# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0000940400-25-014946
**Filing Date:** 2025-12
**Character Count:** 161546
**Document Hash:** 9f5c6abf2155918d61ec8390887a3c08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014946.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000940400-25-014946

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus ETF Trust II
- **CENTRAL INDEX KEY:** 0001648403

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23078
- **FILM NUMBER:** 251606220

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-593-4383

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Virtus EFT Trust II
- **DATE OF NAME CHANGE:** 20150717

## Series and Classes Contracts Data

### Virtus Newfleet Short Duration Core Plus Bond ETF (Series ID: S000082804)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000246126 | Virtus Newfleet Short Duration Core Plus Bond ETF | SDCP            |

## Nport-Ex

Schedule of Investments - Virtus Newfleet Short Duration Core Plus Bond ETF

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES – 31.7%** |  |  |
| ACM Auto Trust, Class A, Series 2025-2A, 5.55%, 06/20/28<sup>(1)</sup> | $27140 | $27059 |
| ACM Auto Trust, Class A, Series 2025-3A, 5.01%, 01/22/30<sup>(1)</sup> | 28783 | 28661 |
| Affirm Asset Securitization Trust, Class A, Series 2025-X1, 5.08%, 04/15/30<sup>(1)</sup> | 16147 | 16180 |
| Affirm Master Trust, Class A, Series 2025-3A, 4.45%, 10/16/34<sup>(1)</sup> | 130000 | 129789 |
| American Credit Acceptance Receivables Trust, Class C, Series 2025-1, 5.09%, 08/12/31<sup>(1)</sup> | 30000 | 30216 |
| American Express Credit Account Master Trust, Class A, Series 2025-5, 4.51%, 07/15/32 | 125000 | 127949 |
| American Heritage Auto Receivables Trust, Class A3, Series 2024-1A, 4.90%, 09/17/29<sup>(1)</sup> | 30000 | 30267 |
| Amur Equipment Finance Receivables XV LLC, Class D, Series 2025-1A, 5.68%, 08/20/32<sup>(1)</sup> | 35000 | 35633 |
| Auxilior Term Funding LLC, Class C, Series 2023-1A, 6.50%, 11/15/30<sup>(1)</sup> | 120000 | 123151 |
| Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2020-2A, 2.02%, 02/20/27<sup>(1)</sup> | 66667 | 66398 |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2025-1, 5.15%, 12/17/29 | 25000 | 25100 |
| Bridgecrest Lending Auto Securitization Trust, Class D, Series 2025-2, 5.62%, 03/17/31 | 30000 | 30241 |
| Carmax Select Receivables Trust, Class C, Series 2025-B, 4.83%, 06/16/31 | 100000 | 99907 |
| Carvana Auto Receivables Trust, Class B, Series 2021-P3, 1.42%, 08/10/27 | 60000 | 58420 |
| Carvana Auto Receivables Trust, Class C, Series 2020-P1, 1.32%, 11/09/26 | 13449 | 13411 |
| Carvana Auto Receivables Trust, Class C, Series 2023-N4, 6.59%, 02/11/30<sup>(1)</sup> | 200000 | 204617 |
| CCG Receivables Trust, Class A2, Series 2023-1, 5.82%, 09/16/30<sup>(1)</sup> | 34248 | 34416 |
| CPS Auto Receivables Trust, Class C, Series 2024-A, 5.74%, 04/15/30<sup>(1)</sup> | 25000 | 25188 |
| CPS Auto Receivables Trust, Class C, Series 2025-A, 5.25%, 04/15/31<sup>(1)</sup> | 30000 | 30229 |
| Dext ABS LLC, Class B, Series 2023-2, 6.41%, 05/15/34<sup>(1)</sup> | 30000 | 30462 |
| Discover Card Execution Note Trust, Class A, Series 2023-A2, 4.93%, 06/15/28 | 205000 | 206149 |
| Drive Auto Receivables Trust, Class C, Series 2024-1, 5.43%, 11/17/31 | 25000 | 25317 |
| DT Auto Owner Trust, Class C, Series 2023-3A, 6.40%, 05/15/29<sup>(1)</sup> | 155000 | 156385 |
| Elara HGV Timeshare Issuer LLC, Class A, Series 2023-A, 6.16%, 02/25/38<sup>(1)</sup> | 108244 | 111966 |
| Exeter Automobile Receivables Trust, Class B, Series 2024-5A, 4.48%, 04/16/29 | 30000 | 29981 |
| Exeter Automobile Receivables Trust, Class D, Series 2025-3A, 5.57%, 10/15/31 | 40000 | 40350 |
| FinBe USA Trust, Class A, Series 2025-1A, 5.70%, 12/15/28<sup>(1)</sup> | 23144 | 23133 |
| Flagship Credit Auto Trust, Class B, Series 2024-3, 5.35%, 07/16/29<sup>(1)</sup> | 30000 | 29788 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| GLS Auto Select Receivables Trust, Class A3, Series 2023-2A, 6.38%, 02/15/29<sup>(1)</sup> | $300000 | $305486 |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup> | 30000 | 30954 |
| Greensky Home Improvement Issuer Trust, Class A2, Series 2024-2, 5.25%, 10/27/59<sup>(1)</sup> | 37391 | 37511 |
| Hilton Grand Vacations Trust, Class A, Series 2024-2A, 5.50%, 03/25/38<sup>(1)</sup> | 14616 | 14932 |
| HIN Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39<sup>(1)</sup> | 59558 | 58395 |
| Hinnt, Class A, Series 2024-A, 5.49%, 03/15/43<sup>(1)</sup> | 29851 | 30275 |
| Huntington Bank Auto Credit-Linked Notes, Class B1, Series 2024-1, 6.15%, 05/20/32<sup>(1)</sup> | 9689 | 9841 |
| LAD Auto Receivables Trust, Class C, Series 2024-3A, 4.93%, 03/15/30<sup>(1)</sup> | 35000 | 35295 |
| LAD Auto Receivables Trust, Class D, Series 2025-1A, 5.52%, 05/17/32<sup>(1)</sup> | 30000 | 30576 |
| LBZST, Class A, Series 2025-B, 5.57%, 06/17/30 | 78928 | 79162 |
| Lendbuzz Securitization Trust, Class A2, Series 2024-2A, 5.99%, 05/15/29<sup>(1)</sup> | 15608 | 15686 |
| Lendbuzz Securitization Trust, Class A2, Series 2025-1A, 5.10%, 10/15/30<sup>(1)</sup> | 86131 | 86014 |
| Mariner Finance Issuance, Class A, Series 2025-AA, 4.98%, 05/20/38<sup>(1)</sup> | 65000 | 65597 |
| Marlette Funding Trust, Class B, Series 2024-1A, 6.07%, 07/17/34<sup>(1)</sup> | 21788 | 21916 |
| MMP Capital LLC, Class B, Series 2025-A, 5.72%, 12/15/31<sup>(1)</sup> | 35000 | 35705 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup> | 3427 | 3432 |
| Nmef Funding, Class A2, Series 2024-A, 5.15%, 12/15/31<sup>(1)</sup> | 33605 | 33825 |
| Octane Receivables Trust, Class B, Series 2024-1A, 5.66%, 05/20/30<sup>(1)</sup> | 25000 | 25355 |
| OneMain Financial Issuance Trust, Class A, Series 2022-3A, 5.94%, 05/15/34<sup>(1)</sup> | 71557 | 72169 |
| OneMain Financial Issuance Trust, Class B, Series 2025-1A, 5.05%, 07/14/38<sup>(1)</sup> | 30000 | 30402 |
| Oportun Issuance Trust, Class A, Series 2021-C, 2.18%, 10/08/31<sup>(1)</sup> | 104585 | 102623 |
| Oportun Issuance Trust, Class A, Series 2025-A, 5.01%, 02/08/33<sup>(1)</sup> | 20000 | 20003 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup> | 30000 | 30094 |
| Own Equipment Fund I LLC, Class A, Series 2024-2M, 5.70%, 12/20/32<sup>(1)</sup> | 25474 | 25395 |
| Pawneee Equipment Receivables LLC, Class B, Series 2022-1, 5.40%, 07/17/28<sup>(1)</sup> | 38334 | 38412 |
| Peac Solutions Receivables, Class B, Series 2024-1A, 5.79%, 11/20/30<sup>(1)</sup> | 30000 | 30810 |
| Prestige Auto Receivables Trust, Class B, Series 2023-2A, 6.64%, 12/15/27<sup>(1)</sup> | 35790 | 35915 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup> | 30000 | 30221 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)(2)(3)</sup> | 54014 | 54841 |
| RCKT Trust, Class B, Series 2025-1A, 4.99%, 07/25/34<sup>(1)</sup> | 40000 | 39924 |

---

Schedule of Investments - Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| Reach ABS Trust, Class B, Series 2023-1A, 7.33%, 02/18/31<sup>(1)</sup> | $3575 | $3581 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup> | 30000 | 30237 |
| Reach ABS Trust, Class B, Series 2025-2A, 5.12%, 08/18/32<sup>(1)</sup> | 40000 | 40306 |
| Regional Management Issuance Trust, Class A, Series 2024-2, 5.11%, 12/15/33<sup>(1)</sup> | 30000 | 30218 |
| Sbna Auto Receivables Trust, Class C, Series 2024-A, 5.59%, 01/15/30<sup>(1)</sup> | 18000 | 18305 |
| Scalelogix Abs US Issuer LLC, Class A2, Series 2025-1A, 5.67%, 07/25/55<sup>(1)</sup> | 30000 | 29760 |
| Sofi Consumer Loan Program Trust, Class A, Series 2025-1, 4.80%, 02/27/34<sup>(1)</sup> | 78700 | 78855 |
| Subway Funding LLC, Class A2II, Series 2024-1A, 6.27%, 07/30/54<sup>(1)</sup> | 29700 | 30405 |
| Taco Bell Funding LLC, Class A2I, Series 2025-1A, 4.82%, 08/25/55<sup>(1)</sup> | 50000 | 49871 |
| Tesla Lease Electric Vehicle Securitization 2025-A LLC, Class A2, Series 2025-A, 4.14%, 06/20/28<sup>(1)</sup> | 50000 | 49990 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-2A, 6.93%, 04/17/28<sup>(1)</sup> | 30000 | 17737 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup> | 34738 | 35251 |
| United Auto Credit Securitization Trust, Class C, Series 2024-1, 7.06%, 10/10/29<sup>(1)</sup> | 30000 | 30110 |
| United Auto Credit Securitization Trust, Class D, Series 2023-1, 8.00%, 07/10/28<sup>(1)</sup> | 28684 | 28928 |
| Upstart Securitization Trust, Class A2, Series 2025-3, 4.60%, 09/20/35<sup>(1)</sup> | 150000 | 149954 |
| US Bank NA, Class B, Series 2023-1, 6.79%, 08/25/32<sup>(1)</sup> | 6929 | 7008 |
| VFI ABS LLC, Class A, Series 2025-1A, 4.78%, 06/24/30<sup>(1)</sup> | 45924 | 46067 |
| Westlake Automobile Receivables Trust, Class A3, Series 2025-3A, 4.22%, 06/15/29<sup>(1)</sup> | 65000 | 64993 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-2A, 5.62%, 03/15/30<sup>(1)</sup> | 30000 | 30303 |
| Westlake Automobile Receivables Trust, Class C, Series 2025-2A, 4.85%, 01/15/31<sup>(1)</sup> | 30000 | 30138 |
| Wingspire Equipment Finance LLC, Class A2, Series 2025-1A, 4.33%, 09/20/33<sup>(1)</sup> | 65000 | 64890 |
| **Total Asset Backed Securities** |  |  |
| (Cost $4,060,358) |  | **4088036** |
| **MORTGAGE BACKED SECURITIES - 29.1%** |  |  |
| **Agency Mortgage Backed Security - 7.9%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/38 | 122816 | 127026 |
| Federal Home Loan Mortgage Corporation, 6.00%, 03/01/53 | 154894 | 159032 |
| Federal Home Loan Mortgage Corporation, 6.00%, 08/01/53 | 29716 | 30474 |
| Federal Home Loan Mortgage Corporation, 6.00%, 12/01/54 | 109987 | 112530 |
| Federal Home Loan Mortgage Corporation, 5.00%, 01/01/55 | 259852 | 258887 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** |  |  |
| **Agency Mortgage Backed Security (continued)** |  |  |
| Federal National Mortgage Association, 6.00%, 10/01/53 | $128940 | $132156 |
| Federal National Mortgage Association, 6.00%, 08/01/54 | 48585 | 49825 |
| Federal National Mortgage Association, 6.00%, 01/01/55 | 52597 | 53858 |
| Federal National Mortgage Association, 4.00%, 03/01/55 | 100792 | 95915 |
| Total Agency Mortgage Backed Security |  | 1019703 |
| **Commercial Mortgage Backed Securities - 5.7%** |  |  |
| BBCMS Trust, Class A, Series 2018-CBM, 5.33%, (1-Month SOFR + 1.30%), 07/15/37<sup>(1)(2)</sup> | 39000 | 38098 |
| Bx Commercial Mortgage Trust, Class A, Series 2024-XL5, 5.42%, (1-Month SOFR + 1.39%), 03/15/41<sup>(1)(2)</sup> | 70451 | 70570 |
| Bx Trust, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup> | 110000 | 110851 |
| Bx Trust, Class C, Series 2025-ROIC, 5.58%, (1-Month SOFR + 1.54%), 03/15/30<sup>(1)(2)</sup> | 24903 | 24856 |
| Bx Trust, Class B, Series 2019-OC11, 3.61%, 12/09/41<sup>(1)</sup> | 120000 | 114600 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)(2)(3)</sup> | 88611 | 89958 |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)(2)(3)</sup> | 28410 | 28616 |
| Mssg Trust, Class A, Series 2017-237P, 3.40%, 09/13/39<sup>(1)</sup> | 32000 | 30476 |
| New York Commercial Mortgage Trust, Class A, Series 2025-300P, 4.88%, 07/13/42<sup>(1)(2)(3)</sup> | 40000 | 40220 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 6.99%, 12/10/34<sup>(1)(2)(3)</sup> | 176732 | 179241 |
| Total Commercial Mortgage Backed Securities |  | 727486 |
| **Residential Mortgage Backed Securities - 15.5%** |  |  |
| Ajax Mortgage Loan Trust, Class A1, Series 2019-D, 2.96%, 09/25/65<sup>(1)</sup> | 33547 | 32491 |
| Angel Oak Mortgage Trust, Class A1, Series 2021-8, 1.82%, 11/25/66<sup>(1)(2)(3)</sup> | 53007 | 47648 |
| Angel Oak Mortgage Trust, Class A1, Series 2022-5, 4.50%, 05/25/67<sup>(1)</sup> | 46256 | 46013 |
| Arroyo Mortgage Trust, Class A1, Series 2019-1, 3.81%, 01/25/49<sup>(1)(2)(3)</sup> | 15510 | 15146 |
| Citigroup Mortgage Loan Trust, Class A1, Series 2019-RP1, 3.50%, 01/25/66<sup>(1)(2)(3)</sup> | 32651 | 32084 |
| Citigroup Mortgage Loan Trust, Inc., Class A1, Series 2018-RP1, 3.00%, 09/25/64<sup>(1)(2)(3)</sup> | 15221 | 15004 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-3, 7.18%, 09/25/68<sup>(1)</sup> | 182589 | 184985 |
| Coopr Residential Mortgage Trust, Class A1A, Series 2025-CES3, 4.84%, 09/25/60<sup>(1)</sup> | 99108 | 98806 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)(2)(3)</sup> | 131768 | 119822 |
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65<sup>(1)(2)(3)</sup> | 124184 | 117673 |
| Homes Trust, Class A1, Series 2023-NQM2, 6.46%, 02/25/68<sup>(1)</sup> | 218567 | 219570 |

---

Schedule of Investments - Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** |  |  |
| **Residential Mortgage Backed Securities (continued)** |  |  |
| J.P. Morgan Mortgage Trust, Class A1, Series 2025-CES1, 5.67%, 05/25/55<sup>(1)(2)(3)</sup> | $79171 | $79797 |
| JPMorgan Mortgage Trust, Class A1A, Series 2024-CES1, 5.92%, 06/25/54<sup>(1)</sup> | 28654 | 28863 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)(2)(3)</sup> | 157022 | 155201 |
| New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56<sup>(1)(2)(3)</sup> | 34803 | 33547 |
| New Residential Mortgage Loan Trust, Class A1, Series 2018-3A, 4.50%, 05/25/58<sup>(1)(2)(3)</sup> | 26152 | 25629 |
| New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58<sup>(1)(2)(3)</sup> | 59488 | 57004 |
| NYMT Loan Trust, Class A1, Series 2021-CP1, 2.04%, 07/25/61<sup>(1)</sup> | 45152 | 42727 |
| OBX Trust, Class A2, Series 2018-1, 4.76%, (1-Month SOFR + 0.76%), 06/25/57<sup>(1)(2)</sup> | 16276 | 15971 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)</sup> | 243902 | 245435 |
| PRKCM Trust, Class A1A, Series 2022-AFC1, 4.10%, 04/25/57<sup>(1)(2)(3)</sup> | 65882 | 65686 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES1, 6.03%, 02/25/44<sup>(1)(2)(3)</sup> | 144042 | 145152 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES6, 5.34%, 09/25/44<sup>(1)</sup> | 74913 | 75160 |
| Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60<sup>(1)(2)(3)</sup> | 3212 | 3194 |
| Starwood Mortgage Residential Trust, Class A1, Series 2021-3, 1.13%, 06/25/56<sup>(1)(2)(3)</sup> | 36034 | 32012 |
| Towd Point Mortgage Trust, Class A1A, Series 2018-6, 3.75%, 03/25/58<sup>(1)(2)(3)</sup> | 29328 | 29171 |
| Verus Securitization Trust, Class A1, Series 2021-R1, 0.82%, 10/25/63<sup>(1)(2)(3)</sup> | 34486 | 33269 |
| Total Residential Mortgage Backed Securities |  | 1997060 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $3,683,129) |  | **3744249** |
| **CORPORATE BONDS – 23.1%** |  |  |
| **Commercial & Residential Mortgage Finance – 0.0%** |  |  |
| Rocket Cos., Inc., 6.13%, 08/01/30<sup>(1)</sup> | 5000 | 5161 |
| **Communication Services – 1.4%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28<sup>(1)</sup> | 32000 | 31699 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 14000 | 14009 |
| Gray Media, Inc., 7.25%, 08/15/33<sup>(1)</sup> | 15000 | 14702 |
| Meta Platforms, Inc., 4.20%, 11/15/30 | 15000 | 14988 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(1)</sup> | 35000 | 35007 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(1)</sup> | 10000 | 10203 |
| Snap, Inc., 6.88%, 03/15/34<sup>(1)</sup> | 5000 | 5102 |
| T-Mobile USA, Inc., 3.88%, 04/15/30 | 35000 | 34293 |
| Univision Communications, Inc., 8.00%, 08/15/28<sup>(1)</sup> | 20000 | 20603 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Communication Services (continued)** |  | |
| Total Communication Services |  | $180606 |
| **Consumer Discretionary – 1.4%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | $20000 | 20448 |
| Ford Motor Credit Co. LLC, 6.95%, 03/06/26 | 30000 | 30178 |
| Hilton Domestic Operating Co., Inc., 5.75%, 09/15/33<sup>(1)</sup> | 15000 | 15291 |
| Meritage Homes Corp., 3.88%, 04/15/29<sup>(1)</sup> | 30000 | 29364 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 31000 | 31015 |
| Tractor Supply Co., 1.75%, 11/01/30 | 25000 | 22048 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 33000 | 32254 |
| Total Consumer Discretionary |  | 180598 |
| **Consumer Staples – 0.8%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 02/15/30<sup>(1)</sup> | 20000 | 19777 |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/29<sup>(1)</sup> | 32000 | 31585 |
| Mars, Inc., 4.80%, 03/01/30<sup>(1)</sup> | 20000 | 20435 |
| Post Holdings, Inc., 6.25%, 02/15/32<sup>(1)</sup> | 14000 | 14408 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 15000 | 15229 |
| Total Consumer Staples |  | 101434 |
| **Energy – 2.2%** |  |  |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | 10000 | 10445 |
| Civitas Resources, Inc., 8.38%, 07/01/28<sup>(1)</sup> | 30000 | 31034 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(1)</sup> | 34000 | 33288 |
| Energy Transfer LP, 4.20%, 04/15/27 | 20000 | 19985 |
| Equities Corp., 7.50%, 06/01/27 | 30000 | 30516 |
| Equities Corp., 6.38%, 04/01/29 | 5000 | 5170 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 10000 | 10547 |
| Hf Sinclair Corp., 5.75%, 01/15/31 | 15000 | 15545 |
| Kodiak Gas Services LLC, 6.50%, 10/01/33<sup>(1)</sup> | 10000 | 10254 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup> | 27000 | 27423 |
| Ngpl Pipeco LLC, 4.88%, 08/15/27<sup>(1)</sup> | 30000 | 30078 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(1)</sup> | 20000 | 20771 |
| Occidental Petroleum Corp., 5.20%, 08/01/29 | 20000 | 20435 |
| Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 | 20000 | 20078 |
| Total Energy |  | 285569 |
| **Financials – 8.0%** |  |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.75%, 04/15/28<sup>(1)</sup> | 30000 | 30566 |
| Allstate Corp. (The), Series B, 7.41%, (3-Month SOFR + 3.20%), 08/15/53<sup>(2)</sup> | 10000 | 10038 |
| Ally Financial, Inc., 5.54%, (SOFR + 1.73%), 01/17/31<sup>(2)</sup> | 15000 | 15273 |
| American Express Co., 4.83%, (SOFR + 0.75%), 04/23/27<sup>(2)</sup> | 10000 | 10016 |
| American Express Co., 5.01%, (SOFR + 0.93%), 07/26/28<sup>(2)</sup> | 18000 | 18146 |
| American Express Co., 5.09%, (SOFR + 1.02%), 01/30/31<sup>(2)</sup> | 5000 | 5154 |
| American National Group, Inc., 7.00%, (US 5 Year CMT T- Note + 3.18%), 12/01/55<sup>(2)</sup> | 6000 | 6152 |

---

Schedule of Investments - Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Bank of America Corp., Series TT, 6.13%, (US 5 Year CMT T- Note + 3.23%), perpetual<sup>(2)(4)</sup> | $20000 | $20263 |
| Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27<sup>(2)</sup> | 35000 | 34384 |
| Bank of New York Mellon Corp. (The), Series F, 4.63%, (3-Month SOFR + 3.39%), perpetual<sup>(2)(4)</sup> | 25000 | 24889 |
| Blackstone Private Credit Fund, 5.95%, 07/16/29 | 15000 | 15340 |
| Blue Owl Finance LLC, 3.13%, 06/10/31 | 35000 | 31724 |
| Capital One Financial Corp., 4.49%, (SOFR + 1.25%), 09/11/31<sup>(2)</sup> | 35000 | 34753 |
| Charles Schwab Corp. (The), Series I, 4.00%, (US 5 Year CMT T- Note + 3.17%), perpetual<sup>(2)(4)</sup> | 15000 | 14881 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual<sup>(2)(4)</sup> | 20000 | 18778 |
| Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual<sup>(2)(4)</sup> | 30000 | 29850 |
| Citigroup, Inc., 5.52%, (SOFR + 1.28%), 02/24/28<sup>(2)</sup> | 35000 | 35334 |
| Citizens Financial Group, Inc., 5.84%, (SOFR + 2.01%), 01/23/30<sup>(2)</sup> | 19000 | 19758 |
| Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T- Note + 3.85%), 12/15/52<sup>(2)</sup> | 30000 | 30734 |
| Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance, 5.95%, 09/17/30<sup>(1)</sup> | 20000 | 19390 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 25000 | 26118 |
| Fifth Third Bancorp, 4.06%, (SOFR + 1.36%), 04/25/28<sup>(2)</sup> | 25000 | 24937 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)(2)</sup> | 10000 | 10470 |
| Goldman Sachs Group, Inc. (The), Series G, 5.87%, (3-Month SOFR + 2.01%), 10/28/27<sup>(2)</sup> | 25000 | 25310 |
| HA Sustainable Infrastructure Capital, Inc., 6.15%, 01/15/31 | 15000 | 15338 |
| Hat Holdings I LLC / Hat Holdings II LLC, 8.00%, 06/15/27<sup>(1)</sup> | 6000 | 6233 |
| Hub International Ltd., 7.25%, 06/15/30<sup>(1)</sup> | 20000 | 20895 |
| Huntington Bancshares, Inc./Oh, 6.21%, (SOFR + 2.02%), 08/21/29<sup>(2)</sup> | 25000 | 26249 |
| Iron Mountain, Inc., 5.25%, 07/15/30<sup>(1)</sup> | 15000 | 14943 |
| JPMorgan Chase & Co., 1.58%, (SOFR + 0.89%), 04/22/27<sup>(2)</sup> | 25000 | 24696 |
| JPMorgan Chase & Co., 5.42%, (SOFR + 1.18%), 02/24/28<sup>(2)</sup> | 40000 | 40314 |
| KeyCorp, Series G, 5.12%, (SOFR + 1.23%), 04/04/31<sup>(2)</sup> | 20000 | 20498 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 27000 | 26747 |
| Morgan Stanley, 3.59%, 07/22/28<sup>(2)(3)</sup> | 60000 | 59381 |
| MSCI, Inc., 3.63%, 09/01/30<sup>(1)</sup> | 35000 | 33313 |
| Onemain Finance Corp., 6.63%, 01/15/28 | 35000 | 35913 |
| PNC Financial Services Group, Inc. (The), 5.22%, (SOFR + 1.07%), 01/29/31<sup>(2)</sup> | 25000 | 25856 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Rga Global Funding, 5.45%, 05/24/29<sup>(1)</sup> | $21000 | $21786 |
| State Street Corp., Series I, 6.70%, (US 5 Year CMT T- Note + 2.61%), perpetual<sup>(2)(4)</sup> | 10000 | 10435 |
| State Street Corp., 5.75%, (SOFR + 1.35%), 11/04/26<sup>(2)</sup> | 15000 | 15001 |
| Synchrony Financial, 2.88%, 10/28/31 | 20000 | 17766 |
| Truist Financial Corp., 7.16%, (SOFR + 2.45%), 10/30/29<sup>(2)</sup> | 30000 | 32432 |
| US Bancorp, 5.05%, (SOFR + 1.06%), 02/12/31<sup>(2)</sup> | 30000 | 30772 |
| Wells Fargo & Co., 3.53%, (SOFR + 1.51%), 03/24/28<sup>(2)</sup> | 20000 | 19835 |
| Wells Fargo & Co., 6.30%, (SOFR + 1.79%), 10/23/29<sup>(2)</sup> | 15000 | 15870 |
| Total Financials |  | 1026531 |
| **Health Care – 2.1%** |  |  |
| AdaptHealth LLC, 6.13%, 08/01/28<sup>(1)</sup> | 15000 | 15005 |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup> | 30000 | 28148 |
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55<sup>(2)</sup> | 30000 | 31567 |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30 | 35000 | 32466 |
| HCA, Inc., 5.45%, 04/01/31 | 30000 | 31232 |
| Iqvia, Inc., 6.25%, 02/01/29 | 20000 | 21084 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(1)</sup> | 25000 | 26088 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(1)</sup> | 5000 | 4984 |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | 20000 | 20600 |
| Royalty Pharma PLC, 5.15%, 09/02/29 | 25000 | 25648 |
| Universal Health Services, Inc., 1.65%, 09/01/26 | 30000 | 29371 |
| Total Health Care |  | 266193 |
| **Industrials – 2.3%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> | 24322 | 24411 |
| Aviation Capital Group LLC, 5.38%, 07/15/29<sup>(1)</sup> | 25000 | 25593 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/29<sup>(1)</sup> | 20000 | 19652 |
| Boeing Co. (The), 6.26%, 05/01/27 | 10000 | 10279 |
| Boeing Co. (The), 6.39%, 05/01/31 | 10000 | 10882 |
| Builders FirstSource, Inc., 4.25%, 02/01/32<sup>(1)</sup> | 10000 | 9469 |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup> | 35000 | 32041 |
| Flowserve Corp., 3.50%, 10/01/30 | 15000 | 14295 |
| Herc Holdings, Inc., 7.00%, 06/15/30<sup>(1)</sup> | 15000 | 15710 |
| Hexcel Corp., 4.20%, 02/15/27 | 32000 | 31811 |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/28 | 20000 | 18811 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(1)</sup> | 5000 | 5190 |
| Regal Rexnord Corp., 6.05%, 02/15/26 | 15000 | 15042 |
| TransDigm, Inc., 6.75%, 08/15/28<sup>(1)</sup> | 30000 | 30629 |
| United Airlines, Inc., 4.38%, 04/15/26<sup>(1)</sup> | 32000 | 31954 |
| Total Industrials |  | 295769 |
| **Information Technology – 1.8%** |  |  |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/28<sup>(1)</sup> | 25000 | 24527 |
| Booz Allen Hamilton, Inc., 4.00%, 07/01/29<sup>(1)</sup> | 5000 | 4878 |
| Broadcom, Inc., 4.35%, 02/15/30 | 25000 | 25127 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(1)</sup> | 25000 | 25880 |

---

Schedule of Investments - Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | $20000 | $19985 |
| Foundry Jv Holdco LLC, 5.90%, 01/25/30<sup>(1)</sup> | 15000 | 15773 |
| Gartner, Inc., 3.75%, 10/01/30<sup>(1)</sup> | 25000 | 23660 |
| Kyndryl Holdings, Inc., 2.70%, 10/15/28 | 25000 | 23862 |
| Neptune Bidco US, Inc., 9.29%, 04/15/29<sup>(1)</sup> | 14000 | 13838 |
| Oracle Corp., 6.25%, 11/09/32 | 25000 | 26793 |
| Vontier Corp., 2.40%, 04/01/28 | 24000 | 22856 |
| Total Information Technology |  | 227179 |
| **Materials – 1.2%** |  |  |
| Bayport Polymers LLC, 4.74%, 04/14/27<sup>(1)</sup> | 25000 | 25060 |
| Berry Global, Inc., 5.80%, 06/15/31 | 30000 | 31801 |
| JH North America Holdings, Inc., 5.88%, 01/31/31<sup>(1)</sup> | 20000 | 20411 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(1)</sup> | 15000 | 14798 |
| Silgan Holdings, Inc., 1.40%, 04/01/26<sup>(1)</sup> | 35000 | 34486 |
| Sonoco Products Co., 4.60%, 09/01/29 | 25000 | 25173 |
| Total Materials |  | 151729 |
| **Real Estate – 0.2%** |  |  |
| Epr Properties, 4.95%, 04/15/28 | 20000 | 20198 |
| Millrose Properties, Inc., 6.38%, 08/01/30<sup>(1)</sup> | 10000 | 10139 |
| Total Real Estate |  | 30337 |
| **Telecommunication Services – 0.1%** |  |  |
| CSC Holdings LLC, 5.50%, 04/15/27<sup>(1)</sup> | 20000 | 18577 |
| **Transaction & Payment Processing Services – 0.2%** |  |  |
| Block, Inc., 6.50%, 05/15/32 | 20000 | 20765 |
| **Utilities – 1.4%** |  |  |
| Entergy Corp., 7.13%, (US 5 Year CMT T- Note + 2.67%), 12/01/54<sup>(2)</sup> | 20000 | 21080 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/29<sup>(1)</sup> | 20000 | 19026 |
| Nextera Energy Capital Holdings, Inc., 6.38%, (US 5 Year CMT T- Note + 2.05%), 08/15/55<sup>(2)</sup> | 20000 | 20877 |
| NiSource, Inc., 6.95%, (US 5 Year CMT T- Note + 2.45%), 11/30/54<sup>(2)</sup> | 10000 | 10458 |
| Puget Energy, Inc., 2.38%, 06/15/28 | 25000 | 23825 |
| Southern California Edison Co., 5.45%, 06/01/31 | 15000 | 15472 |
| Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T- Note + 2.92%), 09/15/51<sup>(2)</sup> | 40000 | 39600 |
| Vistra Operations Co. LLC, 5.63%, 02/15/27<sup>(1)</sup> | 31000 | 31030 |
| Total Utilities |  | 181368 |
| **Total Corporate Bonds** |  |  |
| (Cost $2,897,909) |  | **2971816** |
| **U.S. GOVERNMENT SECURITIES – 8.2%** |  |  |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/26 | 155000 | 155820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/26 | 40000 | 40358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/27 | 350000 | 350800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/31/29 | 220000 | 222685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/28/30 | 250000 | 253223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/31/30 | 35000 | 34882 |
| **Total U.S. Government Securities** |  |  |
| (Cost $1,053,228) |  | **1057768** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS – 4.9%** |  |  |
| **Consumer Discretionary – 0.7%** |  |  |
| Ashtead Capital, Inc., 4.25%, 11/01/29 (United Kingdom)<sup>(1)</sup> | $25000 | $24665 |
| Flutter Treasury DAC, 5.88%, 06/04/31 (Ireland)<sup>(1)</sup> | 25000 | 25328 |
| Ontario Gaming GTA LP/OTG Co.-Issuer LLC, 8.00%, 08/01/30 (Canada)<sup>(1)</sup> | 20000 | 19745 |
| Sodexo, Inc., 5.15%, 08/15/30 (France)<sup>(1)</sup> | 25000 | 25620 |
| Total Consumer Discretionary |  | 95358 |
| **Consumer Staples – 0.2%** |  |  |
| Imperial Brands Finance PLC, 5.50%, 02/01/30 (United Kingdom)<sup>(1)</sup> | 20000 | 20739 |
| **Consumer, Non-cyclical – 0.2%** |  |  |
| 180 Medical, Inc., 3.88%, 10/15/29 (United Kingdom)<sup>(1)</sup> | 25000 | 24179 |
| **Energy – 0.8%** |  |  |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual<sup>(2)(4)</sup> | 45000 | 45047 |
| Enbridge, Inc., 7.38%, (US 5 Year CMT T- Note + 3.71%), 01/15/83 (Canada)<sup>(2)</sup> | 20000 | 20660 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)<sup>(2)</sup> | 20000 | 20840 |
| South Bow USA Infrastructure Holdings LLC, 5.03%, 10/01/29 (Canada) | 20000 | 20214 |
| Total Energy |  | 106761 |
| **Financials – 1.3%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, (US 5 Year CMT T- Note + 2.44%), 01/31/56 (Ireland)<sup>(2)</sup> | 25000 | 25851 |
| Barclays, 7.39%, (US 1 Year CMT T- Note + 3.30%), 11/02/28 (United Kingdom)<sup>(2)</sup> | 20000 | 21176 |
| Bpce SA, 5.98%, (SOFR + 2.10%), 01/18/27 (France)<sup>(1)(2)</sup> | 25000 | 25067 |
| Deutsche Bank AG/New York NY, 5.00%, (SOFR + 1.70%), 09/11/30 (Germany)<sup>(2)</sup> | 25000 | 25331 |
| Societe Generale SA, 5.63%, (US 1 Year CMT T- Note + 1.75%), 01/19/30 (France)<sup>(1)(2)</sup> | 20000 | 20615 |
| Toronto-Dominion Bank (The), 8.13%, (US 5 Year CMT T- Note + 4.08%), 10/31/82 (Canada)<sup>(2)</sup> | 25000 | 26437 |
| UBS AG/London, 5.65%, 09/11/28 (Switzerland) | 25000 | 26124 |
| Total Financials |  | 170601 |

---

Schedule of Investments - Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Health Care – 0.2%** |  |  |
| Smith & Nephew PLC, 2.03%, 10/14/30 (United Kingdom) | $30000 | $26879 |
| **Industrials – 0.3%** |  |  |
| Avolon Holdings Funding Ltd., 5.75%, 11/15/29 (Ireland)<sup>(1)</sup> | 25000 | 25931 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)<sup>(1)</sup> | 10000 | 10459 |
| Total Industrials |  | 36390 |
| **Materials – 0.6%** |  |  |
| Fortescue Treasury Pty Ltd., 5.88%, 04/15/30 (Australia)<sup>(1)</sup> | 10000 | 10325 |
| Ineos Finance PLC, 6.75%, 05/15/28 (Luxembourg)<sup>(1)</sup> | 32000 | 30207 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 15000 | 14076 |
| Smurfit Kappa Treasury ULC, 5.20%, 01/15/30 (Ireland) | 25000 | 25799 |
| Total Materials |  | 80407 |
| **Utilities – 0.6%** |  |  |
| Algonquin Power & Utilities Corp., 5.37%, 06/15/26 (Canada)<sup>(5)</sup> | 10000 | 10049 |
| Electricite de France SA, 5.70%, 05/23/28 (France)<sup>(1)</sup> | 25000 | 25820 |
| ENEL Finance International NV, 5.13%, 06/26/29 (Italy)<sup>(1)</sup> | 20000 | 20510 |
| National Grid PLC, 5.60%, 06/12/28 (United Kingdom) | 20000 | 20705 |
| Total Utilities |  | 77084 |
| **Total Foreign Bonds** |  |  |
| (Cost $627,918) |  | **638398** |
| **TOTAL INVESTMENTS - 97.0%** |  |  |
| (Cost $12,322,542) |  | **12500267** |
| Other Assets in Excess of Liabilities - 3.0% |  | 383985 |
| **Net Assets - 100.0%** |  | $**12884252** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. At October 31, 2025, the aggregate value of these securities was $7,653,888, or 59.4% of net assets.

(2) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2025.

(3) Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions.

(4) Perpetual security with no contractual maturity date.

(5) Represents step coupon bond. Rate shown reflects the rate in effect as of October 31, 2025.

---

| |
|:---|
| **Abbreviations:** |
| CMT — Constant Maturity Treasury Index |
| SOFR — Secured Overnight Financing Rate |

---

Schedule of Investments - Virtus Newfleet Short Duration Core Plus Bond ETF (continued)

October 31, 2025 (unaudited)

**Centrally cleared credit default swaps outstanding as of October 31, 2025 were as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Pay/Receive** | **Expiration <br> Date** | **Notional <br> Amount** | **(Pay)/ <br> Receive <br> Fixed Rate<sup>(1)</sup>** | **Payment <br> Frequency** | **Counterparty** | **Value** | **Unrealized Appreciation/ (Depreciation)<sup>(2)</sup>** |
| CDX.NA.HY.45-V1 | Receive | 12/20/30 | $(120000) | 5.00% | Quarterly | CITI Group Global Markets, Inc. | $8720 | $169 |

---

(1) The annual fixed rate represents the interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract.

(2) Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at October 31, 2025.

**Fair Value Measurements**

---

| |
|:---|
| The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of October 31, 2025. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities | $— | $4088036 | $— | $4088036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 3744249 |  | 3744249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 2971816 |  | 2971816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 1057768 |  | 1057768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Bonds |  | 638398 |  | 638398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps<sup>(1)</sup> |  | 169 |  | 169 |
| **Total** | $**—** | $**12500436** | $**—** | $**12500436** |
| <br> <sup>(1)</sup> Swap contracts are valued at the net unrealized appreciation (depreciation). | <br> <sup>(1)</sup> Swap contracts are valued at the net unrealized appreciation (depreciation). | <br> <sup>(1)</sup> Swap contracts are valued at the net unrealized appreciation (depreciation). | <br> <sup>(1)</sup> Swap contracts are valued at the net unrealized appreciation (depreciation). | <br> <sup>(1)</sup> Swap contracts are valued at the net unrealized appreciation (depreciation). |

---

## 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 ETF Trust II

- **b. Investment Company Act file number:** 811-23078

- **c. CIK number of Registrant:** 0001648403

- **d. LEI of Registrant:** 549300KNJ4HBWHIYD309

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

  - **Street Address 1:** 1540 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 1-888-383-0553

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

- **a. Name of Series:** Virtus Newfleet Short Duration Core Plus Bond ETF

- **b. EDGAR series identifier (if any):** S000082804

- **c. LEI of Series:** 52990051FWCYNEBGU846

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $12953562.57

**Total Liabilities:** $69309.42

**Net Assets:** $12884253.15

**Cash Not Reported:** $312608.36

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -6.50285830 | **5-Year:** -589.89069880 | **10-Year:** -474.28293070 | **30-Year:** -1183.52608400

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

- **3-Month:** 0.00000000 | **1-Year:** -0.43176613 | **5-Year:** -174.49048780 | **10-Year:** -161.28022930 | **30-Year:** -69.27188539

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246126 | 0.88%                | 0.00%                | 0.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2440.21                | $55156.10                                  |
| Month 2  | $-24458.34               | $-24924.37                                 |
| Month 3  | $5275.08                 | $-14328.88                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INTERCONTINENTAL EXCHANGE, INC. | CDS CDX.NA.HY.45.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $9386.04      | 0.07%             |  |  |  | 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        |     30000 | PA      | $30303.21     | 0.24%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust      | Verus Securitization Trust 2021-R1                                              | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34486 | PA      | $33269.11     | 0.26%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC              | Royalty Pharma PLC                                                              | CUSIP: 78081BAQ6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $25647.54     | 0.20%             | 2029-09-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru  | OneMain Financial Issuance Trust 2022-3                                         | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71557 | PA      | $72168.78     | 0.56%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                     | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26793.25     | 0.21%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC         | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24526.84     | 0.19%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                    | Enbridge Inc                                                                    | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $20659.96     | 0.16%             | 2083-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC             | Reach ABS Trust 2023-1                                                          | CUSIP: 75525AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3575 | PA      | $3581.18      | 0.03%             | 2031-02-18      | Fixed         | 7.33%                 | 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        |     79171 | PA      | $79796.57     | 0.62%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust    | Upstart Securitization Trust 2025-3                                             | CUSIP: 91684FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149954.49    | 1.16%             | 2035-09-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| LENDBUZZ AUTO RECEIVABLES TRUST | LENDBUZZ AUTO RECEIVABLES TRUST                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78928 | PA      | $79161.73     | 0.61%             | 2030-06-17      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP          | Aviation Capital Group LLC                                                      | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25592.93     | 0.20%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC             | United Airlines Inc                                                             | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31953.92     | 0.25%             | 2026-04-15      | Fixed         | 4.38%                 | 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        |     46256 | PA      | $46013.52     | 0.36%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| MMP Capital                     | MMP Capital 2025-A LLC                                                          | CUSIP: 55317QAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35000 | PA      | $35704.62     | 0.28%             | 2031-12-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                     | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29716 | PA      | $30474.00     | 0.24%             | 2053-08-01      | Fixed         | 6.00%                 | 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        |     25000 | PA      | $25187.74     | 0.20%             | 2030-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN        | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15290.63     | 0.12%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US        | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 222070AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $31584.69     | 0.25%             | 2029-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                    | Vontier Corp                                                                    | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22856.24     | 0.18%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC              | META PLATFORMS INC                                                              | CUSIP: 30303MAB8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14987.76     | 0.12%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO        | Medline Borrower LP/Medline Co-Issuer Inc                                       | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20600.06     | 0.16%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                   | Boeing Co/The                                                                   | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10882.05     | 0.08%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC         | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4877.67      | 0.04%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                  | OWN Equipment Fund I LLC                                                        | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25474 | PA      | $25394.65     | 0.20%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                  | LSB Industries Inc                                                              | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14797.79     | 0.11%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS        | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28148.32     | 0.22%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP               | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10434.61     | 0.08%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                | HF Sinclair Corp                                                                | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15545.30     | 0.12%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management     | RCKT Mortgage Trust 2024-CES6                                                   | CUSIP: 749410AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74913 | PA      | $75160.01     | 0.58%             | 2044-09-25      | Variable      | 5.34%                 | 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        |     33547 | PA      | $32490.66     | 0.25%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING              | RGA Global Funding                                                              | CUSIP: 76209PAE3<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21786.02     | 0.17%             | 2029-05-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                     | Freddie Mac Pool                                                                | CUSIP: 3132DWGS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    154894 | PA      | $159031.41    | 1.23%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CX5<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     25000 | PA      | $25331.50     | 0.20%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO             | American Express Co                                                             | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10016.46     | 0.08%             | 2027-04-23      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust         | NYMT Loan Trust 2022-CP1                                                        | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45152 | PA      | $42727.13     | 0.33%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL             | Synchrony Financial                                                             | CUSIP: 87165BAR4<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17766.32     | 0.14%             | 2031-10-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                   | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10038.44     | 0.08%             | 2053-08-15      | Floating      | 7.41%                 | 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        |     25000 | PA      | $25850.68     | 0.20%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust           | CCG Receivables Trust 2023-1                                                    | CUSIP: 12512XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34248 | PA      | $34415.62     | 0.27%             | 2030-09-16      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                   | TransDigm Inc                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30629.31     | 0.24%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L        | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     10000 | PA      | $10325.06     | 0.08%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS        | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18811.41     | 0.15%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS        | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19025.57     | 0.15%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE          | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15339.50     | 0.12%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD        | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     20000 | PA      | $20448.34     | 0.16%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust      | LAD Auto Receivables Trust 2024-3                                               | CUSIP: 505709AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35000 | PA      | $35294.81     | 0.27%             | 2030-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| MSCI INC                        | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33313.28     | 0.26%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC             | Ashtead Capital Inc                                                             | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24664.82     | 0.19%             | 2029-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                     | VFI ABS 2025-1 LLC                                                              | CUSIP: 91824UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45924 | PA      | $46066.80     | 0.36%             | 2030-06-24      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC        | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30733.53     | 0.24%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                       | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26087.90     | 0.20%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR        | Occidental Petroleum Corp                                                       | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20435.28     | 0.16%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC               | Iron Mountain Inc                                                               | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14942.54     | 0.12%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO               | Tractor Supply Co                                                               | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22048.01     | 0.17%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC               | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14407.97     | 0.11%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust             | HINNT 2024-A LLC                                                                | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29851 | PA      | $30274.87     | 0.23%             | 2043-03-15      | Fixed         | 5.49%                 | 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        |     53007 | PA      | $47647.56     | 0.37%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC               | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31014.69     | 0.24%             | 2027-09-15      | Fixed         | 6.38%                 | 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        |     18000 | PA      | $18305.18     | 0.14%             | 2030-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC             | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34485.89     | 0.27%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                      | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48585 | PA      | $49825.36     | 0.39%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                 | 180 Medical Inc                                                                 | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24179.20     | 0.19%             | 2029-10-15      | Fixed         | 3.88%                 | 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        |     25000 | PA      | $26118.08     | 0.20%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC           | Foundry JV Holdco LLC                                                           | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15773.24     | 0.12%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu  | GreenSky Home Improvement Issuer Trust 2024-2                                   | CUSIP: 39571XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37391 | PA      | $37511.31     | 0.29%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tesla Lease Electric Vehicle S  | Tesla Lease Electric Vehicle Securitization 2025-A LLC                          | CUSIP: 88162VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49989.85     | 0.39%             | 2028-06-20      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                  | Gray Media Inc                                                                  | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14701.93     | 0.11%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust        | JP Morgan Mortgage Trust Series 2025-CES2                                       | CUSIP: 46595TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28410 | PA      | $28616.46     | 0.22%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                     | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23660.49     | 0.18%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP        | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp              | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $26747.48     | 0.21%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP            | Wrangler Holdco Corp                                                            | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10459.26     | 0.08%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO        | Capital One Financial Corp                                                      | CUSIP: 14040HDM4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34752.76     | 0.27%             | 2031-09-11      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                       | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21083.74     | 0.16%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                         | HCA Inc                                                                         | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31232.34     | 0.24%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MARS INC                        | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20435.13     | 0.16%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T  | Regional Management Issuance Trust 2024-2                                       | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30218.50     | 0.23%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2         | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     15000 | PA      | $14076.60     | 0.11%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| American Heritage Auto Receiva  | American Heritage Auto Receivables Trust 2024-1                                 | CUSIP: 026944AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30266.75     | 0.23%             | 2029-09-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                | Berry Global Inc                                                                | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31800.94     | 0.25%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK           | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $26437.08     | 0.21%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION        | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19984.83     | 0.16%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                    | Broadcom Inc                                                                    | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25126.63     | 0.20%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                                | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $350799.81    | 2.72%             | 2027-08-15      | Fixed         | 3.75%                 | 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        |     25000 | PA      | $25100.40     | 0.19%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP              | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15041.92     | 0.12%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                   | Citigroup Inc                                                                   | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35334.02     | 0.27%             | 2028-02-24      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $253222.66    | 1.97%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP             | Charles Schwab Corp/The                                                         | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14881.37     | 0.12%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                                | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | PA      | $155819.85    | 1.21%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                | BlueLinx Holdings Inc                                                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19651.43     | 0.15%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dext ABS                        | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30461.83     | 0.24%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC             | Oportun Issuance Trust 2024-2                                                   | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30094.06     | 0.23%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank    | Huntington Bank Auto Credit-Linked Notes Series 2024-1                          | CUSIP: 44644NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9689 | PA      | $9840.61      | 0.08%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC          | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     45000 | PA      | $45046.67     | 0.35%             | N/A             | Fixed         | 4.88%                 | 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        |     10000 | PA      | $10546.52     | 0.08%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC            | TSC SPV Funding LLC                                                             | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34738 | PA      | $35251.12     | 0.27%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                | Societe Generale SA                                                             | CUSIP: 83368RBW1<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     20000 | PA      | $20615.20     | 0.16%             | 2030-01-19      | Fixed         | 5.63%                 | 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        |     24322 | PA      | $24411.26     | 0.19%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC              | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15273.04     | 0.12%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU        | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10202.75     | 0.08%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU  | SoFi Consumer Loan Program 2025-1 Trust                                         | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78700 | PA      | $78855.29     | 0.61%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL          | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20876.72     | 0.16%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                  | EPR Properties                                                                  | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20198.58     | 0.16%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION           | Flowserve Corp                                                                  | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14295.09     | 0.11%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING        | JH North America Holdings Inc                                                   | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20411.30     | 0.16%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust    | Hilton Grand Vacations Trust 2024-2                                             | CUSIP: 43283JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14616 | PA      | $14932.29     | 0.12%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                     | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39600.32     | 0.31%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP         | American National Group Inc                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6152.06      | 0.05%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru  | COOPR Residential Mortgage Trust 2025-CES3                                      | CUSIP: 216926AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99108 | PA      | $98806.15     | 0.77%             | 2060-09-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust      | LAD Auto Receivables Trust 2025-1                                               | CUSIP: 505712AG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30575.68     | 0.24%             | 2032-05-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association  | US Bank NA                                                                      | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6929 | PA      | $7008.12      | 0.05%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP          | Bank of New York Mellon Corp/The                                                | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24889.37     | 0.19%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                  | Morgan Stanley                                                                  | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59381.12     | 0.46%             | 2028-07-22      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34293.00     | 0.27%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC         | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10253.93     | 0.08%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES          | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25855.97     | 0.20%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S  | BBCMS Trust 2018-CBM                                                            | CUSIP: 05549RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39000 | PA      | $38098.38     | 0.30%             | 2037-07-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC              | Smith & Nephew PLC                                                              | CUSIP: 83192PAA6<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $26879.32     | 0.21%             | 2030-10-14      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun  | American Express Credit Account Master Trust Series 2025-5                      | CUSIP: 02582JKT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $127948.55    | 0.99%             | 2032-07-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD           | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20894.86     | 0.16%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Wingspire Equipment Finance LL  | Wingspire Equipment Finance 2025-1 LLC                                          | CUSIP: 97415CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $64890.05     | 0.50%             | 2033-09-20      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO             | American Express Co                                                             | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5153.59      | 0.04%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                | COLT 2023-3 Mortgage Loan Trust                                                 | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |    182589 | PA      | $184985.09    | 1.44%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC             | Oportun Issuance Trust 2025-A                                                   | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20000 | PA      | $20002.62     | 0.16%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC           | Nabors Industries Inc                                                           | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27423.41     | 0.21%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC            | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23862.13     | 0.19%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC        | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30178.47     | 0.23%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable  | Westlake Automobile Receivables Trust 2025-2                                    | CUSIP: 96041KAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30138.29     | 0.23%             | 2031-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                      | Fannie Mae Pool                                                                 | CUSIP: 3140W14N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    128940 | PA      | $132156.23    | 1.03%             | 2053-10-01      | Fixed         | 6.00%                 | 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        |     32651 | PA      | $32084.48     | 0.25%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU        | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19389.50     | 0.15%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust  | Carvana Auto Receivables Trust 2023-N4                                          | CUSIP: 14688LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $204616.97    | 1.59%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN        | Weekley Homes LLC / Weekley Finance Corp                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33000 | PA      | $32254.59     | 0.25%             | 2028-09-15      | Fixed         | 4.88%                 | 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        |    176732 | PA      | $179241.06    | 1.39%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management     | RCKT Mortgage Trust 2024-CES1                                                   | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    144042 | PA      | $145152.42    | 1.13%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES           | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26249.41     | 0.20%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP          | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $31698.83     | 0.25%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust   | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86131 | PA      | $86013.69     | 0.67%             | 2030-10-15      | Fixed         | 5.10%                 | 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        |    300000 | PA      | $305485.86    | 2.37%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust             | Affirm Master Trust Series 2025-3                                               | CUSIP: 00833BAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $129789.30    | 1.01%             | 2034-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                        | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70451 | PA      | $70569.82     | 0.55%             | 2041-03-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| SCALELOGIX ABS US ISSUER, LLC   | Scalelogix Abs Us Issuer LLC                                                    | CUSIP: 80587FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $29760.30     | 0.23%             | 2055-07-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust   | NYC Commercial Mortgage Trust 2025-300P                                         | CUSIP: 67121TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $40220.10     | 0.31%             | 2042-07-13      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC        | Builders FirstSource Inc                                                        | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9468.70      | 0.07%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS        | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20603.28     | 0.16%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                                | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     35000 | PA      | $34882.42     | 0.27%             | 2030-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust      | Flagship Credit Auto Trust 2024-3                                               | CUSIP: 33843YAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $29788.54     | 0.23%             | 2029-07-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                    | Barclays PLC                                                                    | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $21175.92     | 0.16%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T  | Ellington Financial Mortgage Trust 2020-2                                       | CUSIP: 31573WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124184 | PA      | $117672.95    | 0.91%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP             | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10445.06     | 0.08%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS        | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAD4<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20214.41     | 0.16%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                       | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20764.88     | 0.16%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                        | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24903 | PA      | $24856.13     | 0.19%             | 2030-03-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO          | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10470.04     | 0.08%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC         | Millrose Properties Inc                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10138.91     | 0.08%             | 2030-08-01      | Fixed         | 6.38%                 | 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        |     14000 | PA      | $14009.41     | 0.11%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32041.10     | 0.25%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT          | HAT Holdings I LLC / HAT Holdings II LLC                                        | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6000 | PA      | $6233.17      | 0.05%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust    | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131768 | PA      | $119821.94    | 0.93%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                                | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    220000 | PA      | $222685.55    | 1.73%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                   | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29849.67     | 0.23%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                 | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31566.78     | 0.25%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC               | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35007.50     | 0.27%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                      | Fannie Mae Pool                                                                 | CUSIP: 3140W1Q89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100792 | PA      | $95914.43     | 0.74%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust   | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17326QAA1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |     15221 | PA      | $15004.09     | 0.12%             | 2064-09-25      | Variable      | 3.00%                 | 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        |     30000 | PA      | $30809.62     | 0.24%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables   | Exeter Automobile Receivables Trust                                             | CUSIP: 30166XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $40350.04     | 0.31%             | 2031-10-15      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                | NMEF Funding 2024-A LLC                                                         | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33605 | PA      | $33825.40     | 0.26%             | 2031-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Capita  | MSSG Trust 2017-237P                                                            | CUSIP: 55375KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32000 | PA      | $30475.56     | 0.24%             | 2039-09-13      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                   | Boeing Co/The                                                                   | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10278.92     | 0.08%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA        | Electricite de France SA                                                        | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     25000 | PA      | $25819.74     | 0.20%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION        | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20077.88     | 0.16%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY         | Algonquin Power & Utilities Corp                                                | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10049.16     | 0.08%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note T  | Discover Card Execution Note Trust                                              | CUSIP: 254683CZ6<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |    205000 | PA      | $206149.44    | 1.60%             | 2028-06-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                      | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16147 | PA      | $16180.07     | 0.13%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                      | Sodexo Inc                                                                      | CUSIP: 833794AC4<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25619.69     | 0.20%             | 2030-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential   | Starwood Mortgage Residential Trust 2021-3                                      | CUSIP: 85573JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36034 | PA      | $32012.25     | 0.25%             | 2056-06-25      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                | CSC Holdings LLC                                                                | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18576.99     | 0.14%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SNAP INC                        | Snap Inc                                                                        | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5101.98      | 0.04%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY           | Wells Fargo & Co                                                                | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19834.80     | 0.15%             | 2028-03-24      | Fixed         | 3.53%                 | 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        |    155000 | PA      | $156385.27    | 1.21%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust       | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29328 | PA      | $29170.83     | 0.23%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                | DT Midstream Inc                                                                | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     34000 | PA      | $33287.57     | 0.26%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan   | New Residential Mortgage Loan Trust 2018-3                                      | CUSIP: 64830KAA5<br>LEI: 549300U48YU2VDL8N523 | Long             | ABS-MBS          | CORP              | US        |     26152 | PA      | $25628.68     | 0.20%             | 2058-05-25      | Variable      | 4.50%                 | 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        |     30000 | PA      | $29980.82     | 0.23%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY           | Wells Fargo & Co                                                                | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15869.87     | 0.12%             | 2029-10-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC               | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15710.09     | 0.12%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP           | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32432.43     | 0.25%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management     | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54014 | PA      | $54841.41     | 0.43%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| KEYCORP                         | KeyCorp                                                                         | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20497.78     | 0.16%             | 2031-04-04      | Fixed         | 5.12%                 | 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        |     13449 | PA      | $13410.91     | 0.10%             | 2026-11-09      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                     | Freddie Mac Pool                                                                | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    122816 | PA      | $127026.37    | 0.99%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                    | NiSource Inc                                                                    | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10458.27     | 0.08%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11              | BX Trust 2019-OC11                                                              | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $114599.53    | 0.89%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur  | Bridgecrest Lending Auto Securitization Trust 2025-2                            | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30241.17     | 0.23%             | 2031-03-17      | Fixed         | 5.62%                 | 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        |     35000 | PA      | $35633.34     | 0.28%             | 2032-08-20      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust  | Carvana Auto Receivables Trust 2021-P3                                          | CUSIP: 14687JAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $58419.95     | 0.45%             | 2027-08-10      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan   | New Residential Mortgage Loan Trust 2016-4                                      | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34803 | PA      | $33547.42     | 0.26%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust    | Drive Auto Receivables Trust 2024-1                                             | CUSIP: 26208WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $25316.86     | 0.20%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP        | Citizens Financial Group Inc                                                    | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19757.72     | 0.15%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                  | ACM Auto Trust 2025-2                                                           | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27140 | PA      | $27059.32     | 0.21%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                     | PRKCM 2022-AFC1 Trust                                                           | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65882 | PA      | $65686.09     | 0.51%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP             | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29363.63     | 0.23%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY          | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $25799.09     | 0.20%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus  | Residential Mortgage Loan Trust 2020-1                                          | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3212 | PA      | $3193.57      | 0.02%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV            | Enel Finance International NV                                                   | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |     20000 | PA      | $20510.69     | 0.16%             | 2029-06-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust           | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15510 | PA      | $15145.52     | 0.12%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| BPCE SA                         | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     25000 | PA      | $25067.31     | 0.19%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC        | OBX 2018-1 Trust                                                                | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16276 | PA      | $15970.95     | 0.12%             | 2057-06-25      | Floating      | 4.76%                 | 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        |     20000 | PA      | $19745.07     | 0.15%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC         | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25309.86     | 0.20%             | 2027-10-28      | Floating      | 5.87%                 | 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        |    120000 | PA      | $123151.03    | 0.96%             | 2030-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                      | US Bancorp                                                                      | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30771.98     | 0.24%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC           | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5189.86      | 0.04%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                  | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5160.77      | 0.04%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO             | JPMorgan Chase & Co                                                             | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40313.67     | 0.31%             | 2028-02-24      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON             | Southern California Edison Co                                                   | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15472.41     | 0.12%             | 2031-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                      | RCKT Trust 2025-PL1                                                             | CUSIP: 74939RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $39924.24     | 0.31%             | 2034-07-25      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                                | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $40357.57     | 0.31%             | 2026-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust   | Citigroup Mortgage Loan Trust 2025-INV1                                         | CUSIP: 17332GAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88611 | PA      | $89957.87     | 0.70%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP             | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4984.25      | 0.04%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust   | Lendbuzz Securitization Trust 2024-2                                            | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15608 | PA      | $15685.59     | 0.12%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru  | Onemain Financial Issuance Trust 2025-1                                         | CUSIP: 68270DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30401.87     | 0.24%             | 2038-07-14      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD        | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $25930.50     | 0.20%             | 2029-11-15      | Fixed         | 5.75%                 | 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        |     30000 | PA      | $30215.82     | 0.23%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD        | South Bow Canadian Infrastructure Holdings Ltd                                  | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $20839.78     | 0.16%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23824.91     | 0.18%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust    | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    157022 | PA      | $155200.62    | 1.20%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO             | American Express Co                                                             | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18146.34     | 0.14%             | 2028-07-26      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP            | OneMain Finance Corp                                                            | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35913.19     | 0.28%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS           | Universal Health Services Inc                                                   | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29370.89     | 0.23%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat  | United Auto Credit Securitization Trust 2023-1                                  | CUSIP: 90945CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28684 | PA      | $28927.66     | 0.22%             | 2028-07-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HEXCEL CORP                     | Hexcel Corp                                                                     | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31811.16     | 0.25%             | 2027-02-15      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                 | AdaptHealth LLC                                                                 | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15005.21     | 0.12%             | 2028-08-01      | Fixed         | 6.12%                 | 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        |     30000 | PA      | $30228.89     | 0.23%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                  | ACM Auto Trust 2025-3                                                           | CUSIP: 00161UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28783 | PA      | $28660.58     | 0.22%             | 2030-01-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T  | Tricolor Auto Securitization Trust 2024-2                                       | CUSIP: 89616PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $17737.13     | 0.14%             | 2028-04-17      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC               | INEOS Finance PLC                                                               | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     32000 | PA      | $30206.80     | 0.23%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                        | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $110850.81    | 0.86%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                 | NGPL PipeCo LLC                                                                 | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30078.41     | 0.23%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr  | GLS Auto Select Receivables Trust 2024-3                                        | CUSIP: 37989EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30953.54     | 0.24%             | 2030-08-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC            | Blue Owl Finance LLC                                                            | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31724.18     | 0.25%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                    | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21080.26     | 0.16%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                   | UBS AG/London                                                                   | CUSIP: 902674ZW3<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |     25000 | PA      | $26123.54     | 0.20%             | 2028-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC             | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30236.71     | 0.23%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat  | United Auto Credit Securitization Trust 2024-1                                  | CUSIP: 90945DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30110.01     | 0.23%             | 2029-10-10      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| EQT CORP                        | EQT Corp                                                                        | CUSIP: 26884LAZ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5169.88      | 0.04%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                     | Freddie Mac Pool                                                                | CUSIP: 31427NHD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    109987 | PA      | $112530.22    | 0.87%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable  | Westlake Automobile Receivables Trust 2025-3                                    | CUSIP: 96043QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $64993.21     | 0.50%             | 2029-06-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust          | Marlette Funding Trust 2024-1                                                   | CUSIP: 57108VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21788 | PA      | $21915.67     | 0.17%             | 2034-07-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP            | Bank of America Corp                                                            | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20263.48     | 0.16%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP             | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18777.56     | 0.15%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP             | Fifth Third Bancorp                                                             | CUSIP: 316773DE7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24936.92     | 0.19%             | 2028-04-25      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                 | FinBe USA Trust 2025-1                                                          | CUSIP: 317967AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23144 | PA      | $23132.59     | 0.18%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC               | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15229.41     | 0.12%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC        | Vistra Operations Co LLC                                                        | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31029.45     | 0.24%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC             | Reach ABS Trust 2025-2                                                          | CUSIP: 75525QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $40305.72     | 0.31%             | 2032-08-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                      | Fannie Mae Pool                                                                 | CUSIP: 3140W0XP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52597 | PA      | $53857.93     | 0.42%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC           | Civitas Resources Inc                                                           | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31034.52     | 0.24%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| EQT CORP                        | EQT Corp                                                                        | CUSIP: 26884LBH1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30515.55     | 0.24%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO             | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24695.78     | 0.19%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus  | Carmax Select Receivables Trust 2025-B                                          | CUSIP: 14320BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99907.40     | 0.78%             | 2031-06-16      | Fixed         | 4.83%                 | 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        |     66667 | PA      | $66398.07     | 0.52%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust        | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3427 | PA      | $3431.98      | 0.03%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP          | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAA9<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15338.11     | 0.12%             | 2031-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A      | HIN Timeshare Trust 2020-A                                                      | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59558 | PA      | $58394.97     | 0.45%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP               | State Street Corp                                                               | CUSIP: 857477BX0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15000.61     | 0.12%             | 2026-11-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust  | Mariner Finance Issuance Trust 2025-A                                           | CUSIP: 567920AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $65597.29     | 0.51%             | 2038-05-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER      | Elara HGV Timeshare Issuer 2023-A LLC                                           | CUSIP: 28415AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108244 | PA      | $111965.85    | 0.87%             | 2038-02-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC              | Subway Funding LLC                                                              | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29700 | PA      | $30405.24     | 0.24%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC          | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25879.88     | 0.20%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC            | Bayport Polymers LLC                                                            | CUSIP: 073096AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25060.34     | 0.19%             | 2027-04-14      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC        | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    243902 | PA      | $245434.71    | 1.90%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                     | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    218567 | PA      | $219570.49    | 1.70%             | 2068-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC            | Noble Finance II LLC                                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20770.96     | 0.16%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables    | Pawneee Equipment Receivables Series 2022-1 LLC                                 | CUSIP: 70410DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38334 | PA      | $38412.35     | 0.30%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust        | Octane Receivables Trust 2024-1                                                 | CUSIP: 67571FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $25355.19     | 0.20%             | 2030-05-20      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC               | National Grid PLC                                                               | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $20704.92     | 0.16%             | 2028-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust        | JP Morgan Mortgage Trust Series 2024-CES1                                       | CUSIP: 46658CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28654 | PA      | $28863.44     | 0.22%             | 2054-06-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC            | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $25328.13     | 0.20%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY          | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19776.63     | 0.15%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER        | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30565.98     | 0.24%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO              | Sonoco Products Co                                                              | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25172.59     | 0.20%             | 2029-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC            | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13837.74     | 0.11%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus  | Prestige Auto Receivables Trust 2023-2                                          | CUSIP: 74113VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35790 | PA      | $35914.68     | 0.28%             | 2027-12-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC         | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $20738.60     | 0.16%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                     | Freddie Mac Pool                                                                | CUSIP: 31427MKL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    259852 | PA      | $258886.82    | 2.01%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC          | Taco Bell Funding LLC                                                           | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49871.37     | 0.39%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC             | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32465.97     | 0.25%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP              | Energy Transfer LP                                                              | CUSIP: 29273RBK4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19984.68     | 0.16%             | 2027-04-15      | Fixed         | 4.20%                 | 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        |     59488 | PA      | $57004.08     | 0.44%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding        | Purchasing Power Funding 2024-A LLC                                             | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30221.09     | 0.23%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC             | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104585 | PA      | $102622.88    | 0.80%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP            | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34384.04     | 0.27%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

**Name of Applicant:** Virtus ETF Trust II

**Signature:** Brinton W. Frith

**Name of Signer:** Brinton W. Frith

**Title:** Treasurer and Principal Financial Officer