VIRTUS Vontobel Foreign Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

($ reported in thousands)

	Shares	Value
Common Stocks—98.1%
Consumer Discretionary—11.5%
Amadeus IT Group S.A. (Spain)	304,574	$ 21,815
Ferrari N.V. (Italy)	63,158	21,280
Flutter Entertainment plc (Ireland)(1)	62,268	10,998
Hermes International SCA (France)	8,334	17,654
		71,747
Consumer Staples—5.4%
Diageo plc (United Kingdom)	33,406	1,216
L’Oreal S.A. (France)	50,431	25,089
Nestle S.A. Registered Shares (Switzerland)	65,609	7,607
		33,912
Energy—0.9%
Schlumberger N.V. (United States)	111,388	5,797
Financials—11.7%
Aon plc Class A (United States)	19,238	5,599
Intact Financial Corp. (Canada)	43,878	6,751
London Stock Exchange Group plc (United Kingdom)	245,570	29,029
Mastercard, Inc. Class A (United States)	74,613	31,823
		73,202
Health Care—12.2%
Alcon, Inc. (Switzerland)	155,968	12,172
EssilorLuxottica S.A. (France)	107,689	21,589
Hoya Corp. (Japan)	103,541	12,943
Mettler-Toledo International, Inc. (United States)(1)	8,954	10,861
Terumo Corp. (Japan)	562,727	18,446
		76,011
Industrials—26.5%
Ashtead Group plc (United Kingdom)	201,038	13,997
Bunzl plc (United Kingdom)	230,092	9,356
Canadian National Railway Co. (Canada)	114,989	14,453
Epiroc AB Class A (Sweden)	561,974	11,266
Experian plc (Ireland)	625,936	25,547
IMCD N.V. (Netherlands)	85,883	14,938
RB Global, Inc. (Canada)	107,570	7,195
RELX plc (United Kingdom)	865,942	34,327
Spirax-Sarco Engineering plc (United Kingdom)	63,721	8,532
Wolters Kluwer N.V. (Netherlands)	177,997	25,290
		164,901

	Shares	Value
Information Technology—23.9%
Constellation Software, Inc. (Canada)	13,943	$ 34,570
Halma plc (United Kingdom)	627,340	18,264
Keyence Corp. (Japan)	30,695	13,523
Obic Co., Ltd. (Japan)	116,308	20,040
SAP SE (Germany)	146,283	22,524
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)	202,151	21,024
Tata Consultancy Services Ltd. (India)	417,117	19,015
		148,960
Materials—6.0%
Air Liquide S.A. (France)	145,101	28,211
Linde plc (United States)	21,545	8,849
		37,060
Total Common Stocks (Identified Cost $442,579)		611,590
Total Long-Term Investments—98.1% (Identified Cost $442,579)		611,590
TOTAL INVESTMENTS—98.1% (Identified Cost $442,579)		$611,590
Other assets and liabilities, net—1.9%		11,941
NET ASSETS—100.0%		$623,531

Abbreviation:
ADR	American Depositary Receipt

Footnote Legend:
(1)	Non-income producing.

Country Weightings†
United Kingdom	19%
France	15
Japan	11
Canada	10
United States	10
Netherlands	7
Ireland	6
Other	22
Total	100%
† % of total investments as of December 31, 2023.

See Notes to Schedule of Investments

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VIRTUS Vontobel Foreign Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

($ reported in thousands)

The following table summarizes the value of the Fund’s investments as of December 31, 2023, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at December 31, 2023	Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$611,590	$611,590
Total Investments	$611,590	$611,590

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2023.

There were no transfers into or out of Level 3 related to securities held at December 31, 2023.

See Notes to Schedule of Investments

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VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Note 1. Security Valuation

The Fund’s Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

• Level 3 – prices determined using significant unobservable inputs (including the investment adviser’s 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. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser’s Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange-Traded Funds (“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 instruments, including convertible bonds, and 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, activity of the underlying equities, 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 instruments that are internally fair valued by the investment adviser’s Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

Note 2. Subsequent Events

On November 15, 2023, the Board voted to approve:

An agreement and Plan of Reorganization, pursuant to which Virtus Vontobel Foreign Opportunities Fund (the “Acquired Fund”), a series of Virtus Opportunities Trust, will reorganize with and into Virtus SGA International Growth Fund (the “Acquiring Fund”), a series of the Trust, on or about March 8, 2024.

For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.

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