# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-25-203829
**Filing Date:** 2025-8
**Character Count:** 424749
**Document Hash:** dfbc98dbddc355ed6cb748e970d7975f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203829.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203829

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0001005020

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251253601

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **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 OPPORTUNITIES TRUST
- **DATE OF NAME CHANGE:** 20060127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX SENECA FUNDS
- **DATE OF NAME CHANGE:** 19990122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SENECA FUNDS
- **DATE OF NAME CHANGE:** 19951218

## Series and Classes Contracts Data

### Virtus Newfleet Core Plus Bond Fund (Series ID: S000001336)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003572 | CLASS A      | SAVAX           |
| C000003574 | CLASS C      | SAVCX           |
| C000003575 | CLASS I      | SAVYX           |
| C000176707 | Class R6     | VBFRX           |

## Nport-Ex

#### VIRTUS Newfleet Core Plus Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—18.0%** | **U.S. Government Securities—18.0%** | **U.S. Government Securities—18.0%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, 2/15/42 | $720 | $524 |
| &nbsp;&nbsp;&nbsp;3.875%, 5/15/43 | &nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp; 1286 |
| &nbsp;&nbsp;&nbsp;3.000%, 8/15/48 | &nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp; 2304 |
| &nbsp;&nbsp;&nbsp;1.250%, 5/15/50 | &nbsp;&nbsp; 5910 | &nbsp;&nbsp;&nbsp; 2839 |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | &nbsp;&nbsp; 9840 | &nbsp;&nbsp;&nbsp; 4852 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/15/51 | &nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp;1.875%, 11/15/51 | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;2.250%, 2/15/52 | &nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/52 | &nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/52 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; 2449 |
| &nbsp;&nbsp;&nbsp;3.625%, 2/15/53 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp; 1159 |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/53 | &nbsp;&nbsp; 7550 | &nbsp;&nbsp;&nbsp; 6158 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/53 | &nbsp;&nbsp; 6110 | &nbsp;&nbsp;&nbsp; 5458 |
| &nbsp;&nbsp;&nbsp;4.750%, 11/15/53 | &nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp; 1576 |
| &nbsp;&nbsp;&nbsp;4.250%, 2/15/54 | &nbsp;&nbsp; 9175 | &nbsp;&nbsp;&nbsp; 8369 |
| &nbsp;&nbsp;&nbsp;4.625%, 5/15/54 | &nbsp;&nbsp; 5930 | &nbsp;&nbsp;&nbsp; 5760 |
| &nbsp;&nbsp;&nbsp;4.250%, 8/15/54 | &nbsp;&nbsp; 4155 | &nbsp;&nbsp;&nbsp; 3794 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | &nbsp;&nbsp; 3155 | &nbsp;&nbsp;&nbsp; 3007 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 8635 | &nbsp;&nbsp;&nbsp; 8406 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/15/55 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 1332 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 6/30/29 | &nbsp;&nbsp; 1765 | &nbsp;&nbsp;&nbsp; 1798 |
| &nbsp;&nbsp;&nbsp;4.000%, 7/31/29 | &nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp; 2205 |
| &nbsp;&nbsp;&nbsp;4.250%, 1/31/30 | &nbsp;&nbsp; 2290 | &nbsp;&nbsp;&nbsp; 2335 |
| &nbsp;&nbsp;&nbsp;1.500%, 2/15/30 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp; 1145 |
| &nbsp;&nbsp;&nbsp;4.000%, 2/28/30 | &nbsp;&nbsp; 2405 | &nbsp;&nbsp;&nbsp; 2428 |
| &nbsp;&nbsp;&nbsp;3.375%, 5/15/33 | &nbsp;&nbsp; 2435 | &nbsp;&nbsp;&nbsp; 2321 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/33 | &nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/34 | &nbsp;&nbsp; 4705 | &nbsp;&nbsp;&nbsp; 4778 |
| &nbsp;&nbsp;&nbsp;3.875%, 8/15/34 | &nbsp;&nbsp; 4260 | &nbsp;&nbsp;&nbsp; 4159 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/35 | &nbsp;&nbsp; 5055 | &nbsp;&nbsp;&nbsp; 5215 |
| &nbsp;&nbsp;&nbsp;4.250%, 5/15/35 | &nbsp;&nbsp; 5230 | &nbsp;&nbsp;&nbsp; 5238 |
| **Total U.S. Government Securities<br> (Identified Cost $100,981)** | **Total U.S. Government Securities<br> (Identified Cost $100,981)** | &nbsp;&nbsp;&nbsp;&nbsp; **94335** |
| **Foreign Government Securities—2.5%** | **Foreign Government Securities—2.5%** | **Foreign Government Securities—2.5%** |
| Abu Dhabi Government International Bond 144A<br> 3.125%, 9/30/49<sup>(1)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 149 |
| Costa Rica Government |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.550%, 4/3/34<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.300%, 11/13/54<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 67 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 2/22/29<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.875%, 9/23/32<sup>(1)</sup> | &nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; 660 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 815 | &nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/35 | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 100 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 9/22/32<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 3/26/36<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 207 |
| Republic of Angola 144A<br> 8.000%, 11/26/29<sup>(1)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 326 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 4/25/30<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 160 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | $226 | $227 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 230 |
| Republic of El Salvador 144A<br> 8.625%, 2/28/29<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 183 |
| Republic of Guatemala 144A<br> 6.600%, 6/13/36<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 229 |
| Republic of Indonesia<br> 5.100%, 2/10/54 | &nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp; 477 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 1/30/33<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 1/30/37<sup>(1)</sup> | &nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp; 453 |
| Republic of Kenya 144A<br> 9.500%, 3/5/36<sup>(1)</sup> | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 208 |
| Republic of Nigeria 144A<br> 10.375%, 12/9/34<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 410 |
| Republic of Panama<br> 8.000%, 3/1/38 | &nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 287 |
| Republic of Peru<br> 5.375%, 2/8/35 | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 449 |
| Republic of Philippines<br> 4.750%, 3/5/35 | &nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; 573 |
| Republic of Poland<br> 4.875%, 10/4/33 | &nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; 466 |
| Republic of Serbia 144A<br> 6.500%, 9/26/33<sup>(1)</sup> | &nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 299 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | &nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 45 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 5/29/32 | &nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;7.625%, 5/15/34 | &nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/17/45 | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 114 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50 | &nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; 453 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55 | &nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 307 |
| Romania Government International Bond 144A<br> 5.875%, 1/30/29<sup>(1)</sup> | &nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 424 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.875%, 7/18/33<sup>(1)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 10/26/46<sup>(1)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 152 |
| State of Qatar 144A<br> 3.750%, 4/16/30<sup>(1)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp; 376 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(1)</sup> | &nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 297 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 5/7/36 | &nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;6.625%, 1/29/38 | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 312 |
| Uzbekistan International Bond 144A<br> 6.900%, 2/28/32<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 67 |
| **Total Foreign Government Securities<br> (Identified Cost $13,189)** | **Total Foreign Government Securities<br> (Identified Cost $13,189)** | &nbsp;&nbsp;&nbsp;&nbsp; **13214** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—29.7%** | **Mortgage-Backed Securities—29.7%** | **Mortgage-Backed Securities—29.7%** |
| **Agency—11.7%** | **Agency—11.7%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SB8269<br> 6.000%, 10/1/38 | $345 | $355 |
| &nbsp;&nbsp;&nbsp;Pool #SD2026<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 1419 | &nbsp;&nbsp; 1397 |
| &nbsp;&nbsp;&nbsp;Pool #SD3238<br> 5.500%, 12/1/52 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;Pool #SD5594<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2904 |
| &nbsp;&nbsp;&nbsp;Pool #SD5856<br> 3.500%, 1/1/54 | &nbsp;&nbsp; 4884 | &nbsp;&nbsp; 4399 |
| &nbsp;&nbsp;&nbsp;Pool #SD6881<br> 2.500%, 2/1/52 | &nbsp;&nbsp; 5463 | &nbsp;&nbsp; 4534 |
| &nbsp;&nbsp;&nbsp;Pool #SD8289<br> 5.500%, 1/1/53 | &nbsp;&nbsp; 2647 | &nbsp;&nbsp; 2655 |
| &nbsp;&nbsp;&nbsp;Pool #SD8309<br> 6.000%, 3/1/53 | &nbsp;&nbsp; 2425 | &nbsp;&nbsp; 2467 |
| &nbsp;&nbsp;&nbsp;Pool #SD8317<br> 6.000%, 4/1/53 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;Pool #SD8343<br> 6.000%, 7/1/53 | &nbsp;&nbsp; 1168 | &nbsp;&nbsp; 1189 |
| &nbsp;&nbsp;&nbsp;Pool #SD8350<br> 6.000%, 8/1/53 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp;Pool #SD8418<br> 4.500%, 4/1/54 | &nbsp;&nbsp; 5372 | &nbsp;&nbsp; 5140 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #323702<br> 6.000%, 5/1/29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;Pool #535371<br> 6.500%, 5/1/30 | &nbsp;&nbsp; —<sup>(3)</sup> | &nbsp;&nbsp; —<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Pool #590108<br> 7.000%, 7/1/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #880117<br> 5.500%, 4/1/36 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;Pool #909092<br> 6.000%, 9/1/37 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Pool #909220<br> 6.000%, 8/1/38 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;Pool #938574<br> 5.500%, 9/1/36 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;Pool #986067<br> 6.000%, 8/1/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #CB6857<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 2391 | &nbsp;&nbsp; 2291 |
| &nbsp;&nbsp;&nbsp;Pool #FA0685<br> 6.000%, 1/1/55 | &nbsp;&nbsp; 6251 | &nbsp;&nbsp; 6357 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;Pool #FS4991<br> 3.000%, 3/1/52 | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 1216 |
| &nbsp;&nbsp;&nbsp;Pool #FS6679<br> 6.000%, 12/1/53 | &nbsp;&nbsp; 1973 | &nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp;Pool #FS7751<br> 4.000%, 3/1/53 | &nbsp;&nbsp; 5312 | &nbsp;&nbsp; 4942 |
| &nbsp;&nbsp;&nbsp;Pool #FS8360<br> 3.500%, 9/1/52 | &nbsp;&nbsp; 2337 | &nbsp;&nbsp; 2108 |
| &nbsp;&nbsp;&nbsp;Pool #FS8791<br> 6.000%, 8/1/54 | &nbsp;&nbsp; 4004 | &nbsp;&nbsp; 4081 |
| &nbsp;&nbsp;&nbsp;Pool #MA4785<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 285 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | $450 | $432 |
| &nbsp;&nbsp;&nbsp;Pool #MA4839<br> 4.000%, 12/1/52 | &nbsp;&nbsp; 5354 | &nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;Pool #MA4980<br> 6.000%, 4/1/53 | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 1872 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 1618 | &nbsp;&nbsp; 1620 |
| &nbsp;&nbsp;&nbsp;Pool #MA5385<br> 4.000%, 6/1/54 | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 2977 |
| Government National Mortgage Association Pool #443000<br> 6.500%, 9/15/28 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp; 61611 |
| **Non-Agency—18.0%** | **Non-Agency—18.0%** |  |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM3, A1 144A<br> 6.733%, 7/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.790%, 6/25/70<sup>(1)(4)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 694 |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 664 | &nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp;2022-B, A1 144A<br> 3.500%, 3/27/62<sup>(1)(4)</sup> | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 650 |
| ALA Trust 2025-OANA, A (1 month Term SOFR + 1.743%, Cap N/A, Floor 1.743%) 144A<br> 6.043%, 6/15/40<sup>(1)(4)</sup> | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1352 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 442 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(1)(4)</sup> | &nbsp;&nbsp; 809 | &nbsp;&nbsp; 719 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1477 | &nbsp;&nbsp; 1459 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 2072 | &nbsp;&nbsp; 2056 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(4)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(1)(4)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;2020-1, A3 144A<br> 3.328%, 3/25/55<sup>(1)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;2022-1, A1B 144A<br> 3.269%, 12/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 250 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.231%, 3/15/37<sup>(1)(4)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1120 |
| BBCMS Trust 2018-CBM, A (1 month Term SOFR + 1.297%, Cap N/A, Floor 1.250%) 144A<br> 5.609%, 7/15/37<sup>(1)(4)</sup> | &nbsp;&nbsp; 1324 | &nbsp;&nbsp; 1292 |
| Benchmark Mortgage Trust 2023-B38, A2<br> 5.626%, 4/15/56 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 241 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A<br> 6.273%, 2/15/39<sup>(1)(4)</sup> | $227 | $227 |
| &nbsp;&nbsp;&nbsp;2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.703%, 3/15/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 1120 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, A 144A<br> 3.202%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 4.075%, 12/9/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1706 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1245 |
| &nbsp;&nbsp;&nbsp;2025-ROIC, C (1 month Term SOFR + 1.543%, Cap N/A, Floor 1.543%) 144A<br> 5.855%, 3/15/30<sup>(1)(4)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 867 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.932%, 9/15/38<sup>(1)(4)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 851 |
| Chase Home Lending Mortgage Trust 2024-RPL4, A1A 144A<br> 3.375%, 12/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 927 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(4)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(1)(4)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 120 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 470 |
| Citigroup Mortgage Loan Trust, Inc. 2019-RP1, A1 144A<br> 3.500%, 1/25/66<sup>(1)(4)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 210 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-4, A1 144A<br> 7.163%, 10/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 1128 |
| &nbsp;&nbsp;&nbsp;2024-5, A1 144A<br> 5.123%, 8/25/69<sup>(1)(4)</sup> | &nbsp;&nbsp; 809 | &nbsp;&nbsp; 806 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-CR24, AM<br> 4.028%, 8/10/48<sup>(4)</sup> | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp;2024-WCL1, B (1 month Term SOFR + 2.590%, Cap N/A, Floor 2.590%) 144A<br> 6.902%, 6/15/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1155 |
| COOPR Residential Mortgage Trust 2025-CES2, A1A 144A<br> 5.502%, 6/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 724 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, C 144A<br> 3.265%, 10/15/52<sup>(1)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;2020-3, A 144A<br> 1.358%, 8/15/53<sup>(1)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;2022-1, A 144A<br> 4.744%, 6/17/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 545 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 2.208%, 5/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 891 | &nbsp;&nbsp; 803 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 308 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| EFMT 2025-NQM2, A1 144A<br> 5.596%, 6/25/70<sup>(1)(4)</sup> | $1000 | $1003 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 1007 |
| ELM Trust 2024-ELM, A10 144A<br> 5.994%, 6/10/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 897 | &nbsp;&nbsp; 907 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 5.274%, 10/10/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 2030 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 217 |
| Flagstar Mortgage Trust 2017-1, 1A3 144A<br> 3.500%, 3/25/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 32 |
| Fontainebleau Miami Beach Mortgage Trust 2024-FBLU, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.762%, 12/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 660 |
| Galton Funding Mortgage Trust 2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 258 |
| GCAT Trust 2020-NQM1, A1 144A<br> 3.247%, 1/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 579 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1244 | &nbsp;&nbsp; 1249 |
| Houston Galleria Mall Trust 2025-HGLR, A 144A<br> 5.644%, 2/5/45<sup>(1)(4)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 903 |
| Imperial Fund Mortgage Trust 2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 735 |
| JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 144A<br> 4.446%, 1/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 712 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2024-OMNI, A 144A<br> 5.990%, 10/5/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1138 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 4.921%, 10/26/48<sup>(1)(4)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, A3 144A<br> 5.947%, 2/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;2025-CES1, A1 144A<br> 5.666%, 5/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.567%, 9/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 983 | &nbsp;&nbsp; 986 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RTL1, A1 144A<br> 7.017%, 1/25/29<sup>(1)(4)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp;2024-RTL4, A1 144A<br> 5.921%, 7/25/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 452 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, M1 144A<br> 3.420%, 4/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;2018-1A, A 144A<br> 3.750%, 3/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 784 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 1357 | &nbsp;&nbsp; 1351 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 1497 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(1)(4)</sup> | $2130 | $2122 |
| &nbsp;&nbsp;&nbsp;2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 117 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(1)(4)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;2019-GS2, A1 144A<br> 2.750%, 8/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1269 |
| &nbsp;&nbsp;&nbsp;2021-NMR1, A1 144A<br> 1.125%, 11/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 56 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 833 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22, AS<br> 3.561%, 4/15/48 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 934 |
| MSSG Trust 2017-237P, A 144A<br> 3.397%, 9/13/39<sup>(1)</sup> | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 1079 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 3.079%, 3/27/62<sup>(1)(4)</sup> | &nbsp;&nbsp; 1437 | &nbsp;&nbsp; 1353 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 5.466%, 11/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 319 |
| NLT Trust 2021-INV2, A1 144A<br> 1.162%, 8/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 109 |
| NY Commercial Mortgage Trust 2025-299P, A 144A<br> 5.853%, 2/10/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 831 |
| NYMT Loan Trust 2024-CP1, A1 144A<br> 3.750%, 2/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1026 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM1, A1 144A<br> 2.305%, 11/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 1859 | &nbsp;&nbsp; 1663 |
| &nbsp;&nbsp;&nbsp;2023-NQM10, A1 144A<br> 6.465%, 10/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 739 | &nbsp;&nbsp; 744 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp;2024-HYB1, A1 144A<br> 3.646%, 3/25/53<sup>(1)(4)</sup> | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp;2024-HYB2, A1 144A<br> 3.677%, 4/25/53<sup>(1)(4)</sup> | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 6.129%, 12/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, A1 144A<br> 6.030%, 1/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;2025-NQM6, A1 144A<br> 5.603%, 3/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 955 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-INV1, A2 144A<br> 6.000%, 10/25/59<sup>(1)(4)</sup> | $764 | $770 |
| &nbsp;&nbsp;&nbsp;2024-INV2, A1 144A<br> 6.000%, 12/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 427 |
| PRET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, A1 144A<br> 3.900%, 10/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 1030 |
| PRPM LLC 2024-RPL1, A1 144A<br> 4.200%, 12/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 898 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(1)(4)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;2023-CES1, A1A 144A<br> 6.515%, 6/25/43<sup>(1)(4)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;2023-CES2, A1A 144A<br> 6.808%, 9/25/43<sup>(1)(4)</sup> | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 730 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1162 |
| RIDE 2025-SHRE, B 144A<br> 6.020%, 2/14/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 913 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 849 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 932 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.481%, 6/25/43<sup>(4)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| Starwood Mortgage Residential Trust 2021-5, A2 144A<br> 2.178%, 9/25/66<sup>(1)(4)</sup> | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; 1167 |
| THPT Mortgage Trust 2023-THL, A 144A<br> 7.227%, 12/10/34<sup>(1)(4)</sup> | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 494 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-6, B2 144A<br> 3.798%, 4/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.989%, 7/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;2018-6, A1B 144A<br> 3.750%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.750%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;2019-4, A2 144A<br> 3.250%, 10/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A<br> 6.034%, 5/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 300 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 3.750%, 1/25/63<sup>(1)</sup> | $1262 | $1219 |
| &nbsp;&nbsp;&nbsp;2024-1, A1 144A<br> 4.824%, 3/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 781 | &nbsp;&nbsp;&nbsp; 793 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 291 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1183 | &nbsp;&nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp;2022-6, A1 144A<br> 4.910%, 6/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp; 1220 |
| &nbsp;&nbsp;&nbsp;2022-6, A3 144A<br> 4.910%, 6/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1154 | &nbsp;&nbsp;&nbsp; 1164 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(1)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(1)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;2022-1, A2 144A<br> 5.850%, 8/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 361 |
| WSTN Trust 2023-MAUI, C 144A<br> 7.958%, 7/5/37<sup>(1)(4)</sup> | &nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp; 1367 |
|  |  | &nbsp;&nbsp;&nbsp; 94338 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $156,472)** | **Total Mortgage-Backed Securities<br> (Identified Cost $156,472)** | &nbsp;&nbsp;&nbsp;&nbsp;**155949** |
| **Asset-Backed Securities—10.7%** | **Asset-Backed Securities—10.7%** | **Asset-Backed Securities—10.7%** |
| **Automobiles—3.5%** | **Automobiles—3.5%** |  |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, D 144A<br> 2.460%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 5.630%, 1/14/30<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 562 |
| &nbsp;&nbsp;&nbsp;2024-4, C 144A<br> 4.910%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 5.090%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp; 1332 |
| Arivo Acceptance Auto Loan Receivables Trust 2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp; 721 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2022-5A, A 144A<br> 6.120%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-3A, A 144A<br> 5.440%, 2/22/28<sup>(1)</sup> | &nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 407 |
| Bridgecrest Lending Auto Securitization Trust 2025-1, C<br> 5.150%, 12/17/29 | &nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp; 939 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-P1, C<br> 1.320%, 11/9/26 | $905 | $895 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 |
| Consumer Portfolio Services Auto Trust 2025-A, C 144A<br> 5.250%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1234 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-D, C 144A<br> 7.170%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp;2024-A, C 144A<br> 5.740%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 544 |
| Credit Acceptance Auto Loan Trust 2024-1A, A 144A<br> 5.680%, 3/15/34<sup>(1)</sup> | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 494 |
| DT Auto Owner Trust 2023-3A, C 144A<br> 6.400%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;2023-5A, B<br> 6.580%, 4/17/28 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1014 |
| FHF Trust 2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 75 |
| First Investors Auto Owner Trust 2022-1A, C 144A<br> 3.130%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 268 |
| Foursight Capital Automobile Receivables Trust 2023-2, A2 144A<br> 5.990%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 6.090%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;2023-2A, A3 144A<br> 6.380%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 361 |
| GM Financial Consumer Automobile Receivables Trust 2023-4, A2A<br> 5.890%, 11/16/26 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;2023-2A, D 144A<br> 6.300%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;2023-4A, C 144A<br> 6.760%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 482 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 4.220%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.990%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 454 |
| Prestige Auto Receivables Trust 2025-1A, C 144A<br> 5.520%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 1184 |
| SAFCO Auto Receivables Trust 2024-1A, B 144A<br> 6.310%, 11/20/28<sup>(1)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 548 |
| Santander Drive Auto Receivables Trust 2023-1, B<br> 4.980%, 2/15/28 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 207 |
| SBNA Auto Receivables Trust 2024-A, C 144A<br> 5.590%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 460 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Veridian Auto Receivables Trust 2023-1A, A4 144A<br> 5.590%, 12/15/28<sup>(1)</sup> | $315 | $319 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.550%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp;2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 879 |
|  |  | &nbsp;&nbsp; 18490 |
| **Consumer Loans—0.3%** | **Consumer Loans—0.3%** |  |
| Affirm Asset Securitization Trust 2023-B, A 144A<br> 6.820%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 512 |
| Marlette Funding Trust 2023-2A, B 144A<br> 6.540%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 67 |
| Oportun Issuance Trust 2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 152 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 7.330%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 682 |
|  |  | &nbsp;&nbsp; 1577 |
| **Credit Card—0.1%** | **Credit Card—0.1%** |  |
| Mercury Financial Credit Card Master Trust 2024-2A, A 144A<br> 6.560%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 727 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| Post Road Equipment Finance LLC 2024-1A, A2 144A<br> 5.590%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 470 |
| **Other—6.7%** | **Other—6.7%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-B, A 144A<br> 4.620%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;2024-X2, A 144A<br> 5.220%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 296 |
| ALLO Issuer LLC 2025-1A, A2 144A<br> 5.528%, 4/20/55<sup>(1)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1215 |
| Amur Equipment Finance Receivables XV LLC 2025-1A, D 144A<br> 5.680%, 8/20/32<sup>(1)</sup> | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1359 |
| Applebee's Funding LLC 2023-1A, A2 144A<br> 7.824%, 3/5/53<sup>(1)</sup> | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 1059 |
| Aqua Finance Issuer Trust 2025-A, A 144A<br> 5.250%, 12/19/50<sup>(1)</sup> | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 1078 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(1)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1018 |
| Auxilior Term Funding LLC 2023-1A, C 144A<br> 6.500%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 504 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| BHG Securitization Trust 2024-1CON, A 144A<br> 5.810%, 4/17/35<sup>(1)</sup> | $248 | $254 |
| Bojangles Issuer LLC 2024-1A, A2 144A<br> 6.584%, 11/20/54<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1070 |
| BXG Receivables Note Trust 2023-A, A 144A<br> 5.770%, 11/15/38<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, B 144A<br> 5.080%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 4.890%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1209 |
| Commercial Equipment Finance LLC 2024-1A, A 144A<br> 5.970%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 443 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;2023-2, B 144A<br> 6.410%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 473 |
| Diamond Resorts Owner Trust 2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.270%, 5/15/41<sup>(1)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 4.600%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 670 |
| Hardee's Funding LLC 2024-1A, A2 144A<br> 7.253%, 3/20/54<sup>(1)</sup> | &nbsp;&nbsp; 681 | &nbsp;&nbsp; 703 |
| HINNT LLC 2025-A, B 144A<br> 5.450%, 3/15/44<sup>(1)</sup> | &nbsp;&nbsp; 1093 | &nbsp;&nbsp; 1101 |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.636%, 2/15/55<sup>(1)</sup> | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 1114 |
| Libra Solutions LLC 2024-1A, A 144A<br> 5.880%, 9/30/38<sup>(1)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 958 |
| MAPS Trust 2021-1A, A 144A<br> 2.521%, 6/15/46<sup>(1)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 60 |
| MetroNet Infrastructure Issuer LLC 2024-1A, A2 144A<br> 6.230%, 4/20/54<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 582 |
| Momnt Technologies Trust 2023-1A, A 144A<br> 6.920%, 3/20/45<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| MVW LLC 2020-1A, A 144A<br> 1.740%, 10/20/37<sup>(1)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 94 |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A<br> 0.970%, 12/16/69<sup>(1)</sup> | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 122 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 344 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;2023-A, B 144A<br> 6.830%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp;2024-A, A2 144A<br> 5.150%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 681 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 6.370%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 290 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp;2023-3A, B 144A<br> 6.480%, 7/20/29<sup>(1)</sup> | $532 | $541 |
| OWN Equipment Fund I LLC 2024-2M, A 144A<br> 5.700%, 12/20/32<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1015 |
| PEAC Solutions Receivables LLC 2024-1A, B 144A<br> 5.790%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp; 757 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(1)</sup> | &nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp; 361 |
| PRET LLC 2024-NPL4, A1 144A<br> 6.996%, 7/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; 543 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR6, D 144A<br> 2.225%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;2024-SFR5, A 144A<br> 3.000%, 8/9/29<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 940 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES3, A1A 144A<br> 7.113%, 11/25/43<sup>(1)(4)</sup> | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 6.025%, 2/25/44<sup>(1)(4)</sup> | &nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp; 401 |
| Reach ABS Trust 2024-2A, B 144A<br> 5.840%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1012 |
| Retained Vantage Data Centers Issuer LLC 2024-1A, A2 144A<br> 4.992%, 9/15/49<sup>(1)</sup> | &nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp; 1238 |
| Sierra Timeshare Receivables Funding LLC 2023-2A, B 144A<br> 6.280%, 4/20/40<sup>(1)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 126 |
| Switch ABS Issuer LLC 2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(1)</sup> | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 1269 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(1)</sup> | &nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 928 |
| Towd Point Mortgage Trust 2024-CES1, A1A 144A<br> 5.848%, 1/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 687 | &nbsp;&nbsp;&nbsp; 689 |
| Trafigura Securitisation Finance plc 2024-1A, A2 144A<br> 5.980%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp;&nbsp; 1225 |
| Tricon Residential Trust 2024-SFR3, A 144A<br> 4.500%, 8/17/41<sup>(1)</sup> | &nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 342 |
| TSC SPV Funding LLC 2024-1A, A2 144A<br> 6.291%, 8/20/54<sup>(1)</sup> | &nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp; 859 |
| USQ Rail III LLC 2024-1A, A 144A<br> 4.990%, 9/28/54<sup>(1)</sup> | &nbsp;&nbsp; 963 | &nbsp;&nbsp;&nbsp; 968 |
| VFI ABS LLC 2023-1A, A 144A<br> 7.270%, 3/26/29<sup>(1)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 81 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 351 |
|  |  | &nbsp;&nbsp;&nbsp; 35025 |
| **Total Asset-Backed Securities<br> (Identified Cost $55,859)** | **Total Asset-Backed Securities<br> (Identified Cost $55,859)** | &nbsp;&nbsp;&nbsp;&nbsp; **56289** |
| **Corporate Bonds and Notes—31.6%** | **Corporate Bonds and Notes—31.6%** | **Corporate Bonds and Notes—31.6%** |
| **Communication Services—0.5%** | **Communication Services—0.5%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 649 |
| CSC Holdings LLC 144A<br> 11.750%, 1/31/29<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 290 |
| DIRECTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 718 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| Sprint Capital Corp.<br> 8.750%, 3/15/32 | $425 | $516 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 304 |
|  |  | &nbsp;&nbsp; 2500 |
| **Consumer Discretionary—1.9%** | **Consumer Discretionary—1.9%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 823 |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/11/32<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;144A 5.950%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp;144A 5.800%, 4/15/34<sup>(1)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 542 |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 533 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| Dick's Sporting Goods, Inc.<br> 4.100%, 1/15/52 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 775 |
| DR Horton, Inc.<br> 5.500%, 10/15/35 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1283 |
| Ford Motor Co.<br> 4.750%, 1/15/43 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 85 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, 5/12/28 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 254 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, 3/15/35 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 893 | &nbsp;&nbsp; 860 |
| Newell Brands, Inc.<br> 6.375%, 9/15/27 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 811 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 301 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
| PetSmart, Inc. 144A<br> 7.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 777 |
| Sodexo, Inc. 144A<br> 5.800%, 8/15/35<sup>(1)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1329 |
|  |  | &nbsp;&nbsp; 9899 |
| **Consumer Staples—1.6%** | **Consumer Staples—1.6%** |  |
| Anheuser-Busch Cos. LLC<br> 4.900%, 2/1/46 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 220 |
| Anheuser-Busch InBev Worldwide, Inc.<br> 5.550%, 1/23/49 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 700 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 10/19/32 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;4.390%, 8/15/37 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;4.758%, 9/6/49 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 202 |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 711 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 572 |
| Mars, Inc. 144A<br> 5.700%, 5/1/55<sup>(1)</sup> | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1212 |
| Philip Morris International, Inc.<br> 4.900%, 11/1/34 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1035 |
| Pilgrim's Pride Corp.<br> 6.250%, 7/1/33 | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 1186 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/15/32<sup>(1)</sup> | $855 | $879 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 378 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 534 |
|  |  | &nbsp;&nbsp; 8308 |
| **Energy—3.6%** | **Energy—3.6%** |  |
| BP Capital Markets plc<br> 4.875% <sup>(5)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1277 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 296 |
| Columbia Pipelines Operating Co. LLC 144A<br> 6.036%, 11/15/33<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 362 |
| Diamondback Energy, Inc.<br> 5.900%, 4/18/64 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 884 |
| Enbridge, Inc.<br> 8.500%, 1/15/84 | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 845 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(5)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;Series H<br> 6.500%<sup>(5)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 231 |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, 1/15/36 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;5.650%, 12/1/54 | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 971 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1102 |
| Florida Gas Transmission Co. LLC 144A<br> 5.750%, 7/15/35<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 553 |
| Genesis Energy LP<br> 8.875%, 4/15/30 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 547 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(1)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 964 |
| HF Sinclair Corp.<br> 6.250%, 1/15/35 | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1086 |
| KazMunayGas National Co. JSC 144A<br> 5.750%, 4/19/47<sup>(1)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 139 |
| Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 1/15/38 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;7.500%, 11/15/40 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 246 |
| Kinder Morgan, Inc.<br> 5.850%, 6/1/35 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 508 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 575 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 464 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, 10/1/34 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp;6.200%, 3/15/40 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 597 |
| Pertamina Persero PT 144A<br> 6.450%, 5/30/44<sup>(1)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 646 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 601 |
| &nbsp;&nbsp;&nbsp;6.840%, 1/23/30 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 127 |
| QatarEnergy 144A<br> 2.250%, 7/12/31<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 275 |
| Reliance Industries Ltd. 144A<br> 2.875%, 1/12/32<sup>(1)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 470 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Saudi Arabian Oil Co. 144A<br> 5.250%, 7/17/34<sup>(1)</sup> | $850 | $856 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.500%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 629 |
| Western Midstream Operating LP<br> 5.250%, 2/1/50 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 790 |
| Williams Cos., Inc. (The)<br> 5.150%, 3/15/34 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1008 |
|  |  | &nbsp;&nbsp; 18654 |
| **Financials—13.8%** | **Financials—13.8%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, 1/30/32 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 486 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.350%, 9/6/53<sup>(1)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 628 |
| &nbsp;&nbsp;&nbsp;144A 5.600%, 9/3/54<sup>(1)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 379 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.526%, 8/15/53<sup>(4)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 545 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.737%, 5/15/29 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;5.543%, 1/17/31 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1060 |
| American Express Co.<br> 5.625%, 7/28/34 | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 1825 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 846 |
| Apollo Global Management, Inc.<br> 6.000%, 12/15/54<sup>(2)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 946 |
| Ascent Resources Utica Holdings LLC 144A<br> 6.625%, 7/15/33<sup>(1)</sup> | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 213 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 597 |
| Australia & New Zealand Banking Group Ltd. 144A<br> 5.816%, 6/18/36<sup>(1)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1041 |
| Avolon Holdings Funding Ltd. 144A<br> 5.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1085 |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;144A 6.450%, 7/30/35<sup>(1)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 151 |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(1)(5)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 248 |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(1)(5)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 216 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.687%, 4/22/32 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;2.972%, 2/4/33 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;5.288%, 4/25/34 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;5.518%, 10/25/35 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 700 |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.834%, 10/25/33 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;Series G<br> 4.700%<sup>(5)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 668 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.437%, 11/2/33 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp;5.335%, 9/10/35 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 258 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 192 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| BlackRock Funding, Inc.<br> 5.250%, 3/14/54 | $1005 | $964 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 7/16/29 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp;6.000%, 11/22/34 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 499 |
| Block, Inc.<br> 6.500%, 5/15/32 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 289 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 247 |
| Blue Owl Finance LLC<br> 3.125%, 6/10/31 | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 1398 |
| BNSF Funding Trust I<br> 6.613%, 12/15/55 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 527 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.003%, 10/19/34<sup>(1)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;144A 6.915%, 1/14/46<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 136 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.359%, 7/29/32 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;6.377%, 6/8/34 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 862 |
| Capital Power U.S. Holdings, Inc. 144A<br> 6.189%, 6/1/35<sup>(1)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1145 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.136%, 8/24/34 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(5)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 441 |
| Charter Communications Operating LLC<br> 4.800%, 3/1/50 | &nbsp;&nbsp; 1365 | &nbsp;&nbsp; 1092 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, 3/20/30 | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp;6.270%, 11/17/33 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp;6.174%, 5/25/34 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(5)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 508 |
| Citizens Financial Group, Inc.<br> 5.718%, 7/23/32 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 300 |
| Corebridge Financial, Inc.<br> 6.375%, 9/15/54 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1032 |
| CRH America Finance, Inc.<br> 5.400%, 5/21/34 | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1082 |
| Deutsche Bank AG<br> 5.403%, 9/11/35 | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1293 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 276 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 964 |
| Fifth Third Bancorp<br> 4.337%, 4/25/33 | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 869 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| Ford Motor Credit Co. LLC<br> 6.500%, 2/7/35 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 354 |
| Foundry JV Holdco LLC 144A<br> 5.875%, 1/25/34<sup>(1)</sup> | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1011 |
| Gallagher (Arthur J.) & Co.<br> 5.550%, 2/15/55 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1055 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 177 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.330%, 7/23/35 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1226 |
| &nbsp;&nbsp;&nbsp;6.450%, 5/1/36 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 155 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.375%, 7/1/34 | $1051 | $1051 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.709%, 2/2/35 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;6.141%, 11/18/39 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 627 |
| Icon Investments Six DAC<br> 6.000%, 5/8/34 | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1318 |
| Imperial Brands Finance plc 144A<br> 5.875%, 7/1/34<sup>(1)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 892 |
| JH North America Holdings, Inc. 144A<br> 6.125%, 7/31/32<sup>(1)</sup> | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1296 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.956%, 5/13/31 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;5.717%, 9/14/33 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 453 |
| &nbsp;&nbsp;&nbsp;5.350%, 6/1/34 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;6.254%, 10/23/34 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;1.953%, 2/4/32 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 594 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;4.789%, 6/1/33 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;6.401%, 3/6/35 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 261 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 443 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 518 |
| MetLife, Inc. Series G<br> 3.850% <sup>(5)</sup> | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1278 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 4/21/34 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;5.424%, 7/21/34 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp;5.948%, 1/19/38 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 389 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 765 |
| National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)<br> 7.451%, 4/30/43<sup>(4)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
| NatWest Group plc<br> 6.475%, 6/1/34 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1052 |
| NextEra Energy Capital Holdings, Inc.<br> 6.500%, 8/15/55 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 854 |
| Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 9/13/53<sup>(1)</sup> | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 839 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 4/30/55<sup>(1)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 393 |
| Northern Trust Corp.<br> 3.375%, 5/8/32 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1111 |
| OneMain Finance Corp.<br> 6.750%, 3/15/32 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 601 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 47 |
| Petronas Capital Ltd. 144A<br> 5.848%, 4/3/55<sup>(1)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 350 |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1149 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/1/53 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;6.500%, 3/15/54 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 483 |
| QXO Building Products, Inc. 144A<br> 6.750%, 4/30/32<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 772 |
| Rocket Cos., Inc. 144A<br> 6.375%, 8/1/33<sup>(1)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 261 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Societe Generale S.A. 144A<br> 6.066%, 1/19/35<sup>(1)</sup> | $995 | $1025 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.584%, 10/1/34<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp;144A 6.176%, 10/1/54<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 413 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, 11/21/34 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1116 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(5)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 418 |
| Stellantis Finance U.S., Inc. 144A<br> 6.450%, 3/18/35<sup>(1)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 683 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 7/23/25 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;3.700%, 8/4/26 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 131 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 320 |
| Toll Brothers Finance Corp.<br> 5.600%, 6/15/35 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 242 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 882 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, 1/26/34 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp;5.867%, 6/8/34 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 606 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;4.967%, 7/22/33 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;5.424%, 2/12/36 | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1157 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(1)(5)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;144A 4.988%, 8/5/33<sup>(1)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 817 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%<sup>(5)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp;5.389%, 4/24/34 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;6.491%, 10/23/34 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 410 |
|  |  | &nbsp;&nbsp; 72507 |
| **Health Care—2.0%** | **Health Care—2.0%** |  |
| Amgen, Inc.<br> 5.650%, 3/2/53 | &nbsp;&nbsp; 1063 | &nbsp;&nbsp; 1038 |
| Community Health Systems, Inc. 144A<br> 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 825 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, 3/25/48 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/21/53 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp;6.750%, 12/10/54 | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 683 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1009 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 6/1/33 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;5.600%, 4/1/34 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;5.450%, 9/15/34 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;5.250%, 6/15/49 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;6.000%, 4/1/54 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 262 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 5/15/28 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;6.250%, 2/1/29 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 763 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 239 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(1)(6)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; — |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 9/2/34 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 897 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp;3.350%, 9/2/51 | $350 | $227 |
| Smith & Nephew plc<br> 5.400%, 3/20/34 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1136 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, 1/15/32 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp;5.050%, 10/15/34 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 534 |
| Viatris, Inc. 144A<br> 2.300%, 6/22/27<sup>(1)</sup> | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 10665 |
| **Industrials—2.7%** | **Industrials—2.7%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 664 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 11/1/27<sup>(1)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 10/25/28<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 4/10/30<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 490 |
| Boeing Co. (The)<br> 5.930%, 5/1/60 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 869 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(1)</sup> | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 719 |
| Builders FirstSource, Inc. 144A<br> 6.375%, 3/1/34<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 484 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 845 |
| Delta Air Lines Pass-Through Trust 2015-1, AA<br> 3.625%, 1/30/29 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 354 |
| DP World Ltd. 144A<br> 6.850%, 7/2/37<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 191 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 219 |
| Herc Holdings, Inc. 144A<br> 7.250%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 236 |
| Huntington Ingalls Industries, Inc.<br> 5.749%, 1/15/35 | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1093 |
| Icahn Enterprises LP<br> 5.250%, 5/15/27 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 194 |
| Ingersoll Rand, Inc.<br> 5.700%, 8/14/33 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1278 |
| L3Harris Technologies, Inc.<br> 5.400%, 7/31/33 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1058 |
| New York State Electric & Gas Corp. 144A<br> 5.850%, 8/15/33<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 566 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 123 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1351 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 281 |
| Sempra Infrastructure Partners LP 144A<br> 3.250%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 289 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 166 |
| United Airlines Pass-Through Trust 2023-1, A<br> 5.800%, 7/15/37 | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 373 |
| United Airlines Pass-Through-Trust 2024-1, AA<br> 5.450%, 8/15/38 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 600 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Veralto Corp.<br> 5.450%, 9/18/33 | $1110 | $1145 |
|  |  | &nbsp;&nbsp; 14424 |
| **Information Technology—1.4%** | **Information Technology—1.4%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 8/4/33 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 9/1/28<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 264 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, 11/15/31 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp;144A 3.137%, 11/15/35<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 607 |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 342 |
| Gartner, Inc. 144A<br> 3.750%, 10/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1488 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| IQVIA, Inc. 144A<br> 6.250%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |
| Leidos, Inc.<br> 2.300%, 2/15/31 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 416 |
| Marvell Technology, Inc.<br> 5.450%, 7/15/35 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1042 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/9/32 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;6.900%, 11/9/52 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;5.550%, 2/6/53 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;3.850%, 4/1/60 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 7133 |
| **Materials—1.3%** | **Materials—1.3%** |  |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(1)</sup> | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 829 |
| Berry Global, Inc.<br> 5.650%, 1/15/34 | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1393 |
| Corp. Nacional del Cobre de Chile 144A<br> 5.950%, 1/8/34<sup>(1)</sup> | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 790 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.850%, 4/27/31<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;144A 5.634%, 4/4/34<sup>(1)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1106 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 573 |
| Smurfit Kappa Treasury ULC<br> 5.777%, 4/3/54 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 967 |
| Sonoco Products Co.<br> 5.000%, 9/1/34 | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 968 |
| Windsor Holdings III LLC 144A<br> 8.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 193 |
|  |  | &nbsp;&nbsp; 7022 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| NNN REIT, Inc.<br> 5.500%, 6/15/34 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 999 |
| Safehold GL Holdings LLC<br> 5.650%, 1/15/35 | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1294 |
|  |  | &nbsp;&nbsp; 2293 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—2.4%** | **Utilities—2.4%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | $335 | $345 |
| Black Hills Corp.<br> 6.150%, 5/15/34 | &nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp; 971 |
| Brooklyn Union Gas Co. (The) 144A<br> 4.866%, 8/5/32<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 343 |
| CMS Energy Corp.<br> 4.750%, 6/1/50 | &nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp; 1156 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 5/15/55 | &nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp;Series B<br> 7.000%, 6/1/54 | &nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 408 |
| Electricite de France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 5/23/33<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;144A 6.900%, 5/23/53<sup>(1)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp; 806 |
| Enel Finance International N.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 6/26/34<sup>(1)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp; 545 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; 740 |
| Entergy Texas, Inc.<br> 5.800%, 9/1/53 | &nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 448 |
| Ferrellgas LP 144A<br> 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 550 |
| KeySpan Gas East Corp. 144A<br> 5.994%, 3/6/33<sup>(1)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp; 722 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 32 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 125 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp; 708 |
| PacifiCorp<br> 5.800%, 1/15/55 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 478 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A<br> 5.450%, 5/21/28<sup>(1)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 149 |
| Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.379%, 6/15/28 | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;4.224%, 3/15/32 | &nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp; 916 |
| Southern California Edison Co.<br> 6.000%, 1/15/34 | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 656 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(5)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 167 |
| Vistra Operations Co. LLC 144A<br> 5.700%, 12/30/34<sup>(1)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 896 |
|  |  | &nbsp;&nbsp;&nbsp; 12617 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $163,709)** | **Total Corporate Bonds and Notes<br> (Identified Cost $163,709)** | &nbsp;&nbsp;&nbsp;&nbsp;**166022** |
| **Leveraged Loans—4.2%** | **Leveraged Loans—4.2%** | **Leveraged Loans—4.2%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| American Airlines, Inc. (3 month Term SOFR + 2.250%)<br> 6.522%, 4/20/28<sup>(4)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 332 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(4)</sup> | &nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp; 517 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(4)</sup> | $196 | $197 |
| TransDigm, Inc. Tranche J (3 month Term SOFR + 2.500%)<br> 6.796%, 2/28/31<sup>(4)</sup> | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 315 |
|  |  | &nbsp;&nbsp; 1361 |
| **Chemicals—0.0%** | **Chemicals—0.0%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.577%, 2/18/30<sup>(4)</sup> | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 186 |
| **Consumer Durables—0.0%** | **Consumer Durables—0.0%** |  |
| Skechers U.S.A., Inc. 2025, Tranche B, First Lien<br> 0.000%, 6/25/32<sup>(4)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| **Consumer Non-Durables—0.0%** | **Consumer Non-Durables—0.0%** |  |
| Energizer Holdings, Inc. 2025, Tranche B (1 month Term SOFR + 2.000%)<br> 6.321%, 3/13/32<sup>(4)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 205 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.256%, 10/15/31<sup>(4)</sup> | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 390 |
| Freeport LNG Investments LLP 2025, Tranche B (1 month Term SOFR + 3.250%)<br> 7.522%, 12/21/28<sup>(4)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 294 |
| GIP Pilot Acquisition Partners LP (3 month Term SOFR + 2.000%)<br> 6.277%, 10/4/30<sup>(4)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 495 |
| Hilcorp Energy I LP Tranche B (1 month Term SOFR + 2.000%)<br> 6.314%, 2/5/30<sup>(4)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 154 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500% - 3 month PRIME + 2.500%)<br> 10.000%, 11/6/31<sup>(4)</sup> | &nbsp;&nbsp; 551 | &nbsp;&nbsp; 550 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.572%, 10/5/28<sup>(4)</sup> | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 457 |
| Whitewater DBR Holdco LLC Tranche C (3 month Term SOFR + 2.250%)<br> 6.562%, 3/3/31<sup>(4)</sup> | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 2464 |
| **Financials—0.3%** | **Financials—0.3%** |  |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(4)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 492 |
| HUB International Ltd. 2025 (3 month Term SOFR + 2.497%)<br> 6.769%, 6/20/30<sup>(4)</sup> | &nbsp;&nbsp; 382 | &nbsp;&nbsp; 383 |
| Truist Insurance Holdings LLC 2024, Tranche B (3 month Term SOFR + 2.750%)<br> 7.046%, 5/6/31<sup>(4)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 535 |
|  |  | &nbsp;&nbsp; 1410 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—0.3%** | **Food / Tobacco—0.3%** |  |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.210%, 8/2/28<sup>(4)</sup> | $145 | $23 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.474%, 8/2/28<sup>(4)</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;(3-6 month Term SOFR + 4.400%)<br> 8.710% - 8.723%, 8/2/28<sup>(4)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 35 |
| Froneri International Ltd. Tranche B-4 (6 month Term SOFR + 2.000%)<br> 6.237%, 9/17/31<sup>(4)</sup> | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 458 |
| JBT Marel Corp. (1 month Term SOFR + 2.100%)<br> 6.427%, 1/2/32<sup>(4)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 310 |
| Red SPV LLC (1 month Term SOFR + 2.250%)<br> 6.562%, 3/15/32<sup>(4)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 464 |
| Sazerac Co., Inc. Tranche B<br> 0.000%, 6/26/32<sup>(4)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 255 |
|  |  | &nbsp;&nbsp; 1611 |
| **Forest Prod / Containers—0.1%** | **Forest Prod / Containers—0.1%** |  |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.691%, 3/3/28<sup>(4)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 324 |
| **Gaming / Leisure—0.2%** | **Gaming / Leisure—0.2%** |  |
| Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 2/6/30<sup>(4)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41 |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp;2024, Tranche B (3 month Term SOFR + 1.750%)<br> 6.046%, 11/30/30<sup>(4)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 2.000%)<br> 6.296%, 6/4/32<sup>(4)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 285 |
| Life Time, Inc. 2024 (3 month Term SOFR + 2.500%)<br> 6.535%, 11/5/31<sup>(4)</sup> | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 353 |
| UFC Holdings LLC Tranche B-4 (3 month Term SOFR + 2.250%)<br> 6.571%, 11/21/31<sup>(4)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 333 |
|  |  | &nbsp;&nbsp; 1282 |
| **Health Care—0.3%** | **Health Care—0.3%** |  |
| CHG Healthcare Services, Inc. (3 month Term SOFR + 3.000%)<br> 7.333%, 9/29/28<sup>(4)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 230 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.577%, 10/23/28<sup>(4)</sup> | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 467 |
| Phoenix Guarantor, Inc. Tranche B-5 (1 month Term SOFR + 2.500%)<br> 6.827%, 2/21/31<sup>(4)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 336 |
| Select Medical Corp. Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.327%, 12/3/31<sup>(4)</sup> | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 379 |
|  |  | &nbsp;&nbsp; 1412 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 12/17/31<sup>(4)</sup> | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 245 |
| Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.250%)<br> 6.577%, 4/14/31<sup>(4)</sup> | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 340 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| QXO Building Products, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.296%, 4/30/32<sup>(4)</sup> | $34 | $34 |
|  |  | &nbsp;&nbsp; 619 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| Boost Newco Borrower LLC Tranche B-2 (3 month Term SOFR + 2.000%)<br> 6.296%, 1/31/31<sup>(4)</sup> | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 490 |
| Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.327%, 1/31/31<sup>(4)</sup> | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 437 |
| UKG, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.311%, 2/10/31<sup>(4)</sup> | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 370 |
|  |  | &nbsp;&nbsp; 1297 |
| **Manufacturing—0.3%** | **Manufacturing—0.3%** |  |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(4)</sup> | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 484 |
| Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%)<br> 6.077%, 6/4/31<sup>(4)</sup> | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 466 |
| MV Holding GmbH Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 3/17/32<sup>(4)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 381 |
| Terex Corp. (1 month Term SOFR + 2.000%)<br> 6.327%, 10/8/31<sup>(4)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 381 |
|  |  | &nbsp;&nbsp; 1712 |
| **Media / Telecom - Broadcasting—0.2%** | **Media / Telecom - Broadcasting—0.2%** |  |
| EOC Borrower LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 3/24/32<sup>(4)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 195 |
| Nexstar Media, Inc. Tranche B<br> 0.000%, 6/24/32<sup>(4)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 474 |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.941%, 1/31/29<sup>(4)</sup> | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 503 |
|  |  | &nbsp;&nbsp; 1172 |
| **Media / Telecom - Cable/Wireless Video—0.4%** | **Media / Telecom - Cable/Wireless Video—0.4%** |  |
| Charter Communications Operating LLC Tranche B-5 (3 month Term SOFR + 2.250%)<br> 6.548%, 12/15/31<sup>(4)</sup> | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 468 |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.577%, 9/18/30<sup>(4)</sup> | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 467 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.791%, 8/2/29<sup>(4)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 268 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.926%, 1/31/28<sup>(4)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 651 |
|  |  | &nbsp;&nbsp; 1854 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Diversified Media—0.1%** | **Media / Telecom - Diversified Media—0.1%** |  |
| Formula One Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 9/30/31<sup>(4)</sup> | $135 | $135 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.000%)<br> 6.296%, 9/19/31<sup>(4)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 270 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)<br> 9.330%, 4/11/29<sup>(4)</sup> | &nbsp;&nbsp; —<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp;&nbsp; 406 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.250%)<br> 6.577%, 6/11/31<sup>(4)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 159 |
| PetsMart LLC (1 month Term SOFR + 3.850%)<br> 8.177%, 2/11/28<sup>(4)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 157 |
|  |  | &nbsp;&nbsp;&nbsp; 316 |
| **Service—0.3%** | **Service—0.3%** |  |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.577%, 9/29/31<sup>(4)</sup> | &nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp; 471 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/24/28<sup>(4)</sup> | &nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 445 |
| Prime Security Services Borrower LLC Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.320%, 10/13/30<sup>(4)</sup> | &nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp; 377 |
| TransUnion Intermediate Holdings, Inc. Tranche B-9 (1 month Term SOFR + 1.750%)<br> 6.077%, 6/24/31<sup>(4)</sup> | &nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 403 |
|  |  | &nbsp;&nbsp;&nbsp; 1696 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.049%, 10/16/31<sup>(4)</sup> | &nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp; 458 |
| Clarios Global LP (1 month Term SOFR + 2.750%)<br> 7.077%, 1/28/32<sup>(4)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 405 |
|  |  | &nbsp;&nbsp;&nbsp; 863 |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Astoria Energy LLC Tranche B<br> 0.000%, 6/16/32<sup>(4)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 300 |
| Calpine Corp. Tranche B-10 (1 month Term SOFR + 1.750%)<br> 6.077%, 1/31/31<sup>(4)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 639 |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(4)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 166 |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.574%, 1/27/31<sup>(4)</sup> | &nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp; 529 |
|  |  | &nbsp;&nbsp;&nbsp; 1634 |
| **Total Leveraged Loans<br> (Identified Cost $22,072)** | **Total Leveraged Loans<br> (Identified Cost $22,072)** | &nbsp;&nbsp;&nbsp;&nbsp; **21965** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Virtus Newfleet ABS/MBS ETF<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93000 | $2283 |
| **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $2,262)** | **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $2,262)** | &nbsp;&nbsp;&nbsp;&nbsp; **2283** |
| **Total Long-Term Investments—97.1%<br> (Identified Cost $514,544)** | **Total Long-Term Investments—97.1%<br> (Identified Cost $514,544)** | &nbsp;&nbsp;&nbsp;&nbsp;**510057** |
| **Short-Term Investment—0.9%** | **Short-Term Investment—0.9%** | **Short-Term Investment—0.9%** |
| **Money Market Mutual Fund—0.9%** | **Money Market Mutual Fund—0.9%** | **Money Market Mutual Fund—0.9%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(8)</sup> | 4646281 | &nbsp;&nbsp;&nbsp; 4646 |
| **Total Short-Term Investment<br> (Identified Cost $4,646)** | **Total Short-Term Investment<br> (Identified Cost $4,646)** | &nbsp;&nbsp;&nbsp;&nbsp; **4646** |
| **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;415034 | &nbsp;&nbsp;&nbsp; 415 |
| **Total Securities Lending Collateral<br> (Identified Cost $415)** | **Total Securities Lending Collateral<br> (Identified Cost $415)** | &nbsp;&nbsp;&nbsp;&nbsp; **415** |
| **TOTAL INVESTMENTS—98.1%<br> (Identified Cost $519,605)** | **TOTAL INVESTMENTS—98.1%<br> (Identified Cost $519,605)** | &nbsp;&nbsp;**$515118** |
| Other assets and liabilities, net—1.9% | Other assets and liabilities, net—1.9% | &nbsp;&nbsp;&nbsp;&nbsp; 10170 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$525288** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</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 June 30, 2025, these securities amounted to a value of $209,397 or 39.9% of net assets. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | Amount is less than $500 (not in thousands). |

---

<sup>(4)</sup> Variable rate security. Rate disclosed is as of June 30, 2025. 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> No contractual maturity date.

<sup>(6)</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>(7)</sup> Affiliated investment.

<sup>(8)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(9)</sup> Represents security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Core Plus Bond Fund

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

#### June 30, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of June 30, 2025, 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> June 30, 2025 | &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;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 | &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;4646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &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;$515118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$507774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

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 June 30, 2025.

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET CORE PLUS BOND FUND

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

#### June 30, 2025

#### Note 1. Security Valuation
The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

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

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

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

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

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

Listed derivatives, such as options, 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.

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

## 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 Opportunities Trust

- **b. Investment Company Act file number:** 811-07455

- **c. CIK number of Registrant:** 0001005020

- **d. LEI of Registrant:** 549300O4C4QVD88M4N75

- **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 Newfleet Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000001336

- **c. LEI of Series:** 549300U1U6DG3SZD7A72

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $527535820.42

**Total Liabilities:** $5888281.25

**Net Assets:** $521647539.17

**Delayed Delivery Securities:** $189842.30

**Cash Not Reported:** $4019531.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1.07501798 | **1-Year:** -16.79008357 | **5-Year:** -6428.97062000 | **10-Year:** -54707.54279000 | **30-Year:** -114675.40220000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -4548.80030800 | **10-Year:** -11697.58087000 | **30-Year:** -6406.19616400

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003572 | 0.01%                | -0.18%               | 1.59%                |
| Class ID C000176707 | 0.04%                | -0.14%               | 1.60%                |
| Class ID C000003575 | 0.03%                | -0.05%               | 1.59%                |
| Class ID C000003574 | -0.07%               | -0.16%               | 1.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-594959.79              | $-1438942.03                               |
| Month 2  | $-1367.97                | $-2686921.16                               |
| Month 3  | $96459.94                | $6110705.12                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    515000 | PA      | $502055.06    | 0.10%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                       | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    995000 | PA      | $1011047.36   | 0.19%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    162516 | PA      | $158859.04    | 0.03%             | 2031-06-11      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    945000 | PA      | $1072527.66   | 0.21%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61752 | PA      | $56820.39     | 0.01%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                | Enbridge Inc                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    759000 | PA      | $845046.31    | 0.16%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    309000 | PA      | $312244.50    | 0.06%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2020-SFR2 Trust                                                            | CUSIP: 00178UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249412.83    | 0.05%             | 2037-07-17      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1300000 | PA      | $1292771.06   | 0.25%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2023-A                                               | CUSIP: 123919AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199927 | PA      | $203608.59    | 0.04%             | 2038-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                                                      | PAR PHARMACEUTICAL INC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| MOLINA HEALTHCARE INC                                                       | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    235000 | PA      | $239206.18    | 0.05%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLACKROCK FUNDING INC                                                       | BlackRock Funding Inc                                                           | CUSIP: 09290DAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1005000 | PA      | $963803.05    | 0.18%             | 2054-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                       | QUIKRETE HOLDINGS INC                                                           | CUSIP: 74839XAM1<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    340790 | PA      | $340032.98    | 0.07%             | 2031-04-14      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    155000 | PA      | $160347.50    | 0.03%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5910000 | PA      | $2838646.88   | 0.54%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    455000 | PA      | $468113.82    | 0.09%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                         | Dominion Energy Inc                                                             | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    505000 | PA      | $512510.87    | 0.10%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05571ABB0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    130000 | PA      | $135579.30    | 0.03%             | 2046-01-14      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                    | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    595000 | PA      | $550475.85    | 0.11%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                        | Enel Finance International NV                                                   | CUSIP: 29278GBE7<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    535000 | PA      | $545213.00    | 0.10%             | 2034-06-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                                            | Insight Enterprises Inc                                                         | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46356.12     | 0.01%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                    | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    810000 | PA      | $862328.76    | 0.17%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT                                                     | United Airlines 2023-1 Class A Pass Through Trust                               | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365885 | PA      | $373205.57    | 0.07%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan                                              | Trafigura Securitisation Finance PLC                                            | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   1205000 | PA      | $1224610.17   | 0.23%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    170000 | PA      | $151021.12    | 0.03%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    675000 | PA      | $682378.76    | 0.13%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2022-1 Trust                                                              | CUSIP: 92838CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    362347 | PA      | $360972.38    | 0.07%             | 2057-08-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    800000 | PA      | $810741.60    | 0.16%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                                            | DP World Ltd/United Arab Emirates                                               | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    175000 | PA      | $190914.06    | 0.04%             | 2037-07-02      | Fixed         | 6.85%                 | 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        |    340000 | PA      | $333322.54    | 0.06%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    475000 | PA      | $440638.11    | 0.08%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAC7<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $214207.69    | 0.04%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    280000 | PA      | $288882.44    | 0.06%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                                        | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    220000 | PA      | $149160.00    | 0.03%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                                                    | Kraken Oil & Gas Partners LLC                                                   | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    585000 | PA      | $574719.15    | 0.11%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                    | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    455000 | PA      | $443078.41    | 0.08%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2022-5                                                 | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1476776 | PA      | $1458881.68   | 0.28%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-HY2                                              | CUSIP: 89177HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100360.91    | 0.02%             | 2058-05-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3155000 | PA      | $3006616.41   | 0.58%             | 2054-11-15      | Fixed         | 4.50%                 | 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        |     97200 | PA      | $84240.43     | 0.02%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2435000 | PA      | $2321144.73   | 0.44%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                                   | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1140000 | PA      | $1161649.17   | 0.22%             | 2041-03-11      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                 | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1244436 | PA      | $1249143.12   | 0.24%             | 2068-02-25      | Variable      | 6.46%                 | 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        |    371424 | PA      | $326386.23    | 0.06%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                     | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                     | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $219993.69    | 0.04%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2022-1                                                    | CUSIP: 042855AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $249891.45    | 0.05%             | 2056-12-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1351429.50   | 0.26%             | 2033-04-15      | Fixed         | 6.40%                 | 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        |    670000 | PA      | $668150.13    | 0.13%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129850 | PA      | $120437.71    | 0.02%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1420000 | PA      | $1159185.93   | 0.22%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-4 Mortgage Loan Trust                                                 | CUSIP: 12598WAA0<br>LEI: 213800EHDFO4A3F7P416 | Long             | ABS-MBS          | CORP              | US        |   1110936 | PA      | $1128384.27   | 0.22%             | 2068-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    740000 | PA      | $800664.63    | 0.15%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    345000 | PA      | $347985.74    | 0.07%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2024-RPL1 Trust                                                            | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410278 | PA      | $395447.35    | 0.08%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    590000 | PA      | $601096.72    | 0.12%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance                                                | Commercial Equipment Finance 2024-1 LLC                                         | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    439115 | PA      | $443376.93    | 0.08%             | 2029-07-16      | Fixed         | 5.97%                 | 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        |    670000 | PA      | $649097.57    | 0.12%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9175000 | PA      | $8369320.31   | 1.60%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                                       | Nippon Life Insurance Co                                                        | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    815000 | PA      | $838611.17    | 0.16%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2024-NQM3                                   | CUSIP: 647910AC2<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |    377454 | PA      | $378228.03    | 0.07%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2185000 | PA      | $2205399.03   | 0.42%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                                       | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $125375.38    | 0.02%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                                    | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    148000 | PA      | $150871.20    | 0.03%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                                       | Nippon Life Insurance Co                                                        | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    380000 | PA      | $393370.68    | 0.08%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    450000 | PA      | $449235.00    | 0.09%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC                                                  | Applebee's Funding LLC / IHOP Funding LLC                                       | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1044000 | PA      | $1059103.76   | 0.20%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                                     | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    565000 | PA      | $572792.63    | 0.11%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWHU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1168086 | PA      | $1189082.17   | 0.23%             | 2053-07-01      | Fixed         | 6.00%                 | 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        |    797967 | PA      | $718708.69    | 0.14%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES2                                                   | CUSIP: 748956AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722097 | PA      | $729626.80    | 0.14%             | 2043-09-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM9 Trust                                                             | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |    412581 | PA      | $416150.25    | 0.08%             | 2064-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                                    | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2010000 | PA      | $2029824.83   | 0.39%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    715000 | PA      | $659587.50    | 0.13%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31384VW81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       151 | PA      | $156.96       | 0.00%             | 2030-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2024-1                             | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    704000 | PA      | $721109.80    | 0.14%             | 2030-06-17      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |   1033617 | PA      | $1041722.25   | 0.20%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31412YFP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28607 | PA      | $29452.94     | 0.01%             | 2036-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    751077 | PA      | $762439.18    | 0.15%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQJE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2337164 | PA      | $2107540.94   | 0.40%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                                                             | DR Horton Inc                                                                   | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1283001.22   | 0.25%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                                       | CITADEL SECURITIES LP                                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    489923 | PA      | $491701.66    | 0.09%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc                                                | Hardee's Funding LLC                                                            | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    681375 | PA      | $702916.47    | 0.13%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                               | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |    293935 | PA      | $293752.58    | 0.06%             | 2028-12-21      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                         | Synchrony Financial                                                             | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    132000 | PA      | $130754.75    | 0.03%             | 2026-08-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1530987 | PA      | $1497434.63   | 0.29%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                                         | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1008593.20   | 0.19%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2015-1AA                                                    | Delta Air Lines 2015-1 Class AA Pass Through Trust                              | CUSIP: 24736XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360799 | PA      | $353970.50    | 0.07%             | 2027-07-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $273488.65    | 0.05%             | 2055-04-25      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XLRM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1403972 | PA      | $1216227.87   | 0.23%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                                            | ENDEAVOR OPERATING CO LLC                                                       | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    195000 | PA      | $195060.45    | 0.04%             | 2032-03-24      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1765000 | PA      | $1797817.97   | 0.34%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                            | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    398000 | PA      | $460010.58    | 0.09%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    375000 | PA      | $381468.07    | 0.07%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                     | Flagstar Mortgage Trust 2017-1                                                  | CUSIP: 33850BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34278 | PA      | $31561.12     | 0.01%             | 2047-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    289200 | PA      | $284822.06    | 0.05%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                           | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    405000 | PA      | $405255.15    | 0.08%             | 2032-01-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255952.87    | 0.05%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                                       | Costa Rica Government International Bond                                        | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     65000 | PA      | $67297.75     | 0.01%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB2 Trust                                                             | CUSIP: 67118RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    704263 | PA      | $702968.11    | 0.13%             | 2053-04-25      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                                             | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1156454.04   | 0.22%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                    | Uruguay Government International Bond                                           | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    491000 | PA      | $452702.00    | 0.09%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                                                       | PHOENIX GUARANTOR INC                                                           | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    336236 | PA      | $337113.90    | 0.06%             | 2031-02-21      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-8                                                 | CUSIP: 03465MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    809137 | PA      | $718960.50    | 0.14%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| Astoria Energy LLC                                                          | ASTORIA ENERGY LLC                                                              | CUSIP: 04626LAJ8<br>LEI: 549300BXD26J7I0IPB62 | Long             | LON              | CORP              | US        |    300000 | PA      | $300000.00    | 0.06%             | 2032-06-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2023-1                                                 | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2072514 | PA      | $2056061.67   | 0.39%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES1                                                   | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    398637 | PA      | $400917.57    | 0.08%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                         | Northern Trust Corp                                                             | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1111434.11   | 0.21%             | 2032-05-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES1                                                   | CUSIP: 74935WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    441975 | PA      | $444366.31    | 0.09%             | 2043-06-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                                    | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    285000 | PA      | $280581.42    | 0.05%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $932182.11    | 0.18%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                                              | MetroNet Infrastructure Issuer LLC                                              | CUSIP: 59170JAG3<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    570000 | PA      | $582460.31    | 0.11%             | 2054-04-20      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc                                                           | NEXSTAR MEDIA INC                                                               | CUSIP: 65336RBB3<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    475000 | PA      | $473812.50    | 0.09%             | 2032-06-24      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDY7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    381000 | PA      | $376611.60    | 0.07%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    880000 | PA      | $896103.02    | 0.17%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5930000 | PA      | $5759512.50   | 1.10%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC                                                  | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    316000 | PA      | $313190.89    | 0.06%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    465000 | PA      | $455781.80    | 0.09%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    245000 | PA      | $261342.60    | 0.05%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    429000 | PA      | $437194.46    | 0.08%             | 2030-01-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| NY Commercial Mortgage Trust                                                | NY Commercial Mortgage Trust 2025-299P                                          | CUSIP: 62957FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $831282.16    | 0.16%             | 2047-02-10      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                           | NatWest Group PLC                                                               | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1005000 | PA      | $1052209.57   | 0.20%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                 | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1487855.86   | 0.29%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    385000 | PA      | $344762.38    | 0.07%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                   | Boeing Co/The                                                                   | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    914000 | PA      | $868813.65    | 0.17%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                                       | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $46743.80     | 0.01%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWG23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    338765 | PA      | $345348.35    | 0.07%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5564 | PA      | $5615.15      | 0.00%             | 2048-10-26      | Variable      | 4.92%                 | No            |                  2 | 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        |    135985 | PA      | $121667.19    | 0.02%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                                                            | ALLO Issuer LLC                                                                 | CUSIP: 01983KAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1215532.08   | 0.23%             | 2055-04-20      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-4                                                | CUSIP: 89178BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $218611.10    | 0.04%             | 2059-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                      | Taco Bell Funding LLC                                                           | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    928125 | PA      | $928110.43    | 0.18%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DPHB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1418596 | PA      | $1396828.19   | 0.27%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    532000 | PA      | $541045.28    | 0.10%             | 2029-07-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                | UBS Group AG                                                                    | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    820000 | PA      | $817330.03    | 0.16%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    555000 | PA      | $569715.45    | 0.11%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                    | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1097250 | PA      | $1114373.13   | 0.21%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    610000 | PA      | $596866.76    | 0.11%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWK77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5372031 | PA      | $5140210.34   | 0.99%             | 2054-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1357061 | PA      | $1350467.52   | 0.26%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS/MBS ETF                                                 | Virtus Newfleet ABS/MBS ETF                                                     | CUSIP: 92790A603<br>LEI: 549300OXQOLOW6OELM19 | Long             | EC               | RF                | US        |     93000 | NS      | $2283150.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    135000 | PA      | $135033.75    | 0.03%             | 2031-09-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB1 Trust                                                             | CUSIP: 67448MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    586592 | PA      | $577765.18    | 0.11%             | 2053-03-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                                       | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $717650.09    | 0.14%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31409VYN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13018 | PA      | $13298.26     | 0.00%             | 2036-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    820000 | PA      | $900877.22    | 0.17%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                                                             | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    354682 | PA      | $343564.91    | 0.07%             | 2051-07-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    322000 | PA      | $334618.99    | 0.06%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    465000 | PA      | $472992.28    | 0.09%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1225563.51   | 0.23%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                            | Berry Global Inc                                                                | CUSIP: 08576PAQ4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1393176.05   | 0.27%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES2                                      | CUSIP: 12674UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    720000 | PA      | $723596.09    | 0.14%             | 2060-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8635000 | PA      | $8405632.81   | 1.61%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $442014.09    | 0.08%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                                              | Qatar Government International Bond                                             | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    385000 | PA      | $376291.30    | 0.07%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2024-NPL4 LLC                                                              | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-O            | CORP              | US        |    542391 | PA      | $543239.53    | 0.10%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88115 | PA      | $87990.29     | 0.02%             | 2028-03-13      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC                                                          | Harbour Energy PLC                                                              | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    970000 | PA      | $964301.54    | 0.18%             | 2035-04-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                                         | Lightning Power LLC                                                             | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31573.52     | 0.01%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | A&D Mortgage Trust 2025-NQM2                                                    | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |    690053 | PA      | $694115.67    | 0.13%             | 2070-06-25      | Variable      | 5.79%                 | 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        |    280000 | PA      | $276026.65    | 0.05%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                                              | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    897000 | PA      | $906462.36    | 0.17%             | 2039-06-10      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DTGB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2899937 | PA      | $2903842.63   | 0.56%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ERA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1835820 | PA      | $1871967.90   | 0.36%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                                     | Reliance Industries Ltd                                                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    530000 | PA      | $469606.50    | 0.09%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| QXO Building Products Inc (f/k/a Beacon Roofing Supply Inc.)                | QXO INC                                                                         | CUSIP: 07368RAJ0<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |     34000 | PA      | $34202.64     | 0.01%             | 2032-04-30      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2021-1R Trust                                                             | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178547 | PA      | $165469.20    | 0.03%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| WEC Us Holdings Ltd.                                                        | WEC US HOLDINGS INC                                                             | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    528727 | PA      | $528684.98    | 0.10%             | 2031-01-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                        | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   1122000 | PA      | $1186268.16   | 0.23%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                                        | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1398523.77   | 0.27%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    615000 | PA      | $626930.27    | 0.12%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| JBT Marel Corporation (f/k/a John Bean Technologies Corporation)            | JOHN BEAN TECHNOLOGIES CORP                                                     | CUSIP: 47783YAP4<br>LEI: 5493007CT6ATBZ2L6826 | Long             | LON              | CORP              | US        |    309225 | PA      | $309998.06    | 0.06%             | 2032-01-02      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    584000 | PA      | $572904.00    | 0.11%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                                              | Foursight Capital Automobile Receivables Trust 2023-2                           | CUSIP: 35104AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100445 | PA      | $100911.97    | 0.02%             | 2028-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-1                             | CUSIP: 02531AAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $561838.03    | 0.11%             | 2030-01-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | Prudential Financial Inc                                                        | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    470000 | PA      | $482807.03    | 0.09%             | 2054-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                                    | Anheuser-Busch InBev Worldwide Inc                                              | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    705000 | PA      | $699652.54    | 0.13%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    344986 | PA      | $354803.28    | 0.07%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                                                     | Reinsurance Group of America Inc                                                | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    775000 | PA      | $772444.98    | 0.15%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    327267 | PA      | $319103.13    | 0.06%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE                                              | DREYFUS GOVERNMENT CASH MANAGE                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    415034 | NS      | $415033.53    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1230000 | PA      | $1245040.44   | 0.24%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                 | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    776000 | PA      | $790550.00    | 0.15%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    135000 | PA      | $114147.90    | 0.02%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cornerstone Generation, LLC                                                 | CORNERSTONE GENERATION L                                                        | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |    165000 | PA      | $165755.70    | 0.03%             | 2031-10-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                                      | Pertamina Persero PT                                                            | CUSIP: 69370PAA9<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    630000 | PA      | $645750.00    | 0.12%             | 2044-05-30      | Fixed         | 6.45%                 | 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        |    190000 | PA      | $186932.77    | 0.04%             | 2038-03-17      | Fixed         | 3.15%                 | No            |                  2 | 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        |    663434 | PA      | $663876.11    | 0.13%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trus                                              | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                              | CUSIP: 34461WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $659999.87    | 0.13%             | 2039-12-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    530000 | PA      | $542431.09    | 0.10%             | 2034-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                    | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAE2<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    610000 | PA      | $603570.61    | 0.12%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1825000 | PA      | $1706025.51   | 0.33%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ELV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5354110 | PA      | $4987969.80   | 0.96%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4155000 | PA      | $3794358.96   | 0.73%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    559000 | PA      | $556764.00    | 0.11%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                                     | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    162000 | PA      | $139410.72    | 0.03%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $417716.80    | 0.08%             | N/A             | Fixed         | 6.70%                 | 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        |     20223 | PA      | $19212.31     | 0.00%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                 | CAESARS ENTERTAIN INC                                                           | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |     40875 | PA      | $40793.25     | 0.01%             | 2030-02-06      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                    | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    816000 | PA      | $765362.47    | 0.15%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    738870 | PA      | $744340.27    | 0.14%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2021-5                                      | CUSIP: 85573QAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1366998 | PA      | $1167002.58   | 0.22%             | 2066-09-25      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                      | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |     15895 | PA      | $15453.34     | 0.00%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295544 | PA      | $295690.82    | 0.06%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    355000 | PA      | $306524.00    | 0.06%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    310000 | PA      | $311240.00    | 0.06%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                                    | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                         | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    250000 | PA      | $250832.00    | 0.05%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-A                                               | CUSIP: 22411CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $544547.83    | 0.10%             | 2030-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1092093.19   | 0.21%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     74000 | PA      | $74703.00     | 0.01%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                                           | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    738016 | PA      | $734825.23    | 0.14%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2024-A                                                       | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1025000 | PA      | $1018236.85   | 0.20%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1060000 | PA      | $1085206.80   | 0.21%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                    | Capital One Financial Corp                                                      | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    422000 | PA      | $357867.12    | 0.07%             | 2032-07-29      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                    | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    940000 | PA      | $790566.09    | 0.15%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                      | Williams Cos Inc/The                                                            | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1007679.51   | 0.19%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    226000 | PA      | $227412.50    | 0.04%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31415QMQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1152 | PA      | $1194.56      | 0.00%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                    | Uruguay Government International Bond                                           | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    346000 | PA      | $306556.00    | 0.06%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2015-6                                                | CUSIP: 89172RAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    635000 | PA      | $594894.04    | 0.11%             | 2055-04-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC (aka Protection 1 Security Solutions) | PRIME SECURITY SERVICES BOR                                                     | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |    377155 | PA      | $377154.75    | 0.07%             | 2030-10-13      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    215000 | PA      | $219012.76    | 0.04%             | N/A             | Fixed         | 7.12%                 | 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        |    355000 | PA      | $299585.42    | 0.06%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2020-P1                                          | CUSIP: 14687AAR9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    905000 | PA      | $894793.59    | 0.17%             | 2026-11-09      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    360000 | PA      | $325800.00    | 0.06%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    205000 | PA      | $209745.20    | 0.04%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita                                              | MSSG Trust 2017-237P                                                            | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1147000 | PA      | $1078614.14   | 0.21%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Veridian Auto Receivables Trus                                              | Veridian Auto Receivables Trust 2023-1                                          | CUSIP: 92347BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315000 | PA      | $318919.01    | 0.06%             | 2028-12-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                                              | RIDE 2025-SHRE                                                                  | CUSIP: 765692AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $912784.50    | 0.17%             | 2047-02-14      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231027.62    | 0.04%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                                    | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAG7<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    435000 | PA      | $413399.25    | 0.08%             | 2054-10-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1059683.77   | 0.20%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6110000 | PA      | $5457709.78   | 1.05%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                         | Southern California Edison Co                                                   | CUSIP: 842400ES8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    640000 | PA      | $655604.21    | 0.13%             | 2034-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    255000 | PA      | $253684.61    | 0.05%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-2                                      | CUSIP: 30168CAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70566 | PA      | $70612.31     | 0.01%             | 2027-09-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    940000 | PA      | $522948.43    | 0.10%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWF65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2647160 | PA      | $2654816.11   | 0.51%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                                     | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351525 | PA      | $360747.79    | 0.07%             | 2039-02-18      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    355000 | PA      | $354508.90    | 0.07%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-2                                        | CUSIP: 36269EAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353000 | PA      | $361013.03    | 0.07%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                         | Synchrony Financial                                                             | CUSIP: 87165BAG8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179877.98    | 0.03%             | 2025-07-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2023-2                                                 | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    232961 | PA      | $242813.89    | 0.05%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                      | Diamondback Energy Inc                                                          | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    955000 | PA      | $883881.67    | 0.17%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    124363 | PA      | $122467.05    | 0.02%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     60000 | PA      | $45120.00     | 0.01%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    535000 | PA      | $550395.61    | 0.11%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    455000 | PA      | $463609.52    | 0.09%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2020-1                                                    | CUSIP: 04285CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $763104.25    | 0.15%             | 2055-03-25      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                    | Benchmark 2023-B38 Mortgage Trust                                               | CUSIP: 081916AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $240464.62    | 0.05%             | 2056-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    973000 | PA      | $915703.50    | 0.18%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    485000 | PA      | $489580.48    | 0.09%             | 2030-04-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                                     | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    295000 | PA      | $301345.52    | 0.06%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                         | DT Auto Owner Trust 2023-3                                                      | CUSIP: 23345WAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203170.16    | 0.04%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215765 | PA      | $204535.82    | 0.04%             | 2065-05-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-4                             | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1052454.69   | 0.20%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | A&D Mortgage Trust 2023-NQM3                                                    | CUSIP: 00249FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1034450 | PA      | $1043272.93   | 0.20%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                                       | Nabors Industries Inc                                                           | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    470000 | PA      | $464123.97    | 0.09%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                         | Meritage Homes Corp                                                             | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    275000 | PA      | $275781.00    | 0.05%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4705000 | PA      | $4778331.85   | 0.92%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TricorBraun Inc                                                             | TricorBraun Holdings Inc                                                        | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |    324735 | PA      | $324222.27    | 0.06%             | 2028-03-03      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Life Time Inc (f/k/a Life Time Fitness Inc)                                 | LIFE TIME INC                                                                   | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |    352439 | PA      | $353144.35    | 0.07%             | 2031-11-05      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    465000 | PA      | $449362.38    | 0.09%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                                       | AADVANTAGE LOYALTY IP LTD                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    335000 | PA      | $332433.90    | 0.06%             | 2028-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1340000 | PA      | $1332462.50   | 0.26%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206704.97    | 0.04%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    485000 | PA      | $495638.93    | 0.10%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                                       | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $80824.08     | 0.02%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2019-RP1                                          | CUSIP: 17327RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215492 | PA      | $210253.85    | 0.04%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                                    | Merlin Entertainments Group US Holdings Inc                                     | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    580000 | PA      | $518296.24    | 0.10%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings LLC                                                        | AMAZON HOLDCO INC                                                               | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    473333 | PA      | $472150.00    | 0.09%             | 2031-09-29      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                                    | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2C0<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    463000 | PA      | $463000.00    | 0.09%             | 2030-07-01      | Fixed         | 3.12%                 | No            |                  2 | 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        |    580703 | PA      | $552886.65    | 0.11%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                    | Citizens Financial Group Inc                                                    | CUSIP: 174610BH7<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    290000 | PA      | $300015.38    | 0.06%             | 2032-07-23      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    885000 | PA      | $896659.23    | 0.17%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-CES1                                       | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |    756017 | PA      | $759711.92    | 0.15%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-1                                                | CUSIP: 89177BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88662 | PA      | $86251.81     | 0.02%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1265000 | PA      | $1144726.18   | 0.22%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    606000 | PA      | $686392.71    | 0.13%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TransDigm Inc                                                                   | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    275000 | PA      | $285336.63    | 0.05%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2024-1                                        | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    488000 | PA      | $493888.65    | 0.09%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                                    | Ashton Woods USA LLC / Ashton Woods Finance Co                                  | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560000 | PA      | $532529.37    | 0.10%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31411JDZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50062 | PA      | $52322.75     | 0.01%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                                    | Primo Water Holdings Inc / Triton Water Holdings Inc                            | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $533694.39    | 0.10%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                              | BHG Securitization Trust 2024-1CON                                              | CUSIP: 08862HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    247612 | PA      | $253609.04    | 0.05%             | 2035-04-17      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                                                    | Banco de Credito e Inversiones SA                                               | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    235000 | PA      | $248084.80    | 0.05%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165662.96    | 0.03%             | 2032-03-01      | Fixed         | 6.62%                 | 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        |    566483 | PA      | $496377.67    | 0.10%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL1                                                  | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    535000 | PA      | $539451.63    | 0.10%             | 2029-01-25      | Variable      | 7.02%                 | 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        |    310000 | PA      | $291451.52    | 0.06%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAP8<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $226809.80    | 0.04%             | 2051-09-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    830000 | PA      | $849077.72    | 0.16%             | 2041-11-13      | Fixed         | 5.39%                 | 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        |     34375 | PA      | $34188.07     | 0.01%             | 2033-11-21      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2024-2                                                 | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    673775 | PA      | $670521.83    | 0.13%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                        | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    225000 | PA      | $202857.90    | 0.04%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | Consumer Portfolio Services Auto Trust 2025-A                                   | CUSIP: 12633SAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1233577.62   | 0.24%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    145000 | PA      | $154955.77    | 0.03%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    268000 | PA      | $262184.65    | 0.05%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    682000 | PA      | $683485.10    | 0.13%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    935000 | PA      | $957816.35    | 0.18%             | 2034-07-21      | Fixed         | 5.42%                 | 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        |    310000 | PA      | $300209.55    | 0.06%             | 2056-07-25      | Variable      | 3.99%                 | 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        |     58064 | PA      | $57007.88     | 0.01%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-5                                      | CUSIP: 30168DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    357019 | PA      | $359042.98    | 0.07%             | 2028-04-17      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    545000 | PA      | $547866.59    | 0.11%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2024-1 AA PTT                                                    | United Airlines 2024-1 Class AA Pass Through Trust                              | CUSIP: 90932WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    594778 | PA      | $600262.28    | 0.12%             | 2037-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM10 Trust                                                            | CUSIP: 67449CAA9<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |    453667 | PA      | $457339.17    | 0.09%             | 2063-10-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    679129 | PA      | $691258.62    | 0.13%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    715000 | PA      | $739779.37    | 0.14%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    815000 | PA      | $808072.50    | 0.15%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                                  | Allianz SE                                                                      | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    380000 | PA      | $378790.04    | 0.07%             | 2054-09-03      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                                                 | SBNA Auto Receivables Trust 2024-A                                              | CUSIP: 78437PAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    452000 | PA      | $459986.75    | 0.09%             | 2030-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-NQM2                                       | CUSIP: 46590SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    982789 | PA      | $986319.72    | 0.19%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                         | HILCORP ENERGY I LP                                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    154612 | PA      | $154612.50    | 0.03%             | 2030-02-05      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Frontdoor Inc                                                               | FRONTDOOR INC                                                                   | CUSIP: 35905CAK1<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | LON              | CORP              | US        |    243775 | PA      | $244233.30    | 0.05%             | 2031-12-17      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                                 | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    465000 | PA      | $463837.50    | 0.09%             | 2032-03-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST                                                 | Houston Galleria Mall Trust 2025-HGLR                                           | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $902893.64    | 0.17%             | 2045-02-05      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Cogeco Communications Finance (USA) LP                                      | COGECO COMMUNICATIONS USA II LP                                                 | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |    468619 | PA      | $467157.09    | 0.09%             | 2030-09-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    700000 | PA      | $700006.35    | 0.13%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    345000 | PA      | $340342.50    | 0.07%             | 2036-05-07      | Fixed         | 6.00%                 | 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        |    405000 | PA      | $386246.03    | 0.07%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    455000 | PA      | $408328.30    | 0.08%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2024-A LLC                                                         | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    677673 | PA      | $680639.05    | 0.13%             | 2031-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                                    | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    146000 | PA      | $148701.00    | 0.03%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                    | Ajax Mortgage Loan Trust 2022-B                                                 | CUSIP: 00971BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    673675 | PA      | $649948.09    | 0.12%             | 2062-03-27      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650DV9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    525000 | PA      | $485641.23    | 0.09%             | 2053-02-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    225000 | PA      | $228825.00    | 0.04%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                              | Bridgecrest Lending Auto Securitization Trust 2025-1                            | CUSIP: 10806HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    935000 | PA      | $938947.29    | 0.18%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                          | Sonoco Products Co                                                              | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    995000 | PA      | $967799.83    | 0.19%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    685000 | PA      | $594038.62    | 0.11%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    516498 | PA      | $516570.59    | 0.10%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                                          | Smith & Nephew PLC                                                              | CUSIP: 83192PAD0<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |   1120000 | PA      | $1135956.64   | 0.22%             | 2034-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    480000 | PA      | $491158.62    | 0.09%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    635000 | PA      | $647721.43    | 0.12%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    268000 | PA      | $286760.00    | 0.05%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74092 | PA      | $74711.83     | 0.01%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    450284 | PA      | $431557.73    | 0.08%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                                           | GIP PILOT ACQUISITION PA                                                        | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |    494574 | PA      | $494984.90    | 0.09%             | 2030-10-04      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2021-NMR1                                         | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58642 | PA      | $55960.28     | 0.01%             | 2060-11-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    215000 | PA      | $206780.55    | 0.04%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-4                                               | CUSIP: 50571AAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    466000 | PA      | $482133.95    | 0.09%             | 2029-03-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                                                  | SELECT MEDICAL CORP                                                             | CUSIP: 816194AY0<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |    378100 | PA      | $378810.83    | 0.07%             | 2031-12-03      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    204000 | PA      | $192549.61    | 0.04%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                | FLUTTER FINANCING BV                                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    285000 | PA      | $284643.75    | 0.05%             | 2032-06-04      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140QSTP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2390665 | PA      | $2290495.24   | 0.44%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    510000 | PA      | $498704.61    | 0.10%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    835000 | PA      | $853537.41    | 0.16%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    514436 | PA      | $503287.72    | 0.10%             | 2029-01-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings Inc                                                      | ENERGIZER HOLDINGS INC                                                          | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |    205000 | PA      | $205192.70    | 0.04%             | 2032-03-13      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    435000 | PA      | $453399.44    | 0.09%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DTQH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4884037 | PA      | $4399335.78   | 0.84%             | 2054-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                                    | Huntington Ingalls Industries Inc                                               | CUSIP: 446413BB1<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1092993.25   | 0.21%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                      | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAF8<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    980000 | PA      | $967051.57    | 0.19%             | 2054-04-03      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                                        | Petronas Capital Ltd                                                            | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    346000 | PA      | $349864.82    | 0.07%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Belron Finance US LLC                                                       | BELRON FINANCE 2019 LLC                                                         | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    456550 | PA      | $458138.79    | 0.09%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                      | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212122.11    | 0.04%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                                       | Costa Rica Government International Bond                                        | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    110000 | PA      | $114290.00    | 0.02%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418E6X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3200435 | PA      | $2977067.70   | 0.57%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                                               | CoreVest American Finance 2022-1 Trust                                          | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    543990 | PA      | $545165.04    | 0.10%             | 2055-06-17      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC                                                      | Marvell Technology Inc                                                          | CUSIP: 573874AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1042202.66   | 0.20%             | 2035-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XBY0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $41347.35     | 0.01%             | 2060-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                                 | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    163000 | PA      | $166952.42    | 0.03%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2023-1                                                | CUSIP: 89181JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1261675 | PA      | $1218991.60   | 0.23%             | 2063-01-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                              | Ginnie Mae I Pool                                                               | CUSIP: 36207VDD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3877 | PA      | $3917.66      | 0.00%             | 2028-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1440000 | PA      | $1286212.49   | 0.25%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $193786.22    | 0.04%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                                                    | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1145396.25   | 0.22%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                     | Kinder Morgan Energy Partners LP                                                | CUSIP: 28370TAD1<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    215000 | PA      | $245737.41    | 0.05%             | 2040-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                                    | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114628 | PA      | $114630.91    | 0.02%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                        | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     45000 | PA      | $45337.50     | 0.01%             | 2031-06-04      | Fixed         | 5.88%                 | 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        |    270000 | PA      | $268003.08    | 0.05%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                               | Sierra Timeshare 2023-2 Receivables Funding LLC                                 | CUSIP: 82650BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    122254 | PA      | $125563.83    | 0.02%             | 2040-04-20      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2405000 | PA      | $2428392.38   | 0.47%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL4                                                  | CUSIP: 50205PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $452360.30    | 0.09%             | 2039-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Construction Partners Inc                                                   | CONSTRUCTION PARTNERS INC                                                       | CUSIP: 21043XAH5<br>LEI: 549300MHLFL4E8JLZU44 | Long             | LON              | CORP              | US        |    482575 | PA      | $483781.44    | 0.09%             | 2031-11-03      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                        | CHARTER COMMUNICATIONS OPERATING LLC                                            | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    467214 | PA      | $467858.35    | 0.09%             | 2031-12-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    910000 | PA      | $868689.44    | 0.17%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                         | COMM 2015-CCRE24 Mortgage Trust                                                 | CUSIP: 12593JBH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1019000 | PA      | $1017331.39   | 0.20%             | 2048-08-10      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                                               | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720000 | PA      | $726340.68    | 0.14%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV2                                                        | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    423734 | PA      | $426945.10    | 0.08%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-B                                        | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $410050.59    | 0.08%             | 2029-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                                                 | Post Road Equipment Finance 2024-1 LLC                                          | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    468084 | PA      | $470337.22    | 0.09%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                   | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1063000 | PA      | $1037908.87   | 0.20%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |    270000 | PA      | $270067.50    | 0.05%             | 2031-09-19      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106869.32    | 0.02%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19052 | PA      | $19038.99     | 0.00%             | 2028-10-16      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Issuer Trust 2025-A                                                | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1108595 | PA      | $1115341.96   | 0.21%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential Trust                                                      | CUSIP: 74333HAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205000 | PA      | $199869.24    | 0.04%             | 2038-07-17      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2448796.87   | 0.47%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XNM50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1972658 | PA      | $2006854.07   | 0.38%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                         | COMM 2024-WCL1 MORTGAGE TRUST                                                   | CUSIP: 20047DAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1160000 | PA      | $1155287.50   | 0.22%             | 2041-06-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                                                       | Neptune Bidco US Inc                                                            | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |       496 | PA      | $468.06       | 0.00%             | 2029-04-11      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-1                                        | CUSIP: 36267FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    385000 | PA      | $394072.79    | 0.08%             | 2029-03-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                              | BBCMS Trust 2018-CBM                                                            | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1324000 | PA      | $1291975.88   | 0.25%             | 2037-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                                        | Bayport Polymers LLC                                                            | CUSIP: 073096AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    855000 | PA      | $828924.55    | 0.16%             | 2032-04-14      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    305000 | PA      | $320497.05    | 0.06%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGU2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    402000 | PA      | $407006.63    | 0.08%             | 2028-02-22      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                                                       | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    270739 | PA      | $268153.76    | 0.05%             | 2029-08-02      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    605000 | PA      | $600765.00    | 0.12%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                        | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $456010.48    | 0.09%             | 2032-10-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                                                    | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1102146.89   | 0.21%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                                              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1115000 | PA      | $1137524.12   | 0.22%             | 2039-10-05      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                     | NYMT Loan Trust 2024-CP1                                                        | CUSIP: 67118PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1109905 | PA      | $1026041.85   | 0.20%             | 2068-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $544716.90    | 0.10%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                                       | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $546817.22    | 0.10%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7550000 | PA      | $6157968.75   | 1.18%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                | UBS Group AG                                                                    | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    140000 | PA      | $161897.54    | 0.03%             | N/A             | Fixed         | 9.25%                 | 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        |     26853 | PA      | $26053.14     | 0.00%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DQS31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    126645 | PA      | $126952.89    | 0.02%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2021-3                                    | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140551 | PA      | $139787.15    | 0.03%             | 2027-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                                                  | Leidos Inc                                                                      | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    475000 | PA      | $415625.90    | 0.08%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC                                                        | TSC SPV Funding LLC                                                             | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    870625 | PA      | $859182.38    | 0.16%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                                 | VFI ABS 2023-1 LLC                                                              | CUSIP: 92555QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80750 | PA      | $81173.10     | 0.02%             | 2029-03-26      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                      | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    330000 | PA      | $342053.38    | 0.07%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2023-1                                                          | CUSIP: 75525AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    163423 | PA      | $164233.33    | 0.03%             | 2031-02-18      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155327 | PA      | $151730.40    | 0.03%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    870000 | PA      | $893653.13    | 0.17%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |    809032 | PA      | $805910.95    | 0.15%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    720000 | PA      | $607276.23    | 0.12%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                                              | Santander Drive Auto Receivables Trust 2023-1                                   | CUSIP: 80287GAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206771 | PA      | $206869.41    | 0.04%             | 2028-02-15      | Fixed         | 4.98%                 | 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        |    235000 | PA      | $216435.00    | 0.04%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    890871 | PA      | $803113.44    | 0.15%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                              | TRUIST INSURANCE HOLDING                                                        | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    535000 | PA      | $534887.65    | 0.10%             | 2031-05-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                      | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   1290000 | PA      | $1276631.78   | 0.24%             | N/A             | Fixed         | 4.88%                 | 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        |    220000 | PA      | $206693.39    | 0.04%             | 2052-10-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2022-LP2                                           | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    227500 | PA      | $226931.25    | 0.04%             | 2039-02-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                | FLUTTER ENTERTAINMENT PLC                                                       | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    270875 | PA      | $269859.22    | 0.05%             | 2030-11-30      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-4                                               | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1182819 | PA      | $1184156.72   | 0.23%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                                   | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1345000 | PA      | $1352147.20   | 0.26%             | 2040-06-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                                     | El Salvador Government International Bond                                       | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    175000 | PA      | $182503.13    | 0.03%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                          | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    110000 | PA      | $84583.85     | 0.02%             | 2043-01-15      | Fixed         | 4.75%                 | 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        |    154715 | PA      | $141563.62    | 0.03%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                                      | Marlette Funding Trust 2023-2                                                   | CUSIP: 57109LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     66711 | PA      | $66835.02     | 0.01%             | 2033-06-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                                    | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    815000 | PA      | $823101.17    | 0.16%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    755000 | PA      | $805654.81    | 0.15%             | 2053-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                              | Deephaven Residential Mortgage Trust 2022-1                                     | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    335766 | PA      | $307677.75    | 0.06%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18957 | PA      | $18352.04     | 0.00%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                                                    | Global Infrastructure Solutions Inc                                             | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    215000 | PA      | $219131.01    | 0.04%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    510000 | PA      | $503743.03    | 0.10%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                                                    | Kronos Acquisition Holdings Inc                                                 | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $572091.91    | 0.11%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2024-NQM1                                       | CUSIP: 465983AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    524548 | PA      | $527343.91    | 0.10%             | 2064-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1825317.46   | 0.35%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                                              | MVW 2020-1 LLC                                                                  | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96625 | PA      | $93666.19     | 0.02%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1617637 | PA      | $1619815.47   | 0.31%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2024-2                                                          | CUSIP: 75525HAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1011715.80   | 0.19%             | 2031-07-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| CENT Trust                                                                  | CENT Trust 2023-CITY                                                            | CUSIP: 12516WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $851056.47    | 0.16%             | 2038-09-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Terex Corporation                                                           | TEREX CORP                                                                      | CUSIP: 88078FBM9<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | LON              | CORP              | US        |    379050 | PA      | $380907.35    | 0.07%             | 2031-10-08      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2023-B                                        | CUSIP: 00792FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $511829.57    | 0.10%             | 2028-09-15      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    305000 | PA      | $308883.10    | 0.06%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                                    | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    610000 | PA      | $629365.67    | 0.12%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                                 | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |      1541 | PA      | $1468.38      | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1225911 | PA      | $1220027.91   | 0.23%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    378000 | PA      | $388866.50    | 0.07%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    470000 | PA      | $425815.21    | 0.08%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    552000 | PA      | $551991.72    | 0.11%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                                              | Prestige Auto Receivables Trust 2025-1                                          | CUSIP: 74113UAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1179000 | PA      | $1183807.49   | 0.23%             | 2030-02-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $258048.47    | 0.05%             | 2035-09-10      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                                        | GATES CORPORATION                                                               | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |    466511 | PA      | $466137.60    | 0.09%             | 2031-06-04      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM9 Trust                                                             | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |    677965 | PA      | $689090.58    | 0.13%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45474 | PA      | $44366.63     | 0.01%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | Prudential Financial Inc                                                        | CUSIP: 744320BL5<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    185000 | PA      | $193798.05    | 0.04%             | 2053-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                                            | NORTHAB LLC                                                                     | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    450931 | PA      | $445199.80    | 0.09%             | 2028-11-24      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    247000 | PA      | $238879.51    | 0.05%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    472000 | PA      | $452827.36    | 0.09%             | 2037-01-30      | Fixed         | 8.25%                 | 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        |    663993 | PA      | $636940.42    | 0.12%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Froneri International Limited                                               | FRONERI US INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    464665 | PA      | $459149.50    | 0.09%             | 2031-09-17      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    275000 | PA      | $264176.51    | 0.05%             | 2029-07-01      | Fixed         | 4.00%                 | 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        |    270000 | PA      | $268775.20    | 0.05%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2019-GS2                                          | CUSIP: 59981TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1312964 | PA      | $1269238.21   | 0.24%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    545000 | PA      | $503961.57    | 0.10%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1026421 | PA      | $1029691.36   | 0.20%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903BC3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    560000 | PA      | $534361.84    | 0.10%             | 2034-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                         | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    893000 | PA      | $860434.34    | 0.16%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                            | Societe Generale SA                                                             | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    995000 | PA      | $1024804.26   | 0.20%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    692523 | PA      | $684447.23    | 0.13%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                                                                | Veralto Corp                                                                    | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1144797.42   | 0.22%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA                                                    | Sempra Infrastructure Partners LP                                               | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    339000 | PA      | $288745.50    | 0.06%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-CES1                                             | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    686802 | PA      | $689320.81    | 0.13%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                                                    | Safehold GL Holdings LLC                                                        | CUSIP: 785931AB2<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1293799.78   | 0.25%             | 2035-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    132000 | PA      | $127366.80    | 0.02%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Epic Crude Services LP                                                      | EPIC CRUDE SERVICES LP                                                          | CUSIP: 29428XAG5<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |    389025 | PA      | $389915.87    | 0.07%             | 2031-10-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2022-1                                            | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46545 | PA      | $46425.83     | 0.01%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-2                                                | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $893986.83    | 0.17%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                                       | HUB INTERNATIONAL LTD                                                           | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    383307 | PA      | $384369.10    | 0.07%             | 2030-06-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    720000 | PA      | $523800.00    | 0.10%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    196459 | PA      | $196486.96    | 0.04%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1156542.23   | 0.22%             | 2036-02-12      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    503000 | PA      | $526554.92    | 0.10%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                                                       | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AW4<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    355000 | PA      | $343029.14    | 0.07%             | 2032-08-05      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1118997 | PA      | $1120045.99   | 0.21%             | 2041-03-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    470000 | PA      | $466409.20    | 0.09%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    375000 | PA      | $378418.88    | 0.07%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                       | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123398.39    | 0.02%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    479000 | PA      | $491176.18    | 0.09%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                           | Kinder Morgan Inc                                                               | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    490000 | PA      | $507926.44    | 0.10%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi                                              | GM Financial Consumer Automobile Receivables Trust 2023-4                       | CUSIP: 379930AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20281 | PA      | $20301.78     | 0.00%             | 2026-11-16      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc                                                 | CHG HEALTHCARE SERVICES INC                                                     | CUSIP: 12541HAW3<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |    229686 | PA      | $230388.52    | 0.04%             | 2028-09-29      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    985000 | PA      | $693193.75    | 0.13%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                                      | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX    | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $192376.00    | 0.04%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2025-NQM6 Trust                                                             | CUSIP: 67448UAA0<br>LEI: 254900W46UQEWQMYYZ02 | Long             | ABS-MBS          | CORP              | US        |    951135 | PA      | $954904.02    | 0.18%             | 2065-03-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    375000 | PA      | $409886.67    | 0.08%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2018-2                                      | CUSIP: 64828CAA7<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |     71394 | PA      | $70438.58     | 0.01%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                                        | Saudi Arabian Oil Co                                                            | CUSIP: 80414L2N4<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    850000 | PA      | $856230.50    | 0.16%             | 2034-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                                      | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    240000 | PA      | $246841.71    | 0.05%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                    | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    930000 | PA      | $824675.18    | 0.16%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                                    | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    935000 | PA      | $964058.14    | 0.18%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $260916.13    | 0.05%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1339666 | PA      | $1348526.37   | 0.26%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                   | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    493600 | PA      | $469562.02    | 0.09%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    225000 | PA      | $235755.29    | 0.05%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     95000 | PA      | $94572.50     | 0.02%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                                       | Stellantis Finance US Inc                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    680000 | PA      | $683319.39    | 0.13%             | 2035-03-18      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV1                                                        | CUSIP: 73015BAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    764014 | PA      | $769985.32    | 0.15%             | 2059-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                                          | Serbia International Bond                                                       | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    284000 | PA      | $298414.42    | 0.06%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2019-NQM2 Trust                                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590349 | PA      | $579348.22    | 0.11%             | 2060-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903BA7<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    945000 | PA      | $802137.20    | 0.15%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Home Lending Mortgage Trust 2024-RPL4                                     | CUSIP: 16160NAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1037274 | PA      | $927100.54    | 0.18%             | 2064-12-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAA9<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    490000 | PA      | $477489.92    | 0.09%             | 2027-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                            | CSC Holdings LLC                                                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    305000 | PA      | $290102.52    | 0.06%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                                | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    335000 | PA      | $344915.96    | 0.07%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $208226.00    | 0.04%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr                                              | JP Morgan Seasoned Mortgage Trust Series 2024-1                                 | CUSIP: 61777HAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    731625 | PA      | $712427.85    | 0.14%             | 2063-01-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    162000 | PA      | $127170.00    | 0.02%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176983.26    | 0.03%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                                    | Virgin Media Bristol LLC                                                        | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    660000 | PA      | $650859.00    | 0.12%             | 2028-01-31      | Floating      | 6.93%                 | 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        |     37496 | PA      | $36251.58     | 0.01%             | 2028-06-12      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   1154132 | PA      | $1164308.27   | 0.22%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| UAE INT'L GOVT BOND                                                         | UAE International Government Bond                                               | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    303000 | PA      | $297255.12    | 0.06%             | 2032-07-07      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                                                    | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    695000 | PA      | $710916.20    | 0.14%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                    | Univision Communications Inc                                                    | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    305000 | PA      | $304167.96    | 0.06%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                     | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550AW6<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    400000 | PA      | $443554.67    | 0.09%             | 2038-01-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31374TRX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2510 | PA      | $2558.44      | 0.00%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                    | Mars Inc                                                                        | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1212033.92   | 0.23%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2022-NQM2                                   | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1436693 | PA      | $1352737.21   | 0.26%             | 2062-03-27      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| MV Holding GmbH FKA Igloo Holdings Corp                                     | MX HOLDINGS US INC                                                              | CUSIP: 55404TAF9<br>LEI: 549300RKTIVJWNROR778 | Long             | LON              | CORP              | US        |    380000 | PA      | $381425.00    | 0.07%             | 2032-03-17      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5230000 | PA      | $5238171.88   | 1.00%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    144962 | PA      | $23193.96     | 0.00%             | 2028-08-02      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CG6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1116307.57   | 0.21%             | 2034-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                    | Builders FirstSource Inc                                                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    475000 | PA      | $484059.68    | 0.09%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RFV1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    475000 | PA      | $478712.70    | 0.09%             | 2027-04-20      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31411H7D6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6128 | PA      | $6422.21      | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                                                   | Auxilior Term Funding 2023-1 LLC                                                | CUSIP: 05335JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485000 | PA      | $503748.40    | 0.10%             | 2030-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                    | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    330000 | PA      | $320298.14    | 0.06%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                                       | KeySpan Gas East Corp                                                           | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |    695000 | PA      | $722276.71    | 0.14%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     73944 | PA      | $66364.64     | 0.01%             | 2028-08-02      | Floating      | 12.47%                | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                           | PRPM 2024-RPL1 LLC                                                              | CUSIP: 69380XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    918498 | PA      | $898102.06    | 0.17%             | 2064-12-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                                  | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $832569.68    | 0.16%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $580279.29    | 0.11%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1149196.77   | 0.22%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $651689.37    | 0.12%             | 2058-03-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    422000 | PA      | $424110.00    | 0.08%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    475000 | PA      | $491994.43    | 0.09%             | 2033-10-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc.                                                       | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     62960 | PA      | $34627.77     | 0.01%             | 2028-08-02      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC                                                                | NNN REIT Inc                                                                    | CUSIP: 637417AT3<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    975000 | PA      | $999548.43    | 0.19%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    515000 | PA      | $507909.86    | 0.10%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                       | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    845000 | PA      | $882523.92    | 0.17%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4260000 | PA      | $4159324.23   | 0.80%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1335000 | PA      | $749894.53    | 0.14%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                       | Indonesia Government International Bond                                         | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    513000 | PA      | $476448.75    | 0.09%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                    | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     30000 | PA      | $31193.61     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164194.91    | 0.03%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SKECHERS U.S.A. INC. (Beach Acquisition Bidco)                              | BEACH ACQUISITION BIDCO                                                         | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    140000 | PA      | $140700.00    | 0.03%             | 2032-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2024-1                                    | CUSIP: 96043RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $703509.03    | 0.13%             | 2027-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                    | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432MT9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149260.29    | 0.03%             | 2043-04-30      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2020-1R Trust                                                             | CUSIP: 92837MAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32399 | PA      | $30978.05     | 0.01%             | 2055-11-25      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    558000 | PA      | $571950.00    | 0.11%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4004340 | PA      | $4081462.81   | 0.78%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2024-1 LLC                                           | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740000 | PA      | $756912.70    | 0.15%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                                                  | Sodexo Inc                                                                      | CUSIP: 833794AD2<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1329526.92   | 0.25%             | 2035-08-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2424880 | PA      | $2467192.43   | 0.47%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    635000 | PA      | $623076.35    | 0.12%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                                        | Republic of Uzbekistan International Bond                                       | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     65000 | PA      | $66686.10     | 0.01%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1260000 | PA      | $1269380.70   | 0.24%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                           | L3Harris Technologies Inc                                                       | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1057994.84   | 0.20%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                                              | BBCMS 2018-TALL Mortgage Trust                                                  | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1185000 | PA      | $1120012.94   | 0.21%             | 2037-03-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                                       | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $775304.49    | 0.15%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                                          | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   5729628 | NS      | $5729627.93   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2024-SFR5 Trust                                            | CUSIP: 74332HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $940387.60    | 0.18%             | 2029-08-09      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    390000 | PA      | $422041.52    | 0.08%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    595000 | PA      | $618365.65    | 0.12%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                                                      | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $201593.50    | 0.04%             | 2035-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2024-1                                                    | CUSIP: 12515PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    860000 | PA      | $873292.68    | 0.17%             | 2032-03-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215269 | PA      | $204598.06    | 0.04%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                                     | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    369072 | PA      | $370370.66    | 0.07%             | 2031-02-10      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                                    | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1296170.11   | 0.25%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                                 | MetLife Inc                                                                     | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1278361.43   | 0.25%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                                                    | PetSmart Inc / PetSmart Finance Corp                                            | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $777393.68    | 0.15%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                                    | Florida Gas Transmission Co LLC                                                 | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    540000 | PA      | $552598.72    | 0.11%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    390000 | PA      | $409890.00    | 0.08%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    855000 | PA      | $878670.00    | 0.17%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    380000 | PA      | $357341.51    | 0.07%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    580000 | PA      | $605920.21    | 0.12%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | 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        |    960000 | PA      | $933619.20    | 0.18%             | 2048-04-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                  | PacifiCorp                                                                      | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    500000 | PA      | $478428.53    | 0.09%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2024-5                                      | CUSIP: 30165BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1015000 | PA      | $1013877.71   | 0.19%             | 2029-04-16      | Fixed         | 4.48%                 | 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        |    626188 | PA      | $605231.76    | 0.12%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                                    | Windsor Holdings III LLC                                                        | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    180000 | PA      | $192892.93    | 0.04%             | 2030-06-15      | Fixed         | 8.50%                 | 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        |    282697 | PA      | $257873.08    | 0.05%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers                                               | Retained Vantage Data Centers Issuer LLC                                        | CUSIP: 76134KAH7<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1238299.38   | 0.24%             | 2049-09-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                                                     | New York State Electric & Gas Corp                                              | CUSIP: 649840CV5<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |    540000 | PA      | $566554.68    | 0.11%             | 2033-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                            | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    935000 | PA      | $844811.12    | 0.16%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                                             | Ascot Group Ltd                                                                 | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    650000 | PA      | $596942.20    | 0.11%             | 2030-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                                                    | Apollo Global Management Inc                                                    | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    970000 | PA      | $945881.34    | 0.18%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| HF SINCLAIR CORP                                                            | HF Sinclair Corp                                                                | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1086120.01   | 0.21%             | 2035-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    730000 | PA      | $762960.23    | 0.15%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                            | BAT Capital Corp                                                                | CUSIP: 05526DBK0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    245000 | PA      | $201977.48    | 0.04%             | 2049-09-06      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | EFMT 2025-NQM2                                                                  | CUSIP: 281917AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1002888.09   | 0.19%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                         | Dominion Energy Inc                                                             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    380000 | PA      | $407714.16    | 0.08%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PetsMart LLC                                                                | PetSmart LLC                                                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    159101 | PA      | $157145.52    | 0.03%             | 2028-02-11      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                                         | Sprint Capital Corp                                                             | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    425000 | PA      | $515563.32    | 0.10%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| USQ Rail                                                                    | USQ Rail III LLC                                                                | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    960065 | PA      | $965237.29    | 0.19%             | 2054-09-28      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1570000 | PA      | $1479748.71   | 0.28%             | 2057-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    875000 | PA      | $815837.93    | 0.16%             | 2041-12-09      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29950 | PA      | $29076.73     | 0.01%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                                    | BOOST NEWCO BORROWER LLC                                                        | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |    488775 | PA      | $489791.65    | 0.09%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                     | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAH6<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    870000 | PA      | $892477.20    | 0.17%             | 2034-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    127855 | PA      | $124892.43    | 0.02%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5055000 | PA      | $5215338.28   | 1.00%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-2                                               | CUSIP: 505713AF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $271225.83    | 0.05%             | 2031-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2022-NQM1 Trust                                                             | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1858820 | PA      | $1663069.78   | 0.32%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                                       | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20604.04     | 0.00%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2022-1                                               | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65098 | PA      | $65145.18     | 0.01%             | 2027-06-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9840000 | PA      | $4851581.30   | 0.93%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                                           | EOG Resources Inc                                                               | CUSIP: 26875PAZ4<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    190000 | PA      | $192683.71    | 0.04%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                                                                | QatarEnergy                                                                     | CUSIP: 74730DAC7<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    315000 | PA      | $275108.40    | 0.05%             | 2031-07-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                                           | Entergy Texas Inc                                                               | CUSIP: 29365TAN4<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    455000 | PA      | $448420.26    | 0.09%             | 2053-09-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-1                                                | CUSIP: 89182NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    780896 | PA      | $793068.59    | 0.15%             | 2064-03-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    260000 | PA      | $256425.00    | 0.05%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74401.51     | 0.01%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                                      | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   1051000 | PA      | $1051065.19   | 0.20%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2290000 | PA      | $2335173.82   | 0.45%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    105000 | PA      | $100327.50    | 0.02%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     64235 | PA      | $60629.31     | 0.01%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124576 | PA      | $117131.88    | 0.02%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2025-A LLC                                                                | CUSIP: 433403AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1092733 | PA      | $1100850.77   | 0.21%             | 2044-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2023-A LLC                                                         | CUSIP: 62890QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1024760.00   | 0.20%             | 2030-06-17      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                                          | Ingersoll Rand Inc                                                              | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1277582.93   | 0.24%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HUNTERSTOWN GENERATION LLC                                                  | KESTREL ACQUISITION LLC                                                         | CUSIP: 44579UAB8<br>LEI: 549300ER0JUHJLPPMH08 | Long             | LON              | CORP              | US        |    550838 | PA      | $549647.69    | 0.11%             | 2031-11-06      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| TransUnion Intermediate Holdings Inc f/k/a TransUnion Corp                  | TRANS UNION LLC                                                                 | CUSIP: 89334GBG8<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |    402676 | PA      | $402929.44    | 0.08%             | 2031-06-24      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XPTH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5312080 | PA      | $4941668.80   | 0.95%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FINANCE INC                                                     | CRH America Finance Inc                                                         | CUSIP: 12636YAE2<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1081648.99   | 0.21%             | 2034-05-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                                    | Apollo Debt Solutions BDC                                                       | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    810000 | PA      | $845527.37    | 0.16%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    705000 | PA      | $759124.27    | 0.15%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                              | NRG Energy Inc                                                                  | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    645000 | PA      | $708013.28    | 0.14%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                          | Tricon Residential 2024-SFR3 Trust                                              | CUSIP: 89616YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    343970 | PA      | $341871.21    | 0.07%             | 2041-08-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                                              | Amur Equipment Finance Receivables XV LLC                                       | CUSIP: 03237FAE5<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |   1340000 | PA      | $1359106.26   | 0.26%             | 2032-08-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                                                  | NLT 2021-INV2 Trust                                                             | CUSIP: 62917JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124615 | PA      | $108464.67    | 0.02%             | 2056-08-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                                           | Republic of Kenya Government International Bond                                 | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    222000 | PA      | $208291.50    | 0.04%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                         | MEDLINE BORROWER LP                                                             | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    466678 | PA      | $466906.87    | 0.09%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                               | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    545000 | PA      | $544798.73    | 0.10%             | 2053-08-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $965636.36    | 0.19%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                           | IRON MOUNTAIN INC                                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |    437745 | PA      | $437013.49    | 0.08%             | 2031-01-31      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                                              | OWN Equipment Fund I LLC                                                        | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000488 | PA      | $1014747.33   | 0.19%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31387PR53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1388 | PA      | $1463.40      | 0.00%             | 2031-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru                                              | THPT 2023-THL Mortgage Trust                                                    | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    486014 | PA      | $494339.67    | 0.09%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    875000 | PA      | $867343.75    | 0.17%             | 2030-03-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2024-2                                    | CUSIP: 96042YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    870000 | PA      | $878748.89    | 0.17%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DUUE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5463154 | PA      | $4533947.42   | 0.87%             | 2052-02-01      | Fixed         | 2.50%                 | 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        |     39015 | PA      | $37853.73     | 0.01%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Whitewater DBR Holdco LLC                                                   | WHITEWATER DBR HOLDCO LL                                                        | CUSIP: 96616PAD0<br>LEI: 21380025GXMNBTSJP816 | Long             | LON              | CORP              | US        |    124064 | PA      | $124064.06    | 0.02%             | 2031-03-03      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TRANSDIGM INC                                                                   | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    314433 | PA      | $314967.40    | 0.06%             | 2031-02-28      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-2                                            | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450348 | PA      | $454151.97    | 0.09%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2025-1                                                    | CUSIP: 12515XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1195000 | PA      | $1208571.85   | 0.23%             | 2032-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                                            | Black Hills Corp                                                                | CUSIP: 092113AW9<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    925000 | PA      | $970557.38    | 0.19%             | 2034-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    235000 | PA      | $230123.75    | 0.04%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    654000 | PA      | $654409.14    | 0.13%             | 2034-01-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                                            | UFC HOLDINGS LLC                                                                | CUSIP: 90266UAK9<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    332402 | PA      | $333492.60    | 0.06%             | 2031-11-21      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                         | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    285000 | PA      | $295840.52    | 0.06%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                                | CALPINE CORP                                                                    | CUSIP: 13134MBW2<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |    640000 | PA      | $639520.00    | 0.12%             | 2031-01-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Ineos Finance PLC                                                           | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    194209 | PA      | $185817.15    | 0.04%             | 2030-02-18      | Floating      | 7.58%                 | 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        |     23000 | PA      | $23460.83     | 0.00%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                                     | Australia & New Zealand Banking Group Ltd                                       | CUSIP: 052528AV8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   1025000 | PA      | $1041083.55   | 0.20%             | 2036-06-18      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                                     | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $362002.58    | 0.07%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |   2129638 | PA      | $2122382.32   | 0.41%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                                                        | Libra Solutions 2024-1 LLC                                                      | CUSIP: 53161XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    965000 | PA      | $958354.14    | 0.18%             | 2038-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    335000 | PA      | $372633.84    | 0.07%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1031564.01   | 0.20%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1590000 | PA      | $1575590.63   | 0.30%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                        | Glencore Funding LLC                                                            | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1105863.01   | 0.21%             | 2034-04-04      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                                                  | Allianz SE                                                                      | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $628163.40    | 0.12%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                         | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380188 | PA      | $351370.47    | 0.07%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                                                    | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $213044.49    | 0.04%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                            | BAT Capital Corp                                                                | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    245000 | PA      | $219083.07    | 0.04%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3115000 | PA      | $2303761.52   | 0.44%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1162101 | PA      | $1007143.04   | 0.19%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| WSTN Trust                                                                  | WSTN Trust 2023-MAUI                                                            | CUSIP: 92943AAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1366994.75   | 0.26%             | 2037-07-05      | Variable      | 7.96%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST 2018-1                                             | CUSIP: 59166DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    808013 | PA      | $784308.67    | 0.15%             | 2057-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                                                    | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |   1290000 | PA      | $1318353.44   | 0.25%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6250705 | PA      | $6357307.24   | 1.22%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    610000 | PA      | $662972.72    | 0.13%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    485000 | PA      | $485772.46    | 0.09%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sazerac Company, Inc.                                                       | SAZERAC CO INC                                                                  | CUSIP: 000000000<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |    255000 | PA      | $254681.25    | 0.05%             | 2032-06-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TAC3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    185000 | PA      | $152047.80    | 0.03%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                                     | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAP4<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1054861.80   | 0.20%             | 2055-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Maps LTD                                                                    | MAPS 2021-1 Trust                                                               | CUSIP: 55292RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64212 | PA      | $60493.46     | 0.01%             | 2046-06-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC                                                       | Bojangles Issuer LLC                                                            | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1070373.36   | 0.21%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC                                   | ORYX MIDSTREAM SERVICES PERMIAN BASIN LLC                                       | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |    457542 | PA      | $457144.30    | 0.09%             | 2028-10-05      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2025-1                             | CUSIP: 02528DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1332156.54   | 0.26%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-1 LLC                                                             | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63867 | PA      | $64084.85     | 0.01%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                      | Philip Morris International Inc                                                 | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1035048.38   | 0.20%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                                           | EOG Resources Inc                                                               | CUSIP: 26875PAW1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    995000 | PA      | $971268.92    | 0.19%             | 2054-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-1                                                 | CUSIP: 67571BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $289649.92    | 0.06%             | 2029-09-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| BNSF FUNDING TRUST I                                                        | BNSF Funding Trust I                                                            | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $526737.75    | 0.10%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                        | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $216939.69    | 0.04%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer