# EDGAR Filing Document

**Accession Number:** 0001648403
**File Stem:** 0001752724-25-161541
**Filing Date:** 2025-6
**Character Count:** 126041
**Document Hash:** 1d4528407072f31768e891e1885e9e07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161541.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161541

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**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:** 251083858

**BUSINESS ADDRESS:**
- **STREET 1:** 31 WEST 52ND STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-593-4383

**MAIL ADDRESS:**
- **STREET 1:** 31 WEST 52ND STREET
- **STREET 2:** 16TH 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

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES – 33.4%** |  |  |
| Affirm Asset Securitization Trust, Class A, Series 2023-B, 6.82%, 09/15/28<sup>(1)</sup> | $150000 | $150959 |
| American Credit Acceptance Receivables Trust, Class C, Series 2025-1, 5.09%, 08/12/31<sup>(1)</sup> | 30000 | 30168 |
| American Heritage Auto Receivables Trust, Class A3, Series 2024-1A, 4.90%, 09/17/29<sup>(1)</sup> | 30000 | 30310 |
| Auxilior Term Funding LLC, Class C, Series 2023-1A, 6.50%, 11/15/30<sup>(1)</sup> | 120000 | 123135 |
| Avis Budget Rental Car Funding Aesop LLC, Class A, Series 2020-2A, 2.02%, 02/20/27<sup>(1)</sup> | 100000 | 98381 |
| Bridgecrest Lending Auto Securitization Trust, Class C, Series 2025-1, 5.15%, 12/17/29 | 25000 | 25185 |
| Carvana Auto Receivables Trust, Class C, Series 2020-P1, 1.32%, 11/09/26 | 25000 | 24563 |
| Carvana Auto Receivables Trust, Class C, Series 2023-N4, 6.59%, 02/11/30<sup>(1)</sup> | 200000 | 206385 |
| CCG Receivables Trust, Class A2, Series 2023-1, 5.82%, 09/16/30<sup>(1)</sup> | 70012 | 70460 |
| CLI Funding VI LLC, Class A, Series 2020-1A, 2.08%, 09/18/45<sup>(1)</sup> | 47159 | 43618 |
| CPS Auto Receivables Trust, Class C, Series 2024-A, 5.74%, 04/15/30<sup>(1)</sup> | 25000 | 25258 |
| CPS Auto Receivables Trust, Class C, Series 2025-A, 5.25%, 04/15/31<sup>(1)</sup> | 30000 | 30258 |
| Dext ABS LLC, Class B, Series 2023-2, 6.41%, 05/15/34<sup>(1)</sup> | 30000 | 30580 |
| Diamond Resorts Owner Trust, Class A, Series 2021-1A, 1.51%, 11/21/33<sup>(1)</sup> | 17562 | 17354 |
| Discover Card Execution Note Trust, Class A, Series 2023-A2, 4.93%, 06/15/28 | 205000 | 206560 |
| Drive Auto Receivables Trust, Class C, Series 2024-1, 5.43%, 11/17/31 | 25000 | 25390 |
| DT Auto Owner Trust, Class C, Series 2023-3A, 6.40%, 05/15/29<sup>(1)</sup> | 155000 | 157762 |
| Elara HGV Timeshare Issuer LLC, Class A, Series 2023-A, 6.16%, 02/25/38<sup>(1)</sup> | 126487 | 130697 |
| Exeter Automobile Receivables Trust, Class B, Series 2023-2A, 5.61%, 09/15/27 | 61772 | 61852 |
| Exeter Automobile Receivables Trust, Class B, Series 2024-5A, 4.48%, 04/16/29 | 30000 | 29926 |
| Flagship Credit Auto Trust, Class B, Series 2024-3, 5.35%, 07/16/29<sup>(1)</sup> | 30000 | 30376 |
| Foursight Capital Automobile Receivables Trust, Class A3, Series 2023-1, 5.39%, 12/15/27<sup>(1)</sup> | 127623 | 127744 |
| GLS Auto Receivables Issuer Trust, Class B, Series 2023-1A, 6.19%, 06/15/27<sup>(1)</sup> | 3368 | 3370 |
| GLS Auto Select Receivables Trust, Class A3, Series 2023-2A, 6.38%, 02/15/29<sup>(1)</sup> | 300000 | 308220 |
| GLS Auto Select Receivables Trust, Class C, Series 2024-3A, 5.92%, 08/15/30<sup>(1)</sup> | 30000 | 30945 |
| Greensky Home Improvement Issuer Trust, Class A2, Series 2024-2, 5.25%, 10/27/59<sup>(1)</sup> | 117499 | 117694 |
| Hilton Grand Vacations Trust, Class A, Series 2024-2A, 5.50%, 03/25/38<sup>(1)</sup> | 17776 | 18173 |
| HIN Timeshare Trust, Class C, Series 2020-A, 3.42%, 10/09/39<sup>(1)</sup> | 79341 | 77187 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| Hinnt, Class A, Series 2024-A, 5.49%, 03/15/43<sup>(1)</sup> | $38405 | $38778 |
| Huntington Bank Auto Credit-Linked Notes, Class B1, Series 2024-1, 6.15%, 05/20/32<sup>(1)</sup> | 12878 | 13045 |
| LAD Auto Receivables Trust, Class C, Series 2024-3A, 4.93%, 03/15/30<sup>(1)</sup> | 35000 | 34935 |
| LAD Auto Receivables Trust, Class D, Series 2025-1A, 5.52%, 05/17/32<sup>(1)</sup> | 30000 | 30214 |
| LBZST, Class A, Series 2025-B, 5.57%, 06/17/30 | 99938 | 100058 |
| Lendbuzz Securitization Trust, Class A2, Series 2024-2A, 5.99%, 05/15/29<sup>(1)</sup> | 22665 | 22881 |
| Marlette Funding Trust, Class B, Series 2024-1A, 6.07%, 07/17/34<sup>(1)</sup> | 25000 | 25285 |
| Mission Lane Credit Card Master Trust, Class A, Series 2023-B, 7.69%, 11/15/28<sup>(1)</sup> | 30000 | 30078 |
| Momnt Technologies Trust, Class A, Series 2023-1A, 6.92%, 03/20/45<sup>(1)</sup> | 6881 | 6879 |
| Nmef Funding, Class A2, Series 2024-A, 5.15%, 12/15/31<sup>(1)</sup> | 46978 | 47183 |
| Octane Receivables Trust, Class B, Series 2024-1A, 5.66%, 05/20/30<sup>(1)</sup> | 25000 | 25386 |
| OneMain Financial Issuance Trust, Class A, Series 2022-3A, 5.94%, 05/15/34<sup>(1)</sup> | 148901 | 150070 |
| Oportun Issuance Trust, Class A, Series 2021-C, 2.18%, 10/08/31<sup>(1)</sup> | 171009 | 166704 |
| Oportun Issuance Trust, Class A, Series 2025-A, 5.01%, 02/08/33<sup>(1)</sup> | 20000 | 20009 |
| Oportun Issuance Trust, Class B, Series 2024-2, 5.83%, 02/09/32<sup>(1)</sup> | 30000 | 30132 |
| Own Equipment Fund I LLC, Class A, Series 2024-2M, 5.70%, 12/20/32<sup>(1)</sup> | 28195 | 28564 |
| Pawneee Equipment Receivables LLC, Class B, Series 2022-1, 5.40%, 07/17/28<sup>(1)</sup> | 40000 | 40127 |
| Peac Solutions Receivables, Class B, Series 2024-1A, 5.79%, 11/20/30<sup>(1)</sup> | 30000 | 30927 |
| Prestige Auto Receivables Trust, Class B, Series 2023-2A, 6.64%, 12/15/27<sup>(1)</sup> | 55000 | 55526 |
| Purchasing Power Funding, Class B, Series 2024-A, 6.43%, 08/15/28<sup>(1)</sup> | 30000 | 30357 |
| RCKT Mortgage Trust, Class A1A, Series 2023-CES3, 7.11%, 11/25/43<sup>(1)(2)(3)</sup> | 70256 | 71509 |
| Reach ABS Trust, Class B, Series 2023-1A, 7.33%, 02/18/31<sup>(1)</sup> | 18785 | 18905 |
| Reach ABS Trust, Class B, Series 2024-1A, 6.29%, 02/18/31<sup>(1)</sup> | 30000 | 30401 |
| Regional Management Issuance Trust, Class A, Series 2024-2, 5.11%, 12/15/33<sup>(1)</sup> | 30000 | 30235 |
| Sbna Auto Receivables Trust, Class C, Series 2024-A, 5.59%, 01/15/30<sup>(1)</sup> | 18000 | 18382 |
| Sofi Consumer Loan Program Trust, Class A, Series 2025-1, 4.80%, 02/27/34<sup>(1)</sup> | 133428 | 133611 |
| Subway Funding LLC, Class A2II, Series 2024-1A, 6.27%, 07/30/54<sup>(1)</sup> | 29850 | 30439 |
| Taco Bell Funding LLC, Class A23, Series 2016-1A, 4.97%, 05/25/46<sup>(1)</sup> | 42188 | 42202 |
| Tricolor Auto Securitization Trust, Class C, Series 2024-2A, 6.93%, 04/17/28<sup>(1)</sup> | 30000 | 30466 |
| TSC SPV Funding LLC, Class A2, Series 2024-1A, 6.29%, 08/20/54<sup>(1)</sup> | 34913 | 34269 |

---

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

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **ASSET BACKED SECURITIES (continued)** |  |  |
| United Auto Credit Securitization Trust, Class C, Series 2024-1, 7.06%, 10/10/29<sup>(1)</sup> | $30000 | $30221 |
| US Bank NA, Class B, Series 2023-1, 6.79%, 08/25/32<sup>(1)</sup> | 11147 | 11290 |
| Westlake Automobile Receivables Trust, Class B, Series 2024-2A, 5.62%, 03/15/30<sup>(1)</sup> | 30000 | 30338 |
| **Total Asset Backed Securities** |  |  |
| (Cost $3,616,251) |  | **3671916** |
| **MORTGAGE BACKED SECURITIES – 28.0%** |  |  |
| **Agency Mortgage Backed Security - 3.7%** |  |  |
| Federal Home Loan Mortgage Corporation, 6.00%, 10/01/38 | 142255 | 146335 |
| Federal Home Loan Mortgage Corporation, 6.00%, 03/01/53 | 169447 | 172163 |
| Federal Home Loan Mortgage Corporation, 6.00%, 08/01/53 | 32347 | 32886 |
| Federal National Mortgage Association, 6.00%, 08/01/54 | 56436 | 57439 |
| Total Agency Mortgage Backed Security |  | 408823 |
| **Commercial Mortgage Backed Securities – 7.2%** |  |  |
| BBCMS Mortgage Trust, Class A, Series 2018-TALL, 5.24%, (1-Month SOFR + 0.92%), 03/15/37<sup>(1)(2)</sup> | 110000 | 103749 |
| BBCMS Trust, Class A, Series 2018-CBM, 5.62%, (1-Month SOFR + 1.30%), 07/15/37<sup>(1)(2)</sup> | 39000 | 37737 |
| Bx Trust, Class A, Series 2022-CLS, 5.76%, 10/13/27<sup>(1)</sup> | 110000 | 111590 |
| Bx Trust, Class C, Series 2025-ROIC, 5.87%, (1-Month SOFR + 1.54%), 03/15/30<sup>(1)(2)</sup> | 25000 | 24246 |
| Bx Trust, Class B, Series 2019-OC11, 3.61%, 12/09/41<sup>(1)</sup> | 120000 | 112009 |
| Citigroup Mortgage Loan Trust, Class A2, Series 2025-INV1, 6.00%, 01/25/55<sup>(1)(2)(3)</sup> | 96802 | 97408 |
| JPMorgan Mortgage Trust, Class A1, Series 2025-CES2, 5.59%, 06/25/55<sup>(1)(2)(3)</sup> | 33949 | 34112 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Class AS, Series 2015-C22, 3.56%, 04/15/48 | 60000 | 58717 |
| Mssg Trust, Class A, Series 2017-237P, 3.40%, 09/13/39<sup>(1)</sup> | 32000 | 29350 |
| Thpt Mortgage Trust, Class A, Series 2023-THL, 7.23%, 12/10/34<sup>(1)(2)(3)</sup> | 176732 | 179779 |
| Total Commercial Mortgage Backed Securities |  | 788697 |
| **Residential Mortgage Backed Securities – 17.1%** |  |  |
| Angel Oak Mortgage Trust, Class A1, Series 2022-5, 4.50%, 05/25/67<sup>(1)(4)</sup> | 48632 | 48042 |
| COLT Mortgage Loan Trust, Class A1, Series 2023-3, 7.18%, 09/25/68<sup>(1)(4)</sup> | 213463 | 216540 |
| CSMC Trust, Class A1, Series 2020-RPL4, 2.00%, 01/25/60<sup>(1)(2)(3)</sup> | 142711 | 128410 |
| Ellington Financial Mortgage Trust, Class A1, Series 2020-2, 1.18%, 10/25/65<sup>(1)(2)(3)</sup> | 148313 | 139082 |
| Homes Trust, Class A1, Series 2023-NQM2, 6.46%, 02/25/68<sup>(1)(4)</sup> | 249071 | 250153 |
| MetLife Securitization Trust, Class A1A, Series 2019-1A, 3.75%, 04/25/58<sup>(1)(2)(3)</sup> | 199016 | 195791 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **MORTGAGE BACKED SECURITIES (continued)** | **MORTGAGE BACKED SECURITIES (continued)** |  |
| **Residential Mortgage Backed Securities (continued)** |  |  |
| New Residential Mortgage Loan Trust, Class A1, Series 2016-4A, 3.75%, 11/25/56<sup>(1)(2)(3)</sup> | $37075 | $35561 |
| New Residential Mortgage Loan Trust, Class A1, Series 2018-3A, 4.50%, 05/25/58<sup>(1)(2)(3)</sup> | 28275 | 27704 |
| New Residential Mortgage Loan Trust, Class A1, Series 2021-NQ2R, 0.94%, 10/25/58<sup>(1)(2)(3)</sup> | 66178 | 63069 |
| OBX Trust, Class A2, Series 2018-1, 5.09%, (1-Month SOFR + 0.76%), 06/25/57<sup>(1)(2)</sup> | 18434 | 18023 |
| OBX Trust, Class A1A, Series 2023-NQM5, 6.57%, 06/25/63<sup>(1)(4)</sup> | 279963 | 283026 |
| RCKT Mortgage Trust, Class A1A, Series 2024-CES1, 6.03%, 02/25/44<sup>(1)(2)(3)</sup> | 183579 | 184639 |
| Residential Mortgage Loan Trust, Class A1, Series 2020-1, 2.38%, 01/26/60<sup>(1)(2)(3)</sup> | 5806 | 5739 |
| Starwood Mortgage Residential Trust, Class A1, Series 2021-3, 1.13%, 06/25/56<sup>(1)(2)(3)</sup> | 41795 | 35371 |
| Towd Point Mortgage Trust, Class A1A, Series 2018-6, 3.75%, 03/25/58<sup>(1)(2)(3)</sup> | 49840 | 49320 |
| Verus Securitization Trust, Class A1, Series 2020-1, 3.42%, 01/25/60<sup>(1)(4)</sup> | 37835 | 37124 |
| Verus Securitization Trust, Class A1, Series 2021-R1, 0.82%, 10/25/63<sup>(1)(2)(3)</sup> | 49183 | 47381 |
| Verus Securitization Trust, Class A1, Series 2022-6, 4.91%, 06/25/67<sup>(1)(4)</sup> | 107931 | 109243 |
| Total Residential Mortgage Backed Securities |  | 1874218 |
| **Total Mortgage Backed Securities** |  |  |
| (Cost $3,016,347) |  | **3071738** |
| **CORPORATE BONDS – 24.1%** |  |  |
| **Communication Services – 1.1%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28<sup>(1)</sup> | 32000 | 31247 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(1)</sup> | 28000 | 27087 |
| Sprint Capital Corp., 6.88%, 11/15/28 | 30000 | 32096 |
| Univision Communications, Inc., 6.63%, 06/01/27<sup>(1)</sup> | 35000 | 33901 |
| Total Communication Services |  | 124331 |
| **Consumer Discretionary – 2.3%** |  |  |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T- Note + 3.39%), 12/15/54<sup>(2)</sup> | 20000 | 18755 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 6.63%, 01/15/28<sup>(1)</sup> | 32000 | 31971 |
| Caesars Entertainment, Inc., 8.13%, 07/01/27<sup>(1)</sup> | 10000 | 10038 |
| Dr Horton, Inc., 4.85%, 10/15/30 | 20000 | 20096 |
| Ford Motor Credit Co. LLC, 6.95%, 03/06/26 | 30000 | 30298 |
| Meritage Homes Corp., 3.88%, 04/15/29<sup>(1)</sup> | 30000 | 28565 |
| Newell Brands, Inc., 6.38%, 09/15/27 | 31000 | 30316 |
| Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/28<sup>(1)</sup> | 32000 | 32008 |
| Tractor Supply Co., 1.75%, 11/01/30 | 25000 | 21307 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/28<sup>(1)</sup> | 33000 | 30897 |
| Total Consumer Discretionary |  | 254251 |

---

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

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Consumer Staples – 1.0%** |  |  |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/29<sup>(1)</sup> | $32000 | $30816 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 (Canada)<sup>(1)</sup> | 25000 | 20701 |
| Mars, Inc., 4.80%, 03/01/30<sup>(1)</sup> | 20000 | 20252 |
| Philip Morris International, Inc., 4.63%, 11/01/29 | 20000 | 20181 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(1)</sup> | 15000 | 14869 |
| Total Consumer Staples |  | 106819 |
| **Energy – 2.3%** |  |  |
| Buckeye Partners LP, 6.75%, 02/01/30<sup>(1)</sup> | 10000 | 10185 |
| Civitas Resources, Inc., 8.38%, 07/01/28<sup>(1)</sup> | 30000 | 29511 |
| DT Midstream, Inc., 4.13%, 06/15/29<sup>(1)</sup> | 34000 | 31951 |
| Energy Transfer LP, 4.20%, 04/15/27 | 20000 | 19855 |
| EQT Corp., 6.38%, 04/01/29<sup>(1)</sup> | 5000 | 5118 |
| Equities Corp., 7.50%, 06/01/27<sup>(1)</sup> | 30000 | 30466 |
| Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/30 | 10000 | 10218 |
| Hf Sinclair Corp., 5.75%, 01/15/31 | 15000 | 14894 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(1)</sup> | 35000 | 33031 |
| Ngpl Pipeco LLC, 4.88%, 08/15/27<sup>(1)</sup> | 30000 | 30015 |
| Occidental Petroleum Corp., 5.20%, 08/01/29 | 20000 | 19724 |
| Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 | 20000 | 19731 |
| Total Energy |  | 254699 |
| **Financials – 8.6%** |  |  |
| Allstate Corp. (The), Series B, 7.52%, (3-Month SOFR + 3.20%), 08/15/53<sup>(2)</sup> | 15000 | 14860 |
| Ally Financial, Inc., 5.54%, (SOFR + 1.73%), 01/17/31<sup>(2)</sup> | 15000 | 14868 |
| American Express Co., 5.13%, (SOFR + 0.75%), 04/23/27<sup>(2)</sup> | 10000 | 10010 |
| American Express Co., 5.31%, (SOFR + 0.93%), 07/26/28<sup>(2)</sup> | 3000 | 3012 |
| American Express Co., 5.09%, (SOFR + 1.02%), 01/30/31<sup>(2)</sup> | 5000 | 5093 |
| Bank of America Corp., 1.73%, (SOFR + 0.96%), 07/22/27<sup>(2)</sup> | 35000 | 33844 |
| Bank of New York Mellon Corp. (The), Series G, 4.70%, (US 5 Year CMT T- Note + 4.36%), perpetual<sup>(2)(5)</sup> | 30000 | 29864 |
| Blackstone Private Credit Fund, 2.63%, 12/15/26 | 4000 | 3839 |
| Blackstone Private Credit Fund, 5.95%, 07/16/29 | 15000 | 15084 |
| Blue Owl Finance LLC, 3.13%, 06/10/31 | 20000 | 17481 |
| Charles Schwab Corp. (The), Series G, 5.38%, (US 5 Year CMT T-Note + 4.97%), perpetual<sup>(2)(5)</sup> | 15000 | 14988 |
| Charles Schwab Corp. (The), Series H, 4.00%, (US 10 Year CMT T- Note + 3.08%), perpetual<sup>(2)(5)</sup> | 20000 | 17477 |
| Citigroup, Inc., Series X, 3.88%, (US 5 Year CMT T- Note + 3.42%), perpetual<sup>(2)(5)</sup> | 30000 | 29252 |
| Citigroup, Inc., 5.81%, (3-Month SOFR + 1.51%), 07/01/26<sup>(2)</sup> | 35000 | 35068 |
| Citigroup, Inc., 5.65%, (SOFR + 1.28%), 02/24/28<sup>(2)</sup> | 35000 | 35267 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Citizens Financial Group, Inc., 5.84%, (SOFR + 2.01%), 01/23/30<sup>(2)</sup> | $19000 | $19454 |
| Corebridge Financial, Inc., 6.88%, (US 5 Year CMT T- Note + 3.85%), 12/15/52<sup>(2)</sup> | 30000 | 30347 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/29 | 20000 | 20395 |
| Fifth Third Bancorp, 4.06%, (SOFR + 1.36%), 04/25/28<sup>(2)</sup> | 25000 | 24786 |
| Global Atlantic Finance Co., 7.95%, (US 5 Year CMT T- Note + 3.61%), 10/15/54<sup>(1)(2)</sup> | 10000 | 10180 |
| Goldman Sachs Group, Inc. (The), 5.75%, (3-Month SOFR + 1.43%), 05/15/26<sup>(2)</sup> | 25000 | 25008 |
| Goldman Sachs Group, Inc. (The), Series G, 6.29%, (3-Month SOFR + 2.01%), 10/28/27<sup>(2)</sup> | 25000 | 25413 |
| Hat Holdings I LLC / Hat Holdings II LLC, 8.00%, 06/15/27<sup>(1)</sup> | 20000 | 20567 |
| Huntington Bancshares, Inc./Oh, 6.21%, (SOFR + 2.02%), 08/21/29<sup>(2)</sup> | 25000 | 26002 |
| JPMorgan Chase & Co., 1.58%, (SOFR + 0.89%), 04/22/27<sup>(2)</sup> | 25000 | 24308 |
| JPMorgan Chase & Co., 5.55%, (SOFR + 1.18%), 02/24/28<sup>(2)</sup> | 40000 | 40162 |
| KeyCorp, 5.12%, (SOFR + 1.23%), 04/04/31<sup>(2)</sup> | 20000 | 19981 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(1)</sup> | 27000 | 26330 |
| MetLife, Inc., Series G, 3.85%, (US 5 Year CMT T- Note + 3.58%), perpetual<sup>(2)(5)</sup> | 15000 | 14850 |
| Morgan Stanley, 3.59%, 07/22/28<sup>(2)(3)</sup> | 60000 | 58736 |
| MSCI, Inc., 3.63%, 09/01/30<sup>(1)</sup> | 35000 | 32372 |
| Onemain Finance Corp., 6.63%, 01/15/28 | 35000 | 35276 |
| PNC Financial Services Group, Inc. (The), 5.22%, (SOFR + 1.07%), 01/29/31<sup>(2)</sup> | 25000 | 25572 |
| Prudential Financial, Inc., 5.38%, (3-Month USD LIBOR + 3.03%), 05/15/45<sup>(2)</sup> | 25000 | 25002 |
| Rga Global Funding, 5.45%, 05/24/29<sup>(1)</sup> | 11000 | 11346 |
| State Street Corp., Series I, 6.70%, (US 5 Year CMT T- Note + 2.61%), perpetual<sup>(2)(5)</sup> | 10000 | 10060 |
| State Street Corp., 5.75%, (SOFR + 1.35%), 11/04/26<sup>(2)</sup> | 15000 | 15080 |
| Synchrony Financial, 3.70%, 08/04/26 | 20000 | 19589 |
| Truist Financial Corp., 7.16%, (SOFR + 2.45%), 10/30/29<sup>(2)</sup> | 30000 | 32398 |
| US Bancorp, 5.05%, (SOFR + 1.06%), 02/12/31<sup>(2)</sup> | 15000 | 15201 |
| Wells Fargo & Co., Series U, 5.88%, perpetual<sup>(2)(3)(5)</sup> | 30000 | 29937 |
| Wells Fargo & Co., 3.53%, (SOFR + 1.51%), 03/24/28<sup>(2)</sup> | 25000 | 24588 |
| Total Financials |  | 942947 |
| **Health Care – 1.7%** |  |  |
| CHS/Community Health Systems, Inc., 5.25%, 05/15/30<sup>(1)</sup> | 30000 | 25623 |
| CVS Health Corp., 7.00%, (US 5 Year CMT T- Note + 2.89%), 03/10/55<sup>(2)</sup> | 15000 | 15211 |
| DENTSPLY Sirona, Inc., 3.25%, 06/01/30 | 35000 | 31252 |
| HCA, Inc., 5.45%, 04/01/31 | 30000 | 30588 |
| Iqvia, Inc., 6.25%, 02/01/29 | 20000 | 20801 |

---

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

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/29<sup>(1)</sup> | $5000 | $5044 |
| Royalty Pharma PLC, 5.15%, 09/02/29 | 25000 | 25272 |
| Universal Health Services, Inc., 1.65%, 09/01/26 | 30000 | 28801 |
| Total Health Care |  | 182592 |
| **Industrials – 2.4%** |  |  |
| Alaska Airlines Pass-Through Trust, Class A, Series 2020-1, 4.80%, 08/15/27<sup>(1)</sup> | 25890 | 25917 |
| Aviation Capital Group LLC, 5.38%, 07/15/29<sup>(1)</sup> | 20000 | 20201 |
| Boeing Co. (The), 6.26%, 05/01/27 | 10000 | 10304 |
| Boeing Co. (The), 6.39%, 05/01/31 | 10000 | 10679 |
| Builders FirstSource, Inc., 4.25%, 02/01/32<sup>(1)</sup> | 10000 | 9015 |
| CoStar Group, Inc., 2.80%, 07/15/30<sup>(1)</sup> | 35000 | 31038 |
| Hexcel Corp., 4.20%, 02/15/27 | 32000 | 31547 |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/28 | 25000 | 23000 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(1)</sup> | 5000 | 5032 |
| Regal Rexnord Corp., 6.05%, 02/15/26 | 15000 | 15100 |
| Regal Rexnord Corp., 6.05%, 04/15/28 | 15000 | 15384 |
| TransDigm, Inc., 6.75%, 08/15/28<sup>(1)</sup> | 30000 | 30640 |
| United Airlines, Inc., 4.38%, 04/15/26<sup>(1)</sup> | 32000 | 31570 |
| Weir Group PLC (The), 5.35%, 05/06/30 (United Kingdom)<sup>(1)</sup> | 10000 | 10050 |
| Total Industrials |  | 269477 |
| **Information Technology – 1.3%** |  |  |
| Applovin Corp., 5.13%, 12/01/29 | 15000 | 15130 |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/28<sup>(1)</sup> | 25000 | 24125 |
| Booz Allen Hamilton, Inc., 4.00%, 07/01/29<sup>(1)</sup> | 5000 | 4767 |
| Broadcom, Inc., 4.35%, 02/15/30 | 30000 | 29647 |
| Foundry Jv Holdco LLC, 5.90%, 01/25/30<sup>(1)</sup> | 15000 | 15581 |
| Kyndryl Holdings, Inc., 2.70%, 10/15/28 | 25000 | 23402 |
| Oracle Corp., 6.25%, 11/09/32 | 10000 | 10668 |
| Vontier Corp., 2.40%, 04/01/28 | 24000 | 22382 |
| Total Information Technology |  | 145702 |
| **Materials – 0.8%** |  |  |
| Berry Global, Inc., 5.80%, 06/15/31 | 30000 | 31253 |
| Silgan Holdings, Inc., 1.40%, 04/01/26<sup>(1)</sup> | 35000 | 33761 |
| Sonoco Products Co., 4.60%, 09/01/29 | 25000 | 24652 |
| Total Materials |  | 89666 |
| **Real Estate – 0.4%** |  |  |
| Epr Properties, 4.95%, 04/15/28 | 20000 | 19775 |
| Vici Properties LP / Vici Note Co., Inc., 4.50%, 01/15/28<sup>(1)</sup> | 20000 | 19698 |
| Total Real Estate |  | 39473 |
| **Transaction & Payment Processing Services – 0.2%** |  |  |
| Block, Inc., 6.50%, 05/15/32<sup>(1)</sup> | 20000 | 20431 |
| **Utilities – 2.0%** |  |  |
| American Electric Power Co., Inc., 5.70%, 08/15/25 | 25000 | 25056 |
| Entergy Corp., 7.13%, (US 5 Year CMT T- Note + 2.67%), 12/01/54<sup>(2)</sup> | 20000 | 20159 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/26<sup>(1)</sup> | 32000 | 31145 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **Utilities (continued)** |  |  |
| Nextera Energy Capital Holdings, Inc., 6.38%, (US 5 Year CMT T- Note + 2.05%), 08/15/55<sup>(2)</sup> | $20000 | $20092 |
| NiSource, Inc., 6.95%, (US 5 Year CMT T- Note + 2.45%), 11/30/54<sup>(2)</sup> | 10000 | 10157 |
| Puget Energy, Inc., 2.38%, 06/15/28 | 25000 | 23465 |
| Southern California Edison Co., 5.45%, 06/01/31 | 15000 | 15180 |
| Southern Co. (The), Series 21-A, 3.75%, (US 5 Year CMT T- Note + 2.92%), 09/15/51<sup>(2)</sup> | 40000 | 38789 |
| Vistra Operations Co. LLC, 5.63%, 02/15/27<sup>(1)</sup> | 31000 | 31006 |
| Total Utilities |  | 215049 |
| **Total Corporate Bonds** |  |  |
| (Cost $2,604,460) |  | **2645437** |
| **U.S. GOVERNMENT SECURITIES – 7.8%** |  |  |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/31/25 | 160000 | 160652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/26 | 155000 | 156399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/26 | 100000 | 101357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/27 | 220000 | 220773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/31/29 | 220000 | 222802 |
| **Total U.S. Government Securities** |  |  |
| (Cost $855,791) |  | **861983** |
| **FOREIGN BONDS – 3.5%** |  |  |
| **Consumer Staples – 0.4%** |  |  |
| Bat Capital Corp., 4.70%, 04/02/27 (United Kingdom) | 25000 | 25103 |
| Imperial Brands Finance PLC, 5.50%, 02/01/30 (United Kingdom)<sup>(1)</sup> | 20000 | 20560 |
| Total Consumer Staples |  | 45663 |
| **Energy – 0.9%** |  |  |
| BP Capital Markets PLC, 4.88%, (US 5 Year CMT T- Note + 4.40%), perpetual<sup>(2)(5)</sup> | 45000 | 42850 |
| Enbridge, Inc., 7.38%, (US 5 Year CMT T- Note + 3.71%), 01/15/83 (Canada)<sup>(2)</sup> | 20000 | 20108 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T- Note + 3.95%), 03/01/55 (Canada)<sup>(1)(2)</sup> | 20000 | 20003 |
| South Bow USA Infrastructure Holdings LLC, 5.03%, 10/01/29 (Canada)<sup>(1)</sup> | 20000 | 19845 |
| Total Energy |  | 102806 |
| **Financials – 0.6%** |  |  |
| Barclays, 7.39%, (US 1 Year CMT T- Note + 3.30%), 11/02/28 (United Kingdom)<sup>(2)</sup> | 20000 | 21224 |
| Deutsche Bank AG/New York NY, 5.00%, (SOFR + 1.70%), 09/11/30 (Germany)<sup>(2)</sup> | 25000 | 25033 |
| Societe Generale SA, 5.63%, (US 1 Year CMT T- Note + 1.75%), 01/19/30 (France)<sup>(1)(2)</sup> | 20000 | 20411 |

---

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

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal** | **Value** |
| **FOREIGN BONDS (continued)** |  |  |
| **Financials (continued)** |  |  |
| Total Financials |  | $66668 |
| **Health Care – 0.3%** |  |  |
| Smith & Nephew PLC, 2.03%, 10/14/30 (United Kingdom) | 30000 | 26036 |
| **Industrials – 0.3%** |  |  |
| Avolon Holdings Funding Ltd., 4.38%, 05/01/26 (Ireland)<sup>(1)</sup> | 25000 | 24837 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 (Canada)<sup>(1)</sup> | 10000 | 10276 |
| Total Industrials |  | 35113 |
| **Materials – 0.5%** |  |  |
| Ineos Finance PLC, 6.75%, 05/15/28 (Luxembourg)<sup>(1)</sup> | 32000 | 31273 |
| INEOS Quattro Finance 2 PLC, 9.63%, 03/15/29 (United Kingdom)<sup>(1)</sup> | 15000 | 14456 |
| Rio Tinto Finance USA PLC, 5.00%, 03/14/32 (Australia) | 10000 | 10074 |
| Total Materials |  | 55803 |
| **Utilities – 0.5%** |  |  |
| Algonquin Power & Utilities Corp., 5.37%, 06/15/26 (Canada)<sup>(4)</sup> | 10000 | 10068 |
| ENEL Finance International NV, 5.13%, 06/26/29 (Italy)<sup>(1)</sup> | 20000 | 20316 |
| National Grid PLC, 5.60%, 06/12/28 (United Kingdom) | 20000 | 20628 |
| Total Utilities |  | 51012 |
| **Total Foreign Bonds** |  |  |
| (Cost $377,525) |  | 383101 |
| **TOTAL INVESTMENTS - 96.8%** |  |  |
| (Cost $10,470,374) |  | 10634175 |
| Other Assets in Excess of Liabilities – 3.2% |  | 346799 |
| **Net Assets - 100.0%** |  | $10980974 |

---

(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 April 30, 2025, the aggregate value of these securities was $6,942,625, or 63.2% of net assets.

(2) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 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) Represents step coupon bond. Rate shown reflects the rate in effect as of April 30, 2025.

(5) Perpetual security with no stated maturity date.

---

| |
|:---|
| **Abbreviations:** |
| CMT — Constant Maturity Treasury Index |
| LIBOR — London InterBank Offered Rate |
| SOFR — Secured Overnight Financing Rate |
| USD — United States Dollar |

---

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

April 30, 2025 (unaudited)

**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 April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities | $— | $3671916 | $— | $3671916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 3071738 |  | 3071738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 2645437 |  | 2645437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 861983 |  | 861983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Bonds |  | 383101 |  | 383101 |
| **Total** | $**—** | $**10634175** | $**—** | $**10634175** |

---

## 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:** 212-493-4383

**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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $11034983.93

**Total Liabilities:** $54369.19

**Net Assets:** $10980614.74

**Cash Not Reported:** $330016.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -8.79963190 | **5-Year:** -552.25940330 | **10-Year:** -352.40141760 | **30-Year:** -966.08671960

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

- **3-Month:** 0.00000000 | **1-Year:** -3.87229156 | **5-Year:** -130.24077170 | **10-Year:** -106.41701170 | **30-Year:** -88.93344059

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246126 | 0.76%                | 0.15%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3772.97                 | $34445.07                                  |
| Month 2  | $-5362.66                | $-21738.48                                 |
| Month 3  | $12755.09                | $-17092.23                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLDMAN SACHS GROUP INC         | Goldman Sachs Group Inc/The                                          | CUSIP: 38141GXD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25008.16     | 0.23%             | 2026-05-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD        | Avolon Holdings Funding Ltd                                          | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $24837.00     | 0.23%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                 | DR Horton Inc                                                        | CUSIP: 23331ABT5<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20095.72     | 0.18%             | 2030-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP               | State Street Corp                                                    | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10060.30     | 0.09%             | 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      | $14894.26     | 0.14%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust      | Verus Securitization Trust 2020-1                                    | CUSIP: 92536PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37835 | PA      | $37124.26     | 0.34%             | 2060-01-25      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING              | RGA Global Funding                                                   | CUSIP: 76209PAE3<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11346.04     | 0.10%             | 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        |    169447 | PA      | $172162.53    | 1.57%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO             | American Express Co                                                  | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10009.82     | 0.09%             | 2027-04-23      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                   | Allstate Corp/The                                                    | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14860.16     | 0.14%             | 2053-08-15      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust           | CCG Receivables Trust 2023-1                                         | CUSIP: 12512XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70012 | PA      | $70460.43     | 0.64%             | 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      | $30640.32     | 0.28%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE          | Blackstone Private Credit Fund                                       | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15084.37     | 0.14%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS        | Huntington Ingalls Industries Inc                                    | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23000.06     | 0.21%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| EQT CORP                        | EQT Corp                                                             | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30465.86     | 0.28%             | 2027-06-01      | Fixed         | 7.50%                 | 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      | $18755.43     | 0.17%             | 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      | $34934.69     | 0.32%             | 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      | $32372.39     | 0.29%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                      | Affirm Asset Securitization Trust 2023-B                             | CUSIP: 00792FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150958.59    | 1.37%             | 2028-09-15      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC        | Corebridge Financial Inc                                             | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30347.15     | 0.28%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR        | Occidental Petroleum Corp                                            | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19723.85     | 0.18%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO               | Tractor Supply Co                                                    | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21307.00     | 0.19%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust             | HINNT 2024-A LLC                                                     | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38405 | PA      | $38777.80     | 0.35%             | 2043-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC        | Prudential Financial Inc                                             | CUSIP: 744320AV4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25001.84     | 0.23%             | 2045-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE          | Blackstone Private Credit Fund                                       | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3839.03      | 0.03%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC               | Newell Brands Inc                                                    | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30316.01     | 0.28%             | 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      | $18381.69     | 0.17%             | 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      | $33761.49     | 0.31%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL             | Synchrony Financial                                                  | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19588.72     | 0.18%             | 2026-08-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS        | Univision Communications Inc                                         | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33900.80     | 0.31%             | 2027-06-01      | Fixed         | 6.62%                 | 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        |     20000 | PA      | $20394.47     | 0.19%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                      | Fannie Mae Pool                                                      | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56436 | PA      | $57438.53     | 0.52%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC           | Foundry JV Holdco LLC                                                | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15581.06     | 0.14%             | 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        |    117499 | PA      | $117694.39    | 1.07%             | 2059-10-27      | Fixed         | 5.25%                 | 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      | $14456.25     | 0.13%             | 2029-03-15      | Fixed         | 9.62%                 | 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        |     33949 | PA      | $34111.93     | 0.31%             | 2055-06-25      | Variable      | 5.59%                 | 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      | $26329.74     | 0.24%             | 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      | $10275.48     | 0.09%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HCA INC                         | HCA Inc                                                              | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30588.22     | 0.28%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                       | IQVIA Inc                                                            | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20800.82     | 0.19%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MARS INC                        | Mars Inc                                                             | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20251.52     | 0.18%             | 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      | $30234.91     | 0.28%             | 2033-12-15      | Fixed         | 5.11%                 | 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      | $30310.51     | 0.28%             | 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      | $31252.85     | 0.28%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS        | Ferrellgas LP / Ferrellgas Finance Corp                              | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $31144.62     | 0.28%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE        | Ashton Woods USA LLC / Ashton Woods Finance Co                       | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $31970.86     | 0.29%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                    | Broadcom Inc                                                         | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29647.23     | 0.27%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP             | Charles Schwab Corp/The                                              | CUSIP: 808513BD6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14987.81     | 0.14%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust       | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22          | CUSIP: 61690FAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60000 | PA      | $58716.97     | 0.53%             | 2048-04-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                     | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    220000 | PA      | $220773.44    | 2.01%             | 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      | $25185.34     | 0.23%             | 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      | $15099.91     | 0.14%             | 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      | $35266.55     | 0.32%             | 2028-02-24      | Floating      | 5.63%                 | 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      | $156398.63    | 1.42%             | 2026-06-30      | Fixed         | 4.62%                 | 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      | $30579.78     | 0.28%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC           | Rio Tinto Finance USA PLC                                            | CUSIP: 76720AAT3<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |     10000 | PA      | $10073.83     | 0.09%             | 2032-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC              | Ally Financial Inc                                                   | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14868.46     | 0.14%             | 2031-01-17      | Fixed         | 5.54%                 | 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      | $30132.17     | 0.27%             | 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        |     12878 | PA      | $13045.32     | 0.12%             | 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      | $42850.27     | 0.39%             | 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      | $10218.34     | 0.09%             | 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        |     34912 | PA      | $34268.58     | 0.31%             | 2054-08-20      | Fixed         | 6.29%                 | 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        |     25890 | PA      | $25916.47     | 0.24%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                | Societe Generale SA                                                  | CUSIP: 83368RBW1<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     20000 | PA      | $20410.74     | 0.19%             | 2030-01-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC          | Philip Morris International Inc                                      | CUSIP: 718172DN6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20181.42     | 0.18%             | 2029-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP              | Regal Rexnord Corp                                                   | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15384.03     | 0.14%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL          | NextEra Energy Capital Holdings Inc                                  | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20092.16     | 0.18%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC        | Prime Security Services Borrower LLC / Prime Finance Inc             | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $32008.35     | 0.29%             | 2028-01-15      | Fixed         | 6.25%                 | 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        |    133428 | PA      | $133610.71    | 1.22%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                  | EPR Properties                                                       | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19775.35     | 0.18%             | 2028-04-15      | Fixed         | 4.95%                 | 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        |     17776 | PA      | $18173.15     | 0.17%             | 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      | $38788.65     | 0.35%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                  | Morgan Stanley                                                       | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58735.79     | 0.53%             | 2028-07-22      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                | BAT Capital Corp                                                     | CUSIP: 05526DBP9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25102.68     | 0.23%             | 2027-04-02      | Fixed         | 4.70%                 | 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      | $25571.82     | 0.23%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                     | CUSIP: 91282CJE2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $160651.58    | 1.46%             | 2025-10-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER         | American Electric Power Co Inc                                       | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25055.97     | 0.23%             | 2025-08-15      | Fixed         | 5.70%                 | 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      | $37737.37     | 0.34%             | 2037-07-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association  | US Bank NA                                                           | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11147 | PA      | $11289.85     | 0.10%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC              | Smith & Nephew PLC                                                   | CUSIP: 83192PAA6<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $26036.25     | 0.24%             | 2030-10-14      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                       | Block Inc                                                            | CUSIP: 852234AR4<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20430.60     | 0.19%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS        | South Bow USA Infrastructure Holdings LLC                            | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19845.26     | 0.18%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                | COLT 2023-3 Mortgage Loan Trust                                      | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |    213463 | PA      | $216539.93    | 1.97%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC           | Nabors Industries Inc                                                | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33031.06     | 0.30%             | 2027-05-15      | Fixed         | 7.38%                 | 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      | $20009.37     | 0.18%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC            | Kyndryl Holdings Inc                                                 | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23401.84     | 0.21%             | 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      | $30298.11     | 0.28%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC          | Taco Bell Funding LLC                                                | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42188 | PA      | $42202.02     | 0.38%             | 2046-05-25      | Fixed         | 4.97%                 | 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      | $206384.77    | 1.88%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO             | American Express Co                                                  | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5092.76      | 0.05%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management     | RCKT Mortgage Trust 2024-CES1                                        | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183579 | PA      | $184638.51    | 1.68%             | 2044-02-25      | Variable      | 6.03%                 | 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      | $179779.24    | 1.64%             | 2034-12-10      | Variable      | 7.23%                 | 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      | $31247.34     | 0.28%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES           | Huntington Bancshares Inc/OH                                         | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26002.29     | 0.24%             | 2029-08-21      | Fixed         | 6.21%                 | 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      | $308220.18    | 2.81%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP          | Bank of New York Mellon Corp/The                                     | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29864.19     | 0.27%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                    | Barclays PLC                                                         | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $21223.93     | 0.19%             | 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        |    148313 | PA      | $139081.82    | 1.27%             | 2065-10-25      | Variable      | 1.18%                 | 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      | $30376.06     | 0.28%             | 2029-07-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP             | Buckeye Partners LP                                                  | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10184.61     | 0.09%             | 2030-02-01      | Fixed         | 6.75%                 | 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      | $30897.17     | 0.28%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S  | BBCMS 2018-TALL Mortgage Trust                                       | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $103748.46    | 0.94%             | 2037-03-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| BX Trust                        | BX Trust 2025-ROIC                                                   | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25000 | PA      | $24246.05     | 0.22%             | 2030-03-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO          | Global Atlantic Fin Co                                               | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10180.19     | 0.09%             | 2054-10-15      | Fixed         | 7.95%                 | 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        |     28000 | PA      | $27086.88     | 0.25%             | 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      | $31037.55     | 0.28%             | 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        |     20000 | PA      | $20567.42     | 0.19%             | 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        |    142711 | PA      | $128409.86    | 1.17%             | 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      | $222801.56    | 2.03%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                 | CVS Health Corp                                                      | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15210.73     | 0.14%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                   | Citigroup Inc                                                        | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29251.72     | 0.27%             | N/A             | Fixed         | 3.88%                 | 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      | $30213.61     | 0.28%             | 2032-05-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC        | Builders FirstSource Inc                                             | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9015.37      | 0.08%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                | NMEF Funding 2024-A LLC                                              | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46978 | PA      | $47183.33     | 0.43%             | 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      | $29349.98     | 0.27%             | 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      | $10304.24     | 0.09%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION        | Sabine Pass Liquefaction LLC                                         | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19731.13     | 0.18%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust      | GLS Auto Receivables Issuer Trust 2023-1                             | CUSIP: 36266XAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3368 | PA      | $3369.56      | 0.03%             | 2027-06-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY         | Algonquin Power & Utilities Corp                                     | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10067.52     | 0.09%             | 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      | $206560.17    | 1.88%             | 2028-06-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI        | Kronos Acquisition Holdings Inc                                      | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $20700.59     | 0.19%             | 2031-06-30      | Fixed         | 8.25%                 | 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      | $157761.67    | 1.44%             | 2029-05-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY           | Wells Fargo & Co                                                     | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24587.75     | 0.22%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD        | South Bow Canadian Infrastructure Holdings Ltd                       | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $20002.44     | 0.18%             | 2055-03-01      | Fixed         | 7.62%                 | 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        |     49840 | PA      | $49320.30     | 0.45%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                   | Citigroup Inc                                                        | CUSIP: 172967MB4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35067.91     | 0.32%             | 2026-07-01      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                | DT Midstream Inc                                                     | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     34000 | PA      | $31951.13     | 0.29%             | 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        |     28275 | PA      | $27703.84     | 0.25%             | 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      | $29925.96     | 0.27%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R  | Foursight Capital Automobile Receivables Trust 2023-1                | CUSIP: 35105NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    127623 | PA      | $127743.73    | 1.16%             | 2027-12-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management     | RCKT Mortgage Trust 2023-CES3                                        | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70256 | PA      | $71509.44     | 0.65%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| KEYCORP                         | KeyCorp                                                              | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19980.56     | 0.18%             | 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        |     25000 | PA      | $24563.56     | 0.22%             | 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        |    142255 | PA      | $146335.34    | 1.33%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC  | PEAC Solutions Receivables 2024-1 LLC                                | CUSIP: 69433BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30926.87     | 0.28%             | 2030-11-20      | Fixed         | 5.79%                 | 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      | $112009.30    | 1.02%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                    | NiSource Inc                                                         | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10157.56     | 0.09%             | 2054-11-30      | Fixed         | 6.95%                 | 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        |     37075 | PA      | $35561.30     | 0.32%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP        | Citizens Financial Group Inc                                         | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19454.34     | 0.18%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP             | Meritage Homes Corp                                                  | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28564.64     | 0.26%             | 2029-04-15      | Fixed         | 3.88%                 | 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        |      5806 | PA      | $5738.93      | 0.05%             | 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      | $20316.27     | 0.19%             | 2029-06-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust      | Verus Securitization Trust 2022-6                                    | CUSIP: 92539AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    107931 | PA      | $109243.08    | 0.99%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC        | OBX 2018-1 Trust                                                     | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18434 | PA      | $18023.11     | 0.16%             | 2057-06-25      | Floating      | 5.09%                 | 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      | $25413.05     | 0.23%             | 2027-10-28      | Floating      | 6.29%                 | 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        |     41795 | PA      | $35371.29     | 0.32%             | 2056-06-25      | Variable      | 1.13%                 | 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      | $123134.74    | 1.12%             | 2030-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                      | US Bancorp                                                           | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15201.01     | 0.14%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO             | JPMorgan Chase & Co                                                  | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40161.79     | 0.37%             | 2028-02-24      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC           | Quikrete Holdings Inc                                                | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5032.40      | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON             | Southern California Edison Co                                        | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15180.11     | 0.14%             | 2031-06-01      | Fixed         | 5.45%                 | 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      | $25389.86     | 0.23%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP           | Truist Financial Corp                                                | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32398.10     | 0.30%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                 | United States Treasury Note/Bond                                     | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $101357.42    | 0.92%             | 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        |     96802 | PA      | $97407.93     | 0.89%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust   | Lendbuzz Securitization Trust 2024-2                                 | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22665 | PA      | $22880.60     | 0.21%             | 2029-05-15      | Fixed         | 5.99%                 | 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      | $30168.05     | 0.27%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO             | American Express Co                                                  | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3011.92      | 0.03%             | 2028-07-26      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                   | AppLovin Corp                                                        | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15130.26     | 0.14%             | 2029-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                | Puget Energy Inc                                                     | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23464.67     | 0.21%             | 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        |    199016 | PA      | $195790.66    | 1.78%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP            | OneMain Finance Corp                                                 | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35276.05     | 0.32%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC           | Caesars Entertainment Inc                                            | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10038.11     | 0.09%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS           | Universal Health Services Inc                                        | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28800.67     | 0.26%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| HEXCEL CORP                     | Hexcel Corp                                                          | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31546.41     | 0.29%             | 2027-02-15      | Variable      | 4.20%                 | 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      | $30258.21     | 0.28%             | 2031-04-15      | Fixed         | 5.25%                 | 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      | $30466.12     | 0.28%             | 2028-04-17      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust     | Diamond Resorts Owner Trust 2021-1                                   | CUSIP: 25273CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17562 | PA      | $17353.82     | 0.16%             | 2033-11-21      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                 | NGPL PipeCo LLC                                                      | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30015.28     | 0.27%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC               | INEOS Finance PLC                                                    | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     32000 | PA      | $31272.97     | 0.28%             | 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      | $111590.18    | 1.02%             | 2027-10-13      | Fixed         | 5.76%                 | 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      | $30945.48     | 0.28%             | 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        |     20000 | PA      | $17481.45     | 0.16%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| EQT CORP                        | EQT Corp                                                             | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5118.27      | 0.05%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                    | Entergy Corp                                                         | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20158.70     | 0.18%             | 2054-12-01      | Fixed         | 7.12%                 | 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      | $30400.72     | 0.28%             | 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      | $30221.33     | 0.28%             | 2029-10-10      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust          | Marlette Funding Trust 2024-1                                        | CUSIP: 57108VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25000 | PA      | $25284.73     | 0.23%             | 2034-07-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP             | Fifth Third Bancorp                                                  | CUSIP: 316773DE7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24785.92     | 0.23%             | 2028-04-25      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC        | OBX 2023-NQM5 Trust                                                  | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    279963 | PA      | $283025.72    | 2.58%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP             | Charles Schwab Corp/The                                              | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17476.81     | 0.16%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC               | Post Holdings Inc                                                    | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14868.87     | 0.14%             | 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      | $31006.61     | 0.28%             | 2027-02-15      | Fixed         | 5.62%                 | 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        |    100000 | PA      | $98381.14     | 0.90%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC           | Civitas Resources Inc                                                | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29510.74     | 0.27%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO             | JPMorgan Chase & Co                                                  | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24308.03     | 0.22%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust        | Momnt Technologies Trust 2023-1                                      | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6881 | PA      | $6878.97      | 0.06%             | 2045-03-20      | Fixed         | 6.92%                 | 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        |     79341 | PA      | $77187.00     | 0.70%             | 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      | $15080.32     | 0.14%             | 2026-11-04      | Fixed         | 5.75%                 | 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        |    126487 | PA      | $130697.07    | 1.19%             | 2038-02-25      | Fixed         | 6.16%                 | 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      | $30337.57     | 0.28%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC              | Subway Funding LLC                                                   | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29850 | PA      | $30439.44     | 0.28%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                     | HOMES 2023-NQM2 Trust                                                | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249071 | PA      | $250152.61    | 2.28%             | 2068-02-25      | Variable      | 6.46%                 | 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        |     40000 | PA      | $40127.00     | 0.37%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC               | National Grid PLC                                                    | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $20628.38     | 0.19%             | 2028-06-12      | Fixed         | 5.60%                 | 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      | $25386.23     | 0.23%             | 2030-05-20      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| CLI Funding LLC                 | CLI Funding VI LLC                                                   | CUSIP: 12563LAN7<br>LEI: 549300NQLBWJD5AREU05 | Long             | ABS-O            | CORP              | US        |     47159 | PA      | $43617.88     | 0.40%             | 2045-09-18      | Fixed         | 2.08%                 | 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        |     55000 | PA      | $55525.83     | 0.51%             | 2027-12-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO              | Sonoco Products Co                                                   | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24651.94     | 0.22%             | 2029-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC         | Imperial Brands Finance PLC                                          | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $20560.48     | 0.19%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                     | MetLife Inc                                                          | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14849.95     | 0.14%             | N/A             | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP          | Aviation Capital Group LLC                                           | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20200.78     | 0.18%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC             | DENTSPLY SIRONA Inc                                                  | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31251.60     | 0.28%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE          | VICI Properties LP / VICI Note Co Inc                                | CUSIP: 92564RAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19698.12     | 0.18%             | 2028-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP              | Energy Transfer LP                                                   | CUSIP: 29273RBK4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19854.69     | 0.18%             | 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        |     66178 | PA      | $63069.48     | 0.57%             | 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      | $30356.65     | 0.28%             | 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        |    171009 | PA      | $166704.16    | 1.52%             | 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      | $33844.21     | 0.31%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC              | Royalty Pharma PLC                                                   | CUSIP: 78081BAQ6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $25272.27     | 0.23%             | 2029-09-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust      | Verus Securitization Trust 2021-R1                                   | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49183 | PA      | $47381.42     | 0.43%             | 2063-10-25      | Variable      | 0.82%                 | 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        |    148901 | PA      | $150069.94    | 1.37%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                   | Boeing Co/The                                                        | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10678.62     | 0.10%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                     | Oracle Corp                                                          | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10667.91     | 0.10%             | 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      | $24124.73     | 0.22%             | 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      | $20107.40     | 0.18%             | 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        |     18785 | PA      | $18904.61     | 0.17%             | 2031-02-18      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| WEIR GROUP PLC (THE)            | WEIR GROUP PLC/THE                                                   | CUSIP: 94877DAA2<br>LEI: 549300KDR56WHY9I3D10 | Long             | DBT              | CORP              | GB        |     10000 | PA      | $10050.29     | 0.09%             | 2030-05-06      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste  | Mission Lane Credit Card Master Trust                                | CUSIP: 60510MAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $30078.05     | 0.27%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| LENDBUZZ AUTO RECEIVABLES TRUST | LENDBUZZ AUTO RECEIVABLES TRUST                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100120.91    | 0.91%             | 2030-06-17      | Floating      | 0.00%                 | 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        |     48632 | PA      | $48042.13     | 0.44%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC             | United Airlines Inc                                                  | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31570.36     | 0.29%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables   | Exeter Automobile Receivables Trust 2023-2                           | CUSIP: 30168CAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61772 | PA      | $61852.39     | 0.56%             | 2027-09-15      | Fixed         | 5.61%                 | 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      | $25033.39     | 0.23%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                     | Freddie Mac Pool                                                     | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32347 | PA      | $32886.47     | 0.30%             | 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      | $25258.34     | 0.23%             | 2030-04-15      | Fixed         | 5.74%                 | 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      | $30816.30     | 0.28%             | 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      | $22382.04     | 0.20%             | 2028-04-01      | Fixed         | 2.40%                 | 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        |      5000 | PA      | $5044.52      | 0.05%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY           | Wells Fargo & Co                                                     | CUSIP: 949746RN3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29936.57     | 0.27%             | N/A             | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC         | Booz Allen Hamilton Inc                                              | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4766.96      | 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        |     28195 | PA      | $28563.88     | 0.26%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP             | Sprint Capital Corp                                                  | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32095.91     | 0.29%             | 2028-11-15      | Fixed         | 6.88%                 | 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      | $25622.77     | 0.23%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-25

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

**Signature:** Brinton W. Frith

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

**Title:** Treasurer and Principal Financial Officer