# EDGAR Filing Document

**Accession Number:** 0000034273
**File Stem:** 0001752724-23-044787
**Filing Date:** 2023-2
**Character Count:** 303230
**Document Hash:** 967f15188de3a699c8bc39de67800ca7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044787.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044787

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS EQUITY TRUST
- **CENTRAL INDEX KEY:** 0000034273
- **IRS NUMBER:** 036066130
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00945
- **FILM NUMBER:** 23679986

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STEET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX EQUITY TRUST
- **DATE OF NAME CHANGE:** 20040628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX ABERDEEN WORLDWIDE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 19981215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX WORLDWIDE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 19940505

## Series and Classes Contracts Data

### VIRTUS TACTICAL ALLOCATION FUND (Series ID: S000021179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060291 | Class A      | NAINX           |
| C000060293 | Class C      | POICX           |
| C000211088 | Class I      | VTAIX           |
| C000224195 | Class R6     | VTARX           |

## Nport-Ex

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.7%** | **U.S. Government Securities—5.7%** | **U.S. Government Securities—5.7%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, 2/15/42 | $3715 | $2836 |
| &nbsp;&nbsp;&nbsp;3.250%, 5/15/42 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp;3.000%, 8/15/48 | &nbsp;&nbsp; 7650 | &nbsp;&nbsp;&nbsp; 6282 |
| &nbsp;&nbsp;&nbsp;2.000%, 2/15/50 | &nbsp;&nbsp; 2045 | &nbsp;&nbsp;&nbsp; 1351 |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | &nbsp;&nbsp; 12745 | &nbsp;&nbsp;&nbsp; 7082 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/15/51 | &nbsp;&nbsp; 5255 | &nbsp;&nbsp;&nbsp; 3340 |
| &nbsp;&nbsp;&nbsp;2.000%, 8/15/51 | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;2.250%, 2/15/52 | &nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/52 | &nbsp;&nbsp; 2335 | &nbsp;&nbsp;&nbsp; 1871 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 3/31/23 | &nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp; 1683 |
| &nbsp;&nbsp;&nbsp;2.500%, 4/30/24 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp;0.250%, 5/31/25 | &nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp; 1461 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/15/31 | &nbsp;&nbsp; 2565 | &nbsp;&nbsp;&nbsp; 2090 |
| &nbsp;&nbsp;&nbsp;1.625%, 5/15/31 | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp;1.250%, 8/15/31 | &nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp;1.375%, 11/15/31 | &nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp; 675 |
| **Total U.S. Government Securities<br> (Identified Cost $44,045)** | **Total U.S. Government Securities<br> (Identified Cost $44,045)** | &nbsp;&nbsp;&nbsp;&nbsp; **33300** |
| **Municipal Bonds—1.7%** | **Municipal Bonds—1.7%** | **Municipal Bonds—1.7%** |
| **California—0.1%** | **California—0.1%** |  |
| Santa Clara Valley Water District Series B, Taxable<br> 2.967%, 6/1/50 | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 334 |
| University of California, Series B-A, Taxable<br> 4.428%, 5/15/48 | &nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 322 |
|  |  | &nbsp;&nbsp;&nbsp; 656 |
| **Florida—0.3%** | **Florida—0.3%** |  |
| Broward County, Water & Sewer Utility Revenue Series A<br> 4.000%, 10/1/47 | &nbsp;&nbsp; 2115 | &nbsp;&nbsp;&nbsp; 1999 |
| **Idaho—0.1%** | **Idaho—0.1%** |  |
| Idaho Health Facilities Authority St. Luke's Health System Revenue Taxable<br> 5.020%, 3/1/48 | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 402 |
| **Illinois—0.0%** | **Illinois—0.0%** |  |
| Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured)<br> 3.411%, 1/1/43 | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 51 |
| **New York—0.9%** | **New York—0.9%** |  |
| Metropolitan Transportation Authority Revenue Taxable Series A<br> 5.000%, 11/15/45 | &nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp; 2745 |
| New York State Environmental Facilities Corp. Revenue Taxable<br> 5.000%, 6/15/51 | &nbsp;&nbsp; 2130 | &nbsp;&nbsp;&nbsp; 2313 |
|  |  | &nbsp;&nbsp;&nbsp; 5058 |
| **Texas—0.2%** | **Texas—0.2%** |  |
| City of San Antonio, General Obligation Taxable<br> 1.963%, 2/1/33 | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 404 |
| State of Texas, General Obligation Taxable<br> 3.211%, 4/1/44 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 143 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—continued** | **Texas—continued** |  |
| Texas Public Finance Authority Revenue Taxable<br> 2.140%, 2/1/35 | $585 | $417 |
| Texas Transportation Commission State Highway Fund Revenue Taxable<br> 4.000%, 10/1/33 | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp;&nbsp; 1110 |
| **Virginia—0.1%** | **Virginia—0.1%** |  |
| City of Bristol, General Obligation Taxable (State AID Withholding Insured)<br> 4.210%, 1/1/42 | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 544 |
| **Total Municipal Bonds<br> (Identified Cost $11,247)** | **Total Municipal Bonds<br> (Identified Cost $11,247)** | &nbsp;&nbsp;&nbsp;&nbsp; **9820** |
| **Foreign Government Securities—0.3%** | **Foreign Government Securities—0.3%** | **Foreign Government Securities—0.3%** |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 1/13/34<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;RegS<br> 8.250%, 10/13/24<sup>(1)(2)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.650%, 4/21/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 22 |
| Dominican Republic 144A<br> 4.875%, 9/23/32<sup>(3)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 678 |
| Emirate of Dubai Government International Bonds RegS<br> 5.250%, 1/30/43<sup>(2)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 487 |
| United Mexican States<br> 2.659%, 5/24/31 | &nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp; 521 |
| **Total Foreign Government Securities<br> (Identified Cost $2,323)** | **Total Foreign Government Securities<br> (Identified Cost $2,323)** | &nbsp;&nbsp;&nbsp;&nbsp; **1720** |
| **Mortgage-Backed Securities—8.8%** | **Mortgage-Backed Securities—8.8%** | **Mortgage-Backed Securities—8.8%** |
| **Agency—0.1%** | **Agency—0.1%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #A46224<br> 5.000%, 7/1/35 | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;Pool #A62213<br> 6.000%, 6/1/37 | &nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 92 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #254549<br> 6.000%, 12/1/32 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;Pool #310041<br> 6.500%, 5/1/37 | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;Pool #735061<br> 6.000%, 11/1/34 | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;Pool #880117<br> 5.500%, 4/1/36 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;Pool #909092<br> 6.000%, 9/1/37 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Pool #909175<br> 5.500%, 4/1/38 | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;Pool #909220<br> 6.000%, 8/1/38 | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;Pool #929625<br> 5.500%, 6/1/38 | &nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;Pool #938574<br> 5.500%, 9/1/36 | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 62 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #972569<br> 5.000%, 3/1/38 | $66 | $67 |
|  |  | &nbsp;&nbsp; 676 |
| **Non-Agency—8.7%** | **Non-Agency—8.7%** |  |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(3)(4)</sup> | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp;2021-A, A1 144A<br> 1.065%, 9/25/65<sup>(3)(4)</sup> | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 390 |
| American Homes 4 Rent Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-SFR2, C 144A<br> 4.705%, 10/17/36<sup>(3)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;2015-SFR2, C 144A<br> 4.691%, 10/17/52<sup>(3)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 319 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR1, B 144A<br> 2.120%, 4/17/37<sup>(3)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, C 144A<br> 2.533%, 7/17/37<sup>(3)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 678 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(3)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 702 |
| Angel Oak Mortgage Trust 2020-4, A1 144A<br> 1.469%, 6/25/65<sup>(3)(4)</sup> | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 367 |
| Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A<br> 2.068%, 5/25/50<sup>(3)(4)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 537 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(3)(4)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(3)(4)</sup> | &nbsp;&nbsp; 831 | &nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.175%, 10/25/48<sup>(3)(4)</sup> | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp;2022-1, A1B 144A<br> 3.269%, 12/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 592 |
| BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A<br> 5.568%, 2/15/29<sup>(3)(4)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 895 |
| BX Commercial Mortgage Trust 2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A<br> 6.296%, 2/15/39<sup>(3)(4)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 229 |
| BX Trust 2019-OC11, D 144A<br> 3.944%, 12/9/41<sup>(3)(4)</sup> | &nbsp;&nbsp; 1379 | &nbsp;&nbsp; 1099 |
| Cascade MH Asset Trust 2021-MH1, A1 144A<br> 1.753%, 2/25/46<sup>(3)</sup> | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 890 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(3)(4)</sup> | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(3)(4)</sup> | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 286 |
| CHL Mortgage Pass-Through Trust 2004-6, 1A2<br> 3.065%, 5/25/34<sup>(4)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 109 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NR4, A1 144A<br> 2.816%, 10/25/61<sup>(3)(4)</sup> | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(3)(4)</sup> | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 208 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(3)(4)</sup> | $347 | $331 |
| COLT Mortgage Loan Trust 2022-5, A1 144A<br> 4.550%, 4/25/67<sup>(3)(4)</sup> | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 538 |
| COMM Mortgage Trust 2020-CBM, B 144A<br> 3.099%, 2/10/37<sup>(3)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 446 |
| CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A<br> 2.239%, 3/28/29<sup>(3)(4)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 264 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, C 144A<br> 3.265%, 10/15/52<sup>(3)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 1.832%, 3/15/50<sup>(3)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;2020-3, A 144A<br> 1.358%, 8/15/53<sup>(3)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;2020-4, A 144A<br> 1.174%, 12/15/52<sup>(3)</sup> | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 464 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-RPL1, A1 144A<br> 2.750%, 7/25/57<sup>(3)(4)</sup> | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 1.208%, 5/25/65<sup>(3)(4)</sup> | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(3)(4)</sup> | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;2021-NQM1, A1 144A<br> 0.809%, 5/25/65<sup>(3)(4)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;2021-NQM2, A1 144A<br> 1.179%, 2/25/66<sup>(3)(4)</sup> | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 295 |
| Dominion Mortgage Trust 2021-RTL1, A1 144A<br> 2.487%, 7/25/27<sup>(3)(4)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 787 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(3)(4)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;2021-2, A3 144A<br> 1.291%, 6/25/66<sup>(3)(4)</sup> | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(3)(4)</sup> | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 327 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, B 144A<br> 1.567%, 10/19/37<sup>(3)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(3)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 739 |
| Flagstar Mortgage Trust 2017-1, 1A3 144A<br> 3.500%, 3/25/47<sup>(3)(4)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 77 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, A21 144A<br> 3.500%, 7/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(3)(4)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 20 |
| GCAT Trust 2020-NQM1, A1 144A<br> 2.247%, 1/25/60<sup>(3)(4)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23 |
| GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A<br> 5.118%, 2/15/38<sup>(3)(4)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1002 |
| GS Mortgage Securities Trust 2020-GC45, AS<br> 3.173%, 2/13/53<sup>(4)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 469 |
| Hilton USA Trust 2016-SFP, B 144A<br> 3.323%, 11/5/35<sup>(3)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 473 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Imperial Fund Mortgage Trust 2021-NQM4, A1 144A<br> 2.091%, 1/25/57<sup>(3)(4)</sup> | $1157 | $953 |
| INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A<br> 6.825%, 8/15/39<sup>(3)(4)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 586 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1, 2A12 144A<br> 3.500%, 1/25/44<sup>(3)(4)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;2014-2, 2A2 144A<br> 3.500%, 6/25/29<sup>(3)(4)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;2017-1, A2 144A<br> 3.449%, 1/25/47<sup>(3)(4)</sup> | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(3)(4)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;2017-4, A3 144A<br> 3.500%, 11/25/48<sup>(3)(4)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 3.211%, 10/26/48<sup>(3)(4)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 85 |
| KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%) 144A<br> 5.318%, 12/15/37<sup>(3)(4)</sup> | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 619 |
| KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A<br> 5.118%, 5/15/36<sup>(3)(4)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 558 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RTL1, A1 144A<br> 2.090%, 2/25/26<sup>(3)(4)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp;2021-RTL2, A1 144A<br> 2.090%, 6/25/26<sup>(3)(4)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 277 |
| MetLife Securitization Trust 2017-1A, M1 144A<br> 3.441%, 4/25/55<sup>(3)(4)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 748 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(3)(4)</sup> | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(3)(4)</sup> | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 432 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-C13, AS<br> 4.266%, 11/15/46 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;2015-C22, AS<br> 3.561%, 4/15/48 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp;2015-C25, A4<br> 3.372%, 10/15/48 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 559 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(3)(4)</sup> | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(3)(4)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;2016-1A, A1 144A<br> 3.750%, 3/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;2016-3A, B1 144A<br> 4.000%, 9/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;2016-4A, B1A 144A<br> 4.500%, 11/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(3)(4)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;2019-NQM4, A1 144A<br> 2.492%, 9/25/59<sup>(3)(4)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;2019-RPL2, M2 144A<br> 3.750%, 2/25/59<sup>(3)(4)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 552 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-1A, A1B 144A<br> 3.500%, 10/25/59<sup>(3)(4)</sup> | $452 | $416 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(3)(4)</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 144 |
| NLT Trust 2021-INV2, A1 144A<br> 1.162%, 8/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 343 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-INV1, A3 144A<br> 4.500%, 11/25/48<sup>(3)(4)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;2021-NQM3, A2 144A<br> 1.260%, 7/25/61<sup>(3)(4)</sup> | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 407 |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 2.857%, 6/25/26<sup>(3)(4)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 400 |
| Preston Ridge Partners Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-6, A1 144A<br> 2.363%, 11/25/25<sup>(3)(4)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 2.115%, 3/25/26<sup>(3)(4)</sup> | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.867%, 4/25/26<sup>(3)(4)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;2021-9, A1 144A<br> 2.363%, 10/25/26<sup>(3)(4)</sup> | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;2021-RPL1, A1 144A<br> 1.319%, 7/25/51<sup>(3)(4)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 141 |
| Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A<br> 2.240%, 9/27/60<sup>(3)(4)</sup> | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 563 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR3, B 144A<br> 2.571%, 9/17/36<sup>(3)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, D 144A<br> 2.197%, 4/19/38<sup>(3)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(3)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;2021-SFR6, C 144A<br> 1.855%, 7/17/38<sup>(3)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 123 |
| Provident Funding Mortgage Trust 2019-1, A2 144A<br> 3.000%, 12/25/49<sup>(3)(4)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 196 |
| RCKT Mortgage Trust 2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(3)(4)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 213 |
| RCO VI Mortgage LLC 2022-1, A1 144A<br> 3.000%, 1/25/27<sup>(3)(4)</sup> | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 194 |
| RCO VII Mortgage LLC 2021-2, A1 144A<br> 2.116%, 9/25/26<sup>(3)(4)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 248 |
| Residential Mortgage Loan Trust 2019-2, A1 144A<br> 2.913%, 5/25/59<sup>(3)(4)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 50 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.488%, 6/25/43<sup>(4)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 60 |
| SG Residential Mortgage Trust 2019-3, A1 144A<br> 2.703%, 9/25/59<sup>(3)(4)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 70 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3, A1 144A<br> 1.486%, 4/25/65<sup>(3)(4)</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;2021-3, A3 144A<br> 1.518%, 6/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 131 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-1, M1 144A<br> 3.500%, 2/25/55<sup>(3)(4)</sup> | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;2016-3, M1 144A<br> 3.500%, 4/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.890%, 7/25/56<sup>(3)(4)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 535 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(3)(4)</sup> | $185 | $172 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(3)(4)</sup> | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 840 |
| &nbsp;&nbsp;&nbsp;2018-6, A1B 144A<br> 3.750%, 3/25/58<sup>(3)(4)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(3)(4)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1085 |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.722%, 3/25/58<sup>(3)(4)</sup> | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(3)(4)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp;2019-4, A2 144A<br> 3.250%, 10/25/59<sup>(3)(4)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(3)(4)(5)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(3)(4)</sup> | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 990 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(3)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(3)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 725 |
| Tricon Residential Trust 2021-SFR1, B 144A<br> 2.244%, 7/17/38<sup>(3)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 444 |
| TVC Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-RTL1, A1 144A<br> 3.474%, 9/25/24<sup>(3)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;2020-RTL1, M 144A<br> 5.193%, 9/25/24<sup>(3)(4)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 487 |
| VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-NPL2, A1 144A<br> 2.115%, 3/27/51<sup>(3)(4)</sup> | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;2021-NPL3, A1 144A<br> 1.743%, 5/25/51<sup>(3)(4)</sup> | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp;2021-NPL4, A1 144A<br> 1.868%, 8/25/51<sup>(3)(4)</sup> | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 522 |
| Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A<br> 1.992%, 5/25/51<sup>(3)(4)</sup> | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 195 |
| Vericrest Opportunity Loan Trust CVI LLC 2021-NP12, A1 144A<br> 2.734%, 12/26/51<sup>(3)(4)</sup> | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 200 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-4, M1 144A<br> 3.207%, 11/25/59<sup>(3)(4)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;2019-INV2, A1 144A<br> 2.913%, 7/25/59<sup>(3)(4)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(3)(4)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(3)(4)</sup> | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 744 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(3)(4)</sup> | &nbsp;&nbsp; 677 | &nbsp;&nbsp; 658 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(3)</sup> | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(3)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 215 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Wells Fargo Commercial Mortgage Trust 2014-C24, AS<br> 3.931%, 11/15/47 | $675 | $643 |
|  |  | &nbsp;&nbsp;&nbsp; 50527 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $57,440)** | **Total Mortgage-Backed Securities<br> (Identified Cost $57,440)** | &nbsp;&nbsp;&nbsp;&nbsp; **51203** |
| **Asset-Backed Securities—4.3%** | **Asset-Backed Securities—4.3%** | **Asset-Backed Securities—4.3%** |
| **Automobiles—2.6%** | **Automobiles—2.6%** |  |
| American Credit Acceptance Receivables Trust 2021-2, C 144A<br> 0.970%, 7/13/27<sup>(3)</sup> | &nbsp;&nbsp; 821 | &nbsp;&nbsp;&nbsp; 806 |
| AmeriCredit Automobile Receivables Trust 2020-3, C<br> 1.060%, 8/18/26 | &nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp; 1169 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2A, D 144A<br> 3.280%, 1/15/25<sup>(3)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp;2019-3A, D 144A<br> 3.040%, 4/15/25<sup>(3)</sup> | &nbsp;&nbsp; 478 | &nbsp;&nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;2020-P1, B<br> 0.920%, 11/9/26 | &nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 528 |
| CIG Auto Receivables Trust 2020-1A, E 144A<br> 4.430%, 2/12/27<sup>(3)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp; 533 |
| CPS Auto Receivables Trust 2020-C, C 144A<br> 1.710%, 8/17/26<sup>(3)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 147 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A, B 144A<br> 1.770%, 12/17/29<sup>(3)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 4.600%, 6/15/32<sup>(3)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 579 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-4A, D 144A<br> 4.350%, 9/16/24<sup>(3)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;2019-1A, D 144A<br> 4.130%, 12/16/24<sup>(3)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 46 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 1.170%, 3/15/27<sup>(3)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 3.130%, 5/15/28<sup>(3)</sup> | &nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; 640 |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3, C 144A<br> 1.730%, 9/15/26<sup>(3)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;2020-4, C 144A<br> 1.280%, 2/16/27<sup>(3)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp; 923 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, E 144A<br> 4.300%, 9/15/25<sup>(3)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;2022-1, B 144A<br> 2.150%, 5/17/27<sup>(3)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp; 506 |
| GLS Auto Receivables Issuer Trust 2020-4A, C 144A<br> 1.140%, 11/17/25<sup>(3)</sup> | &nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp; 795 |
| GLS Auto Receivables Trust 2018-3A, C 144A<br> 4.180%, 7/15/24<sup>(3)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 60 |
| LAD Auto Receivables Trust 2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(3)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 640 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Lendbuzz Securitization Trust 2022-1A, A 144A<br> 4.220%, 5/17/27<sup>(3)</sup> | $651 | $623 |
| Oscar US Funding XII LLC 2021-1A, A4 144A<br> 1.000%, 4/10/28<sup>(3)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 496 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, C<br> 1.010%, 1/15/26 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;2021-3, C<br> 0.950%, 9/15/27 | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp;2022-7, A2<br> 5.810%, 1/15/26 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 540 |
| Skopos Auto Receivables Trust 2019-1A, C 144A<br> 3.630%, 9/16/24<sup>(3)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| United Auto Credit Securitization Trust 2021-1, C 144A<br> 0.840%, 6/10/26<sup>(3)</sup> | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 557 |
|  |  | &nbsp;&nbsp; 15391 |
| **Consumer Loans—0.1%** | **Consumer Loans—0.1%** |  |
| SoFi Consumer Loan Program Trust 2022-1S, A 144A<br> 6.210%, 4/15/31<sup>(3)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 429 |
| **Credit Card—0.1%** | **Credit Card—0.1%** |  |
| Avant Credit Card Master Trust 2021-1A, A 144A<br> 1.370%, 4/15/27<sup>(3)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 668 |
| **Other—1.5%** | **Other—1.5%** |  |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-A, A 144A<br> 3.720%, 11/15/35<sup>(3)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(3)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 662 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(3)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 664 |
| Arby's Funding LLC 2020-1A, A2 144A<br> 3.237%, 7/30/50<sup>(3)</sup> | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 686 |
| Bankers Healthcare Group Securitization Trust 2020-A, A 144A<br> 2.560%, 9/17/31<sup>(3)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 142 |
| BHG Securitization Trust 2021-A, A 144A<br> 1.420%, 11/17/33<sup>(3)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 455 |
| Cajun Global LLC 2021-1, A2 144A<br> 3.931%, 11/20/51<sup>(3)</sup> | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 359 |
| CF Hippolyta Issuer LLC 2020-1, A1 144A<br> 1.690%, 7/15/60<sup>(3)</sup> | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 345 |
| Diamond Resorts Owner Trust 2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 230 |
| Foundation Finance Trust 2021-1A, A 144A<br> 1.270%, 5/15/41<sup>(3)</sup> | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 336 |
| Jersey Mike's Funding 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(3)</sup> | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 463 |
| Mariner Finance Issuance Trust 2020-AA, A 144A<br> 2.190%, 8/21/34<sup>(3)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 528 |
| MVW LLC 2020-1A, A 144A<br> 1.740%, 10/20/37<sup>(3)</sup> | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 449 |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A<br> 0.970%, 12/16/69<sup>(3)</sup> | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 548 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(3)</sup> | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 492 |
| NMEF Funding LLC 2022-A, B 144A<br> 3.350%, 10/16/28<sup>(3)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 476 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Octane Receivables Trust 2020-1A, A 144A<br> 1.710%, 2/20/25<sup>(3)</sup> | $89 | $89 |
| Orange Lake Timeshare Trust 2019-A, B 144A<br> 3.360%, 4/9/38<sup>(3)</sup> | &nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp; 180 |
| Purchasing Power Funding LLC 2021-A, A 144A<br> 1.570%, 10/15/25<sup>(3)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 875 |
| Trinity Rail Leasing LLC 2019-1A, A 144A<br> 3.820%, 4/17/49<sup>(3)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 304 |
| Westgate Resorts LLC 2020-1A, A 144A<br> 2.713%, 3/20/34<sup>(3)</sup> | &nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 271 |
|  |  | &nbsp;&nbsp;&nbsp; 8570 |
| **Total Asset-Backed Securities<br> (Identified Cost $26,777)** | **Total Asset-Backed Securities<br> (Identified Cost $26,777)** | &nbsp;&nbsp;&nbsp;&nbsp; **25058** |
| **Corporate Bonds and Notes—12.7%** | **Corporate Bonds and Notes—12.7%** | **Corporate Bonds and Notes—12.7%** |
| **Communication Services—0.3%** | **Communication Services—0.3%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(3)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 216 |
| Level 3 Financing, Inc. 144A<br> 4.250%, 7/1/28<sup>(3)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 437 |
| Sprint Spectrum Co. LLC 144A<br> 4.738%, 3/20/25<sup>(3)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 222 |
| Telecomunicaciones Digitales S.A. 144A<br> 4.500%, 1/30/30<sup>(3)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 410 |
| TripAdvisor, Inc. 144A<br> 7.000%, 7/15/25<sup>(3)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 390 |
|  |  | &nbsp;&nbsp;&nbsp; 1726 |
| **Consumer Discretionary—0.6%** | **Consumer Discretionary—0.6%** |  |
| Aramark Services, Inc. 144A<br> 6.375%, 5/1/25<sup>(3)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 247 |
| Ashtead Capital, Inc. 144A<br> 5.500%, 8/11/32<sup>(3)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 244 |
| Brunswick Corp.<br> 2.400%, 8/18/31 | &nbsp;&nbsp; 537 | &nbsp;&nbsp;&nbsp; 395 |
| Carriage Services, Inc. 144A<br> 4.250%, 5/15/29<sup>(3)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 147 |
| Dick's Sporting Goods, Inc.<br> 3.150%, 1/15/32 | &nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp; 379 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 2/12/32 | &nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;4.750%, 1/15/43 | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 190 |
| M/I Homes, Inc.<br> 4.950%, 2/1/28 | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 329 |
| PulteGroup, Inc.<br> 6.375%, 5/15/33 | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; 778 |
| Scientific Games International, Inc. 144A<br> 7.000%, 5/15/28<sup>(3)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 277 |
|  |  | &nbsp;&nbsp;&nbsp; 3290 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| Bacardi Ltd. 144A<br> 4.700%, 5/15/28<sup>(3)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; 496 |
| BAT Capital Corp.<br> 7.750%, 10/19/32 | &nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp; 845 |
| Central American Bottling Corp. 144A<br> 5.250%, 4/27/29<sup>(3)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 210 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Church & Dwight Co., Inc.<br> 5.000%, 6/15/52 | $585 | $547 |
|  |  | &nbsp;&nbsp; 2098 |
| **Energy—1.6%** | **Energy—1.6%** |  |
| Aker BP ASA 144A<br> 2.000%, 7/15/26<sup>(3)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 654 |
| Alliance Resource Operating Partners LP 144A<br> 7.500%, 5/1/25<sup>(3)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 397 |
| BP Capital Markets plc<br> 4.875% <sup>(6)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 525 |
| CrownRock LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 10/15/25<sup>(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 5/1/29<sup>(3)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 243 |
| DT Midstream, Inc. 144A<br> 4.125%, 6/15/29<sup>(3)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 309 |
| Enbridge, Inc.<br> 7.625%, 1/15/83 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 611 |
| Energy Transfer LP Series H<br> 6.500% <sup>(6)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 443 |
| EQM Midstream Partners LP 144A<br> 7.500%, 6/1/30<sup>(3)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 419 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(3)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 613 |
| HF Sinclair Corp.<br> 5.875%, 4/1/26 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 631 |
| Kinder Morgan Energy Partners LP<br> 7.500%, 11/15/40 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 485 |
| Occidental Petroleum Corp.<br> 6.125%, 1/1/31 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 358 |
| Odebrecht Oil & Gas Finance Ltd. 144A<br> 0.000% <sup>(3)(6)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; —<sup>(7)</sup> |
| Parsley Energy LLC 144A<br> 4.125%, 2/15/28<sup>(3)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 303 |
| Pertamina Persero PT 144A<br> 6.450%, 5/30/44<sup>(3)</sup> | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 967 |
| Petroleos de Venezuela S.A. 144A<br> 6.000%, 5/16/24<sup>(3)(8)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 12 |
| Petroleos Mexicanos<br> 7.690%, 1/23/50 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 387 |
| Reliance Industries Ltd. 144A<br> 2.875%, 1/12/32<sup>(3)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 568 |
| Sabine Pass Liquefaction LLC<br> 4.200%, 3/15/28 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 197 |
| Transocean Guardian Ltd. 144A<br> 5.875%, 1/15/24<sup>(3)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 72 |
| USA Compression Partners LP<br> 6.875%, 4/1/26 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 331 |
| Venture Global Calcasieu Pass LLC 144A<br> 3.875%, 8/15/29<sup>(3)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 267 |
|  |  | &nbsp;&nbsp; 9081 |
| **Financials—4.1%** | **Financials—4.1%** |  |
| Allstate Corp. (The) Series B<br> 5.750%, 8/15/53 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 531 |
| Ally Financial, Inc. Series B<br> 4.700% <sup>(6)</sup> | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 366 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(3)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 641 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(3)(6)</sup> | $620 | $511 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.687%, 4/22/32 | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1381 |
| &nbsp;&nbsp;&nbsp;2.482%, 9/21/36 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 551 |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.834%, 10/25/33 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp;Series G<br> 4.700%<sup>(6)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 682 |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 555 |
| BBVA Bancomer S.A. 144A<br> 5.125%, 1/18/33<sup>(3)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 484 |
| Blackstone Private Credit Fund<br> 2.625%, 12/15/26 | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 259 |
| Blue Owl Finance LLC 144A<br> 3.125%, 6/10/31<sup>(3)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 308 |
| Brighthouse Financial, Inc.<br> 5.625%, 5/15/30 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 616 |
| Brookfield Finance, Inc.<br> 2.724%, 4/15/31 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 963 |
| Burford Capital Global Finance LLC 144A<br> 6.250%, 4/15/28<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 178 |
| Capital One Financial Corp.<br> 2.359%, 7/29/32 | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 412 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(6)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 618 |
| Citadel LP 144A<br> 4.875%, 1/15/27<sup>(3)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 525 |
| Citigroup, Inc. (SOFR + 1.280%)<br> 5.494%, 2/24/28<sup>(4)</sup> | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 327 |
| Corebridge Financial, Inc. 144A<br> 6.875%, 12/15/52<sup>(3)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 522 |
| Discover Financial Services<br> 6.700%, 11/29/32 | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 479 |
| Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A<br> 5.250%, 5/30/23<sup>(3)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(3)</sup> | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 694 |
| Goldman Sachs Group, Inc. (The)<br> 1.992%, 1/27/32 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 278 |
| Jefferies Financial Group, Inc.<br> 2.625%, 10/15/31 | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 702 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.717%, 9/14/33 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.180%)<br> 5.378%, 2/24/28<sup>(4)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;1.953%, 2/4/32 | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1105 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(3)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 353 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(3)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 428 |
| Lincoln National Corp. (3 month LIBOR + 2.040%)<br> 6.283%, 4/20/67<sup>(4)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 443 |
| MetLife, Inc. Series G<br> 3.850% <sup>(6)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 646 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, 10/18/33 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;6.375%, 7/24/42 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 629 |
| Northern Trust Corp.<br> 6.125%, 11/2/32 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 675 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| OneMain Finance Corp.<br> 6.875%, 3/15/25 | $285 | $274 |
| OWL Rock Core Income Corp.<br> 4.700%, 2/8/27 | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 346 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 6/15/43 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;6.000%, 9/1/52 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 101 |
| Santander Holdings USA, Inc.<br> 4.400%, 7/13/27 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 610 |
| State Street Corp.<br> 4.164%, 8/4/33 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 545 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 714 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 572 |
| Wells Fargo & Co. Series BB<br> 3.900% <sup>(6)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1011 |
| Zions Bancorp NA<br> 3.250%, 10/29/29 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 331 |
|  |  | &nbsp;&nbsp; 23944 |
| **Health Care—0.8%** | **Health Care—0.8%** |  |
| Bausch Health Cos., Inc. 144A<br> 5.750%, 8/15/27<sup>(3)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 106 |
| Bio-Rad Laboratories, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, 3/15/27 | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;3.700%, 3/15/32 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 102 |
| CVS Health Corp.<br> 4.300%, 3/25/28 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 532 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 502 |
| GE HealthCare Technologies, Inc. 144A<br> 5.857%, 3/15/30<sup>(3)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 568 |
| HCA, Inc.<br> 5.250%, 6/15/49 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 353 |
| Illumina, Inc.<br> 2.550%, 3/23/31 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 296 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(3)(9)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 141 |
| Surgery Center Holdings, Inc. 144A<br> 6.750%, 7/1/25<sup>(3)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| Teva Pharmaceutical Finance Netherlands III B.V.<br> 3.150%, 10/1/26 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 438 |
| Universal Health Services, Inc. 144A<br> 2.650%, 1/15/32<sup>(3)</sup> | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 523 |
| Utah Acquisition Sub, Inc.<br> 3.950%, 6/15/26 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 500 |
| Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 6/22/27 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 6/22/27<sup>(3)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<sup>(7)</sup> |
|  |  | &nbsp;&nbsp; 4826 |
| **Industrials—1.3%** | **Industrials—1.3%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 8/15/27<sup>(3)</sup> | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 759 |
| Aviation Capital Group LLC 144A<br> 3.500%, 11/1/27<sup>(3)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 489 |
| Avolon Holdings Funding Ltd. 144A<br> 4.375%, 5/1/26<sup>(3)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 515 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(3)</sup> | $505 | $419 |
| Boeing Co. (The)<br> 5.930%, 5/1/60 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 337 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 3/15/35<sup>(3)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 489 |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(3)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Ferguson Finance plc 144A<br> 4.650%, 4/20/32<sup>(3)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 664 |
| Fortress Transportation & Infrastructure Investors LLC 144A<br> 6.500%, 10/1/25<sup>(3)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23 |
| GFL Environmental, Inc. 144A<br> 3.750%, 8/1/25<sup>(3)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 378 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(3)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 396 |
| Huntington Ingalls Industries, Inc.<br> 2.043%, 8/16/28 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 641 |
| Masco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, 2/15/31 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;3.125%, 2/15/51 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 226 |
| Pentair Finance S.a.r.l.<br> 5.900%, 7/15/32 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 549 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(3)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 407 |
| Sempra Global 144A<br> 3.250%, 1/15/32<sup>(3)</sup> | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 581 |
| TransDigm, Inc.<br> 5.500%, 11/15/27 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 244 |
|  |  | &nbsp;&nbsp; 7418 |
| **Information Technology—1.1%** | **Information Technology—1.1%** |  |
| Broadcom, Inc.<br> 4.150%, 11/15/30 | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 638 |
| CDW LLC<br> 3.569%, 12/1/31 | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 605 |
| Consensus Cloud Solutions, Inc. 144A<br> 6.500%, 10/15/28<sup>(3)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 294 |
| Dell International LLC<br> 8.100%, 7/15/36 | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 666 |
| Entegris Escrow Corp. 144A<br> 4.750%, 4/15/29<sup>(3)</sup> | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 691 |
| HP, Inc.<br> 5.500%, 1/15/33 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 667 |
| Kyndryl Holdings, Inc.<br> 2.700%, 10/15/28 | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 325 |
| Leidos, Inc.<br> 2.300%, 2/15/31 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 613 |
| Motorola Solutions, Inc.<br> 4.600%, 5/23/29 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 252 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/9/32 | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 916 |
| &nbsp;&nbsp;&nbsp;3.850%, 4/1/60 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 93 |
| TD SYNNEX Corp.<br> 2.375%, 8/9/28 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 577 |
|  |  | &nbsp;&nbsp; 6337 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—1.1%** | **Materials—1.1%** |  |
| Albemarle Corp.<br> 5.050%, 6/1/32 | $640 | $603 |
| ArcelorMittal S.A.<br> 6.800%, 11/29/32 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 547 |
| Avient Corp. 144A<br> 7.125%, 8/1/30<sup>(3)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 288 |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(3)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 709 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, 7/5/24 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;6.165%, 7/15/27 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 158 |
| Cleveland-Cliffs, Inc. 144A<br> 6.750%, 3/15/26<sup>(3)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 561 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(3)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 461 |
| Glencore Funding LLC 144A<br> 2.850%, 4/27/31<sup>(3)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 614 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 11/1/30<sup>(3)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;144A 3.468%, 12/1/50<sup>(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 203 |
| Inversiones CMPC S.A. 144A<br> 3.850%, 1/13/30<sup>(3)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 784 |
| Suzano Austria GmbH<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 247 |
| Teck Resources Ltd.<br> 6.125%, 10/1/35 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 534 |
|  |  | &nbsp;&nbsp; 6549 |
| **Real Estate—1.0%** | **Real Estate—1.0%** |  |
| EPR Properties<br> 4.750%, 12/15/26 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 777 |
| GLP Capital LP |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 6/1/28 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp;3.250%, 1/15/32 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 58 |
| Kite Realty Group Trust<br> 4.750%, 9/15/30 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 687 |
| MPT Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 8/1/29 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;3.500%, 3/15/31 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 308 |
| Office Properties Income Trust<br> 4.500%, 2/1/25 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 503 |
| Ontario Teachers' Cadillac Fairview Properties Trust 144A<br> 2.500%, 10/15/31<sup>(3)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 663 |
| Phillips Edison Grocery Center Operating Partnership I LP<br> 2.625%, 11/15/31 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 556 |
| Retail Opportunity Investments Partnership LP<br> 4.000%, 12/15/24 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 464 |
| Service Properties Trust<br> 4.950%, 2/15/27 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 295 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, 2/15/30 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;5.125%, 5/15/32 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 324 |
|  |  | &nbsp;&nbsp; 5698 |
| **Utilities—0.5%** | **Utilities—0.5%** |  |
| Brooklyn Union Gas Co. (The) 144A<br> 4.866%, 8/5/32<sup>(3)</sup> | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 752 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Enel Finance International N.V. 144A<br> 7.500%, 10/14/32<sup>(3)</sup> | $400 | $423 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A<br> 4.125%, 5/15/27<sup>(3)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 199 |
| Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.379%, 6/15/28 | &nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;4.224%, 3/15/32 | &nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 280 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp; 641 |
| Vistra Corp. 144A<br> 8.000% <sup>(3)(6)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 244 |
|  |  | &nbsp;&nbsp;&nbsp; 2924 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $83,645)** | **Total Corporate Bonds and Notes<br> (Identified Cost $83,645)** | &nbsp;&nbsp;&nbsp;&nbsp; **73891** |
| **Leveraged Loans—1.8%** | **Leveraged Loans—1.8%** | **Leveraged Loans—1.8%** |
| **Aerospace—0.2%** | **Aerospace—0.2%** |  |
| Air Canada (3 month LIBOR + 3.500%)<br> 8.130%, 8/11/28<sup>(4)</sup> | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 76 |
| Brown Group Holding LLC (1 month LIBOR + 2.500%)<br> 6.884%, 6/7/28<sup>(4)</sup> | &nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp; 312 |
| Delta Air Lines, Inc. (3 month LIBOR + 3.750%)<br> 7.993%, 10/20/27<sup>(4)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 239 |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%)<br> 9.996%, 6/21/27<sup>(4)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 222 |
| TransDigm, Inc. Tranche E (3 month LIBOR + 2.250%)<br> 6.980%, 5/30/25<sup>(4)</sup> | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 240 |
|  |  | &nbsp;&nbsp;&nbsp; 1089 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)<br> 8.173%, 11/8/27<sup>(4)</sup> | &nbsp;&nbsp; 679 | &nbsp;&nbsp;&nbsp; 668 |
| **Consumer Durables—0.0%** | **Consumer Durables—0.0%** |  |
| Resideo Funding, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.500% - 6.880%, 2/11/28<sup>(4)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 242 |
| **Energy—0.1%** | **Energy—0.1%** |  |
| Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%)<br> 7.743%, 12/21/28<sup>(4)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; 235 |
| Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%)<br> 7.924%, 10/5/28<sup>(4)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 212 |
|  |  | &nbsp;&nbsp;&nbsp; 447 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%)<br> 7.077%, 6/15/25<sup>(4)</sup> | &nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 209 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Citadel Securities LP Tranche B (1 month Term SOFR + 3.114%)<br> 7.438%, 2/2/28<sup>(4)</sup> | $146 | $144 |
|  |  | &nbsp;&nbsp; 353 |
| **Food / Tobacco—0.1%** | **Food / Tobacco—0.1%** |  |
| Aramark Services, Inc. Tranche B-3 (1 month LIBOR + 1.750%)<br> 6.134%, 3/11/25<sup>(4)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 208 |
| Hostess Brands LLC 2019, Tranche B (1-3 month LIBOR + 2.250%)<br> 6.634% - 6.665%, 8/3/25<sup>(4)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 268 |
|  |  | &nbsp;&nbsp; 476 |
| **Forest Prod / Containers—0.0%** | **Forest Prod / Containers—0.0%** |  |
| Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%)<br> 6.024%, 7/1/26<sup>(4)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 242 |
| **Gaming / Leisure—0.2%** | **Gaming / Leisure—0.2%** |  |
| Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)<br> 7.134%, 12/23/24<sup>(4)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 461 |
| Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%)<br> 6.173%, 6/22/26<sup>(4)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 244 |
| Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%)<br> 7.417%, 4/13/29<sup>(4)</sup> | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 132 |
| Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)<br> 6.640%, 2/8/27<sup>(4)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 234 |
| UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%)<br> 7.110%, 4/29/26<sup>(4)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 233 |
|  |  | &nbsp;&nbsp; 1304 |
| **Health Care—0.1%** | **Health Care—0.1%** |  |
| Agiliti Health, Inc. (1 month LIBOR + 2.750%)<br> 6.875%, 1/4/26<sup>(4)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 158 |
| LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%)<br> 8.165%, 11/16/25<sup>(4)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 207 |
| Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%)<br> 6.923%, 4/20/29<sup>(4)</sup> | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 341 |
|  |  | &nbsp;&nbsp; 706 |
| **Housing—0.0%** | **Housing—0.0%** |  |
| Standard Industries, Inc. (3 month LIBOR + 2.250%)<br> 6.425%, 9/22/28<sup>(4)</sup> | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 240 |
| **Information Technology—0.3%** | **Information Technology—0.3%** |  |
| Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%)<br> 9.080%, 9/18/26<sup>(4)</sup> | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 387 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%)<br> 6.634%, 9/21/28<sup>(4)</sup> | $247 | $245 |
| Open Text Corp. (3 month LIBOR + 3.750%)<br> 0.000%, 8/25/29<sup>(4)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 210 |
| Sophia LP Tranche B (1 month LIBOR + 3.500%)<br> 8.230%, 10/7/27<sup>(4)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 232 |
| Tenable, Inc. (3 month LIBOR + 2.750%)<br> 7.165%, 7/7/28<sup>(4)</sup> | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 234 |
| UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%)<br> 6.998%, 5/4/26<sup>(4)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 233 |
|  |  | &nbsp;&nbsp; 1541 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)<br> 7.409%, 10/8/27<sup>(4)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 242 |
| Gates Global LLC Tranche B-4 (1 month Term SOFR + 3.500%)<br> 7.823%, 11/16/29<sup>(4)</sup> | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 603 |
| NCR Corp. (3 month LIBOR + 2.500%)<br> 6.920%, 8/28/26<sup>(4)</sup> | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 238 |
|  |  | &nbsp;&nbsp; 1083 |
| **Media / Telecom - Broadcasting—0.0%** | **Media / Telecom - Broadcasting—0.0%** |  |
| Nexstar Media, Inc. Tranche B-4 (1 month LIBOR + 2.500%)<br> 6.884%, 9/18/26<sup>(4)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 144 |
| **Media / Telecom - Cable/Wireless Video—0.0%** | **Media / Telecom - Cable/Wireless Video—0.0%** |  |
| DIRECTV Financing LLC (1 month LIBOR + 5.000%)<br> 9.384%, 8/2/27<sup>(4)</sup> | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 225 |
| **Media / Telecom - Wireless Communications—0.1%** | **Media / Telecom - Wireless Communications—0.1%** |  |
| SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)<br> 6.140%, 4/11/25<sup>(4)</sup> | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 356 |
| **Service—0.2%** | **Service—0.2%** |  |
| Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)<br> 7.639%, 2/6/26<sup>(4)</sup> | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 231 |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%)<br> 7.730%, 11/23/28<sup>(4)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 240 |
| Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%)<br> 8.134%, 2/1/28<sup>(4)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 202 |
| PODS LLC (1 month LIBOR + 3.000%)<br> 7.384%, 3/31/28<sup>(4)</sup> | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 236 |
|  |  | &nbsp;&nbsp; 909 |
| **Transportation - Automotive—0.1%** | **Transportation - Automotive—0.1%** |  |
| Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)<br> 6.384%, 11/2/23<sup>(4)</sup> | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 298 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—0.0%** | **Utilities—0.0%** |  |
| Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)<br> 7.134%, 8/1/25<sup>(4)</sup> | $240 | $237 |
| **Total Leveraged Loans<br> (Identified Cost $10,650)** | **Total Leveraged Loans<br> (Identified Cost $10,650)** | &nbsp;&nbsp;&nbsp;&nbsp; **10560** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stocks—0.4%** | **Preferred Stocks—0.4%** | **Preferred Stocks—0.4%** |
| **Financials—0.3%** | **Financials—0.3%** |  |
| JPMorgan Chase & Co. Series HH, 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304<sup>(10)</sup> | &nbsp;&nbsp; 268 |
| MetLife, Inc. Series D, 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277<sup>(10)</sup> | &nbsp;&nbsp; 264 |
| Truist Financial Corp. Series Q, 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680<sup>(10)</sup> | &nbsp;&nbsp; 629 |
| Zions Bancorp NA, 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp; 163 |
|  |  | &nbsp;&nbsp; 1324 |
| **Industrials—0.1%** | **Industrials—0.1%** |  |
| General Electric Co. Series D (3 month LIBOR + 3.330%), 8.099%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725<sup>(10)</sup> | &nbsp;&nbsp; 712 |
| **Total Preferred Stocks<br> (Identified Cost $2,074)** | **Total Preferred Stocks<br> (Identified Cost $2,074)** | **2036** |
| **Common Stocks—63.0%** | **Common Stocks—63.0%** | **Common Stocks—63.0%** |
| **Communication Services—4.9%** | **Communication Services—4.9%** |  |
| Adevinta ASA Class B<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 199477 | &nbsp;&nbsp; 1336 |
| Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 677940 | &nbsp;&nbsp; 4226 |
| Baltic Classifieds Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 2490365 | &nbsp;&nbsp; 4239 |
| Dayamitra Telekomunikasi PT | &nbsp;&nbsp;&nbsp;&nbsp;47262000 | &nbsp;&nbsp; 2429 |
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;&nbsp;&nbsp; 207635 | &nbsp;&nbsp; 2093 |
| Moneysupermarket.com Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 547003 | &nbsp;&nbsp; 1272 |
| New Work SE | &nbsp;&nbsp;&nbsp;&nbsp; 15527 | &nbsp;&nbsp; 2536 |
| Rightmove plc | &nbsp;&nbsp;&nbsp;&nbsp; 660295 | &nbsp;&nbsp; 4082 |
| Trade Desk, Inc. (The) Class A<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 138773 | &nbsp;&nbsp; 6221 |
|  |  | &nbsp;&nbsp; 28434 |
| **Consumer Discretionary—10.6%** | **Consumer Discretionary—10.6%** |  |
| Airbnb, Inc. Class A<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50364 | &nbsp;&nbsp; 4306 |
| Allegro.eu S.A.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 401378 | &nbsp;&nbsp; 2302 |
| Amazon.com, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 133801 | &nbsp;&nbsp; 11239 |
| AutoZone, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2116 | &nbsp;&nbsp; 5218 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 19195 | &nbsp;&nbsp; 6063 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp; 47738 | &nbsp;&nbsp; 7108 |
| Max Stock Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 572792 | &nbsp;&nbsp; 958 |
| MercadoLibre, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4483 | &nbsp;&nbsp; 3794 |
| Mercari, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 163400 | &nbsp;&nbsp; 3360 |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp; 82907 | &nbsp;&nbsp; 9701 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 53734 | &nbsp;&nbsp; 6237 |
| Victorian Plumbing Group plc<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1405019 | &nbsp;&nbsp; 1308 |
|  |  | &nbsp;&nbsp; 61594 |
| **Consumer Staples—4.5%** | **Consumer Staples—4.5%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp; 143600 | &nbsp;&nbsp; 2300 |
| Estee Lauder Cos., Inc. (The) Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24474 | &nbsp;&nbsp; 6072 |
| Heineken Malaysia Bhd | &nbsp;&nbsp;&nbsp;&nbsp; 509500 | &nbsp;&nbsp; 2915 |
| McCormick & Co., Inc. Non-voting Shares | &nbsp;&nbsp;&nbsp;&nbsp; 60584 | &nbsp;&nbsp; 5022 |
| Monster Beverage Corp.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 66856 | &nbsp;&nbsp; 6788 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15616 | $2821 |
|  |  | &nbsp;&nbsp; 25918 |
| **Energy—2.4%** | **Energy—2.4%** |  |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39351 | &nbsp;&nbsp; 2420 |
| Frontera Energy Corp.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 3 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24520 | &nbsp;&nbsp; 3477 |
| Pason Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128648 | &nbsp;&nbsp; 1515 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16407 | &nbsp;&nbsp; 3747 |
| Schlumberger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51911 | &nbsp;&nbsp; 2775 |
|  |  | &nbsp;&nbsp; 13937 |
| **Financials—6.0%** | **Financials—6.0%** |  |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;219157 | &nbsp;&nbsp; 7259 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;221980 | &nbsp;&nbsp; 3688 |
| Gruppo MutuiOnline SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95662 | &nbsp;&nbsp; 2695 |
| Hargreaves Lansdown plc | &nbsp;&nbsp;&nbsp;&nbsp;142299 | &nbsp;&nbsp; 1473 |
| Hypoport SE<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989 | &nbsp;&nbsp; 520 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14942 | &nbsp;&nbsp; 4167 |
| Mortgage Advice Bureau Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;321863 | &nbsp;&nbsp; 2062 |
| Nordnet AB publ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66366 | &nbsp;&nbsp; 960 |
| Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54527 | &nbsp;&nbsp; 7073 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13238 | &nbsp;&nbsp; 4434 |
| VNV Global AB<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;169419 | &nbsp;&nbsp; 422 |
|  |  | &nbsp;&nbsp; 34753 |
| **Health Care—6.2%** | **Health Care—6.2%** |  |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36537 | &nbsp;&nbsp; 9698 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7438 | &nbsp;&nbsp; 2721 |
| Haw Par Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;547500 | &nbsp;&nbsp; 3916 |
| HealthEquity, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40957 | &nbsp;&nbsp; 2524 |
| IDEXX Laboratories, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7294 | &nbsp;&nbsp; 2976 |
| Mettler-Toledo International, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp; 3520 |
| Nakanishi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42700 | &nbsp;&nbsp; 832 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65734 | &nbsp;&nbsp; 9633 |
|  |  | &nbsp;&nbsp; 35820 |
| **Industrials—8.3%** | **Industrials—8.3%** |  |
| Boa Vista Servicos S.A. | 1255506 | &nbsp;&nbsp; 1726 |
| CAE, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;117106 | &nbsp;&nbsp; 2265 |
| CoStar Group, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;103647 | &nbsp;&nbsp; 8010 |
| Enento Group Oyj<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65677 | &nbsp;&nbsp; 1504 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26105 | &nbsp;&nbsp; 5074 |
| Fair Isaac Corp.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11016 | &nbsp;&nbsp; 6594 |
| Haitian International Holdings Ltd. | 1294337 | &nbsp;&nbsp; 3466 |
| HeadHunter Group plc ADR<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115928 | &nbsp;&nbsp; —<sup>(7)</sup> |
| Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;&nbsp;315719 | &nbsp;&nbsp; 2144 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44447 | &nbsp;&nbsp; 2428 |
| Marel HF | &nbsp;&nbsp;&nbsp;&nbsp;329459 | &nbsp;&nbsp; 1136 |
| Meitec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143400 | &nbsp;&nbsp; 2618 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16427 | &nbsp;&nbsp; 3555 |
| S-1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72665 | &nbsp;&nbsp; 3419 |
| Uber Technologies, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;174025 | &nbsp;&nbsp; 4304 |
|  |  | &nbsp;&nbsp; 48243 |
| **Information Technology—18.5%** | **Information Technology—18.5%** |  |
| Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24419 | &nbsp;&nbsp; 6516 |
| Alten S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27211 | &nbsp;&nbsp; 3402 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;151096 | $11505 |
| Bill.com Holdings, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62435 | &nbsp;&nbsp;&nbsp; 6803 |
| Block, Inc. Class A<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48036 | &nbsp;&nbsp;&nbsp; 3019 |
| Bouvet ASA | &nbsp;&nbsp;&nbsp;&nbsp;424107 | &nbsp;&nbsp;&nbsp; 2597 |
| Brockhaus Technologies AG<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52904 | &nbsp;&nbsp;&nbsp; 1269 |
| DocuSign, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32465 | &nbsp;&nbsp;&nbsp; 1799 |
| Duck Creek Technologies, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;207851 | &nbsp;&nbsp;&nbsp; 2505 |
| FDM Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;183032 | &nbsp;&nbsp;&nbsp; 1657 |
| MongoDB, Inc. Class A<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14460 | &nbsp;&nbsp;&nbsp; 2846 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83403 | &nbsp;&nbsp;&nbsp; 12189 |
| Paycom Software, Inc.<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42055 | &nbsp;&nbsp;&nbsp; 13050 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16891 | &nbsp;&nbsp;&nbsp; 7298 |
| Snowflake, Inc. Class A<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36779 | &nbsp;&nbsp;&nbsp; 5279 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87526 | &nbsp;&nbsp;&nbsp; 18184 |
| Workday, Inc. Class A<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43383 | &nbsp;&nbsp;&nbsp; 7259 |
|  |  | &nbsp;&nbsp;&nbsp;107177 |
| **Materials—1.0%** | **Materials—1.0%** |  |
| Corp. Moctezuma SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;721710 | &nbsp;&nbsp;&nbsp; 2037 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24758 | &nbsp;&nbsp;&nbsp; 3604 |
|  |  | &nbsp;&nbsp;&nbsp; 5641 |
| **Real Estate—0.6%** | **Real Estate—0.6%** |  |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33625 | &nbsp;&nbsp;&nbsp; 3791 |
| **Total Common Stocks<br> (Identified Cost $284,732)** | **Total Common Stocks<br> (Identified Cost $284,732)** | &nbsp;&nbsp;&nbsp;&nbsp;**365308** |
| **Warrant—0.0%** | **Warrant—0.0%** | **Warrant—0.0%** |
| **Financials—0.0%** | **Financials—0.0%** |  |
| VNV Global AB<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88478 | &nbsp;&nbsp;&nbsp; —<sup>(7)</sup> |
| **Total Warrant<br> (Identified Cost $—)** | **Total Warrant<br> (Identified Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp; **—<sup>(7)</sup>** |
| **Total Long-Term Investments—98.7%<br> (Identified Cost $522,933)** | **Total Long-Term Investments—98.7%<br> (Identified Cost $522,933)** | &nbsp;&nbsp;&nbsp;&nbsp;**572896** |
| **Short-Term Investment—1.0%** | **Short-Term Investment—1.0%** | **Short-Term Investment—1.0%** |
| **Money Market Mutual Fund—1.0%** | **Money Market Mutual Fund—1.0%** | **Money Market Mutual Fund—1.0%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(12)</sup> | 5814230 | &nbsp;&nbsp;&nbsp; 5814 |
| **Total Short-Term Investment<br> (Identified Cost $5,814)** | **Total Short-Term Investment<br> (Identified Cost $5,814)** | &nbsp;&nbsp;&nbsp;&nbsp; **5814** |
| **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $528,747)** | **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $528,747)** | &nbsp;&nbsp;**$578710** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$580320** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| BAM | Build America Municipal Insured |
| GS | Goldman Sachs & Co. |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| NA | National Association |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security in default; no interest payments are being received. |
| <sup>(2)</sup> | 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. |
| <sup>(3)</sup> | 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 December 31, 2022, these securities amounted to a value of $95,894 or 16.5% of net assets. |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(6)</sup> | No contractual maturity date. |
| <sup>(7)</sup> | Amount is less than $500. |
| <sup>(8)</sup> | Security in default; no interest payments are being received during the bankruptcy proceedings. |
| <sup>(9)</sup> | Security in default, interest payments are being received during the bankruptcy proceedings. |
| <sup>(10)</sup> | Value shown as par value. |
| <sup>(11)</sup> | Non-income producing. |
| <sup>(12)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;81% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Tactical Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$578710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$371285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$207391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34 |

---

<sup>(1)</sup> Amount is less than $500.

Securities held by the Fund with an end of period value of $945 were transferred from Level 3 to Level 2 due to a increase in trading activities at period end.

Securities held by the Fund with an end of period value of $34 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2022.

See Notes to Schedule of Investments

------

#### VIRTUS TACTICAL ALLOCATION FUND

#### NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022

#### Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

• Level 3 – prices determined using significant unobservable inputs (including the 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 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 securities, 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 securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued 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
Management has evaluated the impact of all subsequent events on the Fund through the date the schedule of investments will be available for issuance, and has determined that the following subsequent events require recognition or disclosure in this Schedule of Investments:

Effective July 1, 2022, Seix Investment Advisors, LLC ("Seix"), changed its name to Virtus Fixed Income Advisors, LLC ("VFIA"). The investment professionals previously with Seix, now operate in the Seix Investment Advisors division of VFIA. The subadvisory agreement for the Funds was amended to reflect such name change.

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Virtus Equity Trust

- **b. Investment Company Act file number:** 811-00945

- **c. CIK number of Registrant:** 0000034273

- **d. LEI of Registrant:** 549300BN8LS7IJSSNN03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 Munson Street

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9668

  - **Telephone number:** 800-243-1574

**Item A.2. Information about the Series.**

- **a. Name of Series:** Virtus Tactical Allocation Fund

- **b. EDGAR series identifier (if any):** S000021179

- **c. LEI of Series:** 5493000BQ75WRC0WLH98

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $582023042.96

**Total Liabilities:** $1221624.85

**Net Assets:** $580801418.11

**Cash Not Reported:** $680156.09

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -4549.00000000 | **10-Year:** -22337.00000000 | **30-Year:** -44353.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -25.00000000 | **5-Year:** -3446.00000000 | **10-Year:** -5907.00000000 | **30-Year:** -5373.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224195 | 2.93%                | 4.82%                | -2.42%               |
| Class ID C000211088 | 3.05%                | 4.82%                | -2.47%               |
| Class ID C000060293 | 1.86%                | 3.71%                | -3.50%               |
| Class ID C000060291 | -2.74%               | -0.96%               | -7.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $323160.51               | $16296199.87                               |
| Month 2  | $1462017.89              | $26125462.13                               |
| Month 3  | $1261994.43              | $-17355170.40                              |

### Schedule of Portfolio Investments

| Name                               | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Credit Suisse Mortgage Trust       | CSMC 2021-NQM2                                                                  | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    355673 | PA      | $294531.49    | 0.05%             | 2066-02-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES     | University of California                                                        | CUSIP: 91412HBU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $322261.24    | 0.06%             | 2048-05-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust         | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $381830.76    | 0.07%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                     | Albemarle Corp                                                                  | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    640000 | PA      | $603192.20    | 0.10%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CIM Trust                          | CIM Trust 2021-NR4                                                              | CUSIP: 12566DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    408233 | PA      | $377340.70    | 0.06%             | 2061-10-25      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora     | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    328199 | PA      | $285770.86    | 0.05%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SEMPRA GLOBAL                      | Sempra Global                                                                   | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    729000 | PA      | $581199.03    | 0.10%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Marel HF                           | Marel HF                                                                        | CUSIP: 000000000<br>LEI: 5299008YTLEN09WTHW26 | Long             | EC               | CORP              | IS        |    329459 | NS      | $1135595.42   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Rail Leasing L.P.          | Trinity Rail Leasing 2019-1 LLC                                                 | CUSIP: 89657BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330291 | PA      | $304026.04    | 0.05%             | 2049-04-17      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                         | Air Canada                                                                      | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |     77453 | PA      | $76387.96     | 0.01%             | 2028-08-11      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat     | United Auto Credit Securitization Trust                                         | CUSIP: 90943UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560696 | PA      | $556659.11    | 0.10%             | 2026-06-10      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2021-1                                                | CUSIP: 89179YAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1265000 | PA      | $989736.13    | 0.17%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR           | OWL Rock Core Income Corp                                                       | CUSIP: 69120VAF8<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    384000 | PA      | $346256.09    | 0.06%             | 2027-02-08      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L           | EQM Midstream Partners LP                                                       | CUSIP: 26885BAN0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    435000 | PA      | $419131.20    | 0.07%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31411JCL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54726 | PA      | $56760.65     | 0.01%             | 2038-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912828ZT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1610000 | PA      | $1461578.13   | 0.25%             | 2025-05-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                | General Electric Co                                                             | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    725000 | PA      | $712270.82    | 0.12%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                        | Bacardi Ltd                                                                     | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    520000 | PA      | $496311.40    | 0.09%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS              | Universal Health Services Inc                                                   | CUSIP: 913903AY6<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    685000 | PA      | $523114.20    | 0.09%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                  | CUSIP: 617482V92<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    580000 | PA      | $629085.39    | 0.11%             | 2042-07-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes              | Tricon American Homes 2019-SFR1 Trust                                           | CUSIP: 89612LAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    435000 | PA      | $391987.07    | 0.07%             | 2038-03-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust           | Angel Oak Mortgage Trust 2020-4                                                 | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410818 | PA      | $366682.09    | 0.06%             | 2065-06-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust               | LHOME Mortgage Trust 2021-RTL1                                                  | CUSIP: 501894AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $454401.65    | 0.08%             | 2026-02-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd      | CoreVest American Finance 2020-3 Trust                                          | CUSIP: 21873CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    459607 | PA      | $405331.00    | 0.07%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| CIG Auto Receivables Trust         | CIG Auto Receivables Trust 2020-1                                               | CUSIP: 12597UAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    545000 | PA      | $533018.72    | 0.09%             | 2027-02-12      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| CoStar Group Inc                   | CoStar Group Inc                                                                | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103647 | NS      | $8009840.16   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                        | MetLife Inc                                                                     | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    695000 | PA      | $645481.25    | 0.11%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,     | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21995 | PA      | $19867.38     | 0.00%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| COOPER-STANDARD AUTOMOTIVE         | Cooper-Standard Automotive Inc                                                  | CUSIP: 21676TAC9<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | LON              | CORP              | US        |    305548 | PA      | $298290.94    | 0.05%             | 2023-11-02      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust             | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     64011 | PA      | $60282.29     | 0.01%             | 2043-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN           | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $330955.05    | 0.06%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables      | Exeter Automobile Receivables Trust 2018-4                                      | CUSIP: 30166EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42282 | PA      | $42126.70     | 0.01%             | 2024-09-16      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Alten SA                           | Alten SA                                                                        | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |     27211 | NS      | $3402152.15   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1270000 | PA      | $1085247.77   | 0.19%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                 | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    265000 | PA      | $190215.12    | 0.03%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust         | Progress Residential 2021-SFR2 Trust                                            | CUSIP: 74333DAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $804618.10    | 0.14%             | 2038-04-19      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO              | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AW4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    805000 | PA      | $752119.98    | 0.13%             | 2032-08-05      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                   | BlueLinx Holdings Inc                                                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |    505000 | PA      | $419150.00    | 0.07%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust         | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    676541 | PA      | $657900.29    | 0.11%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                | Suzano Austria GmbH                                                             | CUSIP: 86964WAL6<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    295000 | PA      | $247431.25    | 0.04%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TVC Mortgage Trust 2020-RTL1       | TVC Mortgage Trust 2020-RTL1                                                    | CUSIP: 90114YAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $486959.73    | 0.08%             | 2024-09-25      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                        | MetLife Inc                                                                     | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    277000 | PA      | $263390.32    | 0.05%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CABLE ONDA SA                      | Telecomunicaciones Digitales SA                                                 | CUSIP: 12686LAA7<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |    460000 | PA      | $409687.50    | 0.07%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC             | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAG8<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    555000 | PA      | $567965.75    | 0.10%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                    | CVS Health Corp                                                                 | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    550000 | PA      | $531983.48    | 0.09%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2016-4                                                | CUSIP: 89172UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    585000 | PA      | $534710.88    | 0.09%             | 2056-07-25      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES           | International Flavors & Fragrances Inc                                          | CUSIP: 459506AS0<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    300000 | PA      | $203066.75    | 0.03%             | 2050-12-01      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU           | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    305000 | PA      | $266875.00    | 0.05%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SKOPOS AUTO RECEIVABLES TRUST      | Skopos Auto Receivables Trust 2019-1                                            | CUSIP: 83085DAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18941 | PA      | $18918.11     | 0.00%             | 2024-09-16      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential      | Starwood Mortgage Residential Trust 2020-3                                      | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105536 | PA      | $96589.13     | 0.02%             | 2065-04-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| Max Stock Ltd                      | Max Stock Ltd                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    572792 | NS      | $957504.99    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                     | S&P Global Inc                                                                  | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     13238 | NS      | $4433935.72   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP CAPITAL LP / FIN II            | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $57555.71     | 0.01%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent              | American Homes 4 Rent 2015-SFR2 Trust                                           | CUSIP: 02666BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $319367.43    | 0.05%             | 2052-10-17      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                 | Ford Motor Co                                                                   | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    406000 | PA      | $304476.33    | 0.05%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru     | Provident Funding Mortgage Trust 2019-1                                         | CUSIP: 74387LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235098 | PA      | $195529.30    | 0.03%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Equifax Inc                        | Equifax Inc                                                                     | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     26105 | NS      | $5073767.80   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Arroyo Mortgage Trust              | Arroyo Mortgage Trust 2021-1R                                                   | CUSIP: 042853AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    718324 | PA      | $563920.82    | 0.10%             | 2048-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2014-1                                      | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164015 | PA      | $153966.76    | 0.03%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                      | M/I Homes Inc                                                                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    370000 | PA      | $328730.20    | 0.06%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                 | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1379000 | PA      | $1098946.34   | 0.19%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| VNV Global AB                      | VNV Global AB                                                                   | CUSIP: 000000000<br>LEI: 549300ONMNSTOBAU0S14 | Long             | EC               | CORP              | SE        |    169419 | NS      | $421808.23    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VNV GLOBAL AB                      | VNV GLOBAL AB                                                                   | CUSIP: 000000000<br>LEI: 549300ONMNSTOBAU0S14 | N/A              | DE               | CORP              | SE        |     88478 | NC      | $466.35       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTRESS TRANS & INFRAST           | Fortress Transportation and Infrastructure Investors LLC                        | CUSIP: 34960PAB7<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22564.89     | 0.00%             | 2025-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP              | Lincoln National Corp                                                           | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    615000 | PA      | $442800.00    | 0.08%             | 2067-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC           | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    525000 | PA      | $427665.02    | 0.07%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    605000 | PA      | $502247.96    | 0.09%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS             | Emirate of Dubai Government International Bonds                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    540000 | PA      | $486607.50    | 0.08%             | 2043-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSIONS     | Texas Transportation Commission State Highway Fund                              | CUSIP: 88283LKV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $145462.35    | 0.03%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP      | Sales Tax Securitization Corp                                                   | CUSIP: 79467BDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $51426.59     | 0.01%             | 2043-01-01      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31411JDZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     58585 | PA      | $60477.97     | 0.01%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Haw Par Corp Ltd                   | Haw Par Corp Ltd                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    547500 | NS      | $3915969.84   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreVest American Finance Ltd      | Corevest American Finance 2020-4 Trust                                          | CUSIP: 21873AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525603 | PA      | $463957.81    | 0.08%             | 2052-12-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Hargreaves Lansdown PLC            | Hargreaves Lansdown PLC                                                         | CUSIP: 000000000<br>LEI: 2138008ZCE93ZDSESG90 | Long             | EC               | CORP              | GB        |    142299 | NS      | $1472941.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2019-RPL2                                   | CUSIP: 64830HAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $551558.30    | 0.09%             | 2059-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420000 | PA      | $380762.95    | 0.07%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Rightmove PLC                      | Rightmove PLC                                                                   | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |    660295 | NS      | $4082320.26   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The               | Progressive Corp/The                                                            | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     54527 | NS      | $7072697.17   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason Systems Inc                  | Pason Systems Inc                                                               | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |    128648 | NS      | $1514511.91   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                    | Fair Isaac Corp                                                                 | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     11016 | NS      | $6593957.28   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2017-4                                                 | CUSIP: 46648UAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125068 | PA      | $114800.07    | 0.02%             | 2048-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK              | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    550000 | PA      | $572000.00    | 0.10%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    255000 | PA      | $243899.65    | 0.04%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                          | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    370000 | PA      | $337049.36    | 0.06%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust         | Flagship Credit Auto Trust 2020-4                                               | CUSIP: 33845XAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    965000 | PA      | $923348.67    | 0.16%             | 2027-02-16      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust           | Ajax Mortgage Loan Trust 2019-D                                                 | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    389491 | PA      | $361795.57    | 0.06%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Hypoport SE                        | Hypoport SE                                                                     | CUSIP: 000000000<br>LEI: 391200GNIFXXP6KRYQ46 | Long             | EC               | CORP              | DE        |      4989 | NS      | $520162.27    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS INC             | Motorola Solutions Inc                                                          | CUSIP: 620076BN8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    265000 | PA      | $252207.82    | 0.04%             | 2029-05-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust         | LAD Auto Receivables Trust 2021-1                                               | CUSIP: 501683AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    710000 | PA      | $639663.07    | 0.11%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust           | Octane Receivables Trust 2020-1                                                 | CUSIP: 67592LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89530 | PA      | $88603.64     | 0.02%             | 2025-02-20      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC               | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $708864.73    | 0.12%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3715000 | PA      | $2836460.53   | 0.49%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                 | VICI Properties LP                                                              | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    350000 | PA      | $333171.07    | 0.06%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec     | American Credit Acceptance Receivables Trust 2021-2                             | CUSIP: 025291AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    820910 | PA      | $805866.59    | 0.14%             | 2027-07-13      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust               | LHOME Mortgage Trust 2021-RTL2                                                  | CUSIP: 501895AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    295000 | PA      | $277362.19    | 0.05%             | 2026-06-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                       | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    530000 | PA      | $555334.66    | 0.10%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC              | Directv Financing LLC                                                           | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    231522 | PA      | $224914.09    | 0.04%             | 2027-08-02      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| Gruppo MutuiOnline SpA             | Gruppo MutuiOnline SpA                                                          | CUSIP: 000000000<br>LEI: 8156004E40D6A02C5046 | Long             | EC               | CORP              | IT        |     95662 | NS      | $2695204.53   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc             | IDEXX Laboratories Inc                                                          | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      7294 | NS      | $2975660.24   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| RCO Mortgage LLC                   | RCO VI Mortgage LLC 2022-1                                                      | CUSIP: 74934VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    207132 | PA      | $194330.28    | 0.03%             | 2027-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| PENTAIR FINANCE SARL               | Pentair Finance Sarl                                                            | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    560000 | PA      | $548840.19    | 0.09%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA              | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     40000 | PA      | $2800.00      | 0.00%             | 2024-10-13      | Fixed         | 8.25%                 | No            |                  3 | On Loan: No      |
| Flagship Credit Auto Trust         | Flagship Credit Auto Trust 2020-3                                               | CUSIP: 33844TAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $514838.59    | 0.09%             | 2026-09-15      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Palisades Mortgage Loan Trust      | Palisades Mortgage Loan Trust 2021-RTL1                                         | CUSIP: 69639AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430000 | PA      | $399864.70    | 0.07%             | 2026-06-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP               | Entegris Escrow Corp                                                            | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    758000 | PA      | $691248.47    | 0.12%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                         | Leidos Inc                                                                      | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    800000 | PA      | $612844.38    | 0.11%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD            | Reliance Industries Ltd                                                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    695000 | PA      | $567523.10    | 0.10%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables      | Exeter Automobile Receivables Trust 2019-1                                      | CUSIP: 30167DAD9<br>LEI: 549300KR7NUJOX0UJ040 | Long             | ABS-O            | CORP              | US        |     46146 | PA      | $46082.86     | 0.01%             | 2024-12-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                    | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    745000 | PA      | $640813.64    | 0.11%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,     | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36416UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13901 | PA      | $12819.35     | 0.00%             | 2056-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2335000 | PA      | $1870918.75   | 0.32%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE            | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp        | CUSIP: 01879NAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $397000.00    | 0.07%             | 2025-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC            | Jefferies Financial Group Inc                                                   | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    920000 | PA      | $701812.34    | 0.12%             | 2031-10-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| GATES GLOBAL LLC                   | Gates Global LLC                                                                | CUSIP: 36740UAX0<br>LEI: 549300XI79MQJV13DW27 | Long             | LON              | CORP              | US        |    610000 | PA      | $604662.50    | 0.10%             | 2029-11-16      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CHURCH & DWIGHT CO INC             | Church & Dwight Co Inc                                                          | CUSIP: 17136MAB8<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |    585000 | PA      | $547074.41    | 0.09%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC               | Blue Owl Finance LLC                                                            | CUSIP: 09581JAA4<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    415000 | PA      | $308226.51    | 0.05%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                   | MercadoLibre Inc                                                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      4483 | NS      | $3793693.92   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                      | Accenture PLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     24419 | NS      | $6515965.96   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWARD CNTY FL WTR & SWR UTIL     | Broward County FL Water & Sewer Utility Revenue                                 | CUSIP: 115117NJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $1999055.07   | 0.34%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F           | CrownRock LP / CrownRock Finance Inc                                            | CUSIP: 228701AF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $289500.00    | 0.05%             | 2025-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC           | Howden Joinery Group PLC                                                        | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |    315719 | NS      | $2143562.53   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley BAML Trust          | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22                     | CUSIP: 61690FAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    835000 | PA      | $776840.83    | 0.13%             | 2048-04-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC            | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    365000 | PA      | $278063.04    | 0.05%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                   | Hilton USA Trust 2016-SFP                                                       | CUSIP: 43289VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $473379.45    | 0.08%             | 2035-11-05      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                   | Zions Bancorp NA                                                                | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    405000 | PA      | $330966.18    | 0.06%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust               | FirstKey Homes 2020-SFR2 Trust                                                  | CUSIP: 33767JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    645000 | PA      | $572424.34    | 0.10%             | 2037-10-19      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp                      | Amphenol Corp                                                                   | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    151096 | NS      | $11504449.44  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlife Securitization Trust       | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    860000 | PA      | $748109.61    | 0.13%             | 2055-04-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2017-3                                                 | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50250 | PA      | $43685.26     | 0.01%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2019-4                                                | CUSIP: 89178BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $546524.62    | 0.09%             | 2059-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC         | Jersey Mike's Funding                                                           | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    516100 | PA      | $463473.28    | 0.08%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust           | Mill City Mortgage Loan Trust 2017-3                                            | CUSIP: 59980CAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    364420 | PA      | $295767.77    | 0.05%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     77728 | PA      | $70467.40     | 0.01%             | 2065-05-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL            | MPT Operating Partnership LP / MPT Finance Corp                                 | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $308467.62    | 0.05%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC             | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $525000.00    | 0.09%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CAJUN GLOBAL LLC                   | Cajun Global LLC                                                                | CUSIP: 12803VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    423550 | PA      | $358710.85    | 0.06%             | 2051-11-20      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                | SG Residential Mortgage Trust 2019-3                                            | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     72877 | PA      | $69793.02     | 0.01%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                         | AMSR 2020-SFR2 Trust                                                            | CUSIP: 00178UAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $678101.25    | 0.12%             | 2037-07-17      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora     | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152372 | PA      | $127654.10    | 0.02%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES           | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    825000 | PA      | $654532.14    | 0.11%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2017-2                                      | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     76957 | PA      | $72102.23     | 0.01%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    530000 | PA      | $513833.09    | 0.09%             | 2028-02-24      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR           | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAC3<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    210000 | PA      | $199500.00    | 0.03%             | 2027-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust           | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    376297 | PA      | $336546.14    | 0.06%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA VLY CA WTR DIST WT     | Santa Clara Valley Water District                                               | CUSIP: 80168ADF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $334175.26    | 0.06%             | 2050-06-01      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru     | First Investors Auto Owner Trust 2021-1                                         | CUSIP: 32059FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    790000 | PA      | $748095.32    | 0.13%             | 2027-03-15      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                  | Nexstar Media Inc                                                               | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    145004 | PA      | $143663.15    | 0.02%             | 2026-09-18      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                   | COLT 2022-5 Mortgage Loan Trust                                                 | CUSIP: 19688LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    557855 | PA      | $538346.60    | 0.09%             | 2067-04-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Brockhaus Technologies AG          | Brockhaus Technologies AG                                                       | CUSIP: 000000000<br>LEI: 5299007DQ4OLATJQIX97 | Long             | EC               | CORP              | DE        |     52904 | NS      | $1268536.34   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36744 | PA      | $33539.85     | 0.01%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Block Inc                          | Block Inc                                                                       | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     48036 | NS      | $3018582.24   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CITADEL SECURITIES LP              | Citadel Securities LP                                                           | CUSIP: 17288YAE2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    146000 | PA      | $144220.26    | 0.02%             | 2028-02-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                   | DT Midstream Inc                                                                | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $309279.60    | 0.05%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2019-2                                                | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $435945.00    | 0.08%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| KKR Industrial Portfolio Trust     | KKR Industrial Portfolio Trust 2021-KDIP                                        | CUSIP: 48254CAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    652500 | PA      | $619123.97    | 0.11%             | 2037-12-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| DISCOVER FINANCIAL SVS             | Discover Financial Services                                                     | CUSIP: 254709AS7<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    471000 | PA      | $478760.45    | 0.08%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                        | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    875000 | PA      | $915793.25    | 0.16%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLIANCE LAUNDRY SYSTEMS           | Alliance Laundry Systems LLC                                                    | CUSIP: 01862LAW8<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |    247597 | PA      | $242459.11    | 0.04%             | 2027-10-08      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION           | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $294325.93    | 0.05%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1195000 | PA      | $1047678.91   | 0.18%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC            | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    386028 | PA      | $344565.81    | 0.06%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    296152 | PA      | $262589.00    | 0.05%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R     | Foursight Capital Automobile Receivables Trust 2022-1                           | CUSIP: 35105JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    545000 | PA      | $506245.00    | 0.09%             | 2027-05-17      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                       | Enbridge Inc                                                                    | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    620000 | PA      | $611512.78    | 0.11%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PERTAMINA PERSERO PT               | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    980000 | PA      | $966708.75    | 0.17%             | 2044-05-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC           | Celanese US Holdings LLC                                                        | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    160000 | PA      | $157812.19    | 0.03%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CBU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1682589.89   | 0.29%             | 2023-03-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust     | Carvana Auto Receivables Trust 2019-3                                           | CUSIP: 14686XAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    477732 | PA      | $471363.91    | 0.08%             | 2025-04-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| UFC HOLDINGS LLC                   | UFC Holdings LLC                                                                | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    237289 | PA      | $233862.53    | 0.04%             | 2026-04-29      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART            | Kinder Morgan Energy Partners LP                                                | CUSIP: 28370TAD1<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    445000 | PA      | $485287.57    | 0.08%             | 2040-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PARSLEY ENERGY LLC/FINAN           | Parsley Energy LLC / Parsley Finance Corp                                       | CUSIP: 701885AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $303055.08    | 0.05%             | 2028-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust        | Diamond Resorts Owner Trust 2021-1                                              | CUSIP: 25273CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250076 | PA      | $230469.99    | 0.04%             | 2033-11-21      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                     | PulteGroup Inc                                                                  | CUSIP: 745867AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $778091.60    | 0.13%             | 2033-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BROWN GROUP HOLDING LLC            | Brown Group Holding LLC                                                         | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |    318274 | PA      | $311953.39    | 0.05%             | 2028-06-07      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS            | Surgery Center Holdings Inc                                                     | CUSIP: 84611WAB0<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5914.55      | 0.00%             | 2025-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BHN MERGER SUB INC                 | Blackhawk Network Holdings Inc                                                  | CUSIP: 09238FAK7<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |    215070 | PA      | $209304.07    | 0.04%             | 2025-06-15      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                        | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    794000 | PA      | $641116.43    | 0.11%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU           | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $694001.84    | 0.12%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU     | WFRBS Commercial Mortgage Trust 2014-C24                                        | CUSIP: 92939KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    675000 | PA      | $643246.04    | 0.11%             | 2047-11-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC               | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    750000 | PA      | $613743.85    | 0.11%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                       | Bio-Rad Laboratories Inc                                                        | CUSIP: 090572AQ1<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |    119000 | PA      | $101925.99    | 0.02%             | 2032-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                        | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       524 | PA      | $447.73       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust               | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $738721.37    | 0.13%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust              | Arroyo Mortgage Trust 2022-1                                                    | CUSIP: 042855AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $591781.86    | 0.10%             | 2056-12-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC              | Carriage Services Inc                                                           | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $146908.16    | 0.03%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC           | Corebridge Financial Inc                                                        | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    565000 | PA      | $522079.59    | 0.09%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP           | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp              | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $352812.28    | 0.06%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2017-1                                                 | CUSIP: 46648CAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    111467 | PA      | $96074.12     | 0.02%             | 2047-01-25      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2015-2                                      | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103135 | PA      | $95825.36     | 0.02%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP              | Truist Financial Corp                                                           | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    680000 | PA      | $629000.00    | 0.11%             | N/A             | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC 2021-NQM1                                                                  | CUSIP: 126407AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135277 | PA      | $113172.61    | 0.02%             | 2065-05-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Allegro.eu SA                      | Allegro.eu SA                                                                   | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |    401378 | NS      | $2302173.79   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT OPER PARTNERSP/FINL            | MPT Operating Partnership LP / MPT Finance Corp                                 | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $87697.23     | 0.02%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CCB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $756878.90    | 0.13%             | 2031-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| CROWNROCK LP/CROWNROCK F           | CrownRock LP / CrownRock Finance Inc                                            | CUSIP: 228701AG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $242599.26    | 0.04%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                   | Zions Bancorp NA                                                                | CUSIP: 989701818<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EP               | CORP              | US        |      6400 | NS      | $163136.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CNTL AMR BOTTLING CORP             | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL       | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    225000 | PA      | $210206.25    | 0.04%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                                           | CUSIP: 3128K64H0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48981 | PA      | $49901.56     | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1105315.37   | 0.19%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                | COMM 2020-CBM Mortgage Trust                                                    | CUSIP: 20049AAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    490000 | PA      | $445933.76    | 0.08%             | 2037-02-10      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receiva     | AmeriCredit Automobile Receivables Trust 2020-3                                 | CUSIP: 03066PAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1245000 | PA      | $1169418.17   | 0.20%             | 2026-08-18      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| BRISTOL VA                         | City of Bristol VA                                                              | CUSIP: 110331PQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $543758.34    | 0.09%             | 2042-01-01      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC               | Aramark Services Inc                                                            | CUSIP: 038522AR9<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246927.50    | 0.04%             | 2025-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T     | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     38967 | PA      | $36490.94     | 0.01%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust         | Verus Securitization Trust 2022-4                                               | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430470 | PA      | $413569.39    | 0.07%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CORP                     | Brunswick Corp/DE                                                               | CUSIP: 117043AT6<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |    537000 | PA      | $394800.29    | 0.07%             | 2031-08-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd      | Corevest American Finance 2019-3 Trust                                          | CUSIP: 21872NAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295000 | PA      | $242910.82    | 0.04%             | 2052-10-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT           | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    440000 | PA      | $406999.12    | 0.07%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                | Northern Trust Corp                                                             | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    640000 | PA      | $674843.00    | 0.12%             | 2032-11-02      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| INTOWN 2022-STAY                   | INTOWN 2022-STAY Mortgage Trust                                                 | CUSIP: 46117NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590000 | PA      | $586120.51    | 0.10%             | 2039-08-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Visa Inc                           | Visa Inc                                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     87526 | NS      | $18184401.76  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                      | TransDigm Inc                                                                   | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    260000 | PA      | $244153.00    | 0.04%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust         | Verus Securitization Trust 2019-4                                               | CUSIP: 92537KAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280000 | PA      | $236245.66    | 0.04%             | 2059-11-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| FERGUSON FINANCE PLC               | Ferguson Finance PLC                                                            | CUSIP: 314890AD6<br>LEI: 2138003A7ZEU931DZL61 | Long             | DBT              | CORP              | GB        |    730000 | PA      | $664345.73    | 0.11%             | 2032-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                  | Arbys Funding LLC                                                               | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    811325 | PA      | $685704.30    | 0.12%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                      | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    565000 | PA      | $531100.00    | 0.09%             | 2053-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                   | Westgate Resorts 2020-1 LLC                                                     | CUSIP: 96034LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277991 | PA      | $270790.73    | 0.05%             | 2034-03-20      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S           | Petroleos de Venezuela SA                                                       | CUSIP: 716558AG6<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    255000 | PA      | $12112.50     | 0.00%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2016-3                                                | CUSIP: 89172YAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1080000 | PA      | $1058784.16   | 0.18%             | 2056-04-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| NCR CORP                           | NCR Corp                                                                        | CUSIP: 62886VAP5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | LON              | CORP              | US        |    245616 | PA      | $237633.31    | 0.04%             | 2026-08-28      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN           | Brighthouse Financial Inc                                                       | CUSIP: 10922NAG8<br>LEI: 5493003T8SZSHOGGAW52 | Long             | DBT              | CORP              | US        |    648000 | PA      | $616297.24    | 0.11%             | 2030-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust      | Lendbuzz Securitization Trust 2022-1                                            | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    651422 | PA      | $623426.04    | 0.11%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO           | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    573000 | PA      | $412142.13    | 0.07%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Workday Inc                        | Workday Inc                                                                     | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     43383 | NS      | $7259277.39   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFEPOINT HEALTH INC               | LifePoint Health Inc                                                            | CUSIP: 75915TAD4<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    220334 | PA      | $207224.52    | 0.04%             | 2025-11-16      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Dayamitra Telekomunikasi PT        | Dayamitra Telekomunikasi PT                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  47262000 | NS      | $2428752.21   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericrest Opportunity Loan Tra     | VOLT CVI LLC                                                                    | CUSIP: 92873KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    216979 | PA      | $200460.29    | 0.03%             | 2051-12-26      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                | MTU Aero Engines AG                                                             | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |     16427 | NS      | $3555541.85   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Nakanishi Inc                      | Nakanishi Inc                                                                   | CUSIP: 000000000<br>LEI: 353800EXA7IQ42YKF224 | Long             | EC               | CORP              | JP        |     42700 | NS      | $831940.72    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP CAPITAL LP / FIN II            | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    655000 | PA      | $642246.86    | 0.11%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                 | Tricon Residential 2021-SFR1 Trust                                              | CUSIP: 89614YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    515000 | PA      | $444022.24    | 0.08%             | 2038-07-17      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN           | Burford Capital Global Finance LLC                                              | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177721.87    | 0.03%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST           | Service Properties Trust                                                        | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    375000 | PA      | $295350.00    | 0.05%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CCS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1170000 | PA      | $948705.47    | 0.16%             | 2031-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust     | Carvana Auto Receivables Trust 2019-2                                           | CUSIP: 14686UAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    364980 | PA      | $362073.88    | 0.06%             | 2025-01-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                   | RCO VII Mortgage LLC 2021-2                                                     | CUSIP: 74938JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    271198 | PA      | $247906.51    | 0.04%             | 2026-09-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| TVC Mortgage Trust 2020-RTL1       | TVC Mortgage Trust 2020-RTL1                                                    | CUSIP: 90114YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168936 | PA      | $168364.41    | 0.03%             | 2024-09-25      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7650000 | PA      | $6281964.88   | 1.08%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 48128BAG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    304000 | PA      | $267900.00    | 0.05%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding           | Purchasing Power Funding 2021-A LLC                                             | CUSIP: 74615JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $874701.72    | 0.15%             | 2025-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| PepsiCo Inc                        | PepsiCo Inc                                                                     | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     15616 | NS      | $2821186.56   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Malaysia Bhd              | Heineken Malaysia Bhd                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    509500 | NS      | $2914733.26   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto Trader Group PLC              | Auto Trader Group PLC                                                           | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |    677940 | NS      | $4225834.72   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    495000 | PA      | $483146.46    | 0.08%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp               | Bank of America Corp                                                            | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    219157 | NS      | $7258479.84   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYMILES IP LTD                    | SkyMiles IP Ltd                                                                 | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |    235000 | PA      | $239230.00    | 0.04%             | 2027-10-20      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential      | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165166 | PA      | $131317.16    | 0.02%             | 2056-06-25      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY            | Phillips Edison Grocery Center Operating Partnership I LP                       | CUSIP: 71845JAA6<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    760000 | PA      | $556145.96    | 0.10%             | 2031-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                         | Citadel LP                                                                      | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    565000 | PA      | $525120.65    | 0.09%             | 2027-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CIM Trust                          | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221152 | PA      | $207968.15    | 0.04%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Visio Trust                        | Visio 2020-1R Trust                                                             | CUSIP: 92837MAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137769 | PA      | $124112.84    | 0.02%             | 2055-11-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNATIO        | Scientific Games International Inc                                              | CUSIP: 000000000<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    134325 | PA      | $132166.40    | 0.02%             | 2029-04-14      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans             | CHL Mortgage Pass-Through Trust 2004-6                                          | CUSIP: 12669FVE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    119561 | PA      | $108537.17    | 0.02%             | 2034-05-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                       | Illumina Inc                                                                    | CUSIP: 452327AM1<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    370000 | PA      | $296210.08    | 0.05%             | 2031-03-23      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust         | Verus Securitization Trust 2019-INV2                                            | CUSIP: 92537HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74690 | PA      | $72033.07     | 0.01%             | 2059-07-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA              | Venezuela Government International Bond                                         | CUSIP: 922646BL7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    130000 | PA      | $9100.00      | 0.00%             | 2034-01-13      | Fixed         | 9.38%                 | No            |                  3 | On Loan: No      |
| MarketAxess Holdings Inc           | MarketAxess Holdings Inc                                                        | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     14942 | NS      | $4167174.38   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                 | Ally Financial Inc                                                              | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    548000 | PA      | $366475.00    | 0.06%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC               | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    433000 | PA      | $324946.15    | 0.06%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                     | Open Text Corp                                                                  | CUSIP: 000000000<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |    215000 | PA      | $209786.25    | 0.04%             | 2029-11-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                        | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    255000 | PA      | $243542.03    | 0.04%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CADILLAC FAIRVIEW PRP TR           | Ontario Teachers' Cadillac Fairview Properties Trust                            | CUSIP: 68327LAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    870000 | PA      | $663190.42    | 0.11%             | 2031-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                     | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    215000 | PA      | $225278.00    | 0.04%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                 | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    820000 | PA      | $677935.00    | 0.12%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1380662.56   | 0.24%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                       | Broadcom Inc                                                                    | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    712000 | PA      | $638060.34    | 0.11%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    775000 | PA      | $618023.75    | 0.11%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP             | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54000 | PA      | $50745.96     | 0.01%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RETAIL OPPORTUNITY IN              | Retail Opportunity Investments Partnership LP                                   | CUSIP: 76132FAB3<br>LEI: 549300KH0PNTJK9NTE57 | Long             | DBT              | CORP              | US        |    485000 | PA      | $463583.47    | 0.08%             | 2024-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP             | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    710000 | PA      | $681692.30    | 0.12%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31371KWJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13261 | PA      | $13713.39     | 0.00%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOPHIA LP                          | Sophia LP                                                                       | CUSIP: 83578BAN3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |    241375 | PA      | $232475.21    | 0.04%             | 2027-10-07      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| NIKE Inc                           | NIKE Inc                                                                        | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     82907 | NS      | $9700948.07   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP             | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    455000 | PA      | $471650.12    | 0.08%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN GUARDIAN LTD            | Transocean Guardian Ltd                                                         | CUSIP: 893800AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     73277 | PA      | $71555.49     | 0.01%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA              | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    320000 | PA      | $22400.00     | 0.00%             | 2025-04-21      | Fixed         | 7.65%                 | No            |                  3 | On Loan: No      |
| McCormick & Co Inc/MD              | McCormick & Co Inc/MD                                                           | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |     60584 | NS      | $5021807.76   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Student Loan Trust         | Navient Private Education Refi Loan Trust 2021-E                                | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    654160 | PA      | $548002.40    | 0.09%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   6325100 | NS      | $6325099.66   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HF SINCLAIR CORP                   | HF Sinclair Corp                                                                | CUSIP: 403949AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $630528.97    | 0.11%             | 2026-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Boa Vista Servicos SA              | Boa Vista Servicos SA                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1255506 | NS      | $1726402.49   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AMSR Trust                         | AMSR 2020-SFR2 Trust                                                            | CUSIP: 00178UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    770000 | PA      | $701912.13    | 0.12%             | 2037-07-17      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA           | Scientific Games International Inc                                              | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    290000 | PA      | $276633.90    | 0.05%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                  | State Street Corp                                                               | CUSIP: 857477BV4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    590000 | PA      | $545001.78    | 0.09%             | 2033-08-04      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur     | Bankers Healthcare Group Securitization Trust 2020-A                            | CUSIP: 06616PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145782 | PA      | $142417.39    | 0.02%             | 2031-09-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| CAE Inc                            | CAE Inc                                                                         | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |    117106 | NS      | $2265144.86   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MVW 2020-1 LLC                     | MVW 2020-1 LLC                                                                  | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    506388 | PA      | $461147.86    | 0.08%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    185000 | PA      | $172454.58    | 0.03%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New Work SE                        | New Work SE                                                                     | CUSIP: 000000000<br>LEI: 5299002VHN50DM9T9H37 | Long             | EC               | CORP              | DE        |     15527 | NS      | $2536345.85   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                         | Ecolab Inc                                                                      | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     24758 | NS      | $3603774.48   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEVELAND-CLIFFS INC               | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    560000 | PA      | $561400.00    | 0.10%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE           | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    620000 | PA      | $511422.50    | 0.09%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Moneysupermarket.com Group PLC     | Moneysupermarket.com Group PLC                                                  | CUSIP: 000000000<br>LEI: 54930016B7VO33FBE722 | Long             | EC               | CORP              | GB        |    547003 | NS      | $1272339.81   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC                             | HP Inc                                                                          | CUSIP: 40434LAN5<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    710000 | PA      | $667007.97    | 0.11%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    830000 | PA      | $675542.19    | 0.12%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    560000 | PA      | $387100.00    | 0.07%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                   | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    453000 | PA      | $385446.14    | 0.07%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2014-2                                                 | CUSIP: 46641YAJ2<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |     19591 | PA      | $18305.54     | 0.00%             | 2029-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                        | Aker BP ASA                                                                     | CUSIP: 55037AAA6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    740000 | PA      | $653649.99    | 0.11%             | 2026-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD WEC HOLDINGS            | Brookfield WEC Holdings Inc                                                     | CUSIP: 11284EAM5<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    240387 | PA      | $236656.19    | 0.04%             | 2025-08-01      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31402QTS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     99826 | PA      | $103238.75    | 0.02%             | 2034-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE             | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    313000 | PA      | $259077.81    | 0.04%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                    | Ross Stores Inc                                                                 | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     53734 | NS      | $6236905.38   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bill.com Holdings Inc              | Bill.com Holdings Inc                                                           | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |     62435 | NS      | $6802917.60   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO           | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |    785000 | PA      | $612629.54    | 0.11%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Enento Group Oyj                   | Enento Group Oyj                                                                | CUSIP: 000000000<br>LEI: 743700EPLUWXE25HGM03 | Long             | EC               | CORP              | FI        |     65677 | NS      | $1504504.42   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                       | AutoZone Inc                                                                    | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      2116 | NS      | $5218436.88   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericrest Opportunity Loan Tra     | VOLT C LLC                                                                      | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    217991 | PA      | $194641.68    | 0.03%             | 2051-05-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T     | Ellington Financial Mortgage Trust 2021-2                                       | CUSIP: 31572LAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    548778 | PA      | $413108.82    | 0.07%             | 2066-06-25      | Variable      | 1.29%                 | No            |                  2 | On Loan: No      |
| Duck Creek Technologies Inc        | Duck Creek Technologies Inc                                                     | CUSIP: 264120106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    207851 | NS      | $2504604.55   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Aqua Finance Trust                 | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    755000 | PA      | $664258.14    | 0.11%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| SBA SENIOR FINANCE II LLC          | SBA Senior Finance II LLC                                                       | CUSIP: 78404XAH8<br>LEI: 549300PVT2ADFWMYEW87 | Long             | LON              | CORP              | US        |    357870 | PA      | $356280.56    | 0.06%             | 2025-04-11      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES           | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    805000 | PA      | $714385.66    | 0.12%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                    | Knorr-Bremse AG                                                                 | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |     44447 | NS      | $2428395.98   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Fund LLC                  | Imperial Fund Mortgage Trust 2021-NQM4                                          | CUSIP: 45276JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1156933 | PA      | $952994.32    | 0.16%             | 2057-01-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                     | TD SYNNEX Corp                                                                  | CUSIP: 87162WAH3<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    715000 | PA      | $576810.88    | 0.10%             | 2028-08-09      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Frontera Energy Corp               | Frontera Energy Corp                                                            | CUSIP: 35905B107<br>LEI: A25574TZFLBNK7NWQT47 | Long             | EC               | CORP              | CA        |       300 | NS      | $2735.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co       | Pioneer Natural Resources Co                                                    | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |     16407 | NS      | $3747194.73   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                     | Eli Lilly & Co                                                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      7438 | NS      | $2721117.92   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED MEXICAN STATES              | Mexico Government International Bond                                            | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    645000 | PA      | $521160.00    | 0.09%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC             | Brookfield Finance Inc                                                          | CUSIP: 11271LAH5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |   1200000 | PA      | $962486.69    | 0.17%             | 2031-04-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust              | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    145354 | PA      | $133510.57    | 0.02%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag     | PRPM 2021-9 LLC                                                                 | CUSIP: 69360XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    319139 | PA      | $287292.51    | 0.05%             | 2026-10-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru     | First Investors Auto Owner Trust 2022-1                                         | CUSIP: 32057KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    685000 | PA      | $639487.64    | 0.11%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC           | OBX 2021-NQM3 Trust                                                             | CUSIP: 67114JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    545703 | PA      | $406973.51    | 0.07%             | 2061-07-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    605000 | PA      | $420711.33    | 0.07%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag     | PRPM 2021-RPL1 LLC                                                              | CUSIP: 69360GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    158572 | PA      | $141070.58    | 0.02%             | 2051-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    936400 | PA      | $839835.25    | 0.14%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust         | GLS Auto Receivables Trust 2018-3                                               | CUSIP: 36255XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59564 | PA      | $59546.77     | 0.01%             | 2024-07-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC           | Celanese US Holdings LLC                                                        | CUSIP: 15089QAR5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    185000 | PA      | $184940.43    | 0.03%             | 2024-07-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Victorian Plumbing Group PLC       | Victorian Plumbing Group PLC                                                    | CUSIP: 000000000<br>LEI: 894500R59II0S4WXGZ04 | Long             | EC               | CORP              | GB        |   1405019 | NS      | $1307920.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD INDUSTRIES INC            | Standard Industries Inc/NJ                                                      | CUSIP: 85350EAB2<br>LEI: 54930064UHXCIUWVI755 | Long             | LON              | CORP              | US        |    243527 | PA      | $240310.03    | 0.04%             | 2028-09-22      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust              | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    830785 | PA      | $768472.08    | 0.13%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PUBLIC FIN AUTH LEASE     | Texas Public Finance Authority                                                  | CUSIP: 882669CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $417127.00    | 0.07%             | 2035-02-01      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust           | Ajax Mortgage Loan Trust 2021-A                                                 | CUSIP: 00971AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    447753 | PA      | $390328.82    | 0.07%             | 2065-09-25      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE     | Metropolitan Transportation Authority                                           | CUSIP: 59260XAW8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2745195.73   | 0.47%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                      | TransDigm Inc                                                                   | CUSIP: 89364MBQ6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    242628 | PA      | $239767.26    | 0.04%             | 2025-05-30      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX                     | City of San Antonio TX                                                          | CUSIP: 79623PEY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $404358.57    | 0.07%             | 2033-02-01      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31414P6E4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66536 | PA      | $67116.94     | 0.01%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR     | New York State Environmental Facilities Corp                                    | CUSIP: 64986DMK8<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2312313.30   | 0.40%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                    | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    585575 | PA      | $492401.23    | 0.08%             | 2051-07-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1010931.08   | 0.17%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust          | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13                     | CUSIP: 61763BAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $268439.08    | 0.05%             | 2046-11-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| PERATON CORP                       | Peraton Corp                                                                    | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    207642 | PA      | $202407.20    | 0.03%             | 2028-02-01      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS              | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    486000 | PA      | $379317.49    | 0.07%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                   | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    785000 | PA      | $844326.36    | 0.15%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GCAT                               | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24309 | PA      | $22884.40     | 0.00%             | 2060-01-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc             | Roper Technologies Inc                                                          | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     16891 | NS      | $7298432.19   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31374CLW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82187 | PA      | $88257.10     | 0.02%             | 2037-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                       | Danaher Corp                                                                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     36537 | NS      | $9697650.54   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUS           | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    778000 | PA      | $641265.25    | 0.11%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                        | Freddie Mac Gold Pool                                                           | CUSIP: 3128KSN65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     87971 | PA      | $91556.27     | 0.02%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R     | Foursight Capital Automobile Receivables Trust 2019-1                           | CUSIP: 35105RAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    745000 | PA      | $743201.20    | 0.13%             | 2025-09-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED             | Teck Resources Ltd                                                              | CUSIP: 878742AE5<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    540000 | PA      | $533552.76    | 0.09%             | 2035-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU     | SoFi Consumer Loan Program 2022-1S Trust                                        | CUSIP: 83406QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    429000 | PA      | $429023.64    | 0.07%             | 2031-04-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                   | Puget Energy Inc                                                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    315000 | PA      | $279546.26    | 0.05%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    440000 | PA      | $288096.87    | 0.05%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                       | Bio-Rad Laboratories Inc                                                        | CUSIP: 090572AR9<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |    376000 | PA      | $347485.75    | 0.06%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| UTAH ACQUISITION SUB               | Utah Acquisition Sub Inc                                                        | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |    535000 | PA      | $500152.63    | 0.09%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Mettler-Toledo International I     | Mettler-Toledo International Inc                                                | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      2435 | NS      | $3519670.75   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MILEAGE PLUS HOLDINGS IN           | Mileage Plus Holdings LLC                                                       | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    216000 | PA      | $221886.00    | 0.04%             | 2027-06-20      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl     | Santander Drive Auto Receivables Trust 2021-3                                   | CUSIP: 80287EAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $846422.90    | 0.15%             | 2027-09-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| HealthEquity Inc                   | HealthEquity Inc                                                                | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     40957 | NS      | $2524589.48   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31411H7D6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5642 | PA      | $5848.53      | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31412YFP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60193 | PA      | $62120.72     | 0.01%             | 2036-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AGILITI HEALTH INC                 | Agiliti Health Inc                                                              | CUSIP: 00847YAC6<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    162885 | PA      | $158608.88    | 0.03%             | 2026-01-04      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Paycom Software Inc                | Paycom Software Inc                                                             | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     42055 | NS      | $13050087.05  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89354 | PA      | $84956.36     | 0.01%             | 2048-10-26      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                | Station Casinos LLC                                                             | CUSIP: 85769EAZ4<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |    239811 | PA      | $233691.42    | 0.04%             | 2027-02-08      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust       | GS Mortgage Securities Trust 2020-GC45                                          | CUSIP: 36258YBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    565000 | PA      | $469177.47    | 0.08%             | 2053-02-13      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA        | FinecoBank Banca Fineco SpA                                                     | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |    221980 | NS      | $3687838.98   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Mariner Finance Issuance Trust     | Mariner Finance Issuance Trust 2020-A                                           | CUSIP: 56848MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555000 | PA      | $528189.12    | 0.09%             | 2034-08-21      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| BPR Trust                          | BPR Trust 2021-KEN                                                              | CUSIP: 05591QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    920000 | PA      | $894810.58    | 0.15%             | 2029-02-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Orange Lake Timeshare Trust        | Orange Lake Timeshare Trust 2019-A                                              | CUSIP: 68504UAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    191230 | PA      | $179956.12    | 0.03%             | 2038-04-09      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl     | Santander Drive Auto Receivables Trust 2020-4                                   | CUSIP: 80286WAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    871702 | PA      | $862925.06    | 0.15%             | 2026-01-15      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                   | Berry Global Inc                                                                | CUSIP: 08579JBG6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | LON              | CORP              | US        |    244776 | PA      | $242551.24    | 0.04%             | 2026-07-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Snowflake Inc                      | Snowflake Inc                                                                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     36779 | NS      | $5279257.66   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ORYX MIDSTREAM SERVICES            | Oryx Midstream Services Permian Basin LLC                                       | CUSIP: 68764JAB7<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    215125 | PA      | $212268.23    | 0.04%             | 2028-10-05      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| Visio Trust                        | Visio Trust                                                                     | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    234975 | PA      | $215192.59    | 0.04%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| KNDL Mortgage Trust                | KNDL 2019-KNSQ Mortgage Trust                                                   | CUSIP: 482598AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    565000 | PA      | $558395.49    | 0.10%             | 2036-05-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Dominion Mortgage Trust            | Dominion Mortgage Trust 2021-RTL1                                               | CUSIP: 257463AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    875000 | PA      | $786907.63    | 0.14%             | 2027-07-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| PERRIGO INVESTMENTS LLC            | Perrigo Investments LLC                                                         | CUSIP: 000000000<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | IE        |    343275 | PA      | $340700.44    | 0.06%             | 2029-04-20      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD      | Marriott International Inc/MD                                                   | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     47738 | NS      | $7107710.82   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2019-1                                                | CUSIP: 89177BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    386797 | PA      | $363940.52    | 0.06%             | 2058-03-25      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent              | American Homes 4 Rent 2014-SFR2 Trust                                           | CUSIP: 02665UAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1013264.39   | 0.17%             | 2036-10-17      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd      | Corevest American Finance 2020-1 Trust                                          | CUSIP: 21872UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230353 | PA      | $214398.13    | 0.04%             | 2050-03-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust         | Progress Residential Trust                                                      | CUSIP: 74333HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $123260.90    | 0.02%             | 2038-07-17      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust           | Angel Oak SB Commercial Mortgage Trust 2020-SBC1                                | CUSIP: 03465BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    564582 | PA      | $537371.02    | 0.09%             | 2050-05-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                        | NVIDIA Corp                                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     83403 | NS      | $12188514.42  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CBL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2565000 | PA      | $2090575.19   | 0.36%             | 2031-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC           | Prudential Financial Inc                                                        | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    720000 | PA      | $707400.00    | 0.12%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust      | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17326QAA1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |    346662 | PA      | $330610.20    | 0.06%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO           | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $395784.61    | 0.07%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DUN & BRADSTREET CORP              | Dun & Bradstreet Corp/The                                                       | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |    233821 | PA      | $231274.70    | 0.04%             | 2026-02-08      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2045000 | PA      | $1350578.72   | 0.23%             | 2050-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                     | CPS Auto Receivables Trust 2020-C                                               | CUSIP: 12597TAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147683 | PA      | $146747.25    | 0.03%             | 2026-08-17      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc              | Uber Technologies Inc                                                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    174025 | NS      | $4303638.25   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC           | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    179000 | PA      | $162890.00    | 0.03%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes              | Tricon American Homes 2020-SFR2 Trust                                           | CUSIP: 89613JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $724871.66    | 0.12%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                   | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $476325.94    | 0.08%             | 2028-10-16      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| FREEPORT LNG INVESTMENTS           | Freeport LNG Investments LLLP                                                   | CUSIP: 35670CAB4<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    247622 | PA      | $234931.65    | 0.04%             | 2028-12-21      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust     | Carvana Auto Receivables Trust 2021-N3                                          | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    585000 | PA      | $527836.02    | 0.09%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC              | GFL Environmental Inc                                                           | CUSIP: 36168QAK0<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $378000.00    | 0.07%             | 2025-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2016-3                                      | CUSIP: 64829HAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    348269 | PA      | $316488.68    | 0.05%             | 2056-09-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP               | Bank of America Corp                                                            | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    750000 | PA      | $551070.24    | 0.09%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 91282CEK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1200000 | PA      | $1165875.00   | 0.20%             | 2024-04-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                     | EPR Properties                                                                  | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    865000 | PA      | $777217.73    | 0.13%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006             | FMG Resources August 2006 Pty Ltd                                               | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    495000 | PA      | $461106.12    | 0.08%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne     | Pretium Mortgage Credit Partners I 2021-NPL1 LLC                                | CUSIP: 741389AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    618029 | PA      | $562892.10    | 0.10%             | 2060-09-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| GCT Commercial Mortgage Trust      | GCT Commercial Mortgage Trust 2021-GCT                                          | CUSIP: 36167RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1080000 | PA      | $1002091.18   | 0.17%             | 2038-02-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Bouvet ASA                         | Bouvet ASA                                                                      | CUSIP: 000000000<br>LEI: 5967007LIEEXZXFMBC26 | Long             | EC               | CORP              | NO        |    424107 | NS      | $2597421.61   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU     | Idaho Health Facilities Authority                                               | CUSIP: 451295A25<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    450000 | PA      | $402465.11    | 0.07%             | 2048-03-01      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC           | OBX 2019-INV1 Trust                                                             | CUSIP: 67098AAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55070 | PA      | $52640.86     | 0.01%             | 2048-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I           | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | CUSIP: 85208NAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225001 | PA      | $222347.98    | 0.04%             | 2025-03-20      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2019-NQM4                                   | CUSIP: 64828EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131983 | PA      | $118905.07    | 0.02%             | 2059-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                 | VICI Properties LP                                                              | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    350000 | PA      | $324082.50    | 0.06%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP             | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $215603.75    | 0.04%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| S-1 Corp                           | S-1 Corp                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     72665 | NS      | $3418968.92   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR           | Occidental Petroleum Corp                                                       | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    355000 | PA      | $358262.32    | 0.06%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                     | Amazon.com Inc                                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    133801 | NS      | $11239284.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Mortgage T     | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390717 | PA      | $326864.88    | 0.06%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| UKG INC                            | UKG Inc                                                                         | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    244993 | PA      | $232743.63    | 0.04%             | 2026-05-03      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC             | Par Pharmaceutical Inc                                                          | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |    185000 | PA      | $140595.31    | 0.02%             | 2027-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Schlumberger Ltd                   | Schlumberger Ltd                                                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     51911 | NS      | $2775162.06   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust           | JP Morgan Mortgage Trust 2014-1                                                 | CUSIP: 46641CBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14376 | PA      | $12841.47     | 0.00%             | 2044-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust         | GLS Auto Receivables Issuer Trust 2020-4                                        | CUSIP: 36261EAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    808402 | PA      | $794736.99    | 0.14%             | 2025-11-17      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl     | Santander Drive Auto Receivables Trust 2022-7                                   | CUSIP: 80287FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    539000 | PA      | $539988.63    | 0.09%             | 2026-01-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus     | Residential Mortgage Loan Trust 2019-2                                          | CUSIP: 76119DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     51591 | PA      | $50085.27     | 0.01%             | 2059-05-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                 | Home Depot Inc/The                                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     19195 | NS      | $6062932.70   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC           | Prudential Financial Inc                                                        | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    104000 | PA      | $100513.50    | 0.02%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust       | CSMC 2017-RPL1 Trust                                                            | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    376867 | PA      | $359286.38    | 0.06%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| DORIC NIMROD 2013-1 CL A           | Doric Nimrod Air Alpha 2013-1 Class A Pass Through Trust                        | CUSIP: 233283AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GG        |     13653 | PA      | $13548.78     | 0.00%             | 2023-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASCO CORP                         | Masco Corp                                                                      | CUSIP: 574599BQ8<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    365000 | PA      | $280829.53    | 0.05%             | 2031-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC     | VCAT 2021-NPL2 LLC                                                              | CUSIP: 91822YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    252019 | PA      | $227722.94    | 0.04%             | 2051-03-27      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Trade Desk Inc/The                 | Trade Desk Inc/The                                                              | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    138773 | NS      | $6221193.59   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign Inc                       | DocuSign Inc                                                                    | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     32465 | NS      | $1799210.30   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2021-NQM2R                                  | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166651 | PA      | $144063.82    | 0.02%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag     | PRPM 2021-2 LLC                                                                 | CUSIP: 69359UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    829007 | PA      | $763251.45    | 0.13%             | 2026-03-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| INEOS US FINANCE LLC               | INEOS US Finance LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    681606 | PA      | $669923.48    | 0.12%             | 2027-11-08      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                 | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720000 | PA      | $661901.54    | 0.11%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| PODS LLC                           | PODS LLC                                                                        | CUSIP: 73044EAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    249538 | PA      | $235606.32    | 0.04%             | 2028-03-31      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5255000 | PA      | $3339798.85   | 0.58%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| HAITIAN INT'L                      | Haitian International Holdings Ltd                                              | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | CN        |   1294337 | NS      | $3465737.82   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BAUSCH HEALTH COS INC              | Bausch Health Cos Inc                                                           | CUSIP: 071734AC1<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    155000 | PA      | $105499.20    | 0.02%             | 2027-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust             | Cascade MH Asset Trust 2021-MH1                                                 | CUSIP: 14731QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1047730 | PA      | $890144.89    | 0.15%             | 2046-02-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                           | State of Texas                                                                  | CUSIP: 882724QP5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    180000 | PA      | $142642.58    | 0.02%             | 2044-04-01      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    482182 | PA      | $442790.80    | 0.08%             | 2056-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                         | AMSR 2020-SFR1 Trust                                                            | CUSIP: 00180AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530000 | PA      | $483378.39    | 0.08%             | 2037-04-17      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31412MYW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70859 | PA      | $73480.63     | 0.01%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ODEBRECHT OIL & FINANCE            | Odebrecht Oil & Gas Finance Ltd                                                 | CUSIP: 67576JAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     25239 | PA      | $63.10        | 0.00%             | N/A             | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AVIENT CORP                        | Avient Corp                                                                     | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    295000 | PA      | $288371.92    | 0.05%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust           | Mill City Mortgage Loan Trust 2019-1                                            | CUSIP: 59981AAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    509062 | PA      | $432271.07    | 0.07%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust          | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25                     | CUSIP: 61765TAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590000 | PA      | $558548.69    | 0.10%             | 2048-10-15      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| HILTON WORLDWIDE FINANCE           | Hilton Worldwide Finance LLC                                                    | CUSIP: 43289DAH6<br>LEI: 549300406TN7EY0NPH20 | Long             | LON              | CORP              | US        |    245000 | PA      | $244024.90    | 0.04%             | 2026-06-21      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd      | CAFL 2021-RTL1 Issuer LLC                                                       | CUSIP: 12468RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $263710.11    | 0.05%             | 2029-03-28      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA                | Inversiones CMPC SA                                                             | CUSIP: 46128MAN1<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    870000 | PA      | $784522.50    | 0.14%             | 2030-01-13      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                    | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12745000 | PA      | $7081938.44   | 1.22%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA             | Santander Holdings USA Inc                                                      | CUSIP: 80282KAP1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    640000 | PA      | $610348.43    | 0.11%             | 2027-07-13      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP TRUST            | Kite Realty Group Trust                                                         | CUSIP: 76131VAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $686662.10    | 0.12%             | 2030-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC                    | TripAdvisor Inc                                                                 | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |    395000 | PA      | $390273.78    | 0.07%             | 2025-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                         | Fannie Mae Pool                                                                 | CUSIP: 31409VYN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3198 | PA      | $3259.78      | 0.00%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust         | Verus Securitization Trust 2022-5                                               | CUSIP: 924921AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    812865 | PA      | $744072.22    | 0.13%             | 2067-04-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS             | BBVA Bancomer SA/Texas                                                          | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    540000 | PA      | $484413.75    | 0.08%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD           | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    565000 | PA      | $514797.22    | 0.09%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC               | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20105.80     | 0.00%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HOSTESS BRANDS LLC                 | Hostess Brands LLC                                                              | CUSIP: 44108HAJ0<br>LEI: 549300SW7FLS4O41LD19 | Long             | LON              | CORP              | US        |    268565 | PA      | $267445.15    | 0.05%             | 2025-08-03      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC              | Level 3 Financing Inc                                                           | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    555000 | PA      | $437173.50    | 0.08%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST            | Office Properties Income Trust                                                  | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    555000 | PA      | $502914.84    | 0.09%             | 2025-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HeadHunter Group PLC               | HeadHunter Group PLC                                                            | CUSIP: 42207L106<br>LEI: 549300IMUCFEWXP6RU11 | Long             | EC               | CORP              | RU        |    115928 | NS      | $115.93       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CDW LLC/CDW FINANCE                | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    734000 | PA      | $604842.58    | 0.10%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The           | Estee Lauder Cos Inc/The                                                        | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     24474 | NS      | $6072244.14   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Avant Credit Card Master Trust     | Avant Credit Card Master Trust                                                  | CUSIP: 05351KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    730000 | PA      | $667858.31    | 0.11%             | 2027-04-15      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr     | Credit Acceptance Auto Loan Trust 2022-1                                        | CUSIP: 22534LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    595000 | PA      | $579362.86    | 0.10%             | 2032-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Meitec Corp                        | Meitec Corp                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    143400 | NS      | $2618000.61   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                          | Hess Corp                                                                       | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     24520 | NS      | $3477426.40   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                         | Airbnb Inc                                                                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     50364 | NS      | $4306122.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordnet AB publ                    | Nordnet AB publ                                                                 | CUSIP: 000000000<br>LEI: 549300D6WW5ZTWLZ4C08 | Long             | EC               | CORP              | SE        |     66366 | NS      | $960047.12    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| VCAT Asset Securitization, LLC     | VCAT 2021-NPL3 LLC                                                              | CUSIP: 91824MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    271775 | PA      | $235344.88    | 0.04%             | 2051-05-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| Baltic Classifieds Group PLC       | Baltic Classifieds Group PLC                                                    | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |   2490365 | NS      | $4239103.29   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN FINANCE CORP               | OneMain Finance Corp                                                            | CUSIP: 85172FAM1<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    285000 | PA      | $273792.38    | 0.05%             | 2025-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MongoDB Inc                        | MongoDB Inc                                                                     | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     14460 | NS      | $2846306.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mortgage Advice Bureau Holding     | Mortgage Advice Bureau Holdings Ltd                                             | CUSIP: 000000000<br>LEI: 2138008AY1RA61T6W960 | Long             | EC               | CORP              | GB        |    321863 | NS      | $2062316.25   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TENABLE INC                        | Tenable Inc                                                                     | CUSIP: 88025XAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    241620 | PA      | $234370.96    | 0.04%             | 2028-07-07      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2016-1                                      | CUSIP: 64829FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47942 | PA      | $43973.60     | 0.01%             | 2056-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CAESARS RESORT COLLECTIO           | Caesars Resort Collection LLC                                                   | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |    462178 | PA      | $460713.25    | 0.08%             | 2024-12-22      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust            | Flagstar Mortgage Trust 2017-1                                                  | CUSIP: 33850BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86462 | PA      | $76752.01     | 0.01%             | 2047-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Monster Beverage Corp              | Monster Beverage Corp                                                           | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     66856 | NS      | $6787889.68   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                 | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    515000 | PA      | $442900.00    | 0.08%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE            | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    505000 | PA      | $438150.63    | 0.08%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust     | Carvana Auto Receivables Trust 2020-P1                                          | CUSIP: 14687AAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    775000 | PA      | $681186.17    | 0.12%             | 2026-11-09      | Fixed         | 0.92%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP             | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    560000 | PA      | $489124.90    | 0.08%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr     | Credit Acceptance Auto Loan Trust 2020-3                                        | CUSIP: 22536BAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $512515.89    | 0.09%             | 2029-12-17      | Fixed         | 1.77%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT             | British Airways 2021-1 Class A Pass Through Trust                               | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600253 | PA      | $488622.06    | 0.08%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur     | BHG Securitization Trust 2021-A                                                 | CUSIP: 08861YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    489788 | PA      | $454920.46    | 0.08%             | 2033-11-17      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                 | Aqua Finance Trust 2017-A                                                       | CUSIP: 03837PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15817 | PA      | $15581.38     | 0.00%             | 2035-11-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                         | Zoetis Inc                                                                      | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     65734 | NS      | $9633317.70   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Adevinta ASA                       | Adevinta ASA                                                                    | CUSIP: 000000000<br>LEI: 529900W8V3YLHRSZH763 | Long             | EC               | CORP              | NO        |    199477 | NS      | $1335710.76   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                        | Viatris Inc                                                                     | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    481000 | PA      | $410990.44    | 0.07%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corp                  | Devon Energy Corp                                                               | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     39351 | NS      | $2420480.01   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Preston Ridge Partners Mortgag     | PRPM 2021-3 LLC                                                                 | CUSIP: 69357PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    418593 | PA      | $373180.10    | 0.06%             | 2026-04-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| FDM Group Holdings PLC             | FDM Group Holdings PLC                                                          | CUSIP: 000000000<br>LEI: 213800YR62D7GUZLMZ71 | Long             | EC               | CORP              | GB        |    183032 | NS      | $1657361.26   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORP                         | Masco Corp                                                                      | CUSIP: 574599BR6<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |    365000 | PA      | $226394.66    | 0.04%             | 2051-02-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2020-1         | RCKT Mortgage Trust 2020-1                                                      | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    255472 | PA      | $212649.36    | 0.04%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Corp Moctezuma SAB de CV           | Corp Moctezuma SAB de CV                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    721710 | NS      | $2037002.54   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| RESIDEO FUNDING INC                | Resideo Funding Inc                                                             | CUSIP: 76090LAE4<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |    244744 | PA      | $242145.27    | 0.04%             | 2028-02-12      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Infrastrutture Wireless Italia     | Infrastrutture Wireless Italiane SpA                                            | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |    207635 | NS      | $2092382.81   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELORMITTAL SA                   | ArcelorMittal SA                                                                | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    550000 | PA      | $546889.70    | 0.09%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC     | VCAT 2021-NPL4 LLC                                                              | CUSIP: 91823DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    576334 | PA      | $521829.30    | 0.09%             | 2051-08-25      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| Prologis Inc                       | Prologis Inc                                                                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     33625 | NS      | $3790546.25   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIRLINES 2020 TR            | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    796846 | PA      | $758415.70    | 0.13%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV               | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $422707.08    | 0.07%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCC INTELLIGENT SOLUTION           | CCC Intelligent Solutions Inc                                                   | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |    247053 | PA      | $244582.86    | 0.04%             | 2028-09-21      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                | Applied Systems Inc                                                             | CUSIP: 03827FAX9<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    388944 | PA      | $387243.83    | 0.07%             | 2024-09-19      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2016-1                                                | CUSIP: 89172EAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    141950 | PA      | $139209.95    | 0.02%             | 2055-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                         | NLT 2021-INV2 Trust                                                             | CUSIP: 62917JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    436045 | PA      | $342841.88    | 0.06%             | 2056-08-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust             | Oscar US Funding XII LLC                                                        | CUSIP: 68785AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |    550000 | PA      | $496322.52    | 0.09%             | 2028-04-10      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust         | Progress Residential 2019-SFR3 Trust                                            | CUSIP: 74332WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $436014.27    | 0.08%             | 2036-09-17      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| NAB HOLDINGS LLC                   | NAB Holdings LLC                                                                | CUSIP: 62871NAM7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |    246830 | PA      | $239548.58    | 0.04%             | 2028-11-23      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP            | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    594000 | PA      | $665647.16    | 0.11%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag     | PRPM 2020-6 LLC                                                                 | CUSIP: 693587AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    675273 | PA      | $623105.71    | 0.11%             | 2025-11-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION           | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AU0<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    210000 | PA      | $197393.91    | 0.03%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust          | Towd Point Mortgage Trust 2020-MH1                                              | CUSIP: 89178YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1115000 | PA      | $944855.68    | 0.16%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                            | HCA Inc                                                                         | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    415000 | PA      | $353459.96    | 0.06%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                      | Citigroup Inc                                                                   | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    339000 | PA      | $327404.51    | 0.06%             | 2028-02-24      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Mercari Inc                        | Mercari Inc                                                                     | CUSIP: 000000000<br>LEI: 3538009SK4V5AXSTUJ26 | Long             | EC               | CORP              | JP        |    163400 | NS      | $3360382.51   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ARAMARK SERVICES INC               | Aramark Services Inc                                                            | CUSIP: 03852JAL5<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    210000 | PA      | $208359.90    | 0.04%             | 2025-03-11      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Anhui Gujing Distillery Co Ltd     | Anhui Gujing Distillery Co Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    143600 | NS      | $2299675.23   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan      | New Residential Mortgage Loan Trust 2020-1                                      | CUSIP: 64830TAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    452050 | PA      | $416371.32    | 0.07%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                        | Oracle Corp                                                                     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    140000 | PA      | $93020.83     | 0.02%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BX Trust                           | BX Commercial Mortgage Trust 2022-LP2                                           | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    246023 | PA      | $229091.68    | 0.04%             | 2039-02-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Virtus Equity Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer