.V. (Netherlands)		1,425,919		26,408
Teleperformance (France)		123,278		13,316
				152,253
Information Technology—15.5%
Accenture plc Class A (United States)		191,921		23,007
Alibaba Group Holding Ltd. Sponsored ADR (China)(2)		270,218		29,138
Mastercard, Inc. Class A (United States)		472,122		53,100
SAP SE (Germany)		462,197		45,353
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		783,566		25,732
Tencent Holdings Ltd. (China)		1,041,725		29,865
				206,195
Real Estate—2.3%
Daito Trust Construction Co., Ltd. (Japan)		129,000		17,722

	SHARES		VALUE
Real Estate (continued)
Link REIT (Hong Kong)		1,867,975	$	13,088
				30,810
TOTAL COMMON STOCKS (Identified Cost $910,165)				1,291,027
TOTAL LONG TERM INVESTMENTS—97.0%
(Identified Cost $910,165)				1,291,027
TOTAL INVESTMENTS—97.0% (Identified Cost $910,165)			1,291,027(1)
Other assets and liabilities, net—3.0%				40,197
NET ASSETS—100.0%			$1,331,224

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

FOOTNOTE LEGEND:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 9 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, these securities amounted to a value of $37,196 or 2.8% of net assets.

Country Weightings †
United Kingdom	13	%
United States	12
India	9
Switzerland	9
France	8
Netherlands	7
Canada	6
Other	36
Total	100	%

† % of total investments as of March 31, 2017.

See Notes to Financial Statements

7

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	1,291,027	$	1,291,027
Total Investments	$	1,291,027	$	1,291,027

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

Securities held by the Fund with an end of period value of $254,240 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities (See Note 2A in the Notes to Financial Statements).

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

See Notes to Financial Statements

8

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$	1,291,027
Foreign currency at value(2)		2,166
Cash		31,390
Receivables
Investment securities sold		805
Fund shares sold		3,334
Dividends and interest receivable		2,896
Tax reclaims		4,598
Securities lending receivable		1
Prepaid expenses		65
Prepaid trustee retainer		40
Other assets		49
Total assets		1,336,371
Liabilities
Payables
Fund shares repurchased		2,802
Investment securities purchased		634
Investment advisory fees		953
Distribution and service fees		142
Administration fees		137
Transfer agent fees and expenses		316
Trustees’ fees and expenses		10
Professional fees		26
Trustee deferred compensation plan		49
Other accrued expenses		78
Total liabilities		5,147
Net Assets	$	1,331,224
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	1,042,493
Accumulated undistributed net investment income (loss)		194
Accumulated undistributed net realized gain (loss)		(92,053	)
Net unrealized appreciation (depreciation) on investments		380,590
Net Assets	$	1,331,224
Class A
Net asset value (net assets/shares outstanding) per share	$	30.07
Maximum offering price per share NAV/(1–5.75%)	$	31.90
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		8,901,139
Net Assets	$	267,631
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	29.63
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		3,224,307
Net Assets	$	95,552
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	30.10
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		31,814,435
Net Assets	$	957,536
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	30.11
Shares of beneficial interest outstanding, no par value, unlimited authorization		348,917
Net Assets	$	10,505
(1) Investment in securities at cost	$	910,165
(2) Foreign currency at cost		2,166

See Notes to Financial Statements

9

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

Investment Income
Dividends	$	10,226
Interest		—	(1)
Security lending, net of fees		9
Foreign taxes withheld		(701	)
Total investment income		9,534
Expenses
Investment advisory fees		5,553
Service fees, Class A		402
Distribution and service fees, Class C		484
Administration fees		828
Transfer agent fees and expenses		1,153
Registration fees		36
Printing fees and expenses		61
Custodian fees		102
Professional fees		49
Trustees’ fees and expenses		81
Miscellaneous expenses		54
Total expenses		8,803
Earnings credit from custodian		(42	)
Custody fees reimbursed (Note 10)		(101	)
Low balance account fees		(2	)
Net expenses		8,658
Net investment income (loss)		876
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		100,807
Net realized gain (loss) on foreign currency transactions		(671	)
Net change in unrealized appreciation (depreciation) on investments		(79,562	)
Net change in unrealized appreciation (depreciation) on foreign currency translation		(106	)
Net realized and unrealized gain (loss) on investments		20,468
Net increase (decrease) in net assets resulting from operations	$	21,344

⁽¹⁾ Amount less than $500.

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, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	876		$	12,740
Net realized gain (loss)		100,136			55,111
Net change in unrealized appreciation (depreciation)		(79,668	)		91,227
Increase (decrease) in net assets resulting from operations		21,344			159,078
From Distributions to Shareholders
Net investment income, Class A		(2,073	)		(3,571	)
Net investment income, Class C		(399	)		(544	)
Net investment income, Class I		(6,072	)		(13,003	)
Net investment income, Class R6		(47	)		(68	)
Decrease in net assets from distributions to shareholders		(8,591	)		(17,186	)
From Share Transactions
Sale of shares
Class A (972 and 2,270 shares, respectively)		27,009			64,565
Class C (115 and 463 shares, respectively)		3,162			12,947
Class I (7,470 and 12,573 shares, respectively)		211,558			353,363
Class R6 (150 and 134 shares, respectively)		4,084			3,639
Reinvestment of distributions
Class A (72 and 117 shares, respectively)		1,916			3,301
Class C (14 and 17 shares, respectively)		362			484
Class I (217 and 432 shares, respectively)		5,789			12,258
Class R6 (2 and 2 shares, respectively)		47			68
Shares repurchased
Class A (4,558 and 4,907 shares, respectively)		(129,604	)		(139,993	)
Class C (742 and 1,006 shares, respectively)		(20,264	)		(28,344	)
Class I (8,231 and 25,875 shares, respectively)		(230,152	)		(736,620	)
Class R6 (25 and 79 shares, respectively)		(722	)		(2,122	)
Increase (decrease) in net assets from share transactions		(126,815	)		(456,454	)
Net increase (decrease) in net assets		(114,062	)		(314,562	)
Net Assets
Beginning of period		1,445,286			1,759,848
End of period	$	1,331,224		$	1,445,286
Accumulated undistributed net investment income (loss) at end of period	$	194		$	7,909

See Notes to Financial Statements

11

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED DATA FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period
Class A
10/1/16 to 3/31/17(8)		$	29.62		(0.01	)		0.64			0.63			(0.18	)		(0.18	)		0.45			$	30.07
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
10/1/11 to 9/30/12			20.83		0.27			4.73			5.00			(0.41	)		(0.41	)		4.59				25.42
Class C
10/1/16 to 3/31/17(8)		$	29.23		(0.10	)		0.61			0.51			(0.11	)		(0.11	)		0.40			$	29.63
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
10/1/11 to 9/30/12			20.57		0.10			4.70			4.80			(0.10	)		(0.10	)		4.70				25.27

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 DATA FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Total Return(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Net Investment Income         (Loss) to Average Net Assets			Portfolio Turnover Rate
	2.19	%(6)(10)		$	267,631		1.45	%(5)(10)		(0.08	)%(5)(10)		19	%(6)
	9.77				367,684		1.45	(7)		0.68			25
	(2.41	)			406,429		1.41			0.89			32
	4.72				477,036		1.43			0.85			31
	7.37				676,149		1.46			0.85			29
	24.34				398,166		1.45			1.16			47
	1.80	%(6)(10)		$	95,552		2.21	%(5)(10)		(0.76	)%(5)(10)		19	%(6)
	8.94				112,180		2.20	(7)		(0.06	)		25
	(3.13	)			117,568		2.17			0.15			32
	3.95				117,906		2.18			0.15			31
	6.56				101,655		2.21			0.10			29
	23.43				54,634		2.20			0.42			47

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 DATA FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operatione			Dividends from Net Investment Income			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period
Class I
10/1/16 to 3/31/17(8)		$	29.63		0.04		0.63			0.67			(0.20	)		(0.20	)		0.47			$	30.10
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
10/1/11 to 9/30/12			20.89		0.34		4.72			5.06			(0.52	)		(0.52	)		4.54				25.43
Class R6
10/1/16 to 3/31/17(8)		$	29.63		0.07		0.61			0.68			(0.20	)		(0.20	)		0.48			$	30.11
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 DATA FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Total Return(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Net Investment Income         (Loss) to Average Net Assets			Portfolio Turnover Rate
	2.33	%(6)(10)		$	957,536		1.21	%(5)(10)		0.29	%(5)(10)		19	%(6)
	10.05				958,835		1.20	(7)		0.90			25
	(2.16	)			1,231,349		1.17			1.14			32
	4.97				1,263,398		1.18			1.13			31
	7.66				1,048,274		1.21			1.04			29
	24.64				672,948		1.20			1.46			47
	2.39	%(6)(10)		$	10,505		1.09	%(5)(10)		0.45	%(5)(10)		19	%(6)
	10.16				6,587		1.10	(7)		1.14			25
	(3.84	)(6)			4,502		1.07	(5)		1.44	(5)		32	(9)

Footnote Legend

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

⁽²⁾ Computed using average shares outstanding.

⁽³⁾ The Fund will also indirectly bear its prorated share of expenses of the underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

⁽⁴⁾  Inception date of class.

⁽⁵⁾  Annualized.

⁽⁶⁾  Not annualized.

⁽⁷⁾  Ratio includes extraordinary proxy expenses.

⁽⁸⁾  Unaudited.

⁽⁹⁾  Reported on Fund level not class level.

⁽¹⁰⁾  Custody fees reimbursed were excluded from the Ratio of 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 Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) to Average Net Assets by 0.02%.

Custody fees reimbursed were included in Total Return. If excluded the impact would have been to lower the Total Return by 0.01%.

See Note 10 in the Notes to Financial Statements for a further explanation on the custody fees reimbursed.

See Notes to Financial Statements

15

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2017

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

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 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 different distribution and/or service fees under a Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Income and other expenses as well as realized and unrealized gains and losses of the Fund are borne pro rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with 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.

16

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

A. Security Valuation

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. 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 quarterly by the Board.

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers 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 close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

17

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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

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

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

B. Security Transactions and Investment Income

Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method.

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, 2017, 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 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.

18

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

F. Foreign Currency Translation

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

G. Securities Lending

($ reported in thousands)

The Fund may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of the agreement, when doing so the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged by BBH for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. At March 31, 2017, the Fund did not have any securities on loan.

I. Earnings Credit and Interest

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

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the 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

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 the subadviser 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, 2017, it retained net commissions of $54 for Class A shares and deferred sales charges of $2 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, 2017, the Fund incurred administration fees totaling $640 which are included in the Statement of Operations.

For the period ended March 31, 2017, the Fund incurred transfer agent fees totaling $1,099 which are included in the Statement of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust.

E. 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, 2017.

20

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017, were as follows:

Purchases		Sales
$	246,071	$	406,759

There were no purchases or sales of long-term U.S. Government and agency securities for the Fund during the period ended March 31, 2017.

Note 5. Borrowings

($ reported in thousands)

On June 29, 2016, the Fund and other affiliated funds renewed a $50,000 secured line of credit. The Credit Agreement (the “Agreement”) with a commercial bank (the “Bank”) that allows the Fund to borrow cash from the Bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the Agreement. The agreement has a term of 364 days and is renewable by the Fund with the Bank’s consent and approval of the Board. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Fund and other affiliated funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

The Fund had no outstanding borrowings at any time during the period ended March 31, 2017.

Note 6. 10% Shareholders

As of March 31, 2017, the Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

% of Shares Outstanding			Number of Accounts
	34	%		2*

* The shareholders are not affiliated with Virtus.

Note 7. Credit Risk and Asset Concentrations

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

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

21

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

At March 31, 2017, the Fund held securities issued by various companies in specific sectors as detailed below:

Sector	Percentage of Total Investments
Consumer Staples		32	%

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 Fund enters into contracts that provide a variety of indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund and that have not occurred. However, the Fund has not had prior claims or losses pursuant to these arrangements and expects the risk of loss to be remote.

Note 9. Federal Income Tax Information

($ reported in thousands)

At March 31, 2017, 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)
$917,136	$386,431	$(12,540)	$373,891

The differences between book basis cost and tax basis costs were primarily attributable to the tax deferral of losses on wash sales.

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
175,299	—	175,299	—

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

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

Note 10. Custody Fees Reimbursed

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. The amount reimbursed, including interest, is shown in the Statement of Operations under “Custody Fees reimbursed.”

22

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 the aggregate, to be material to these financial statements.

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc., et al.) alleging 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. Virtus and its affiliates, including the Adviser, believe that the suit is without merit and intend to defend it vigorously. The Trust believes that the risk of loss to the Fund as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the 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

23

VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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. Virtus and its affiliates, including the Adviser, believe that the suit has no basis in law or fact and intend to defend it vigorously. The Trust believes that the risk of loss to the Fund as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Fund.

Note 12. New Accounting Pronouncement

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. Certain of these amendments relate to Regulation S-X which sets forth the requisite form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

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 the financial statements.

24

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 Foreign Opportunities Fund (the “Fund”). At in-person meetings held on November 2, 2016 and November 16-17, 2016 (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 a completed questionnaire, concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel, compliance procedures and the firm’s overall performance were reviewed and discussed. The

25

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

Trustees noted that the Fund is managed using a “manager of managers” structure that generally involves the use of one or more subadvisers to manage some or all of 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 the subadviser; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor to the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

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

Investment Performance

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

26

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, 2016.

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

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.

27

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, including the Subadviser, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Fund. The Board reviewed the methodology used to allocate costs to the Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from the Fund was reasonable in light of the quality of the services rendered to the Fund by VIA and its affiliates.

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

Economies of Scale

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

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

Other Factors

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

28

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

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

29

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

John R. Mallin

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

How to Contact Us

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

Important Notice to Shareholders

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

For more information about

Virtus Mutual Funds, please call

your financial representative, or

contact us at 1-800-243-1574

or Virtus.com

8025 5-17

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT

Virtus Alternatives Diversifier Fund

Virtus Equity Trend Fund

Virtus Global Equity Trend Fund

Virtus Herzfeld Fund

Virtus Multi-Asset Trend Fund

Virtus Sector Trend Fund

March 31, 2017

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		4
Portfolio Holdings Summary Weightings		5
Fund	Schedule of Investments
Virtus Alternatives Diversifier Fund (“Alternatives Diversifier Fund”)		6
Virtus Equity Trend Fund (“Equity Trend Fund”)		7
Virtus Global Equity Trend Fund (“Global Equity Trend Fund”)		9
Virtus Herzfeld Fund (“Herzfeld Fund”)		11
Virtus Multi-Asset Trend Fund (“Multi-Asset Trend Fund”)		12
Virtus Sector Trend Fund (“Sector Trend Fund”)		15
Statements of Assets and Liabilities		18
Statements of Operations		20
Statements of Changes in Net Assets		22
Financial Highlights		25
Notes to Financial Statements		29
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		38

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

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

Form N-Q Information

The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

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

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six-month fiscal period ended March 31, 2017.

Despite short-lived selloffs that occurred following the U.K.’s “Brexit” decision last June and the U.S. presidential election in November, the six-month period was strong for global markets. As the fiscal period drew to a close, equity markets continued to benefit from the post-election “Trump bump.” The Federal Reserve (“the Fed”) raised interest rates twice in the period — once in December, and again in March — a clear signal that it believes the U.S. economy is on a growth path. At the same time, other major central banks remained committed to monetary stimulus, adding reassurance to global markets. U.S. growth, as evidenced by strong jobs, housing, and consumer spending data, gives investors reason for optimism. Corporate earnings got off to a strong start for the first quarter of 2017. The pro-growth policies of the new administration, if implemented, could have continued positive impact on earnings and the markets.

Global equity markets turned in positive performance over the six-month period. U.S. large- and small-cap stocks returned 10.12% and 11.52%, as measured by the returns of the S&P 500^® Index and Russell 2000^® Index, respectively. Within international equities, emerging markets slightly outperformed their developed peers, with the MSCI Emerging Markets Index (net) up 6.80%, compared with the MSCI EAFE^® Index (net), which returned 6.48%.

Demand for U.S. Treasuries remained strong, driven by foreign investors seeking safe havens and yield in light of the negative interest rate environment in many international economies. On March 31, 2017, the benchmark 10-year U.S. Treasury yielded 2.40% compared with 1.60% six months earlier. 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, was down 2.18% for the six months, while non-investment grade bonds gained 4.50%, 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.

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

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

May 2017

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, 2016 TO MARCH 31, 2017

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 sales charges and do not incur distribution and service fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
Alternatives Diversifier Fund
Actual
Class A	$	1,000.00	$	1,006.10		0.75	%	$	3.75
Class C		1,000.00		1,003.70		1.50			7.49
Class I		1,000.00		1,008.80		0.50			2.50
Hypothetical (5% return before expenses)
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
Equity Trend Fund
Actual
Class A	$	1,000.00	$	1,050.70		1.47	%	$	7.52
Class C		1,000.00		1,047.10		2.12			10.82
Class I		1,000.00		1,051.20		1.27			6.49
Class R6		1,000.00		1,052.70		1.10			5.63
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.60		1.47			7.39
Class C		1,000.00		1,014.36		2.12			10.65
Class I		1,000.00		1,018.60		1.27			6.39
Class R6		1,000.00		1,019.45		1.10			5.54
Global Equity Trend Fund
Actual
Class A	$	1,000.00	$	1,047.30		1.75	%	$	8.93
Class C		1,000.00		1,043.30		2.50			12.74
Class I		1,000.00		1,049.00		1.50			7.66
Hypothetical (5% return before expenses)
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
Herzfeld Fund
Actual
Class A	$	1,000.00	$	1,073.50		1.59	%	$	8.22
Class C		1,000.00		1,069.20		2.34			12.07
Class I		1,000.00		1,074.90		1.34			6.93
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.00		1.59			8.00
Class C		1,000.00		1,013.26		2.34			11.75
Class I		1,000.00		1,018.25		1.34			6.74
Multi-Asset Trend Fund
Actual
Class A	$	1,000.00	$	1,010.70		1.64	%	$	8.22
Class C		1,000.00		1,005.90		2.39			11.95
Class I		1,000.00		1,011.60		1.39			6.97
Hypothetical (5% return before expenses)
Class A		1,000.00		1,016.75		1.64			8.25
Class C		1,000.00		1,013.01		2.39			12.00
Class I		1,000.00		1,018.00		1.39			7.00

2

VIRTUS OPPORTUNITIES TRUST

Disclosure of Fund Expenses (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
Sector Trend Fund
Actual
Class A	$	1,000.00	$	1,024.70		1.04	%	$	5.25
Class C		1,000.00		1,021.20		1.79			9.02
Class I		1,000.00		1,026.60		0.79			3.99
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.75		1.04			5.24
Class C		1,000.00		1,016.01		1.79			9.00
Class I		1,000.00		1,020.99		0.79			3.98

* 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 expenses would have been higher.

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

3

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2017

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.

Brexit

A combination of the words “Britain” and “exit” which refers to Britain’s withdrawal from the European Union.

Exchange-Traded Funds (ETF)

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

Federal Reserve (the “Fed”)

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

iShares^®

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

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 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.

Treasury Inflation Protected Securities (TIPS):

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

4

VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)

MARCH 31, 2017

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

Alternatives Diversifier Fund
Affiliated Equity Mutual Funds	50	%
Exchange-Traded Funds	50
Total	100	%

Equity Trend Fund
Consumer Discretionary	26	%
Industrials	19
Information Technology	17
Materials	10
Financials	9
Consumer Staples	8
Real Estate	5
Others	6
Total	100	%

Global Equity Trend Fund
Common stocks			58	%
Consumer Discretionary	15	%
Industrials	11
Information Technology	9
Materials	6
Financials	5
All other Common Stocks	12
Exchange-Traded Funds			42
Total			100	%

Herzfeld Fund
Equity Funds	37	%
Preferred Stocks	20
International Equity Funds	18
Fixed Income Funds	11
International Fixed Income Funds	3
Other (includes short-term investments)	11
Total	100	%

Multi-Asset Trend Fund
Exchange-Traded Funds			62	%
Common Stocks			38
Consumer Discretionary	9	%
Financials	7
Industrials	6
Information Technology	6
Materials	3
All other Common Stocks	7
Total			100	%

Sector Trend Fund
Consumer Discretionary	20	%
Industrials	20
Financials	20
Information Technology	18
Utilities	5
Materials	5
Consumer Staples	5
Other	7
Total	100	%

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

5

VIRTUS ALTERNATIVES DIVERSIFIER FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
AFFILIATED MUTUAL FUNDS(3)—50.0%
Equity Funds—41.5%
Virtus Global Infrastructure Fund Class I		603,480	$	8,515
Virtus Global Real Estate Securities Fund Class I		175,450		4,806
Virtus International Real Estate Securities Fund Class I		799,898		5,087
Virtus Real Estate Securities Fund Class I		118,309		3,532
				21,940
Fixed Income Fund—8.5%
Virtus Senior Floating Rate Fund Class I		472,357		4,478
TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $19,806)				26,418
EXCHANGE-TRADED FUNDS(3)—49.1%
Global X Uranium Index Fund		1,570		24
iShares S&P North American Natural Resources Sector Index Fund		280,734		9,620
PowerShares DB Commodity Index Tracking Fund(2)		490,385		7,459
PowerShares DB G10 Currency Harvest Fund(2)		205,615		5,196
Vaneck Vectors Agribusiness Index Fund		36,987		1,977
Vaneck Vectors Coal Index Fund		122,624		1,696
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $23,868)				25,972
TOTAL LONG TERM INVESTMENTS—99.1%
(Identified Cost $43,674)				52,390
TOTAL INVESTMENTS—99.1% (Identified Cost $43,674)				52,390	(1)
Other assets and liabilities, net—0.9%				457
NET ASSETS—100.0%			$	52,847

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

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

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at, March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Affiliated Mutual Funds	$	26,418	$	26,418
Exchange-Traded Funds		25,972		25,972
Total Investments	$	52,390	$	52,390

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

6

VIRTUS EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.5%
Consumer Discretionary—25.5%
Advance Auto Parts, Inc.		10,525	$	1,561
Amazon.com, Inc.(2)		8,292		7,351
AutoNation, Inc.(2)		9,371		396
AutoZone, Inc.(2)		4,144		2,996
Best Buy Co., Inc.		241,341		11,862
CarMax, Inc.(2)		26,970		1,597
Carnival Corp.		57,261		3,373
CBS Corp. Class B		82,412		5,716
Charter Communications, Inc. Class A(2)		9,208		3,014
Chipotle Mexican Grill, Inc.(2)		1,315		586
Comcast Corp. Class A		202,839		7,625
Darden Restaurants, Inc.		5,559		465
Discovery Communications, Inc. Class A(2)		32,580		948
Discovery Communications, Inc. Class C(2)		47,419		1,343
Expedia, Inc.		2,532		320
Garmin Ltd.		88,434		4,520
Goodyear Tire & Rubber Co. (The)		291,904		10,509
Harley-Davidson, Inc.		185,588		11,228
Home Depot, Inc. (The)		51,531		7,566
Interpublic Group of Cos., Inc. (The)		134,972		3,316
Leggett & Platt, Inc.		66,943		3,369
Lowe’s Cos., Inc.		37,283		3,065
Marriott International, Inc. Class A		43,628		4,109
McDonald’s Corp.		37,203		4,822
Mohawk Industries, Inc.(2)		31,415		7,210
Netflix, Inc.(2)		9,039		1,336
Newell Brands, Inc.		212,920		10,044
NIKE, Inc. Class B		182,330		10,161
O’Reilly Automotive, Inc.(2)		13,508		3,645
Omnicom Group, Inc.		83,021		7,157
Priceline Group, Inc. (The)(2)		1,039		1,849
Royal Caribbean Cruises Ltd.		22,805		2,237
Scripps Networks Interactive, Inc. Class A		20,385		1,598
Starbucks Corp.		65,381		3,818
TEGNA, Inc.		46,147		1,182
Time Warner, Inc.		26,930		2,631
TripAdvisor, Inc.(2)		2,277		98
Twenty-First Century Fox, Inc. Class A		37,014		1,199
Twenty-First Century Fox, Inc. Class B		17,060		542
Viacom, Inc. Class B		12,300		573
Walt Disney Co. (The)		50,957		5,778
Wyndham Worldwide Corp.		14,866		1,253
Yum! Brands, Inc.		15,639		999
				164,967
Consumer Staples—8.0%
Altria Group, Inc.		55,763		3,983
Brown-Forman Corp. Class B		51,850		2,394
Campbell Soup Co.		6,954		398
Conagra Brands, Inc.		15,048		607
Constellation Brands, Inc. Class A		50,641		8,207
General Mills, Inc.		21,004		1,239

	SHARES		VALUE
Consumer Staples—continued
Hershey Co. (The)		5,026	$	549
Hormel Foods Corp.		9,600		333
J.M. Smucker Co. (The)		4,183		548
Kellogg Co.		9,095		660
Kraft Heinz Co.(The)		21,201		1,925
McCormick & Co., Inc.		4,129		403
Mead Johnson Nutrition Co.		6,662		594
Molson Coors Brewing Co. Class B		106,646		10,207
Mondelez International, Inc. Class A		54,756		2,359
Philip Morris International, Inc.		44,471		5,021
Reynolds American, Inc.		23,710		1,494
Sysco Corp.		198,921		10,328
Tyson Foods, Inc. Class A		10,580		653
				51,902
Energy—3.2%
Helmerich & Payne, Inc.		88,649		5,901
Marathon Petroleum Corp.		54,389		2,749
Phillips 66		45,923		3,638
Tesoro Corp.		12,174		987
Transocean Ltd.(2)		317,321		3,951
Valero Energy Corp.		47,237		3,131
				20,357
Financials—9.3%
Aflac, Inc.		22,521		1,631
Allstate Corp. (The)		22,003		1,793
AON plc		28,946		3,436
Bank of America Corp.		93,044		2,195
BB&T Corp.		31,354		1,401
Charles Schwab Corp. (The)		57,892		2,363
Chubb Ltd.		27,904		3,802
Cincinnati Financial Corp.		8,936		646
Citigroup, Inc.		26,357		1,577
Citizens Financial Group, Inc.		19,745		682
Comerica, Inc.		1,490		102
E*Trade Financial Corp.(2)		13,430		469
Fifth Third Bancorp		30,518		775
Gallagher (Arthur J.) & Co.		19,562		1,106
Goldman Sachs Group, Inc. (The)		17,477		4,015
Huntington Bancshares, Inc.		43,798		586
JPMorgan Chase & Co.		33,144		2,911
KeyCorp		41,523		738
Lincoln National Corp.		12,751		834
M&T Bank Corp.		6,005		929
Marsh & McLennan Cos., Inc.		56,651		4,186
MetLife, Inc.		60,435		3,192
Morgan Stanley		68,380		2,929
People’s United Financial, Inc.		12,091		220
PNC Financial Services Group, Inc. (The)		18,803		2,261
Principal Financial Group, Inc.		14,700		928
Progressive Corp. (The)		34,757		1,362
Prudential Financial, Inc.		23,723		2,531
Regions Financial Corp.		49,335		717
SunTrust Banks, Inc.		18,979		1,049
Torchmark Corp.		6,128		472
Travelers Cos., Inc. (The)		16,928		2,040
U.S. Bancorp		14,872		766
Unum Group		12,894		605

	SHARES		VALUE
Financials—continued
Wells Fargo & Co.		42,149	$	2,346
Willis Towers Watson plc		14,149		1,852
XL Group Ltd.		16,673		665
Zions Bancorporation		8,160		343
				60,455
Health Care—3.2%
Abbott Laboratories		36,004		1,599
Aetna, Inc.		11,132		1,420
Anthem, Inc.		8,375		1,385
Bard (C.R.), Inc.		1,541		383
Baxter International, Inc.		10,321		535
Becton, Dickinson & Co.		4,454		817
Boston Scientific Corp.(2)		28,380		706
Centene Corp.(2)		5,467		390
Cigna Corp.		8,177		1,198
Danaher Corp.		12,753		1,091
Edwards Lifesciences Corp.(2)		4,874		459
Hologic, Inc.(2)		6,187		263
Humana, Inc.		4,716		972
IDEXX Laboratories, Inc.(2)		1,854		287
Intuitive Surgical, Inc.(2)		812		622
Medtronic plc		28,777		2,318
Stryker Corp.		6,536		860
UnitedHealth Group, Inc.		30,200		4,953
Varian Medical Systems, Inc.(2)		2,010		183
Zimmer Biomet Holdings, Inc.		4,549		556
				20,997
Industrials—19.2%
3M Co.		12,747		2,439
Alaska Air Group, Inc.		9,949		917
Allegion plc		15,050		1,139
American Airlines Group, Inc.		41,954		1,775
Arconic, Inc.		9,813		258
Boeing Co. (The)		12,843		2,271
Cintas Corp.		88,398		11,186
CSX Corp.		53,978		2,513
Deere & Co.		95,609		10,408
Delta Air Lines, Inc.		59,380		2,729
Dover Corp.		9,637		774
Dun & Bradstreet Corp. (The)		8,326		899
Equifax, Inc.		26,384		3,608
Fastenal Co.		75,274		3,877
Flowserve Corp.		8,163		395
Fortive Corp.		18,718		1,127
Fortune Brands Home & Security, Inc.		24,129		1,468
General Dynamics Corp.		6,482		1,213
General Electric Co.		187,393		5,584
Honeywell International, Inc.		16,144		2,016
Hunt (JB) Transport Services, Inc.		71,964		6,602
Illinois Tool Works, Inc.		19,634		2,601
Ingersoll-Rand plc		16,033		1,304
Johnson Controls International plc		146,785		6,183
Kansas City Southern		6,198		532
L3 Technologies, Inc.		1,796		297
Lockheed Martin Corp.		5,703		1,526
Masco Corp.		51,784		1,760
Nielsen Holdings plc		74,210		3,066
Norfolk Southern Corp.		16,809		1,882

See Notes to Financial Statements

7

VIRTUS EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Industrials—continued
Northrop Grumman Corp.		4,142	$	985
Parker Hannifin Corp.		8,305		1,331
Pentair plc		10,448		656
Raytheon Co.		6,625		1,010
Republic Services, Inc.		47,766		3,000
Rockwell Collins, Inc.		2,910		283
Roper Technologies, Inc.		2,168		448
Ryder System, Inc.		43,749		3,300
Snap-On, Inc.		3,608		609
Southwest Airlines Co.		49,732		2,674
Stanley Black & Decker, Inc.		9,363		1,244
Stericycle, Inc.(2)		17,544		1,454
Textron, Inc.		6,298		300
TransDigm Group, Inc.(2)		1,122		247
Union Pacific Corp.		47,403		5,021
United Continental Holdings, Inc.(2)		23,398		1,653
United Rentals, Inc.(2)		22,587		2,825
United Technologies Corp.		17,246		1,935
Verisk Analytics, Inc.(2)		34,340		2,786
W.W. Grainger, Inc.		14,246		3,316
Waste Management, Inc.		83,856		6,115
Xylem, Inc.		11,192		562
				124,103
Information Technology—16.6%
Activision Blizzard, Inc.		123,055		6,136
Adobe Systems, Inc.(2)		30,440		3,961
Akamai Technologies, Inc.(2)		1,894		113
Alliance Data Systems Corp.		1,264		315
Alphabet, Inc. Class A(2)		3,423		2,902
Alphabet, Inc. Class C(2)		3,430		2,845
Amphenol Corp. Class A		67,027		4,770
Analog Devices, Inc.		6,501		533
Apple, Inc.		64,776		9,306
Applied Materials, Inc.		155,805		6,061
Autodesk, Inc.(2)		12,101		1,046
Automatic Data Processing, Inc.		9,855		1,009
Broadcom Ltd.		6,787		1,486
CA, Inc.		4,724		150
Citrix Systems, Inc.(2)		9,621		802
Corning, Inc.		207,384		5,599
eBay, Inc.(2)		12,169		409
Electronic Arts, Inc.(2)		54,120		4,845
Facebook, Inc. Class A(2)		27,009		3,837
Fidelity National Information Services, Inc.		7,244		577
First Solar, Inc.(2)		1,070		29
Fiserv, Inc.(2)		4,802		554
Global Payments, Inc.		3,342		270
Hewlett Packard Enterprise Co.		22,298		528
HP, Inc.		20,758		371
Intel Corp.		83,420		3,009
Intuit, Inc.		14,890		1,727
KLA-Tencor Corp.		22,566		2,145
Lam Research Corp.		23,493		3,016
MasterCard, Inc. Class A		20,770		2,336
Microchip Technology, Inc.		3,763		278
Micron Technology, Inc.(2)		17,966		519
Microsoft Corp.		122,529		8,070
NetApp, Inc.		3,425		143
NVIDIA Corp.		9,523		1,037
Oracle Corp.		46,894		2,092
Paychex, Inc.		7,135		420

	SHARES		VALUE
Information Technology—continued
PayPal Holdings, Inc.(2)		24,380	$	1,049
Qorvo, Inc.(2)		2,173		149
QUALCOMM, Inc.		26,165		1,500
Red Hat, Inc.(2)		2,772		240
salesforce.com, Inc.(2)		39,276		3,240
Seagate Technology plc		3,739		172
Skyworks Solutions, Inc.		3,230		316
Symantec Corp.		9,690		297
TE Connectivity Ltd.		137,504		10,251
Texas Instruments, Inc.		17,492		1,409
Total System Services, Inc.		3,523		188
VeriSign, Inc.(2)		970		85
Visa, Inc. Class A		40,814		3,627
Western Digital Corp.		3,775		312
Western Union Co. (The)		10,282		209
Xerox Corp.		9,343		69
Xilinx, Inc.		4,412		255
Yahoo!, Inc.(2)		10,239		475
				107,089
Materials—9.6%
Albemarle Corp.		10,990		1,161
Avery Dennison Corp.		18,128		1,461
Dow Chemical Co. (The)		77,762		4,941
Du Pont (E.I.) de Nemours & Co.		60,298		4,844
Eastman Chemical Co.		10,353		837
Ecolab, Inc.		25,915		3,248
International Flavors & Fragrances, Inc.		7,907		1,048
International Paper Co.		83,224		4,226
Martin Marietta Materials, Inc.		22,275		4,861
Newmont Mining Corp.		311,832		10,278
Nucor Corp.		166,542		9,946
PPG Industries, Inc.		26,104		2,743
Sealed Air Corp.		39,116		1,705
Sherwin-Williams Co. (The)		8,004		2,483
Vulcan Materials Co.		46,581		5,612
WestRock Co.		51,112		2,659
				62,053
Real Estate—4.9%
American Tower Corp.		22,032		2,678
CBRE Group, Inc. Class A(2)		290,423		10,104
Crown Castle International Corp.		18,608		1,758
Digital Realty Trust, Inc.		8,403		894
Equinix, Inc.		3,702		1,482
Extra Space Storage, Inc.		6,672		496
Iron Mountain, Inc.		12,980		463
Prologis, Inc.		207,950		10,788
Public Storage		7,703		1,686
Weyerhaeuser Co.		38,759		1,317
				31,666
TOTAL COMMON STOCKS (Identified Cost $555,337)				643,589
TOTAL LONG TERM INVESTMENTS—99.5%
(Identified Cost $555,337)				643,589
TOTAL INVESTMENTS—99.5% (Identified Cost $555,337)				643,589	(1)
Other assets and liabilities, net—0.5%				3,223
NET ASSETS—100.0%			$	646,812

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	643,589	$	643,589
Total Investments	$	643,589	$	643,589

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

8

VIRTUS GLOBAL EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—57.2%
Consumer Discretionary—14.8%
Advance Auto Parts, Inc.		157	$	23
Amazon.com, Inc.(2)		130		115
AutoNation, Inc.(2)		61		3
AutoZone, Inc.(2)		66		48
Best Buy Co., Inc.		3,643		179
CarMax, Inc.(2)		371		22
Carnival Corp.		855		50
CBS Corp. Class B		1,239		86
Charter Communications, Inc. Class A(2)		145		47
Chipotle Mexican Grill, Inc.(2)		19		9
Comcast Corp. Class A		3,090		116
Darden Restaurants, Inc.		37		3
Discovery Communications, Inc. Class A(2)		398		12
Discovery Communications, Inc. Class C(2)		638		18
Expedia, Inc.		27		3
Garmin Ltd.		1,306		67
Goodyear Tire & Rubber Co. (The)		4,176		150
Harley-Davidson, Inc.		2,746		166
Home Depot, Inc. (The)		796		117
Interpublic Group of Cos., Inc. (The)		2,018		50
Leggett & Platt, Inc.		975		49
Lowe’s Cos., Inc.		537		44
Marriott International, Inc. Class A		690		65
McDonald’s Corp.		571		74
Mohawk Industries, Inc.(2)		488		112
Netflix, Inc.(2)		138		20
Newell Brands, Inc.		3,241		153
NIKE, Inc. Class B		2,776		155
O’Reilly Automotive, Inc.(2)		213		58
Omnicom Group, Inc.		1,298		112
Priceline Group, Inc. (The)(2)		15		27
Royal Caribbean Cruises Ltd.		360		35
Scripps Networks Interactive, Inc. Class A		285		22
Starbucks Corp.		980		57
TEGNA, Inc.		605		16
Time Warner, Inc.		393		38
TripAdvisor, Inc.(2)		6		—	(4)
Twenty-First Century Fox, Inc. Class A		455		15
Twenty-First Century Fox, Inc. Class B		159		5
Viacom, Inc. Class B		118		6
Walt Disney Co. (The)		743		84
Wyndham Worldwide Corp.		193		16
Yum! Brands, Inc.		196		13
				2,460
Consumer Staples—4.6%
Altria Group, Inc.		829		59
Brown-Forman Corp. Class B		739		34
Campbell Soup Co.		46		3
Conagra Brands, Inc.		145		6
Constellation Brands, Inc. Class A		785		127
General Mills, Inc.		281		17
Hershey Co. (The)		66		7
Hormel Foods Corp.		45		2
J.M. Smucker Co. (The)		56		7

	SHARES		VALUE
Consumer Staples—continued
Kellogg Co.		93	$	7
Kraft Heinz Co. (The)		334		30
McCormick & Co., Inc.		50		5
Mead Johnson Nutrition Co.		91		8
Molson Coors Brewing Co. Class B		1,650		158
Mondelez International, Inc. Class A		802		34
Philip Morris International, Inc.		689		78
Reynolds American, Inc.		343		22
Sysco Corp.		3,010		156
Tyson Foods, Inc. Class A		106		6
				766
Energy—1.8%
Helmerich & Payne, Inc.		1,341		89
Marathon Petroleum Corp.		777		39
Phillips 66		663		53
Tesoro Corp.		175		14
Transocean Ltd.(2)		4,794		60
Valero Energy Corp.		710		47
				302
Financials—5.2%
Aflac, Inc.		318		23
Allstate Corp. (The)		295		24
AON plc		449		53
Bank of America Corp.		1,338		32
BB&T Corp.		451		20
Charles Schwab Corp. (The)		863		35
Chubb Ltd.		433		59
Cincinnati Financial Corp.		98		7
Citigroup, Inc.		350		21
Citizens Financial Group, Inc.		230		8
Comerica, Inc.		5		—	(4)
E*Trade Financial Corp.(2)		107		4
Fifth Third Bancorp		350		9
Gallagher (Arthur J.) & Co.		262		15
Goldman Sachs Group, Inc. (The)		271		62
Huntington Bancshares, Inc.		432		6
JPMorgan Chase & Co.		514		45
KeyCorp		499		9
Lincoln National Corp.		151		10
M&T Bank Corp.		93		14
Marsh & McLennan Cos., Inc.		844		62
MetLife, Inc.		864		46
Morgan Stanley		997		43
PNC Financial Services Group, Inc. (The)		289		35
Principal Financial Group, Inc.		181		11
Progressive Corp. (The)		494		19
Prudential Financial, Inc.		377		40
Regions Financial Corp.		550		8
SunTrust Banks, Inc.		257		14
Torchmark Corp.		48		4
Travelers Cos., Inc. (The)		257		31
U.S. Bancorp		183		10
Unum Group		128		6
Wells Fargo & Co.		604		34
Willis Towers Watson plc		229		30
XL Group Ltd.		175		7
Zions Bancorp		43		2
				858

	SHARES		VALUE
Health Care—1.8%
Abbott Laboratories		520	$	23
Aetna, Inc.		177		23
Anthem, Inc.		131		22
Bard (C.R.), Inc.		19		5
Baxter International, Inc.		105		5
Becton, Dickinson & Co.		70		13
Boston Scientific Corp.(2)		351		9
Centene Corp.(2)		32		2
Cigna Corp.		127		19
Danaher Corp.		183		16
Edwards Lifesciences Corp.(2)		63		6
Hologic, Inc.(2)		7		—	(4)
Humana, Inc.		72		15
IDEXX Laboratories, Inc.(2)		26		4
Intuitive Surgical, Inc.(2)		11		8
Medtronic plc		416		33
Stryker Corp.		107		14
UnitedHealth Group, Inc.		468		77
Zimmer Biomet Holdings, Inc.		60		7
				301
Industrials—11.1%
3M Co.		190		36
Alaska Air Group, Inc.		153		14
Allegion plc		187		14
American Airlines Group, Inc.		615		26
Arconic, Inc.		24		1
Boeing Co. (The)		199		35
Cintas Corp.		1,393		176
CSX Corp.		734		34
Deere & Co.		1,476		161
Delta Air Lines, Inc.		861		40
Dover Corp.		106		9
Dun & Bradstreet Corp. (The)		123		13
Equifax, Inc.		409		56
Fastenal Co.		1,134		58
Flowserve Corp.		48		2
Fortive Corp.		240		15
Fortune Brands Home & Security, Inc.		324		20
General Dynamics Corp.		101		19
General Electric Co.		2,798		83
Honeywell International, Inc.		256		32
Hunt (J.B.) Transport Services, Inc.		1,104		101
Illinois Tool Works, Inc.		311		41
Ingersoll-Rand plc		214		17
Johnson Controls International plc		2,199		93
Kansas City Southern		88		8
L3 Technologies, Inc.		19		3
Lockheed Martin Corp.		86		23
Masco Corp.		709		24
Nielsen Holdings plc		1,079		45
Norfolk Southern Corp.		245		27
Northrop Grumman Corp.		59		14
Parker Hannifin Corp.		126		20
Pentair plc		106		7
Raytheon Co.		103		16
Republic Services, Inc.		692		44
Rockwell Collins, Inc.		33		3
Roper Technologies, Inc.		26		5
Ryder System, Inc.		638		48
Snap-on, Inc.		51		9
Southwest Airlines Co.		715		38

See Notes to Financial Statements

9

VIRTUS GLOBAL EQUITY TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Industrials—continued
Stanley Black & Decker, Inc.		143	$	19
Stericycle, Inc.(2)		249		21
Textron, Inc.		19		1
TransDigm Group, Inc.(2)		15		3
Union Pacific Corp.		691		73
United Continental Holdings, Inc.(2)		337		24
United Rentals, Inc.(2)		348		44
United Technologies Corp.		261		29
Verisk Analytics, Inc.(2)		493		40
W.W. Grainger, Inc.		232		54
Waste Management, Inc.		1,263		92
Xylem, Inc.		99		5
				1,835
Information Technology—9.4%
Activision Blizzard, Inc.		1,852		92
Adobe Systems, Inc.(2)		464		60
Akamai Technologies, Inc.(2)		9		1
Alliance Data Systems Corp.		12		3
Alphabet, Inc. Class A(2)		53		45
Alphabet, Inc. Class C(2)		53		44
Amphenol Corp. Class A		1,002		71
Analog Devices, Inc.		77		6
Apple, Inc.		1,002		144
Applied Materials, Inc.		2,343		91
Autodesk, Inc.(2)		182		16
Automatic Data Processing, Inc.		149		15
Broadcom Ltd.		103		23
Citrix Systems, Inc.(2)		108		9
Corning, Inc.		3,113		84
eBay, Inc.(2)		77		3
Electronic Arts, Inc.(2)		839		75
Facebook, Inc. Class A(2)		413		59
Fidelity National Information Services, Inc.		67		5
Fiserv, Inc.(2)		64		7
Global Payments, Inc.		2		—	(4)
Hewlett Packard Enterprise Co.		195		5
HP, Inc.		144		3
Intel Corp.		1,203		43
Intuit, Inc.		234		27
KLA-Tencor Corp.		362		34
Lam Research Corp.		358		46
MasterCard, Inc. Class A		332		37
Microchip Technology, Inc.		6		—	(4)
Micron Technology, Inc.(2)		138		4
Microsoft Corp.		1,841		121
NVIDIA Corp.		138		15
Oracle Corp.		663		30
Paychex, Inc.		50		3
PayPal Holdings, Inc.(2)		315		14
QUALCOMM, Inc.		348		20
salesforce.com, Inc.(2)		618		51
Skyworks Solutions, Inc.		35		3
Symantec Corp.		23		1
TE Connectivity Ltd.		2,143		160
Texas Instruments, Inc.		232		19
VeriSign, Inc.(2)		28		2
Visa, Inc. Class A		619		55
Western Digital Corp.		9		1
Xilinx, Inc.		2		—	(4)
Yahoo!, Inc.(2)		80		4
				1,551

	SHARES		VALUE
Materials—5.7%
Albemarle Corp.		167	$	18
Avery Dennison Corp.		233		19
Dow Chemical Co. (The)		1,164		74
Du Pont (E.I.) de Nemours & Co.		903		73
Eastman Chemical Co.		118		10
Ecolab, Inc.		410		51
International Flavors & Fragrances, Inc.		116		15
International Paper Co.		1,252		64
Martin Marietta Materials, Inc.		346		76
Newmont Mining Corp.		4,746		156
Nucor Corp.		2,536		151
PPG Industries, Inc.		413		43
Sealed Air Corp.		529		23
Sherwin-Williams Co. (The)		123		38
Vulcan Materials Co.		718		86
WestRock Co.		760		40
				937
Real Estate—2.8%
American Tower Corp.		334		41
CBRE Group, Inc. Class A(2)		4,156		145
Crown Castle International Corp.		299		28
Digital Realty Trust, Inc.		124		13
Equinix, Inc.		61		24
Extra Space Storage, Inc.		55		4
Iron Mountain, Inc.		100		4
Prologis, Inc.		3,170		164
Public Storage		123		27
Weyerhaeuser Co.		538		18
				468
TOTAL COMMON STOCKS (Identified Cost $8,181)				9,478
EXCHANGE-TRADED FUNDS(3)—41.4%
iShares MSCI Australia Index Fund		38,847		879
iShares MSCI Brazil Capped Index Fund		22,268		834
iShares MSCI Canada Index Fund		30,535		821
iShares MSCI Hong Kong Index Fund		39,236		873
iShares MSCI Japan Index Fund		16,293		839
iShares MSCI South Korea Capped Index Fund		14,470		895
iShares MSCI Switzerland Capped Index Fund		26,951		862
iShares MSCI Taiwan Capped Index Fund		26,242		872
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $6,040)				6,875
TOTAL LONG TERM INVESTMENTS—98.6%
(Identified Cost $14,221)				16,353
TOTAL INVESTMENTS—98.6% (Identified Cost $14,221)				16,353	(1)
Other assets and liabilities, net—1.4%				226
NET ASSETS—100.0%			$	16,579

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

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

⁽⁴⁾ Amount is less than $500.

Country Weightings†
United States	91	%
Korea	6
Switzerland	2
Ireland	1
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	9,478	$	9,478
Exchange-Traded Fund		6,875		6,875
Total Investments	$	16,353	$	16,353

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

10

VIRTUS HERZFELD FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
CLOSED END FUNDS(3)—68.7%
Equity Funds—36.9%
Adams Diversified Equity Fund, Inc.		126,991	$	1,746
Adams Natural Resources Fund, Inc.		99,208		1,927
Allianzgi NFJ Dividend Interest & Premium Strategy Fund		111,708		1,440
Alpine Total Dynamic Dividend Fund		205,809		1,700
BlackRock Science & Technology Trust		130,342		2,758
Boulder Growth & Income Fund, Inc.		303,102		2,819
Central Securities Corp.		122,048		2,928
Cohen & Steers MLP Income and Energy Opportunity Fund, Inc.		20,613		231
Gabelli Healthcare & WellnessRx Trust (The)		73,525		735
General American Investors Co., Inc.		32,686		1,095
Liberty All Star Equity Fund		207,898		1,135
Nuveen S&P 500 Buy-Write Income Fund		33,224		440
Source Capital, Inc.		19,696		740
Tortoise Pipeline & Energy Fund, Inc.		43,517		919
Tortoise Power and Energy Infrastructure Fund, Inc.		10,732		236
Tri-Continental Corp.		24,736		572
				21,421
Fixed Income Funds—10.1%
BlackRock Credit Allocation Income Trust IV		62,504		823
Franklin Limited Duration Income Trust		28,651		343
NexPoint Credit Strategies Fund		176,077		4,032
Nuveen Preferred Income Opportunities Fund		17,030		167
Western Asset / Claymore Inflation-Linked Opportunities & Income Fund		25,700		287
Western Asset / Claymore Inflation-Linked Securities & Income Fund		20,482		236
				5,888
International Fixed Income Funds—3.4%
Avenue Income Credit Strategies Fund		57,856		807
Diversified Real Asset Income Fund		19,626		340
DoubleLine Income Solutions Fund		40,000		803
				1,950
International Equity Funds—18.3%
Aberdeen Japan Equity Fund, Inc.		107,743		857
Aberdeen Latin America Equity Fund, Inc.		18,110		426

	SHARES		VALUE
International Equity Funds—continued
Alpine Global Dynamic Dividend Fund		106,859	$	1,043
Clough Global Opportunities Fund		40,477		417
Delaware Enhanced Global Dividend and Income Fund		18,872		207
First Trust Dynamic Europe Equity Income Fund		47,755		824
Japan Smaller Capitalization Fund, Inc.		97,928		1,062
New Germany Fund, Inc. (The)		60,161		889
Taiwan Fund, Inc. (The)(2)		22,560		411
Tekla Healthcare Opportunities Fund		147,806		2,572
Tekla World Healthcare Fund		106,702		1,531
Templeton Dragon Fund, Inc.		19,655		369
				10,608
TOTAL CLOSED END FUNDS (Identified Cost $37,328)				39,867
PREFERRED STOCKS—19.6%
Financials—19.6%
Eagle Point Credit Co., Inc. 7.00%		147,840		3,814
Eagle Point Credit Co., Inc. Series A 7.75%		10,600		276
MVC Capital, Inc. 7.25%		84,231		2,139
Oxford Lane Capital Corp. 7.50%		61,448		1,574
Oxford Lane Capital Corp. 8.125%		140,461		3,597
TOTAL PREFERRED STOCKS (Identified Cost $11,022)				11,400
TOTAL LONG TERM INVESTMENTS—88.3%
(Identified Cost $48,350)				51,267
SHORT-TERM INVESTMENT—10.7%
Money Market Mutual Fund—10.7%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.630%)(3)		6,190,846		6,191
TOTAL SHORT-TERM INVESTMENT (Identified Cost $6,191)				6,191
TOTAL INVESTMENTS—99.0% (Identified Cost $54,541)				57,458	(1)
Other assets and liabilities, net—1.0%				588
NET ASSETS—100.0%			$	58,046

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

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

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Closed-End Funds	$	39,867	$	39,867
Preferred Stocks		11,400		11,400
Short-Term Invest ments		6,191		6,191
Total Investments	$	57,458	$	57,458

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

11

VIRTUS MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—34.4%
Consumer Discretionary—8.8%
Advance Auto Parts, Inc.		555	$	82
Amazon.com, Inc.(2)		478		424
AutoNation, Inc.(2)		350		15
AutoZone, Inc.(2)		237		171
Best Buy Co., Inc.		13,330		655
CarMax, Inc.(2)		1,438		85
Carnival Corp.		3,214		189
CBS Corp. Class B		4,576		317
Charter Communications, Inc. Class A(2)		525		172
Chipotle Mexican Grill, Inc.(2)		68		30
Comcast Corp. Class A		11,276		424
Darden Restaurants, Inc.		220		18
Discovery Communications, Inc. Class A(2)		1,657		48
Discovery Communications, Inc. Class C(2)		2,532		72
Expedia, Inc.		83		10
Garmin Ltd.		5,045		258
Goodyear Tire & Rubber Co. (The)		12,325		444
Harley-Davidson, Inc.		10,083		610
Home Depot, Inc. (The)		2,875		422
Interpublic Group of Cos., Inc. (The)		7,579		186
Leggett & Platt, Inc.		3,672		185
Lowe’s Cos., Inc.		2,044		168
Marriott International, Inc. Class A		2,470		233
McDonald’s Corp.		2,066		268
Mohawk Industries, Inc.(2)		1,790		411
Netflix, Inc.(2)		481		71
Newell Brands, Inc.		11,873		560
NIKE, Inc. Class B		10,171		567
O’Reilly Automotive, Inc.(2)		775		209
Omnicom Group, Inc.		4,608		397
Priceline Group, Inc. (The)(2)		60		107
Royal Caribbean Cruises Ltd.		1,275		125
Scripps Networks Interactive, Inc. Class A		1,087		85
Starbucks Corp.		3,684		215
TEGNA, Inc.		2,435		62
Time Warner, Inc.		1,112		109
Twenty-First Century Fox, Inc. Class A		1,387		45
Twenty-First Century Fox, Inc. Class B		493		16
Viacom, Inc. Class B		361		17
Walt Disney Co. (The)		2,148		244
Wyndham Worldwide Corp.		782		66
Yum! Brands, Inc.		810		52
				8,844
Consumer Staples—2.8%
Altria Group, Inc.		3,076		220
Brown-Forman Corp. Class B		2,820		130
Campbell Soup Co.		258		15
Conagra Brands, Inc.		683		28
Constellation Brands, Inc. Class A		2,865		464
General Mills, Inc.		1,122		66
Hershey Co. (The)		216		24

	SHARES		VALUE
Consumer Staples—continued
Hormel Foods Corp.		335	$	12
J.M. Smucker Co. (The)		184		24
Kellogg Co.		425		31
Kraft Heinz Co.(The)		1,179		107
McCormick & Co., Inc.		153		15
Mead Johnson Nutrition Co.		293		26
Molson Coors Brewing Co. Class B		5,950		569
Mondelez International, Inc. Class A		3,055		132
Philip Morris International, Inc.		2,469		279
Reynolds American, Inc.		1,254		79
Sysco Corp.		11,084		575
Tyson Foods, Inc. Class A		477		29
				2,825
Energy—1.1%
Helmerich & Payne, Inc.		4,897		326
Marathon Petroleum Corp.		2,958		150
Phillips 66		2,515		199
Tesoro Corp.		607		49
Transocean Ltd.(2)		17,202		214
Valero Energy Corp.		2,568		170
				1,108
Financials—3.2%
Aflac, Inc.		1,202		87
Allstate Corp. (The)		1,185		97
AON plc		1,682		200
Bank of America Corp.		5,017		118
BB&T Corp.		1,653		74
Charles Schwab Corp. (The)		3,141		128
Chubb Ltd.		1,638		223
Cincinnati Financial Corp.		412		30
Citigroup, Inc.		1,401		84
Citizens Financial Group, Inc.		926		32
E*Trade Financial Corp.(2)		557		19
Fifth Third Bancorp		1,496		38
Gallagher (Arthur J.) & Co.		1,000		57
Goldman Sachs Group, Inc. (The)		998		229
Huntington Bancshares, Inc.		2,003		27
JPMorgan Chase & Co.		1,817		160
KeyCorp		1,965		35
Lincoln National Corp.		634		41
M&T Bank Corp.		330		51
Marsh & McLennan Cos., Inc.		3,129		231
MetLife, Inc.		3,306		175
Morgan Stanley		3,736		160
People’s United Financial, Inc.		303		6
PNC Financial Services Group, Inc. (The)		1,026		123
Principal Financial Group, Inc.		766		48
Progressive Corp. (The)		1,830		72
Prudential Financial, Inc.		1,299		139
Regions Financial Corp.		2,398		35
SunTrust Banks, Inc.		963		53
Torchmark Corp.		251		19
Travelers Cos., Inc. (The)		921		111
U.S. Bancorp		716		37
Unum Group		599		28
Wells Fargo & Co.		2,289		127
Willis Towers Watson plc		807		106

	SHARES		VALUE
Financials—continued
XL Group Ltd.		787	$	31
Zions Bancorporation		295		12
				3,243
Health Care—1.1%
Abbott Laboratories		1,897		84
Aetna, Inc.		587		75
Anthem, Inc.		469		77
Bard (C.R.), Inc.		76		19
Baxter International, Inc.		444		23
Becton, Dickinson & Co.		242		44
Boston Scientific Corp.(2)		1,326		33
Centene Corp.(2)		197		14
Cigna Corp.		422		62
Danaher Corp.		650		56
Edwards Lifesciences Corp.(2)		201		19
Hologic, Inc.(2)		176		7
Humana, Inc.		260		54
IDEXX Laboratories, Inc.(2)		62		10
Intuitive Surgical, Inc.(2)		47		36
Medtronic plc		1,751		141
Stryker Corp.		319		42
UnitedHealth Group, Inc.		1,713		281
Varian Medical Systems, Inc.(2)		33		3
Zimmer Biomet Holdings, Inc.		203		25
				1,105
Industrials—6.7%
3M Co.		727		139
Alaska Air Group, Inc.		494		46
Allegion plc		769		58
American Airlines Group, Inc.		2,243		95
Arconic, Inc.		268		7
Boeing Co. (The)		731		129
Cintas Corp.		5,036		637
CSX Corp.		2,212		103
Deere & Co.		5,328		580
Delta Air Lines, Inc.		3,239		149
Dover Corp.		472		38
Dun & Bradstreet Corp. (The)		418		45
Equifax, Inc.		1,462		200
Fastenal Co.		4,239		218
Flowserve Corp.		302		15
Fortive Corp.		980		59
Fortune Brands Home & Security, Inc.		1,278		78
General Dynamics Corp.		360		67
General Electric Co.		10,373		309
Honeywell International, Inc.		876		109
Hunt (JB) Transport Services, Inc.		3,995		366
Illinois Tool Works, Inc.		1,104		146
Ingersoll-Rand plc		857		70
Johnson Controls International plc		8,133		343
Kansas City Southern		177		15
L3 Technologies, Inc.		88		15
Lockheed Martin Corp.		321		86
Masco Corp.		2,781		95
Nielsen Holdings plc		4,061		168
Norfolk Southern Corp.		676		76
Northrop Grumman Corp.		232		55
Parker Hannifin Corp.		475		76

See Notes to Financial Statements

12

VIRTUS MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Industrials—continued
Pentair plc		485	$	30
Raytheon Co.		366		56
Republic Services, Inc.		2,618		164
Rockwell Collins, Inc.		84		8
Roper Technologies, Inc.		110		23
Ryder System, Inc.		2,408		182
Snap-On, Inc.		196		33
Southwest Airlines Co.		2,709		146
Stanley Black & Decker, Inc.		497		66
Stericycle, Inc.(2)		926		77
Textron, Inc.		197		9
TransDigm Group, Inc.(2)		51		11
Union Pacific Corp.		1,990		211
United Continental Holdings, Inc.(2)		1,248		88
United Rentals, Inc.(2)		1,240		155
United Technologies Corp.		936		105
Verisk Analytics, Inc.(2)		1,878		152
W.W. Grainger, Inc.		836		195
Waste Management, Inc.		4,658		340
Xylem, Inc.		494		25
				6,668
Information Technology—5.7%
Activision Blizzard, Inc.		6,827		340
Adobe Systems, Inc.(2)		1,687		220
Alliance Data Systems Corp.		59		15
Alphabet, Inc. Class A(2)		196		166
Alphabet, Inc. Class C(2)		196		163
Amphenol Corp. Class A		3,704		264
Analog Devices, Inc.		280		23
Apple, Inc.		3,618		520
Applied Materials, Inc.		8,627		336
Autodesk, Inc.(2)		627		54
Automatic Data Processing, Inc.		497		51
Broadcom Ltd.		394		86
CA, Inc.		25		1
Citrix Systems, Inc.(2)		474		39
Corning, Inc.		11,473		310
eBay, Inc.(2)		474		16
Electronic Arts, Inc.(2)		3,001		269
Facebook, Inc. Class A(2)		1,495		212
Fidelity National Information Services, Inc.		334		27
Fiserv, Inc.(2)		209		24
Global Payments, Inc.		92		7
Hewlett Packard Enterprise Co.		968		23
HP, Inc.		750		13
Intel Corp.		4,544		164
Intuit, Inc.		801		93
KLA-Tencor Corp.		1,226		117
Lam Research Corp.		1,294		166
MasterCard, Inc. Class A		1,136		128
Microchip Technology, Inc.		113		8
Micron Technology, Inc.(2)		750		22
Microsoft Corp.		6,818		449
NetApp, Inc.		19		1
NVIDIA Corp.		476		52
Oracle Corp.		2,541		113
Paychex, Inc.		281		17
PayPal Holdings, Inc.(2)		1,235		53
Qorvo, Inc.(2)		15		1
QUALCOMM, Inc.		1,391		80

	SHARES		VALUE
Information Technology—continued
Red Hat, Inc.(2)		61	$	5
salesforce.com, Inc.(2)		2,156		178
Seagate Technology plc		39		2
Skyworks Solutions, Inc.		107		10
Symantec Corp.		286		9
TE Connectivity Ltd.		7,864		586
Texas Instruments, Inc.		925		74
Total System Services, Inc.		55		3
Visa, Inc. Class A		2,250		200
Western Digital Corp.		112		9
Western Union Co. (The)		217		4
Xilinx, Inc.		127		7
Yahoo!, Inc.(2)		430		20
				5,750
Materials—3.4%
Albemarle Corp.		559		59
Avery Dennison Corp.		950		77
Dow Chemical Co. (The)		4,303		273
Du Pont (E.I.) de Nemours & Co.		3,341		268
Eastman Chemical Co.		515		42
Ecolab, Inc.		1,429		179
International Flavors & Fragrances, Inc.		407		54
International Paper Co.		4,565		232
Martin Marietta Materials, Inc.		1,248		272
Newmont Mining Corp.		17,226		568
Nucor Corp.		9,279		554
PPG Industries, Inc.		1,432		150
Sealed Air Corp.		2,089		91
Sherwin-Williams Co. (The)		455		141
Vulcan Materials Co.		2,536		306
WestRock Co.		2,766		144
				3,410
Real Estate—1.6%
American Tower Corp.		1,209		147
CBRE Group, Inc. Class A(2)		12,283		427
Crown Castle International Corp.		996		94
Digital Realty Trust, Inc.		428		45
Equinix, Inc.		207		83
Extra Space Storage, Inc.		283		21
Iron Mountain, Inc.		550		20
Prologis, Inc.		11,617		603
Public Storage		436		95
Weyerhaeuser Co.		2,023		69
				1,604
TOTAL COMMON STOCKS (Identified Cost $29,855)				34,557
EXCHANGE-TRADED FUNDS(3)—65.3%
iShares 1-3 Year Treasury Bond Index Fund		143,218		12,105
iShares Dow Jones U.S. Real Estate Index Fund		43,101		3,383
iShares iBoxx $ Investment Grade Corporate Bond Index Fund		49,787		5,870
iShares JPMorgan Emerging Markets Bond Index Fund		54,181		6,160
iShares MSCI Australia Index Fund		141,512		3,200

	SHARES		VALUE
EXCHANGE-TRADED FUNDS(3)—continued
iShares MSCI Brazil Capped Index Fund		81,337	$	3,047
iShares MSCI Canada Index Fund		111,366		2,994
iShares MSCI Hong Kong Index Fund		142,921		3,180
iShares MSCI Japan Index Fund		59,638		3,071
iShares MSCI South Korea Capped Index Fund		52,997		3,279
iShares MSCI Switzerland Capped Index Fund		98,343		3,145
iShares MSCI Taiwan Capped Index Fund		95,764		3,182
iShares TIPS Bond Index Fund		53,139		6,092
PowerShares DB Commodity Index Tracking Fund(2)		225,943		3,437
PowerShares DB U.S. Dollar Index Bullish Fund(2)		130,536		3,388
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $62,432)				65,533
TOTAL LONG TERM INVESTMENTS—99.7%
(Identified Cost $92,287)				100,090
TOTAL INVESTMENTS—99.7%
(Identified Cost $92,287)				100,090	(1)
Other assets and liabilities, net—0.3%				322
NET ASSETS—100.0%			$	100,412

Abbreviation:

TIPS Treasury-Inflation Protected Securities

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

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

Country Weightings†
United States	95	%
Korea	3
Ireland	1
Switzerland	1
Total	100	%
† % of total investments as of March 31, 2017

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

See Notes to Financial Statements

13

VIRTUS MULTI-ASSET TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	34,557	$	34,557
Exchange-Traded Funds		65,533		65,533
Total Investments	$	100,090	$	100,090

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

14

VIRTUS SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—100.4%
Consumer Discretionary—20.5%
Advance Auto Parts, Inc.		1,931	$	286
Amazon.com, Inc.(2)		10,619		9,414
AutoNation, Inc.(2)		1,516		64
AutoZone, Inc.(2)		793		573
Bed Bath & Beyond, Inc.		3,770		149
Best Buy Co., Inc.		7,172		353
BorgWarner, Inc.		5,146		215
CarMax, Inc.(2)		5,011		297
Carnival Corp.		11,220		661
CBS Corp. Class B		10,453		725
Charter Communications, Inc. Class A(2)		5,838		1,911
Chipotle Mexican Grill, Inc.(2)		778		347
Coach, Inc.		7,290		301
Comcast Corp. Class A		129,466		4,867
Darden Restaurants, Inc.		3,195		267
Delphi Automotive plc		7,288		587
Discovery Communications, Inc. Class A(2)		3,719		108
Discovery Communications, Inc. Class C(2)		5,617		159
Dollar General Corp.		6,876		479
Dollar Tree, Inc.(2)		6,315		495
Expedia, Inc.		3,217		406
Foot Locker, Inc.		3,516		263
Ford Motor Co.		103,771		1,208
Gap, Inc. (The)		5,319		129
Garmin Ltd.		2,886		148
General Motors Co.		36,661		1,296
Genuine Parts Co.		3,936		364
Goodyear Tire & Rubber Co. (The)		6,785		244
H&R Block, Inc.		4,997		116
Hanesbrands, Inc.		9,943		206
Harley-Davidson, Inc.		4,642		281
Hasbro, Inc.		2,964		296
Home Depot, Inc. (The)		32,548		4,779
Horton (D.R.), Inc.		8,906		297
Interpublic Group of Cos., Inc. (The)		10,363		255
Kohl’s Corp.		4,427		176
L Brands, Inc.		6,281		296
Leggett & Platt, Inc.		3,381		170
Lennar Corp. Class A		5,134		263
LKQ Corp.(2)		7,995		234
Lowe’s Cos., Inc.		23,202		1,907
Macy’s, Inc.		7,857		233
Marriott International, Inc. Class A		8,576		808
Mattel, Inc.		8,904		228
McDonald’s Corp.		22,376		2,900
Michael Kors Holdings Ltd.(2)		4,069		155
Mohawk Industries, Inc.(2)		1,669		383
Netflix, Inc.(2)		11,493		1,699
Newell Brands, Inc.		12,715		600
News Corp. Class A		9,280		121
News Corp. Class B		2,240		30
NIKE, Inc. Class B		35,765		1,993
Nordstrom, Inc.		2,789		130
O’Reilly Automotive, Inc.(2)		2,551		688
Omnicom Group, Inc.		6,319		545
Priceline Group, Inc. (The)(2)		1,365		2,430

	SHARES		VALUE
Consumer Discretionary—continued
PulteGroup, Inc.		7,533	$	177
PVH Corp.		2,015		208
Ralph Lauren Corp.		1,396		114
Ross Stores, Inc.		10,613		699
Royal Caribbean Cruises Ltd.		4,465		438
Scripps Networks Interactive, Inc. Class A		2,422		190
Signet Jewelers Ltd.		1,673		116
Staples, Inc.		16,110		141
Starbucks Corp.		38,984		2,276
Target Corp.		14,995		828
TEGNA, Inc.		5,117		131
Tiffany & Co.		2,777		265
Time Warner, Inc.		20,561		2,009
TJX Cos., Inc. (The)		17,326		1,370
Tractor Supply Co.		3,406		235
TripAdvisor, Inc.(2)		2,876		124
Twenty-First Century Fox, Inc. Class A		28,154		912
Twenty-First Century Fox, Inc. Class B		12,954		412
Ulta Salon Cosmetics & Fragrance, Inc.(2)		1,602		457
Under Armour, Inc. Class A(2)		4,422		87
Under Armour, Inc. Class C(2)		4,383		80
Urban Outfitters, Inc.(2)		1,855		44
VF Corp.		8,816		485
Viacom, Inc. Class B		9,191		428
Walt Disney Co. (The)		38,853		4,406
Whirlpool Corp.		1,985		340
Wyndham Worldwide Corp.		2,791		235
Wynn Resorts Ltd.		2,027		232
Yum! Brands, Inc.		9,335		597
				66,571
Consumer Staples—5.0%
Altria Group, Inc.		14,984		1,070
Archer-Daniels-Midland Co.		5,207		240
Brown-Forman Corp. Class B		1,568		72
Campbell Soup Co.		1,950		112
Church & Dwight Co., Inc.		1,969		98
Clorox Co. (The)		1,231		166
Coca-Cola Co. (The)		33,072		1,404
Colgate-Palmolive Co.		7,969		583
Conagra Brands, Inc.		3,895		157
Constellation Brands, Inc. Class A		2,281		370
Costco Wholesale Corp.		3,918		657
Coty, Inc. Class A		3,380		61
CVS Health Corp.		9,347		734
Dr. Pepper Snapple Group, Inc.		1,770		173
Estee Lauder Cos., Inc. (The) Class A		2,070		176
General Mills, Inc.		5,392		318
Hershey Co. (The)		1,285		140
Hormel Foods Corp.		2,925		101
J.M. Smucker Co. (The)		1,125		148
Kellogg Co.		2,357		171
Kimberly-Clark Corp.		3,243		427
Kraft Heinz Co.(The)		5,128		466
Kroger Co. (The)		9,164		270
McCormick & Co., Inc.		1,079		105
Mead Johnson Nutrition Co.		1,610		143

	SHARES		VALUE
Consumer Staples—continued
Molson Coors Brewing Co. Class B		1,921	$	184
Mondelez International, Inc. Class A		12,761		550
Monster Beverage Corp.(2)		3,889		180
PepsiCo, Inc.		7,064		790
Philip Morris International, Inc.		13,222		1,493
Procter & Gamble Co. (The)		22,927		2,060
Reynolds American, Inc.		7,886		497
Sysco Corp.		4,587		238
Tyson Foods, Inc. Class A		3,127		193
Wal-Mart Stores, Inc.		12,866		927
Walgreens Boots Alliance, Inc.		7,834		651
Whole Foods Market, Inc.		2,639		78
				16,203
Financials—19.7%
Affiliated Managers Group, Inc.		1,166		191
Aflac, Inc.		8,977		650
Allstate Corp. (The)		8,146		664
American Express Co.		16,891		1,336
American International Group, Inc.		21,405		1,336
Ameriprise Financial, Inc.		3,478		451
AON plc		5,841		693
Assurant, Inc.		1,140		109
Bank of America Corp.		220,724		5,207
Bank of New York Mellon Corp. (The)		23,232		1,097
BB&T Corp.		17,847		798
Berkshire Hathaway, Inc. Class B(2)		41,577		6,930
BlackRock, Inc.		2,721		1,044
Capital One Financial Corp.		10,637		922
Charles Schwab Corp. (The)		26,379		1,077
Chubb Ltd.		10,318		1,406
Cincinnati Financial Corp.		3,216		232
Citigroup, Inc.		62,471		3,737
Citizens Financial Group, Inc.		11,219		388
CME Group, Inc.		7,511		892
Comerica, Inc.		3,702		254
Discover Financial Services		8,721		596
E*Trade Financial Corp.(2)		5,784		202
Fifth Third Bancorp		16,525		420
Franklin Resources, Inc.		7,510		316
Gallagher (Arthur J.) & Co.		3,776		214
Goldman Sachs Group, Inc. (The)		8,192		1,882
Hartford Financial Services Group, Inc. (The)		8,251		397
Huntington Bancshares, Inc.		23,664		317
Intercontinental Exchange, Inc.		13,133		786
Invesco Ltd.		8,830		270
JPMorgan Chase & Co.		78,401		6,887
KeyCorp		23,729		422
Leucadia National Corp.		6,673		174
Lincoln National Corp.		5,000		327
Loews Corp.		5,969		279
M&T Bank Corp.		3,436		532
Marsh & McLennan Cos., Inc.		11,370		840
MetLife, Inc.		24,163		1,276
Moody’s Corp.		3,703		415
Morgan Stanley		31,616		1,354

See Notes to Financial Statements

15

VIRTUS SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Financials—continued
Nasdaq, Inc.		2,385	$	166
Navient Corp.		5,860		87
Northern Trust Corp.		4,658		403
People’s United Financial, Inc.		6,291		115
PNC Financial Services Group, Inc. (The)		10,714		1,288
Principal Financial Group, Inc.		5,870		370
Progressive Corp. (The)		12,829		503
Prudential Financial, Inc.		9,494		1,013
Regions Financial Corp.		27,011		392
S&P Global, Inc.		5,797		758
State Street Corp.		8,019		638
SunTrust Banks, Inc.		10,813		598
Synchrony Financial		17,402		597
T. Rowe Price Group, Inc.		5,324		363
Torchmark Corp.		2,319		179
Travelers Cos., Inc. (The)		6,321		762
U.S. Bancorp		35,107		1,808
Unum Group		4,955		232
Wells Fargo & Co.		99,055		5,513
Willis Towers Watson plc		2,805		367
XL Group Ltd.		5,789		231
Zions Bancorporation		4,288		180
				63,883
Health Care—4.9%
Abbott Laboratories		8,434		375
AbbVie, Inc.		9,441		615
Aetna, Inc.		2,042		260
Agilent Technologies, Inc.		1,658		88
Alexion Pharmaceuticals, Inc.(2)		1,225		149
Allergan plc		2,317		554
AmerisourceBergen Corp.		873		77
Amgen, Inc.		4,354		714
Anthem, Inc.		1,528		253
Bard (C.R.), Inc.		406		101
Baxter International, Inc.		2,680		139
Becton, Dickinson & Co.		1,227		225
Biogen, Inc.(2)		1,272		348
Boston Scientific Corp.(2)		7,626		190
Bristol-Myers Squibb Co.		9,694		527
Cardinal Health, Inc.		1,748		143
Celgene Corp.(2)		4,486		558
Centene Corp.(2)		812		58
Cerner Corp.(2)		1,552		91
Cigna Corp.		1,489		218
Cooper Cos, Inc. (The)		224		45
Danaher Corp.		3,466		296
DaVita HealthCare Partners, Inc.(2)		747		51
DENTSPLY SIRONA, Inc.		1,155		72
Edwards Lifesciences Corp.(2)		1,124		106
Eli Lilly & Co.		5,637		474
Envision Healthcare Corp(2)		550		34
Express Scripts Holding Co.(2)		3,673		242
Gilead Sciences, Inc.		7,633		518
HCA Holdings, Inc.(2)		1,570		140
Henry Schein, Inc.(2)		396		67
Hologic, Inc.(2)		1,350		57
Humana, Inc.		889		183
IDEXX Laboratories, Inc.(2)		484		75
Illumina, Inc.(2)		775		132
Intuitive Surgical, Inc.(2)		232		178

	SHARES		VALUE
Health Care—continued
Johnson & Johnson		15,756	$	1,962
Laboratory Corporation of America Holdings(2)		513		74
Mallinckrodt plc(2)		287		13
McKesson Corp.		1,205		179
Medtronic plc		8,051		649
Merck & Co., Inc.		16,021		1,018
Mettler-Toledo International, Inc.(2)		161		77
Mylan NV(2)		2,413		94
Patterson Cos., Inc.		139		6
PerkinElmer, Inc.		350		20
Perrigo Co. plc		654		43
Pfizer, Inc.		35,004		1,198
Quest Diagnostics, Inc.		711		70
Regeneron Pharmaceuticals, Inc.(2)		424		164
Stryker Corp.		1,783		235
Thermo Fisher Scientific, Inc.		2,277		350
UnitedHealth Group, Inc.		5,597		918
Universal Health Services, Inc. Class B		426		53
Varian Medical Systems, Inc.(2)		422		38
Vertex Pharmaceuticals, Inc.(2)		1,324		145
Waters Corp.(2)		392		61
Zimmer Biomet Holdings, Inc.		1,095		134
Zoetis, Inc.		2,687		143
				15,997
Industrials—19.9%
3M Co.		18,643		3,567
Acuity Brands, Inc.		1,287		262
Alaska Air Group, Inc.		3,686		340
Allegion plc		2,781		210
American Airlines Group, Inc.		15,805		669
AMETEK, Inc.		6,916		374
Arconic, Inc.		13,057		344
Boeing Co. (The)		18,055		3,193
Caterpillar, Inc.		18,812		1,745
Cintas Corp.		3,105		393
CSX Corp.		34,068		1,586
Cummins, Inc.		8,646		1,307
Deere & Co.		9,739		1,060
Delta Air Lines, Inc.		22,412		1,030
Dover Corp.		5,662		455
Dun & Bradstreet Corp. (The)		984		106
Eaton Corp. plc		16,669		1,236
Emerson Electric Co.		20,575		1,232
Equifax, Inc.		4,937		675
Expeditors International of Washington, Inc.		5,350		302
Fastenal Co.		8,680		447
FedEx Corp.		7,999		1,561
Flowserve Corp.		3,743		181
Fluor Corp.		6,052		318
Fortive Corp.		10,250		617
Fortune Brands Home & Security, Inc.		4,529		276
General Dynamics Corp.		9,482		1,775
General Electric Co.		197,775		5,894
Honeywell International, Inc.		24,351		3,041
Hunt (JB) Transport Services, Inc.		2,568		236

	SHARES		VALUE
Industrials—continued
Illinois Tool Works, Inc.		10,197	$	1,351
Ingersoll-Rand plc		7,866		640
Jacobs Engineering Group, Inc.		3,479		192
Johnson Controls International plc		28,213		1,188
Kansas City Southern		3,178		272
L3 Technologies, Inc.		2,325		384
Lockheed Martin Corp.		8,130		2,176
Masco Corp.		10,917		371
Nielsen Holdings plc		10,111		418
Norfolk Southern Corp.		10,417		1,166
Northrop Grumman Corp.		5,791		1,377
PACCAR, Inc.		12,380		832
Parker Hannifin Corp.		5,156		827
Pentair plc		4,950		311
Pitney Bowes, Inc.		5,337		70
Quanta Services, Inc.(2)		4,296		159
Raytheon Co.		9,700		1,479
Republic Services, Inc.		6,926		435
Robert Half International, Inc.		5,331		260
Robinson (C.H.) Worldwide, Inc.		4,222		326
Rockwell Automation, Inc.		5,066		789
Rockwell Collins, Inc.		5,041		490
Roper Technologies, Inc.		3,081		636
Ryder System, Inc.		2,793		211
Snap-On, Inc.		1,712		289
Southwest Airlines Co.		20,565		1,106
Stanley Black & Decker, Inc.		4,582		609
Stericycle, Inc.(2)		2,433		202
Textron, Inc.		10,114		481
TransDigm Group, Inc.(2)		1,504		331
Union Pacific Corp.		27,221		2,883
United Continental Holdings, Inc.(2)		8,814		623
United Parcel Service, Inc. Class B		21,228		2,278
United Rentals, Inc.(2)		2,472		309
United Technologies Corp.		24,035		2,697
Verisk Analytics, Inc.(2)		4,683		380
W.W. Grainger, Inc.		2,172		506
Waste Management, Inc.		13,419		978
Xylem, Inc.		5,234		263
				64,727
Information Technology—18.4%
Accenture plc Class A		8,372		1,004
Activision Blizzard, Inc.		9,275		462
Adobe Systems, Inc.(2)		6,797		884
Akamai Technologies, Inc.(2)		2,289		137
Alliance Data Systems Corp.		772		192
Alphabet, Inc. Class A(2)		4,029		3,416
Alphabet, Inc. Class C(2)		4,039		3,351
Amphenol Corp. Class A		4,179		297
Analog Devices, Inc.		3,767		309
Apple, Inc.		70,518		10,131
Applied Materials, Inc.		14,651		570
Autodesk, Inc.(2)		2,653		229
Automatic Data Processing, Inc.		6,111		626
Broadcom Ltd.		5,371		1,176
CA, Inc.		4,091		130
Cisco Systems, Inc.		66,911		2,262
Citrix Systems, Inc.(2)		2,057		172
Cognizant Technology Solutions Corp. Class A(2)		8,259		492

See Notes to Financial Statements

16

VIRTUS SECTOR TREND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Information Technology—continued
Corning, Inc.		12,932	$	349
CSRA, Inc.		1,823		53
eBay, Inc.(2)		14,046		472
Electronic Arts, Inc.(2)		4,025		360
F5 Networks, Inc.(2)		859		122
Facebook, Inc. Class A(2)		31,038		4,409
Fidelity National Information Services, Inc.		4,473		356
First Solar, Inc.(2)		714		19
Fiserv, Inc.(2)		2,937		339
FLIR Systems, Inc.		1,696		62
Global Payments, Inc.		2,035		164
Harris Corp.		1,671		186
Hewlett Packard Enterprise Co.		22,735		539
HP, Inc.		23,045		412
Intel Corp.		63,038		2,274
International Business Machines Corp.		11,617		2,023
Intuit, Inc.		3,312		384
Juniper Networks, Inc.		5,074		141
KLA-Tencor Corp.		2,099		200
Lam Research Corp.		2,219		285
Mastercard, Inc. Class A		12,856		1,446
Microchip Technology, Inc.		2,929		216
Micron Technology, Inc.(2)		14,277		413
Microsoft Corp.		103,496		6,816
Motorola Solutions, Inc.		2,229		192
NetApp, Inc.		3,749		157
NVIDIA Corp.		7,219		786
Oracle Corp.		40,016		1,785
Paychex, Inc.		4,330		255
PayPal Holdings, Inc.(2)		15,266		657
Qorvo, Inc.(2)		1,676		115
QUALCOMM, Inc.		19,917		1,142
Red Hat, Inc.(2)		2,399		208
salesforce.com, Inc.(2)		8,695		717
Seagate Technology plc		4,079		187
Skyworks Solutions, Inc.		2,530		248
Symantec Corp.		8,490		260
TE Connectivity Ltd.		4,752		354
Teradata Corp.(2)		1,587		49
Texas Instruments, Inc.		13,421		1,081
Total System Services, Inc.		2,135		114
VeriSign, Inc.(2)		1,158		101
Visa, Inc. Class A		24,990		2,221
Western Digital Corp.		3,925		324
Western Union Co. (The)		6,314		128
Xerox Corp.		10,335		76
Xilinx, Inc.		3,392		196
Yahoo!, Inc.(2)		11,999		557
				59,790
Materials—5.1%
Air Products & Chemicals, Inc.		6,265		848
Albemarle Corp.		3,246		343
Avery Dennison Corp.		2,503		202
Ball Corp.		5,034		374
CF Industries Holdings, Inc.		6,635		195
Dow Chemical Co. (The)		32,133		2,042
Du Pont (E.I.) de Nemours & Co.		24,878		1,999

	SHARES		VALUE
Materials—continued
Eastman Chemical Co.		4,237	$	342
Ecolab, Inc.		7,540		945
FMC Corp.		3,825		266
Freeport-McMoRan, Inc.(2)		37,346		499
International Flavors & Fragrances, Inc.		2,303		305
International Paper Co.		11,810		600
LyondellBasell Industries N.V. Class A		8,492		774
Martin Marietta Materials, Inc.		1,814		396
Monsanto Co.		12,516		1,417
Mosaic Co. (The)		10,065		294
Newmont Mining Corp.		15,382		507
Nucor Corp.		9,138		546
PPG Industries, Inc.		7,665		805
Praxair, Inc.		8,182		970
Sealed Air Corp.		5,491		239
Sherwin-Williams Co. (The)		2,361		732
Vulcan Materials Co.		3,788		456
WestRock Co.		7,285		379
				16,475
Telecommunication Services—1.8%
AT&T, Inc.		80,974		3,365
CenturyLink, Inc.		7,088		167
Frontier Communications Corp.		10,867		23
Level 3 Communications, Inc.(2)		3,882		222
Verizon Communications, Inc.		44,470		2,168
				5,945
Utilities—5.1%
AES Corp.		16,971		190
Alliant Energy Corp.		5,671		225
Ameren Corp.		6,236		340
American Electric Power Co., Inc.		12,754		856
American Water Works Co., Inc.		4,521		352
CenterPoint Energy, Inc.		11,055		305
CMS Energy Corp.		7,251		324
Consolidated Edison, Inc.		7,929		616
Dominion Resources, Inc.		16,128		1,251
DTE Energy Co.		4,685		478
Duke Energy Corp.		16,325		1,339
Edison International		8,439		672
Entergy Corp.		4,560		346
Eversource Energy		8,173		480
Exelon Corp.		23,770		855
FirstEnergy Corp.		10,830		345
NextEra Energy, Inc.		12,105		1,554
NiSource, Inc.		8,076		192
NRG Energy, Inc.		7,516		141
PG&E Corp.		13,082		868
Pinnacle West Capital Corp.		2,839		237
PPL Corp.		17,525		655
Public Service Enterprise Group, Inc.		13,147		583
SCANA Corp.		3,580		234
Sempra Energy		6,517		720

	SHARES		VALUE
Utilities—continued
Southern Co. (The)		25,125	$	1,251
WEC Energy Group, Inc.		8,127		493
Xcel Energy, Inc.		13,168		585
				16,487
TOTAL COMMON STOCKS (Identified Cost $294,388)				326,078
TOTAL LONG TERM INVESTMENTS—100.4%
(Identified Cost $294,388)				326,078
TOTAL INVESTMENTS—100.4% (Identified Cost $294,388)				326,078	(1)
Other assets and liabilities, net—(0.4)%				(1,391	)
NET ASSETS—100.0%			$	324,687

Abbreviation:

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	326,078	$	326,078
Total Investments	$	326,078	$	326,078

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

17

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

	Alternatives Diversifier Fund			Equity Trend Fund			Global Equity Trend Fund
Assets
Investment in unaffiliated securities at value(1)	$	25,972		$	643,589		$	16,353
Investments in affiliated funds at value(2)		26,418			—			—
Cash		164			5,966			37
Receivables
Investment securities sold		350			—			209
Fund shares sold		37			633			1
Dividends and interest receivable		—	(3)		800			12
Prepaid trustee retainer		2			17			—	(3)
Prepaid expenses		26			43			34
Other assets		2			25			1
Total assets		52,971			651,073			16,647
Liabilities
Payables
Fund shares repurchased		63			3,030			27
Investment advisory fees		—			553			11
Distribution and service fees		18			305			8
Administration fees		6			69			2
Transfer agent fees and expenses		15			153			6
Trustees’ fees and expenses		—	(3)		7			—	(3)
Professional fees		14			7			11
Trustee deferred compensation plan		2			25			1
Other accrued expenses		6			112			2
Total liabilities		124			4,261			68
Net Assets	$	52,847		$	646,812		$	16,579
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	121,655		$	1,128,584		$	28,314
Accumulated undistributed net investment income (loss)		550			(1,259	)		(203	)
Accumulated undistributed net realized gain (loss)		(78,074	)		(568,765	)		(13,664	)
Net unrealized appreciation (depreciation) on investments		8,716			88,252			2,132
Net Assets	$	52,847		$	646,812		$	16,579
Class A
Net asset value (net assets/shares outstanding) per share	$	10.87		$	12.85		$	10.41
Maximum offering price per share NAV/(1–5.75%)	$	11.53		$	13.63		$	11.05
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,170,478			12,393,232			571,428
Net Assets	$	12,728		$	159,255		$	5,948
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	10.77		$	12.44		$	10.11
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,562,110			24,650,299			791,312
Net Assets	$	16,818		$	306,693		$	8,003
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	10.87		$	12.94		$	10.49
Shares of beneficial interest outstanding, no par value, unlimited authorization		2,144,441			13,957,177			250,665
Net Assets	$	23,301		$	180,673		$	2,628
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	—		$	12.99		$	—
Shares of beneficial interest outstanding, no par value, unlimited authorization		—			14,720			—
Net Assets	$			$	191		$
(1) Investment in unaffiliated securities at cost	$	23,868		$	555,337		$	14,221
(2) Investment in affiliated funds at cost	$	19,806		$	—		$	—
(3) Amount is less than $500.

See Notes to Financial Statements

18

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

	Herzfeld Fund			Multi-Asset Trend Fund			Sector Trend Fund
Assets
Investment in securities at value(1)	$	57,458		$	100,090		$	326,078
Cash		750			831			558
Receivables
Investment securities sold		—			—			4,001
Fund shares sold		134			52			637
Dividends and interest receivable		56			45			334
Prepaid trustee retainer		2			3			11
Prepaid expenses		22			36			28
Other assets		2			4			13
Total assets		58,424			101,061			331,660
Liabilities
Payables
Fund shares repurchased		44			439			6,537
Investment securities purchased		236			—			—
Investment advisory fees		47			89			129
Distribution and service fees		18			57			141
Administration fees		7			11			35
Transfer agent fees and expenses		10			23			68
Trustees’ fees and expenses		—	(2)		1			3
Professional fees		10			10			8
Trustee deferred compensation plan		2			4			13
Other accrued expenses		4			15			39
Total liabilities		378			649			6,973
Net Assets	$	58,046		$	100,412		$	324,687
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	55,549		$	124,418		$	361,569
Accumulated undistributed net investment income (loss)		190			(439	)		(99	)
Accumulated undistributed net realized gain (loss)		(610	)		(31,370	)		(68,473	)
Net unrealized appreciation (depreciation) on investments		2,917			7,803			31,690
Net Assets	$	58,046		$	100,412		$	324,687
Class A
Net asset value (net assets/shares outstanding) per share	$	11.56		$	10.42		$	11.42
Maximum offering price per share NAV/(1–5.75%)	$	12.27		$	11.06		$	12.12
Shares of beneficial interest outstanding, no par value, unlimited authorization		699,952			2,118,670			9,008,180
Net Assets	$	8,093		$	22,076		$	102,903
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	11.52		$	10.17		$	11.22
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,632,317			5,838,259			11,957,221
Net Assets	$	18,796		$	59,353		$	134,199
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	11.58		$	10.47		$	11.40
Shares of beneficial interest outstanding, no par value, unlimited authorization		2,691,016			1,813,942			7,682,364
Net Assets	$	31,157		$	18,983		$	87,585
(1) Investment in securities at cost	$	54,541		$	92,287		$	294,388
(2) Amount less than $500.

See Notes to Financial Statements

19

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	Alternatives Diversifier Fund			Equity Trend Fund			Global Equity Trend Fund
Investment Income
Dividends	$	146		$	7,014		$	206
Dividends from affiliated funds		680			—			—
Interest		—			6			—	(1)
Total investment income		826			7,020			206
Expenses
Investment advisory fees		—			3,862			97
Service fees, Class A		22			255			9
Distribution and service fees, Class C		89			1,778			48
Administration fees		35			491			12
Transfer agent fees and expenses		58			726			18
Registration fees		19			36			18
Printing fees and expenses		6			66			3
Custodian fees		1			13			1
Professional fees		11			19			12
Trustees’ fees and expenses		3			59			1
Miscellaneous expenses		4			48			2
Total expenses		248			7,353			221
Less expenses reimbursed and/or waived by investment adviser		—			(737	)		(19	)
Earnings credit from custodian		—	(1)		—			—
Low balance account fees		—	(1)		—	(1)		—
Net expenses		248			6,616			202
Net investment income (loss)		578			404			4
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		319			30,048			664
Net realized gain (loss) on securities sold short		—			—			—	(1)
Capital gain distributions from affiliated funds		908			—			—
Net change in unrealized appreciation (depreciation) on unaffiliated investments		587			1,635			16
Net change in unrealized appreciation (depreciation) on affiliated investments		(2,145	)		—			—
Net realized and unrealized gain (loss) on investments		(331	)		31,683			680
Net increase (decrease) in net assets resulting from operations	$	247		$	32,087		$	684

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

20

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	Herzfeld Fund			Multi-Asset Trend Fund			Sector Trend Fund
Investment Income
Dividends	$	1,412		$	1,283		$	3,723
Interest		—			5			4
Total investment income		1,412			1,288			3,727
Expenses
Investment advisory fees		273			591			812
Service fees, Class A		13			32			151
Distribution and service fees, Class C		85			343			746
Administration fees		34			75			229
Transfer agent fees and expenses		37			96			267
Registration fees		26			19			25
Printing fees and expenses		5			12			32
Custodian fees		1			2			4
Professional fees		11			13			16
Trustees’ fees and expenses		3			8			22
Miscellaneous expenses		3			7			15
Total expenses		491			1,198			2,319
Less expenses reimbursed and/or waived by investment adviser		(24	)		—			—
Earnings credit from custodian		(2	)		—			—
Custody fees reimbursed (Note 14)		—			—			(2	)
Low balance account fees		—			—	(1)		(1	)
Net expenses		465			1,198			2,316
Net investment income (loss)		947			90			1,411
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		379			3,821			(2,909	)
Capital gain distributions from underlying funds		522			—			—
Net change in unrealized appreciation (depreciation) on investments		2,281			(3,611	)		8,959
Net realized and unrealized gain (loss) on investments		3,182			210			6,050
Net increase (decrease) in net assets resulting from operations	$	4,129		$	300		$	7,461

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

21

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Alternatives Diversifier Fund						Equity Trend Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	578		$	396		$	404		$	(3,505	)
Net realized gain (loss)		1,227			2,264			30,048			(51,631	)
Net change in unrealized appreciation (depreciation)		(1,558	)		2,658			1,635			68,111
Increase (decrease) in net assets resulting from operations		247			5,318			32,087			12,975
From Distributions to Shareholders
Net investment income, Class A		(145	)		(140	)		—			—
Net investment income, Class C		—			(97	)		—			—
Net investment income, Class I		(199	)		(177	)		—			—
Decrease in net assets from distributions to shareholders		(344	)		(414	)		—			—
From Share Transactions (See Note 5)
Change in net assets from share transactions, Class A		(6,327	)		(7,767	)		(94,954	)		(278,173	)
Change in net assets from share transactions, Class C		(2,811	)		(7,687	)		(131,504	)		(326,634	)
Change in net assets from share transactions, Class I		3,523			(12,448	)		(110,601	)		(317,745	)
Change in net assets from share transactions, Class R6		—			—			—			85
Increase (decrease) in net assets from share transactions		(5,615	)		(27,902	)		(337,059	)		(922,467	)
Net increase (decrease) in net assets		(5,712	)		(22,998	)		(304,972	)		(909,492	)
Net Assets
Beginning of period		58,559			81,557			951,784			1,861,276
End of period	$	52,847		$	58,559		$	646,812		$	951,784
Accumulated undistributed net investment income (loss) at end of period	$	550		$	316		$	(1,259	)	$	(1,663	)

See Notes to Financial Statements

22

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Global Equity Trend Fund						Herzfeld Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	4		$	(324	)	$	947		$	1,433
Net realized gain (loss)		664			(1,741	)		901			(546	)
Net change in unrealized appreciation (depreciation)		16			1,774			2,281			5,023
Increase (decrease) in net assets resulting from operations		684			(291	)		4,129			5,910
From Distributions to Shareholders
Net investment income, Class A		—			—			(130	)		(348	)
Net investment income, Class C		—			—			(188	)		(527	)
Net investment income, Class I		—			—			(444	)		(971	)
Net realized long-term gains, Class A		—			—			—			(77	)
Net realized long-term gains, Class C		—			—			—			(151	)
Net realized long-term gains, Class I		—			—			—			(232	)
Decrease in net assets from distributions to shareholders		—			—			(762	)		(2,306	)
From Share Transactions (See Note 5)
Change in net assets from share transactions, Class A		(2,662	)		(10,228	)		(3,527	)		2,011
Change in net assets from share transactions, Class C		(3,598	)		(10,974	)		2,222			(595	)
Change in net assets from share transactions, Class I		(1,775	)		(11,474	)		8,845			3,886
Increase (decrease) in net assets from share transactions		(8,035	)		(32,676	)		7,540			5,302
Net increase (decrease) in net assets		(7,351	)		(32,967	)		10,907			8,906
Net Assets
Beginning of period		23,930			56,897			47,139			38,233
End of period	$	16,579		$	23,930		$	58,046		$	47,139
Accumulated undistributed net investment income (loss) at end of period	$	(203	)	$	(207	)	$	190		$	5

See Notes to Financial Statements

23

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Multi-Asset Trend Fund						Sector Trend Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	90		$	(797	)	$	1,411		$	3,265
Net realized gain (loss)		3,821			(5,127	)		(2,909	)		(17,641	)
Net change in unrealized appreciation (depreciation)		(3,611	)		9,563			8,959			25,827
Increase (decrease) in net assets resulting from operations		300			3,639			7,461			11,451
From Distributions to Shareholders
Net investment income, Class A		—			(41	)		(1,573	)		(986	)
Net investment income, Class C		—			—			(716	)		—
Net investment income, Class I		—			(244	)		(1,365	)		(1,649	)
Decrease in net assets from distributions to shareholders		—			(285	)		(3,654	)		(2,635	)
From Share Transactions (See Note 5)
Change in net assets from share transactions, Class A		(7,863	)		(26,252	)		(29,763	)		(28,578	)
Change in net assets from share transactions, Class C		(21,666	)		(60,210	)		(35,042	)		(42,844	)
Change in net assets from share transactions, Class I		(9,641	)		(45,575	)		(15,874	)		(69,127	)
Increase (decrease) in net assets from share transactions		(39,170	)		(132,037	)		(80,679	)		(140,549	)
Net increase (decrease) in net assets		(38,870	)		(128,683	)		(76,872	)		(131,733	)
Net Assets
Beginning of period		139,282			267,965			401,559			533,292
End of period	$	100,412		$	139,282		$	324,687		$	401,559
Accumulated undistributed net investment income (loss) at end of period	$	(439	)	$	(529	)	$	(99	)	$	2,144

See Notes to Financial Statements

24

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Capital Gains Distributions Received from Affiliated Funds(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Alternatives
Diversifier Fund
Class A
10/1/16 to 3/31/17(15)		$	10.89		0.12			0.18		(0.23	)		0.07			(0.09	)		(0.09	)		(0.02	)		$	10.87		0.61	%(4)		$	12,728		0.75	%(3)(9)		0.75	%(3)		2.24	%(3)		3	%(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	(9)(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
10/1/11 to 9/30/12			9.68		0.10			—		1.38			1.48			(0.06	)		(0.06	)		1.42				11.10		15.37				65,463		0.45			0.65			0.95			29
Class C
10/1/16 to 3/31/17(15)		$	10.73		0.08			0.18		(0.22	)		0.04			—			—			0.04			$	10.77		0.37	%(4)		$	16,818		1.50	%(3)(9)		1.50	%(3)		1.50	%(3)		3	%(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	(9)(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
10/1/11 to 9/30/12			9.55		0.02			—		1.36			1.38			—			—			1.38				10.93		14.45				57,336		1.20			1.40			0.20			29
Class I
10/1/16 to 3/31/17(15)		$	10.89		0.14			0.18		(0.22	)		0.10			(0.12	)		(0.12	)		(0.02	)		$	10.87		0.88	%(4)		$	23,301		0.50	%(3)(9)		0.50	%(3)		2.55	%(3)		3	%(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	(9)(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
10/1/11 to 9/30/12			9.70		0.13			—		1.38			1.51			(0.09	)		(0.09	)		1.42				11.12		15.63				37,590		0.20			0.40			1.21			29

The footnote legend is at the end of the Financial Highlights

See Notes to Financial Statements

25

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (In thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Equity Trend
Fund
Class A
10/1/16 to 3/31/17(15)		$	12.23		0.02			0.60			0.62			—			—			—			0.62			$	12.85		5.07	%(4)		$	159,255		1.47	%(3)(7)		1.63	%(3)(7)		0.35	%(3)		52	%(4)
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
10/1/11 to 9/30/12			11.69		0.10			1.73			1.83			(0.09	)		—			(0.09	)		1.74				13.43		15.74				1,323,109		1.64			1.64			0.80			297
Class C
10/1/16 to 3/31/17(15)		$	11.88		(0.02	)		0.58			0.56			—			—			—			0.56			$	12.44		4.91	%(4)		$	306,693		2.12	%(3)(7)		2.38	%(3)(7)		(0.30	)%(3)		52	%(4)
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
10/1/11 to 9/30/12			11.62		0.01			1.72			1.73			(0.01	)		—			(0.01	)		1.72				13.34		14.91				767,602		2.38			2.39			0.09			297
Class I
10/1/16 to 3/31/17(15)		$	12.31		0.03			0.60			0.63			—			—			—			0.63			$	12.94		5.12	%(4)		$	180,673		1.27	%(3)(7)		1.38	%(3)(7)		0.55	%(3)		52	%(4)
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
10/1/11 to 9/30/12			11.71		0.14			1.72			1.86			(0.12	)		—			(0.12	)		1.74				13.45		15.98				1,479,042		1.39			1.39			1.10			297
Class R6
10/1/16 to 3/31/17(15)		$	12.34		0.04			0.61			0.65			—			—			—			0.65			$	12.99		5.27	%(4)		$	191		1.10	%(3)(7)		1.25	%(3)(7)		0.69	%(3)		52	%(4)
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	)(4)			89		1.28	(3)(11)		1.28	(3)		0.10	(3)		674	(13)
Global Equity
Trend Fund
Class A
10/1/16 to 3/31/17(15)		$	9.94		0.02			0.45			0.47			—			—			—			0.47			$	10.41		4.73	%(4)		$	5,948		1.75	%(3)		1.95	%(3)		0.39	%(3)		55	%(4)
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
10/1/11 to 9/30/12			9.42		0.08			1.12			1.20			(0.06	)		—			(0.06	)		1.14				10.56		12.75				27,699		1.75			1.78			0.83			258
Class C
10/1/16 to 3/31/17(15)		$	9.69		(0.02	)		0.44			0.42			—			—			—			0.42			$	10.11		4.33	%(4)		$	8,003		2.50	%(3)		2.70	%(3)		(0.35	)%(3)		55	%(4)
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
10/1/11 to 9/30/12			9.40		—	(5)		1.12			1.12			(0.02	)		—			(0.02	)		1.10				10.50		12.04				21,051		2.50			2.53			0.01			258
Class I
10/1/16 to 3/31/17(15)		$	10.00		0.03			0.46			0.49			—			—			—			0.49			$	10.49		4.90	%(4)		$	2,628		1.50	%(3)		1.70	%(3)		0.54	%(3)		55	%(4)
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
10/1/11 to 9/30/12			9.42		0.09			1.14			1.23			(0.07	)		—			(0.07	)		1.16				10.58		13.15				19,112		1.50			1.52			0.90			258

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

See Notes to Financial Statements

26

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (In thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Herzfeld Fund
Class A
10/1/16 to 3/31/17(15)		$	10.92		0.20			0.60			0.80			(0.16	)		—			(0.16	)		0.64			$	11.56		7.35	%(4)		$	8,093		1.59	%(3)		1.69	%(3)(11)		3.59	%(3)		19	%(4)
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	(9)(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
9/5/12(6) to 9/30/12			10.00		0.04			0.17			0.21			—			—			—			0.21				10.21		2.10	(4)			105		1.60	(3)		37.91	(3)		5.93			3	(4)
Class C
10/1/16 to 3/31/17(15)		$	10.88		0.15			0.61			0.76			(0.12	)		—			(0.12	)		0.64			$	11.52		6.92	%(4)		$	18,796		2.34	%(3)		2.44	%(3)(11)		2.75	%(3)		19	%(4)
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	(9)(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
9/5/12(6) to 9/30/12			10.00		0.03			0.18			0.21			—			—			—			0.21				10.21		2.10	(4)			102		2.35	(3)		38.62	(3)		5.21			3	(4)
Class I
10/1/16 to 3/31/17(15)		$	10.94		0.22			0.59			0.81			(0.17	)		—			(0.17	)		0.64			$	11.58		7.49	%(4)		$	31,157		1.34	%(3)		1.44	%(3)(11)		3.88	%(3)		19	%(4)
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	(9)(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
9/5/12(6) to 9/30/12			10.00		0.03			0.18			0.21			—			—			—			0.21				10.21		2.10	(4)			1,017		1.35	(3)		38.61	(3)		4.39			3	(4)
Multi-Asset Trend
Fund
Class A
10/1/16 to 3/31/17(15)		$	10.31		0.03			0.08			0.11			—			—			—			0.11			$	10.42		1.07	%(4)		$	22,076		1.64	%(3)(11)		1.64	%(3)		0.54	%(3)		100	%(4)
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
10/1/11 to 9/30/12			9.69		0.09			0.98			1.07			(0.09	)		—			(0.09	)		0.98				10.67		11.08				66,122		1.73			1.70			0.84			211
Class C
10/1/16 to 3/31/17(15)		$	10.10		(0.01	)		0.08			0.07			—			—			—			0.07			$	10.17		0.59	%(4)		$	59,353		2.39	%(3)(11)		2.39	%(3)		(0.21	)%(3)		100	%(4)
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
10/1/11 to 9/30/12			9.66		0.02			0.96			0.98			(0.04	)		—			(0.04	)		0.94				10.60		10.13				131,330		2.45			2.45			0.16			211
Class I
10/1/16 to 3/31/17(15)		$	10.34		0.04			0.09			0.13			—			—			—			0.13			$	10.47		1.16	%(4)		$	18,983		1.39	%(3)(11)		1.39	%(3)		0.79	%(3)		100	%(4)
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
10/1/11 to 9/30/12			9.71		0.12			0.96			1.08			(0.10	)		—			(0.10	)		0.98				10.69		11.24				146,634		1.49			1.46			1.17			211

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

See Notes to Financial Statements

27

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(8)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimburse ments)(8)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Sector Trend Fund
Class A
10/1/16 to 3/31/17(15)		$	11.29		0.06			0.21			0.27			(0.14	)		—			(0.14	)		0.13			$	11.42		2.47	%(4)(14)		$	102,903		1.04	%(3)(14)		1.04	%(3)		1.03	%(3)		219	%(4)
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
10/1/11 to 9/30/12			10.67		0.14			1.68			1.82			(0.12	)		(0.22	)		(0.34	)		1.48				12.15		17.51				199,268		1.02			1.02			1.22			190
Class C
10/1/16 to 3/31/17(15)		$	11.04		0.02			0.21			0.23			(0.05	)		—			(0.05	)		0.18			$	11.22		2.12	%(4)(14)		$	134,199		1.79	%(3)(14)		1.79	%(3)		0.28	%(3)		219	%(4)
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
10/1/11 to 9/30/12			10.56		0.06			1.67			1.73			(0.04	)		(0.22	)		(0.26	)		1.47				12.03		16.60				157,461		1.75			1.77			0.53			190
Class I
10/1/16 to 3/31/17(15)		$	11.28		0.07			0.22			0.29			(0.17	)		—			(0.17	)		0.12			$	11.40		2.66	%(4)(14)		$	87,585		0.79	%(3)(14)		0.79	%(3)		1.27	%(3)		219	%(4)
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
10/1/11 to 9/30/12			10.67		0.17			1.68			1.85			(0.15	)		(0.22	)		(0.37	)		1.48				12.15		17.71				122,198		0.77			0.77			1.53			190

Footnote Legend

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

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Amount is less than $0.005.

⁽⁶⁾  Inception date.

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

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

⁽⁹⁾  Net expense ratios may include earnings credits from custodian and low balance account fees, as reflected in the Statements of Operations.

⁽¹⁰⁾  See Note 3C 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⁾  Portfolio turnover is representative for the entire year ended September 30, 2015.

⁽¹⁴⁾  Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) for less than $0.005 for each class respectively and Custody fees reimbursed were included in Total Return. If excluded the impact would have been to lower the Total Return less than 0.005% for each class respectively.

⁽¹⁵⁾  Unaudited.

See Notes to Financial Statements

28

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2017

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

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

Fund	Investment Objective
Alternatives Diversifier Fund	Long-term capital appreciation.
Equity Trend Fund	Long-term capital appreciation.
Global Equity Trend Fund	Capital appreciation. In pursuing this objective, the Fund maintains an emphasis on preservation of capital.
Herzfeld Fund	Capital appreciation and current income.
Multi-Asset Trend Fund	Capital appreciation. In pursuing this objective, the Fund maintains an emphasis on preservation of capital.
Sector Trend 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 Equity Trend Fund also offers Class R6 shares. Class A shares are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares and Class R6 shares are sold without a sales charge. Class R6 shares are only available to participants in employer-sponsored retirement plans, such as 401(k) plans, profit sharing plans, defined benefit plans and other employer directed plans.

Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. 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.

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 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 different distribution and/or service fees under a Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Income and other expenses as well as realized and unrealized gains and losses of each Fund are borne pro rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with the 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 the model inputs and any changes to the model. Fair valuations are reviewed quarterly by the Board.

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

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

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

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

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

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

29

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

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

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

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

B. Security Transactions and Investment Income

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

C. Income Taxes

Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2017, 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 expense to each fund or an alternative allocation method can be more appropriately used.

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

F. Foreign Currency Translation

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

30

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

G. Earnings Credit and Interest

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

Note 3. Investment Advisory Fees and Related Party Transactions

($ reported in thousands except as noted)

A. Adviser

Virtus Investment Advisers, Inc. (the “Adviser”), an indirect wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the 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
Global Equity Trend Fund		1.00	%		0.95	%		0.90	%
Multi-Asset Trend Fund		1.00			0.95			0.90
	First $1 Billion			$1+ Billion
Herzfeld Fund		1.00			0.95
Sector Trend Fund		0.45			0.40
	First $4 Billion			$4+ Billion
Equity Trend Fund		1.00	%		0.95	%

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

B. Subadvisers

Thomas J. Herzfeld Advisors, Inc. serves as the subadviser (“subadviser”) to Virtus Herzfeld Fund, managing the investments of that Fund for which the subadviser is paid a fee by the Adviser. The remaining Funds do not have a subadviser.

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 occuring expenses (such as litigation), acquired fund fees and expenses, or dividend expenses, if any), so that such expenses do not exceed the percentages of the Fund’s average daily net asset values as listed below through April 30, 2018.

	Class A			Class C			Class I			Class R6
Equity Trend Fund*		1.60	%		2.35	%		1.35	%		1.26	%
Global Equity Trend Fund		1.75			2.50			1.50			—
Herzfeld Fund†		1.60			2.35			1.35			—
Multi-Asset Trend Fund†		1.75			2.50			1.50			—

^†  expenses are currently below the cap level.

* Effective February 1, 2017. For the period of October 1, 2016, through January 31, 2017, the expense caps were as follows for Class A, Class C, Class I, and Class R6, respectively: 1.42%, 2.02%, 1.24%, and 1.03%.

D. Expense Recapture

For certain Funds, the Adviser may recapture operating expenses waived or reimbursed 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:

	Fiscal Year Ended
	2017		2018		2019		Total
Equity Trend Fund	$	—	$	—	$	1,475	$	1,475
Global Equity Trend Fund		—		—		7		7
Herzfeld Fund		56		40		55		151

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, 2017, it retained net commissions of $103 of Class A shares and deferred sales charges of $3 and $9 for Class A shares and Class C shares, respectively.

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

31

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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

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

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

F. Administrator and Transfer Agent

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

For the period ended March 31, 2017, the Funds incurred administration fees from the Trust totaling $678 which are included in the Statements of Operations.

For the period ended March 31, 2017, the Funds incurred transfer agent fees from the Trust totaling $1,110 which are included in the Statements of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2017, Virtus and its affiliates held shares of certain Funds which may be redeemed at any time that aggregated the following:

	Shares		Aggregate Net Asset Value
Equity Trend Fund
Class R6		14,720	$	191

H. Investments in Affiliates

A summary of the Alternatives Diversifier Fund’s total long-term and short-term purchases and sales of the Class I shares of the affiliated underlying funds⁽¹⁾ during the period ended March 31, 2017, is as follows:

	Value, beginning of period		Purchases(2)		Sales Proceeds		Value, end of period		Dividend Income		Distributions of Realized Gains
Global Infrastructure Fund	$	9,734	$	344	$	1,451	$	8,515	$	96	$	248
Global Real Estate Securities Fund		5,143		119		143		4,806		107		12
International Real Estate Securities Fund		5,564		338		153		5,087		338		—
Real Estate Securities Fund		4,375		686		748		3,532		39		648
Senior Floating Rate Fund		4,486		100		132		4,478		100		—
	$	29,302	$	1,587	$	2,627	$	26,418	$	680	$	908

⁽¹⁾  The Alternatives Diversifier Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund’s net assets. At March 31, 2017, the Fund was the owner of record of approximately 20% of Virtus International Real Estate Securities Fund.

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

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, 2017.

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, 2017, were as follows:

	Purchases		Sales
Alternatives Diversifier Fund	$	1,586	$	5,974
Equity Trend Fund		402,917		735,461
Global Equity Trend Fund		10,783		18,835
Herzfeld Fund		19,934		8,676
Multi-Asset Trend Fund		115,886		150,013
Sector Trend Fund		785,841		864,430

There were no purchases or sales of long-term U.S. Government and agency securities for the Funds during the period ended March 31, 2017.

32

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Note 5. Capital Share Transactions

(reported in thousands)

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

	Alternatives Diversifier Fund												Equity Trend Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		92		$	993			233		$	2,463			196		$	2,385			1,506		$	18,086
Reinvestment of distributions		13			136			13			130			—			—			—			—
Plan of Reorganization (Note 12)		—			—			—			—			—			—			7,287			82,432
Shares repurchased		(695	)		(7,456	)		(1,026	)		(10,360	)		(7,844	)		(97,339	)		(31,626	)		(378,691	)
Net Increase / (Decrease)		(590	)	$	(6,327	)		(780	)	$	(7,767	)		(7,648	)	$	(94,954	)		(22,833	)	$	(278,173	)
Class C
Sale of shares		19		$	209			46		$	462			105		$	1,253			1,455		$	17,143
Reinvestment of distributions		—			—			8			78			—			—			—			—
Plan of Reorganization (Note 12)		—			—			—			—			—			—			11,669			128,740
Shares repurchased		(284	)		(3,020	)		(817	)		(8,227	)		(11,117	)		(132,757	)		(40,364	)		(472,517	)
Net Increase / (Decrease)		(265	)	$	(2,811	)		(763	)	$	(7,687	)		(11,012	)	$	(131,504	)		(27,240	)	$	(326,634	)
Class I
Sale of shares		673		$	7,205			386		$	3,967			2,487		$	31,543			4,635		$	56,183
Reinvestment of distributions		17			178			16			153			—			—			—			—
Plan of Reorganization (Note 12)		—			—			—			—			—			—			11,946			135,785
Shares repurchased		(360	)		(3,860	)		(1,648	)		(16,568	)		(11,509	)		(142,144	)		(42,372	)		(509,713	)
Net Increase / (Decrease)		330		$	3,523			(1,246	)	$	(12,448	)		(9,022	)	$	(110,601	)		(25,791	)	$	(317,745	)
Class R6
Sale of shares		—		$	—			—		$	—			—		$	—			—		$	—
Reinvestment of distributions		—			—			—			—			—			—			—			—
Plan of Reorganization (Note 12)		—			—			—			—			—			—			7			85
Shares repurchased		—			—			—			—			—			—			—			—
Net Increase / (Decrease)		—		$	—			—		$	—			—		$	—			7		$	85
	Global Equity Trend Fund												Herzfeld Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		7		$	68			107		$	1,027			267		$	2,944			517		$	5,537
Reinvestment of distributions		—			—			—			—			12			129			41			422
Shares repurchased		(275	)		(2,730	)		(1,165	)		(11,255	)		(592	)		(6,600	)		(386	)		(3,948	)
Net Increase / (Decrease)		(268	)	$	(2,662	)		(1,058	)	$	(10,228	)		(313	)	$	(3,527	)		172		$	2,011
Class C
Sale of shares		13		$	127			80		$	754			330		$	3,653			347		$	3,484
Reinvestment of distributions		—			—			—			—			17			188			67			677
Shares repurchased		(384	)		(3,725	)		(1,251	)		(11,728	)		(145	)		(1,619	)		(478	)		(4,756	)
Net Increase / (Decrease)		(371	)	$	(3,598	)		(1,171	)	$	(10,974	)		202		$	2,222			(64	)	$	(595	)
Class I
Sale of shares		64		$	656			97		$	932			1,365		$	15,005			1,886		$	19,264
Reinvestment of distributions		—			—			—			—			39			443			118			1,200
Shares repurchased		(245	)		(2,431	)		(1,299	)		(12,406	)		(589	)		(6,603	)		(1,656	)		(16,578	)
Net Increase / (Decrease)		(181	)	$	(1,775	)		(1,202	)	$	(11,474	)		815		$	8,845			348		$	3,886

33

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

	Multi-Asset Trend Fund												Sector Trend Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		35		$	357			214		$	2,114			591		$	6,567			3,103		$	34,166
Reinvestment of distributions		—			—			4			39			124			1,376			78			850
Shares repurchased		(806	)		(8,220	)		(2,880	)		(28,405	)		(3,347	)		(37,706	)		(5,799	)		(63,594	)
Net Increase / (Decrease)		(771	)	$	(7,863	)		(2,662	)	$	(26,252	)		(2,632	)	$	(29,763	)		(2,618	)	$	(28,578	)
Class C
Sale of shares		59		$	588			312		$	3,029			538		$	5,853			3,892		$	42,476
Reinvestment of distributions		—			—			—			—			52			569			—			—
Shares repurchased		(2,239	)		(22,254	)		(6,498	)		(63,239	)		(3,780	)		(41,464	)		(7,943	)		(85,320	)
Net Increase / (Decrease)		(2,180	)	$	(21,666	)		(6,186	)	$	(60,210	)		(3,190	)	$	(35,042	)		(4,051	)	$	(42,844	)
Class I
Sale of shares		123		$	1,267			471		$	4,647			2,429		$	27,440			4,289		$	46,797
Reinvestment of distributions		—			—			22			217			107			1,180			121			1,318
Shares repurchased		(1,067	)		(10,908	)		(5,099	)		(50,439	)		(3,975	)		(44,494	)		(10,715	)		(117,242	)
Net Increase / (Decrease)		(944	)	$	(9,641	)		(4,606	)	$	(45,575	)		(1,439	)	$	(15,874	)		(6,305	)	$	(69,127	)

Note 6. Borrowings

($ reported in thousands)

On June 29, 2016, the Funds and other affiliated funds renewed a $50,000 secured line of credit. The Credit Agreement (the “Agreement”) is with a commercial bank (the “Bank”) that allows the Funds to borrow cash from the Bank to manage large unexpected redemptions and trade fails, up to a limit of one-third or one-fifth of each Fund’s total net assets in accordance with the Agreement. The Agreement has a term of 364 days and is renewable by the Funds with the Bank’s consent and approval of the Board. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds and other affiliated funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

The Funds had no outstanding borrowings at anytime during the period ended March 31, 2017.

Note 7. 10% Shareholders

As of March 31, 2017, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each such Fund as detailed below.

	% of Shares Outstanding			Number of Accounts
Alternatives Diversifier Fund		12	%		1
Global Equity Trend Fund		15			1
Herzfeld Fund		66			4
Multi-Asset Trend Fund		23			1

Note 8. Credit Risk and Asset Concentration

Certain Funds may invest a high percentage of their assets in specific sectors of the market in their pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if a Fund did not concentrate its investments in such sectors. At March 31, 2017, the Equity Trend Fund held 26% securities issued by various companies in the Consumer Discretionary sector.

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 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.

34

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2017, 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)
Alternatives Diversifier Fund	$	71,211	$	3,961	$	(22,782	)	$	(18,821	)
Equity Trend Fund		560,817		89,101		(6,329	)		82,772
Global Equity Trend Fund		14,379		2,060		(86	)		1,974
Herzfeld Fund		54,626		3,237		(405	)		2,832
Multi-Asset Trend Fund		93,110		7,515		(535	)		6,980
Sector Trend Fund		298,650		28,849		(1,421	)		27,428

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		Long-Term		Short-Term		Long-Term		Short-Term		Long-Term
Alternatives Diversifier Fund	$	49,187	$	—	$	—	$	—	$	49,187	$	—
Equity Trend Fund		—		—		533,867		—		533,867		—
Global Equity Trend Fund		—		—		12,017		42		12,017		42
Herzfeld Fund		—		—		489		—		489		—
Multi-Asset Trend Fund		—		—		28,586		—		28,586		—
Sector Trend Fund		1,080		—		36,964		1,695		38,044		1,695

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

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

Note 11. Exemptive Order

On August 23, 2010, the SEC issued an amended order under Section 12(d)(1)(J) of the 1940 Act granting an exemption from Sections 12(d)(1)(A) and (B) of the 1940 Act and under Sections 6(c) and 17(b) of the 1940 Act granting an exemption from Section 17(a) of the 1940 Act, which permits the Trust to invest in other affiliated and unaffiliated funds, including exchange-traded funds, in each case subject to certain conditions.

Note 12. Plans of Reorganization

A. On October 22, 2015, the Board of Trustees of 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 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 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 Equity Trend Fund	$1,271,368

35

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Assuming the acquisition had been completed on October 1, 2015, the Virtus 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 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. Illiquid securities are footnoted as such at the end of each Fund’s Schedule of Investments, where applicable. However, a portion of such footnoted securities could be liquid where it is determined that some, though not all, of the position could be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the applicable Fund.

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

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

At March 31, 2017, the Funds did not hold any securities that were both illiquid and restricted.

Note 14. Regulatory Matters and Litigation

From time to time, the Trust, the Adviser and/or Subadviser(s) 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 the aggregate, to be material to these financial statements.

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc., et al.) alleging 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. Virtus and its affiliates, including the Adviser, believe that the suit is without merit and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

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 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

36

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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. Virtus and its affiliates, including the Adviser, believe that the suit has no basis in law or fact and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 15. Custody Fees Reimbursed

State Street Bank & Trust, custodian for certain Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. The amounts reimbursed, including interest, are shown in the Statement of Operations under “Custody Fees reimbursed.”

Note 16. New Accounting Pronouncements

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. Certain of these amendments relate to Regulation S-X which sets forth the requisite form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

Note 17. Subsequent Events

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

37

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”) with respect to the funds of the Trust, including Virtus Alternatives Diversifier Fund, Virtus Equity Trend Fund, Virtus Global Equity Trend Fund, Virtus Herzfeld Fund (the “Herzfeld Fund”), Virtus Multi-Asset Trend Fund and Virtus Sector Trend Fund (individually and collectively, the “Funds”) of the Trust. The Board is also responsible for determining whether to approve the continuation of the subadvisory agreement with Thomas J. Herzfeld Advisors, Inc. (the “Subadviser”) with respect to the Herzfeld Fund (the “Subadvisory Agreement”; and together with the Advisory Agreement, the “Agreements”). At in-person meetings held on November 2, 2016 and November 16-17, 2016 (the “Meetings”), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”), considered and approved the continuation of each Agreement due for renewal, as further discussed below. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

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

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 the Subadviser; (2) the performance of the Funds as compared to an appropriate peer group and an appropriate index; (3) the level and method of computing each Fund’s advisory and subadvisory fees, as applicable, 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 Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA’s or the Subadviser’s relationship with the Trust); (6) the anticipated effect of growth in size on each Fund’s performance and expenses; (7) fees paid to VIA and the Subadviser by comparable accounts, as applicable; (8) possible conflicts of interest; and (9) the terms of the Agreements.

Nature, Extent and Quality of Services

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

38

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 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 applicable Fund.

Investment Performance

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

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended June 30, 2016.

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

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

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

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

Virtus Multi-Asset Trend Fund. The Board noted that the Fund underperformed the median of its Performance Universe and underperformed its benchmark for the 1-, 3- and 5-year periods.

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

With respect to certain Funds, including Virtus Alternatives Diversifier Fund, Virtus Equity Trend Fund, Virtus Global Equity Trend Fund, Virtus Multi-Asset Trend Fund and Virtus Sector Trend Fund the Board also considered management’s discussion about the reasons for each Fund’s underperformance relative to its peer group or benchmark. With respect to certain of the same Funds, the Board also considered that the Fund had recently changed and then removed 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, 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 Herzfeld 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 each of the Funds 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 each Fund’s fees and expenses. In each case, the Board took into account management’s discussion of the Fund’s expenses, including the type and size of the Fund relative to the other funds in its Expense Group.

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

Virtus Equity Trend Fund. The Board considered that the Fund’s net management fee after waivers was above the median of the Expense Group, while its net total expenses were below the median of the Expense Group.

Virtus Global Equity Trend Fund. The Board considered that the Fund’s net management fee after waivers was above the median of the Expense Group, while its net total expenses were equal to the median of the Expense Group.

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

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

39

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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

The Board concluded that the advisory and subadvisory fees for each Fund, 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, 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 Subadviser in connection with its relationship to the Herzfeld 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 Thomas J. Herzfeld Advisors, 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 Herzfeld 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 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 any 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 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 Herzfeld 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 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 there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Fund(s), other than the fee to be earned under the applicable Agreement, although 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.

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.

40

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

John R. Mallin

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

How to Contact Us

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

Important Notice to Shareholders

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

P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,

please call your financial representative, or contact us

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

8453 05-17

SEMIANNUAL REPORT

Virtus Newfleet Multi-Sector Short Term Bond Fund

(f/k/a: Virtus Multi-Sector Short Term Bond Fund)

March 31, 2017

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Newfleet Multi-Sector Short Term Bond Fund

(“Newfleet Multi-Sector Short Term Bond Fund”)

(f/k/a: Virtus 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	38
Statement of Operations	39
Statements of Changes in Net Assets	40
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 report that reviews the performance of your fund for the six-month fiscal period ended March 31, 2017.

Despite short-lived selloffs that occurred following the U.K.’s “Brexit” decision last June and the U.S. presidential election in November, the six-month period was strong for global markets. As the fiscal period drew to a close, equity markets continued to benefit from the post-election “Trump bump.” The Federal Reserve (“the Fed”) raised interest rates twice in the period – once in December, and again in March – a clear signal that it believes the U.S. economy is on a growth path. At the same time, other major central banks remained committed to monetary stimulus, adding reassurance to global markets. U.S. growth, as evidenced by strong jobs, housing, and consumer spending data, gives investors reason for optimism. Corporate earnings got off to a strong start for the first quarter of 2017. The pro-growth policies of the new administration, if implemented, could have continued positive impact on earnings and the markets.

Global equity markets turned in positive performance over the six-month period. U.S. large- and small-cap stocks returned 10.12% and 11.52%, as measured by the returns of the S&P 500^® Index and Russell 2000^® Index, respectively. Within international equities, emerging markets slightly outperformed their developed peers, with the MSCI Emerging Markets Index (net) up 6.80%, compared with the MSCI EAFE^® Index (net), which returned 6.48%.

Demand for U.S. Treasuries remained strong, driven by foreign investors seeking safe havens and yield in light of the negative interest rate environment in many international economies. On March 31, 2017, the benchmark 10-year U.S. Treasury yielded 2.40% compared with 1.60% six months earlier. 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, was down 2.18% for the six months, while non-investment grade bonds gained 4.50%, 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.

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

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

May 2017

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 MULTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

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 T shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class C shares are sold without a sales charge. Class I shares and Class R6 shares are sold without a sales charge and do not incur distribution and service fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

2

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
Actual
Class A	$	1,000.00	$	1,011.20		1.00	%	$	5.01
Class C		1,000.00		1,009.80		1.25			6.26
Class R6**		1,000.00		1,014.10		0.69			2.76
Class T		1,000.00		1,005.20		1.75			8.79
Class I		1,000.00		1,012.40		0.75			3.76
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.95		1.00			5.04
Class C		1,000.00		1,018.70		1.25			6.29
Class R6**		1,000.00		1,021.49		0.69			3.48
Class T		1,000.00		1,016.21		1.75			8.80
Class I		1,000.00		1,021.19		0.75			3.78

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

** November 7, 2016 is the date the class started accruing expenses. Expenses are equal to the 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 (145 for actual and 182 for hypothetical) 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 were included, the expenses would have been higher.

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

3

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2017

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.

Brexit

A combination of the words “Britain” and “exit” which refers to Britain’s withdrawal from the European Union.

Exchange-Traded Funds (ETF)

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

Federal Reserve (the “Fed”)

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

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Real Estate Investment Trust (REIT)

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

Russell 2000^® Index

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

4

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017

($ 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, 2017.
Corporate Bonds and Notes			36	%
Financials	13	%
Energy	7
Industrials	3
All other Corporate Bonds and Notes	13
Mortgage-Backed Securities			23
Asset-Backed Securities			19
Loan Agreements			10
Foreign Government Securities			8
Other (includes short-term investment)			4
Total			100	%

	PAR VALUE		VALUE
U.S. GOVERNMENT SECURITIES—1.4%
U.S. Treasury Note
1.125%, 2/28/19	$	25,000	$	24,941
1.375%, 1/15/20		17,700		17,657
1.375%, 4/30/20		55,700		55,395
TOTAL U.S. GOVERNMENT SECURITIES
(Identified Cost $97,986)				97,993
MUNICIPAL BONDS—0.1%
Virginia—0.1%
Tobacco Settlement Financing Corp. Series A-1, Taxable 6.706%, 6/1/46		4,635		3,884
TOTAL MUNICIPAL BONDS (Identified Cost $4,314)				3,884
FOREIGN GOVERNMENT SECURITIES—7.7%
Argentine Republic
144A 6.875%, 4/22/21(3)		19,945		21,441

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
144A 5.625%, 1/26/22(3)	$	17,805		$	18,255
144A 7.500%, 4/22/26(3)		12,545			13,342
Series NY 8.280%, 12/31/33		24,360			26,151
Bolivarian Republic of Venezuela
7.000%, 12/1/18		20,999			14,594
RegS 7.750%, 10/13/19(4)		19,501			11,018
Dominican Republic
144A 6.600%, 1/28/24(3)		7,115			7,746
144A 6.875%, 1/29/26(3)		3,300			3,630
Federative Republic of Brazil
12.500%, 1/5/22		50,565	BRL		17,848
2.625%, 1/5/23		19,200			17,856
8.500%, 1/5/24		37,050	BRL		11,243
6.000%, 4/7/26		10,400			11,331

See Notes to Financial Statements

6

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
10.250%, 1/10/28		13,095	BRL	$	4,246
Federative Republic of Brazil Treasury Note Series F,
10.000%, 1/1/23		47,335	BRL		15,562
10.000%, 1/1/25		37,510	BRL		12,294
Kingdom of Qatar 144A 3.250%, 6/2/26(3)	$	11,745			11,672
Mongolia
RegS 5.125%, 12/5/22(4)		4,455			4,209
144A 5.125%, 12/5/22(3)		4,855			4,587
Provincia de Buenos Aires 144A 7.875%, 6/15/27(3)		5,000			5,076
Provincia de Buenos Aires Argentina
144A 5.750%, 6/15/19(3)		5,795			5,995
144A 6.500%, 2/15/23(3)		18,460			18,547
Republic of Chile 5.500%, 8/5/20		11,647,000	CLP		18,596
Republic of Colombia Treasury Note, Series B, 11.250%, 10/24/18		21,072,000	COP		7,924
4.375%, 3/21/23		33,056,000	COP		10,477
9.850%, 6/28/27		24,145,000	COP		10,648
Republic of Costa Rica 144A 4.375%, 4/30/25(3)		18,640			17,615
Republic of Indonesia
Series FR70, 8.375%, 3/15/24		177,598,000	IDR		14,179
Series FR56, 8.375%, 9/15/26		258,591,000I	DR		21,123
Republic of Kazakhstan 144A 5.125%, 7/21/25(3)		6,495			7,055
Republic of Panama 3.875%, 3/17/28		10,455			10,625
Republic of South Africa
Series R203, 8.250%, 9/15/17		134,520	ZAR		10,054

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES (continued)
5.875%, 5/30/22	$	9,500		$	10,363
Republic of Turkey
5.625%, 3/30/21		44,330			46,377
6.250%, 9/26/22		25,545			27,337
4.875%, 10/9/26		6,820			6,583
Russian Federation
144A 7.850%, 3/10/18(3)		410,000	RUB		7,202
6.700%, 5/15/19		1,682,000	RUB		28,983
144A 4.875%, 9/16/23(3)		16,600			17,821
Sultanate of Oman
144A 3.625%, 6/15/21(3)		9,610			9,723
144A 4.750%, 6/15/26(3)		5,295			5,335
United Mexican States Series M, 6.500%, 6/9/22		250,769	MXN		13,146
TOTAL FOREIGN GOVERNMENT SECURITIES
(Identified Cost $558,032)					557,809
MORTGAGE-BACKED SECURITIES—22.5%
Agency—3.9%
FHLMC 3.500%, 4/1/46		22,097			22,617
FNMA
6.000%, 5/1/17		—	(14)		—	(14)
4.500%, 4/1/18		32			32
5.000%, 10/1/19		123			126
5.500%, 2/1/20		29			30
5.500%, 3/1/20		48			50
5.500%, 3/1/20		15			15
5.500%, 3/1/20		9			9
5.500%, 3/1/20		20			21
5.500%, 4/1/20		116			120
5.000%, 6/1/20		201			208
4.000%, 8/1/25		7,083			7,456
3.000%, 6/1/27		749			769
3.000%, 10/1/30		22,575			23,164
3.000%, 10/1/30		31,620			32,445
2.500%, 2/1/31		35,835			35,870
3.000%, 2/1/31		13,815			14,176
6.000%, 12/1/32		32			37
5.500%, 2/1/33		38			42
5.500%, 5/1/34		245			274
6.000%, 8/1/34		176			201

See Notes to Financial Statements

7

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Agency (continued)
5.500%, 11/1/34	$	135	$	150
5.500%, 11/1/34		145		161
6.000%, 11/1/34		139		157
5.500%, 12/1/34		68		75
5.500%, 1/1/35		223		250
5.500%, 7/1/37		1		1
6.000%, 7/1/37		26		29
6.000%, 4/1/38		129		146
5.000%, 12/1/39		3,909		4,278
4.500%, 4/1/40		5,785		6,211
5.000%, 8/1/40		8,285		9,056
4.000%, 10/1/40		123		129
4.000%, 3/1/41		4,436		4,671
4.500%, 5/1/41		4,219		4,542
3.500%, 4/1/42		9,348		9,609
3.000%, 5/1/43		14,537		14,497
4.000%, 10/1/44		21,576		22,639
3.500%, 12/1/45		21,413		21,917
3.500%, 1/1/46		10,176		10,416
4.000%, 1/1/46		13,491		14,156
3.500%, 6/1/46		20,562		21,046
GNMA
6.500%, 11/15/31		19		21
6.500%, 2/15/32		12		13
				281,832
Non-Agency—18.6%
ABN AMRO Mortgage Corp. 02-9, M 5.750%, 12/25/32		502		509
Access Point Financial, Inc. 15-A, A 144A 2.610%, 4/15/20(3)		1,149		1,150
Agate Bay Mortgage Trust 13-1, A1 144A 3.500%, 7/25/43(2)(3)		9,412		9,475
American Homes 4 Rent Trust 15-SFR1, A 144A 3.467%, 4/17/52(3)		11,771		11,933
Ameriquest Mortgage Securities, Inc. 03-10, AF6 5.210%, 11/25/33(2)		542		557

	PAR VALUE		VALUE
Non-Agency (continued)
AMSR Trust
16-SFR1, A 144A 2.343%, 11/17/33(2)(3)	$	3,340	$	3,371
16-SFR1, C 144A 3.193%, 11/17/33(2)(3)		3,495		3,519
16-SFR1, D 144A 3.343%, 11/17/33(2)(3)		425		428
Asset Backed Funding Certificates 05-AQ1, A6 4.780%, 6/25/35(2)		1,432		1,477
Aventura Mall Trust 13-AVM, A 144A 3.743%, 12/5/32(2)(3)		10,350		10,886
Banc of America Funding Trust
04-4, 3A1 4.750%, 10/25/19		1,277		1,248
04-B, 2A1 3.439%, 11/20/34(2)		669		659
04-D, 5A1 3.496%, 1/25/35(2)		3,777		3,548
05-1, 1A1 5.500%, 2/25/35		429		429
06-2, 3A1 6.000%, 3/25/36		1,878		1,924
16- R1, A1 144A 2.500%, 3/25/40(2)(3)		6,518		6,429
Banc of America Mortgage Trust
04-7, 6A3 4.500%, 8/25/19		384		383
04-11, 5A1 6.500%, 8/25/32		679		684
04-11, 2A1 5.750%, 1/25/35		3,429		3,487
05-3, 1A15 5.500%, 4/25/35		1,266		1,279
Bank of America (Countrywide) Asset-Backed Certificates 05-1, AF5A 5.102%, 7/25/35(2)		10,383		10,763

See Notes to Financial Statements

8

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
Bank of America (Merrill Lynch – Countrywide) Alternative Loan Trust 04-22CB, 1A1 6.000%, 10/25/34	$	19,653	$	20,222
Bank of America (Merrill Lynch – Countrywide) Asset-Backed Certificates Trust 04-10, AF6 4.485%, 12/25/34(2)		292		300
Bank of America (Merrill Lynch – Countrywide) Home Loan Mortgage Pass-Through-Trust
04-6, 1A2 3.051%, 5/25/34(2)		1,170		1,161
04-4, A6 5.500%, 5/25/34		709		714
Bank of America (Merrill Lynch) Mortgage Investors Trust, Inc. 98-C1, B 6.750%, 11/15/26(2)		4,175		4,197
Bank of America (Merrill Lynch) Commercial Mortgage Securities Trust 15-200P, A 144A 3.218%, 4/14/33(3)		12,120		12,186
Bank of America (Merrill Lynch) Investors Trust 04-A4, A1 2.855%, 8/25/34(2)		1,419		1,437
Barclays (Lehman Brothers) – UBS Commercial Mortgage Trust 07-C6, A4 5.858%, 7/15/40(2)		7,196		7,213
07-C7, A3 5.866%, 9/15/45(2)		9,760		9,907

	PAR VALUE		VALUE
Non-Agency (continued)
Bayview Commercial Asset Trust 08-1, A3 144A 2.482%, 1/25/38(2)(3)	$	16,142	$	15,850
Bayview Financial Acquisition Trust 07-A, 1A2 6.205%, 5/28/37(2)		5,191		5,353
06-A, 1A4 6.087%, 2/28/41(2)		12,521		12,668
Bayview Opportunity Master Fund Trust
04-B Trust, 16-SPL2, B1 144A 4.250%, 6/28/53(2)(3)		5,532		5,691
04-A Trust, 16-SPL1, B1 144A 4.250%, 4/28/55(3)		7,758		7,981
04-A Trust, 17-SPL1, B1 144A 4.250%, 10/28/64(2)(3)		7,957		8,198
BCRR Trust 09-1, 2A1 144A 5.858%, 7/17/40(2)(3)		770		769
Citigroup Commercial Mortgage Trust
16-SMPL, A 144A 2.228%, 9/10/31(3)		3,655		3,587
07-C6, A1A 5.779%, 12/10/49(2)		21,180		21,213
07-C6, A4 5.779%, 12/10/49(2)		227		227
08-C7, AM 6.127%, 12/10/49(2)		12,335		12,582
10-RR3, MLSR 144A 5.790%, 6/14/50(2)(3)		571		571
Citigroup Mortgage Loan Trust, Inc.
04-UST1, A3 2.953%, 8/25/34(2)		1,239		1,242
04-NCM2, 2CB2 6.750%, 8/25/34		10,003		10,715
14-A, A 144A 4.000%, 1/25/35(2)(3)		9,457		9,813
05-5, 2A3 5.000%, 8/25/35		362		357
15-PS1, A1 144A 3.750%, 9/25/42(2)(3)		8,447		8,636

See Notes to Financial Statements

9

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
15-A, A1 144A 3.500%, 6/25/58(2)(3)	$	3,834	$	3,873
Colony American Finance Ltd. 15-1, A 144A 2.896%, 10/15/47(3)		10,630		10,570
Colony Multi-Family Mortgage Trust 14-1, A 144A 2.543%, 4/20/50(3)		8,730		8,688
Colony Starwood Homes Trust 16-2A, C 144A 3.093%, 12/17/33(2)(3)		18,880		18,947
COLT Mortgage Loan Trust Funding LLC
16-1 A1, 144A 3.000%, 5/25/46(3)		4,131		4,162
16-2, A1 144A 2.750%, 9/25/46(2)(3)		11,473		11,556
16-3 A1, 144A 2.800%, 12/26/46(2)(3)		5,076		5,079
Commercial Mortgage Lease-Backed Certificates 01-CMLB, A3 144A 7.471%, 6/20/31(2)(3)		4,080		4,566
Commercial Mortgage Trust
10-C1, D 144A 6.141%, 7/10/46(2)(3)		6,669		7,094
14-277P, A 144A 3.611%, 8/10/49(2)(3)		8,705		9,020
07-GG11, AM 5.867%, 12/10/49(2)		19,989		20,226
Credit Suisse Commercial Mortgage Trust 14-LVR2, A2 144A 3.847%, 4/25/44(2)(3)		9,742		9,975
Credit Suisse Commercial Mortgage-Backed Trust 07-C5, A1AM 5.870%, 9/15/40(2)		20,139		19,129

	PAR VALUE		VALUE
Non-Agency (continued)
Credit Suisse First Boston Mortgage Securities Corp.
03-27, 5A3 5.250%, 11/25/33	$	1,241	$	1,257
03-AR30, 5A1 3.185%, 1/25/34(2)		5,886		5,963
04-8, 7A1 6.000%, 12/25/34		5,003		5,232
Credit Suisse Mortgage Capital Trust
16-BDWN, A 144A 3.812%, 2/15/29(2)(3)		2,975		2,997
13-HYB1, A16,144A 3.005%, 4/25/43(2)(3)		4,965		4,987
Credit Suisse Mortgage Loan Trust 15-1, B4 144A 3.893%, 5/25/45(2)(3)		3,097		2,859
Freddie Mac Structured Agency Credit Risk Debt Notes 16-DNA2, M2 3.182%, 10/25/28(2)		5,005		5,097
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.382%, 12/15/34(2)(3)		16,875		17,145
Galton Funding Mortgage Trust 17-1, A21 144A 3.500%, 7/25/56(3)		17,078		17,257
GMAC Mortgage Corp. Loan Trust
04-AR1, 12A 3.676%, 6/25/34(2)		5,056		5,099
05-AR1, 5A 3.584%, 3/18/35(2)		1,390		1,307
Goldman Sachs Mortgage Securities Trust
07-GG10, A1A 5.949%, 8/10/45(2)		2,154		2,160
07-GG10, A4 5.949%, 8/10/45(2)		6,943		6,936

See Notes to Financial Statements

10

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
GSAA Home Equity Trust
05-1, AF4 5.619%, 11/25/34(2)	$	362	$	371
05-12, AF3W 4.999%, 9/25/35(2)		3,886		3,930
GSR Mortgage Loan Trust 06-1F, 2A4 6.000%, 2/25/36		777		672
Hilton USA Trust 16-SFP, B 144A 3.323%, 11/5/35(3)		22,020		21,792
Home Equity Loan Trust
06-HI1, M1 6.010%, 2/25/36(2)		1,088		1,092
07-HSA3, AI4 6.110%, 6/25/37(2)		9,637		9,703
IMC Home Equity Loan Trust 97-5, A9 7.310%, 11/20/28		2,206		2,213
Jefferies Resecuritization Trust
14-R1, 1A1 144A 4.000%, 12/27/37(3)		3,845		3,841
14-R1, 2A1 144A 4.000%, 12/27/37(3)		2,381		2,354
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust
04-10, 14A1 3.460%, 1/25/35(2)		1,283		1,251
04-10, 21A1 3.487%, 1/25/35(2)		7,946		8,006
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust
07- PW17, A4 5.694%, 6/11/50(2)		17,117		17,238
07-PW18, AM, 6.084%, 6/11/50(2)		12,400		12,655

	PAR VALUE		VALUE
Non-Agency (continued)
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust
04-CB1, 5A 5.000%, 6/25/19	$	543	$	548
03-AR6, A1 2.902%, 6/25/33(2)		751		748
03-AR4, 2A1 2.925%, 8/25/33(2)		239		235
04-CB1, 2A 5.000%, 6/25/34		2,187		2,221
JPMorgan Chase Commercial Mortgage Securities Trust
10-CNTR, A2 144A 4.311%, 8/5/32(3)		7,503		7,819
15-SGP, B 144A 3.662%, 7/15/36(2)(3)		13,925		14,012
11-C4, A3 144A 4.106%, 7/15/46(3)		1,808		1,849
06-LDP9, AM 5.372%, 5/15/47		15,303		15,290
14-C22, A4 3.801%, 9/15/47		16,998		17,620
07-LDPX, AM 5.464%, 1/15/49(2)		20,449		20,432
07-LD12, A4 5.882%, 2/15/51(2)		14,600		14,674
JPMorgan Chase Mortgage Trust
14-2, 2A2 144A 3.500%, 6/25/29(2)(3)		9,365		9,503
06-A2, 4A1 3.178%, 8/25/34(2)		1,395		1,399
04-A4, 2A1 3.197%, 9/25/34(2)		4,905		4,964
05-A1, 4A1 3.325%, 2/25/35(2)		656		662
05-A2, 4A1 3.094%, 4/25/35(2)		891		875
05-A4, 3A1 3.060%, 7/25/35(2)		3,515		3,479
06-A6, 3A3L 3.100%, 10/25/36(2)		1,321		1,131

See Notes to Financial Statements

11

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
14-1, 1A1 144A 4.000%, 1/25/44(2)(3)	$	17,785	$	18,316
16-1, M2 144A 3.750%, 4/25/45(2)(3)		15,397		15,381
15-4, 1A4 144A 3.500%, 6/25/45(2)(3)		10,136		10,223
16-2, M2 144A 3.750%, 12/25/45(2)(3)		15,707		15,689
16-1, A3 144A 3.500%, 5/25/46(3)		12,096		12,200
11-C4, A4, 144A 4.388%, 7/15/46(3)		5,175		5,532
16-5, A1 144A 2.602%, 12/25/46(2)(3)		46,449		46,295
JPMorgan Chase Trust
15-1, AM1 144A 2.630%, 12/25/44(2)(3)		16,366		16,363
15-5, A2 144A 2.874%, 5/25/45(2)(3)		15,764		15,760
Key Commercial Mortgage Securities Trust 07 -SL1, B 144A 5.642%, 12/15/40(2)(3)		1,611		1,608
MASTR Adjustable Rate Mortgages Trust 04-12, 3A1 3.249%, 11/25/34(2)		866		858
MASTR Alternative Loan Trust
04-7, 4A1 4.500%, 7/25/19		1,364		1,373
03-8, 2A1 5.750%, 11/25/33		4,512		4,652
04-4, 6A1 5.500%, 4/25/34		2,531		2,616
04-6, 7A1 6.000%, 7/25/34		4,540		4,494
04-7, 9A1 6.000%, 8/25/34		12,255		12,638
05-2, 2A1 6.000%, 1/25/35		3,054		3,151
05-2, 1A1 6.500%, 3/25/35		9,012		9,264

	PAR VALUE		VALUE
Non-Agency (continued)
MASTR Asset Securitization Trust 05-1, 1A1 5.000%, 5/25/20	$	371	$	374
Mill City Mortgage Trust
15-1, A3 144A 3.000%, 6/25/56(2)(3)		11,900		11,871
16-1, A1 144A 2.500%, 4/25/57(2)(3)		3,745		3,720
17-1, A1 144A 2.750%, 11/25/58(2)(3)		10,067		10,019
Morgan Stanley – Bank of America (Merrill Lynch) Trust 13-C13, AS 4.266%, 11/15/46		1,735		1,834
Morgan Stanley Capital Barclays Bank Trust 16-MART, A 144A 2.200%, 9/13/31(3)		14,805		14,533
Morgan Stanley Capital I Trust
08-T29, AM 6.301%, 1/11/43(2)		1,610		1,648
07-IQ14, AM 5.778%, 4/15/49(2)		17,289		17,264
07-IQ16, A4 5.809%, 12/12/49		13,543		13,624
Morgan Stanley Mortgage Loan Trust
04-2AR, 3A 2.893%, 2/25/34(2)		991		991
04-2AR, 4A 2.911%, 2/25/34(2)		930		937
Morgan Stanley Residential Mortgage Loan Trust 14-1A, A1 144A 2.971%, 6/25/44(2)(3)		5,746		5,798
Motel 6 Trust
15-MTL6, B 144A 3.298%, 2/5/30(3)		7,775		7,772
15-MTL6, D 144A 4.532%, 2/5/30(3)		1,500		1,510

See Notes to Financial Statements

12

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
National City Mortgage Capital Trust 08-1, 2A1 6.000%, 3/25/38	$	1,369	$	1,419
New Residential Mortgage Loan Trust
16-2A, A1 144A 3.750%, 11/26/35(2)(3)		17,326		17,506
14-1A, A 144A 3.750%, 1/25/54(2)(3)		13,543		13,840
14-2A, A3 144A 3.750%, 5/25/54(2)(3)		1,538		1,573
14-3A, AFX3 144A 3.750%, 11/25/54(2)(3)		12,725		12,838
15-2A, A1 144A 3.750%, 8/25/55(2)(3)		9,617		9,822
16-1A, A1 144A 3.750%, 3/25/56(2)(3)		8,301		8,375
16-3A, A1 144A 3.750%, 9/25/56(2)(3)		8,692		8,818
16-4A, A1 144A 3.750%, 11/25/56(2)(3)		6,367		6,500
NovaStar Mortgage Funding Trust Series 04-4, M5 2.707%, 3/25/35(2)		3,556		3,476
One Market Plaza Trust 17-1MKT, A 144A 3.614%, 2/10/32(3)		10,700		11,071
Residential Accredit Loans, Inc. 05-QS1, A5 5.500%, 1/25/35		541		540
Residential Asset Mortgage Products Trust
04-SL1, A8 6.500%, 11/25/31		2,009		2,036
05-SL2, A4 7.500%, 2/25/32		1,698		1,693
Residential Asset Mortgage Products, Inc.
04-SL2, A3 7.000%, 10/25/31		1,582		1,643

	PAR VALUE		VALUE
Non-Agency (continued)
04-SL4, A3 6.500%, 7/25/32	$	784	$	792
03-RS8, AI7 5.015%, 9/25/33(2)		207		209
Residential Asset Securitization Trust
03-A11, A9 5.750%, 11/25/33		2,285		2,324
04-A1, A5 5.500%, 4/25/34		10,653		10,717
Residential Funding Mortgage Securities I, Inc. 06-S12, 1A1 5.500%, 12/25/21		616		622
Seasoned Credit Risk Transfer Trust Series 16-1, M1 144A 3.000%, 9/25/55(2)(3)		6,500		6,149
Sequoia Mortgage Trust
13-1, 1A1 1.450%, 2/25/43(2)		1,968		1,918
13-8, B1 3.535%, 6/25/43(2)		6,582		6,607
14-2, A1 144A 4.000%, 7/25/44(2)(3)		6,324		6,419
14-3, A9 144A 3.750%, 10/25/44(2)(3)		13,871		14,052
Station Place Securitization Trust 17-1, B 144A 2.107%, 2/25/49(2)(3)		12,415		12,415
Structured Adjustable Rate Mortgage Loan Trust
04-4, 3A1 3.309%, 4/25/34(2)		588		579
04-4, 3A2 3.309%, 4/25/34(2)		2,600		2,583
04-4, 3A4 3.309%, 4/25/34(2)		2,006		1,980
04-5, 3A2 3.214%, 5/25/34(2)		1,107		1,118
04-14, 7A 3.226%, 10/25/34(2)		9,392		9,380
Structured Asset Securities Corp. 03-AL1, A 144A 3.357%, 4/25/31(3)		6,382		6,289

See Notes to Financial Statements

13

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates
03-30, 2A1 5.060%, 10/25/33(2)	$	2,443	$	2,483
03-33H, 1A1 5.500%, 10/25/33		3,304		3,364
03-34A, 6A 3.506%, 11/25/33(2)		2,397		2,367
04-15, 3A3 5.500%, 9/25/34		1,598		1,606
Towd Point Mortgage Trust
15-1, A2 144A 3.250%, 10/25/53(2)(3)		10,356		10,094
15-3, A1B 144A 3.000%, 3/25/54(2)(3)		4,506		4,536
16-1, A1B, 144A 2.750%, 2/25/55(2)(3)		7,391		7,396
15-6, M1 144A 3.750%, 4/25/55(2)(3)		10,910		10,637
15-5, A1B 144A 2.750%, 5/25/55(2)(3)		6,508		6,512
15-5, A2 144A 3.500%, 5/25/55(2)(3)		3,901		3,931
16-2, A1 144A 3.000%, 8/25/55(2)(3)		7,594		7,618
16-3, A1 144A 2.250%, 4/25/56(2)(3)		6,194		6,133
16-4, A1 144A 2.250%, 7/25/56(2)(3)		9,616		9,500
15-2, 1M1 144A 3.250%, 11/25/60(2)(3)		7,523		7,465
Tricon American Homes Trust 16-SFR1, C 144A 3.487%, 11/17/33(3)		4,640		4,539
Vericrest Opportunity Loan Trust LI LLC 16-NP11, A1 144A 3.500%, 10/25/46(2)(3)		6,993		7,043
Vericrest Opportunity Loan Trust LLC 15-NPL3, A1 144A 3.375%, 10/25/58(2)(3)		7,793		7,762

	PAR VALUE		VALUE
Non-Agency (continued)
Vericrest Opportunity Loan Trust XLVIII LLC 16-NPL8, A1 144A 3.500%, 7/25/46(2)(3)	$	1,136	$	1,142
Vericrest Opportunity Loan Trust XXII LLC 15-NPL4, A1 144A 3.500%, 2/25/55(2)(3)		2,323		2,336
Vericrest Opportunity Loan Trust XXXIII LLC 15-NPL5, A1 144A 3.500%, 3/25/55(2)(3)		3,894		3,908
Vericrest Opportunity Loan Trust XXXV LLC 16-NPL9, A1 144A 3.500%, 9/25/46(2)(3)		7,369		7,368
Vericrest Opportunity Loan Trust XXXVII LLC 15-NP11, A1 144A 3.625%, 7/25/45(2)(3)		4,370		4,390
Verus Securitization Trust 17-1A, A1 144A 2.853%, 1/25/47(2)(3)		8,705		8,705
VSD 17-PLT1, A 3.600%, 12/25/43		8,145		8,124
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust
07-31, AM 5.591%, 4/15/47(2)		29,523		29,681
07-C32, A3 5.760%, 6/15/49(2)		1,956		1,954
07-C33, A5 6.053%, 2/15/51(2)		1,265		1,272
Wells Fargo Mortgage Backed Securities Trust
03-G, A1 2.895%, 6/25/33(2)		988		990
03-J, 5A1 2.957%, 10/25/33(2)		308		311

See Notes to Financial Statements

14

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
MORTGAGE-BACKED SECURITIES (continued)
Non-Agency (continued)
04-4, A9 5.500%, 5/25/34	$	1,441	$	1,469
04-U, A1 3.189%, 10/25/34(2)		898		894
04-Z, 2A1 3.001%, 12/25/34(2)		4,319		4,363
04-CC, A1 3.094%, 1/25/35(2)		2,047		2,062
05-12, 1A1 5.500%, 11/25/35		2,868		2,888
05-14, 2A1 5.500%, 12/25/35		2,037		2,087
07-16, 1A1 6.000%, 12/28/37		2,308		2,404
07-AR10, 2A1 6.156%, 1/25/38(2)		2,742		2,628
				1,336,261
TOTAL MORTGAGE-BACKED SECURITIES
(Identified Cost $1,616,846)				1,618,093
ASSET-BACKED SECURITIES—18.7%
American Credit Acceptance Receivables Trust
14-3, C 144A 3.430%, 6/10/20(3)		18,470		18,573
16-1A, B 144A 4.240%, 6/13/22(3)		7,500		7,619
17-1, C 144A 2.880%, 3/13/23(3)		9,000		9,015
AmeriCredit Automobile Receivables Trust
12-4, D 2.680%, 10/9/18		6,136		6,137
14-2, C 2.180%, 6/8/20		19,450		19,545
14-1, D 2.540%, 6/8/20		18,320		18,443
15-3, C 2.730%, 3/8/21		9,730		9,791
16-4, C 2.410%, 7/8/22		7,080		7,015
17-1, C 2.710%, 8/18/22		10,360		10,400

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Arbys Funding LLC 15-1A, A2 144A 4.969%, 10/30/45(3)	$	5,925	$	5,904
Ascentium Equipment Receivables LLC 15-A1, B 144A 2.260%, 6/10/21(3)		5,400		5,426
Associates Manufactured Housing Pass-Through Certificates 96-1, B1 8.000%, 3/15/27(2)		757		777
Avis Budget Rental Car Funding LLC
(AESOP) 12-3A, A 144A 2.100%, 3/20/19(3)		23,085		23,144
(AESOP) 13-2A, A 144A 2.970%, 2/20/20(3)		6,350		6,449
(AESOP) 16-1A, A 144A 2.990%, 6/20/22(3)		18,500		18,730
BankAmerica Manufactured Housing Contract Trust 98-1, B1 7.810%, 8/10/25(2)		432		435
BCC Funding VIII LLC
14-A, B 144A 3.123%, 8/20/20(3)		2,799		2,802
14-1A, C 144A 4.216%, 8/20/20(3)		5,519		5,533
BCC Funding XIII LLC 16-1, D 144A 4.780%, 8/20/22(3)		5,392		5,298
BXG Receivables Note Trust
10-A, A 144A 5.100%, 3/2/26(3)		704		704
12-A, A 144A 2.660%, 12/2/27(3)		2,642		2,614
13-A, A 144A 3.010%, 12/4/28(3)		5,525		5,555
15-A, A 144A 2.880%, 5/2/30(3)		2,282		2,290

See Notes to Financial Statements

15

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
California Republic Auto Receivables Trust
13-1, B 144A 2.240%, 1/15/19(3)	$	11,600	$	11,620
14-2, B 2.340%, 4/15/20		7,090		7,138
15-3, B 2.700%, 9/15/21		3,705		3,702
16-1, B 3.430%, 2/15/22		4,615		4,699
17-1, B 2.910%, 12/15/22		7,000		6,969
Capital Auto Receivables Asset Trust
15-2, C 2.670%, 8/20/20		7,250		7,283
16-3, C 2.350%, 9/20/21		8,935		8,829
CarFinance Capital Auto Trust
13-1A, B 144A 2.750%, 11/15/18(3)		422		423
13-A1, C 144A 3.450%, 3/15/19(3)		2,210		2,223
13-2A, B 144A 3.150%, 8/15/19(3)		2,275		2,280
14-1A, B 144A 2.720%, 4/15/20(3)		3,880		3,899
14-2A, B 144A 2.640%, 11/16/20(3)		3,455		3,464
14-2A, C 144A 3.240%, 11/16/20(3)		2,765		2,770
15-A1, B 144A 2.910%, 6/15/21(3)		6,000		6,027
CarMax Auto Owner Trust
14-2, B 1.880%, 11/15/19		1,000		1,002
15-2, C 2.390%, 3/15/21		2,275		2,282
17-1, B 2.540%, 9/15/22		5,025		5,025
Carnow Auto Receivables Trust 16-1A, D 144A 7.340%, 11/15/21(3)		4,460		4,470

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
CCG Receivables Trust 14-1, B 144A 2.150%, 11/15/21(3)	$	5,080	$	5,082
Centre Point Funding LLC 12-2A,1 144A 2.610%, 8/20/21(3)		9,750		9,600
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A 4.474%, 3/20/43(3)		20,519		20,350
Citi Held For Asset Issuance 15-PM3, B 144A 4.310%, 5/16/22(3)		23,110		23,350
Conn’s Receivables Funding LLC 16-B, A 144A 3.730%, 10/15/18(3)		4,228		4,240
Consumer Installment Loan Trust 16-LD1, A 144A 3.960%, 7/15/22(3)		3,166		3,194
CPS Auto Receivables Trust
16-C, B 144A 2.480%, 9/15/20(3)		3,000		2,999
16-B, 144A 3.180%, 9/15/20(3)		4,500		4,545
16-A, C 144A 3.800%, 12/15/21(3)		6,500		6,613
DB Master Finance LLC
15-1A, A2I 144A 3.262%, 2/20/45(3)		7,840		7,881
15-A1, A2II 144A 3.980%, 2/20/45(3)		14,482		14,719
Diamond Resorts Owner Trust 14-1, A 144A 2.540%, 5/20/27(3)		6,790		6,790
DRB Prime Student Loan Trust 15-D, A3 144A 2.500%, 1/25/36(3)		4,330		4,337
Drive Auto Receivables Trust
15-DA, B 144A 2.590%, 12/16/19(3)		2,135		2,139

See Notes to Financial Statements

16

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
16-AA, B 144A 3.170%, 5/15/20(3)	$	7,310	$	7,354
15-AA, C 144A 3.060%, 5/17/21(3)		23,685		23,841
17-BA, C 144A 2.610%, 8/16/21(3)		8,750		8,749
16-CA, C 144A 3.020%, 11/15/21(3)		6,280		6,356
17-AA, C 144A 2.980%, 1/18/22(3)		15,410		15,511
15-AA, D 144A 4.120%, 7/15/22(3)		13,120		13,337
Drug Royalty II LP 2 14-1, A2 144A 3.484%, 7/15/23(3)		13,544		13,430
Drug Royalty III LP 1 16-1A, A 144A 3.979%, 4/15/27(3)		3,824		3,825
DT Auto Owner Trust
14-2A, C 144A 2.460%, 1/15/20(3)		744		744
16-1A, B 144A 2.790%, 5/15/20(3)		5,200		5,220
14-3A, C 144A 3.040%, 9/15/20(3)		6,986		7,022
15-1A, C 144A 2.870%, 11/16/20(3)		5,155		5,184
15-3A, C 144A 3.250%, 7/15/21(3)		2,285		2,309
16-2A, C 144A 3.670%, 1/18/22(3)		8,555		8,674
16-3A C,144A 3.150%, 3/15/22(3)		8,485		8,551
16-4A, C 144A 2.740%, 10/17/22(3)		21,875		21,937
17-1, D 144A 3.550%, 11/15/22(3)		10,000		10,027
Exeter Automobile Receivables Trust
14-1A, B 144A 2.420%, 1/15/19(3)		233		233
13-1A, C 144A 3.520%, 2/15/19(3)		9,729		9,772
14-1A, C 144A 3.570%, 7/15/19(3)		15,830		15,915
14-2A, C 144A 3.260%, 12/16/19(3)		13,715		13,833

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
15-A1, C 144A 4.100%, 12/15/20(3)	$	19,850	$	20,342
15-2A, C 144A 3.900%, 3/15/21(3)		24,230		24,630
14-3A, D 144A 5.690%, 4/15/21(3)		22,980		23,802
16-3A, B 144A 2.840%, 8/16/21(3)		8,475		8,465
17-1A, B 144A 3.000%, 12/15/21(3)		13,250		13,296
15-3A, D 144A 6.550%, 10/17/22(3)		3,375		3,430
Fairway Outdoor Funding LLC 12-1A, A2 144A 4.212%, 10/15/42(3)		19,926		19,945
First Investors Auto Owner Trust 15-1A, C 144A 2.710%, 6/15/21(3)		5,000		5,015
Flagship Credit Auto Trust
16-1, A 144A 2.770%, 12/15/20(3)		3,732		3,760
14-2, D 144A 5.210%, 2/15/21(3)		9,560		9,806
15-1, D 144A 5.260%, 7/15/21(3)		3,565		3,663
15-2, C 144A 4.080%, 12/15/21(3)		6,495		6,579
16-2, B 144A 3.840%, 9/15/22(3)		4,175		4,289
16-3, D 144A 3.890%, 11/15/22(3)		4,990		4,997
17-1 C 144A 3.220%, 5/15/23(3)		7,500		7,529
Foundation Finance Trust 16-1A, A 144A 3.960%, 6/15/35(3)		2,843		2,839
Foursight Capital Automobile Receivables Trust 16-1, A2, 144A 2.870%, 10/15/21(3)		6,851		6,871
GLS Auto Receivables Trust 16-1A, B 144A 4.390%, 1/15/21(3)		10,500		10,525

See Notes to Financial Statements

17

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Gold Key Resorts LLC 14-A, A 144A 3.220%, 3/17/31(3)	$	6,550	$	6,567
GreatAmerica Leasing Receivables Funding LLC 17-1, A4 144A 2.360%, 1/20/23(3)		18,010		17,953
Hertz Vehicle Financing LLC
15-2A, A 144A 2.020%, 9/25/19(3)		4,845		4,822
16 -1A, A144A 2.320%, 3/25/20(3)		8,800		8,765
Hilton Grand Vacations Trust
13-A, A 144A 2.280%, 1/25/26(3)		5,850		5,831
14-AA, A 144A 1.770%, 11/25/26(3)		8,152		8,052
17-AA, A 144A 2.660%, 12/27/28(3)		7,440		7,434
Hyundai Auto Receivables Trust
14-B, D 2.510%, 12/15/20		9,675		9,689
15-A, D 2.730%, 6/15/21		8,950		8,990
Leaf Receivables Funding 10 LLC
15-1, D 144A 3.740%, 5/17/21(3)		800		788
15-1, E1 144A 5.210%, 7/15/21(3)		4,500		4,466
15-1, E2 144A 6.000%, 6/15/23(3)		2,455		2,408
Leaf Receivables Funding 11 LLC
16-1, E1 144A 5.500%, 4/15/23(3)		5,000		4,884
16-1, E2 144A 6.000%, 6/15/24(3)		4,170		3,856
Leaf Receivables Funding 9 LLC
13-1,E2 C 144A 3.460%, 9/15/21(3)		6,473		6,470
13-1, D 144A 5.110%, 9/15/21(3)		1,186		1,200

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Mariner Finance Issuance Trust 17-AA, A 144A 3.620%, 2/20/29(3)	$	7,335	$	7,372
Marriott Vacation Club Owner Trust
12-1A, A 144A 2.510%, 5/20/30(3)		10,537		10,551
10-1A, A 144A 3.540%, 10/20/32(3)		306		308
10-1A, B 144A 4.520%, 10/20/32(3)		596		603
Murray Hill Marketplace Trust 16-LC1, A 144A 4.190%, 11/25/22(3)		2,445		2,464
MVW Owner Trust
15-1A, B 144A 2.960%, 12/20/32(3)		1,344		1,340
16-1A, A 144A 2.250%, 12/20/33(3)		6,167		6,076
NCF Dealer Floorplan Master Trust 16-1A, A 144A 4.029%, 3/21/22(2)(3)		9,000		8,942
OneMain Direct Auto Receivables Trust 16-1A, B 144A 2.760%, 5/15/21(3)		5,000		5,011
OneMain Financial Issuance Trust
14-1A, A 144A 2.430%, 6/18/24(3)		4,173		4,174
15-2A, A 144A 2.570%, 7/18/25(3)		19,675		19,715
15-1A, A 144A 3.190%, 3/18/26(3)		26,301		26,580
Orange Lake Timeshare Trust
12-AA, A 144A 3.450%, 3/10/27(3)		2,721		2,744
15-AA, A 144A 2.880%, 9/8/27(3)		5,679		5,675
14-AA, A 144A 2.290%, 7/9/29(3)		2,507		2,480
Prestige Auto Receivables Trust 14-1A, C 144A 2.390%, 5/15/20(3)		7,000		6,998

See Notes to Financial Statements

18

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust
13-3, C 1.810%, 4/15/19	$	2,423	$	2,425
14-3, C 2.130%, 8/17/20		13,781		13,816
16-2, B 2.080%, 2/16/21		8,250		8,258
17-1, C 2.580%, 5/16/22		9,435		9,433
Security National Automotive Acceptance Company Receivables Trust 14-1A, C 144A 2.210%, 1/15/20(3)		227		227
Sierra Receivables Funding Co., LLC 17-1A, A 144A 2.910%, 3/20/34(3)		10,000		10,060
Sierra Timeshare Receivables Funding LLC
12-3A, A 144A 1.870%, 8/20/29(3)		5,324		5,319
13-1A, A 144A 1.590%, 11/20/29(3)		1,928		1,923
14-1A, A 144A 2.070%, 3/20/30(3)		1,824		1,823
14-2A, A 144A 2.050%, 6/20/31(3)		2,598		2,594
16-1A, A 144A 3.080%, 3/21/33(3)		6,074		6,139
16-2A, A 144A 2.330%, 7/20/33(3)		5,954		5,953
Silverleaf Finance LLC
XVII 13-A, A 144A 2.680%, 3/16/26(3)		2,059		2,055
XVIII 14-A, A 144A 2.810%, 1/15/27(3)		1,480		1,477
Silverleaf Finance XV LLC 12-D, A 144A 3.000%, 3/17/25(3)		2,020		2,021
Skopos Auto Receivables Trust 15-2A, A 144A 3.550%, 2/15/20(3)		1,870		1,872

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
SLM Private Education Loan Trust
13-B, A2A 144A 1.850%, 6/17/30(3)	$	4,500	$	4,480
13-C, A2A 144A 2.940%, 10/15/31(3)		4,781		4,836
SoFi Consumer Loan Program LLC
16-3, A 144A 3.050%, 12/26/25(3)		16,981		16,989
17-1, A 144A 3.280%, 1/26/26(3)		13,113		13,175
SoFi Professional Loan Program LLC
14-B, A2 144A 2.550%, 8/27/29(3)		824		826
15-A, A2 144A 2.420%, 3/25/30(3)		3,376		3,373
16-A, A2 144A 2.760%, 12/26/36(3)		1,838		1,852
17-A, A2B 144A 2.400%, 3/26/40(3)		10,000		9,837
17-B, A1FX 144A 1.830%, 5/25/40(3)		10,440		10,439
Springleaf Funding Trust 16-AA, A 144A 2.900%, 11/15/29(3)		9,485		9,538
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 01-SB1, A2 3.375%, 8/25/31		1,326		1,311
SVO VOI Mortgage Corp. 12-AA, A 144A 2.000%, 9/20/29(3)		6,871		6,801
Taco Bell Funding LLC 16-1A, A21 144A 3.832%, 5/25/46(3)		14,323		14,519
TCF Auto Receivables Owner Trust
14-1A, B 144A 2.330%, 5/15/20(3)		1,733		1,728
14-1A, C 144A 3.120%, 4/15/21(3)		2,035		2,035
16-PT1A, C 144A 3.210%, 1/17/23(3)		10,900		10,840

See Notes to Financial Statements

19

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
TGIF Funding LLC 17-1A, A2 144A 6.202%, 4/30/47(3)	$	17,655	$	17,331
Tidewater Auto Receivables Trust
14-AA, C 144A 2.560%, 8/15/19(3)		2,890		2,898
16-AA, B 144A 3.130%, 3/15/20(3)		7,393		7,429
Trip Rail Master Funding LLC
11-1A, A1A 144A 4.370%, 7/15/41(3)		10,797		10,868
14-1A, A1 144A 2.863%, 4/15/44(3)		9,296		9,101
U-Haul S Fleet LLC 10-BT1A, 1 144A 4.899%, 10/25/23(3)		29,209		29,361
United Auto Credit Securitization Trust
16-1, B 144A 2.730%, 5/15/18(3)		1,716		1,717
16-2, C 144A 2.480%, 3/10/20(3)		9,425		9,418
Volvo Financial Equipment LLC 14-1A, C 144A 1.940%, 11/15/21(3)		6,000		6,009
Volvo Financial Equipment LLC Series 17-1A, B 144A 2.400%, 1/18/22(3)		3,600		3,591
VSE VOI Mortgage LLC 16-A, A 144A 2.540%, 7/20/33(3)		6,786		6,758
Welk Resorts LLC
13-AA, A 144A 3.100%, 3/15/29(3)		2,899		2,916
15-AA, A 144A 2.790%, 6/16/31(3)		5,127		5,103
Wendy’s Funding LLC
15-1A, A2II 144A 3.371%, 6/15/45(3)		11,046		11,097
15-1A, A2II 144A 4.080%, 6/15/45(3)		9,449		9,512

	PAR VALUE		VALUE
ASSET-BACKED SECURITIES (continued)
Westgate Resorts LLC 16-1A, A 144A 3.500%, 12/20/28(3)	$	8,163	$	8,203
Westlake Automobile Receivables Trust
15-1A, C 144A 2.290%, 11/16/20(3)		8,500		8,517
16-2A C, 144A 2.830%, 5/17/21(3)		3,190		3,210
15-3A, D,144A 4.400%, 5/17/21(3)		10,000		10,169
17-1A, B 144A 2.300%, 10/17/22(3)		10,000		10,011
TOTAL ASSET-BACKED SECURITIES
(Identified Cost $1,343,669)				1,348,151
CORPORATE BONDS AND NOTES—35.7%
Consumer Discretionary—2.7%
Alibaba Group Holding Ltd. 2.500%, 11/28/19		6,600		6,631
Altice SA 144A 7.750%, 5/15/22(3)		10,060		10,701
American Greetings Corp. 144A 7.875%, 2/15/25(3)		3,540		3,726
Caesars Entertainment Operating Co., Inc. 9.000%, 2/15/20(10)		3,565		4,158
Charter Communications Operating LLC 4.464%, 7/23/22		6,735		7,093
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20		17,015		17,228
Delphi Automotive plc 3.150%, 11/19/20		15,000		15,301
Diamond Resorts International, Inc. 144A 7.750%, 9/1/23(3)		590		619
Horton (D.R.), Inc. 4.750%, 2/15/23		10,550		11,226

See Notes to Financial Statements

20

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Consumer Discretionary (continued)
Hyundai Capital America 144A 2.125%, 10/2/17(3)	$	2,940	$	2,945
International Game Technology plc
144A 5.625%, 2/15/20(3)		3,245		3,407
144A 6.250%, 2/15/22(3)		5,190		5,566
M/I Homes, Inc. 6.750%, 1/15/21		4,675		4,918
Marriott International, Inc. Series N, 3.125%, 10/15/21		13,545		13,786
MGM Growth Properties Operating Partnership LP 5.625%, 5/1/24		1,740		1,844
NCL Corp., Ltd. 144A 4.750%, 12/15/21(3)		13,240		13,472
Newell Brands, Inc. 3.150%, 4/1/21		1,925		1,969
QVC, Inc. 3.125%, 4/1/19		12,765		12,961
Scientific Games International, Inc. 144A 7.000%, 1/1/22(3)		8,970		9,609
SFR (Numericable) Group S.A.
144A 6.000%, 5/15/22(3)		4,580		4,763
144A 7.375%, 5/1/26(3)		7,075		7,314
Toll Brothers Finance Corp.
4.000%, 12/31/18		5,080		5,220
6.750%, 11/1/19		9,716		10,663
5.625%, 1/15/24		915		969
TRI Pointe Group, Inc.
4.875%, 7/1/21		3,740		3,862
5.875%, 6/15/24		10,130		10,484
Wyndham Worldwide Corp.
2.500%, 3/1/18		2,960		2,974

	PAR VALUE		VALUE
Consumer Discretionary (continued)
4.150%, 4/1/24	$	915	$	923
				194,332
Consumer Staples—0.6%
ESAL GmbH 144A 6.250%, 2/5/23(3)		8,600		8,643
MARB BondCo plc 144A 7.000%, 3/15/24(3)		9,135		9,089
Smithfield Foods, Inc.
144A 2.700%, 1/31/20(3)		6,867		6,862
144A 3.350%, 2/1/22(3)		3,678		3,673
Whole Foods Market, Inc. 5.200%, 12/3/25		14,325		15,209
				43,476
Energy—6.5%
Afren plc 144A 11.500%, 2/1/20(3)(9)(15)		4,674		24
Alberta Energy Co., Ltd. 8.125%, 9/15/30		8,110		10,313
Anadarko Finance Co. Series B 7.500%, 5/1/31		3,000		3,802
Anadarko Petroleum Corp.
4.850%, 3/15/21		3,845		4,113
5.550%, 3/15/26		5,455		6,053
Antero Resources Corp. 5.625%, 6/1/23		6,835		7,023
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(3)		4,595		4,675
Carrizo Oil & Gas, Inc. 6.250%, 4/15/23		4,150		4,181
Cheniere Corpus Christi Holdings LLC 144A 7.000%, 6/30/24(3)		7,155		7,915
Cimarex Energy Co. 4.375%, 6/1/24		11,490		11,935

See Notes to Financial Statements

21

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Energy (continued)
CNOOC Finance Property Ltd. 2.625%, 5/5/20	$	5,800	$	5,776
Concho Resources, Inc. 5.500%, 4/1/23		9,345		9,690
Continental Resources, Inc.
5.000%, 9/15/22		5,035		5,104
4.500%, 4/15/23		3,035		2,974
Diamondback Energy, Inc. 144A 4.750%, 11/1/24(3)		2,070		2,093
Ecopetrol S.A. 5.875%, 9/18/23		20,920		22,672
Enbridge Energy Partners LP 4.375%, 10/15/20		3,930		4,142
Encana Corp. 3.900%, 11/15/21		7,960		8,131
Energy Transfer Partners LP 5.200%, 2/1/22		4,855		5,202
EP Energy LLC
9.375%, 5/1/20		11,345		10,749
144A 8.000%, 11/29/24(3)		4,180		4,410
144A 8.000%, 2/15/25(3)		1,925		1,800
FTS International, Inc. 6.250%, 5/1/22		2,245		1,976
KazMunayGas National Co. 144A 6.375%, 4/9/21(3)		4,800		5,284
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(3)		20,300		22,276
Lukoil OAO International Finance BV 144A 3.416%, 4/24/18(3)		6,000		6,053
Midcontinent Express Pipeline LLC 144A 6.700%, 9/15/19(3)		3,500		3,719

	PAR VALUE		VALUE
Energy (continued)
Newfield Exploration Co. 5.625%, 7/1/24	$	7,925	$	8,391
NGL Energy Partners LP 5.125%, 7/15/19		18,475		18,614
Noble Holding International Ltd. 7.750%, 1/15/24		8,325		8,034
Pertamina Persero PT 144A 4.875%, 5/3/22(3)		10,220		10,853
Petrobras Global Finance BV
8.375%, 5/23/21		35,515		40,265
6.125%, 1/17/22		486		511
8.750%, 5/23/26		405		470
Petroleos de Venezuela S.A.
RegS 8.500%, 11/2/17(4)		6,664		5,565
144A 8.500%, 10/27/20(3)		13,303		9,977
144A 6.000%, 5/16/24(3)		12,980		4,783
Petroleos Mexicanos
5.500%, 1/21/21		10,070		10,674
4.875%, 1/24/22		16,470		16,943
6.875%, 8/4/26		13,475		14,957
PHI, Inc. 5.250%, 3/15/19		6,275		5,961
Pride International, Inc. 8.500%, 6/15/19		4,065		4,472
QEP Resources, Inc.
6.875%, 3/1/21		5,220		5,572
5.250%, 5/1/23		13,087		12,896
Range Resources Corp.
144A 5.000%, 8/15/22(3)		3,730		3,711
144A 5.000%, 3/15/23(3)		8,025		7,935
Regency Energy Partners LP 5.000%, 10/1/22		17,910		19,043
Sabine Oil & Gas Corp. 7.250%, 6/15/19(9)(15)(17)		9,035		23

See Notes to Financial Statements

22

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE			VALUE
CORPORATE BONDS AND NOTES (continued)
Energy (continued)
Sabine Pass Liquefaction LLC
5.625%, 2/1/21	$	8,000		$	8,619
6.250%, 3/15/22		8,415			9,329
Sinopec Capital Ltd. 144A 1.875%, 4/24/18(3)		11,750			11,722
Southern Gas Corridor CJSC 144A 6.875%, 3/24/26(3)		6,435			7,071
Sunoco LP 6.375%, 4/1/23		16,520			16,850
Transocean, Inc.
144A 9.000%, 7/15/23(3)		3,680			3,947
6.800%, 3/15/38		7,800			6,455
Weatherford International Ltd. 144A 9.875%, 2/15/24(3)		4,795			5,574
YPF S.A. 144A 8.500%, 3/23/21(3)		7,000			7,690
					468,992
Financials—13.1%
AerCap Ireland Capital Ltd. 3.950%, 2/1/22		3,670			3,769
Air Lease Corp. 2.625%, 9/4/18		5,495			5,541
Akbank TAS 144A 7.500%, 2/5/18(3)		33,705	TRY		8,937
Ally Financial, Inc.
4.250%, 4/15/21		10,530			10,767
5.750%, 11/20/25		7,090			7,285
Altice US Finance I Corp. 144A 5.375%, 7/15/23(3)		8,250			8,580
Ares Capital Corp.
4.875%, 11/30/18		1,545			1,603
3.875%, 1/15/20		4,286			4,371
3.625%, 1/19/22		4,475			4,436
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(3)		14,195			14,562

	PAR VALUE			VALUE
Financials (continued)
Aviation Capital Group Corp. 144A 2.875%, 9/17/18(3)	$	4,415		$	4,459
Banco de Credito del Peru 144A 4.250%, 4/1/23(3)		15,500			16,042
Bank of America Corp.
2.000%, 1/11/18		14,905			14,943
5.490%, 3/15/19		2,868			3,035
2.221%, 10/21/22(2)		10,735			10,905
4.200%, 8/26/24		10,473			10,664
Bank of Baroda 144A 4.875%, 7/23/19(3)		11,775			12,319
Bank of India 144A 3.625%, 9/21/18(3)		10,200			10,322
Barclays Bank plc 144A 6.050%, 12/4/17(3)		13,130			13,473
Barclays plc 3.200%, 8/10/21		10,345			10,351
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22(4)		16,280			17,420
Blackstone Holdings Finance Co., LLC 144A 6.625%, 8/15/19(3)		7,105			7,824
Bonos del Banco Central de Chile En Pesos 4.500%, 6/1/20		4,570,000	CLP		7,246
Brookfield Finance LLC 4.000%, 4/1/24		15,475			15,563
Capital One N.A. 2.400%, 9/5/19		5,000			5,015
Citigroup, Inc.
2.485%, 9/1/23(2)		10,755			11,059
4.600%, 3/9/26		6,860			7,044
Corp Financiera de Desarrollo SA 144A 4.750%, 7/15/25(3)		7,000			7,406
Corpbanca SA 144A 3.875%, 9/22/19(3)		4,000			4,125
Discover Bank 8.700%, 11/18/19		1,750			1,988

See Notes to Financial Statements

23

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Financials (continued)
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(3)	$	14,685	$	14,446
Fidelity National Financial, Inc. 6.600%, 5/15/17		6,475		6,509
Fifth Third Bancorp 4.500%, 6/1/18		6,745		6,932
First Tennessee Bank N.A. 2.950%, 12/1/19		4,500		4,552
Ford Motor Credit Co., LLC 5.000%, 5/15/18		10,000		10,331
FS Investment Corp. 4.250%, 1/15/20		7,725		7,783
General Motors Financial Co., Inc.
3.500%, 7/10/19		9,715		9,980
4.200%, 3/1/21		7,300		7,619
Genworth Holdings, Inc. 7.625%, 9/24/21		6,910		6,564
Goldman Sachs Group, Inc. (The)
2.350%, 11/15/21		4,425		4,337
4.250%, 10/21/25		24,315		24,782
Guanay Finance Ltd. 144A 6.000%, 12/15/20(3)		23,050		23,770
HBOS plc 144A 6.750%, 5/21/18(3)		685		717
HSBC USA, Inc. 2.625%, 9/24/18		19,485		19,683
Huntington Bancshares, Inc. 7.000%, 12/15/20		17,065		19,545
Hutchison Whampoa International Ltd. Series 12 144A 6.000%(2)(3)(6)		16,710		16,763
ICAHN Enterprises LP
5.875%, 2/1/22		12,875		13,132
144A 6.250%, 2/1/22(3)		3,610		3,673

	PAR VALUE			VALUE
Financials (continued)
ICICI Bank Ltd.
RegS 4.700%, 2/21/18(4)	$	13,000		$	13,291
144A 4.000%, 3/18/26(3)		6,505			6,475
Industrial & Commercial Bank of China Ltd. 3.231%, 11/13/19		6,275			6,399
International Lease Finance Corp. 3.875%, 4/15/18		7,635			7,784
iStar Financial, Inc. 4.875%, 7/1/18		6,945			7,014
iStar, Inc.
5.000%, 7/1/19		6,210			6,288
6.000%, 4/1/22		3,655			3,719
Jefferies Group LLC
5.125%, 4/13/18		6,541			6,746
5.125%, 1/20/23		3,725			4,002
JPMorgan Chase & Co.
6.125%, 6/27/17		8,850			8,943
2.295%, 8/15/21		4,495			4,448
JPMorgan Chase Bank N.A. 1.650%, 9/23/19		8,805			8,758
Lazard Group LLC 4.250%, 11/14/20		7,765			8,166
Lincoln National Corp.
8.750%, 7/1/19		4,613			5,262
6.050%, 4/20/67(2)(7)		2,885			2,445
Macquarie Group Ltd.
144A 3.000%, 12/3/18(3)		4,870			4,941
144A 6.000%, 1/14/20(3)		10,950			11,912
Mitsubishi UFJ Financial Group, Inc. 2.950%, 3/1/21		2,500			2,522
Morgan Stanley
144A 10.090%, 5/3/17(3)		22,595	BRL		7,203
2.443%, 10/24/23(2)		21,606			22,064
4.350%, 9/8/26		9,545			9,714
MUFG Union Bank N.A. 2.625%, 9/26/18		2,700			2,728

See Notes to Financial Statements

24

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Financials (continued)
Navient Corp.
6.500%, 6/15/22	$	7,229	$	7,301
7.250%, 9/25/23		3,620		3,656
New York Life Global Funding 144A 1.950%, 2/11/20(3)		2,855		2,844
Phosagro OAO 144A 4.204%, 2/13/18(3)(5)		7,800		7,918
Prudential Financial, Inc. 8.875%, 6/15/38(2)		11,200		12,040
QBE Insurance Group Ltd. 144A 2.400%, 5/1/18(3)		7,750		7,765
Regions Bank 7.500%, 5/15/18		2,369		2,508
Russian Agricultural Bank OJSC (RSHB Capital SA)
144A 5.298%, 12/27/17(3)		13,655		13,937
144A 5.100%, 7/25/18(3)(5)		8,750		9,029
S&P Global, Inc. 3.300%, 8/14/20		15,097		15,421
Santander Holdings USA, Inc.
2.700%, 5/24/19		10,650		10,700
2.650%, 4/17/20		7,540		7,504
144A 3.700%, 3/28/22(3)		7,190		7,200
SBA Tower Trust
144A 2.933%, 12/11/17(3)		13,275		13,282
144A 3.156%, 10/15/20(3)		6,050		6,081
Sberbank of Russia 5.717%, 6/16/21(5)		7,000		7,539
Springleaf Finance Corp. 5.250%, 12/15/19		9,585		9,693
State Bank of India 144A 3.250%, 4/18/18(3)		10,470		10,593
State Street Corp. 4.956%, 3/15/18		24,025		24,704

	PAR VALUE		VALUE
Financials (continued)
SunTrust Bank, Inc.
6.000%, 9/11/17	$	4,925	$	5,022
5.450%, 12/1/17		3,750		3,842
Tervita Escrow Corp. 144A 7.625%, 12/1/21(3)		1,200		1,245
TIAA Asset Management Finance Co., LLC 144A 2.950%, 11/1/19(3)		2,850		2,897
Toronto-Dominion Bank (The) 2.125%, 4/7/21		11,005		10,906
Trinity Acquisition plc
3.500%, 9/15/21		1,485		1,510
4.400%, 3/15/26		9,145		9,373
Turkiye Garanti Bankasi AS 144A 4.750%, 10/17/19(3)		8,500		8,651
Turkiye Is Bankasi 144A 3.750%, 10/10/18(3)		12,630		12,635
Turkiye Vakiflar Bankasi TAO 144A 3.750%, 4/15/18(3)		4,000		3,998
UBS Group Funding Jersey Ltd. 144A 2.650%, 2/1/22(3)		8,475		8,307
Vnesheconombank
144A 6.902%, 7/9/20(3)		16,000		17,555
144A 6.025%, 7/5/22(3)		6,620		7,116
Wells Fargo & Co.
3.069%, 1/24/23		6,915		6,945
2.269%, 10/31/23(2)		10,770		10,968
Wells Fargo Bank N.A. 2.150%, 12/6/19		17,645		17,709
XLIT Ltd. Series E, 2.300%, 12/15/18		9,730		9,791
				941,181
Health Care—2.1%
Abbott Laboratories
2.350%, 11/22/19		6,325		6,350
2.900%, 11/30/21		8,815		8,853

See Notes to Financial Statements

25

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Health Care (continued)
AbbVie, Inc.
2.500%, 5/14/20	$	11,705	$	11,783
3.200%, 11/6/22		1,940		1,962
Actavis Capital S.a.r.l.
3.000%, 3/12/20		2,825		2,871
3.450%, 3/15/22		3,815		3,887
Alere, Inc. 6.500%, 6/15/20		6,175		6,252
Community Health Systems, Inc.
5.125%, 8/1/21		4,790		4,754
6.250%, 3/31/23		1,520		1,556
Concordia International Corp. 144A 7.000%, 4/15/23(3)		1,510		298
Endo Finance LLC 144A 6.000%, 7/15/23(3)		720		634
Express Scripts Holding Co. 3.300%, 2/25/21		2,330		2,370
Forest Laboratories LLC 144A 4.375%, 2/1/19(3)		13,430		13,896
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(3)		2,590		2,692
HCA, Inc. 6.500%, 2/15/20		13,125		14,364
Mylan N.V.
3.000%, 12/15/18		5,360		5,422
3.150%, 6/15/21		4,065		4,082
Owens & Minor, Inc. 3.875%, 9/15/21		2,485		2,532
Shire Acquisitions Investments 2.400%, 9/23/21		9,275		9,083
Tenet Healthcare Corp.
4.750%, 6/1/20		4,650		4,774
4.631%, 6/15/20(2)		4,045		4,091
6.000%, 10/1/20		9,560		10,134
144A 7.500%, 1/1/22(3)		490		530
8.125%, 4/1/22		3,015		3,158

	PAR VALUE		VALUE
Health Care (continued)
Teva Pharmaceutical Finance Netherlands III BV
2.200%, 7/21/21	$	2,670	$	2,569
2.800%, 7/21/23		2,640		2,505
Valeant Pharmaceuticals International, Inc. 144A 6.500%, 3/15/22(3)		2,190		2,259
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22		17,905		17,969
				151,630
Industrials—2.8%
America West Airlines Pass-Through-Trust 01-1, G 7.100%, 4/2/21		36,627		39,878
BAE Systems Holdings, Inc. 144A 2.850%, 12/15/20(3)		4,655		4,704
Bombardier, Inc. 144A 4.750%, 4/15/19(3)		15,692		15,986
British Airways Pass-Through-Trust 13-1, B 144A 5.625%, 6/20/20(3)		8,367		8,702
Cemex Finance LLC 144A 6.000%, 4/1/24(3)		7,110		7,494
Continental Airlines Pass-Through-Trust
99-2, C2 AMBC 6.236%, 3/15/20		6,306		6,526
00-1, A1 8.048%, 11/1/20		4,270		4,676
01-1, A1 6.703%, 6/15/21		3,306		3,488
Delta Air Lines, Inc. 2.875%, 3/13/20		1,626		1,639
Doric Nimrod Air Alpha Pass-Through-Trust 13-1, A 144A 5.250%, 5/30/23(3)		18,184		18,939

See Notes to Financial Statements

26

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Industrials (continued)
Embraer Overseas Ltd. 144A 5.696%, 9/16/23(3)	$	3,460	$	3,720
Hawaiian Airlines Pass-Through Certificates 13-1, B 4.950%, 1/15/22		6,732		6,724
JBS Investments GmbH 144A 7.250%, 4/3/24(3)		1,535		1,596
Masco Corp. 5.950%, 3/15/22		18,385		20,647
Park Aerospace Holdings Ltd. 144A 5.250%, 8/15/22(3)		1,560		1,628
Penske Truck Leasing Co., LP
RegS 2.500%, 6/15/19(4)		3,470		3,479
144A 3.375%, 2/1/22(3)		8,365		8,487
SCF Capital Ltd. 144A 5.375%, 6/16/23(3)		8,460		8,757
Standard Industries, Inc. 144A 5.500%, 2/15/23(3)		6,590		6,738
Toledo Edison Co. (The) 7.250%, 5/1/20		224		244
UAL Pass-Through-Trust 07-01, A 6.636%, 7/2/22		23,011		24,881
United Airlines Pass-Through Trust 14-1, B 4.750%, 4/11/22		4,558		4,649
				203,582
Information Technology—1.0%
Broadcom Corp.
144A 2.375%, 1/15/20(3)		10,660		10,658
144A 3.000%, 1/15/22(3)		7,550		7,527

	PAR VALUE		VALUE
Information Technology (continued)
Diamond 1 Finance Corp. 144A 5.450%, 6/15/23(3)	$	16,410	$	17,703
Dun & Bradstreet Corp. (The)
3.500%, 12/1/17		12,110		12,199
4.250%, 6/15/20		4,660		4,843
Everett Spinco, Inc. 144A 2.875%, 3/27/20(3)		2,523		2,544
Hewlett Packard Enterprise Co.
2.850%, 10/5/18		9,690		9,805
3.600%, 10/15/20		1,845		1,896
NXP BV 144A 4.125%, 6/1/21(3)		7,100		7,366
				74,541
Materials—2.6%
Air Liquide Finance SA 144A 1.750%, 9/27/21(3)		3,000		2,893
Airgas, Inc. 3.050%, 8/1/20		890		914
Allegheny Technologies, Inc. 9.375%, 6/1/19		7,245		7,970
Ardagh Packaging Finance plc 144A 4.250%, 9/15/22(3)		1,400		1,417
Cemex SAB de CV RegS 6.500%, 12/10/19(4)		3,598		3,805
CRH America, Inc. 8.125%, 7/15/18		4,770		5,144
Equate Petrochemical BV 144A 3.000%, 3/3/22(3)		9,535		9,316
Fortescue Metals Group Resources August 2006 Pty Ltd. 144A 9.750%, 3/1/22(3)		16,815		19,274
Freeport-McMoRan, Inc.
3.550%, 3/1/22		3,070		2,863
3.875%, 3/15/23		7,645		7,069

See Notes to Financial Statements

27

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Materials (continued)
Gerdau Holdings, Inc. 144A 7.000%, 1/20/20(3)	$	7,630	$	8,313
Gerdau Trade, Inc. 144A 5.750%, 1/30/21(3)		1,700		1,783
Glencore Funding LLC 144A 4.125%, 5/30/23(3)		17,615		17,943
Grace (WR) & Co. 144A 5.125%, 10/1/21(3)		1,535		1,616
Novelis Corp. 144A 6.250%, 8/15/24(3)		605		632
Office Cherifien des Phosphates (OCP) S.A. 144A 5.625%, 4/25/24(3)		17,090		18,196
Reynolds Group Issuer, Inc.
5.750%, 10/15/20		12,945		13,334
144A 4.523%, 7/15/21(2)(3)		3,100		3,179
144A 5.125%, 7/15/23(3)		1,600		1,646
144A 7.000%, 7/15/24(3)		110		118
Rusal Capital DAC 144A 5.125%, 2/2/22(3)		17,980		18,104
Severstal Oao Via Steel Capital S.A. 144A 3.850%, 8/27/21(3)(5)		17,780		17,801
Vale Overseas Ltd. 5.875%, 6/10/21		7,475		8,010
Vedanta Resources plc 144A 6.000%, 1/31/19(3)		17,325		17,845
				189,185
Real Estate—1.4%
Brixmor Operating Partnership LP 3.875%, 8/15/22		5,570		5,703
CyrusOne LP 144A 5.000%, 3/15/24(3)		1,435		1,478

	PAR VALUE		VALUE
Real Estate (continued)
Digital Realty Trust LP
3.400%, 10/1/20	$	11,735	$	12,034
3.950%, 7/1/22		8,175		8,513
Education Realty Operating Partnership LP 4.600%, 12/1/24		2,040		2,052
Government Properties Income Trust 3.750%, 8/15/19		2,905		2,929
HCP, Inc. 3.750%, 2/1/19		4,035		4,136
Hospitality Properties Trust 4.500%, 6/15/23		4,445		4,597
Select Income REIT 4.150%, 2/1/22		18,910		19,082
Senior Housing Properties Trust 3.250%, 5/1/19		6,685		6,715
Ventas Realty LP
4.000%, 4/30/19		7,100		7,343
2.700%, 4/1/20		2,948		2,972
Welltower, Inc. 4.125%, 4/1/19		4,100		4,235
West Europe Finance LLC 144A 3.250%, 10/5/20(3)		19,265		19,633
				101,422
Telecommunication Services—1.7%
Altice Financing S.A. 144A 6.625%, 2/15/23(3)		7,045		7,344
AT&T Inc.
3.200%, 3/1/22		1,910		1,924
3.800%, 3/1/24		1,860		1,880
AT&T, Inc.
3.800%, 3/15/22		11,365		11,754
3.000%, 6/30/22		7,200		7,158
4.125%, 2/17/26		6,955		7,052
Crown Castle International Corp. 3.700%, 6/15/26		870		854
Crown Castle Towers LLC 144A 6.113%, 1/15/20(3)		5,900		6,388

See Notes to Financial Statements

28

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
CORPORATE BONDS AND NOTES (continued)
Telecommunication Services (continued)
Digicel Group Ltd. 144A 8.250%, 9/30/20(3)	$	10,365	$	8,949
Frontier Communications Corp.
8.500%, 4/15/20		3,200		3,388
8.875%, 9/15/20		3,380		3,579
10.500%, 9/15/22		9,085		9,244
Sprint Communications, Inc. 6.000%, 11/15/22		14,060		14,412
T-Mobile USA, Inc. 6.000%, 4/15/24		10,030		10,720
Telefonica Emisiones SAU 3.192%, 4/27/18		2,805		2,841
Verizon Communications, Inc.
3.125%, 3/16/22		9,017		9,047
2.625%, 8/15/26		7,550		6,893
Zayo Group LLC 6.000%, 4/1/23		6,960		7,386
				120,813
Utilities—1.2%
Dominion Resources, Inc. 2.962%, 7/1/19(2)		1,760		1,785
Eskom Holdings SOC Ltd. 144A 5.750%, 1/26/21(3)		13,900		14,006
Exelon Corp.
2.850%, 6/15/20		18,845		19,090
3.497%, 6/1/22		4,596		4,638
Korea Western Power Co., Ltd. 144A 3.125%, 5/10/17(3)		9,800		9,811
Majapahit Holding BV 144A 7.750%, 1/20/20(3)		8,800		9,950
State Grid Overseas Investment Ltd.
144A 1.750%, 5/22/18(3)		5,000		4,982

	PAR VALUE		VALUE
Utilities (continued)
144A 2.750%, 5/7/19(3)	$	9,370	$	9,481
Talen Energy Supply LLC 144A 4.625%, 7/15/19(3)		10,340		10,599
Vistra Operations Company LLC (Texas Competitive Electric Holdings Co. LLC) 144A 0.000%, 10/1/20(3)(9)(15)(17)		5,925		4
				84,346
TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $2,542,185)				2,573,500
LOAN AGREEMENTS(2)—10.2%
Consumer Discretionary—3.4%
Altice U.S. Finance I Corp. 2016 Refinancing, 3.982%, 1/15/25		12,773		12,782
AMC Entertainment Holdings, Inc. 3.733%, 12/15/23		1,829		1,848
Aristocrat Leisure Ltd. Tranche B-2, 3.143%, 10/20/21		8,352		8,413
Bass Pro Group LLC 6.147%, 12/15/23		10,535		10,173
Boyd Gaming Corp. Refinancing Tranche B, 0.000%, 9/15/23(12)		4,725		4,759
Caesars Entertainment Operating Co., Inc.
Tranche B-4, 1.500%, 10/31/17(10)		3,413		4,238
Tranche B-6, 1.500%, 3/1/20(10)		3,645		4,228
Caesars Entertainment Resort Properties LLC Tranche B, 7.000%, 10/11/20		11,392		11,477
Caesars Growth Properties Holdings LLC Tranche B, First Lien, 6.250%, 5/8/21		7,155		7,213

See Notes to Financial Statements

29

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
LOAN AGREEMENTS(2) (continued)
Consumer Discretionary (continued)
CDS U.S. Intermediate Holdings, Inc. First Lien, 5.147%, 7/8/22	$	5,650	$	5,702
Charter Communications Operating LLC
Tranche E-1, 2.990%, 7/1/20		6,256		6,280
Tranche F-1, 2.990%, 1/3/21		14,159		14,210
Tranche I-1, 3.232%, 1/15/24		2,850		2,867
CSC Holdings LLC 2016 Extended, 3.943%, 10/11/24		10,991		10,987
Delta 2 (Lux) S.a.r.l. Tranche B-3, 4.568%, 2/1/24		7,421		7,429
El Dorado Resorts, Inc.
4.250%, 7/25/22		2,729		2,731
Tranche B, 0.000%, 3/15/24(12)		3,815		3,815
Harbor Freight Tools USA, Inc. 4.232%, 8/18/23		14,130		14,130
Hilton Worldwide Finance LLC Tranche B-2 2.982%, 10/25/23		12,433		12,544
Intelsat Jackson Holdings S.A. Tranche B-2, 3.887%, 6/30/19		7,912		7,765
Las Vegas Sands, LLC Refinancing Term, 2.980%, 3/29/24		7,363		7,377
MGM Growth Properties Operating Partnership LP Tranche B, 3.482%, 4/25/23		7,094		7,139

	PAR VALUE		VALUE
Consumer Discretionary (continued)
Nexstar Broadcasting, Inc.
Tranche B, 3.943%, 1/17/24	$	3,693	$	3,730
Mission Broadcasting, Inc. Tranche B 3.943%, 1/17/24		358		362
PetSmart, Inc. Tranche B-2, 4.020%, 3/11/22		13,730		13,146
Scientific Games International, Inc. Tranche B-3, 4.878%, 10/1/21		4,801		4,868
Seminole Tribe of Florida, Inc. 3.397%, 4/29/20		6,429		6,461
ServiceMaster Co. Tranche C, 3.482%, 11/8/23		8,167		8,255
Sinclair Television Group, Inc. Tranche B, 3.240%, 1/3/24		11,456		11,498
Six Flags Theme Park, Inc. Tranche B, 4.240%, 6/30/22		4,979		5,030
Station Casinos LLC Tranche B, 3.450%, 6/8/23		6,314		6,330
Tribune Media Co.
Tranche B, 3.982%, 12/27/20		445		450
Tranche C, 3.982%, 1/26/24		5,560		5,605
UFC Holdings LLC First Lien, 4.250%, 8/18/23		8,289		8,345
				242,187
Consumer Staples—1.2%
Albertson’s LLC
Tranche B-4 3.982%, 8/25/21		15,956		16,045
Tranche B-5, 4.401%, 12/21/22		2,166		2,182

See Notes to Financial Statements

30

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
LOAN AGREEMENTS(2) (continued)
Consumer Staples (continued)
Aramark Intermediate HoldCo Corp. Tranche B, 2.983%, 3/28/24	$	7,510	$	7,568
Charger OpCo B.V. Tranche B-1, 3.500%, 7/2/22		2,749		2,772
Chobani LLC First Lien, 5.250%, 10/9/23		2,869		2,901
Coty, Inc. Tranche B, 3.311%, 10/27/22		2,734		2,749
Galleria Co. Tranche B, 3.813%, 9/29/23		5,523		5,578
Hostess Brands LLC Tranche B, First Lien, 4.000%, 8/3/22		14,607		14,769
JBS USA Lux S.A. 3.289%, 10/30/22		4,820		4,845
Kronos, Inc.
First Lien, 5.034%, 11/1/23		17,809		17,933
Second Lien, 9.284%, 11/1/24		3,287		3,401
Prestige Brands, Inc. Tranche B-4, 3.732%, 1/26/24		1,511		1,527
TKC Holdings, Inc. First Lien, 4.750%, 2/1/23		5,010		5,067
				87,337
Energy—0.1%
Paragon Offshore Finance Co. 5.750%, 7/16/21(18)		9,933		3,930
Seadrill Operating LP 4.147%, 2/21/21		8,770		5,987
				9,917
Financials—0.7%
Asurion LLC
Tranche B-4, 4.250%, 8/4/22		6,077		6,116
Tranche B-5, 4.750%, 11/3/23		4,905		4,954

	PAR VALUE		VALUE
Financials (continued)
Avolon TLB Borrower 1 (US) LLC Tranche B-2, 0.000%, 3/21/22(12)	$	545	$	553
Clipper Acquisitions Corp. Tranche B, 3.314%, 2/6/20		6,109		6,142
Delos Finance S.a.r.l. 3.397%, 10/6/23		16,529		16,735
iStar, Inc. 4.750%, 7/1/20		3,192		3,231
Trans Union LLC Tranche B-2, 3.482%, 4/9/23		10,019		10,096
				47,827
Health Care—1.0%
American Renal Holdings, Inc. Tranche B, First Lien, 4.750%, 8/20/19		5,593		5,606
Change Healthcare Holdings, Inc. 3.750%, 3/1/24		5,140		5,154
Convatec Healthcare Ltd. 3.232%, 10/25/21		1,906		1,918
Endo Luxembourg Finance Co. S.a.r.l. Tranche B, 4.000%, 9/26/22		5,501		5,504
Envision Healthcare Corp. 4.150%, 12/1/23		11,567		11,682
HLF Financing S.a.r.l. Senior Lien, 6.482%, 2/15/23		3,725		3,734
Inventiv Group Holdings, Inc. 4.804%, 11/9/23		5,350		5,379
MPH Acquisition Holdings LLC 4.897%, 6/7/23		3,331		3,378
Quorum Health Corp. 6.789%, 4/29/22		6,212		6,083
Tenn Merger Sub, Inc. 3.750%, 2/6/24		9,077		9,026

See Notes to Financial Statements

31

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
LOAN AGREEMENTS(2) (continued)
Health Care (continued)
U.S. Renal Care, Inc. First Lien, 5.397%, 12/30/22	$	6,968	$	6,556
Valeant Pharmaceuticals International, Inc. Series F, Tranche B, 5.570%, 4/1/22		8,343		8,375
				72,395
Industrials—0.8%
Advanced Disposal Services, Inc. 3.698%, 11/10/23		2,304		2,320
Air Canada 3.755%, 10/6/23		3,125		3,148
American Airlines, Inc. Tranche B, 3.482%, 4/28/23		16,065		16,112
Husky Injection Molding Systems Ltd. 4.250%, 6/30/21		4,868		4,898
Quikrete Holdings, Inc. First Lien, 4.232%, 11/15/23		11,083		11,200
United Airlines, Inc. Tranche B, 0.000%, 4/1/24(12)		10,355		10,394
Zodiac Pool Solutions LLC First Lien, 5.647%, 12/20/23		6,529		6,586
				54,658
Information Technology—1.3%
Abacus Innovations Corp. Tranche B, 3.250%, 8/16/23		5,353		5,409
Blackboard, Inc. Tranche B-4, First Lien, 6.023%, 6/30/21		16,324		16,298
First Data Corp.
2021-C, 3.984%, 3/24/21		26,634		26,867

	PAR VALUE		VALUE
Information Technology (continued)
2022-C, 3.984%, 7/8/22	$	5,604	$	5,653
Mitchell International, Inc. 4.539%, 10/13/20		4,956		5,013
Presidio LLC Tranche B, First Lien, 4.250%, 2/2/22		7,532		7,622
Rackspace Hosting, Inc. Tranche B, First Lien, 4.535%, 11/3/23		7,576		7,642
SS&C Technologies Holdings, Inc.
2017 Refinancing Tranche A-2 2.732%, 7/8/20		1,282		1,286
2017 Refinancing Tranche A-1 2.732%, 7/8/20		827		829
2017 Refinancing Tranche B-2, 3.232%, 7/8/22		419		421
2017 Refinancing Tranche B-1, 3.232%, 7/8/22		4,898		4,929
Veritas US, Inc. Tranche B-1, 6.772%, 1/27/23		7,443		7,398
Western Digital Corp. Tranche B-2, 3.732%, 4/29/23		5,062		5,100
				94,467
Materials—0.5%
Anchor Glass Container Corp. First Lien, 4.250%, 12/7/23		2,852		2,875
Berry Plastics Corp.
Tranche I, 3.503%, 10/1/22		7,098		7,152
Tranche J, 3.524%, 1/19/24		1,045		1,053
CPI Acquisition, Inc. First Lien, 5.834%, 8/17/22		11,746		10,973

See Notes to Financial Statements

32

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE		VALUE
LOAN AGREEMENTS(2) (continued)
Materials (continued)
Huntsman International LLC Tranche B, 3.982%, 4/1/23	$	3,885	$	3,925
Ineos U.S. Finance LLC
New 2022 3.732%, 3/31/22		5,654		5,692
New 2024 3.732%, 4/1/24		1,970		1,983
New Arclin U.S. Holdings Corp. First Lien, 5.670%, 2/14/24		2,810		2,837
				36,490
Real Estate—0.1%
Capital Automotive LP
Tranche B-2, First Lien 4.000%, 3/25/24		860		870
Tranche B, Second Lien, 7.000%, 3/24/25		4,210		4,267
ESH Hospitality, Inc. 3.482%, 8/30/23		2,485		2,500
				7,637
Telecommunication Services—0.4%
Level 3 Financing, Inc. Tranche B, 3.227%, 2/22/24		11,424		11,457
Neustar, Inc.
Tranche B1 0.000%, 9/2/19(12)		1,740		1,766
Tranche B2, 0.000%, 3/1/24(12)		3,600		3,651
Sprint Communications, Inc. 3.500%, 2/2/24		3,220		3,223
UPC Financing Partnership 3.662%, 4/15/25		5,345		5,368

	PAR VALUE			VALUE
LOAN AGREEMENTS(2) (continued)
Telecommunication Services (continued)
Virgin Media Bristol LLC 3.662%, 1/31/25	$	7,300		$	7,328
					32,793
Utilities—0.7%
Dynegy, Inc. Tranche C-1, 4.250%, 6/27/23		10,263			10,306
Helix Gen Funding LLC Tranche 0.000%, 3/9/24(12)		415			422
NRG Energy, Inc. 3.232%, 6/30/23		17,688			17,784
State of Santa Catarina (The) 4.000%, 12/27/22		11,827			11,442
Vistra Operations Company LLC
3.732%, 8/4/23		6,002			5,997
Tranche C, 3.732%, 8/4/23		1,373			1,372
4.193%, 12/14/23		1,572			1,577
					48,900
TOTAL LOAN AGREEMENTS (Identified Cost $739,198)					734,608
	SHARES
PREFERRED STOCKS—1.0%
Energy—0.1%
PTT Exploration & Production PCL Series Y, 144A, 4.875%(2)(3)		8,645	(8)		8,841
Financials—0.9%
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal 5.919%(2)		2,295	(8)		2,296
Bank of New York Mellon Corp. (The) Series E, 4.950%(2)		12,070	(8)		12,451

See Notes to Financial Statements

33

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES			VALUE
PREFERRED STOCKS (continued)
Financials (continued)
Citigroup, Inc. Series T, 6.250%(2)		17,805	(8)	$	19,229
JPMorgan Chase & Co. Series Z, 5.300%(2)		3,985	(8)		4,130
Wells Fargo & Co. Series K, 7.980%(2)		16,155	(8)		16,821
XLIT Ltd. Series E, 6.50%(2)		12,790	(8)		10,744
					65,671
TOTAL PREFERRED STOCKS (Identified Cost $74,353)					74,512
COMMON STOCKS—0.1%
Energy—0.1%
Linn Energy, Inc.(16)		176,527			5,119
Pacific Exploration and Production Corp.(16)		75,733			2,356
					7,475
Utilities—0.0%
Vistra Energy Corp. (16)		98,789			1,610
TOTAL COMMON STOCKS (Identified Cost $10,169)					9,085
AFFILIATED MUTUAL FUND—1.0%
Virtus Newfleet Credit Opportunities Fund Class R6(11)		6,989,143			69,822
TOTAL AFFILIATED MUTUAL FUND
(Identified Cost $69,865)					69,822
RIGHTS—0.0%
Vistra Energy Corp.(9)		98,789			140
TOTAL RIGHTS (Identified Cost $84)					140
TOTAL LONG TERM INVESTMENTS—98.4%
(Identified Cost $7,056,701)					7,087,597	(13)

	SHARES		VALUE
SHORT-TERM INVESTMENT—0.4%
Money Market Mutual Fund—0.4%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.622%)(11)		29,134,035	$	29,134
TOTAL SHORT-TERM INVESTMENT (Identified Cost $29,134)				29,134
TOTAL INVESTMENTS—98.8% (Identified Cost $7,085,835)			7,116,731(1)
Other assets and liabilities, net—1.2%				85,684
NET ASSETS—100.0%			$7,202,415

Abbreviations:

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

FNMA Federal National Mortgage Association (“Fannie Mae”)

GNMA Government National Mortgage Association (“Ginnie Mae”)

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2017.

⁽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, 2017, these securities amounted to a value of $3,104,792 or 43.1% of net assets.

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

See Notes to Financial Statements

34

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

⁽⁵⁾  This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower.

⁽⁶⁾  No contractual maturity date.

⁽⁷⁾  Interest payments may be deferred.

⁽⁸⁾  Value shown as par value.

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

⁽¹⁰⁾  Security in default, a portion of the interest payments are being received during the bankruptcy proceedings.

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

⁽¹²⁾  This loan will settle after March 31, 2017, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected.

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

⁽¹⁴⁾  Amount is less than $500 or 500 shares (reported in 000’s).

⁽¹⁵⁾  Illiquid security.

⁽¹⁶⁾  Non-income producing.

⁽¹⁷⁾  Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽¹⁸⁾  Security in default, interest payments are being received during the bankruptcy proceedings.

Foreign Currencies:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

IDR Indonesian Rupiah

MXN Mexican Peso

RUB Russian Ruble

TRY Turkish Lira

ZAR South African Rand

Country Weightings†
United States	78	%
Argentina	2
Brazil	2
Turkey	2
Australia	1
Luxembourg	1
Russia	1
Other	13
Total	100	%

† % of total investments as of March 31, 2017

See Notes to Financial Statements

35

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Debt Securities:
Asset-Backed Securities	$	1,348,151	$	—	$	1,348,151	$	—
Corporate Bonds and Notes		2,573,500		—		2,573,449		51
Foreign Government Securities		557,809		—		557,809		—
Loan Agreements		734,608		—		723,166		11,442
Mortgage-Backed Securities		1,618,093		—		1,605,678		12,415
Municipal Bonds		3,884		—		3,884		—
U.S. Government Securities		97,993		—		97,993		—
Equity Securities:
Affiliated Mutual Fund		69,822		69,822		—		—
Common Stocks		9,085		9,085		—		—
Preferred Stocks		74,512		—		74,512		—
Rights		140		—		—		140
Short-Term Investment		29,134		29,134		—		—
Total Investments	$	7,116,731	$	108,041	$	6,984,642	$	24,048

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

36

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

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

	Total			Asset- Backed Securities			Corporate Bonds and Notes			Loan Agreements			Rights		Mortgage- Backed Securities
Investments in Securities
Balance as of September 30, 2016:	$	22,276		$	8,363		$	2,595		$	11,318		$	—	$	—
Accrued discount/(premium)		(55	)		—			—			(55	)		—		—
Realized gain (loss)		(10,888	)		72			(10,920	)		(40	)		—		—
Change in unrealized appreciation/(depreciation)(c)		11,848			(168	)		11,006			954			56		—
Purchases		12,499			—			—			—			84		12,415
Sales(b)		(11,655	)		(8,267	)		(2,653	)		(735	)		—		—
Transfers into Level 3(a)(d)		23			—			23			—			—		—
Transfers from Level 3(a)		—			—			—			—			—		—
Balance as of March 31, 2017	$	24,048		$	—		$	51		$	11,442		$	140	$	12,415

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2017, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydown on securities.

^(c)  Included in the related net change in unrealized appreciation/(depreciation) in the Statement of Operations. The change in unrealized appreciation/(depreciation) on investments still held as of March 31, 2017 was $1,021.

^(d)  The transfer into Level 3 is due to a security default.

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

See Notes to Financial Statements

37

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

Assets
Investment in unaffiliated securities at value(1)	$	7,046,909
Investment in affiliated securities at value(2)		69,822
Foreign currency at value(3)		38
Cash		51,739
Receivables
Investment securities sold		51,906
Fund shares sold		29,136
Dividends and interest receivable		49,862
Prepaid expenses		250
Prepaid trustee retainer		239
Other assets		267
Total assets		7,300,168
Liabilities
Payables
Fund shares repurchased		19,694
Investment securities purchased		71,110
Dividend distributions		956
Investment advisory fees		2,836
Distribution and service fees		1,131
Administration fees		738
Transfer agent fees and expenses		971
Trustee deferred compensation plan		267
Trustees’ fees and expenses		41
Professional fees		—	(4)
Other accrued expenses		9
Total liabilities		97,753
Net Assets	$	7,202,415
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	7,294,953
Accumulated undistributed net investment income (loss)		13,758
Accumulated undistributed net realized gain (loss)		(137,287	)
Net unrealized appreciation (depreciation) on investments		30,991
Net Assets	$	7,202,415
Class A
Net asset value (net assets/shares outstanding) per share	$	4.76
Maximum offering price per share NAV/(1–2.25%)	$	4.87
Shares of beneficial interest outstanding, no par value, unlimited authorization		189,325,660
Net Assets	$	900,297
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	4.82
Shares of beneficial interest outstanding, no par value, unlimited authorization		263,058,506
Net Assets	$	1,267,511
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	4.76
Shares of beneficial interest outstanding, no par value, unlimited authorization		21,305
Net Assets	$	101
Class T
Net asset value (net assets/shares outstanding) and offering price per share	$	4.80
Shares of beneficial interest outstanding, no par value, unlimited authorization		90,119,423
Net Assets	$	432,949
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	4.76
Shares of beneficial interest outstanding, no par value, unlimited authorization		966,234,620
Net Assets	$	4,601,557
(1) Investment in unaffiliated securities at cost	$	7,015,970
(2) Investment in affiliated securities at cost	$	69,865
(3) Foreign currency at cost	$	38
(4) Amount is less than $500.

See Notes to Financial Statements

38

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENT OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

Investment Income
Dividends	$	288
Dividends from affiliated fund		1,545
Interest		142,243
Foreign taxes withheld		(247	)
Total investment income		143,829
Expenses
Investment advisory fees		16,658
Service fees, Class A		1,530
Distribution and service fees, Class B		—	(1)
Distribution and service fees, Class C		3,194
Distribution and service fees, Class T		2,296
Administration fees		4,478
Transfer agent fees and expenses		4,241
Registration fees		113
Printing fees and expenses		208
Custodian fees		94
Professional fees		77
Trustees’ fees and expenses		392
Miscellaneous expenses		380
Total expenses		33,661
Less expenses reimbursed and/or waived by investment adviser		(156	)
Earnings credit from custodian		(87	)
Custody fees reimbursed (Note 11)		(147	)
Low balance account fees		(1	)
Net expenses		33,270
Net investment income (loss)		110,559
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(31,150	)
Net realized gain (loss) on foreign currency transactions		(248	)
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(2,859	)
Net change in unrealized appreciation (depreciation) on affiliated investments		1,118
Net change in unrealized appreciation (depreciation) on foreign currency translation		49
Net realized and unrealized gain (loss) on investments		(33,090	)
Net increase (decrease) in net assets resulting from operations	$	77,469

⁽¹⁾  Amount is less than $500.

See Notes to Financial Statements

39

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

(Reported in thousands)

	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	110,559		$	233,536
Net realized gain (loss)		(31,398	)		(50,143	)
Net change in unrealized appreciation (depreciation)		(1,692	)		154,001
Increase (decrease) in net assets resulting from operations		77,469			337,394
From Distributions to Shareholders
Net investment income, Class A		(18,786	)		(40,862	)
Net investment income, Class B		(1	)		(4	)
Net investment income, Class C		(17,758	)		(34,858	)
Net investment income, Class R6		(1	)		—
Net investment income, Class T		(5,262	)		(11,050	)
Net investment income, Class I		(68,217	)		(122,921	)
Decrease in net assets from distributions to shareholders		(110,025	)		(209,695	)
From Share Transactions
Sale of shares
Class A (34,215 and 56,640 shares, respectively)		162,475			265,248
Class C (29,030 and 47,747 shares, respectively)		139,515			226,847
Class R6 (21 and 0 shares, respectively)		100			—
Class T (2,233 and 6,103 shares, respectively)		10,695			28,792
Class I (247,220 and 259,826 shares, respectively)		1,173,496			1,217,904
Reinvestment of distributions
Class A (3,589 and 8,038 shares, respectively)		17,021			37,677
Class B (—(1) and 1 shares, respectively)		1			4
Class C (3,637 and 7,272 shares, respectively)		17,478			34,521
Class R6 (—(1) and 0 shares, respectively)		1			—
Class T (715 and 1,526 shares, respectively)		3,422			7,223
Class I (12,572 and 22,702 shares, respectively)		59,690			106,611
Conversion of shares(2)
To Class A (5 and 0 shares, respectively)		22			—
From Class B (4 and 0 shares, respectively)		(18	)		—
Shares repurchased
Class A (122,115 and 127,042 shares, respectively)		(579,010	)		(594,535	)
Class B (19 and 60 shares, respectively)		(90	)		(280	)
Class C (42,612 and 89,555 shares, respectively)		(204,694	)		(424,109	)
Class T (14,357 and 29,391 shares, respectively)		(68,755	)		(138,732	)
Class I (136,646 and 311,788 shares, respectively)		(648,706	)		(1,457,914	)
Increase (decrease) in net assets from share transactions		82,643			(690,743	)
Net increase (decrease) in net assets		50,087			(563,044	)
Net Assets
Beginning of period		7,152,328			7,715,372
End of period	$	7,202,415		$	7,152,328
Accumulated undistributed net investment income (loss) at end of period	$	13,758		$	13,224

⁽¹⁾  Amount is less than 500 shares.

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

See Notes to Financial Statements

40

THIS PAGE INTENTIONALLY BLANK.

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)(2)		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
10/1/16 to 3/31/17(9)		$	4.78		0.07		(0.02	)		0.05			(0.07	)		—			—
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)
10/1/11 to 9/30/12			4.67		0.21		0.27			0.48			(0.21	)		—			—	(4)
Class C
10/1/16 to 3/31/17(9)		$	4.84		0.07		(0.02	)		0.05			(0.07	)		—			—
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)
10/1/11 to 9/30/12			4.72		0.20		0.27			0.47			(0.20	)		—			—	(4)
Class R6
11/3/16(10) to 3/31/17(9)		$	4.76		0.07		—			0.07			(0.07	)		—			—
Class T
10/1/16 to 3/31/17(9)		$	4.83		0.06		(0.04	)		0.02			(0.05	)		—			—
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)
10/1/11 to 9/30/12			4.71		0.17		0.28			0.45			(0.18	)		—			—	(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(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Gross Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
	(0.07)		(0.02	)		$	4.76		1.12	%(8)(11)		$	900,297		1.00	%(7)(11)		1.00	%(7)		3.07	%(7)(11)		33	%(8)
	(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
	(0.21)		0.27				4.94		10.58				3,038,093		1.01			1.01			4.31			52
	(0.07)		(0.02	)		$	4.82		0.98	%(8)(11)		$	1,267,511		1.25	%(7)(11)		1.25	%(7)		2.82	%(7)(11)		33	%(8)
	(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
	(0.20)		0.27				4.99		10.19				1,067,276		1.27			1.27			4.04			52
	(0.07)		—			$	4.76		1.41	%(8)(11)		$	101		0.69	%(7)(11)		0.69	%(7)		2.87	%(7)(11)		33	%(5)(8)
	(0.05)		(0.03	)		$	4.80		0.52	%(8)(11)		$	432,949		1.75	%(7)(11)		1.75	%(7)		2.32	%(7)(11)		33	%(8)
	(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
	(0.18)		0.27				4.98		9.67				704,225		1.76			1.76			3.56			52

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)(2)		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
10/1/16 to 3/31/17(9)		$	4.78		0.08		(0.02	)		0.06		(0.08	)		—			—
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)
10/1/11 to 9/30/12			4.68		0.22		0.27			0.49		(0.23	)		—			—	(4)

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(1)			Net Assets, End of Period (000’s)			Ratio of Expenses to Average Net Assets(3)			Ratio of Gross Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
(0.08)		(0.02	)		$	4.76		1.24	%(8)(11)		$	4,601,557		0.75	%(7)(11)		0.75	%(7)		3.33	%(7)(11)		33	%(8)
(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
(0.23)		0.26				4.94		10.62				1,606,957		0.77			0.77			4.55			52

Footnote Legend

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

⁽²⁾ Computed using average shares outstanding.

⁽³⁾ The Fund will also indirectly bear its prorated share of expenses of the 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 ended March 31, 2017.

⁽⁶⁾  Net expense ratio includes extraordinary proxy expenses.

⁽⁷⁾  Annualized.

⁽⁸⁾  Not annualized.

⁽⁹⁾  Unaudited.

⁽¹⁰⁾  Inception date.

⁽¹¹⁾  Custody fees reimbursed were excluded from the Ratio of Expenses to Average Net Assets and Ratio of Net Investment Income to Average Net Assets. If included the impact would have been to lower the Ratio of Expenses and increase the Ratio of Net Investment Income 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%.

Please refer to Note 11 in the Notes to Financial Statements for a further explanation on the custody fees reimbursed.

See Notes to Financial Statements

45

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2017

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, 29 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 T shares and Class I shares. 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 2.25%. Generally, Class A shares are not subject to any charges by the Fund when redeemed; however, a 0.50% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the CDSC applies for the Fund is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Prior to March 6, 2017, Class B shares were sold with a CDSC, which declined from 5% to zero depending on the period of time the shares were held. Class C shares are sold without a sales charge. Class T shares are sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class I shares and Class R6 shares are sold without a front-end sales charge or CDSC.

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

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 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 different distribution and/or service fees under a Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Income and other expenses as well as realized and unrealized gains and losses of the Fund are borne pro rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in

46

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 quarterly by the Board.

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers 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 not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) (at the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of

47

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

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

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

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

B. Security Transactions and Investment Income

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

C. Income Taxes

The Fund is treated as a separate taxable entity. It is the intention of the Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

48

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017, 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 distributions are declared and recorded daily and distributed monthly. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from 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 Translation

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

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

The Fund may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by the Fund to purchase or sell a security at a future date, ordinarily up to 90 days later. When-issued or forward commitments enable the Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. The Fund records when-issued and delayed delivery securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or delayed delivery basis begin earning interest on the settlement date.

49

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

H. Loan Agreements

The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Loan agreements are generally non-investment grade and often involve borrowers that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. Loan agreements are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Loan agreements may involve foreign borrowers, and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The loan agreements have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR (London Interbank Offered Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement is purchased the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

At March 31, 2017, all loan agreements held by the Fund are assignment loans.

I. Earnings Credit and Interest

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

50

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 Newfleet Credit Opportunities Fund. For the period covered by these financial statements, the waiver amounted to $156. 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 the Subadviser 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: 1.10% for Class A shares, 1.35% for Class C shares, 0.78% for Class R6 shares, 1.85% for Class T shares, and 0.85% for Class I shares, through April 30, 2018. The Fund is currently below its expense cap.

D. Distributor

VP Distributors, LLC (“VP Distributors”), an indirect wholly owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2017, it retained net commissions of $14 for Class A shares and deferred sales charges of $13, $—⁽¹⁾ and $9 for Class A shares, Class C shares and Class T shares, respectively.

⁽¹⁾  Amount is less than $500.

51

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 rate of 0.25% for Class A shares, 0.50% for Class C shares, and 1.00% for Class T 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, 2017, the Fund incurred administration fees totaling $3,465 which are included in the Statement of Operations.

For the period ended March 31, 2017, the Fund incurred transfer agent fees totaling $4,172 which are included in the Statement of Operations. A portion of these fees is paid to outside entities that also provide services to the Trust.

F. Affiliated Shareholders

At March 31, 2017, 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		21,306	$	101

G. Investments in Affiliates

A summary of the Fund’s total long-term and short-term purchases and sales of an affiliated fund, Virtus Newfleet Credit Opportunities Fund, during the period ended March 31, 2017, is as follows:

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Distributions of Realized Gains
Virtus Newfleet Credit Opportunities Fund	$	68,703	$	—	$	—	$	69,822	$	1,545	$	—

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, 2017, the Fund was the owner of record of approximately 69% 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

52

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017.

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, 2017, were as follows:

Purchases		Sales
$	2,125,314	$	2,040,535

Purchases and sales of long-term U.S. Government and agency securities during the period ended March 31, 2017, were as follows:

Purchases		Sales
$	221,085	$	279,093

Note 5. Borrowings

($ reported in thousands)

On June 29, 2016, the Fund and other affiliated funds renewed a $50,000 secured line of credit. The Credit Agreement (the “Agreement”) is with a commercial bank (the “Bank”) that allows the Fund to borrow cash from the Bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the Agreement. The agreement has a term of 364 days and is renewable by the Fund with the Bank’s consent and approval of the Board. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The 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 Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

The Fund had no outstanding borrowings at any time during the period ended March 31, 2017.

Note 6. 10% Shareholders

As of March 31, 2017, 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
	32	%		2*

* The shareholders are not affiliated with Virtus.

53

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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. Illiquid securities are footnoted as such at the end of the Fund’s Schedule of Investments where applicable. However, a portion of such footnoted securities could be liquid where the Subadviser determines that some, though not all, of the position could be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the Fund.

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

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

The Fund held securities considered to be illiquid at March 31, 2017, with an aggregate value of $51 representing 0.0% of the Fund’s net assets.

At March 31, 2017, the Fund did not hold any securities that are both illiquid and 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

54

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017, 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)
$7,087,565	$116,875	$(87,709)	$29,166

The Fund has capital loss carryovers available to offset future realized gains as follows:

No Expiration		Total
Short-Term	Long-Term
$49,295	$25,236	$74,531

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. Custody Fees Reimbursed

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. The amount reimbursed, including interest, is shown in the Statement of Operations under “custody fees reimbursed.”

Note 12. Regulatory Matters and Litigation

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

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

55

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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. Virtus and its affiliates, including the Adviser, believe that the suit is without merit and intend to defend it vigorously. The Trust believes that the risk of loss to the Fund as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the 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 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. Virtus and its affiliates, including the Adviser, believe that the suit has no basis in law or fact and intend to defend it vigorously. The Trust believes that the risk of loss to the Fund as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Fund.

Note 13. New Accounting Pronouncements

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. Certain of these amendments relate to Regulation S-X which sets forth the requisite form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

56

VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Note 14. 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 the following subsequent event requires recognition or disclosure in these financial statements.

Effective April 10, 2017, Class T shares of the Fund were renamed Class C1 shares.

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 Multi-Sector Short Term Bond Fund (the “Fund”). At in-person meetings held on November 2, 2016 and November 16-17, 2016 (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 a completed questionnaire, concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which among other items, VIA’s history, investment process, investment strategies, personnel,

58

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (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 the subadviser; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor to the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

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

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, 2016.

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

After reviewing these and related factors, the Board concluded that the Fund’s overall performance was satisfactory.

Management Fees and Total Expenses

The Board considered the fees charged to the Fund for advisory services as well as the total expense 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.

60

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 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

61

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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 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.

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 OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

John R. Mallin

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

How to Contact Us

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

Important Notice to Shareholders

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

For more information about

Virtus Mutual Funds, please call

your financial representative, or

contact us at 1-800-243-1574

or Virtus.com

8024 05-17

P.O. Box 9874

Providence, RI 02940-8074

SEMIANNUAL REPORT

Virtus Emerging Markets Debt Fund

Virtus Duff & Phelps Global Infrastructure Fund

(f/k/a Virtus Global Infrastructure Fund)

Virtus Duff & Phelps Global Real Estate Securities Fund*

(f/k/a Virtus Global Real Estate Securities Fund)

Virtus Duff & Phelps International Equity Fund

(f/k/a Virtus International Equity Fund)

Virtus Duff & Phelps International Real Estate Securities Fund

(f/k/a Virtus International Real Estate Securities Fund)

Virtus Horizon International Wealth Masters Fund

(f/k/a Virtus International Wealth Masters Fund)

Virtus KAR Emerging Markets Small-Cap Fund

(f/k/a Virtus Emerging Markets Small-Cap Fund)

Virtus KAR International Small-Cap Fund

(f/k/a Virtus International Small-Cap Fund)

Virtus Vontobel Global Opportunities Fund

(f/k/a Virtus Global Opportunities Fund)

Virtus Vontobel Greater European Opportunities Fund

(f/k/a Virtus Greater European Opportunities Fund)

March 31, 2017

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

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

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Message to Shareholders		1
Disclosure of Fund Expenses		2
Key Investment Terms		4
Fund	Schedule of Investments
Virtus Emerging Markets Debt Fund		8
Virtus Duff & Phelps Global Infrastructure Fund (“Duff & Phelps Global Infrastructure Fund”) (f/k/a Virtus Global Infrastructure Fund)		9
Virtus Duff & Phelps Global Real Estate Securities Fund (“Duff & Phelps Global Real Estate Securities Fund”) (f/k/a Virtus Global Real Estate Securities Fund)		10
Virtus Duff & Phelps International Equity Fund (“Duff & Phelps International Equity Fund”) (f/k/a Virtus International Equity Fund)		12
Virtus Duff & Phelps International Real Estate Securities Fund (“Duff & Phelps International Real Estate Securities Fund”) (f/k/a Virtus International Real Estate Securities Fund)		14
Virtus Horizon International Wealth Masters Fund (“Horizon International Wealth Masters Fund”) (f/k/a Virtus International Wealth Masters Fund)		16
Virtus KAR Emerging Markets Small-Cap Fund (“KAR Emerging Markets Small-Cap Fund”) (f/k/a Virtus Emerging Markets Small-Cap Fund)		19
Virtus KAR International Small-Cap Fund (“KAR International Small-Cap Fund”) (f/k/a Virtus International Small-Cap Fund)		20
Virtus Vontobel Global Opportunities Fund (“Vontobel Global Opportunities Fund”) (f/k/a Virtus Global Opportunities Fund)		21
Virtus Vontobel Greater European Opportunities Fund (“Vontobel Greater European Opportunities Fund”) (f/k/a Virtus Greater European Opportunities Fund)		22
Statements of Assets and Liabilities		23
Statements of Operations		28
Statements of Changes in Net Assets		33
Financial Highlights		38
Notes to Financial Statements		44
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees		57

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

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

Form N-Q Information

The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. Form N-Q may be reviewed and copied at the SEC’s Public Reference Room. Information on the operation of the SEC’s Public Reference Room can be obtained by calling toll-free 1-800-SEC-0330.

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

MESSAGE TO SHAREHOLDERS

To My Fellow Shareholders of Virtus Mutual Funds:

I am pleased to present this report that reviews the performance of your fund for the six-month fiscal period ended March 31, 2017.

Despite short-lived selloffs that occurred following the U.K.’s “Brexit” decision last June and the U.S. presidential election in November, the six-month period was strong for global markets. As the fiscal period drew to a close, equity markets continued to benefit from the post-election “Trump bump.” The Federal Reserve (“the Fed”) raised interest rates twice in the period – once in December, and again in March – a clear signal that it believes the U.S. economy is on a growth path. At the same time, other major central banks remained committed to monetary stimulus, adding reassurance to global markets. U.S. growth, as evidenced by strong jobs, housing, and consumer spending data, gives investors reason for optimism. Corporate earnings got off to a strong start for the first quarter of 2017. The pro-growth policies of the new administration, if implemented, could have continued positive impact on earnings and the markets.

Global equity markets turned in positive performance over the six-month period. U.S. large- and small-cap stocks returned 10.12% and 11.52%, as measured by the returns of the S&P 500^® Index and Russell 2000^® Index, respectively. Within international equities, emerging markets slightly outperformed their developed peers, with the MSCI Emerging Markets Index (net) up 6.80%, compared with the MSCI EAFE^® Index (net), which returned 6.48%.

Demand for U.S. Treasuries remained strong, driven by foreign investors seeking safe havens and yield in light of the negative interest rate environment in many international economies. On March 31, 2017, the benchmark 10-year U.S. Treasury yielded 2.40% compared with 1.60% six months earlier. 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, was down 2.18% for the six months, while non-investment grade bonds gained 4.50%, 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.

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

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

May 2017

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, 2016 TO MARCH 31, 2017

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 sales charges and do not incur distribution and service fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The following Expense Table illustrates your Fund’s costs in two ways.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
Emerging Markets Debt Fund
Actual
Class A	$	1,000.00	$	1,010.80		1.34	%	$	6.72
Class C		1,000.00		1,007.10		2.09			10.46
Class I		1,000.00		1,011.10		1.09			5.47
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.25		1.34			6.74
Class C		1,000.00		1,014.51		2.09			10.50
Class I		1,000.00		1,019.50		1.09			5.49
Duff & Phelps Global Infrastructure Fund
Actual
Class A	$	1,000.00	$	1,030.50		1.30	%	$	6.58
Class C		1,000.00		1,026.80		2.05			10.36
Class I		1,000.00		1,032.00		1.06			5.37
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.45		1.30			6.54
Class C		1,000.00		1,014.71		2.05			10.30
Class I		1,000.00		1,019.65		1.06			5.34
Duff & Phelps Global Real Estate Securities Fund
Actual
Class A	$	1,000.00	$	961.90		1.40	%	$	6.85
Class C		1,000.00		958.30		2.15			10.50
Class I		1,000.00		963.00		1.15			5.63
Class R6‡		1,000.00		1,050.50		1.04			4.24
Hypothetical (5% return before expenses)
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
Actual
Class A	$	1,000.00	$	1,000.10		1.48	%	$	7.38
Class C		1,000.00		996.00		2.23			11.10
Class I		1,000.00		1,001.30		1.23			6.14
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.55		1.48			7.44
Class C		1,000.00		1,013.81		2.23			11.20
Class I		1,000.00		1,018.80		1.23			6.19
Duff & Phelps International Real Estate Securities Fund
Actual
Class A	$	1,000.00	$	941.00		1.50	%	$	7.26
Class C		1,000.00		936.00		2.25			10.86
Class I		1,000.00		942.00		1.25			6.05
Hypothetical (5% return before expenses)
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
Horizon International Wealth Masters Fund
Actual
Class A	$	1,000.00	$	1,033.00		1.55	%	$	7.86
Class C		1,000.00		1,029.00		2.30			11.63
Class I		1,000.00		1,033.80		1.30			6.59
Hypothetical (5% return before expenses)
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

2

VIRTUS OPPORTUNITIES TRUST

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During Period*
KAR Emerging Markets Small-Cap Fund
Actual
Class A	$	1,000.00	$	1,106.80		1.84	%	$	9.66
Class C		1,000.00		1,103.80		2.59			13.58
Class I		1,000.00		1,108.90		1.59			8.36
Hypothetical (5% return before expenses)
Class A		1,000.00		1,015.76		1.84			9.25
Class C		1,000.00		1,012.02		2.59			12.99
Class I		1,000.00		1,017.00		1.59			8.00
KAR International Small-Cap Fund
Actual
Class A	$	1,000.00	$	1,118.40		1.59	%	$	8.40
Class C		1,000.00		1,113.60		2.34			12.33
Class I		1,000.00		1,118.80		1.34			7.08
Class R6		1,000.00		1,119.90		1.25			6.61
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.00		1.59			8.00
Class C		1,000.00		1,013.26		2.34			11.75
Class I		1,000.00		1,018.25		1.34			6.74
Class R6		1,000.00		1,018.70		1.25			6.29
Vontobel Global Opportunities Fund
Actual
Class A	$	1,000.00	$	1,084.10		1.47	%	$	7.64
Class C		1,000.00		1,079.80		2.22			11.51
Class I		1,000.00		1,086.10		1.23			6.40
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.60		1.47			7.39
Class C		1,000.00		1,013.86		2.22			11.15
Class I		1,000.00		1,018.80		1.23			6.19
Vontobel Greater European Opportunities Fund
Actual
Class A	$	1,000.00	$	1,031.40		1.44	%	$	7.29
Class C		1,000.00		1,026.90		2.19			11.07
Class I		1,000.00		1,032.10		1.19			6.03
Hypothetical (5% return before expenses)
Class A		1,000.00		1,017.75		1.44			7.24
Class C		1,000.00		1,014.01		2.19			11.00
Class I		1,000.00		1,018.92		1.19			5.99

* 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.

^‡ November 7, 2016 is the date the class started accruing expenses. Expenses are equal to the Class’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 (145 for actual and 182 for hypothetical) 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 expenses would have been higher.

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

3

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2017

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.

Brexit

A combination of the words “Britain” and “exit” which refers to Britain’s withdrawal from the European Union.

Exchange-Traded Funds (ETF)

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

Federal Reserve (the “Fed”)

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

In Specie

In Specie is a phrase describing the distribution of an asset in its present form, rather than selling it and distributing the cash. In specie distribution is made when cash is not readily available, or allocating the physical asset is the better alternative.

MSCI EAFE^® Index (net)

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

MSCI Emerging Markets Index (net)

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

Real Estate Investment Trust (REIT)

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

Russell 2000^® Index

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

4

VIRTUS OPPORTUNITIES TRUST

KEY INVESTMENT TERMS (Unaudited) (Continued)

MARCH 31, 2017

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 (American Depositary Receipt)

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

5

VIRTUS OPPORTUNITIES TRUST

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)

MARCH 31, 2017

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

Emerging Markets Debt Fund
Corporate Bonds and Notes			64	%
Energy	28	%
Financials	26
Consumer Discretionary	10
Foreign Government Securities			36
Total			100	%

Duff & Phelps Global Infrastructure Fund
Utilities	43	%
Industrials	29
Energy	18
Real Estate	7
Telecommunication Services	3
Total	100	%

Duff & Phelps Global Real Estate Securities Fund
Retail REITs	24	%
Office REITs	19
Real Estate Operating Companies	14
Residential REITs	12
Specialized REITs	9
Diversified REITs	8
Industrial REITs	6
Other (includes short-term investments)	8
Total	100	%

Duff & Phelps International Equity Fund
Financials	22	%
Industrials	16
Consumer Discretionary	14
Information Technology	9
Health Care	9
Consumer Staples	9
Energy	9
Other	12
Total	100	%

Duff & Phelps International Real Estate Securities Fund
Real Estate Operating Companies	34	%
Retail REITs	34
Diversified REITs	16
Office REITs	9
Specialized REITs	4
Industrial REITs	2
Residential REITs	1
Total	100	%

Horizon International Wealth Masters Fund
Consumer Discretionary	29	%
Industrials	13
Consumer Staples	12
Information Technology	11
Financials	8
Materials	7
Real Estate	4
Other (includes securities lending collateral)	16
Total	100	%

KAR Emerging Markets Small-Cap Fund
Consumer Staples	24	%
Industrials	18
Financials	15
Materials	13
Consumer Discretionary	11
Information Technology	9
Energy	2
Other (includes short-term investment)	8
Total	100	%

KAR International Small-Cap Fund
Information Technology	31	%
Industrials	17
Financials	12
Consumer Discretionary	9
Materials	7
Consumer Staples	6
Health Care	6
Other (includes short-term investments)	12
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, 2017

Vontobel Global Opportunities Fund
Consumer Staples	28	%
Information Technology	24
Consumer Discretionary	22
Financials	15
Health Care	8
Real Estate	1
Materials	1
Other (Includes short-term investments)	1
Total	100	%

Vontobel Greater European Opportunities Fund
Consumer Staples	36	%
Consumer Discretionary	17
Health Care	14
Industrials	10
Information Technology	9
Financials	6
Materials	3
Other (includes short-term investments and securities-lending collateral)	5
Total	100	%

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

7

VIRTUS EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	PAR VALUE			VALUE
FOREIGN GOVERNMENT SECURITIES—0.9%
Republic of Colombia Treasury Note, Series B, 11.250%, 10/24/18		100,000	COP	$	38
Republic of Ghana RegS 10.750%, 10/14/30(3)	$	200			235
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $248)					273
CORPORATE BONDS AND NOTES—1.6%
Chile—0.6%
Guanay Finance Ltd. 144A 6.000%, 12/15/20(2)		194			200
Mexico—0.3%
Grupo Televisa SAB 7.250%, 5/14/43		2,000	MXN		81
United Kingdom—0.5%
EnQuest plc 7.000%, 4/15/22		208			163

	PAR VALUE		VALUE
Venezuela—0.2%
Petroleos de Venezuela S.A. RegS 8.500%, 11/2/17(3)	$	60	$	50
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $559)				494
TOTAL LONG TERM INVESTMENTS—2.5%
(Identified Cost $807)				767
TOTAL INVESTMENTS—2.5%
(Identified Cost $807)				767	(1)
Other assets and liabilities, net—97.5%				30,018
NET ASSETS—100.0%			$	30,785

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽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, 2017, these securities amounted to a value of $200 or 0.6% 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.

Foreign Currencies:

COP Colombian Peso

MXN Mexican Peso

Country Weightings†
Ghana	31	%
Chile	26
United Kingdom	21
Mexico	10
Venezuela	7
Colombia	5
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 2 Significant Observable Inputs
Debt Securities:
Corporate Bonds and Notes	$	494	$	494
Foreign Government Securities		273		273
Total Investments	$	767	$	767

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

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

	Corporate Bonds and Notes
Investments in Securities
Balance as of September 30, 2016	$	38
Accrued discount/(premium)		—
Realized gain (loss)		(118	)
Change in unrealized appreciation (depreciation)(c)		119
Purchases		—
Sales(b)		(39	)
Transfers into Level 3(a)		—
Transfers from Level 3(a)		—
Balance as of March 31, 2017	$	—

^(a)  “Transfers into and/or from” represent the ending value as of March 31, 2017, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

^(b)  Includes paydowns on securities, if applicable.

^(c)  Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

None of the securities in this table are internally fair valued. The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.

See Notes to Financial Statements

8

VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—98.9%
Energy—18.3%
Enbridge, Inc. (Canada)		115,918	$	4,850
Kinder Morgan, Inc. (United States)		200,920		4,368
ONEOK, Inc. (United States)		12,775		708
Pembina Pipeline Corp. (Canada)		36,870		1,169
Plains GP Holdings LP Class A (United States)		45,975		1,437
Tallgrass Energy GP LP (United States)		41,915		1,206
Targa Resources Corp. (United States)		21,405		1,282
TransCanada Corp. (Canada)		88,975		4,106
Williams Cos., Inc. (The) (United States)		51,950		1,537
				20,663
Industrials—28.4%
Abertis Infraestructuras SA (Spain)		146,425		2,359
Aena SA (Spain)(3)		23,275		3,682
Atlantia SpA (Italy)		159,281		4,112
Auckland International Airport Ltd. (New Zealand)		417,859		1,980
Canadian Pacific Railway Ltd. (Canada)		8,640		1,269
CSX Corp. (United States)		56,245		2,618
Ferrovial SA (Spain)		61,430		1,230
Flughafen Zuerich AG Registered Shares (Switzerland)		9,355		1,994
Norfolk Southern Corp. (United States)		19,785		2,215
Transurban Group (Australia)		770,860		6,873
Union Pacific Corp. (United States)		23,730		2,514
Vinci SA (France)		15,785		1,251
				32,097
Real Estate—6.9%
American Tower Corp. (United States)		35,130		4,269
Crown Castle International Corp. (United States)		36,630		3,460
				7,729
Telecommunication Services—3.2%
BCE, Inc. (Canada)		20,535		909
Cellnex Telecom SA (Spain)(3)		81,420		1,344
TELUS Corp. (Canada)		40,090		1,302
				3,555
Utilities—42.1%
ALLETE, Inc. (United States)		15,230		1,031
American Electric Power Co., Inc. (United States)		45,110		3,028
American Water Works Co., Inc. (United States)		31,055		2,415
Aqua America, Inc. (United States)		33,615		1,081

	SHARES		VALUE
Utilities—continued
Atmos Energy Corp. (United States)		12,085	$	955
Black Hills Corp. (United States)		21,590		1,435
CenterPoint Energy, Inc. (United States)		31,070		857
CMS Energy Corp. (United States)		31,165		1,394
Dominion Resources, Inc. (United States)		33,095		2,567
DTE Energy Co. (United States)		22,645		2,312
Edison International (United States)		19,415		1,546
Emera, Inc. (Canada)		22,835		807
Eversource Energy (United States)		17,700		1,040
Exelon Corp. (United States)		22,770		819
Iberdrola SA (Spain)		192,835		1,379
Innogy SE (Germany)(2)(3)		32,210		1,216
National Grid plc (United Kingdom)		211,060		2,680
NextEra Energy, Inc. (United States)		36,585		4,696
NiSource, Inc. (United States)		77,890		1,853
ONE Gas, Inc. (United States)		13,930		942
PG&E Corp. (United States)		43,390		2,879
Red Electrica Corp. SA (Spain)		38,890		747
Sempra Energy (United States)		32,185		3,557
South Jersey Industries, Inc. (United States)		23,981		855
Spire, Inc. (United States)		12,640		853
SSE plc (United Kingdom)		56,825		1,051
Vectren Corp. (United States)		20,370		1,194
WEC Energy Group, Inc. (United States)		17,610		1,068
Xcel Energy, Inc. (United States)		28,340		1,260
				47,517
TOTAL COMMON STOCKS (Identified Cost $100,353)				111,561
TOTAL LONG TERM INVESTMENTS—98.9%
(Identified Cost $100,353)				111,561
TOTAL INVESTMENTS—98.9% (Identified Cost $100,353)				111,561	(1)
Other assets and liabilities, net—1.1%				1,279
NET ASSETS—100.0%			$	112,840

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

⁽³⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, these securities amounted to a value of $6,242 or 5.5% of net assets.

Country Weightings†
United States	58	%
Canada	13
Spain	10
Australia	6
Italy	4
United Kingdom	3
Switzerland	2
Other	4
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of September 30, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	111,561	$	111,561
Total Investments	$	111,561	$	111,561

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

Securities held by the Fund with an end of period value of $8,853 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities. (See Note 2A in the Notes to Financial Statements for more information.)

See Notes to Financial Statements

9

VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—98.3%
Australia—4.7%
Dexus Property Group		134,339	$	1,003
GPT Group (The) – In Specie(2)(3)(5)		13,566		—	(7)
National Storage REIT		2,135,000		2,333
Scentre Group		898,389		2,944
Westfield Corp.		401,350		2,723
				9,003
Austria—0.3%
Atrium European Real Estate Ltd.(2)		154,777		626
Canada—3.0%
Allied Properties Real Estate Investment Trust		70,385		1,910
Canadian Real Estate Investment Trust		22,475		820
First Capital Realty, Inc.		63,880		962
RioCan Real Estate Investment Trust		100,662		1,983
				5,675
Finland—0.5%
Citycon OYJ		413,232		979
France—2.0%
Klepierre		69,620		2,708
Mercialys SA		57,150		1,066
				3,774
Germany—5.8%
ADO Properties SA(4)		72,542		2,602
Deutsche Wohnen AG		66,075		2,176
LEG Immobilien AG(2)		8,304		681
TLG Immobilien AG		128,900		2,511
Vonovia SE		88,848		3,131
				11,101
Hong Kong—1.8%
Hysan Development Co., Ltd.		106,000		481
Link REIT		425,504		2,981
				3,462
Japan—5.9%
GLP J-REIT		1,052		1,216
Hulic Co., Ltd.		131,900		1,240
Invincible Investment Corp.		1,735		698
Japan Real Estate Investment Corp.		218		1,155
Kenedix Office Investment Corp.		204		1,202
Kenedix Retail REIT Corp.		385		865
LaSalle Logiport REIT		1,506		1,395
Nippon Building Fund, Inc.		217		1,187
Nippon Prologis REIT, Inc.		593		1,285
United Urban Investment Corp.		688		1,057
				11,300

	SHARES		VALUE
Mexico—0.3%
Prologis Property Mexico SA de CV		329,800	$	565
Netherlands—2.3%
Unibail-Rodamco SE		19,048		4,452
Norway—0.8%
Entra ASA(4)		132,500		1,447
Singapore—0.5%
CapitaLand Mall Trust		432,450		609
Global Logistic Properties Ltd.		222,500		442
				1,051
Spain—1.5%
Axiare Patrimonio SOCIMI SA		77,524		1,157
Hispania Activos Inmobiliarios SOCIMI SA		114,318		1,643
				2,800
Sweden—0.9%
Castellum AB		126,410		1,676
United Kingdom—6.1%
Big Yellow Group plc		125,728		1,151
British Land Co. plc (The)		143,500		1,097
Derwent London plc		31,910		1,124
Great Portland Estates plc		59,276		484
Hammerson plc		190,420		1,362
Land Securities Group plc		108,131		1,434
Safestore Holdings plc		238,557		1,133
Segro plc		275,628		1,575
UNITE Group plc (The)		293,900		2,344
				11,704
United States—61.9%
Alexandria Real Estate Equities, Inc.		32,400		3,581
American Campus Communities, Inc.		46,738		2,224
American Homes 4 Rent Class A		120,250		2,761
Apartment Investment & Management Co. Class A		57,600		2,555
AvalonBay Communities, Inc.		23,765		4,363
Boston Properties, Inc.		25,328		3,354
Brixmor Property Group, Inc.		138,633		2,975
CoreSite Realty Corp.		20,200		1,819
Cousins Properties, Inc.		240,400		1,988
CubeSmart		147,975		3,841
CyrusOne, Inc.		35,500		1,827
DCT Industrial Trust, Inc.		82,298		3,960
Digital Realty Trust, Inc.		45,450		4,835
Douglas Emmett, Inc.		76,995		2,957
Duke Realty Corp.		135,531		3,560
Equinix, Inc.		1,800		721
Equity LifeStyle Properties, Inc.		24,746		1,907
Equity Residential		46,415		2,888
Essex Property Trust, Inc.		12,927		2,993
Extra Space Storage, Inc.		39,745		2,957
Federal Realty Investment Trust		19,900		2,657
GGP, Inc.		70,719		1,639

	SHARES		VALUE
United States—continued
Healthcare Realty Trust, Inc.		59,321	$	1,928
Healthcare Trust of America, Inc. Class A		97,000		3,052
Highwoods Properties, Inc.		49,406		2,427
Host Hotels & Resorts, Inc.		72,708		1,357
Kilroy Realty Corp.		45,875		3,307
Paramount Group, Inc.		151,440		2,455
Pebblebrook Hotel Trust		36,509		1,066
Prologis, Inc.		119,498		6,200
Public Storage		16,222		3,551
Regency Centers Corp.		62,250		4,133
RLJ Lodging Trust		62,550		1,471
Simon Property Group, Inc.		54,231		9,329
STORE Capital Corp.		113,672		2,714
Sun Communities, Inc.		38,450		3,089
Tanger Factory Outlet Centers, Inc.		79,750		2,613
Ventas, Inc.		24,472		1,592
Vornado Realty Trust		49,600		4,975
Welltower, Inc.		11,919		844
				118,465
TOTAL COMMON STOCKS (Identified Cost $178,114)				188,080
TOTAL LONG TERM INVESTMENTS—98.3%
(Identified Cost $178,114)				188,080
SHORT-TERM INVESTMENT—0.3%
Money Market Mutual Fund—0.3%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.622%)(6)		515,718		516
TOTAL SHORT-TERM INVESTMENT (Identified Cost $516)				516
TOTAL INVESTMENTS—98.6% (Identified Cost $178,630)				188,596	(1)
Other assets and liabilities, net—1.4%				2,682
NET ASSETS—100.0%			$	191,278

Abbreviation:

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

⁽³⁾ Illiquid security.

⁽⁴⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, these securities amounted to a value of $4,049 or 2.1% of net assets.

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

See Notes to Financial Statements

10

VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

⁽⁵⁾ Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁶⁾ Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

⁽⁷⁾ Amount is less than $500.

Country Weightings†
United States	63	%
United Kingdom	6
Japan	6
Germany	6
Australia	5
Canada	3
Netherlands	2
Other	9
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	188,080	$	188,080	$	—	(1)*
Short-Term Investments		516		516		—
Total Investments	$	188,596	$	188,596	$	—	(1)*

⁽¹⁾  Amount less than $500.

* Includes internally fair valued security.

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

Securities held by the Fund with an end of period value of $24,816 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

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

	Common Stocks
Investments in Securities
Balance as of September 30, 2016	$	—	(c)
Accrued discount (premium)		—
Realized gain (loss)		—
Change in appreciation (depreciation)(d)		—	(b)
Purchases		—
Sales		—
Transfers into Level 3(a)		—
Transfers from Level 3(a)		—
Balance as of March 31, 2017	$	—	(b)(c)

^(a)  “Transfers into and from” Level 3 represent the ending value as of March 31, 2017, for any investment where a change in pricing level occurred from the beginning to end of period.

^(b)  Amount is less than $500.

^(c)  Includes internally fair valued security.

^(d)  Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

See Notes to Financial Statements

11

VIRTUS DUFF & PHELPS INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
PREFERRED STOCK—2.9%
Consumer Staples—2.9%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar 1.507% (Brazil)		6,385	$	123
TOTAL PREFERRED STOCK (Identified Cost $105)				123
COMMON STOCKS—93.6%
Consumer Discretionary—13.7%
Bayerische Motoren Werke AG (Germany)		1,265		116
Fuji Heavy Industries Ltd. (Japan)		3,140		115
IMAX Corp. (Canada)(2)		4,090		139
Kroton Educacional SA (Brazil)		19,855		84
Sony Corp. Sponsored ADR (Japan)		3,965		134
				588
Consumer Staples—5.4%
British American Tobacco plc (United Kingdom)		1,735		115
Marine Harvest ASA Sponsored ADR (Norway)(2)		7,415		114
				229
Energy—8.2%
Petroleo Brasileiro S.A. Sponsored ADR (Brazil)(2)		13,056		126
Statoil ASA (Norway)		6,490		111
TechnipFMC plc (France)(2)		3,510		115
				352
Financials—21.2%
Barclays plc (United Kingdom)		47,270		133
BNP Paribas SA (France)		1,970		131

	SHARES		VALUE
Financials—continued
DBS Group Holdings Ltd. (Singapore)		11,205	$	156
ING Groep NV (Netherlands)		8,238		125
Mizuho Financial Group, Inc. (Japan)		66,065		121
ORIX Corp. (Japan)		7,655		113
Societe Generale SA (France)		2,530		128
				907
Health Care—8.9%
Allergan plc (Ireland)		541		129
Icon plc (Ireland)(2)		1,605		128
Shire plc ADR (United Kingdom)		720		126
				383
Industrials—15.2%
Airbus SE (France)		1,680		128
Ashtead Group plc (United Kingdom)		7,560		156
Hitachi Ltd. (Japan)		19,000		103
Nidec Corp. (Japan)		1,510		144
RELX plc (United Kingdom)		5,995		117
				648
Information Technology—9.1%
Broadcom Ltd. (Singapore)		620		136
Check Point Software Technologies Ltd. (Israel)(2)		1,105		114
SAP SE Sponsored ADR (Germany)		1,430		140
				390
Materials—5.5%
Fortescue Metals Group Ltd. (Australia)		21,110		100
Toray Industries, Inc. (Japan)		15,115		134
				234

	SHARES		VALUE
Real Estate—3.4%
LendLease Group (Australia)		12,370	$	147
Telecommunication Services—3.0%
Nippon Telegraph & Telephone Corp. ADR (Japan)		3,015		129
TOTAL COMMON STOCKS (Identified Cost $3,470)				4,007
TOTAL LONG TERM INVESTMENTS—96.5%
(Identified Cost $3,575)				4,130
TOTAL INVESTMENTS—96.5%
(Identified Cost $3,575)				4,130	(1)
Other assets and liabilities, net—3.5%				152
NET ASSETS—100.0%			$	4,282

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

At March 31, 2017, the Fund had entered into forward currency exchange contracts as follows:

Currency Purchased	Value		Currency Sold		Value		Counterparty		Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
JPY		65,603		USD		590		JPMorgan Chase		6/5/17	$	1	$	—
JPY		64,768		USD		583		JPMorgan Chase		7/18/17		1		—
USD		578		JPY		65,603		JPMorgan Chase		6/5/17		—		(12	)
USD		568		JPY		64,768		JPMorgan Chase		7/18/17		—		(18	)
											$	2	$	(30	)

JPY Japanese Yen

USD United States Dollars

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

See Notes to Financial Statements

12

VIRTUS DUFF & PHELPS INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

Country Weightings†
Japan	24	%
United Kingdom	16
France	12
Brazil	8
Singapore	7
Ireland	6
Germany	6
Other	21
Total	100	%
† % of total investments as of March 31, 2017.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017			Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Assets:
Equity Securities
Common Stocks	$	4,007		$	4,007	$	—
Preferred Stocks		123			123		—
Other Financial Instruments:
Foreign Currency Exchange Contracts		2			—		2
Total Assets	$	4,132		$	4,130	$	2
Liabilities:
Other Financial Instruments:
Foreign Currency Exchange Contracts	$	(30	)	$	—	$	(30	)
Total Liabilities	$	(30	)	$	—	$	(30	)

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

Securities held by the Fund with an end of period value of $528 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

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

See Notes to Financial Statements

13

VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—98.0%
Australia—13.2%
Dexus Property Group		50,518	$	377
GPT Group (The) – In Specie(2)(3)(5)		588,920		10
National Storage REIT		621,000		679
Scentre Group		384,171		1,259
Westfield Corp.		162,473		1,102
				3,427
Austria—0.5%
Atrium European Real Estate Ltd.(2)		30,230		122
Canada—8.4%
Allied Properties Real Estate Investment Trust		26,065		708
Canadian Real Estate Investment Trust		8,695		317
First Capital Realty, Inc.		24,705		372
RioCan Real Estate Investment Trust		39,550		779
				2,176
Finland—1.5%
Citycon OYJ		167,291		396
France—5.3%
Klepierre		24,956		971
Mercialys SA		22,200		414
				1,385
Germany—11.7%
ADO Properties SA(4)		14,322		514
Deutsche Wohnen AG		24,875		819
LEG Immobilien AG(2)		2,411		198
TLG Immobilien AG		21,800		425
Vonovia SE		30,545		1,076
				3,032
Hong Kong—6.1%
Hysan Development Co., Ltd.		55,000		250
Link REIT		191,441		1,341
				1,591
Japan—18.1%
GLP J-REIT		467		540
Hulic Co., Ltd.		62,500		588
Invincible Investment Corp.		602		242
Japan Real Estate Investment Corp.		97		514
Kenedix Office Investment Corp.		77		454
Kenedix Retail REIT Corp.		179		402
LaSalle Logiport REIT		555		514
Nippon Building Fund, Inc.		95		519
Nippon Prologis REIT, Inc.		221		479
United Urban Investment Corp.		302		464
				4,716

	SHARES		VALUE
Mexico—0.5%
Prologis Property Mexico SA de CV		82,200	$	141
Netherlands—6.2%
Unibail-Rodamco SE		6,860		1,603
Norway—2.1%
Entra ASA(4)		49,000		535
Singapore—1.7%
CapitaLand Mall Trust		211,650		298
Global Logistic Properties Ltd.		66,000		131
				429
Spain—4.1%
Axiare Patrimonio SOCIMI SA		27,970		418
Hispania Activos Inmobiliarios SOCIMI SA		46,027		661
				1,079
Sweden—2.4%
Castellum AB		47,699		632
United Kingdom—16.2%
Big Yellow Group plc		45,288		414
British Land Co. plc (The)		61,105		467
Derwent London plc		13,346		470
Great Portland Estates plc		24,018		196
Hammerson plc		54,209		388
Land Securities Group plc		51,085		678
Safestore Holdings plc		83,376		396
Segro plc		106,868		611
UNITE Group plc (The)		74,700		596
				4,216
TOTAL COMMON STOCKS (Identified Cost $19,326)				25,480
TOTAL LONG TERM INVESTMENTS—98.0%
(Identified Cost $19,326)				25,480
TOTAL INVESTMENTS—98.0% (Identified Cost $19,326)				25,480	(1)
Other assets and liabilities, net—2.0%				508
NET ASSETS—100.0%			$	25,988

Abbreviation:

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

⁽³⁾ Illiquid security.

⁽⁴⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These

securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, these securities amounted to a value of $1,049 or 4.0% of net assets.

⁽⁵⁾ Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments.

Country Weightings†
Japan	19	%
United Kingdom	17
Australia	13
Germany	12
Canada	9
Netherlands	6
Hong Kong	6
Other	18
Total	100	%
† % of total investments as of March 31, 2017.

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

See Notes to Financial Statements

14

VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 3 Significant Unobservable Inputs
Equity Securities:
Common Stocks	$	25,480	$	25,470	$	10	*
Total Investments	$	25,480	$	25,470	$	10	*

*  Includes internally fair valued security.

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

Securities held by the Fund with an end of period value of $10,153 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities

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

	Common Stocks
Investments in Securities
Balance as of September 30, 2016	$	—	(b)
Accrued discount/(premium)		—
Realized gain (loss)		—
Change in appreciation (depreciation)(c)		10
Purchases		—
Sales		—
Transfers into Level 3(a)		—
Transfers from Level 3(a)		—
Balance as of March 31, 2017	$	10	(b)

^(a)  “Transfers into and from” Level 3 represent the ending value as of March 31, 2017, for any investment where a change in pricing level occurred from beginning to end of period.

^(b)  Internally fair valued.

^(c)  Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

See Notes to Financial Statements

15

VIRTUS HORIZON INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—99.6%
Consumer Discretionary—30.1%
Altice NV Class A (Netherlands)(2)		1,786	$	40
Autogrill S.p.A (Italy)		735		7
Autoneum Holding AG (Switzerland)		77		23
Axel Springer SE (Germany)		542		30
Bayerische Motoren Werke AG (Germany)		327		30
Benesse Holdings, Inc. (Japan)		1,210		38
Brembo S.p.A (Italy)		99		7
Brunello Cucinelli S.p.A (Italy)		307		7
Carnival plc (United Kingdom)		732		42
Chow Tai Fook Jewellery Group Ltd. (Hong Kong)		7,000		7
Christian Dior SE (France)		69		16
Cie Finance Richemont SA Registered Shares (Switzerland)		295		23
Continental AG (Germany)		139		31
Crown Resorts Ltd. (Australia)		2,707		24
CTS Eventim AG & Co. KGaA (Germany)(2)		788		31
Daily Mail & General Trust plc Class A (United Kingdom)		4,547		41
De’Longhi S.p.A (Italy)		254		7
Dixons Carphone plc (United Kingdom)		10,633		42
Domino’s Pizza Enterprises Ltd. (Australia)		573		25
Don Quijote Holdings Co., Ltd. (Japan)		1,125		39
Dufry AG Registered Shares (Switzerland)(2)		156		24
Dunelm Group plc (United Kingdom)		5,139		41
Fast Retailing co., Ltd. (Japan)		124		39
Fielmann AG (Germany)		380		29
Forbo Holding AG Registered Shares (Switzerland)(2)		15		23
Galaxy Entertainment Group Ltd. (Hong Kong)		1,240		7
Genting Singapore plc (Singapore)		10,000		7
Geox S.p.A (Italy)(4)		3,128		8
Global Brands Group Holding Ltd. (Hong Kong)(2)		58,000		6
Harvey Norman Holdings Ltd. (Australia)		6,977		24
Heiwa Corp. (Japan)		1,465		36
Hennes & Mauritz AB Class B (Sweden)		434		11
Hermes International (France)		33		16
Hikari Tsushin, Inc. (Japan)		395		39
Industria de Diseno Textil SA (Spain)		571		20
Jardine Cycle & Carriage Ltd. (Singapore)		228		7
JCDecaux SA (France)		447		16
Kering (France)		60		16
L’Occitane International SA (France)		7,500		15
Li & Fung Ltd. (Hong Kong)		13,650		6
Luxottica Group S.p.A (Italy)		132		7
LVMH Moet Hennessy Louis Vuitton SE (France)		71		16
Man Wah Holding Ltd. (Hong Kong)		8,600		7
Mediaset S.p.A (Italy)		1,726		7

	SHARES		VALUE
Consumer Discretionary—continued
Mekonomen AB (Sweden)		570	$	11
Melco Crown Entertainment Ltd. ADR (Hong Kong)		370		7
Melco International Development Ltd. (Hong Kong)		3,800		7
Melia Hotels International SA (Spain)		1,467		20
Merlin Entertainment plc (United Kingdom)(3)		6,813		41
Metropole Television SA (France)		703		16
MGM China Holings Ltd. (Hong Kong)		3,200		7
Moncler S.p.A (Italy)		334		7
Nitori Holdings Co., Ltd. (Japan)		328		41
NOS SGPS SA (Portugal)		669		4
Ocado Group plc (United Kingdom)(2)(4)		13,391		40
Plastic Omnium SA (France)		423		15
PRADA S.p.A (Italy)		1,900		8
Premier Investments Ltd. (Australia)		2,277		25
Publicis Groupe SA (France)		229		16
Rakuten, Inc. (Japan)		3,920		39
Royal Caribbean Cruises Ltd. (Norway)		60		6
Salvatore Ferragamo S.p.A (Italy)		247		7
Sands China Ltd. (Hong Kong)		1,450		7
Sankyo Co., Ltd. (Japan)		1,125		38
Sega Sammy Holdings, Inc. (Japan)		2,680		36
Seven West Media Ltd. (Australia)		45,837		28
SFR Group SA (France)(2)		499		16
Shangri-La Asia Ltd. (Hong Kong)		5,550		8
Shimanura Co., Ltd. (Japan)		292		39
SJM Holdings Ltd. (Hong Kong)		8,000		7
Sodexo SA (France)		136		16
Sports Direct International plc (United Kingdom)(2)		11,282		44
Start Today Co., Ltd. (Japan)		1,900		42
Steinhoff International Holdings NV (Germany)(2)		5,813		28
Swatch Group AG (The) (Switzerland)		66		24
Techtronics Industries Co., Ltd. (Hong Kong)		1,600		7
Television Francaise 1 (France)		1,290		15
Tod’s S.p.A (Italy)		95		7
Universal Entertainment Corp. (Japan)		1,186		38
Vivendi (France)(2)		837		16
Wynn Macau Ltd. (Hong Kong)		3,300		7
Yoox Net-A-Porter Group S.p.A (Italy)(2)		307		7
Yue Yuen Industrial Holdings Ltd. (Hong Kong)		1,825		7
				1,691
Consumer Staples—12.6%
AAK AB (Sweden)		164		11
Anheuser-Busch InBev N.V. (Belgium)		516		57
Associated British Foods plc (United Kingdom)		1,238		40
Axfood AB (Sweden)		740		11

	SHARES		VALUE
Consumer Staples—continued
Barry Callebaut AG Registered Shares (Switzerland)(2)		17	$	22
Beiersdorf AG (Germany)		309		29
Carrefour SA (France)		657		16
Casino Guichard Perrachon SA (France)		279		16
Cosmos Pharmaceutical Corp. (Japan)		200		39
Dairy Farm International Holdings Ltd. (Hong Kong)		810		7
Davide Campari-Milano S.p.A (Italy)		678		8
First Resources Ltd. (Singapore)		5,130		7
Golden Agri-Resources Ltd. (Singapore)		26,700		7
Heineken Holding NV (Netherlands)		494		39
Henkel AG & Co. KGaA (Germany)		263		29
Jeronimo Martins SGPS SA (Portugal)		212		4
Kose Corp. (Japan)		430		39
L’Oreal SA (France)		80		15
Marine Harvest ASA (Norway)		342		5
MARR S.p.A (Italy)		331		7
Metro AG (Germany)		936		30
Orkla ASA (Norway)		628		6
Pernod Ricard SA (France)		131		16
Pola Orbis Holdings, Inc. (Japan)		1,646		40
Rallye SA (France)		743		15
Remy Cointreau SA (France)		161		16
Sonae SGPS SA (Portugal)(2)		3,660		4
Sugi Holdings Co., Ltd. (Japan)		845		39
Sundrug Co., Ltd. (Japan)		1,170		39
Suntory Beverage & Food Ltd. (Japan)		940		40
Unicharm Corp. (Japan)		1,665		40
WH Group Ltd. (Hong Kong)(3)		8,500		7
Wilmar International Ltd. (Singapore)		2,890		7
				707
Energy—3.4%
Akastor ASA (Norway)(2)		3,699		6
Aker BP ASA (Norway)		350		6
Aker Solutions ASA (Norway)(2)		914		5
Avance Gas Holding Ltd. (Norway)(3)		1,662		5
BW LPG Ltd. (Norway)(3)		1,175		6
BW Offshore Ltd. (Norway)(2)		2,158		5
Delek Group Ltd. (Israel)		29		7
Galp Energia SGPS SA (Portugal)		247		4
Genel Energy plc (United Kingdom)(2)(4)		43,923		36
Petrofac Ltd. (United Kingdom)		3,626		42
Saras S.p.A (Italy)(2)		3,953		7
Seadrill Ltd. (Norway)(2)(4)		4,212		7
Ship Finance International Ltd. (Norway)		391		6
Tecnicas Reunidas SA (Spain)		496		19
Tenaris SA ADR (Italy)		230		8
Transocean Ltd. (United States)		1,852		23
				192
Financials—8.8%
ACOM Co., Ltd. (Japan)(2)		9,600		38
Ashmore Group plc (United Kingdom)		9,463		42

See Notes to Financial Statements

16

VIRTUS HORIZON INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Financials—continued
Assicurazioni Generali S.p.A (Italy)		462	$	7
Banca Mediolanum S.p.A (Italy)		1,009		7
Banco Santander SA (Spain)		3,228		20
Bank Hapoalim BM (Israel)		1,083		7
Bank of East Asia Ltd. (The) (Hong Kong)		1,600		7
Bankinter SA (Spain)		2,393		20
City Developments Ltd. (Singapore)		1,000		7
Emperor Capital Group Ltd. (Hong Kong)		72,000		6
First Pacific Co., Ltd. (Hong Kong)		9,700		7
Goldin Financial Holdings Ltd. (Hong Kong)(2)		16,600		6
Groupe Bruxelles Lambert SA (Belgium)		637		58
Hutchison Port Holdings Trust Class U (Singapore)		18,100		8
Industrivarden AB Class A (Sweden)		496		11
Kingston Financial Group Ltd. (Hong Kong)		19,300		6
Matsui Securities Co., Ltd. (Japan)		4,695		37
Oversea-Chinese Banking Corp., Ltd. (Singapore)		1,075		8
Pargesa Holding SA (Switzerland)		321		23
Partners Group Holding AG (Switzerland)		41		22
Platinum Asset Management Ltd. (Australia)		6,255		25
Reinet Investments SCA (United Kingdom)		20,223		44
Schroders plc (United Kingdom)		1,058		40
Svenska Handelsbanken AB Class A (Sweden)(4)		795		11
United Overseas Bank Ltd. (Singapore)		452		7
Wendel SE (France)		126		16
Wharf Holdings Ltd. (The) (Hong Kong)		750		6
				496
Health Care—4.4%
BioMerieux (France)		95		16
CYBERDYNE, Inc. (Japan)(2)(4)		2,735		39
DiaSorin S.p.A (Italy)		106		7
Eurofins Scientific SE (France)		36		16
Galenica AG Registered Shares (Switzerland)		20		21
Getinge AB Class B (Sweden)		634		11
Ipsen SA (France)		158		16
RHOEN-KLINIKUM AG (Germany)		1,072		29
Roche Holding AG (Switzerland)		90		23
Straumann Holding AG Registered Shares (Switzerland)		51		24
Taisho Pharmaceutical Holdings Co., Ltd. (Japan)		490		40
Taro Pharmaceutical Industries Ltd. (Israel)(2)		60		7
				249
Industrials—13.7%
ACS Actividades de Construccion y Servicios SA (Spain)		593		20
Alfa Laval AB (Sweden)		614		12

	SHARES		VALUE
Industrials—continued
Alstom SA (France)(2)		537	$	16
ANDRITZ AG (Austria)		593		30
Assa Abloy AB Class B (Sweden)		558		12
Bollore SA (France)		4,039		16
Bouygues SA (France)		374		15
Cargotec Oyj Class B (Finland)		611		30
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong)		790		6
CK Hutchison Holdings Ltd. (Hong Kong)		550		7
Dassault Aviation SA (France)		12		15
easyJet plc (United Kingdom)		3,265		42
Ferrovial SA (Spain)		994		20
Fomento de Construcciones y Contratas SA (Spain)(2)		2,159		20
HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)(3)		7,200		7
Indutrade AB (Sweden)		582		11
IWG plc (United Kingdom)		10,937		44
Jardine Matheson Holdings Ltd. (Singapore)		108		7
Jardine Strategic Holdings Ltd. (Singapore)		186		8
Kloeckner & Co. SE (Germany)(2)		2,536		27
Kone Oyj Class B (Finland)		707		31
Kuehne & Nagel International AG Registered Shares (Switzerland)		159		23
Nidec Corp. (Japan)		410		39
Noble Group Ltd. (Singapore)(2)		53,700		7
Nordex SE (Germany)(2)(4)		2,030		28
NWS Holdings Ltd. (Hong Kong)		3,600		7
Obrascon Huarte Lain SA (Spain)		4,193		19
OC Oerlikon Corp. AG Registered Shares (Switzerland)(2)		2,071		22
Orient Overseas International Ltd. (Hong Kong)(2)		1,200		6
Prosegur Cia de Seguridad SA (Spain)		3,388		20
Rieter Holding AG Registered Shares (Switzerland)(2)		110		23
Ryanair Holdings plc Sponsored ADR (United Kingdom)(2)		494		41
Salini Impregilo S.p.A (Italy)		2,147		7
Securities AB Class B (Sweden)		724		11
Seven Group Holdings Ltd. (Australia)		3,090		25
SGL Carbon SE (Germany)(2)		3,094		32
SGS SA Registered Shares (Switzerland)		10		21
Skanska AB Class B (Sweden)		470		11
Sulzer AG Registered Shares (Switzerland)		211		22
Summit Ascent Holdings Ltd. (Hong Kong)(2)		20,000		7
				767
Information Technology—11.4%
Arbonia AG (Switzerland)(2)		1,322		22
Check Point Software Technologies Ltd. (Israel)		69		7
COLOPL, Inc. (Japan)(4)		4,000		37
Dassault Systemes SE (France)		184		16

	SHARES		VALUE
Information Technology—continued
Gree, Inc. (Japan)		6,000	$	38
GungHo Online Entertainment, Inc. (Japan)		17,700		39
Hexagon AB Class B (Sweden)		285		11
Keyence Corp. (Japan)		98		39
Konami Holdings Corp. (Japan)		875		37
Lenovo Group Ltd. (Hong Kong)		10,400		7
Mixi, Inc. (Japan)		860		41
Nexon Co., Ltd. (Japan)		2,490		40
OBIC Business Consultants Co., Ltd. (Japan)		785		39
OBIC Co., Ltd. (Japan)		821		39
Otsuka Corp. (Japan)		752		41
Renishaw plc (United Kingdom)		1,040		41
SAP SE (Germany)		301		30
Silverlake Axis Ltd. (Singapore)		17,600		7
Square Enix Holdings Co., Ltd. (Japan)		1,265		36
United Internet AG Registered Shares (Germany)		699		31
VTech Holdings Ltd. (Hong Kong)		542		7
Yahoo Japan Corp. (Japan)		8,200		38
				643
Materials—7.2%
APERAM SA (Netherlands)		777		39
ArcelorMittal (Netherlands)(2)		4,493		38
EMS-Chemie Holding AG Registered Shares (Switzerland)(2)		39		23
Evolution Mining Ltd. (Australia)		14,337		23
Fortescue Metals Group Ltd. (Australia)		4,743		22
Frutarom Industries Ltd. (Israel)		127		7
Glencore plc (United Kingdom)(2)		9,979		39
HeidelbergCement AG (Germany)		309		29
Hexpol AB (Sweden)(2)		1,085		11
Holmen AB Class B (Sweden)		277		11
Imerys SA (France)		189		16
Israel Chemicals Ltd. (Israel)		1,558		7
Israel Corp., Ltd. (The) (Israel)(2)		36		7
LafargeHolcim Ltd. Registered Shares (Switzerland)(2)		390		23
OCI NV (Netherlands)(2)		2,090		40
Pact Group Holdings Ltd. (Australia)		4,570		24
Vicat (France)		225		16
Wacker Chemie AG (Germany)		273		28
				403
Real Estate—4.5%
Abacus Property Group (Australia)		9,936		25
Champion REIT (Hong Kong)		10,600		6
Cheung Kong Property Holdings Ltd. (Hong Kong)		950		6
Fonciere Des Regions (France)		185		15
Fortune REIT (Hong Kong)		5,900		7
Hang Lung Group Ltd. (Hong Kong)		1,600		7
Hang Lung Properties Ltd. (Hong Kong)		2,500		6
Henderson Land Development Co., Ltd. (Hong Kong)		1,111		7
Hongkong Land Holdings Ltd. (Singapore)		1,000		8

See Notes to Financial Statements

17

VIRTUS HORIZON INTERNATIONAL WEALTH MASTERS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Real Estate—continued
Hufvudstaden AB Class A (Sweden)(4)		736	$	11
Hysan Development Co., Ltd. (Hong Kong)		1,450		7
Intu Properties plc (United Kingdom)		11,757		41
Kerry Properties Ltd. (Hong Kong)		1,900		7
L E Lundbergforetagen AB Class B (Sweden)		168		11
New World Development Co., Ltd. (Hong Kong)		5,100		6
Scentre Group (Australia)		7,603		25
Sino Land Co., Ltd. (Hong Kong)		3,700		6
Sun Hung Kai Properties Ltd. (Hong Kong)		450		7
UOL Group Ltd. (Singapore)		1,543		8
Westfield Corp. (Australia)		3,677		25
Wheelock & Co., Ltd. (Hong Kong)		855		7
Yanlord Land Group Ltd. (Singapore)		5,700		7
				255
Telecommunication Services—2.5%
HKT Trust & HKT Ltd. (Hong Kong)		5,000		7
Iliad SA (France)		68		15
PCCW Ltd. (Hong Kong)		10,900		6
SmarTone Telecommunications Holdings Ltd. (Hong Kong)		5,000		6
SoftBank Group Corp. (Japan)		541		38
TalkTalk Telecom Group plc (United Kingdom)(4)		18,403		44
TPG Telecom Ltd. (Australia)		4,498		24
				140

	SHARES		VALUE
Utilities—1.0%
CLP Holdings Ltd. (Hong Kong)		639	$	7
Engie SA (France)		1,138		16
Hong Kong & China Gas Co., Ltd. (Hong Kong)		3,285		7
Kenon Holdings Ltd. (Israel)(2)		567		7
Power Assets Holdings Ltd. (Hong Kong)		750		6
Rubis SCA (France)		155		15
				58
TOTAL COMMON STOCKS (Identified Cost $5,252)				5,601
TOTAL LONG TERM INVESTMENTS—99.6%
(Identified Cost $5,252)				5,601
SECURITIES LENDING COLLATERAL—4.3%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) – Institutional Shares (seven-day effective yield 0.910%)(5)(6)		243,955		244
TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $244)				244
TOTAL INVESTMENTS—103.9% (Identified Cost $5,496)				5,845	(1)
Other assets and liabilities, net—(3.9)%				(222	)
NET ASSETS—100.0%			$	5,623

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, these securities amounted to a value of $66 or 1.2% of net assets.

⁽⁴⁾  All or a portion of security is on loan.

⁽⁵⁾  Represents security purchased with cash collateral received for securities on loan.

⁽⁶⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

Country Weightings†
Japan	25	%
United Kingdom	14
France	9
Germany	9
Switzerland	7
Australia	6
Hong Kong	5
Other	25
Total	100	%
† % of total investments as of March 31, 2017.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	5,601	$	5,601
Securities Lending Collateral		244		244
Total Investments	$	5,845	$	5,845

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

Securities held by the Fund with an end of period value of $2,153 were transferred from Level 2 to Level 1, based on our valuation procedures for non-U.S. securities. (See Note 2A in the Notes to Financial Statements for more information).

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

See Notes to Financial Statements

18

VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
PREFERRED STOCK—0.9%
Consumer Discretionary—0.9%
Whirlpool SA 0.14% (Brazil)(2)		55,164	$	60
TOTAL PREFERRED STOCK (Identified Cost $45)				60
COMMON STOCKS—88.2%
Consumer Discretionary—9.7%
Ace Hardware Indonesia Tbk PT (Indonesia)		2,693,000		167
Goldlion Holdings Ltd. (Hong Kong)		388,284		164
Pico Far East Holdings Ltd. (Hong Kong)		634,780		256
Whirlpool SA (Brazil)(2)		54,761		54
				641
Consumer Staples—22.7%
AVI Ltd. (South Africa)		27,110		200
Compania Cervecerias Unidas SA Sponsored ADR (Chile)		6,680		169
Distell Group Ltd. (South Africa)		11,300		116
Embotelladora Andina ADR S.A. Class-B (Chile)		2,300		54
Heineken Malaysia Bhd (Malaysia)		36,000		146
Oldtown Bhd (Malaysia)		322,750		199
Pinar SUT Mamulleri Sanayii AS (Turkey)		22,800		98
Premier Marketing PCL (Thailand)		739,000		200
Union de Cervecerias Peruanas Backus y Johnston SAA (Peru)		35,000		164
Wawel SA (Poland)		573		149
				1,495
Energy—1.7%
Qualitech PCL (Thailand)		418,279		109
Financials—14.9%
ARA Asset Management Ltd. (Singapore)		165,880		211
BFI Finance Indonesia Tbk PT (Indonesia)		779,000		258
Credit Analysis & Research Ltd. (India)		8,300		216
Korea Ratings Corp. (South Korea)		4,057		153
Tisco Financial Group PCL (Thailand)		66,700		139
				977
Industrials—17.5%
Blue Dart Express Ltd. (India)		900		72
DKSH Holding AG (Switzerland)		830		64
Freight Management Holdings Bhd (Malaysia)		218,729		68
Hy-Lok Corp. (South Korea)		6,800		133
Lumax International Corp., Ltd. (Taiwan)		113,088		203

	SHARES		VALUE
Industrials—continued
S-1 Corp. (South Korea)		1,950	$	156
Sinmag Equipment Corp. (Taiwan)		28,520		131
Taiwan Secom Co., Ltd. (Taiwan)		67,874		201
Turk Traktor ve Ziraat Makineleri AS (Turkey)		5,500		124
				1,152
Information Technology—9.2%
Autohome, Inc. ADR (China)(2)		7,140		227
Cartrack Holdings Ltd. (South Africa)		76,200		63
e-Credible Co., Ltd. (South Korea)		14,700		164
Yandex N.V. Class A (Russia)(2)		6,860		150
				604
Materials—12.5%
Corp. Moctezuma SAB de C.V. (Mexico)		54,000		184
Enaex SA (Chile)		12,300		131
Sniezka SA (Poland)		100		2
Tikkurila Oyj (Finland)		3,200		65
Transpaco Ltd. (South Africa)(3)		86,890		182
Yung Chi Paint & Varnish Manufacturing Co., Ltd. (Taiwan)		96,000		255
				819
TOTAL COMMON STOCKS (Identified Cost $5,151)				5,797
TOTAL LONG TERM INVESTMENTS—89.1%
(Identified Cost $5,196)				5,857
SHORT-TERM INVESTMENT—8.1%
Money Market Mutual Fund—8.1%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.630%)(4)		534,347		534
TOTAL SHORT-TERM INVESTMENT (Identified Cost $534)				534
TOTAL INVESTMENTS—97.2%
(Identified Cost $5,730)				6,391	(1)
Other assets and liabilities, net—2.8%				183
NET ASSETS—100.0%			$	6,574

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Illiquid security.

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

Country Weightings†
Taiwan	12	%
South Korea	9
South Africa	9
United States	8
Thailand	7
Indonesia	7
Hong Kong	7
Malaysia	6
Chile	6
India	5
Other	24
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	5,797	$	5,431	$	366
Preferred Stock		60		60		—
Short-Term Investments		534		534		—
Total Invest ments	$	6,391	$	6,025	$	366

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

Securities held by the Fund with an end of period value of $366 were transferred from Level 1 to Level 2, and securities with an end of period value of $2,512 were transferred from Level 2 to Level 1, based on our valuation procedures for non-U.S. securities.

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

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

See Notes to Financial Statements

19

VIRTUS KAR INTERNATIONAL SMALL-CAP FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
PREFERRED STOCK—0.1%
Consumer Discretionary—0.1%
Whirlpool SA 0.14% (Brazil)(2)		42,618	$	47
TOTAL PREFERRED STOCK (Identified Cost $34)				47
COMMON STOCKS—90.7%
Consumer Discretionary—9.3%
Goldlion Holdings Ltd. (Hong Kong)		5,701,316		2,413
Pico Far East Holdings Ltd. (Hong Kong)		6,837,668		2,754
REA Group Ltd. (Australia)		81,510		3,695
				8,862
Consumer Staples—6.2%
Heineken Malaysia Bhd (Malaysia)		385,200		1,558
Oldtown Bhd (Malaysia)		1,739,850		1,073
Premier Marketing PCL (Thailand)		331,500		90
Premier Marketing PCL (Thailand)		6,242,029		1,689
Wawel SA (Poland)		5,702		1,481
				5,891
Energy—3.4%
Pason Systems, Inc. (Canada)		104,100		1,504
Qualitech PCL (Thailand)		3,073,163		800
Schoeller-Bleckmann Oilfield Equipment AG (Austria)		14,278		995
				3,299
Financials—11.9%
ARA Asset Management Ltd. (Singapore)		1,001,716		1,275
Euler Hermes Group SA (France)		42,960		3,948
Euroz Ltd. (Australia)(4)		1,864,035		1,766
Hiscox Ltd. (United Kingdom)		98,880		1,355
Korea Ratings Corp. (South Korea)		51,372		1,941
Topdanmark A/S (Denmark)(2)		44,200		1,120
				11,405
Health Care—6.1%
Haw Par Corp., Ltd. (Singapore)(4)		158,819		1,138
Software Service, Inc. (Japan)		25,753		1,138
WIN-Partners Co., Ltd. (Japan)		418,465		3,582
				5,858
Industrials—16.4%
AIT Corp. (Japan)		185,300		1,674
Amadeus Fire AG (Germany)		13,595		1,105
Asiakastieto Group Oyj (Finland)		139,900		2,701
Howden Joinery Group plc (United Kingdom)		601,650		3,269
Interworks, Inc. (Japan)		151,600		1,508

	SHARES		VALUE
Industrials—continued
Lumax International Corp., Ltd. (Taiwan)		1,557,288	$	2,792
Rotork plc (United Kingdom)		405,204		1,235
WABCO Holdings, Inc. (United States)(2)		11,700		1,374
				15,658
Information Technology—30.1%
Alten SA (France)		41,600		3,190
Auto Trader Group plc (United Kingdom)		784,000		3,853
Autohome, Inc. ADR (China)(2)		96,600		3,069
Bouvet ASA (Norway)(4)		128,045		2,207
carsales.com Ltd. (Australia)		266,327		2,271
Computer Modelling Group Ltd. (Canada)		192,000		1,494
e-Credible Co., Ltd. (South Korea)		193,400		2,162
Firstlogic, Inc. (Japan)		105,400		2,640
Rightmove plc (United Kingdom)		89,890		4,491
Scout24 AG (Germany)(2)		102,725		3,436
				28,813
Materials—7.3%
Corp. Moctezuma SAB de C.V. (Mexico)		640,677		2,190
Rimoni Industries Ltd. (Israel)(4)		89,509		1,308
Sniezka SA (Poland)		500		8
Tikkurila Oyj (Finland)		56,150		1,138
Transpaco Ltd. (South Africa)(3)		875,421		1,833
Victrex plc (United Kingdom)		22,500		536
				7,013
TOTAL COMMON STOCKS (Identified Cost $79,356)				86,799
TOTAL LONG TERM INVESTMENTS—90.8%
(Identified Cost $79,390)				86,846
SHORT-TERM INVESTMENT—8.4%
Money Market Mutual Fund—8.4%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.622%)(5)		8,052,316		8,052
TOTAL SHORT-TERM INVESTMENT (Identified Cost $8,052)				8,052
TOTAL INVESTMENTS—99.2% (Identified Cost $87,442)				94,898	(1)
Other assets and liabilities, net—0.8%				755
NET ASSETS—100.0%			$	95,653

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾ Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾ Non-income producing.

⁽³⁾ Illiquid security.

⁽⁴⁾ Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments.

⁽⁵⁾ Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

Country Weightings†
United Kingdom	16	%
Japan	11
United States	10
Australia	8
France	8
Hong Kong	5
Germany	5
Other	37
Total	100	%
† % of total investments as of March 31, 2017.

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices		Level 2 Significant Observable Inputs
Equity Securities:
Common Stocks	$	86,799	$	85,999	$	800
Preferred Stock		47		47		—
Short-Term Investment		8,052		8,052		—
Total Investments	$	94,898	$	94,898	$	800

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

Securities held by the Fund with an end of period value of $34,906 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

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

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

See Notes to Financial Statements

20

VIRTUS VONTOBEL GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
COMMON STOCKS—96.6%
Consumer Discretionary—21.2%
Alimentation Couche-Tard, Inc. Class B (Canada)		138,326	$	6,249
Amazon.com, Inc. (United States)(2)		8,342		7,396
Dollar Tree, Inc. (United States)(2)		35,195		2,761
Naspers Ltd. Class N (South Africa)		14,596		2,519
NIKE, Inc. Class B (United States)		86,375		4,814
Paddy Power Betfair plc (Ireland)		35,420		3,797
Priceline Group, Inc. (The) (United States)(2)		2,294		4,083
RELX NV (Netherlands)		160,646		2,975
Starbucks Corp. (United States)		60,415		3,528
TJX Cos., Inc. (The) (United States)		32,951		2,606
				40,728
Consumer Staples—27.2%
Altria Group, Inc. (United States)		75,474		5,390
Ambev S.A. Sponsored ADR (Brazil)		423,327		2,438
Anheuser-Busch InBev N.V. (Belgium)		41,563		4,562
British American Tobacco plc (United Kingdom)		136,632		9,073
Casey’s General Stores, Inc. (United States)		25,781		2,894
Coca-Cola Co. (The) (United States)		66,734		2,832
Fomento Economico Mexicano SAB de CV Sponsored ADR (Mexico)		29,517		2,613
Kraft Heinz Co. (The) (United States)		19,854		1,803
Nestle S.A. Registered Shares (Switzerland)		44,273		3,397
Philip Morris International, Inc. (United States)		59,671		6,737
Reckitt Benckiser Group plc (United Kingdom)		63,209		5,770
Unilever N.V. CVA (Netherlands)		96,149		4,777
				52,286
Financials—14.4%
Berkshire Hathaway, Inc. Class B (United States)(2)		33,918		5,653
Housing Development Finance Corp. Bank Ltd. (India)		336,404		7,473
Housing Development Finance Corp., Ltd. (India)		255,525		5,911
M&T Bank Corp. (United States)		11,510		1,781
PNC Financial Services Group, Inc. (The) (United States)		14,332		1,723
Wells Fargo & Co. (United States)		93,204		5,188
				27,729

	SHARES		VALUE
Health Care—8.3%
Abbott Laboratories (United States)		76,303	$	3,389
Medtronic plc (United States)		45,936		3,700
Roche Holding AG (Switzerland)		15,173		3,875
UnitedHealth Group, Inc. (United States)		30,662		5,029
				15,993
Information Technology—23.0%
Alibaba Group Holding Ltd. Sponsored ADR (China)(2)		31,033		3,346
Alphabet, Inc. Class C (United States)(2)		8,860		7,350
Facebook, Inc. Class A (United States)(2)		27,731		3,939
MasterCard, Inc. Class A (United States)		76,806		8,638
PayPal Holdings, Inc. (United States)(2)		99,478		4,280
SAP SE (Germany)		50,656		4,971
Tencent Holdings Ltd. (China)		110,104		3,157
Visa, Inc. Class A (United States)		95,165		8,457
				44,138
Materials—0.9%
Martin Marietta Materials, Inc. (United States)		8,182		1,786
Real Estate—1.6%
American Tower Corp. (United States)		25,616		3,113
TOTAL COMMON STOCKS (Identified Cost $135,877)				185,773
TOTAL LONG TERM INVESTMENTS—96.6%
(Identified Cost $135,877)				185,773
SHORT-TERM INVESTMENT—0.5%
Money Market Mutual Fund—0.5%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.630%)(3)		929,625		930
TOTAL SHORT-TERM INVESTMENT (Identified Cost $930)				930
TOTAL INVESTMENTS—97.1% (Identified Cost $136,807)				186,703	(1)
Other assets and liabilities, net—2.9%				5,636
NET ASSETS—100.0%			$	192,339

Abbreviation:

ADR American Depositary Receipt

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

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

Country Weightings†
United States	59	%
United Kingdom	8
India	7
Netherlands	4
Switzerland	4
China	4
Canada	3
Other	11
Total	100	%
† % of total investments as of March 31, 2017.

The following table provides a summary of inputs used to value the Fund’s investments as of September 30, 2016 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	185,773	$	185,773
Short-Term Investments		930		930
Total Investments	$	186,703	$	186,703

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

Securities held by the Fund with an end of period value of $16,541 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities.

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

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

See Notes to Financial Statements

21

VIRTUS VONTOBEL GREATER EUROPEAN OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
PREFERRED STOCK—1.2%
Health Care—1.2%
Grifols SA Class B, 1.790% (Spain)		11,283	$	212
TOTAL PREFERRED STOCK (Identified Cost $186)				212
COMMON STOCKS—93.5%
Consumer Discretionary—16.4%
Christian Dior SE (France)		878		204
Domino’s Pizza Group plc (United Kingdom)		73,245		283
Hermes International (France)		792		375
LVMH Moet Hennessy Louis Vuitton SE (France)		839		184
Paddy Power Betfair plc (Ireland)		3,641		390
Priceline Group, Inc. (The) (United States)(2)		425		757
RELX N.V. (Netherlands)		24,795		459
Sodexo SA (France)(4)		2,335		275
				2,927
Consumer Staples—35.6%
Anheuser-Busch InBev N.V. (Belgium)		4,864		534
British American Tobacco plc (United Kingdom)		17,041		1,132
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		31		176
Diageo plc (United Kingdom)		7,647		219
Heineken N.V. (Netherlands)		3,703		315
L’Oreal SA (France)		1,606		309
Nestle S.A. Registered Shares (Switzerland)		10,570		811
Pernod Ricard SA (France)		1,788		211
Philip Morris International, Inc. (United States)		7,864		888
Reckitt Benckiser Group plc (United Kingdom)		9,593		876
Unilever N.V. CVA (Netherlands)		17,905		889
				6,360
Financials—5.6%
ABN AMRO Group N.V. CVA (Netherlands)(3)		9,932		241
Lloyds Banking Group plc (United Kingdom)		152,839		127
Reinet Investments SCA (Luxembourg)		6,447		124
Svenska Handelsbanken AB Class A (Sweden)		13,896		191
UBS Group AG Registered Shares (Switzerland)(2)		20,188		323
				1,006
Health Care—12.9%
Coloplast A/S Class B (Denmark)		4,195		328
Essilor International SA (France)		3,576		434
Fresenius Medical Care AG & Co. KGaA (Germany)		6,271		529

	SHARES		VALUE
Health Care—continued
Grifols SA (Spain)		11,908	$	292
Roche Holding AG (Switzerland)		2,827		722
				2,305
Industrials—9.6%
Aena SA (Spain)(3)		3,386		536
Bureau Veritas SA (France)		8,401		177
DCC plc (Ireland)		2,692		237
DKSH Holding AG (Switzerland)		2,271		176
Teleperformance (France)		2,151		232
Vinci SA (France)		4,498		356
				1,714
Information Technology—9.3%
Accenture plc Class A (United States)		5,099		611
Amadeus IT Group SA (Spain)		7,047		358
SAP SE (Germany)		6,993		686
				1,655
Materials—3.1%
Air Liquide SA (France)		3,285		377
HeidelbergCement AG (Germany)		1,872		175
				552
Real Estate—1.0%
Unibail-Rodamco SE (Netherlands)(4)		780		182
TOTAL COMMON STOCKS (Identified Cost $13,136)				16,701
TOTAL LONG TERM INVESTMENTS—94.7%
(Identified Cost $13,322)				16,913
SHORT-TERM INVESTMENT—2.2%
Money Market Mutual Fund—2.2%
JPMorgan U.S. Government Money Market Fund – Institutional Shares (seven-day effective yield 0.630%)(6)		389,263		389
TOTAL SHORT-TERM INVESTMENT (Identified Cost $389)				389
SECURITIES LENDING COLLATERAL—2.4%
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) – Institutional Shares (seven-day effective yield 0.910%)(5)(6)		423,603		424
TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $424)				424
TOTAL INVESTMENTS—99.3% (Identified Cost $14,135)				17,726	(1)
Other assets and liabilities, net—0.7%				130
NET ASSETS—100.0%			$	17,856

Footnote Legend:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 10 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, these securities amounted to a value of $777 or 4.4% of net assets.

⁽⁴⁾  All or a portion of security is on loan.

⁽⁵⁾  Represents security purchased with cash collateral received for securities on loan.

⁽⁶⁾  Shares of this fund are publicly offered and its prospectus and annual report are publicly available.

Country Weightings†
France	18	%
United States	17
United Kingdom	15
Switzerland	12
Netherlands	12
Spain	8
Germany	8
Other	10
Total	100	%
† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	16,701	$	16,701
Preferred Stock		212		212
Securities Lending Collateral		424		424
Short-Term Investments		389		389
Total Investments	$	17,726	$	17,726

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

There were no transfers between Level 1 and Level 2 related to securities held at March 31, 2017.

See Notes to Financial Statements

22

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2017

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

	Emerging Markets Debt Fund			Duff & Phelps Global Infrastructure Fund
Assets
Investment in securities at value(1)	$	767		$	111,561
Foreign currency at value(2)		—	(3)		—
Cash		704			1,349
Receivables
Investment securities sold		29,216			—
Fund shares sold		120			215
Dividends and interest receivable		20			194
Tax reclaims		—			36
Prepaid expenses		22			35
Prepaid trustee retainer		1			3
Other assets		1			4
Total assets		30,851			113,397
Liabilities
Payables
Fund shares repurchased		20			398
Dividend distributions		—	(3)		—
Investment advisory fees		14			62
Distribution and service fees		1			31
Administration fees		4			12
Transfer agent fees and expenses		2			23
Trustees’ fees and expenses		—	(3)		1
Professional fees		22			14
Trustee deferred compensation plan		1			4
Other accrued expenses		2			12
Total liabilities		66			557
Net Assets	$	30,785		$	112,840
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	33,383		$	102,945
Accumulated undistributed net investment income (loss)		38			(23	)
Accumulated undistributed net realized gain (loss)		(2,593	)		(1,287	)
Net unrealized appreciation (depreciation) on investments		(43	)		11,205
Net Assets	$	30,785		$	112,840
Class A
Net asset value (net assets/shares outstanding) per share	$	9.31		$	14.10
Maximum offering price per share NAV/(1–3.75%)	$	9.67		$	—
Maximum offering price per share NAV/(1–5.75%)	$	—		$	14.96
Shares of beneficial interest outstanding, no par value, unlimited authorization		74,945			2,631,915
Net Assets	$	698		$	37,122
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	9.30		$	14.05
Shares of beneficial interest outstanding, no par value, unlimited authorization		44,395			1,829,610
Net Assets	$	413		$	25,701
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	9.30		$	14.11
Shares of beneficial interest outstanding, no par value, unlimited authorization		3,189,413			3,544,291
Net Assets	$	29,674		$	50,017
(1) Investment in securities at cost	$	807		$	100,353
(2) Foreign currency at cost	$	—	(3)	$	—
(3) Amount is less than $500.

See Notes to Financial Statements

23

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2017

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

	Duff & Phelps Global Real Estate Securities Fund			Duff & Phelps International Equity Fund
Assets
Investment in securities at value(1)(3)	$	188,596		$	4,130
Cash		2,000			159
Receivables
Investment securities sold		1,655			18
Fund shares sold		453			2
Receivable from adviser		—			4
Dividends and interest receivable		643			20
Tax reclaims		23			12
Prepaid expenses		76			20
Prepaid trustee retainer		6			—	(2)
Unrealized appreciation on foreign currency exchange contracts		—			2
Other assets		7			—	(2)
Total assets		193,459			4,367
Liabilities
Payables
Fund shares repurchased		264			4
Investment securities purchased		1,692			23
Investment advisory fees		109			—
Distribution and service fees		17			1
Administration fees		20			1
Transfer agent fees and expenses		23			1
Trustees’ fees and expenses		1			—
Professional fees		14			25
Trustee deferred compensation plan		7			—	(2)
Other accrued expenses		34			—	(2)
Unrealized depreciation on foreign currency exchange contracts		—			30
Total liabilities		2,181			85
Net Assets	$	191,278		$	4,282
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	183,953		$	4,974
Accumulated undistributed net investment income (loss)		(838	)		(43	)
Accumulated undistributed net realized gain (loss)		(1,804	)		(1,176	)
Net unrealized appreciation (depreciation) on investments		9,967			527
Net Assets	$	191,278		$	4,282
Class A
Net asset value (net assets/shares outstanding) per share	$	27.21		$	10.13
Maximum offering price per share NAV/(1–5.75%)	$	28.87		$	10.75
Shares of beneficial interest outstanding, no par value, unlimited authorization		953,120			86,517
Net Assets	$	25,931		$	877
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	26.70		$	9.93
Shares of beneficial interest outstanding, no par value, unlimited authorization		432,005			72,226
Net Assets	$	11,536		$	717
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	27.39		$	10.08
Shares of beneficial interest outstanding, no par value, unlimited authorization		5,611,764			266,689
Net Assets	$	153,706		$	2,688
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	27.41		$	—
Shares of beneficial interest outstanding, no par value, unlimited authorization		3,832			—
Net Assets	$	105		$	—
(1) Investment in securities at cost	$	178,630		$	3,575
(2) Amount is less than $500.

See Notes to Financial Statements

24

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2017

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

	Duff & Phelps International Real Estate Securities Fund			Horizon International Wealth Masters Fund
Assets
Investment in securities at value(1)(2)	$	25,480		$	5,845
Cash		234			27
Receivables
Investment securities sold		316			229
Fund shares sold		31			—
Receivable from adviser		—			6
Dividends and interest receivable		82			15
Tax reclaims		11			6
Securities lending receivable		—			1
Prepaid expenses		23			21
Prepaid trustee retainer		1			—	(3)
Other assets		1			—	(3)
Total assets		26,179			6,150
Liabilities
Payables
Fund shares repurchased		13			2
Investment securities purchased		117			247
Collateral on securities loaned		—			244
Investment advisory fees		9			—
Distribution and service fees		3			—	(3)
Administration fees		3			1
Transfer agent fees and expenses		6			—	(3)
Trustees’ fees and expenses		—	(3)		—	(3)
Professional fees		17			22
Trustee deferred compensation plan		1			—	(3)
Other accrued expenses		22			11
Total liabilities		191			527
Net Assets	$	25,988		$	5,623
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	31,393		$	5,393
Accumulated undistributed net investment income (loss)		(2,414	)		(12	)
Accumulated undistributed net realized gain (loss)		(9,145	)		(107	)
Net unrealized appreciation (depreciation) on investments		6,154			349
Net Assets	$	25,988		$	5,623
Class A
Net asset value (net assets/shares outstanding) per share	$	6.36		$	10.40
Maximum offering price per share NAV/(1–5.75%)	$	6.75		$	11.03
Shares of beneficial interest outstanding, no par value, unlimited authorization		948,391			22,815
Net Assets	$	6,027		$	237
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	6.34		$	10.37
Shares of beneficial interest outstanding, no par value, unlimited authorization		169,903			11,968
Net Assets	$	1,078		$	124
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	6.36		$	10.42
Shares of beneficial interest outstanding, no par value, unlimited authorization		2,970,542			505,064
Net Assets	$	18,883		$	5,262
(1) Investment in securities at cost	$	19,326		$	5,496
(2) Market value of securities on loan	$	—		$	228
(3) Amount is less than $500.

See Notes to Financial Statements

25

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2017

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

	KAR Emerging Markets Small-Cap Fund			KAR International Small-Cap Fund
Assets
Investment in securities at value(1)	$	6,391		$	94,898
Foreign currency at value(2)		—	(3)		—	(3)
Cash		150			1,500
Receivables
Fund shares sold		—	(3)		2,958
Dividends and interest receivable		33			530
Tax reclaims		1			7
Prepaid expenses		27			27
Prepaid trustee retainer		—	(3)		2
Other assets		—	(3)		3
Total assets		6,602			99,925
Liabilities
Payables
Fund shares repurchased		—			383
Foreign capital gain taxes payable		7			—
Investment securities purchased		2			3,773
Investment advisory fees		—	(3)		68
Distribution and service fees		—	(3)		4
Administration fees		1			9
Transfer agent fees and expenses		1			13
Trustees’ fees and expenses		—	(3)		—	(3)
Professional fees		16			17
Trustee deferred compensation plan		—	(3)		3
Other accrued expenses		1			2
Total liabilities		28			4,272
Net Assets	$	6,574		$	95,653
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	6,535		$	89,947
Accumulated undistributed net investment income (loss)		10			(273	)
Accumulated undistributed net realized gain (loss)		(627	)		(1,489	)
Net unrealized appreciation (depreciation) on investments		656			7,468
Net Assets	$	6,574		$	95,653
Class A
Net asset value (net assets/shares outstanding) per share	$	10.09		$	14.27
Maximum offering price per share NAV/(1–5.75%)	$	10.71		$	15.14
Shares of beneficial interest outstanding, no par value, unlimited authorization		57,664			421,935
Net Assets	$	582		$	6,020
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	10.14		$	14.13
Shares of beneficial interest outstanding, no par value, unlimited authorization		21,894			240,617
Net Assets	$	222		$	3,399
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	10.13		$	14.31
Shares of beneficial interest outstanding, no par value, unlimited authorization		569,809			6,014,673
Net Assets	$	5,770		$	86,043
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	—		$	14.30
Shares of beneficial interest outstanding, no par value, unlimited authorization		—			13,339
Net Assets	$	—		$	191
(1) Investment in securities at cost	$	5,730		$	87,442
(2) Foreign currency at cost		—	(3)		—	(3)
(3) Amount is less than $500.

See Notes to Financial Statements

26

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2017

($ 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)(2)	$	186,703		$	17,726
Cash		5,033			752
Receivables
Investment securities sold		119			—
Fund shares sold		532			48
Dividends and interest receivable		385			47
Tax reclaims		110			75
Securities lending receivable		—			—	(3)
Prepaid expenses		35			38
Prepaid trustee retainer		6			—	(3)
Other assets		7			1
Total assets		192,930			18,687
Liabilities
Payables
Fund shares repurchased		118			93
Investment securities purchased		194			272
Collateral on securities loaned		—			424
Foreign capital gain taxes payable		6			—
Investment advisory fees		137			8
Distribution and service fees		43			3
Administration fees		20			2
Transfer agent fees and expenses		41			5
Trustees’ fees and expenses		1			—	(3)
Professional fees		24			19
Trustee deferred compensation plan		7			1
Other accrued expenses		—	(3)		4
Total liabilities		591			831
Net Assets	$	192,339		$	17,856
Net Assets Consist of:
Capital paid in on shares of beneficial interest	$	136,366		$	14,689
Accumulated undistributed net investment income (loss)		(7	)		(36	)
Accumulated undistributed net realized gain (loss)		6,091			(385	)
Net unrealized appreciation (depreciation) on investments		49,889			3,588
Net Assets	$	192,339		$	17,856
Class A
Net asset value (net assets/shares outstanding) per share	$	14.71		$	16.09
Maximum offering price per share NAV/(1–5.75%)	$	15.61		$	17.07
Shares of beneficial interest outstanding, no par value, unlimited authorization		6,864,736			214,241
Net Assets	$	101,009		$	3,446
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	12.80		$	15.79
Shares of beneficial interest outstanding, no par value, unlimited authorization		1,952,388			130,865
Net Assets	$	24,994		$	2,066
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	14.71		$	16.09
Shares of beneficial interest outstanding, no par value, unlimited authorization		4,510,719			766,975
Net Assets	$	66,336		$	12,344
(1) Investment in securities at cost	$	136,807		$	14,135
(2) Market value of securities on loan	$	—		$	407
(3) Amount is less than $500.

See Notes to Financial Statements

27

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	Emerging Markets Debt Fund			Duff & Phelps Global Infrastructure Fund
Investment Income
Dividends	$	2		$	1,865
Interest		968			—
Foreign taxes withheld		(1	)		(89	)
Total investment income		969			1,776
Expenses
Investment advisory fees		119			356
Service fees, Class A		3			57
Distribution and service fees, Class C		2			132
Administration fees		20			69
Transfer agent fees and expenses		11			86
Registration fees		21			20
Printing fees and expenses		2			8
Custodian fees		3			14
Professional fees		15			16
Trustees’ fees and expenses		2			7
Miscellaneous expenses		2			5
Total expenses		200			770
Less expenses reimbursed and/or waived by investment adviser		(21	)		—
Earnings credit from custodian		(1	)		(3	)
Custody expenses reimbursed (Note 15)		—			—	(1)
Low balance account fees		—			—	(1)
Net expenses		178			767
Net investment income (loss)		791			1,009
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(62	)		(895	)
Net realized gain (loss) on foreign currency transactions		(204	)		6
Net change in unrealized appreciation (depreciation) on investments		(339	)		2,878
Net change in unrealized appreciation (depreciation) on foreign currency translation		(2	)		1
Net Realized and Unrealized Gain (Loss) on Investments		(607	)		1,990
Net increase (decrease) in net assets resulting from operations	$	184		$	2,999

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

28

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	Duff & Phelps Global Real Estate Securities Fund			Duff & Phelps International Equity Fund
Investment Income
Dividends	$	3,100		$	46
Foreign taxes withheld		(113	)		(3	)
Total investment income		2,987			43
Expenses
Investment advisory fees		777			19
Service fees, Class A		63			1
Distribution and service fees, Class C		60			4
Administration fees		116			3
Transfer agent fees and expenses		151			3
Registration fees		32			19
Printing fees and expenses		12			1
Custodian fees		49			9
Professional fees		17			17
Trustees’ fees and expenses		10			—	(1)
Miscellaneous expenses		7			2
Total expenses		1,294			78
Less expenses reimbursed and/or waived by investment adviser		(119	)		(45	)
Earnings credit from custodian		(3	)		—	(1)
Net expenses		1,172			33
Net investment income (loss)		1,815			10
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(1,066	)		206
Net realized gain (loss) on foreign currency transactions		(12	)		(2	)
Net change in unrealized appreciation (depreciation) on investments		(8,333	)		(205	)
Net change in unrealized appreciation (depreciation) on foreign currency translation		3			(26	)
Net Realized and Unrealized Gain (Loss) on Investments		(9,408	)		(27	)
Net increase (decrease) in net assets resulting from operations	$	(7,593	)	$	(17	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

29

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	Duff & Phelps International Real Estate Securities Fund			Horizon International Wealth Masters Fund
Investment Income
Dividends	$	512		$	50
Interest		—			—	(1)
Security lending, net of fees		—			6
Foreign taxes withheld		(49	)		(4	)
Total investment income		463			52
Expenses
Investment advisory fees		149			24
Service fees, Class A		9			—	(1)
Distribution and service fees, Class C		7			1
Administration fees		19			3
Transfer agent fees and expenses		26			1
Registration fees		19			21
Printing fees and expenses		3			1
Custodian fees		20			19
Professional fees		16			19
Trustees’ fees and expenses		2			—	(1)
Miscellaneous expenses		2			1
Total expenses before interest expense		272			90
Interest expense		1			—
Total expenses after interest expense		273			90
Less expenses reimbursed and/or waived by investment adviser		(71	)		(55	)
Earnings credit from custodian		—	(1)		—	(1)
Low balance account fees		—			—	(1)
Net expenses		202			35
Net investment income (loss)		261			17
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		528			(32	)
Net realized gain (loss) on foreign currency transactions		(5	)		—	(1)
Net change in unrealized appreciation (depreciation) on investments		(2,981	)		200
Net change in unrealized appreciation (depreciation) on foreign currency translation		2			—	(1)
Net Realized and Unrealized Gain (Loss) on Investments		(2,456	)		168
Net increase (decrease) in net assets resulting from operations	$	(2,195	)	$	185

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

30

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	KAR Emerging Markets Small-Cap Fund			KAR International Small-Cap Fund
Investment Income
Dividends	$	71		$	736
Interest		—			—	(1)
Security lending, net of fees		—			4
Foreign taxes withheld		(7	)		(64	)
Total investment income		64			676
Expenses
Investment advisory fees		32			294
Service fees, Class A		1			4
Distribution and service fees, Class C		1			9
Administration fees		3			37
Transfer agent fees and expenses		3			44
Registration fees		19			26
Printing fees and expenses		1			3
Custodian fees		3			10
Professional fees		18			17
Trustees’ fees and expenses		—	(1)		2
Miscellaneous expenses		—	(1)		3
Total expenses		81			449
Less expenses reimbursed and/or waived by investment adviser		(37	)		(39	)
Earnings credit from custodian		—	(1)		(3	)
Net expenses		44			407
Net investment income (loss)		20			269
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(10	)		881
Net realized gain (loss) on foreign currency transactions		(6	)		(68	)
Net change in unrealized appreciation (depreciation) on investments		602			6,135
Net change in unrealized appreciation (depreciation) on foreign currency translation		(1	)		12
Net Realized and Unrealized Gain (Loss) on Investments		585			6,960
Net increase (decrease) in net assets resulting from operations	$	605		$	7,229

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

31

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED MARCH 31, 2017

($ reported in thousands)

	Vontobel Global Opportunities Fund			Vontobel Greater European Opportunities Fund
Investment Income
Dividends	$	1,293		$	172
Interest		—			—	(1)
Security lending, net of fees		1			1
Foreign taxes withheld		(33	)		(14	)
Total investment income		1,261			159
Expenses
Investment advisory fees		759			82
Service fees, Class A		132			9
Distribution and service fees, Class B		1			—
Distribution and service fees, Class C		117			10
Administration fees		113			12
Transfer agent fees and expenses		127			17
Registration fees		30			18
Printing fees and expenses		12			2
Custodian fees		13			6
Professional fees		22			16
Trustees’ fees and expenses		10			2
Miscellaneous expenses		7			2
Total expenses		1,343			176
Less expenses reimbursed and/or waived by investment adviser		—			(41	)
Earnings credit from custodian		(7	)		(1	)
Custody expenses reimbursed (Note 15)		(102	)		—
Low balance account fees		(4	)		—
Net expenses		1,230			134
Net investment income (loss)		31			25
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		6,510			502
Net realized gain (loss) on foreign currency transactions		(52	)		(1	)
Net change in unrealized appreciation (depreciation) on investments		8,347			(351	)
Net change in unrealized appreciation (depreciation) on foreign currency translation		5			(2	)
Net change in foreign taxes on unrealized capital gains		(6	)		—
Net Realized and Unrealized Gain (Loss) on Investments		14,804			148
Net increase (decrease) in net assets resulting from operations	$	14,835		$	173

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

32

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	Emerging Markets Debt Fund						Duff & Phelps Global Infrastructure Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	791		$	1,448		$	1,009		$	2,563
Net realized gain (loss)		(266	)		(474	)		(889	)		3,984
Net change in unrealized appreciation (depreciation)		(341	)		3,189			2,879			9,681
Increase (decrease) in net assets resulting from operations		184			4,163			2,999			16,228
From Distributions to Shareholders
Net investment income, Class A		(69	)		(32	)		(404	)		(1,232	)
Net investment income, Class C		(8	)		(16	)		(156	)		(502	)
Net investment income, Class I		(747	)		(1,230	)		(467	)		(982	)
Net realized long-term gains, Class A		—			—			(1,322	)		(3,613	)
Net realized long-term gains, Class C		—			—			(748	)		(2,361	)
Net realized long-term gains, Class I		—			—			(1,013	)		(2,645	)
Decrease in net assets from distributions to shareholders		(824	)		(1,278	)		(4,110	)		(11,335	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		44			67			(13,364	)		(11,912	)
Change in net assets from share transactions, Class B											—
Change in net assets from share transactions, Class C		40			(229	)		(3,533	)		(12,563	)
Change in net assets from share transactions, Class I		897			1,145			9,028			(10,903	)
Increase (decrease) in net assets from share transactions		981			983			(7,869	)		(35,378	)
Net increase (decrease) in net assets		341			3,868			(8,980	)		(30,485	)
Net Assets
Beginning of period		30,444			26,576			121,820			152,305
End of period	$	30,785		$	30,444		$	112,840		$	121,820
Accumulated undistributed net investment income (loss) at end of period	$	38		$	71		$	(23	)	$	(5	)

See Notes to Financial Statements

33

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Duff & Phelps Global Real Estate Securities Fund						Duff & Phelps International Equity Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	1,815		$	2,016		$	10		$	15
Net realized gain (loss)		(1,078	)		674			204			(414	)
Net change in unrealized appreciation (depreciation)		(8,330	)		12,063			(231	)		662
Increase (decrease) in net assets resulting from operations		(7,593	)		14,753			(17	)		263
From Distributions to Shareholders
Net investment income, Class A		(1,085	)		(519	)		(10	)		(6	)
Net investment income, Class C		(193	)		(50	)		—			—
Net investment income, Class I		(2,654	)		(608	)		(29	)		(26	)
Net investment income, Class R6		(2	)		—			—			—
Net realized short-term gains, Class A		(76	)		(173	)		—			—
Net realized short-term gains, Class C		(18	)		(38	)		—			—
Net realized short-term gains, Class I		(170	)		(172	)		—			—
Net realized short-term gains, Class R6		—	(1)		—			—			—
Net realized long-term gains, Class A		(63	)		(477	)		—			—
Net realized long-term gains, Class C		(15	)		(105	)		—			—
Net realized long-term gains, Class I		(141	)		(475	)		—			—
Net realized long-term gains, Class R6		—	(1)		—			—			—
Decrease in net assets from distributions to shareholders		(4,417	)		(2,617	)		(39	)		(32	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(37,326	)		27,379			(506	)		(584	)
Change in net assets from share transactions, Class C		(1,204	)		4,125			(240	)		(760	)
Change in net assets from share transactions, Class I		45,640			75,040			65			(1,804	)
Change in net assets from share transactions, Class R6		103			—			—			—
Increase (decrease) in net assets from share transactions		7,213			106,544			(681	)		(3,148	)
Net increase (decrease) in net assets		(4,797	)		118,680			(737	)		(2,917	)
Net Assets
Beginning of period		196,075			77,395			5,019			7,936
End of period	$	191,278		$	196,075		$	4,282		$	5,019
Accumulated undistributed net investment income (loss) at end of period	$	(838	)	$	1,281		$	(43	)	$	(14	)

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

34

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Duff & Phelps International Real Estate Securities Fund						Horizon International Wealth Masters Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	261		$	667		$	17		$	50
Net realized gain (loss)		523			802			(32	)		(67	)
Net change in unrealized appreciation (depreciation)		(2,979	)		1,835			200			529
Increase (decrease) in net assets resulting from operations		(2,195	)		3,304			185			512
From Distributions to Shareholders
Net investment income, Class A		(518	)		(135	)		(3	)		(1	)
Net investment income, Class C		(96	)		(6	)		(1	)		(1	)
Net investment income, Class I		(1,479	)		(307	)		(75	)		(68	)
Net realized short-term gains, Class A		—			—			—			(2	)
Net realized short-term gains, Class C		—			—			—			(2	)
Net realized short-term gains, Class I		—			—			—			(72	)
Decrease in net assets from distributions to shareholders		(2,093	)		(448	)		(79	)		(146	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(1,551	)		(4,508	)		—	(1)		95
Change in net assets from share transactions, Class C		(684	)		(397	)		6			(7	)
Change in net assets from share transactions, Class I		(2,523	)		(2,557	)		75			140
Change in net assets from share transactions, Class R6		—			—			—			—
Increase (decrease) in net assets from share transactions		(4,758	)		(7,462	)		81			228
Net increase (decrease) in net assets		(9,046	)		(4,606	)		187			594
Net Assets
Beginning of period		35,034			39,640			5,436			4,842
End of period	$	25,988		$	35,034		$	5,623		$	5,436
Accumulated undistributed net investment income (loss) at end of period	$	(2,414	)	$	(582	)	$	(12	)	$	50

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

35

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	KAR Emerging Markets Small-Cap Fund						KAR International Small-Cap Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	20		$	108		$	269		$	789
Net realized gain (loss)		(16	)		(551	)		813			(2,244	)
Net change in unrealized appreciation (depreciation)		601			1,292			6,147			10,318
Increase (decrease) in net assets resulting from operations		605			849			7,229			8,863
From Distributions to Shareholders
Net investment income, Class A		(10	)		(6	)		(44	)		(32	)
Net investment income, Class C		(2	)		—	(1)		(30	)		(8	)
Net investment income, Class I		(93	)		(83	)		(935	)		(826	)
Net investment income, Class R6		—			—			(2	)		(2	)
Net realized short-term gains, Class A		—			—			—			(16	)
Net realized short-term gains, Class C		—			—			—			(12	)
Net realized short-term gains, Class I		—			—			—			(338	)
Net realized short-term gains, Class R6		—			—			—			(1	)
Net realized long-term gains, Class A		—			—			—			(20	)
Net realized long-term gains, Class C		—			—			—			(15	)
Net realized long-term gains, Class I		—			—			—			(440	)
Net realized long-term gains, Class R6		—			—			—			(1	)
Decrease in net assets from distributions to shareholders		(105	)		(89	)		(1,011	)		(1,711	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		154			(6	)		3,676			(280	)
Change in net assets from share transactions, Class C		92			(31	)		1,749			(264	)
Change in net assets from share transactions, Class I		909			(135	)		39,958			(6,608	)
Change in net assets from share transactions, Class R6		—			—			66			4
Increase (decrease) in net assets from share transactions		1,155			(172	)		45,449			(7,148	)
Net increase (decrease) in net assets		1,655			588			51,667			4
Net Assets
Beginning of period		4,919			4,331			43,986			43,982
End of period	$	6,574		$	4,919		$	95,653		$	43,986
Accumulated undistributed net investment income (loss) at end of period	$	10		$	95		$	(273	)	$	469

⁽¹⁾ Amount is less than $500.

See Notes to Financial Statements

36

VIRTUS OPPORTUNITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

($ reported in thousands)

	Vontobel Global Opportunities Fund						Vontobel Greater European Opportunities Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	31		$	587		$	25		$	322
Net realized gain (loss)		6,458			2,493			501			(681	)
Net change in unrealized appreciation (depreciation)		8,346			14,109			(353	)		1,593
Increase (decrease) in net assets resulting from operations		14,835			17,189			173			1,234
From Distributions to Shareholders
Net investment income, Class A		(350	)		(223	)		(110	)		(86	)
Net investment income, Class C		—			—			(28	)		—
Net investment income, Class I		(243	)		(202	)		(196	)		(94	)
Net realized long-term gains, Class A		(583	)		—			—			—
Net realized long-term gains, Class B		(1	)		—			—			—
Net realized long-term gains, Class C		(147	)		—			—			—
Net realized long-term gains, Class I		(265	)		—			—			—
Decrease in net assets from distributions to shareholders		(1,589	)		(425	)		(334	)		(180	)
From Share Transactions (See Note 6)
Change in net assets from share transactions, Class A		(12,684	)		8,029			(7,537	)		(2,522	)
Change in net assets from share transactions, Class B		(266	)		(254	)		—			—
Change in net assets from share transactions, Class C		179			6,766			(237	)		657
Change in net assets from share transactions, Class I		14,413			5,368			3,242			2,739
Increase (decrease) in net assets from share transactions		1,642			19,909			(4,532	)		874
Net increase (decrease) in net assets		14,888			36,673			(4,693	)		1,928
Net Assets
Beginning of period		177,451			140,778			22,549			20,621
End of period	$	192,339		$	177,451		$	17,856		$	22,549
Accumulated undistributed net investment income (loss) at end of period	$	(7	)	$	555		$	(36	)	$	273

See Notes to Financial Statements

37

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Tax Return of Capital			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average  Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Emerging Markets Debt
Fund
Class A
10/1/16 to 3/31/17(10)		$	9.45		0.21		(0.12	)		0.09			(0.23	)		—			—			(0.23	)		(0.14	)		$	9.31		1.08	%(4)		$	698		1.34	%(3)		1.48	%(3)		4.68	%(3)		32	%(4)
10/1/15 to 9/30/16			8.54		0.44		0.86			1.30			(0.39	)		—			—			(0.39	)		0.91				9.45		15.58				864		1.35			1.54			4.95			49
10/1/14 to 9/30/15			9.69		0.44		(1.18	)		(0.74	)		(0.33	)		—			(0.08	)		(0.41	)		(1.15	)			8.54		(7.85	)			718		1.35			1.48			4.80			47
10/1/13 to 9/30/14			9.43		0.47		0.26			0.73			(0.46	)		—			(0.01	)		(0.47	)		0.26				9.69		7.83				982		1.35			1.52			4.88			39
10/1/12 to 9/30/13			10.09		0.48		(0.64	)		(0.16	)		(0.48	)		(0.02	)		—			(0.50	)		(0.66	)			9.43		(1.94	)			3,200		1.35			1.55			4.92			60
9/5/12(6) to 9/30/12			10.00		0.02		0.07			0.09			—			—			—			—			0.09				10.09		0.90	(4)			101		1.35	(3)		3.49	(3)		3.35	(3)		13	(4)
Class C
10/1/16 to 3/31/17(10)		$	9.44		0.19		(0.14	)		0.05			(0.19	)		—			—			(0.19	)		(0.14	)		$	9.30		0.71	%(4)		$	413		2.09	%(3)		2.23	%(3)		4.06	%(3)		32	%(4)
10/1/15 to 9/30/16			8.54		0.37		0.85			1.22			(0.32	)		—			—			(0.32	)		0.90				9.44		14.60				377		2.10			2.28			4.20			49
10/1/14 to 9/30/15			9.68		0.37		(1.17	)		(0.80	)		(0.26	)		—			(0.08	)		(0.34	)		(1.14	)			8.54		(8.44	)			565		2.10			2.23			4.06			47
10/1/13 to 9/30/14			9.42		0.40		0.25			0.65			(0.38	)		—			(0.01	)		(0.39	)		0.26				9.68		7.03				788		2.10			2.21			4.08			39
10/1/12 to 9/30/13			10.09		0.41		(0.66	)		(0.25	)		(0.40	)		(0.02	)		—			(0.42	)		(0.67	)			9.42		(2.68	)			374		2.10			2.32			4.11			60
9/5/12(6) to 9/30/12			10.00		0.02		0.07			0.09			—			—			—			—			0.09				10.09		0.90	(4)			110		2.10	(3)		4.26	(3)		2.63	(3)		13	(4)
Class I
10/1/16 to 3/31/17(10)		$	9.45		0.23		(0.14	)		0.09			(0.24	)		—			—			(0.24	)		(0.15	)		$	9.30		1.11	%(4)		$	29,674		1.09	%(3)		1.23	%(3)		5.05	%(3)		32	%(4)
10/1/15 to 9/30/16			8.54		0.46		0.86			1.32			(0.41	)		—			—			(0.41	)		0.91				9.45		15.88				29,203		1.10			1.29			5.21			49
10/1/14 to 9/30/15			9.68		0.46		(1.17	)		(0.71	)		(0.35	)		—			(0.08	)		(0.43	)		(1.14	)			8.54		(7.52	)			25,293		1.10			1.23			5.05			47
10/1/13 to 9/30/14			9.42		0.49		0.26			0.75			(0.48	)		—			(0.01	)		(0.49	)		0.26				9.68		8.11				31,452		1.10			1.23			5.09			39
10/1/12 to 9/30/13			10.10		0.50		(0.66	)		(0.16	)		(0.50	)		(0.02	)		—			(0.52	)		(0.68	)			9.42		(1.80	)			24,686		1.10			1.33			4.99			60
9/5/12(6) to 9/30/12			10.00		0.02		0.08			0.10			—			—			—			—			0.10				10.10		1.00	(4)			25,036		1.10	(3)		3.24	(3)		3.61	(3)		13	(4)
Duff & Phelps Global
Infrastructure Fund
Class A
10/1/16 to 3/31/17(10)		$	14.22		0.13		0.27			0.40			(0.13	)		(0.39	)		—			(0.52	)		(0.12	)		$	14.10		3.05	%(4)		$	37,122		1.30	%(3)(9)		1.31	%(3)		1.94	%(3)		37	%(4)
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			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
10/1/11 to 9/30/12			10.97		0.31		1.95			2.26			(0.35	)		—			—			(0.35	)		1.91				12.88		20.80				36,347		1.32			1.32			2.59			21
Class C
10/1/16 to 3/31/17(10)		$	14.17		0.08		0.27			0.35			(0.08	)		(0.39	)		—			(0.47	)		(0.12	)		$	14.05		2.68	%(4)		$	25,701		2.05	%(3)(9)		2.06	%(3)		1.19	%(3)		37	%(4)
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			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
10/1/11 to 9/30/12			10.95		0.23		1.93			2.16			(0.26	)		—			—			(0.26	)		1.90				12.85		19.97				9,117		2.07			2.07			1.88			21
Class I
10/1/16 to 3/31/17(10)		$	14.23		0.15		0.27			0.42			(0.15	)		(0.39	)		—			(0.54	)		(0.12	)		$	14.11		3.20	%(4)		$	50,017		1.06	%(3)(9)		1.06	%(3)		2.17	%(3)		37	%(4)
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			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
10/1/11 to 9/30/12			10.97		0.35		1.95			2.30			(0.38	)		—			—			(0.38	)		1.92				12.89		21.19				48,830		1.07			1.07			2.85			21

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

See Notes to Financial Statements

38

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Duff & Phelps Global Real Estate Securities
Fund
Class A
10/1/16 to 3/31/17(10)		$	28.97		0.22			(1.34	)		(1.12	)		(0.57	)		(0.07	)		(0.64	)		(1.76	)		$	27.21		(3.81	)%(4)		$	25,931		1.40	%(3)(11)		1.53	%		1.66	%(3)		13	%(4)
10/1/15 to 9/30/16			26.19		0.40			3.12			3.52			(0.33	)		(0.41	)		(0.74	)		2.78				28.97		13.75				68,087		1.41	(8)(11)		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
10/1/11 to 9/30/12			17.78		0.33			4.77			5.10			(0.11	)		(0.37	)		(0.48	)		4.62				22.40		29.21				8,695		1.40			2.37			1.61			31
Class C
10/1/16 to 3/31/17(10)		$	28.41		0.15			(1.35	)		(1.20	)		(0.44	)		(0.07	)		(0.51	)		(1.71	)		$	26.70		(4.17	)%(4)		$	11,536		2.15	%(3)(11)		2.28	%		1.11	%(3)		13	%(4)
10/1/15 to 9/30/16			25.71		0.20			3.06			3.26			(0.15	)		(0.41	)		(0.56	)		2.70				28.41		12.89				13,560		2.16	(8)(11)		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
10/1/11 to 9/30/12			17.65		0.17			4.72			4.89			(0.03	)		(0.37	)		(0.40	)		4.49				22.14		28.18				1,356		2.15			3.11			0.83			31
Class I
10/1/16 to 3/31/17(10)		$	29.19		0.30			(1.41	)		(1.11	)		(0.62	)		(0.07	)		(0.69	)		(1.80	)		$	27.39		(3.70	)%(4)		$	153,706		1.15	%(3)(11)		1.28	%		2.21	%(3)		13	%(4)
10/1/15 to 9/30/16			26.37		0.51			3.11			3.62			(0.39	)		(0.41	)		(0.80	)		2.82				29.19		14.06				114,428		1.16	(8)(11)		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
10/1/11 to 9/30/12			17.85		0.45			4.71			5.16			(0.13	)		(0.37	)		(0.50	)		4.66				22.51		29.50				12,063		1.15			1.93			2.04			31
Class R6
11/3/16(6) to 3/31/17(6)(10)		$	26.83		0.25			1.02			1.27			(0.62	)		(0.07	)		(0.69	)		0.58			$	27.41		5.05	%(4)		$	105		1.04	%(3)		1.19	%(3)		1.88	%(3)		13	%(4)
Duff & Phelps
International Equity Fund
Class A
10/1/16 to 3/31/17(10)		$	10.22		0.02			(0.02	)		—			(0.09	)		—			(0.09	)		(0.09	)		$	10.13		(0.09	)%(4)		$	877		1.48	%(3)(11)		3.50	%(3)		0.33	%(3)		53	%(4)
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	(8)(11)		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
10/1/11 to 9/30/12			9.79		0.21			1.36			1.57			(0.30	)		(0.19	)		(0.49	)		1.08				10.87		16.58				193		1.50			1.80			2.02			25
Class C
10/1/16 to 3/31/17(10)		$	9.97		(0.02	)		(0.02	)		(0.04	)		—			—			—			(0.04	)		$	9.93		(0.50	)%(4)		$	717		2.23	%(3)(11)		4.25	%(3)		(0.33	)%(3)		53	%(4)
10/1/15 to 9/30/16			9.60		(0.05	)		0.42			0.37			—			—			—			0.37				9.97		3.85				967		2.26	(8)(11)		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
10/1/11 to 9/30/12			9.76		0.20			1.25			1.45			(0.25	)		(0.19	)		(0.44	)		1.01				10.77		15.37				115		2.25			2.51			1.94			25

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

See Notes to Financial Statements

39

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Duff & Phelps International Equity Fund
(Continued)
Class I
10/1/16 to 3/31/17(10)		$	10.19		0.04			(0.03	)		0.01			(0.12	)		—			(0.12	)		(0.11	)		$	10.08		0.03	%(4)		$	2,688		1.23	%(3)(11)		3.25	%(3)		0.81	%(3)		53	%(4)
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	(8)(11)		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
10/1/11 to 9/30/12			9.80		0.30			1.26			1.56			(0.35	)		(0.19	)		(0.54	)		1.02				10.82		16.47				26,398		1.25			1.50			2.94			25
Duff & Phelps International Real Estate Securities
Fund
Class A
10/1/16 to 3/31/17(10)		$	7.25		0.05			(0.50	)		(0.45	)		(0.44	)		—			(0.44	)		(0.89	)		$	6.36		(5.90	)%(3)		$	6,027		1.50	%(3)(11)		1.98	%(3)		1.64	%(3)		7	%(4)
10/1/15 to 9/30/16			6.63		0.11			0.58			0.69			(0.07	)		—			(0.07	)		0.62				7.25		10.47				8,680		1.51	(8)(11)		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
10/1/11 to 9/30/12			5.23		0.16			1.24			1.40			(0.13	)		—			(0.13	)		1.27				6.50		27.35				3,916		1.50			1.85			2.69			41
Class C
10/1/16 to 3/31/17(10)		$	7.21		0.03			(0.51	)		(0.48	)		(0.39	)		—			(0.39	)		(0.87	)		$	6.34		(6.40	)%(3)		$	1,078		2.25	%(3)(11)		2.73	%(3)		0.82	%(3)		7	%(4)
10/1/15 to 9/30/16			6.59		0.07			0.57			0.64			(0.02	)		—			(0.02	)		0.62				7.21		9.69				2,006		2.26	(8)(11)		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
10/1/11 to 9/30/12			5.20		0.12			1.24			1.36			(0.08	)		—			(0.08	)		1.28				6.48		26.36				1,531		2.25			2.60			2.04			41
Class I
10/1/16 to 3/31/17(10)		$	7.26		0.06			(0.51	)		(0.45	)		(0.45	)		—			(0.45	)		(0.90	)		$	6.36		(5.80	)%(4)		$	18,883		1.25	%(3)(11)		1.73	%(3)		1.86	%(3)		7	%(4)
10/1/15 to 9/30/16			6.64		0.14			0.56			0.70			(0.08	)		—			(0.08	)		0.62				7.26		10.72				24,348		1.26	(8)(11)		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
10/1/11 to 9/30/12			5.23		0.17			1.25			1.42			(0.16	)		—			(0.16	)		1.26				6.49		27.74				28,095		1.25			1.59			2.92			41
Horizon International
Wealth Masters Fund
Class A
10/1/16 to 3/31/17(10)		$	10.21		0.02			0.31			0.33			(0.14	)		—			(0.14	)		0.19			$	10.40		3.30	%(4)		$	237		1.55	%(3)(11)		3.64	%(3)		0.40	%(3)		10	%(4)
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	(8)(11)		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	)(4)			126		1.55	(3)		3.84	(3)		0.91	(3)		32	(4)
Class C
10/1/16 to 3/31/17(10)		$	10.13		(0.02	)		0.31			0.29			(0.05	)		—			(0.05	)		0.24			$	10.37		2.90	%(4)		$	124		2.30	%(3)(11)		4.39	%(3)		(0.31	)%(3)		10	%(4)
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	(8)(11)		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	)(4)			114		2.30	(3)		4.59	(3)		0.14	(3)		32	(4)
Class I
10/1/16 to 3/31/17(10)		$	10.24		0.03			0.30			0.33			(0.15	)		—			(0.15	)		0.18			$	10.42		3.38	%(4)		$	5,262		1.30	%(3)(11)		3.39	%(3)		0.66	%(3)		10	%(4)
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	(8)(11)		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)			4,602		1.30	(3)		3.56	(3)		1.19	(3)		32	(4)

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

See Notes to Financial Statements

40

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average  Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
KAR Emerging Markets
Small-Cap Fund
Class A
10/1/16 to 3/31/17(10)		$	9.29		0.02			0.95			0.97			(0.17	)		—			(0.17	)		0.80			$	10.09		10.68	%(4)		$	582		1.84	%(3)(11)		3.23	%(3)		0.53	%(3)		21	%(4)
10/1/15 to 9/30/16			7.85		0.18			1.41			1.59			(0.15	)		—			(0.15	)		1.44				9.29		20.66				382		1.86	(8)(11)		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	(4)			217		1.85	(3)		4.82	(3)		2.25	(3)		44	(4)
Class C
10/1/16 to 3/31/17(10)		$	9.31		—	(5)		0.95			0.95			(0.12	)		—			(0.12	)		0.83			$	10.14		10.38	%(4)		$	222		2.59	%(3)(11)		3.98	%(3)		(0.02	)%(3)		21	%(4)
10/1/15 to 9/30/16			7.80		0.12			1.41			1.53			(0.02	)		—			(0.02	)		1.51				9.31		19.62				117		2.61	(8)(11)		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	(4)			159		2.60	(3)		5.59	(3)		1.54	(3)		44	(4)
Class I
10/1/16 to 3/31/17(10)		$	9.31		0.04			0.96			1.00			(0.18	)		—			(0.18	)		0.82			$	10.13		10.89	%(4)		$	5,770		1.59	%(3)(11)		2.98	%(3)		0.78	%(3)		21	%(4)
10/1/15 to 9/30/16			7.88		0.20			1.41			1.61			(0.18	)		—			(0.18	)		1.43				9.31		20.82				4,420		1.61	(8)(11)		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	(4)			3,480		1.60	(3)		4.64	(3)		2.50	(3)		44	(4)
KAR International
Small-Cap Fund
Class A
10/1/16 to 3/31/17(10)		$	13.01		0.06			1.46			1.52			(0.26	)		—			(0.26	)		1.26			$	14.27		11.84	%(4)		$	6,020		1.59	%(3)(11)		1.73	%(3)		0.96	%(3)		22	%(4)
10/1/15 to 9/30/16			10.85		0.21			2.38			2.59			(0.20	)		(0.23	)		(0.43	)		2.16				13.01		24.58				1,985		1.61	(8)(11)		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
9/5/12(6) to 9/30/12			10.00		0.02			0.07			0.09			—			—			—			0.09				10.09		0.90	(4)			101		1.60	(3)		16.64	(3)		3.65	(3)		0	(4)
Class C
10/1/16 to 3/31/17(10)		$	12.92		0.01			1.43			1.44			(0.23	)		—			(0.23	)		1.21			$	14.13		11.36	%(4)		$	3,399		2.34	%(3)(11)		2.48	%(3)		0.12	%(3)		22	%(4)
10/1/15 to 9/30/16			10.72		0.12			2.37			2.49			(0.06	)		(0.23	)		(0.29	)		2.20				12.92		23.76				1,465		2.36	(8)(11)		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
9/5/12(6) to 9/30/12			10.00		0.02			0.07			0.09			—			—			—			0.09				10.09		0.90	(4)			107		2.35	(3)		17.43	(3)		2.86	(3)		0	(4)
Class I
10/1/16 to 3/31/17(10)		$	13.04		0.06			1.47			1.53			(0.26	)		—			(0.26	)		1.27			$	14.31		11.88	%(4)		$	86,043		1.34	%(3)(11)		1.48	%(3)		0.94	%(3)		22	%(4)
10/1/15 to 9/30/16			10.89		0.23			2.40			2.63			(0.25	)		(0.23	)		(0.48	)		2.15				13.04		24.94				40,424		1.36	(8)(11)		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
9/5/12(6) to 9/30/12			10.00		0.03			0.07			0.10			—			—			—			0.10				10.10		1.00	(4)			2,834		1.35	(3)		16.39	(3)		3.89	(3)		0	(4)
Class R6
10/1/16 to 3/31/17(10)		$	13.03		0.06			1.48			1.54			(0.27	)		—			(0.27	)		1.27			$	14.30		11.99	%(4)		$	191		1.25	%(3)(11)		1.39	%(3)		0.89	%(3)		22	%(4)
10/1/15 to 9/30/16			10.89		0.25			2.39			2.64			(0.27	)		(0.23	)		(0.50	)		2.14				13.03		25.06				112		1.27	(8)		1.52			2.19			40
11/12/14(6) to 9/30/15			13.43		0.22			(1.55	)		(1.33	)		(0.25	)		(0.96	)		(1.21	)		(2.54	)			10.89		(10.41	)(4)			90		1.27	(3)		1.41	(3)		2.02	(3)		64	(4)

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

See Notes to Financial Statements

41

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(2)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions			Change in Net Asset Value			Net Asset Value, End of Period			Total Return(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to Average Net Assets(7)			Ratio of Gross Expenses to Average     Net Assets (before waivers and reimbursements)(7)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
Vontobel Global
Opportunities Fund
Class A
10/1/16 to 3/31/17(10)		$	13.69		—	(5)		1.15			1.15			(0.05	)		(0.08	)		(0.13	)		1.02			$	14.71		8.41	%(4)		$	101,009		1.46	%(3)(9)(11)		1.47	%(3)		0.02	%(3)		20	%(4)
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	(11)		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
10/1/11 to 9/30/12			7.91		0.05			1.99			2.04			(0.04	)		—			(0.04	)		2.00				9.91		25.80				71,592		1.55			1.55			0.53			73
Class C
10/1/16 to 3/31/17(10)		$	11.93		(0.04	)		0.99			0.95			—			(0.08	)		(0.08	)		0.87			$	12.80		7.98	%(4)		$	24,994		2.21	%(3)(9)(11)		2.22	%(3)		(0.69	)%(3)		20	%(4)
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	(11)		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
10/1/11 to 9/30/12			7.02		(0.02	)		1.77			1.75			—			—			—			1.75				8.77		24.93				1,700		2.30			2.30			(0.25	)		73
Class I
10/1/16 to 3/31/17(10)		$	13.69		0.03			1.14			1.17			(0.07	)		(0.08	)		(0.15	)		1.02			$	14.71		8.61	%(4)		$	66,336		1.21	%(3)(9)(11)		1.22	%(3)		0.40	%(3)		20	%(4)
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	(11)		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
8/8/12(6) to 9/30/12			9.38		—	(5)		0.53			0.53			—			—			—			0.53				9.91		5.54	(4)			23,617		1.30	(3)		1.30	(3)		0.02	(3)		73	(4)
Vontobel Greater European
Opportunities Fund
Class A
10/1/16 to 3/31/17(10)		$	15.86		(0.01	)		0.48			0.47			(0.24	)		—			(0.24	)		0.23			$	16.09		3.14	%(4)		$	3,446		1.44	%(3)(11)		1.87	%(3)		(0.12	)%(3)		15	%(4)
10/1/15 to 9/30/16			15.20		0.17			0.59			0.76			(0.10	)		—			(0.10	)		0.66				15.86		4.99				11,364		1.46	(8)(11)		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
10/1/11 to 9/30/12			11.80		0.16			2.87			3.03			(0.15	)		(0.48	)		(0.63	)		2.40				14.20		26.75				6,513		1.45			2.82			1.26			49
Class C
10/1/16 to 3/31/17(10)		$	15.58		(0.03	)		0.44			0.41			(0.20	)		—			(0.20	)		0.21			$	15.79		2.69	%(4)		$	2,066		2.19	%(3)(11)		2.62	%(3)		(0.47	)%(3)		15	%(4)
10/1/15 to 9/30/16			14.95		0.04			0.59			0.63			—			—			—			0.63				15.58		4.21				2,292		2.23	(8)(11)		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
10/1/11 to 9/30/12			11.69		0.07			2.85			2.92			(0.03	)		(0.48	)		(0.51	)		2.41				14.10		25.73				187		2.20			3.57			0.52			49
Class I
10/1/16 to 3/31/17(10)		$	15.91		0.05			0.43			0.48			(0.30	)		—			(0.30	)		0.18			$	16.09		3.21	%(4)		$	12,344		1.19	%(3)(11)		1.62	%(3)		0.69	%(3)		15	%(4)
10/1/15 to 9/30/16			15.26		0.25			0.54			0.79			(0.14	)		—			(0.14	)		0.65				15.91		5.22	%			8,893		1.22	(8)(11)		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
10/1/11 to 9/30/12			11.83		0.17			2.90			3.07			(0.19	)		(0.48	)		(0.67	)		2.40				14.23		26.99				155		1.20			2.57			1.32			49

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

See Notes to Financial Statements

42

VIRTUS OPPORTUNITIES TRUST

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

Footnote Legend

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

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Amount is less than $0.005.

⁽⁶⁾  Inception date.

⁽⁷⁾  The Funds will also indirectly bear their prorated share of expenses of the underlying funds in which they invest. Such expenses are not included in the calculation of this ratio.

⁽⁸⁾  Net expense ratios include extraordinary proxy expenses.

⁽⁹⁾  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		VontobelGlobal Opportunities Fund
Class A	—*	Class A	0.10	%
Class C	—*	Class C	0.10	%
Class I	—*	Class I	0.10	%

* no impact

⁽¹⁰⁾  Unaudited.

⁽¹¹⁾  Net expense ratios may include earnings credit from custodian and low balance account fees as reflected in the Statements of Operations.

See Notes to Financial Statements

43

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2017

Note 1. Organization

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

As of the date of this report, 29 funds of the Trust are offered for sale, of which 10 (each a “Fund”) are reported in this semiannual report.

Each Fund is diversified and has a distinct investment objective.

The Funds have the following investment objectives:

	Investment Objective(s)
Emerging Markets Debt Fund	Total return from current income and capital appreciation
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
Horizon International Wealth Masters Fund	Capital appreciation
KAR Emerging Markets Small-Cap Fund	Capital appreciation
KAR International Small-Cap Fund	Capital appreciation
Vontobel Global Opportunities Fund	Capital appreciation
Vontobel Greater European Opportunities Fund	Long-term capital appreciation

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

All of the Funds offer Class A shares, Class C shares, and Class I shares. The Duff & Phelps Global Real Estate Securities Fund and KAR International Small-Cap Fund also offer Class R6 shares.

Class A shares of the Emerging Markets Debt Fund are sold with a front-end sales charge of up to 3.75%. Class A shares of the remaining Funds are sold with a front-end sales charge of up to 5.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which the CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Effective March 6, 2017, the Vontobel Global Opportunities Fund Class B shares were converted to Class A shares. Class B shares could be purchased by 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.

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

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 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 different distribution and/or service fees under a Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board and has exclusive voting rights with respect to such plans. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Income and other expenses as well as realized and unrealized gains and losses of each Fund are borne pro rata by the holders of each Class of shares.

Note 2. Significant Accounting Policies

The significant accounting policies consistently followed by the Trust in the preparation of its financial statements are summarized below and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with 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 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 quarterly by the Board.

44

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer-supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

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

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

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

B. Security Transactions and Investment Income

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

Dividend income from REIT investments is recorded using management’s estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each domestic REIT after its fiscal year-end, and may differ from the estimated amounts.

C. Income Taxes

Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2017, 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).

45

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

D. Distributions to Shareholders

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

E. Expenses

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

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

F. Foreign Currency Translation

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

G. Loan Agreements

Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Loan agreements are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Loan agreements are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Loan agreements may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The loan agreements have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR (London Interbank Offered Rate), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a loan agreement is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. At March 31, 2017, the Funds did not hold any loans.

H. Securities Lending

($ reported in thousands)

Certain Funds may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of the agreement, when doing so the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by a Fund net of fees and rebates charged by BBH for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. At March 31, 2017, the Funds had securities on loan with cash collateral as follows:

Fund	Market Value of Securities on Loan		Cash Collateral
Horizon International Wealth Masters Fund	$	228	$	244
Vontobel Greater European Opportunities Fund		407		424

I. Earnings Credit and Interest

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

46

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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 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 a forward foreign currency exchange 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. dollar without the delivery of foreign currency.

During the six months ended March 31, 2017 , the Duff & Phelps International Equity Fund entered into foreign currency exchange contracts to hedge exposure away from, foreign currencies (foreign currency exchange rate risk). Forward foreign currency contracts outstanding at period end, if any, are listed after the Fund’s Schedule of Investments.

These foreign currency contracts were executed under the ISDA 2002 Master Agreement without any Schedule thereto and without the requirement of posting any collateral to the counterparty.

The following is a summary of the Fund’s foreign currency exchange contracts which have a primary risk exposure as of March 31, 2017:

Statements of Assets and Liabilities
Assets
Unrealized appreciation on foreign currency exchange contracts	$	2
Liabilities
Unrealized depreciation on foreign currency exchange contracts		(30	)
	$	(28	)

Statements of Operations
Net realized gain (loss) on foreign currency exchange contracts1	$	(0	)
Net Change in Unrealized Appreciation / (Depreciation) on foreign currency exchange contracts2		(28	)
	$	(28	)

¹  Included in Net realized gain (loss) on foreign currency transactions within the Statements of Operations.

²  Included in Net change in unrealized appreciation (depreciation) on foreign currency translations within the Statement of Operations.

For the period ended March 31, 2017, the average daily cost of foreign currency exchange contracts purchased were $1,173 and the average daily cost of foreign currency exchange contracts sold were $1,146.

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 of each Fund:

	First $1 Billion			$1+ Billion
Emerging Markets Debt Fund		0.75	%		0.70	%
Horizon International Wealth Masters Fund		0.90			0.85
KAR Emerging Markets Small-Cap Fund		1.20			1.15
KAR International Small-Cap Fund		1.00			0.95
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

47

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

	First $2 Billion			$2+ Billion through $4 Billion			$4+ Billion
Duff & Phelps International Equity Fund		0.85	%		0.80	%		0.75	%

During the 2016 fiscal year, the Emerging Markets Debt Fund invested a portion of its assets in Virtus Credit Opportunities Fund, an affiliated mutual fund. In order to avoid any duplication of advisory fees, the Adviser has voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by the Fund on the assets invested in the Credit Opportunities Fund. For the period covered by these financial statements, the waiver amounted to $1. This waiver is in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and is included in the Statement of Operations in “less expenses reimbursed and/or waived by the investment adviser”.

B. Subadvisers

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

Fund	Subadviser	Fund	Subadviser
Emerging Markets Debt Fund	NF(1)	Horizon International Wealth Masters Fund	Horizon(5)
Duff & Phelps Global Infrastructure Fund	DPIM(3)	KAR Emerging Markets Small-Cap Fund	KAR(2)
Duff & Phelps Global Real Estate Securities Fund	DPIM(3)	KAR International Small-Cap Fund	KAR(2)
Duff & Phelps International Equity Fund	DPIM(4)(3)	Vontobel Global Opportunities Fund	Vontobel(4)
Duff & Phelps International Real Estate Securities Fund	DPIM(3)	Vontobel Greater European Opportunities Fund	Vontobel(4)

⁽¹⁾  Newfleet Asset Management, LLC, an indirect wholly owned subsidiary of Virtus.

⁽²⁾  Kayne Anderson Rudnick Investment Management, LLC, an indirect wholly owned subsidiary of Virtus.

⁽³⁾ Duff & Phelps Investment Management Co., an indirect wholly owned subsidiary of Virtus.

⁽⁴⁾ Vontobel Asset Management, Inc.

⁽⁵⁾  Horizon Asset Management, LLC

C. Expense Limits and Fee Waivers

The Adviser has contractually agreed to limit the following Fund’s 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 the following percentages of the Fund’s average daily net asset values as listed below through April 30, 2018.

	Class A			Class C			Class I			Class R6
Emerging Markets Debt Fund		1.35	%		2.10	%		1.10	%		—
Duff & Phelps Global Real Estate Securities Fund		1.40			2.15			1.15			1.04	%
Duff & Phelps International Equity Fund		1.50			2.25			1.25			—
Duff & Phelps International Real Estate Securities Fund		1.50			2.25			1.25			—
Horizon International Wealth Masters Fund		1.55			2.30			1.30			—
KAR Emerging Markets Small-Cap Fund		1.85			2.60			1.60			—
KAR International Small-Cap Fund		1.60			2.35			1.35			1.24
Vontobel Global Opportunities Fund		1.55			2.30			1.30			—
Vontobel Greater European Opportunities Fund		1.45			2.20			1.20			—

D. Expense Recapture

For certain Funds, the Adviser may recapture operating expenses waived or reimbursed 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:

	Fiscal Year Ended
	2017		2018		2019		Total
Emerging Markets Debt Fund	$	40	$	38	$	50	$	128
Duff & Phelps Global Real Estate Securities Fund		79		79		164	$	322
Duff & Phelps International Equity Fund		74		71		96	$	241
Duff & Phelps International Real Estate Securities Fund		100		114		152	$	366
Horizon International Wealth Masters Fund		—		101		98	$	199
KAR Emerging Markets Small-Cap Fund		80		79		87	$	246
KAR International Small-Cap Fund		60		67		108	$	235
Vontobel Greater European Opportunities Fund		80		84		92	$	256

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, 2017, it retained net commissions of $168 for Class A shares and deferred sales charges of $0 and $8 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 as follows: Class A shares 0.25%; Class C shares 1.00%; Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

48

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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

F. Administrator and Transfer Agent

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

For the period ended March 31, 2017, the Funds incurred administration fees totaling $307 which are included in the Statements of Operations.

For the period ended March 31, 2017, the Funds incurred transfer agent fees totaling $379 which are included in the Statements of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust.

G. Affiliated Shareholders

At March 31, 2017, Virtus and its affiliates held shares of certain Funds, which may be redeemed at any time, that aggregated the following:

	Shares		Aggregate Net Asset Value
Emerging Markets Debt Fund
Class C		11,930	$	111
Class I		3,095,007		28,815
Duff & Phelps Global Infrastructure Fund
Class I		603,480		8,515
Duff & Phelps Global Real Estate Securities Fund
Class I		175,450		4,806
Class R6		3,832		105
Duff & Phelps International Equity Fund
Class A		9,994		101
Class C		9,922		99
Class I		81,077		817
Duff & Phelps International Real Estate Securities Fund
Class A		337,811		2,148
Class I		799,898		5,087
Horizon International Wealth Masters Fund
Class A		10,429		108
Class C		10,268		106
Class I		502,574		5,237
KAR Emerging Markets Small-Cap Fund
Class A		10,791		109
Class C		10,485		106
Class I		303,752		3,077
KAR International Small-Cap Fund
Class R6		8,775		125

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, 2017.

Note 5. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding U.S. Government and agency securities, forward currency contracts and short-term securities) during the period ended March 31, 2017, were as follows:

	Purchases		Sales
Emerging Markets Debt Fund	$	8,357	$	36,098
Duff & Phelps Global Infrastructure Fund		41,316		52,485
Duff & Phelps Global Real Estate Securities Fund		30,277		23,525
Duff & Phelps International Equity Fund		2,252		2,659
Duff & Phelps International Real Estate Securities Fund		1,973		8,212
Horizon International Wealth Masters Fund		560		535
KAR Emerging Markets Small Cap Fund		1,553		1,036
KAR International Small-Cap Fund		49,340		12,301
Vontobel Global Opportunities Fund		35,110		40,963
Vontobel Greater European Opportunities Fund		2,921		7,665

There were no purchases or sales of long-term U.S. Government and agency securities for the Funds during the period ended March 31, 2017.

49

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2017

Note 6. Capital Share Transactions

(reported in thousands)

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

	Emerging Markets Debt Fund												Duff & Phelps Global Infrastructure Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		530		$	4,964			32		$	284			563		$	7,573			578		$	7,838
Reinvestment of distributions		7			68			3			30			123			1,621			361			4,488
Shares repurchased		(554	)		(4,988	)		(29	)		(247	)		(1,650	)		(22,558	)		(1,802	)		(24,238	)
Net Increase / (Decrease)		(17	)	$	44			6		$	67			(964	)	$	(13,364	)		(863	)	$	(11,912	)
Class C
Sale of shares		10		$	91			9		$	73			161		$	2,163			221		$	2,931
Reinvestment of distributions		1			8			2			15			59			774			201			2,471
Shares repurchased		(6	)		(59	)		(37	)		(317	)		(481	)		(6,470	)		(1,356	)		(17,965	)
Net Increase / (Decrease)		5		$	40			(26	)	$	(229	)		(261	)	$	(3,533	)		(934	)	$	(12,563	)
Class I
Sale of shares		73		$	669			25		$	214			1,478		$	20,210			1,348		$	18,253
Reinvestment of distributions		81			740			139			1,237			97			1,290			253			3,158
Shares repurchased		(56	)		(512	)		(36	)		(306	)		(916	)		(12,472	)		(2,424	)		(32,314	)
Net Increase / (Decrease)		98		$	897			128		$	1,145			659		$	9,028			(823	)	$	(10,903	)

	Duff & Phelps Global Real Estate Securities Fund												Duff & Phelps International Equity Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		461		$	12,479			1,668		$	46,534			6		$	55			23		$	229
Reinvestment of distributions		45			1,187			44			1,163			1			10			1			6
Shares repurchased		(1,903	)		(50,992	)		(749	)		(20,318	)		(57	)		(571	)		(83	)		(819	)
Net Increase / (Decrease)		(1,397	)	$	(37,326	)		963		$	27,379			(50	)	$	(506	)		(59	)	$	(584	)
Class C
Sale of shares		58		$	1,528			236		$	6,500			2		$	23			28		$	270
Reinvestment of distributions		9			222			7			190			—			—			—			—
Shares repurchased		(111	)		(2,954	)		(93	)		(2,565	)		(27	)		(263	)		(107	)		(1,030	)
Net Increase / (Decrease)		(44	)	$	(1,204	)		150		$	4,125			(25	)	$	(240	)		(79	)	$	(760	)
Class I
Sale of shares		2,481		$	67,041			3,406		$	95,560			57		$	567			59		$	567
Reinvestment of distributions		109			2,879			47			1,232			3			29			3			26
Shares repurchased		(899	)		(24,280	)		(771	)		(21,752	)		(54	)		(531	)		(244	)		(2,397	)
Net Increase / (Decrease)		1,691		$	45,640			2,682		$	75,040			6		$	65			(182	)	$	(1,804	)
Class R6
Sale of shares		4		$	101			—		$	—			—		$	—			—		$	—
Reinvestment of distributions		—	(1)		2			—			—			—			—			—			—
Shares repurchased		—			—			—			—			—			—			—			—
Net Increase / (Decrease)		4		$	103			—		$	—			—		$	—			—		$	—

⁽¹⁾  Amount is less than 500 shares.

50

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2017

	Duff & Phelps International Real Estate Securities Fund												Horizon International Wealth Masters Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		67		$	437			626		$	4,261			2		$	22			14		$	137
Reinvestment of distributions		84			506			20			133			—	(1)		3			—	(1)		3
Shares repurchased		(400	)		(2,494	)		(1,322	)		(8,902	)		(2	)		(25	)		(5	)		(45	)
Net Increase / (Decrease)		(249	)	$	(1,551	)		(676	)	$	(4,508	)		—	(1)	$	—	(2)		9		$	95
Class C
Sale of shares		5		$	35			31		$	214			1		$	6			—	(1)	$	2
Reinvestment of distributions		15			88			1			5			—	(1)		1			—	(1)		2
Shares repurchased		(128	)		(807	)		(92	)		(616	)		—	(1)		(1	)		(1	)		(11	)
Net Increase / (Decrease)		(108	)	$	(684	)		(60	)	$	(397	)		1		$	6			(1	)	$	(7	)
Class I
Sale of shares		585		$	3,692			1,496		$	10,464			—			—			—		$	1
Reinvestment of distributions		238			1,434			46			299			8			75			15			139
Shares repurchased		(1,206	)		(7,649	)		(1,955	)		(13,320	)		—			—			—			—
Net Increase / (Decrease)		(383	)	$	(2,523	)		(413	)	$	(2,557	)		8		$	75			15		$	140

	KAR Emerging Markets Small-Cap Fund												KAR International Small-Cap Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		36		$	339			9		$	76			469		$	6,444			49		$	578
Reinvestment of distributions		1			10			1			6			3			44			6			67
Shares repurchased		(20	)		(195	)		(11	)		(88	)		(203	)		(2,812	)		(79	)		(925	)
Net Increase / (Decrease)		17		$	154			(1	)	$	(6	)		269		$	3,676			(24	)	$	(280	)
Class C
Sale of shares		9		$	90			2		$	14			154		$	2,112			37		$	410
Reinvestment of distributions		—	(1)		2			—	(1)		—	(2)		2			29			3			35
Shares repurchased		—	(1)		—	(2)		(6	)		(45	)		(29	)		(392	)		(63	)		(709	)
Net Increase / (Decrease)		9		$	92			(4	)	$	(31	)		127		$	1,749			(23	)	$	(264	)
Class I
Sale of shares		127		$	1,220			112		$	878			3,157		$	43,304			700		$	8,053
Reinvestment of distributions		10			93			10			78			70			913			140			1,563
Shares repurchased		(43	)		(404	)		(139	)		(1,091	)		(312	)		(4,259	)		(1,462	)		(16,224	)
Net Increase / (Decrease)		94		$	909			(17	)	$	(135	)		2,915		$	39,958			(622	)	$	(6,608	)
Class R6
Sale of shares		—		$	—			—		$	—			5		$	64			—		$	—
Reinvestment of distributions		—			—			—			—			—	(1)		2			—	(1)		4
Shares repurchased		—			—			—			—			—			—			—			—
Net Increase / (Decrease)		—		$	—			—		$	—			5		$	66			—	(1)	$	4

⁽¹⁾  Amount is less than 500 shares.

⁽²⁾  Amount is less than $500.

51

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

MARCH 31, 2017

	Vontobel Global Opportunities Fund												Vontobel Greater European Opportunities Fund
	Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016						Six Months Ended March 31, 2017 (Unaudited)						Year Ended September 30, 2016
	SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT			SHARES			AMOUNT
Class A
Sale of shares		797		$	10,881			2,313		$	30,155			31		$	461			356		$	5,574
Conversion from Class B shares(2)		10			149			—			—			—			—			—			—
Reinvestment of distributions		64			855			16			202			8			110			6			86
Shares repurchased		(1,745	)		(24,569	)		(1,718	)		(22,328	)		(541	)		(8,108	)		(520	)		(8,182	)
Net Increase / (Decrease)		(874	)	$	(12,684	)		611		$	8,029			(502	)	$	(7,537	)		(158	)	$	(2,522	)
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		297		$	3,531			1,158		$	13,134			12		$	173			87		$	1,345
Reinvestment of distributions		12			139			—			—			2			28			—			—
Shares repurchased		(290	)		(3,491	)		(562	)		(6,368	)		(30	)		(438	)		(45	)		(688	)
Net Increase / (Decrease)		19		$	179			596		$	6,766			(16	)	$	(237	)		42		$	657
Class I
Sale of shares		1,442		$	20,521			1,467		$	19,059			565		$	8,564			892		$	14,069
Reinvestment of distributions		14			185			6			71			14			196			6			94
Shares repurchased		(462	)		(6,293	)		(1,050	)		(13,762	)		(370	)		(5,518	)		(716	)		(11,424	)
Net Increase / (Decrease)		994		$	14,413			423		$	5,368			209		$	3,242			182		$	2,739

⁽¹⁾  Amount is less than 500 shares.

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

52

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Note 7. 10% Shareholders

As of March 31, 2017, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each such Fund as detailed below:

	% of Shares Outstanding			Number of Accounts
Emerging Markets Debt Fund		94	%		1	*
Duff & Phelps Global Infrastructure Fund#		12			1
Duff & Phelps Global Real Estate Securities Fund#		35			3
Duff & Phelps International Equity Fund		10			1
Duff & Phelps International Real Estate Securities Fund#		47			3	*
Horizon International Wealth Masters Fund		93			1	*
KAR Emerging Markets Small-Cap Fund		81			2	*
KAR International Small-Cap Fund		59			2
Vontobel Global Opportunities Fund		15			2
Vontobel Greater European Opportunities Fund		58			3

* Includes affiliated shareholder account.

^#  The Fund is owned by Virtus Alternatives Diversifier Fund. Virtus Alternatives Diversifier Fund does not invest in the underlying Funds for the purpose of exercising management or control; however, investments made may represent a significant portion of an underlying Fund’s net assets. At March 31, 2017, Virtus Alternatives Diversifier Fund was the owner of record of approximately 20% of the international Real Estate Securities Fund. The other affiliated funds held by the Virtus Alternatives Diversifier Fund were less than 10% each.

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, 2017, 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	43%
Duff & Phelps Global Infrastructure Fund	Industrials	29%
Duff & Phelps International Real Estate Securities Fund	Real Estate Operating Companies	34%
Duff & Phelps International Real Estate Securities Fund	Retail REITs	34%
Horizon International Wealth Masters Fund	Consumer Discretionary	29%
KAR International Small-Cap Fund	Information Technology	31%
Vontobel Global Opportunities Fund	Consumer Staples	28%
Vontobel Greater European Opportunities Fund	Consumer Staples	36%

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 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.

53

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Note 10. Federal Income Tax Information

($ reported in thousands)

At March 31, 2017, 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)
Emerging Markets Debt Fund	$	807	$	79	$	(119	)	$	(40	)
Duff & Phelps Global Real Estate Securities Fund		182,030		11,921		(5,355	)		6,566
Duff & Phelps Global Infrastructure Fund		100,740		14,089		(3,268	)		10,821
Duff & Phelps International Equity Fund		3,628		530		(28	)		502
Duff & Phelps International Real Estate Securities Fund		23,952		1,920		(392	)		1,528
Horizon International Wealth Masters Fund		5,547		697		(399	)		298
KAR Emerging Markets Small-Cap Fund		5,836		717		(162	)		555
KAR International Small-Cap Fund		87,987		8,078		(1,167	)		6,911
Vontobel Global Opportunities Fund		136,941		50,667		(905	)		49,762
Vontobel Greater European Opportunities Fund		14,269		3,502		(45	)		3,457

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
Emerging Markets Debt Fund	$	—	$	—	$	—	$	—	$	479	$	1,521	$	479	$	1,521
Duff & Phelps International Equity Fund		—		—		—		—		797		65		797		65
Duff & Phelps International Real Estate Securities Fund		3,884		—		884		—		1,829		732		6,597		732
Horizon International Wealth Masters Fund		—		—		—		—		1		—		1		—
KAR Emerging Markets Small-Cap Fund		—		—		—		—		1		89		1		89
KAR International Small-Cap Fund		—		—		—		—		491		31		491		31
Vontobel Greater European Opportunities Fund		—		—		—		—		129		—		129		—

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 June 29, 2016, the Funds and other affiliated funds renewed a $50,000 secured line of credit. The Credit Agreement (the “Agreement”) is with a commercial bank (the “Bank”) that allows the Funds to borrow cash from the Bank to manage large unexpected redemptions and trade fails, up to a limit of one-third or one-fifth of each Fund’s total net assets in accordance with the Agreement. The Agreement has a term of 364 days and is renewable by the Funds with the Bank’s consent and approval of the Board. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Funds and other affiliated funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

From February 10, 2017, to February 21, 2017, the Duff & Phelps International Real Estate Securities Fund made borrowings. The average daily borrowings under the Agreement and the weighted daily average interest rate were $1,857 and 1.77%, respectively. No other Funds made borrowings during the period and no Fund had any outstanding borrowings as of March 31, 2017.

Note 12. Illiquid and Restricted Securities

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

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

54

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017:

Fund	Aggregate Value			% of Fund’s  net assets(2)
Duff & Phelps Global Real Estate Securities Fund	$	—	(1)		0.0	%
Duff & Phelps International Real Estate Securities Fund		10			0.0
KAR Emerging Markets Small-Cap Fund		182			2.8
KAR International Small-Cap Fund		1,833			1.9

⁽¹⁾  Amount less than $500.

At March 31, 2017, the Funds did not hold any securities that were both illiquid and restricted.

Note 13. Regulatory Matters and Litigation

From time to time, the Trust, the 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 Funds’ Adviser believes that the outcomes of such matters are not likely, either individually or in the aggregate, to be material to these financial statements.

On February 20, 2015, a putative class action complaint (In re Virtus Investment Partners, Inc. Securities Litigation; formerly styled as Tom Cummins v. Virtus Investment Partners Inc., et al.) alleging 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. Virtus and its affiliates, including the Adviser, believe that the suit is without merit and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

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 aderivative 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. Virtus and its affiliates, including the Adviser, believe that the suit has no basis in law or fact and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 14. New Accounting Pronouncement

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. Certain of these amendments relate to Regulation S-X which sets forth the requisite form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

Note 15. Custody Fees Reimbursed

State Street Bank & Trust, custodian for certain Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. The amounts reimbursed, including interest, are shown in the Statement of Operations under “Custody Fees reimbursed.”

55

VIRTUS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

Note 16. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that the following subsequent events require recognition or disclosure in these financial statements.

On March 27, 2017, the Board of Virtus Opportunities Trust voted to liquidate the Virtus Emerging Markets Debt Fund. The Fund was liquidated on May 10, 2017 at net asset value.

56

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES

The Board of Trustees (the “Board”) of Virtus Opportunities Trust (the “Trust”) is responsible for determining whether to approve the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Virtus Investment Advisers, Inc. (“VIA”) and of each subadvisory agreement (each, a “Subadvisory Agreement” and collectively, the “Subadvisory Agreements”) (together with the Advisory Agreement, the “Agreements”) with respect to the funds of the Trust, including Virtus Emerging Markets Debt Fund, Virtus Emerging Markets Small-Cap Fund, Virtus Global Infrastructure Fund, Virtus Global Opportunities Fund, Virtus Global Real Estate Securities Fund, Virtus Greater European Opportunities Fund, Virtus International Equity Fund, Virtus International Small-Cap Fund, Virtus International Real Estate Securities Fund and Virtus International Wealth Masters Fund (individually and collectively, the “Funds”) of the Trust. At in-person meetings held on November 2, 2016 and November 16-17, 2016 (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 the subadvisers; (b) VIA’s ability to provide the services necessary to monitor the subadvisers’ compliance with the Funds’ respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA’s supervision of the Funds’ other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor to the Funds. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

57

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

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

Investment Performance

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

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended June 30, 2016.

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

Virtus Global Infrastructure Fund. 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.

Virtus 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.

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

Virtus Greater European Opportunities Fund. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3- and 5-year periods and outperformed its benchmark for the 1-, 3- and 5-year periods.

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

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

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

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

Management Fees and Total Expenses

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

58

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Continued)

Virtus Emerging Markets Small-Cap Fund. The Board considered that the Fund’s net management fee and net total expenses after waivers were above the median of the Expense Group.

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

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

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

Virtus 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 equal to the median of the Expense Group.

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

Virtus International Real Estate Securities Fund. The Board considered that the Fund’s net management fee after waivers was equal to the medium median of the Expense Group and net total expenses after waivers were above the median of the Expense Group.

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

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

The Board concluded that the advisory and subadvisory fees for each Fund, 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 relationship to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA. In addition, with respect to Vontobel Asset Management, Inc. and Horizon Asset Management LLC, the unaffiliated Subadvisers, the Board relied on the ability of VIA to negotiate the Subadvisory Agreements and the fees thereunder at arm’s length. For each of the above reasons, the Board concluded that the profitability to the Subadvisers and their affiliates from their relationship with the Funds was not a material factor in approval of the Subadvisory Agreements.

Economies of Scale

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

For similar reasons as stated above with respect to the Subadvisers’ profitability, and based upon the current size of the 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.

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.

59

Virtus Global Real Estate Securities Fund,

a series of Virtus Opportunities Trust

Supplement dated February 17, 2017 to the Summary and

Statutory Prospectuses dated January 30, 2017, as supplemented

IMPORTANT NOTICE TO INVESTORS

Virtus Global Real Estate Securities Fund

This supplement corrects a typographical error in the “Example” table under “Fees and Expenses” in the summary prospectus and in the summary section of the statutory prospectus. The “Example” table is hereby replaced with the following:

	Share Status	1 Year		3 Years		5 Years		10 Years
Class A	Sold or Held	$	709	$	1,019	$	1,350	$	2,283
Class C	Sold	$	318	$	700	$	1,208	$	2,605
	Held	$	218	$	700	$	1,208	$	2,605
Class I	Sold or Held	$	117	$	393	$	690	$	1,534
Class R6	Sold or Held	$	106	$	359	$	631	$	1,409

All other disclosure concerning the fund, including fees and expenses, remains unchanged from its prospectuses dated January 28, 2017, as supplemented.

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

VOT 8020/GlobalRealEstateCorrection (2/2017)

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301-9668

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

John R. Mallin

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl Street

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

How to Contact Us

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

Important Notice to Shareholders

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

P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,

please call your financial representative, or contact us

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

8031 5-17

SEMIANNUAL REPORT

Virtus Vontobel Emerging Markets Opportunities Fund

(f/k/a Virtus Emerging Markets Opportunities Fund)

March 31, 2017

TRUST NAME: VIRTUS OPPORTUNITIES TRUST

Not FDIC Insured

No Bank Guarantee

May Lose Value

Table of Contents

Virtus Vontobel Emerging Markets Opportunities Fund

(“Vontobel Emerging Markets Opportunities Fund” f/k/a “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
Statements 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 report that reviews the performance of your fund for the six-month fiscal period ended March 31, 2017.

Despite short-lived selloffs that occurred following the U.K.’s “Brexit” decision last June and the U.S. presidential election in November, the six-month period was strong for global markets. As the fiscal period drew to a close, equity markets continued to benefit from the post-election “Trump bump.” The Federal Reserve (“the Fed”) raised interest rates twice in the period – once in December, and again in March – a clear signal that it believes the U.S. economy is on a growth path. At the same time, other major central banks remained committed to monetary stimulus, adding reassurance to global markets. U.S. growth, as evidenced by strong jobs, housing, and consumer spending data, gives investors reason for optimism. Corporate earnings got off to a strong start for the first quarter of 2017. The pro-growth policies of the new administration, if implemented, could have continued positive impact on earnings and the markets.

Global equity markets turned in positive performance over the six-month period. U.S. large- and small-cap stocks returned 10.12% and 11.52%, as measured by the returns of the S&P 500^® Index and Russell 2000^® Index, respectively. Within international equities, emerging markets slightly outperformed their developed peers, with the MSCI Emerging Markets Index (net) up 6.80%, compared with the MSCI EAFE^® Index (net), which returned 6.48%.

Demand for U.S. Treasuries remained strong, driven by foreign investors seeking safe havens and yield in light of the negative interest rate environment in many international economies. On March 31, 2017, the benchmark 10-year U.S. Treasury yielded 2.40% compared with 1.60% six months earlier. 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, was down 2.18% for the six months, while non-investment grade bonds gained 4.50%, 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.

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

Sincerely,

George R. Aylward

President, Virtus Mutual Funds

May 2017

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 SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

2

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2016 TO MARCH 31, 2017

Expense Table
	Beginning Account Value October 1, 2016		Ending Account Value March 31, 2017		Annualized Expense Ratio			Expenses Paid During  Period*
Vontobel Emerging Markets Opportunities Fund
Actual
Class A	$	1,000.00	$	1,001.60		1.61	%	$	8.03
Class C		1,000.00		996.90		2.36			11.75
Class I		1,000.00		1,003.50		1.36			6.79
Class R6		1,000.00		1,002.90		1.21			6.04
Hypothetical (5% return before expenses)
Class A		1,000.00		1,016.90		1.61			8.10
Class C		1,000.00		1,013.16		2.36			11.85
Class I		1,000.00		1,018.15		1.36			6.84
Class R6		1,000.00		1,018.90		1.21			6.09

* 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 expenses would have been higher.

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

3

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

KEY INVESTMENT TERMS (Unaudited)

MARCH 31, 2017

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.

Brexit

A combination of the words “Britain” and “exit” which refers to Britain’s withdrawal from the European Union.

Exchange-Traded Funds (ETF)

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

Federal Reserve (the Fed)

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

MSCI EAFE^® Index (net)

The MSCI EAFE^® 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 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 is not available for direct investment.

4

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

KEY INVESTMENTS TERMS (Unaudited) (Continued)

MARCH 31, 2017

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 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 (American Depositary Receipt)

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

5

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2017

($ 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, 2017.
Consumer Staples	35	%
Financials	23
Information Technology	21
Consumer Discretionary	6
Industrials	3
Utilities	3
Energy	3
Other	6
Total	100	%

	SHARES			VALUE
COMMON STOCKS—98.7%
Consumer Discretionary—5.9%
Kangwon Land, Inc. (South Korea)		2,668,322		$	91,147
Las Vegas Sands Corp. (United States)		1,942,169			110,840
Matahari Department Store Tbk PT (Indonesia)		84,287,933			83,336
Naspers Ltd. Class N (South Africa)		816,629			140,911
					426,234
Consumer Staples—34.9%
Ambev S.A. Sponsored ADR (Brazil)		54,231,920			312,376
Amorepacific Corp. (South Korea)		405,664			101,752
Anheuser-Busch InBev N.V. (Belgium)		1,435,979			157,633
British American Tobacco Bhd (Malaysia)		1,691,314	(3)		17,427
British American Tobacco plc (United Kingdom)		3,611,049	(4)		237,244

	SHARES		VALUE
Consumer Staples (continued)
CP ALL PCL (Thailand)		87,937,000	$	150,987
Fomento Economico Mexicano SAB de CV Sponsored ADR (Mexico)		3,081,133		272,742
Hanjaya Mandala Sampoerna Tbk PT (Indonesia)		304,552,621		89,134
Heineken N.V. (Netherlands)		2,072,043		176,395
Hindustan Unilever Ltd. (India)		6,468,930		90,830
ITC Ltd. (India)		59,058,096		254,932
LG Household & Health Care Ltd. (South Korea)		115,544		83,793
President Chain Store Corp. (Taiwan)		9,422,135		77,631
Thai Beverage PCL (Thailand)		113,364,200		76,178
Unilever N.V. CVA (Netherlands)		4,631,035		230,075
Wal-Mart de Mexico SAB de CV (Mexico)		85,743,252		197,845
				2,526,974

See Notes to Financial Statements

6

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Energy—2.5%
Ultrapar Participacoes S.A. (Brazil)		7,973,643	$	182,111
Financials—23.1%
Bank Central Asia Tbk PT (Indonesia)		101,876,714		126,529
Bank Pekao SA (Poland)		2,311,225		76,988
BB Seguridade Participacoes (Brazil)		14,760,877		138,245
Grupo Financiero Santander Mexico SAB de C.V. ADR, Class B (Mexico)		11,514,492		103,976
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		1,013,498		25,509
Housing Development Finance Corp. Bank Ltd. (India)		18,124,897		402,650
Housing Development Finance Corp. Bank Ltd. ADR (India)		599,880		45,123
Housing Development Finance Corp., Ltd. (India)		14,571,523		337,074
Public Bank Bhd (Malaysia)		22,971,100		103,293
Remgro Ltd. (South Africa)		5,127,989		78,772
Samsung Fire & Marine Insurance Co., Ltd. (South Korea)		450,216		107,894
United Overseas Bank Ltd. (Singapore)		7,928,100		125,310
				1,671,363
Health Care—1.9%
Mediclinic International plc (United Kingdom)		7,494,404		66,575
Sun Pharmaceutical Industries Ltd. (India)		6,956,212		73,718
				140,293

	SHARES		VALUE
Industrials—3.0%
Airports of Thailand PCL (Thailand)		29,434,000	$	33,620
CCR S.A. (Brazil)		12,233,843		70,536
Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico)		7,865,757		76,388
Korea Aerospace Industries Ltd. (South Korea)		717,168		36,939
				217,483
Information Technology—20.7%
Alibaba Group Holding Ltd. Sponsored ADR (China)(2)		3,360,126		362,322
Cielo S.A. (Brazil)		20,714,672		187,786
NetEase, Inc. ADR (China)		699,953		198,787
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		29,172,119		181,710
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)		3,310,546		108,718
Tata Consultancy Services Ltd. (India)		3,769,182		141,155
Tencent Holdings Ltd. (China)		11,227,990		321,894
				1,502,372
Real Estate—1.4%
Link REIT (Hong Kong)		14,757,982		103,400
Telecommunication Services—2.5%
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		580,789,969		180,005
Utilities—2.8%
Equatorial Energia SA (Brazil)		763,755		14,345

See Notes to Financial Statements

7

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2017

($ reported in thousands)

	SHARES		VALUE
Utilities (continued)
Infraestructura Energetica Nova Sab de CV (Mexico)		19,059,177	$	91,060
Power Grid Corp. of India Ltd. (India)(2)		32,226,586		97,918
				203,323
TOTAL COMMON STOCKS (Identified Cost $6,381,283)				7,153,558
TOTAL LONG TERM INVESTMENTS—98.7%
(Identified Cost $6,381,283)				7,153,558
TOTAL INVESTMENTS—98.7% (Identified Cost $6,381,283)			7,153,558(1)
Other assets and liabilities, net—1.3%				96,920
NET ASSETS—100.0%			$7,250,478

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

FOOTNOTE LEGEND:

⁽¹⁾  Federal Income Tax Information: For tax information at March 31, 2017, see Note 8 Federal Income Tax Information in the Notes to Financial Statements.

⁽²⁾  Non-income producing.

⁽³⁾  Shares traded on Johannesburg Exchange.

⁽⁴⁾  Shares traded on London Exchange.

Country Weightings†
India	20	%
Brazil	13
China	12
Mexico	10
Indonesia	7
South Korea	6
Netherlands	6
Other	26
Total	100	%

† % of total investments as of March 31, 2017

The following table provides a summary of inputs used to value the Fund’s investments as of March 31, 2017 (See Security Valuation Note 2A in the Notes to Financial Statements):

	Total Value at March 31, 2017		Level 1 Quoted Prices
Equity Securities:
Common Stocks	$	7,153,558	$	7,153,558
Total Investments	$	7,153,558	$	7,153,558

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

Securities held by the fund with an end of period value of $3,290,622 were transferred from Level 2 to Level 1 based on our valuation procedures for non-U.S. securities (see Note 2A in the Notes to Financial Statements for more information)

See Notes to Financial Statements

8

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2017

(Reported in thousands except shares and per share amounts)

Assets
Investment in securities at value(1)	$	7,153,558
Cash		72,234
Receivables
Investment securities sold		18,997
Fund shares sold		22,420
Dividends and interest receivable		10,048
Tax reclaims		187
Prepaid expenses		328
Prepaid trustee retainer		250
Other assets		263
Total assets		7,278,285
Liabilities
Payables
Fund shares repurchased		13,193
Investment securities purchased		5,271
Investment advisory fees		5,738
Distribution and service fees		360
Administration fees		728
Transfer agent fees and expenses		1,737
Trustees’ fees and expenses		92
Professional fees		45
Trustee deferred compensation plan		263
Other accrued expenses		380
Total liabilities		27,807
Net Assets	$	7,250,478
Net Assets Consist of:
Common stock $0.001 par value	$	713
Capital paid in on shares of beneficial interest		7,174,602
Accumulated undistributed net investment income (loss)		2,689
Accumulated undistributed net realized gain (loss)		(699,696	)
Net unrealized appreciation (depreciation) on investments		772,170
Net Assets	$	7,250,478
Class A
Net asset value (net assets/shares outstanding) per share	$	9.88
Maximum offering price per share NAV/(1–5.75%)	$	10.48
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		94,283,561
Net Assets	$	931,770
Class C
Net asset value (net assets/shares outstanding) and offering price per share	$	9.61
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		19,928,916
Net Assets	$	191,439
Class I
Net asset value (net assets/shares outstanding) and offering price per share	$	10.23
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		590,724,938
Net Assets	$	6,040,731
Class R6
Net asset value (net assets/shares outstanding) and offering price per share	$	10.23
Shares of beneficial interest outstanding, $0.001 par value, unlimited authorization		8,462,818
Net Assets	$	86,538
(1) Investment in securities at cost	$	6,381,283

See Notes to Financial Statements

9

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED MARCH 31, 2017 (Unaudited)

($ reported in thousands)

Investment Income
Dividends	$	58,102
Security lending, net of fees		38
Foreign taxes withheld		(4,306	)
Total investment income		53,834
Expenses
Investment advisory fees		33,066
Distribution and service fees, Class A		1,208
Distribution and service fees, Class C		965
Administration fees		4,377
Transfer agent fees and expenses		6,869
Custodian fees		1,831
Printing fees and expenses		303
Trustees’ fees and expenses		329
Registration fees		133
Professional fees		113
Miscellaneous expenses		269
Total expenses		49,463
Earnings credit from custodian		(261	)
Low balance account fees		—	(1)
Net expenses		49,202
Net investment income (loss)		4,632
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		82,560
Net realized gain (loss) on foreign currency transactions		2,644
Net change in unrealized appreciation (depreciation) on investments		(109,757	)
Net change in unrealized appreciation (depreciation) on foreign currency translation		(154	)
Net realized and unrealized gain (loss) on investments		(24,707	)
Net increase (decrease) in net assets resulting from operations	$	(20,075	)

⁽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, 2017 (Unaudited)			Fiscal Period Ended September 30, 2016(1)			Year Ended December 31, 2015
INCREASE/(DECREASE) IN NET ASSETS
From Operations
Net investment income (loss)	$	4,632		$	35,270		$	94,294
Net realized gain (loss)		85,204			17,157			(770,201	)
Net change in unrealized appreciation (depreciation)		(109,911	)		913,774			(335,894	)
Increase (decrease) in net assets resulting from operations		(20,075	)		966,201			(1,011,801	)
From Distributions to Shareholders
Net investment income, Class A		(3,309	)		—			(5,106	)
Net investment income, Class C		—			—			—
Net investment income, Class I		(23,701	)		—			(81,136	)
Net investment income, Class R6		(282	)		—			(358	)
Decrease in net assets from distributions to shareholders		(27,292	)		—			(86,600	)
From Share Transactions
Sale of shares
Class A (17,564, 54,614, 45,415)		161,635			513,358			426,955
Class C (1,581, 2,986, 9,993)		14,160			26,602			92,797
Class I (122,255, 224,369, 573,808)		1,162,587			2,042,674			5,590,072
Class R6 (6,348, 4,035, 4,009)		59,313			37,563			38,958
Reinvestment of distributions
Class A (350, 0, 527)		3,017			—			4,555
Class C (0, 0, 0)		—			—			—
Class I (2,426, 0, 8,333)		21,592			—			74,414
Class R6 (31, 0, 39)		272			—			348
Shares repurchased
Class A (32,917, 31,260, 40,498)		(303,129	)		(279,242	)		(373,105	)
Class C (4,735, 6,216, 8,084)		(42,002	)		(54,465	)		(72,343	)
Class I (140,628, 591,491, 374,295)		(1,321,193	)		(5,387,548	)		(3,524,585	)
Class R6 (2,325, 3,461, 222)		(22,339	)		(31,143	)		(2,054	)
Increase (decrease) in net assets from share transactions		(266,087	)		(3,132,201	)		2,256,012
Net increase (decrease) in net assets		(313,454	)		(2,166,000	)		1,157,611
Net Assets
Beginning of period		7,563,932			9,729,932			8,572,321
End of period	$	7,250,478		$	7,563,932		$	9,729,932
Accumulated undistributed net investment income (loss) at end of period	$	2,689		$	25,349		$	(6,533	)

⁽¹⁾  The Fund changed its fiscal year end to September 30 during the period.

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)(2)			Net Realized and Unrealized Gain/(Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Class A
10/1/16 to 3/31/17(12)		$	9.90		—	(3)		0.01			0.01			(0.03	)		—			(0.03	)
1/1/16 to 9/30/16(11)			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	)		—	(3)		(0.08	)
1/1/12 to 12/31/12			8.44		0.07			1.57			1.64			(0.05	)		(0.03	)		(0.08	)
1/1/11 to 12/31/11			8.83		0.09			(0.37	)		(0.28	)		(0.04	)		(0.07	)		(0.11	)
Class C
10/1/16 to 3/31/17(12)		$	9.63		(0.04	)		0.02			(0.02	)		—			—			—
1/1/16 to 9/30/16(11)			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	)		—	(3)		(0.03	)
1/1/12 to 12/31/12			8.31		—	(3)		1.56			1.56			(0.02	)		(0.03	)		(0.05	)
1/1/11 to 12/31/11			8.72		0.03			(0.37	)		(0.34	)		—	(3)		(0.07	)		(0.07	)

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(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to       Average Net Assets(6)			Ratio of Gross Expenses   to Average Net Assets(6)			Ratio of Net Investment Income         to Average Net Assets			Portfolio Turnover Rate
	(0.02	)		$	9.88		0.16	%(9)		$	931,770		1.61	%(8)(10)		1.62	%(8)		(0.05	)%(8)		18	%(9)
	1.22				9.90		14.06	(9)			1,082,242		1.59	(4)(8)(10)		1.60	(8)		0.40	(8)		25	(9)
	(0.90	)			8.68		(8.77	)			745,947		1.56	(10)		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
	(0.39	)			8.44		(3.13	)			474,368		1.61			1.61			1.09			29
	(0.02	)		$	9.61		(0.31	)%(9)		$	191,439		2.36	%(8)(10)		2.37	%(8)		(0.81	)%(8)		18	%(9)
	1.14				9.63		13.56	(9)			222,221		2.34	(4)(8)(10)		2.35	(8)		(0.31	)(8)		25	(9)
	(0.88	)			8.49		(9.50	)			223,303		2.31	(10)		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
	(0.41	)			8.31		(3.77	)			70,198		2.36			2.36			0.36			29

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)(2)			Net Realized and Unrealized Gain/(Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Class I
10/1/16 to 3/31/17(12)		$	10.24		0.01			0.02			0.03			(0.04	)		—			(0.04	)
1/1/16 to 9/30/16(11)			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	)		—	(3)		(0.11	)
1/1/12 to 12/31/12			8.70		0.10			1.62			1.72			(0.08	)		(0.03	)		(0.11	)
1/1/11 to 12/31/11			9.10		0.12			(0.38	)		(0.26	)		(0.07	)		(0.07	)		(0.14	)
Class R6
10/1/16 to 3/31/17(12)		$	10.25		0.02			0.01			0.03			(0.05	)		—			(0.05	)
1/1/16 to 9/30/16(11)			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(5) 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(1)			Net Assets, End of Period (in thousands)			Ratio of Net Expenses to      Average Net Assets(6)			Ratio of Gross Expenses to Average Net Assets(6)			Ratio of Net Investment Income         to Average Net Assets			Portfolio Turnover Rate
	(0.01	)		$	10.23		0.35	%(9)		$	6,040,731		1.36	%(8)(10)		1.37	%(8)		0.20	%(8)		18	%(9)
	1.28				10.24		14.29	(9)			6,214,272		1.33	(4)(8)(10)		1.34	(8)		0.64	(8)		25	(9)
	(0.93	)			8.96		(8.55	)			8,726,303		1.31	(10)		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
	(0.40	)			8.70		(2.92	)			2,082,147		1.36			1.41			1.34			29
	(0.02	)		$	10.23		0.29	%(9)		$	86,538		1.21	%(8)(10)		1.22	%(8)		0.37	%(8)		18	%(9)
	1.29				10.25		14.40	(9)			45,197		1.21	(4)(8)(10)		1.22	(8)		0.72	(8)		25	(9)
	(0.93	)			8.96		(8.44	)			34,379		1.21	(10)		1.21			0.90			27
	(0.53	)			9.89		(4.60	)(9)			95		1.24	(8)		1.24	(8)		(0.41	)(8)		28	(7)(9)

Footnote Legend:

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

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Amount is less than $0.005.

⁽⁴⁾  Net expense ratio includes extraordinary proxy expenses.

⁽⁵⁾  Inception date.

⁽⁶⁾  The Fund will also indirectly bear its prorated share of expenses of the underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

⁽⁷⁾  Reported on Fund level not class level.

⁽⁸⁾  Annualized.

⁽⁹⁾  Not Annualized.

⁽¹⁰⁾  Includes Earnings credits from Custodian and Low balance account fees as reflected in the Statements of Operations.

⁽¹¹⁾  The Fund changed its fiscal year end to September 30 during the period.

⁽¹²⁾  Unaudited.

See Notes to Financial Statements

15

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited)

MARCH 31, 2017

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 29 funds of the Trust are offered for sale of which the Vontobel Emerging Markets Opportunities Fund (the “Fund”) is reported in this semi annual 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 sales charge.

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

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 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 different distribution and/or service fees under a Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board and has exclusive voting rights with respect to such plan(s). Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Income and other expenses as well as realized and unrealized gains and losses of the Fund are borne pro rata by the holders of each class of shares.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with 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.

16

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

A. Security Valuation

Security valuation procedures for the Fund, which include nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. 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 quarterly by the Board.

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

17

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities, may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

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

B. Security Transactions and Investment Income

Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method.

Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

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, 2017, 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, 2017

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 Translation

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

G. Securities Lending

The Fund may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of agreement, when doing so the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged by BBH for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

At March 31, 2017, the Fund did not have any securities on loan.

H. Earnings Credit and Interest

Through arrangements with the Fund’s custodian, the Fund either receives an earnings credit or interest on agreed upon target un-invested cash balances to reduce the Fund’s

19

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

custody expenses. The credits are reflected as “Earnings credits from Custodian” and the interest is reflected under “Interest income” in the Fund’s Statements of Operations for the period, as applicable.

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.

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. Subadvisers

Vontobel Asset Management, Inc. (the “Subadviser”) is subadviser to the Fund. The subadviser manages the investments of the Fund for which the subadviser 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, 2017, it retained net commissions of $309 of Class A Shares and deferred sales charges of $60 and $12 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%; Class C shares 1.00% Class I and Class R6 shares are not subject to a 12b-1 Plan. Prior to its elimination on February 26, 2015, VP Distributors was also entitled to a service fee under a Shareholder Services Plan for Class I shares, at the rate of 0.05% of the average daily net assets of such class of the Fund; however, VP Distributors had waived such fee prior to its elimination, so the Fund’s Class I shares did not pay such fee during the fiscal year ended December 31, 2015.

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.

20

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017, the Fund incurred administration fees totaling $3,385 which are included in the Statements of Operations.

For the period ended March 31, 2017, the Fund incurred transfer agent fees totaling $6,704 which are included in the Statements of Operations. A portion of these fees was paid to outside entities that also provide services to the Trust. The Transfer Agent may from time to time temporarily waive all or a portion of its transfer agent fees.

E. 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, 2017.

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, 2017, were as follows:

Purchases		Sales
$	1,210,294	$	1,336,869

There were no purchases or sales of long term U.S. Government and agency securities for the Fund during the period ended March 31, 2017.

Note 5. 10% Shareholders

As of March 31, 2017, 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 each such Fund as detailed below:

% of Shares Outstanding			Number of Accounts
	42	%		2*

* the accounts are not affiliated with Virtus.

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.

21

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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, 2017, the Fund held securities issued by various companies in specific sectors as detailed below:

Sector	Percentage of Total Investments
Consumer Staples	35%

Note 7. 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. Illiquid securities are footnoted as such at the end of the Fund’s Schedule of Investments, where applicable. However, a portion of such footnoted securities could be liquid where the Fund’s Subadviser determines that some, though not all, of the position could be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the Fund.

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

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

At March 31, 2017, the Fund did not hold any securities that were both illiquid and restricted.

Note 8. Federal Income Tax Information

($ reported in thousands)

At March 31, 2017, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the Fund were as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation (Depreciation)
$6,417,480	$992,701	$(256,623)	$736,078

The differences between book basis cost and tax basis cost were attributable primarily to the tax deferral of losses on wash sales.

22

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

The Fund has capital loss carryforwards available to offset future realized capital gains as follows:

No Expiration		Total
Short-term	Long-term
$348,891	$412,731	$761,622

The Trust 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.

Note 9. Borrowings

($ reported in thousands)

On June 29, 2016, the Fund and other affiliated funds renewed a $50,000 secured line of credit. The Credit Agreement (the “Agreement”) is with a commercial bank (the “Bank”) that allows the Fund to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third of the Fund’s total net assets in accordance with the Agreement. The agreement has a term of 364 days and is renewable by the Fund with the Bank’s consent and approval of the Board. Interest is charged at the higher of the LIBOR (London Interbank Offered Rate) or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. The Fund and other affiliated funds are individually, and not jointly, liable for their particular advances, if any, under the line of credit. The Bank has the ability to require repayment of outstanding borrowings under the Agreement upon certain circumstances such as an event of default.

The Fund had no outstanding borrowings at any time during the period ended March 31, 2017.

Note 10. 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 expect the risk of loss to be remote.

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 the aggregate, to be material to these financial statements.

23

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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. Virtus and its affiliates, including the Adviser, believe that the suit is without merit and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

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 aderivative 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.

24

VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

MARCH 31, 2017

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. Virtus and its affiliates, including the Adviser, believe that the suit has no basis in law or fact and intend to defend it vigorously. The Trust believes that the risk of loss to the Funds as a result of this suit is remote. The Adviser does not believe that the suit will have any impact on its ability to provide services to the Funds.

Note 12. New Accounting Pronouncement

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. Certain of these amendments relate to Regulation S-X which sets forth the requisite form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

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 the 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 Emerging Markets Opportunities Fund (the “Fund”). At in-person meetings held on November 2, 2016 and November 16-17, 2016 (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 a completed questionnaire, concerning a number of topics, including such company’s investment philosophy, resources, operations and compliance structure. The Trustees also received a presentation by VIA’s senior management personnel, during which

26

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (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 the subadviser; (b) VIA’s ability to provide the services necessary to monitor the subadviser’s compliance with the Fund’s investment objective(s), policies and restrictions as well as provide other oversight activities; and (c) VIA’s ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA’s management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Fund; (c) the quality of VIA’s own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Fund; (e) VIA’s supervision of the Fund’s other service providers; and (f) VIA’s risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor to the Fund. The Board also took into account its knowledge of VIA’s management and the quality of the performance of VIA’s duties through Board meetings, discussions and reports during the preceding year, as well as information from the Trust’s Chief Compliance Officer regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

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

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, 2016.

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

After reviewing these and related factors, the Board concluded that the Fund’s overall performance, 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, including the Subadviser, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Fund. The Board reviewed the methodology used to allocate costs to the Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from the Fund was reasonable in light of the quality of the services rendered to the Fund by VIA and its affiliates.

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

Economies of Scale

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

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

Other Factors

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

29

CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

BY THE BOARD OF TRUSTEES (Unaudited) (Continued)

serving the Fund could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

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

30

VIRTUS OPPORTUNITIES TRUST

101 Munson Street

Greenfield, MA 01301

Trustees

George R. Aylward

Thomas J. Brown

Donald C. Burke

Roger A. Gelfenbien

John R. Mallin

Hassell H. McClellan

Philip R. McLoughlin, Chairman

Geraldine M. McNamara

James M. Oates

Richard E. Segerson

Ferdinand L.J. Verdonck

Officers

George R. Aylward, President

Francis G. Waltman, Executive Vice President

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

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

Nancy J. Engberg, Vice President and Chief Compliance Officer

Investment Adviser

Virtus Investment Advisers, Inc.

100 Pearl Street

Hartford, CT 06103-4506

Principal Underwriter

VP Distributors, LLC

100 Pearl St.

Hartford, CT 06103-4506

Administrator and Transfer Agent

Virtus Fund Services, LLC

100 Pearl Street

Hartford, CT 06103-4506

Custodian

JPMorgan Chase Bank, NA

1 Chase Manhattan Plaza

New York, NY 10005-1401

How to Contact Us

Mutual Fund Services 1-800-243-1574

Adviser Consulting Group 1-800-243-4361

Website Virtus.com

Important Notice to Shareholders

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

For more information about

Virtus Mutual Funds, please

call your financial representative,

or contact us at 1-800-243-1574

or Virtus.com.

8005 5-17

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

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

(Registrant)                 Virtus Opportunities Trust                                                         

By (Signature and Title)*	/s/ George R. Aylward
	George R. Aylward, President
	(principal executive officer)

Date                    June 9, 2017                                                                                        

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 9, 2017                                                                                       

By (Signature and Title)*	/s/ W. Patrick Bradley
	W. Patrick Bradley, Executive Vice President, Chief Financial Officer,       and Treasurer
	(principal financial officer)

Date                    June 9, 2017                                                                                      

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