# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-25-203848
**Filing Date:** 2025-8
**Character Count:** 541058
**Document Hash:** 487632743457e28c519d7f75f13cfc72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203848.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203848

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251253616

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX OPPORTUNITIES TRUST
- **DATE OF NAME CHANGE:** 20060127

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

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

## Series and Classes Contracts Data

### Virtus Newfleet Multi-Sector Short Term Bond Fund (Series ID: S000018008)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049918 | Class A      | NARAX           |
| C000049920 | Class C      | PSTCX           |
| C000049921 | Class C1     | PMSTX           |
| C000066828 | Class I      | PIMSX           |
| C000176709 | Class R6     | VMSSX           |

## Nport-Ex

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—7.9%** | **U.S. Government Securities—7.9%** | **U.S. Government Securities—7.9%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, 2/15/26 | $103670 | $102041 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/30/26 | &nbsp;&nbsp; 74690 | &nbsp;&nbsp;&nbsp; 75128 |
| &nbsp;&nbsp;&nbsp;4.375%, 8/15/26 | &nbsp;&nbsp; 61245 | &nbsp;&nbsp;&nbsp; 61510 |
| &nbsp;&nbsp;&nbsp;3.875%, 5/31/27 | &nbsp;&nbsp; 75435 | &nbsp;&nbsp;&nbsp; 75612 |
| &nbsp;&nbsp;&nbsp;2.750%, 5/31/29 | &nbsp;&nbsp; 54220 | &nbsp;&nbsp;&nbsp; 52284 |
| **Total U.S. Government Securities<br> (Identified Cost $364,580)** | **Total U.S. Government Securities<br> (Identified Cost $364,580)** | &nbsp;&nbsp;&nbsp;&nbsp; **366575** |
| **Foreign Government Securities—4.2%** | **Foreign Government Securities—4.2%** | **Foreign Government Securities—4.2%** |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.600%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5032 | &nbsp;&nbsp;&nbsp; 5068 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/4/30<sup>(1)</sup> | &nbsp;&nbsp; 1318 | &nbsp;&nbsp;&nbsp; 1332 |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.000%, 12/1/18<sup>(2)(3)</sup> | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.750%, 10/13/19<sup>(2)(3)</sup> | &nbsp;&nbsp; 4851 | &nbsp;&nbsp;&nbsp; 728 |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(3)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 486 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 2/22/29<sup>(1)</sup> | &nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp; 2302 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 1/30/30<sup>(1)</sup> | &nbsp;&nbsp; 1898 | &nbsp;&nbsp;&nbsp; 1803 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 3/15/37<sup>(1)</sup> | &nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp; 1388 |
| Federal Republic of Ethiopia |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 12/11/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 2224 | &nbsp;&nbsp;&nbsp; 2046 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.625%, 12/11/25<sup>(2)(3)</sup> | &nbsp;&nbsp; 1003 | &nbsp;&nbsp;&nbsp; 923 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 6/12/30 | &nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp; 2137 |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 3720 | &nbsp;&nbsp;&nbsp; 3688 |
| Honduras Government 144A<br> 8.625%, 11/27/34<sup>(1)</sup> | &nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 2825 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.125%, 5/22/28<sup>(1)</sup> | &nbsp;&nbsp; 6522 | &nbsp;&nbsp;&nbsp; 6720 |
| &nbsp;&nbsp;&nbsp;RegS<br> 2.125%, 9/22/31<sup>(3)</sup> | &nbsp;&nbsp; 3009 | &nbsp;&nbsp;&nbsp; 2495 |
| Kingdom of Bahrain 144A<br> 6.750%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp; 4423 |
| Kingdom of Jordan 144A<br> 7.500%, 1/13/29<sup>(1)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 1046 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 5/9/28<sup>(1)</sup> | &nbsp;&nbsp; 2812 | &nbsp;&nbsp;&nbsp; 2655 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.000%, 11/26/29<sup>(1)</sup> | &nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp; 2049 |
| Republic of Argentina<br> 0.750%, 7/9/30<sup>(4)</sup> | &nbsp;&nbsp; 13948 | &nbsp;&nbsp;&nbsp; 11055 |
| Republic of Armenia 144A<br> 3.950%, 9/26/29<sup>(1)</sup> | &nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp; 1120 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Cameroon RegS<br> 9.500%, 7/31/31<sup>(3)</sup> | $4018 | $3731 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 1/30/30 | &nbsp;&nbsp; 3902 | &nbsp;&nbsp; 3367 |
| &nbsp;&nbsp;&nbsp;7.375%, 4/25/30<sup>(5)</sup> | &nbsp;&nbsp; 3891 | &nbsp;&nbsp; 4025 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 604 | &nbsp;&nbsp; 608 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 1083 |
| Republic of Ecuador RegS<br> 6.900%, 7/31/30<sup>(3)(4)</sup> | &nbsp;&nbsp; 5213 | &nbsp;&nbsp; 4520 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/28/29<sup>(1)</sup> | &nbsp;&nbsp; 3145 | &nbsp;&nbsp; 3280 |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.250%, 4/17/30<sup>(3)</sup> | &nbsp;&nbsp; 2158 | &nbsp;&nbsp; 2290 |
| Republic of Gabon |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 2/6/31<sup>(1)</sup> | &nbsp;&nbsp; 2318 | &nbsp;&nbsp; 1838 |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.500%, 2/18/29<sup>(3)</sup> | &nbsp;&nbsp; 2927 | &nbsp;&nbsp; 2672 |
| Republic of Ghana 144A<br> 5.000%, 7/3/29<sup>(1)(4)</sup> | &nbsp;&nbsp; 2991 | &nbsp;&nbsp; 2793 |
| Republic of Guatemala 144A<br> 5.250%, 8/10/29<sup>(1)</sup> | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1118 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 1/30/33<sup>(1)</sup> | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.075%, 4/1/36<sup>(1)</sup> | &nbsp;&nbsp; 4502 | &nbsp;&nbsp; 4334 |
| Republic of Kenya 144A<br> 9.750%, 2/16/31<sup>(1)</sup> | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 2342 |
| Republic of Mozambique 144A<br> 9.000%, 9/15/31<sup>(1)(4)</sup> | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 579 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 9.625%, 6/9/31<sup>(1)</sup> | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 2335 |
| &nbsp;&nbsp;&nbsp;144A<br> 10.375%, 12/9/34<sup>(1)</sup> | &nbsp;&nbsp; 3444 | &nbsp;&nbsp; 3620 |
| Republic of Panama<br> 3.875%, 3/17/28 | &nbsp;&nbsp; 2874 | &nbsp;&nbsp; 2788 |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;2.783%, 1/23/31 | &nbsp;&nbsp; 6204 | &nbsp;&nbsp; 5569 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/8/35 | &nbsp;&nbsp; 2270 | &nbsp;&nbsp; 2266 |
| Republic of Philippines<br> 4.375%, 3/5/30<sup>(5)</sup> | &nbsp;&nbsp; 6185 | &nbsp;&nbsp; 6185 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 3/18/29 | &nbsp;&nbsp; 3242 | &nbsp;&nbsp; 3287 |
| &nbsp;&nbsp;&nbsp;4.875%, 2/12/30 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2034 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/12/35 | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 1924 |
| Republic of Senegal RegS<br> 7.750%, 6/10/31<sup>(3)</sup> | &nbsp;&nbsp; 2745 | &nbsp;&nbsp; 2017 |
| Republic of Serbia 144A<br> 6.250%, 5/26/28<sup>(1)(5)</sup> | &nbsp;&nbsp; 2468 | &nbsp;&nbsp; 2548 |
| Republic of South Africa<br> 5.875%, 6/22/30 | &nbsp;&nbsp; 2621 | &nbsp;&nbsp; 2611 |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.000%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 274 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;144A<br> 3.100%, 1/15/30<sup>(1)(4)</sup> | $599 | $533 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.350%, 3/15/33<sup>(1)(4)</sup> | &nbsp;&nbsp; 614 | &nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 6/15/35<sup>(1)(4)</sup> | &nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 2/15/38<sup>(1)(4)</sup> | &nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 469 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 7/13/30 | &nbsp;&nbsp; 4691 | &nbsp;&nbsp;&nbsp; 5191 |
| &nbsp;&nbsp;&nbsp;7.125%, 2/12/32 | &nbsp;&nbsp; 2003 | &nbsp;&nbsp;&nbsp; 2003 |
| &nbsp;&nbsp;&nbsp;7.250%, 5/29/32 | &nbsp;&nbsp; 3426 | &nbsp;&nbsp;&nbsp; 3440 |
| Republic of Zambia 144A<br> 0.500%, 12/31/53<sup>(1)</sup> | &nbsp;&nbsp; 2384 | &nbsp;&nbsp;&nbsp; 1615 |
| Republica Orient Uruguay<br> 4.375%, 1/23/31 | &nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp; 5694 |
| Romania Government International Bond 144A<br> 5.875%, 1/30/29<sup>(1)</sup> | &nbsp;&nbsp; 5079 | &nbsp;&nbsp;&nbsp; 5104 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.750%, 1/18/28<sup>(1)</sup> | &nbsp;&nbsp; 2008 | &nbsp;&nbsp;&nbsp; 2020 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.375%, 1/13/31<sup>(1)</sup> | &nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp; 3739 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(1)</sup> | &nbsp;&nbsp; 2237 | &nbsp;&nbsp;&nbsp; 2329 |
| State of Qatar 144A<br> 3.750%, 4/16/30<sup>(1)</sup> | &nbsp;&nbsp; 6553 | &nbsp;&nbsp;&nbsp; 6405 |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 8/4/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.950%, 1/14/31<sup>(1)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.950%, 1/14/31<sup>(3)</sup> | &nbsp;&nbsp; 2134 | &nbsp;&nbsp;&nbsp; 2118 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/35<sup>(1)(4)</sup> | &nbsp;&nbsp; 1890 | &nbsp;&nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/36<sup>(1)(4)</sup> | &nbsp;&nbsp; 1266 | &nbsp;&nbsp;&nbsp; 628 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/35<sup>(3)(4)</sup> | &nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/36<sup>(3)(4)</sup> | &nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp; 1131 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 5/13/30 | &nbsp;&nbsp; 2993 | &nbsp;&nbsp;&nbsp; 3106 |
| &nbsp;&nbsp;&nbsp;5.850%, 7/2/32 | &nbsp;&nbsp; 4386 | &nbsp;&nbsp;&nbsp; 4436 |
| Uzbekistan International Bond 144A<br> 7.850%, 10/12/28<sup>(1)</sup> | &nbsp;&nbsp; 6350 | &nbsp;&nbsp;&nbsp; 6764 |
| **Total Foreign Government Securities<br> (Identified Cost $191,489)** | **Total Foreign Government Securities<br> (Identified Cost $191,489)** | &nbsp;&nbsp;&nbsp;&nbsp; **194049** |
| **Mortgage-Backed Securities—24.5%** | **Mortgage-Backed Securities—24.5%** | **Mortgage-Backed Securities—24.5%** |
| **Agency—4.0%** | **Agency—4.0%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SB8269<br> 6.000%, 10/1/38 | &nbsp;&nbsp; 29612 | &nbsp;&nbsp;&nbsp; 30455 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #SD3238<br> 5.500%, 12/1/52 | $2457 | $2463 |
| &nbsp;&nbsp;&nbsp;Pool #SD8350<br> 6.000%, 8/1/53 | &nbsp;&nbsp; 8967 | &nbsp;&nbsp; 9127 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #254549<br> 6.000%, 12/1/32 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Pool #725762<br> 6.000%, 8/1/34 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;Pool #773385<br> 5.500%, 5/1/34 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;Pool #800267<br> 5.500%, 12/1/34 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;Pool #806318<br> 5.500%, 11/1/34 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;Pool #808018<br> 5.500%, 1/1/35 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;Pool #889578<br> 6.000%, 4/1/38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;Pool #890710<br> 3.000%, 2/1/31 | &nbsp;&nbsp; 1556 | &nbsp;&nbsp; 1520 |
| &nbsp;&nbsp;&nbsp;Pool #941322<br> 6.000%, 7/1/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;Pool #AC6992<br> 5.000%, 12/1/39 | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 733 |
| &nbsp;&nbsp;&nbsp;Pool #AD3841<br> 4.500%, 4/1/40 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp;Pool #AD4224<br> 5.000%, 8/1/40 | &nbsp;&nbsp; 949 | &nbsp;&nbsp; 961 |
| &nbsp;&nbsp;&nbsp;Pool #AD6058<br> 4.000%, 8/1/25 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;Pool #AE4799<br> 4.000%, 10/1/40 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;Pool #AH4009<br> 4.000%, 3/1/41 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp;Pool #AI2472<br> 4.500%, 5/1/41 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp;Pool #AO5149<br> 3.000%, 6/1/27 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;Pool #AS6515<br> 4.000%, 1/1/46 | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 10753 | &nbsp;&nbsp; 10589 |
| &nbsp;&nbsp;&nbsp;Pool #FS8479<br> 5.500%, 8/1/53 | &nbsp;&nbsp; 22275 | &nbsp;&nbsp; 22313 |
| &nbsp;&nbsp;&nbsp;Pool #FS8791<br> 6.000%, 8/1/54 | &nbsp;&nbsp; 9859 | &nbsp;&nbsp; 10049 |
| &nbsp;&nbsp;&nbsp;Pool #MA4785<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 9672 | &nbsp;&nbsp; 9526 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 20578 | &nbsp;&nbsp; 19723 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 25947 | &nbsp;&nbsp; 25982 |
| &nbsp;&nbsp;&nbsp;Pool #MA5139<br> 6.000%, 9/1/53 | &nbsp;&nbsp; 37849 | &nbsp;&nbsp; 38521 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Government National Mortgage Association Pool #563381<br> 6.500%, 11/15/31 | $3 | $3 |
|  |  | &nbsp;&nbsp; 186271 |
| **Non-Agency—20.5%** | **Non-Agency—20.5%** |  |
| A&D Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM3, A1 144A<br> 6.733%, 7/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 12483 | &nbsp;&nbsp; 12589 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.790%, 6/25/70<sup>(1)(6)</sup> | &nbsp;&nbsp; 6235 | &nbsp;&nbsp; 6272 |
| ADMT 2024-NQM6, A1 144A<br> 5.666%, 1/25/70<sup>(1)(6)</sup> | &nbsp;&nbsp; 7207 | &nbsp;&nbsp; 7230 |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 11463 | &nbsp;&nbsp; 10996 |
| &nbsp;&nbsp;&nbsp;2021-A, A1 144A<br> 1.065%, 9/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 6168 | &nbsp;&nbsp; 5481 |
| &nbsp;&nbsp;&nbsp;2022-B, A1 144A<br> 3.500%, 3/27/62<sup>(1)(6)</sup> | &nbsp;&nbsp; 12388 | &nbsp;&nbsp; 11951 |
| ALA Trust 2025-OANA, A (1 month Term SOFR + 1.743%, Cap N/A, Floor 1.743%) 144A<br> 6.043%, 6/15/40<sup>(1)(6)</sup> | &nbsp;&nbsp; 13775 | &nbsp;&nbsp; 13848 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(1)</sup> | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 1676 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 4535 | &nbsp;&nbsp; 4358 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.177%, 10/17/38<sup>(1)</sup> | &nbsp;&nbsp; 6675 | &nbsp;&nbsp; 6413 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 1.469%, 6/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 2047 | &nbsp;&nbsp; 1943 |
| &nbsp;&nbsp;&nbsp;2021-3, A2 144A<br> 1.305%, 5/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 1251 |
| &nbsp;&nbsp;&nbsp;2021-5, A1 144A<br> 0.951%, 7/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 5132 | &nbsp;&nbsp; 4442 |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 7991 | &nbsp;&nbsp; 7100 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 5403 | &nbsp;&nbsp; 5337 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 3438 | &nbsp;&nbsp; 3411 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(6)</sup> | &nbsp;&nbsp; 3407 | &nbsp;&nbsp; 3324 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(1)(6)</sup> | &nbsp;&nbsp; 2009 | &nbsp;&nbsp; 1945 |
| &nbsp;&nbsp;&nbsp;2022-1, A1B 144A<br> 3.269%, 12/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 3935 |
| Banc of America Funding Trust 2004-D, 5A1<br> 4.991%, 1/25/35<sup>(6)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 570 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.231%, 3/15/37<sup>(1)(6)</sup> | &nbsp;&nbsp; 10930 | &nbsp;&nbsp; 10331 |
| Benchmark Mortgage Trust 2023-B38, A2<br> 5.626%, 4/15/56 | &nbsp;&nbsp; 4235 | &nbsp;&nbsp; 4333 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(1)(6)</sup> | $787 | $768 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A<br> 6.273%, 2/15/39<sup>(1)(6)</sup> | &nbsp;&nbsp; 7987 | &nbsp;&nbsp; 7967 |
| &nbsp;&nbsp;&nbsp;2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.703%, 3/15/41<sup>(1)(6)</sup> | &nbsp;&nbsp; 6636 | &nbsp;&nbsp; 6642 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, A 144A<br> 3.202%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1552 |
| &nbsp;&nbsp;&nbsp;2019-OC11, B 144A<br> 3.605%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 5354 | &nbsp;&nbsp; 5047 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 4.075%, 12/9/41<sup>(1)(6)</sup> | &nbsp;&nbsp; 7699 | &nbsp;&nbsp; 7197 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp; 17112 | &nbsp;&nbsp; 17321 |
| &nbsp;&nbsp;&nbsp;2025-ROIC, C (1 month Term SOFR + 1.543%, Cap N/A, Floor 1.543%) 144A<br> 5.855%, 3/15/30<sup>(1)(6)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 991 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.932%, 9/15/38<sup>(1)(6)</sup> | &nbsp;&nbsp; 6645 | &nbsp;&nbsp; 6653 |
| Chase Home Lending Mortgage Trust 2023-RPL1, A1 144A<br> 3.500%, 6/25/62<sup>(1)(6)</sup> | &nbsp;&nbsp; 7792 | &nbsp;&nbsp; 7154 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(6)</sup> | &nbsp;&nbsp; 3193 | &nbsp;&nbsp; 2938 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.750%, 12/25/45<sup>(1)(6)</sup> | &nbsp;&nbsp; 4881 | &nbsp;&nbsp; 4527 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(1)(6)</sup> | &nbsp;&nbsp; 4058 | &nbsp;&nbsp; 3860 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2013-A, A 144A<br> 3.000%, 5/25/42<sup>(1)(6)</sup> | &nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1727 |
| &nbsp;&nbsp;&nbsp;2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 1479 |
| &nbsp;&nbsp;&nbsp;2019-RP1, A1 144A<br> 3.500%, 1/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 2778 | &nbsp;&nbsp; 2711 |
| &nbsp;&nbsp;&nbsp;2025-INV1, A2 144A<br> 6.000%, 1/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 7432 | &nbsp;&nbsp; 7498 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3, A1 144A<br> 3.901%, 2/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 10650 | &nbsp;&nbsp; 10412 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 5825 | &nbsp;&nbsp; 5805 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.550%, 4/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 12572 | &nbsp;&nbsp; 12598 |
| &nbsp;&nbsp;&nbsp;2023-3, A1 144A<br> 7.180%, 9/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 6568 | &nbsp;&nbsp; 6665 |
| &nbsp;&nbsp;&nbsp;2023-4, A1 144A<br> 7.163%, 10/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 1348 | &nbsp;&nbsp; 1369 |
| &nbsp;&nbsp;&nbsp;2024-5, A1 144A<br> 5.123%, 8/25/69<sup>(1)(6)</sup> | &nbsp;&nbsp; 9490 | &nbsp;&nbsp; 9453 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-300P, A1 144A<br> 4.353%, 8/10/30<sup>(1)</sup> | $13465 | $13447 |
| &nbsp;&nbsp;&nbsp;2015-CR24, AM<br> 4.028%, 8/10/48<sup>(6)</sup> | &nbsp;&nbsp; 7481 | &nbsp;&nbsp; 7469 |
| COOPR Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, A1A 144A<br> 5.654%, 5/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 5855 | &nbsp;&nbsp; 5910 |
| &nbsp;&nbsp;&nbsp;2025-CES2, A1A 144A<br> 5.502%, 6/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 6432 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3, A 144A<br> 1.358%, 8/15/53<sup>(1)</sup> | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp;2022-1, A 144A<br> 4.744%, 6/17/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 5450 | &nbsp;&nbsp; 5462 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-RPL1, A1 144A<br> 2.750%, 7/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 10218 | &nbsp;&nbsp; 9955 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 2.208%, 5/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1607 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 9011 | &nbsp;&nbsp; 8123 |
| Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-4, A1 144A<br> 1.931%, 11/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 5010 | &nbsp;&nbsp; 4396 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 4843 | &nbsp;&nbsp; 4438 |
| EFMT 2025-NQM2, A1 144A<br> 5.596%, 6/25/70<sup>(1)(6)</sup> | &nbsp;&nbsp; 9040 | &nbsp;&nbsp; 9066 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(6)</sup> | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp;2020-2, A1 144A<br> 1.178%, 10/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; 3176 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 1.003%, 2/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 4161 | &nbsp;&nbsp; 3606 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 5.274%, 10/10/41<sup>(1)(6)</sup> | &nbsp;&nbsp; 10220 | &nbsp;&nbsp; 10321 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 7260 | &nbsp;&nbsp; 7000 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;2019-2, A52 144A<br> 3.500%, 6/25/59<sup>(1)(6)</sup> | &nbsp;&nbsp; 2669 | &nbsp;&nbsp; 2426 |
| GCAT Trust 2023-NQM2, A1 144A<br> 5.837%, 11/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 9575 | &nbsp;&nbsp; 9555 |
| Goldman Sachs Mortgage Securities Trust 2020-GC45, AS<br> 3.173%, 2/13/53<sup>(6)</sup> | &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 2401 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 7118 | &nbsp;&nbsp; 7145 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.649%, 1/13/40<sup>(1)(6)</sup> | &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 4763 |
| Imperial Fund Mortgage Trust 2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 8355 | &nbsp;&nbsp; 8319 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 144A<br> 4.446%, 1/25/63<sup>(1)(6)</sup> | $7504 | $7307 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1, 2A12 144A<br> 3.500%, 1/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp;2014-5, B1 144A<br> 2.622%, 10/25/29<sup>(1)(6)</sup> | &nbsp;&nbsp; 1882 | &nbsp;&nbsp; 1790 |
| &nbsp;&nbsp;&nbsp;2014-5, B2 144A<br> 2.622%, 10/25/29<sup>(1)(6)</sup> | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp;2015-1, AM1 144A<br> 5.665%, 12/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;2015-5, A2 144A<br> 5.925%, 5/25/45<sup>(1)(6)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(6)</sup> | &nbsp;&nbsp; 1281 | &nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 4.921%, 10/26/48<sup>(1)(6)</sup> | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 715 |
| &nbsp;&nbsp;&nbsp;2018-7FRB, A2 (1 month Term SOFR + 0.864%) 144A<br> 5.184%, 4/25/46<sup>(1)(6)</sup> | &nbsp;&nbsp; 3939 | &nbsp;&nbsp; 3873 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 5.919%, 6/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 7370 | &nbsp;&nbsp; 7412 |
| &nbsp;&nbsp;&nbsp;2025-CES1, A1 144A<br> 5.666%, 5/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 9441 | &nbsp;&nbsp; 9487 |
| &nbsp;&nbsp;&nbsp;2025-CES2, A1 144A<br> 5.592%, 6/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 9535 | &nbsp;&nbsp; 9587 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, A1 144A<br> 5.567%, 9/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 8717 | &nbsp;&nbsp; 8749 |
| LHOME Mortgage Trust 2024-RTL1, A1 144A<br> 7.017%, 1/25/29<sup>(1)(6)</sup> | &nbsp;&nbsp; 5775 | &nbsp;&nbsp; 5823 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, M1 144A<br> 3.420%, 4/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 7930 | &nbsp;&nbsp; 7111 |
| &nbsp;&nbsp;&nbsp;2018-1A, A 144A<br> 3.750%, 3/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 11799 | &nbsp;&nbsp; 11453 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 2862 | &nbsp;&nbsp; 2814 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV1, A1 144A<br> 3.907%, 4/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 7424 | &nbsp;&nbsp; 7366 |
| &nbsp;&nbsp;&nbsp;2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 2421 | &nbsp;&nbsp; 2409 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 3069 | &nbsp;&nbsp; 3002 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(1)(6)</sup> | &nbsp;&nbsp; 9118 | &nbsp;&nbsp; 9087 |
| &nbsp;&nbsp;&nbsp;2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 974 |
| &nbsp;&nbsp;&nbsp;2021-INV1, A1 144A<br> 0.852%, 1/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 453 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 2695 | &nbsp;&nbsp; 2654 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(1)(6)</sup> | &nbsp;&nbsp; 12131 | &nbsp;&nbsp; 11100 |
| &nbsp;&nbsp;&nbsp;2019-GS2, A1 144A<br> 2.750%, 8/25/59<sup>(1)(6)</sup> | &nbsp;&nbsp; 1294 | &nbsp;&nbsp; 1251 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2021-NMR1, A1 144A<br> 1.125%, 11/25/60<sup>(1)(6)</sup> | $2374 | $2266 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(1)</sup> | &nbsp;&nbsp; 12180 | &nbsp;&nbsp; 12676 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, B2 144A<br> 5.962%, 6/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 976 |
| &nbsp;&nbsp;&nbsp;2024-INV4, A1 144A<br> 6.000%, 9/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 4992 | &nbsp;&nbsp; 5028 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 2581 | &nbsp;&nbsp; 2505 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 2189 | &nbsp;&nbsp; 2124 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 1453 | &nbsp;&nbsp; 1399 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 1704 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 7189 | &nbsp;&nbsp; 6948 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 3849 | &nbsp;&nbsp; 3797 |
| &nbsp;&nbsp;&nbsp;2018-3A, A1 144A<br> 4.500%, 5/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 1828 | &nbsp;&nbsp; 1789 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 1913 | &nbsp;&nbsp; 1822 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 5.466%, 11/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 5276 | &nbsp;&nbsp; 5286 |
| &nbsp;&nbsp;&nbsp;2014-3A, AFX3 144A<br> 3.750%, 11/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 2748 | &nbsp;&nbsp; 2646 |
| &nbsp;&nbsp;&nbsp;2016-2A, A1 144A<br> 3.750%, 11/26/35<sup>(1)(6)</sup> | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; 2594 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 5081 | &nbsp;&nbsp; 4954 |
| NLT Trust 2021-INV2, A1 144A<br> 1.162%, 8/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 8231 | &nbsp;&nbsp; 7164 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-CP1, A1 144A<br> 2.042%, 7/25/61<sup>(1)</sup> | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 2924 |
| &nbsp;&nbsp;&nbsp;2024-CP1, A1 144A<br> 3.750%, 2/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 3395 | &nbsp;&nbsp; 3138 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM1, A1 144A<br> 2.305%, 11/25/61<sup>(1)(6)</sup> | &nbsp;&nbsp; 3283 | &nbsp;&nbsp; 2937 |
| &nbsp;&nbsp;&nbsp;2023-NQM10, A1 144A<br> 6.465%, 10/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 6995 | &nbsp;&nbsp; 7051 |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 2997 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 3151 | &nbsp;&nbsp; 3203 |
| &nbsp;&nbsp;&nbsp;2024-HYB1, A1 144A<br> 3.646%, 3/25/53<sup>(1)(6)</sup> | &nbsp;&nbsp; 6061 | &nbsp;&nbsp; 5970 |
| &nbsp;&nbsp;&nbsp;2024-HYB2, A1 144A<br> 3.677%, 4/25/53<sup>(1)(6)</sup> | &nbsp;&nbsp; 8240 | &nbsp;&nbsp; 8225 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, A1 144A<br> 5.928%, 11/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 3919 | &nbsp;&nbsp; 3933 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 6.129%, 12/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 6958 | &nbsp;&nbsp; 7013 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-NQM9, A1 144A<br> 6.030%, 1/25/64<sup>(1)(6)</sup> | $7804 | $7872 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, A1 144A<br> 5.400%, 2/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 9830 | &nbsp;&nbsp; 9834 |
| &nbsp;&nbsp;&nbsp;2025-NQM6, A1 144A<br> 5.603%, 3/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 8560 | &nbsp;&nbsp; 8594 |
| &nbsp;&nbsp;&nbsp;2018-1, A2 (1 month Term SOFR + 0.764%) 144A<br> 5.084%, 6/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 1325 |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 3.487%, 6/25/26<sup>(1)(6)</sup> | &nbsp;&nbsp; 1449 | &nbsp;&nbsp; 1443 |
| PMT Loan Trust 2024-INV2, A1 144A<br> 6.000%, 12/25/59<sup>(1)(6)</sup> | &nbsp;&nbsp; 4510 | &nbsp;&nbsp; 4545 |
| PRET Trust 2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 10900 | &nbsp;&nbsp; 10935 |
| PRKCM Trust 2022-AFC1, A1A 144A<br> 4.100%, 4/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 7454 | &nbsp;&nbsp; 7362 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(1)</sup> | &nbsp;&nbsp; 11130 | &nbsp;&nbsp; 10931 |
| &nbsp;&nbsp;&nbsp;2021-SFR5, D 144A<br> 2.109%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2433 |
| Provident Funding Mortgage Trust 2025-1, A3 144A<br> 5.500%, 2/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 5728 | &nbsp;&nbsp; 5746 |
| PRPM LLC 2024-RPL1, A1 144A<br> 4.200%, 12/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 2885 | &nbsp;&nbsp; 2821 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(1)(6)</sup> | &nbsp;&nbsp; 3097 | &nbsp;&nbsp; 2684 |
| &nbsp;&nbsp;&nbsp;2023-CES1, A1A 144A<br> 6.515%, 6/25/43<sup>(1)(6)</sup> | &nbsp;&nbsp; 10346 | &nbsp;&nbsp; 10402 |
| &nbsp;&nbsp;&nbsp;2023-CES2, A1A 144A<br> 6.808%, 9/25/43<sup>(1)(6)</sup> | &nbsp;&nbsp; 5241 | &nbsp;&nbsp; 5295 |
| &nbsp;&nbsp;&nbsp;2024-CES8, A1A 144A<br> 5.490%, 11/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 3372 | &nbsp;&nbsp; 3378 |
| &nbsp;&nbsp;&nbsp;2024-CES9, A1A 144A<br> 5.582%, 12/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 6985 | &nbsp;&nbsp; 7015 |
| Residential Mortgage Loan Trust 2020-1, A1 144A<br> 2.376%, 1/26/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 257 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(1)(6)</sup> | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 2170 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 2735 | &nbsp;&nbsp; 2798 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 7605 | &nbsp;&nbsp; 7877 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.481%, 6/25/43<sup>(6)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 943 |
| SG Residential Mortgage Trust 2021-1, A1 144A<br> 1.160%, 7/25/61<sup>(1)(6)</sup> | &nbsp;&nbsp; 14281 | &nbsp;&nbsp; 11818 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.275%, 2/25/50<sup>(1)(6)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.127%, 6/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 6983 | &nbsp;&nbsp; 6114 |
| THPT Mortgage Trust 2023-THL, A 144A<br> 7.227%, 12/10/34<sup>(1)(6)</sup> | &nbsp;&nbsp; 11329 | &nbsp;&nbsp; 11523 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-6, B2 144A<br> 3.798%, 4/25/55<sup>(1)(6)</sup> | $9529 | $8927 |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 3.989%, 7/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 8095 | &nbsp;&nbsp; 7839 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 9647 | &nbsp;&nbsp; 9458 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 12525 | &nbsp;&nbsp; 12183 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 1136 | &nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp;2018-6, A1B 144A<br> 3.750%, 3/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1646 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A<br> 6.034%, 5/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 4045 | &nbsp;&nbsp; 4060 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 12111 | &nbsp;&nbsp; 11550 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(1)(6)</sup> | &nbsp;&nbsp; 12970 | &nbsp;&nbsp; 10945 |
| &nbsp;&nbsp;&nbsp;2024-1, A1 144A<br> 4.824%, 3/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 13271 | &nbsp;&nbsp; 13478 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 11390 | &nbsp;&nbsp; 10873 |
| Tricon American Homes Trust 2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(1)</sup> | &nbsp;&nbsp; 5243 | &nbsp;&nbsp; 4929 |
| Tricon Residential Trust 2021-SFR1, B 144A<br> 2.244%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 6490 | &nbsp;&nbsp; 6318 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 1.031%, 2/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 3004 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 10186 | &nbsp;&nbsp; 10198 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 14437 | &nbsp;&nbsp; 13982 |
| &nbsp;&nbsp;&nbsp;2022-6, A1 144A<br> 4.910%, 6/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 2518 | &nbsp;&nbsp; 2505 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 9412 | &nbsp;&nbsp; 9474 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 5.850%, 12/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 3683 | &nbsp;&nbsp; 3678 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 6523 | &nbsp;&nbsp; 6580 |
| &nbsp;&nbsp;&nbsp;2024-3, A1 144A<br> 6.338%, 4/25/69<sup>(1)(6)</sup> | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 1111 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.417%, 1/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 1794 | &nbsp;&nbsp; 1760 |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 2.502%, 5/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 1639 | &nbsp;&nbsp; 1604 |
| &nbsp;&nbsp;&nbsp;2021-R1, A1 144A<br> 0.820%, 10/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 1758 | &nbsp;&nbsp; 1698 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.722%, 11/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(1)</sup> | &nbsp;&nbsp; 4245 | &nbsp;&nbsp; 3934 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(1)(6)</sup> | $2102 | $1786 |
|  |  | &nbsp;&nbsp;&nbsp; 942868 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $1,147,882)** | **Total Mortgage-Backed Securities<br> (Identified Cost $1,147,882)** | &nbsp;&nbsp;&nbsp;&nbsp;**1129139** |
| **Asset-Backed Securities—27.5%** | **Asset-Backed Securities—27.5%** | **Asset-Backed Securities—27.5%** |
| **Automobiles—12.3%** | **Automobiles—12.3%** |  |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 6.060%, 2/20/29<sup>(1)</sup> | &nbsp;&nbsp; 2309 | &nbsp;&nbsp;&nbsp; 2315 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 5.380%, 6/20/29<sup>(1)</sup> | &nbsp;&nbsp; 2126 | &nbsp;&nbsp;&nbsp; 2127 |
| &nbsp;&nbsp;&nbsp;2025-2A, A 144A<br> 5.550%, 6/20/28<sup>(1)</sup> | &nbsp;&nbsp; 6058 | &nbsp;&nbsp;&nbsp; 6066 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, E 144A<br> 3.640%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp; 12490 | &nbsp;&nbsp;&nbsp; 12459 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 5.630%, 1/14/30<sup>(1)</sup> | &nbsp;&nbsp; 7935 | &nbsp;&nbsp;&nbsp; 7961 |
| &nbsp;&nbsp;&nbsp;2024-4, C 144A<br> 4.910%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 8335 | &nbsp;&nbsp;&nbsp; 8354 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 5.090%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 13835 | &nbsp;&nbsp;&nbsp; 13962 |
| American Heritage Auto Receivables Trust 2024-1A, A3 144A<br> 4.900%, 9/17/29<sup>(1)</sup> | &nbsp;&nbsp; 4360 | &nbsp;&nbsp;&nbsp; 4361 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 4.770%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 6200 | &nbsp;&nbsp;&nbsp; 6183 |
| &nbsp;&nbsp;&nbsp;2022-2A, A 144A<br> 6.900%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 2468 | &nbsp;&nbsp;&nbsp; 2491 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp; 9205 | &nbsp;&nbsp;&nbsp; 9099 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, A 144A<br> 1.380%, 8/20/27<sup>(1)</sup> | &nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp; 1816 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, D 144A<br> 3.710%, 8/20/27<sup>(1)</sup> | &nbsp;&nbsp; 11500 | &nbsp;&nbsp;&nbsp; 11236 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, D 144A<br> 4.080%, 2/20/28<sup>(1)</sup> | &nbsp;&nbsp; 3815 | &nbsp;&nbsp;&nbsp; 3687 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2022-5A, A 144A<br> 6.120%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 6383 | &nbsp;&nbsp;&nbsp; 6433 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2022-5A, C 144A<br> 6.240%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 4650 | &nbsp;&nbsp;&nbsp; 4664 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-2A, C 144A<br> 6.180%, 10/20/27<sup>(1)</sup> | &nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp; 3523 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-3A, D 144A<br> 7.320%, 2/20/28<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 4034 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2024-1A, A 144A<br> 5.360%, 6/20/30<sup>(1)</sup> | &nbsp;&nbsp; 8050 | &nbsp;&nbsp;&nbsp; 8260 |
| BOF URSA VI Funding Trust I 2023-CAR2, A2 144A<br> 5.542%, 10/27/31<sup>(1)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp; 698 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, C<br> 5.150%, 12/17/29 | $9650 | $9691 |
| &nbsp;&nbsp;&nbsp;2025-2, D<br> 5.620%, 3/17/31 | &nbsp;&nbsp; 8170 | &nbsp;&nbsp; 8265 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-P1, C<br> 1.320%, 11/9/26 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2225 |
| &nbsp;&nbsp;&nbsp;2021-N2, C<br> 1.070%, 3/10/28 | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 772 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; 1976 |
| &nbsp;&nbsp;&nbsp;2021-P3, B<br> 1.420%, 8/10/27 | &nbsp;&nbsp; 7355 | &nbsp;&nbsp; 7073 |
| &nbsp;&nbsp;&nbsp;2022-N1, C 144A<br> 3.320%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;2022-N1, D 144A<br> 4.130%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 3943 | &nbsp;&nbsp; 3903 |
| &nbsp;&nbsp;&nbsp;2023-N1, C 144A<br> 5.920%, 7/10/29<sup>(1)</sup> | &nbsp;&nbsp; 3044 | &nbsp;&nbsp; 3069 |
| &nbsp;&nbsp;&nbsp;2023-N4, C 144A<br> 6.590%, 2/11/30<sup>(1)</sup> | &nbsp;&nbsp; 4970 | &nbsp;&nbsp; 5120 |
| CIG Auto Receivables Trust 2021-1A, D 144A<br> 2.110%, 4/12/27<sup>(1)</sup> | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 741 |
| Consumer Portfolio Services Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-A, C 144A<br> 5.250%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 7074 | &nbsp;&nbsp; 7153 |
| &nbsp;&nbsp;&nbsp;2025-B, C 144A<br> 5.120%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 5305 | &nbsp;&nbsp; 5342 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-D, C 144A<br> 7.170%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3549 | &nbsp;&nbsp; 3617 |
| &nbsp;&nbsp;&nbsp;2024-A, C 144A<br> 5.740%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2455 | &nbsp;&nbsp; 2476 |
| &nbsp;&nbsp;&nbsp;2024-C, C 144A<br> 5.760%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6810 | &nbsp;&nbsp; 6899 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 5.920%, 5/16/33<sup>(1)</sup> | &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 1837 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.680%, 3/15/34<sup>(1)</sup> | &nbsp;&nbsp; 8404 | &nbsp;&nbsp; 8505 |
| Drive Auto Receivables Trust 2024-1, C<br> 5.430%, 11/17/31 | &nbsp;&nbsp; 5680 | &nbsp;&nbsp; 5759 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 5.460%, 3/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 7510 |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 6.440%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1741 | &nbsp;&nbsp; 1772 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3A, C<br> 5.300%, 9/15/27 | &nbsp;&nbsp; 4057 | &nbsp;&nbsp; 4062 |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1261 |
| &nbsp;&nbsp;&nbsp;2023-3A, D<br> 6.680%, 4/16/29 | &nbsp;&nbsp; 3723 | &nbsp;&nbsp; 3801 |
| &nbsp;&nbsp;&nbsp;2023-5A, B<br> 6.580%, 4/17/28 | &nbsp;&nbsp; 4537 | &nbsp;&nbsp; 4562 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-2A, C<br> 5.740%, 5/15/29 | $10237 | $10353 |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | &nbsp;&nbsp; 3505 | &nbsp;&nbsp; 3501 |
| &nbsp;&nbsp;&nbsp;2025-3A, D<br> 5.570%, 10/15/31 | &nbsp;&nbsp; 8460 | &nbsp;&nbsp; 8600 |
| FHF Issuer Trust 2024-1A, A2 144A<br> 5.690%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3026 | &nbsp;&nbsp; 3057 |
| FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 5.390%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5260 | &nbsp;&nbsp; 5260 |
| &nbsp;&nbsp;&nbsp;2022-2A, B 144A<br> 6.570%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 8847 | &nbsp;&nbsp; 8920 |
| &nbsp;&nbsp;&nbsp;2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 867 | &nbsp;&nbsp; 874 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A, C 144A<br> 1.470%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 5490 | &nbsp;&nbsp; 5418 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 3.130%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5745 | &nbsp;&nbsp; 5702 |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, D 144A<br> 6.460%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3460 | &nbsp;&nbsp; 3477 |
| &nbsp;&nbsp;&nbsp;2024-1, B 144A<br> 5.630%, 4/16/29<sup>(1)</sup> | &nbsp;&nbsp; 6139 | &nbsp;&nbsp; 6227 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 5.790%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5705 |
| &nbsp;&nbsp;&nbsp;2024-3, B 144A<br> 5.350%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1917 |
| &nbsp;&nbsp;&nbsp;2024-3, C 144A<br> 5.410%, 9/16/30<sup>(1)</sup> | &nbsp;&nbsp; 5690 | &nbsp;&nbsp; 5745 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A3 144A<br> 5.390%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;2023-2, A2 144A<br> 5.990%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1746 | &nbsp;&nbsp; 1754 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 5.770%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5089 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 4.310%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1943 | &nbsp;&nbsp; 1943 |
| &nbsp;&nbsp;&nbsp;2021-3A, E 144A<br> 3.200%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 13050 | &nbsp;&nbsp; 12786 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.300%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 782 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5044 |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 6.030%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 5445 | &nbsp;&nbsp; 5545 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.210%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 5760 |
| &nbsp;&nbsp;&nbsp;2025-1A, D 144A<br> 5.610%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2542 |
| &nbsp;&nbsp;&nbsp;2025-2A, D 144A<br> 5.590%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4068 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 6.090%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4504 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A3 144A<br> 6.380%, 2/15/29<sup>(1)</sup> | $1725 | $1764 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.580%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 4211 | &nbsp;&nbsp; 4251 |
| &nbsp;&nbsp;&nbsp;2024-3A, B 144A<br> 5.640%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1707 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.920%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3483 | &nbsp;&nbsp; 3591 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 4.710%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 5950 | &nbsp;&nbsp; 5963 |
| &nbsp;&nbsp;&nbsp;2025-1A, B 144A<br> 5.040%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1446 |
| GM Financial Consumer Automobile Receivables Trust 2023-4, A2A<br> 5.890%, 11/16/26 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 216 |
| Huntington Bank Auto Credit-Linked Notes 2024-1, B1 144A<br> 6.153%, 5/20/32<sup>(1)</sup> | &nbsp;&nbsp; 3493 | &nbsp;&nbsp; 3552 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2705 | &nbsp;&nbsp; 2693 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1618 | &nbsp;&nbsp; 1619 |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 7.300%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 2570 | &nbsp;&nbsp; 2628 |
| &nbsp;&nbsp;&nbsp;2023-3A, D 144A<br> 6.920%, 12/16/30<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3119 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 4.930%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6065 | &nbsp;&nbsp; 6090 |
| &nbsp;&nbsp;&nbsp;2025-1A, C 144A<br> 5.110%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3130 | &nbsp;&nbsp; 3173 |
| &nbsp;&nbsp;&nbsp;2025-1A, D 144A<br> 5.520%, 5/17/32<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3040 |
| Lendbuzz Auto Receivables Trust<br> 5.570%, 11/15/27 | &nbsp;&nbsp; 6298 | &nbsp;&nbsp; 6293 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A2 144A<br> 7.090%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 2991 | &nbsp;&nbsp; 3041 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 6.190%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2502 | &nbsp;&nbsp; 2522 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.990%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4514 | &nbsp;&nbsp; 4552 |
| &nbsp;&nbsp;&nbsp;2024-3A, A2 144A<br> 4.970%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3760 | &nbsp;&nbsp; 3764 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.100%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6701 | &nbsp;&nbsp; 6723 |
| &nbsp;&nbsp;&nbsp;2025-1A, B 144A<br> 5.470%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4750 | &nbsp;&nbsp; 4849 |
| Lobel Automobile Receivables Trust 2023-1, B 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1858 | &nbsp;&nbsp; 1861 |
| Merchants Fleet Funding LLC 2023-1A, A 144A<br> 7.210%, 5/20/36<sup>(1)</sup> | &nbsp;&nbsp; 5374 | &nbsp;&nbsp; 5418 |
| OCCU Auto Receivables Trust 2023-1A, A2 144A<br> 6.230%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 381 |
| OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 1.260%, 7/14/28<sup>(1)</sup> | &nbsp;&nbsp; 17610 | &nbsp;&nbsp; 17320 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(1)</sup> | $7485 | $7487 |
| Oscar U.S. Funding XIII LLC 2021-2A, A4 144A<br> 1.270%, 9/11/28<sup>(1)</sup> | &nbsp;&nbsp; 2589 | &nbsp;&nbsp; 2556 |
| Oscar U.S. Funding XV LLC 2023-1A, A3 144A<br> 5.810%, 12/10/27<sup>(1)</sup> | &nbsp;&nbsp; 5770 | &nbsp;&nbsp; 5809 |
| Prestige Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.640%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6376 | &nbsp;&nbsp; 6415 |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 4.730%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4860 | &nbsp;&nbsp; 4852 |
| SAFCO Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.310%, 11/20/28<sup>(1)</sup> | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; 3242 |
| &nbsp;&nbsp;&nbsp;2024-1A, C 144A<br> 6.960%, 1/18/30<sup>(1)</sup> | &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 3822 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 5.460%, 9/10/29<sup>(1)</sup> | &nbsp;&nbsp; 2676 | &nbsp;&nbsp; 2676 |
| &nbsp;&nbsp;&nbsp;2025-1A, C 144A<br> 5.750%, 11/11/30<sup>(1)</sup> | &nbsp;&nbsp; 6710 | &nbsp;&nbsp; 6739 |
| Santander Drive Auto Receivables Trust 2023-1, B<br> 4.980%, 2/15/28 | &nbsp;&nbsp; 1321 | &nbsp;&nbsp; 1321 |
| Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 6.930%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 3355 | &nbsp;&nbsp; 3396 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.730%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2898 |
| United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, C 144A<br> 6.280%, 7/10/28<sup>(1)</sup> | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;2023-1, D 144A<br> 8.000%, 7/10/28<sup>(1)</sup> | &nbsp;&nbsp; 7750 | &nbsp;&nbsp; 7794 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 7.060%, 10/10/29<sup>(1)</sup> | &nbsp;&nbsp; 8905 | &nbsp;&nbsp; 8968 |
| Veridian Auto Receivables Trust 2023-1A, A4 144A<br> 5.590%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 9585 | &nbsp;&nbsp; 9704 |
| Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, B 144A<br> 7.170%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10076 |
| &nbsp;&nbsp;&nbsp;2025-1, B 144A<br> 5.540%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; 4306 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 6.170%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 3505 | &nbsp;&nbsp; 3552 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2503 | &nbsp;&nbsp; 2490 |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 5.740%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1424 |
| &nbsp;&nbsp;&nbsp;2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 11590 | &nbsp;&nbsp; 11707 |
|  |  | &nbsp;&nbsp; 565405 |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| GoldenTree Loan Management U.S. CLO 9 Ltd. 2021-9A, AR (3 month Term SOFR + 1.500%, Cap N/A, Floor 1.500%) 144A<br> 5.769%, 4/20/37<sup>(1)(6)</sup> | &nbsp;&nbsp; 13670 | &nbsp;&nbsp; 13702 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Loans—1.2%** | **Consumer Loans—1.2%** |  |
| ACHV ABS Trust 2025-1PL, B 144A<br> 5.040%, 4/26/32<sup>(1)</sup> | $4408 | $4398 |
| Affirm Asset Securitization Trust 2023-B, A 144A<br> 6.820%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7678 | &nbsp;&nbsp; 7706 |
| Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.540%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.070%, 7/17/34<sup>(1)</sup> | &nbsp;&nbsp; 6680 | &nbsp;&nbsp; 6736 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3A, A 144A<br> 5.940%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 6453 | &nbsp;&nbsp; 6488 |
| &nbsp;&nbsp;&nbsp;2025-1A, B 144A<br> 5.050%, 7/14/38<sup>(1)</sup> | &nbsp;&nbsp; 2710 | &nbsp;&nbsp; 2727 |
| Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp; 8494 | &nbsp;&nbsp; 8297 |
| &nbsp;&nbsp;&nbsp;2025-A, A 144A<br> 5.010%, 2/8/33<sup>(1)</sup> | &nbsp;&nbsp; 8580 | &nbsp;&nbsp; 8576 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 7.330%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 3695 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 4296 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 4.960%, 8/16/32<sup>(1)</sup> | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; 3353 |
| Regional Management Issuance Trust 2021-1, A 144A<br> 1.680%, 3/17/31<sup>(1)</sup> | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 112 |
|  |  | &nbsp;&nbsp; 56855 |
| **Credit Card—0.4%** | **Credit Card—0.4%** |  |
| Mercury Financial Credit Card Master Trust 2024-2A, A 144A<br> 6.560%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 9530 | &nbsp;&nbsp; 9614 |
| Mission Lane Credit Card Master Trust 2023-B, A 144A<br> 7.690%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7720 | &nbsp;&nbsp; 7727 |
|  |  | &nbsp;&nbsp; 17341 |
| **Equipment—0.3%** | **Equipment—0.3%** |  |
| CCG Receivables Trust 2022-1, C 144A<br> 4.670%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3745 |
| Post Road Equipment Finance 2022-1A, B 144A<br> 5.150%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 8256 | &nbsp;&nbsp; 8252 |
| Post Road Equipment Finance LLC 2024-1A, A2 144A<br> 5.590%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2707 | &nbsp;&nbsp; 2720 |
|  |  | &nbsp;&nbsp; 14717 |
| **Other—12.9%** | **Other—12.9%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-B, A 144A<br> 4.620%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp;2024-X2, A 144A<br> 5.220%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp;2025-X1, A 144A<br> 5.080%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2004 | &nbsp;&nbsp; 2006 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| ALLO Issuer LLC 2025-1A, A2 144A<br> 5.528%, 4/20/55<sup>(1)</sup> | $8050 | $8154 |
| Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A<br> 6.090%, 12/20/29<sup>(1)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1121 |
| Applebee's Funding LLC 2023-1A, A2 144A<br> 7.824%, 3/5/53<sup>(1)</sup> | &nbsp;&nbsp; 11135 | &nbsp;&nbsp; 11296 |
| Aqua Finance Issuer Trust 2025-A, A 144A<br> 5.250%, 12/19/50<sup>(1)</sup> | &nbsp;&nbsp; 4443 | &nbsp;&nbsp; 4470 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 9977 | &nbsp;&nbsp; 9746 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 1637 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(1)</sup> | &nbsp;&nbsp; 8320 | &nbsp;&nbsp; 8265 |
| BHG Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-B, B 144A<br> 1.670%, 10/17/34<sup>(1)</sup> | &nbsp;&nbsp; 5796 | &nbsp;&nbsp; 5674 |
| &nbsp;&nbsp;&nbsp;2023-B, A 144A<br> 6.920%, 12/17/36<sup>(1)</sup> | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 1087 |
| Blue Owl Asset Leasing Trust LLC 2024-1A, A2 144A<br> 5.050%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5956 | &nbsp;&nbsp; 5966 |
| Bojangles Issuer LLC 2024-1A, A2 144A<br> 6.584%, 11/20/54<sup>(1)</sup> | &nbsp;&nbsp; 9365 | &nbsp;&nbsp; 9547 |
| Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 6.197%, 5/15/39<sup>(1)</sup> | &nbsp;&nbsp; 10315 | &nbsp;&nbsp; 10537 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.364%, 9/15/39<sup>(1)</sup> | &nbsp;&nbsp; 2594 | &nbsp;&nbsp; 2600 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-A, B 144A<br> 2.490%, 2/28/36<sup>(1)</sup> | &nbsp;&nbsp; 1699 | &nbsp;&nbsp; 1634 |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 4.610%, 9/28/37<sup>(1)</sup> | &nbsp;&nbsp; 1349 | &nbsp;&nbsp; 1336 |
| &nbsp;&nbsp;&nbsp;2023-A, A 144A<br> 5.770%, 11/15/38<sup>(1)</sup> | &nbsp;&nbsp; 4060 | &nbsp;&nbsp; 4135 |
| Castlelake Aircraft Structured Trust 2025-1A, A 144A<br> 5.783%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 10611 | &nbsp;&nbsp; 10759 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.820%, 9/16/30<sup>(1)</sup> | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1397 |
| &nbsp;&nbsp;&nbsp;2024-1, B 144A<br> 5.080%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3085 | &nbsp;&nbsp; 3133 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 4.890%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2417 |
| CF Hippolyta Issuer LLC 2020-1, A1 144A<br> 1.690%, 7/15/60<sup>(1)</sup> | &nbsp;&nbsp; 8095 | &nbsp;&nbsp; 8008 |
| Commercial Equipment Finance LLC 2024-1A, A 144A<br> 5.970%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 3752 | &nbsp;&nbsp; 3788 |
| CoreVest American Finance Trust 2018-1, D 144A<br> 4.920%, 6/15/51<sup>(1)</sup> | &nbsp;&nbsp; 10062 | &nbsp;&nbsp; 10084 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4111 | &nbsp;&nbsp; 4125 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp;2023-2, B 144A<br> 6.410%, 5/15/34<sup>(1)</sup> | $2800 | $2848 |
| &nbsp;&nbsp;&nbsp;2025-1, B 144A<br> 4.980%, 8/15/35<sup>(1)</sup> | &nbsp;&nbsp; 11370 | &nbsp;&nbsp; 11478 |
| Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 2.050%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 255 |
| Elara HGV Timeshare Issuer LLC 2023-A, A 144A<br> 6.160%, 2/25/38<sup>(1)</sup> | &nbsp;&nbsp; 6121 | &nbsp;&nbsp; 6310 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 5.750%, 4/25/51<sup>(1)</sup> | &nbsp;&nbsp; 11455 | &nbsp;&nbsp; 10022 |
| Five Guys Holdings, Inc. 2023-1A, A2 144A<br> 7.549%, 1/26/54<sup>(1)</sup> | &nbsp;&nbsp; 10562 | &nbsp;&nbsp; 10914 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.270%, 5/15/41<sup>(1)</sup> | &nbsp;&nbsp; 4843 | &nbsp;&nbsp; 4571 |
| &nbsp;&nbsp;&nbsp;2023-1A, A 144A<br> 5.670%, 12/15/43<sup>(1)</sup> | &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 2276 |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp; 6136 | &nbsp;&nbsp; 6395 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 4.600%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp; 2989 | &nbsp;&nbsp; 2974 |
| GCI Funding I LLC 2021-1, A 144A<br> 2.380%, 6/18/46<sup>(1)</sup> | &nbsp;&nbsp; 3454 | &nbsp;&nbsp; 3172 |
| Global SC Finance VII Srl 2020-1A, A 144A<br> 2.170%, 10/17/40<sup>(1)</sup> | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4383 |
| GreenSky Home Improvement Issuer Trust 2024-2, A2 144A<br> 5.250%, 10/27/59<sup>(1)</sup> | &nbsp;&nbsp; 1556 | &nbsp;&nbsp; 1559 |
| Hardee's Funding LLC 2020-1A, A2 144A<br> 3.981%, 12/20/50<sup>(1)</sup> | &nbsp;&nbsp; 13408 | &nbsp;&nbsp; 12751 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1D, B 144A<br> 4.100%, 6/20/34<sup>(1)</sup> | &nbsp;&nbsp; 1419 | &nbsp;&nbsp; 1404 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.570%, 1/25/37<sup>(1)</sup> | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.500%, 3/25/38<sup>(1)</sup> | &nbsp;&nbsp; 5054 | &nbsp;&nbsp; 5148 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(1)</sup> | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 787 |
| HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-A, A 144A<br> 5.490%, 3/15/43<sup>(1)</sup> | &nbsp;&nbsp; 9162 | &nbsp;&nbsp; 9315 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.450%, 3/15/44<sup>(1)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1179 |
| Hotwire Funding LLC 2023-1A, A2 144A<br> 5.687%, 5/20/53<sup>(1)</sup> | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5535 |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 10819 | &nbsp;&nbsp; 10723 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.636%, 2/15/55<sup>(1)</sup> | &nbsp;&nbsp; 4199 | &nbsp;&nbsp; 4265 |
| Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.900%, 11/20/31<sup>(1)</sup> | &nbsp;&nbsp; 10385 | &nbsp;&nbsp; 9952 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.530%, 6/21/32<sup>(1)</sup> | $6000 | $6099 |
| MAPS Trust 2021-1A, A 144A<br> 2.521%, 6/15/46<sup>(1)</sup> | &nbsp;&nbsp; 3938 | &nbsp;&nbsp; 3710 |
| Momnt Technologies Trust 2023-1A, A 144A<br> 6.920%, 3/20/45<sup>(1)</sup> | &nbsp;&nbsp; 2222 | &nbsp;&nbsp; 2222 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1WA, B 144A<br> 1.440%, 1/22/41<sup>(1)</sup> | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 5.420%, 10/20/40<sup>(1)</sup> | &nbsp;&nbsp; 3430 | &nbsp;&nbsp; 3466 |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A<br> 0.970%, 12/16/69<sup>(1)</sup> | &nbsp;&nbsp; 2901 | &nbsp;&nbsp; 2596 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 9226 | &nbsp;&nbsp; 8936 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;2023-A, B 144A<br> 6.830%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 10120 | &nbsp;&nbsp; 10371 |
| &nbsp;&nbsp;&nbsp;2024-A, A2 144A<br> 5.150%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp; 4682 | &nbsp;&nbsp; 4703 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.180%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2516 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 6.370%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2033 |
| &nbsp;&nbsp;&nbsp;2023-3A, B 144A<br> 6.480%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 4444 | &nbsp;&nbsp; 4520 |
| &nbsp;&nbsp;&nbsp;2023-3A, C 144A<br> 6.740%, 8/20/29<sup>(1)</sup> | &nbsp;&nbsp; 4818 | &nbsp;&nbsp; 4940 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.660%, 5/20/30<sup>(1)</sup> | &nbsp;&nbsp; 3845 | &nbsp;&nbsp; 3898 |
| &nbsp;&nbsp;&nbsp;2024-3A, B 144A<br> 5.310%, 9/20/30<sup>(1)</sup> | &nbsp;&nbsp; 6131 | &nbsp;&nbsp; 6223 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.510%, 10/20/31<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5094 |
| OWN Equipment Fund I LLC 2024-2M, A 144A<br> 5.700%, 12/20/32<sup>(1)</sup> | &nbsp;&nbsp; 6312 | &nbsp;&nbsp; 6402 |
| Pawneee Equipment Receivables LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(1)</sup> | &nbsp;&nbsp; 10570 | &nbsp;&nbsp; 10589 |
| PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.790%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 5490 | &nbsp;&nbsp; 5615 |
| &nbsp;&nbsp;&nbsp;2025-1A, C 144A<br> 5.490%, 7/20/32<sup>(1)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1160 |
| Planet Fitness Master Issuer LLC 2024-1A, A2I 144A<br> 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp; 9998 | &nbsp;&nbsp; 10139 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(1)</sup> | &nbsp;&nbsp; 3837 | &nbsp;&nbsp; 3937 |
| PRET LLC 2024-NPL4, A1 144A<br> 6.996%, 7/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 7055 | &nbsp;&nbsp; 7066 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR6, D 144A<br> 2.225%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3656 |
| &nbsp;&nbsp;&nbsp;2024-SFR5, A 144A<br> 3.000%, 8/9/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1881 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES3, A1A 144A<br> 7.113%, 11/25/43<sup>(1)(6)</sup> | $11710 | $11887 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 6.025%, 2/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 5629 | &nbsp;&nbsp; 5661 |
| &nbsp;&nbsp;&nbsp;2024-CES3, A1A 144A<br> 6.591%, 5/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 7716 | &nbsp;&nbsp; 7816 |
| Reach ABS Trust 2024-2A, B 144A<br> 5.840%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 7030 | &nbsp;&nbsp; 7112 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, A 144A<br> 3.070%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3728 | &nbsp;&nbsp; 3699 |
| &nbsp;&nbsp;&nbsp;2024-2, A 144A<br> 5.110%, 12/15/33<sup>(1)</sup> | &nbsp;&nbsp; 7290 | &nbsp;&nbsp; 7330 |
| Sierra Timeshare Receivables Funding LLC 2024-2A, A 144A<br> 5.140%, 6/20/41<sup>(1)</sup> | &nbsp;&nbsp; 5448 | &nbsp;&nbsp; 5491 |
| SoFi Consumer Loan Program Trust 2025-1, A 144A<br> 4.800%, 2/27/34<sup>(1)</sup> | &nbsp;&nbsp; 8072 | &nbsp;&nbsp; 8087 |
| STAR Trust 2025-SFR5, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.762%, 2/17/42<sup>(1)(6)</sup> | &nbsp;&nbsp; 5185 | &nbsp;&nbsp; 5191 |
| Subway Funding LLC 2024-1A, A2II 144A<br> 6.268%, 7/30/54<sup>(1)</sup> | &nbsp;&nbsp; 10358 | &nbsp;&nbsp; 10611 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(1)</sup> | &nbsp;&nbsp; 9920 | &nbsp;&nbsp; 9994 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.036%, 3/25/55<sup>(1)</sup> | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2367 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(1)</sup> | &nbsp;&nbsp; 14537 | &nbsp;&nbsp; 14537 |
| TIC Home Improvement Trust 2024-A, A 144A<br> 6.670%, 10/15/46<sup>(1)</sup> | &nbsp;&nbsp; 5433 | &nbsp;&nbsp; 5561 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-MH1, M1 144A<br> 2.750%, 2/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 3525 | &nbsp;&nbsp; 3341 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 5.848%, 1/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 3531 | &nbsp;&nbsp; 3544 |
| Trafigura Securitisation Finance plc 2024-1A, A2 144A<br> 5.980%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6455 | &nbsp;&nbsp; 6560 |
| Tricon Residential Trust 2024-SFR3, A 144A<br> 4.500%, 8/17/41<sup>(1)</sup> | &nbsp;&nbsp; 4641 | &nbsp;&nbsp; 4613 |
| Trinity Rail Leasing LLC 2019-1A, A 144A<br> 3.820%, 4/17/49<sup>(1)</sup> | &nbsp;&nbsp; 12485 | &nbsp;&nbsp; 12342 |
| Triton Container Finance IX LLC 2025-1A, A 144A<br> 5.430%, 6/20/50<sup>(1)</sup> | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6549 |
| TSC SPV Funding LLC 2024-1A, A2 144A<br> 6.291%, 8/20/54<sup>(1)</sup> | &nbsp;&nbsp; 10617 | &nbsp;&nbsp; 10477 |
| Upgrade Master Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-ST3, A 144A<br> 5.981%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4901 | &nbsp;&nbsp; 4939 |
| &nbsp;&nbsp;&nbsp;2025-ST4, A 144A<br> 5.495%, 8/16/32<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3000 |
| Upgrade Receivables Trust 2024-1A, B 144A<br> 5.770%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 9120 | &nbsp;&nbsp; 9150 |
| Upstart Securitization Trust 2025-2, A2 144A<br> 5.220%, 6/20/35<sup>(1)(7)</sup> | &nbsp;&nbsp; 8240 | &nbsp;&nbsp; 8254 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| VFI ABS LLC 2023-1A, A 144A<br> 7.270%, 3/26/29<sup>(1)</sup> | $1390 | $1397 |
| Westgate Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 2.288%, 8/20/36<sup>(1)</sup> | &nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp; 922 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 6.060%, 1/20/38<sup>(1)</sup> | &nbsp;&nbsp; 4512 | &nbsp;&nbsp;&nbsp; 4572 |
| Wingstop Funding LLC 2024-1A, A2 144A<br> 5.858%, 12/5/54<sup>(1)</sup> | &nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp; 7894 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 14476 | &nbsp;&nbsp;&nbsp; 13379 |
|  |  | &nbsp;&nbsp;&nbsp; 595479 |
| **Student Loan—0.1%** | **Student Loan—0.1%** |  |
| MPOWER Education Trust 2025-A, A 144A<br> 6.620%, 7/21/42<sup>(1)</sup> | &nbsp;&nbsp; 6411 | &nbsp;&nbsp;&nbsp; 6451 |
| **Total Asset-Backed Securities<br> (Identified Cost $1,268,415)** | **Total Asset-Backed Securities<br> (Identified Cost $1,268,415)** | &nbsp;&nbsp;&nbsp;&nbsp;**1269950** |
| **Corporate Bonds and Notes—26.7%** | **Corporate Bonds and Notes—26.7%** | **Corporate Bonds and Notes—26.7%** |
| **Communication Services—1.3%** | **Communication Services—1.3%** |  |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4885 | &nbsp;&nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3970 | &nbsp;&nbsp;&nbsp; 3291 |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 1617 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp; 3213 |
| CSC Holdings LLC 144A<br> 11.750%, 1/31/29<sup>(1)</sup> | &nbsp;&nbsp; 4880 | &nbsp;&nbsp;&nbsp; 4642 |
| DIRECTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8930 | &nbsp;&nbsp;&nbsp; 8901 |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 11/29/26<sup>(1)</sup> | &nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 11/29/31<sup>(1)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 1110 |
| Nexstar Media, Inc. 144A<br> 5.625%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 9365 | &nbsp;&nbsp;&nbsp; 9343 |
| Sprint Capital Corp.<br> 6.875%, 11/15/28 | &nbsp;&nbsp; 7965 | &nbsp;&nbsp;&nbsp; 8551 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2485 | &nbsp;&nbsp;&nbsp; 920 |
| T-Mobile USA, Inc.<br> 3.875%, 4/15/30 | &nbsp;&nbsp; 4680 | &nbsp;&nbsp;&nbsp; 4545 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 7440 | &nbsp;&nbsp;&nbsp; 7420 |
|  |  | &nbsp;&nbsp;&nbsp; 58358 |
| **Consumer Discretionary—1.8%** | **Consumer Discretionary—1.8%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 8325 | &nbsp;&nbsp;&nbsp; 8408 |
| Ashtead Capital, Inc. 144A<br> 4.250%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 7834 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 234 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| DR Horton, Inc.<br> 4.850%, 10/15/30 | $9090 | $9170 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 11/4/27 | &nbsp;&nbsp; 5165 | &nbsp;&nbsp; 5364 |
| &nbsp;&nbsp;&nbsp;6.800%, 5/12/28 | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 2201 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 900 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 10087 | &nbsp;&nbsp; 9719 |
| Newell Brands, Inc.<br> 6.375%, 9/15/27 | &nbsp;&nbsp; 9261 | &nbsp;&nbsp; 9385 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; 4316 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4765 | &nbsp;&nbsp; 4781 |
| Prosus N.V. 144A<br> 3.061%, 7/13/31<sup>(1)</sup> | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 1616 |
| Sodexo, Inc. 144A<br> 5.150%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4520 | &nbsp;&nbsp; 4592 |
| Tractor Supply Co.<br> 1.750%, 11/1/30 | &nbsp;&nbsp; 10720 | &nbsp;&nbsp; 9297 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2895 | &nbsp;&nbsp; 2804 |
|  |  | &nbsp;&nbsp; 80621 |
| **Consumer Staples—0.8%** | **Consumer Staples—0.8%** |  |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6940 | &nbsp;&nbsp; 7099 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 7415 | &nbsp;&nbsp; 6733 |
| Mars, Inc. 144A<br> 4.800%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4165 | &nbsp;&nbsp; 4220 |
| Philip Morris International, Inc.<br> 4.625%, 11/1/29 | &nbsp;&nbsp; 6190 | &nbsp;&nbsp; 6248 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3443 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 3940 | &nbsp;&nbsp; 3976 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 4853 |
|  |  | &nbsp;&nbsp; 36572 |
| **Energy—3.2%** | **Energy—3.2%** |  |
| Adnoc Murban Rsc Ltd. 144A<br> 4.250%, 9/11/29<sup>(1)</sup> | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 1810 |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 985 |
| BP Capital Markets plc<br> 4.875% <sup>(8)</sup> | &nbsp;&nbsp; 12135 | &nbsp;&nbsp; 12009 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2370 | &nbsp;&nbsp; 2460 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2340 | &nbsp;&nbsp; 2396 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3337 |
| Ecopetrol S.A.<br> 8.625%, 1/19/29 | &nbsp;&nbsp; 3727 | &nbsp;&nbsp; 3937 |
| Enbridge, Inc.<br> 7.375%, 1/15/83 | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 9774 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, RegS 5.375%, 3/30/28<sup>(1)(3)</sup> | $1654 | $1573 |
| &nbsp;&nbsp;&nbsp;144A, RegS 5.875%, 3/30/31<sup>(1)(3)</sup> | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 710 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 5/15/54 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1351 |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(8)</sup> | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3667 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1852 |
| Genesis Energy LP<br> 8.875%, 4/15/30 | &nbsp;&nbsp; 7095 | &nbsp;&nbsp; 7533 |
| Gran Tierra Energy, Inc. 144A<br> 9.500%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3894 | &nbsp;&nbsp; 2961 |
| HF Sinclair Corp.<br> 5.750%, 1/15/31 | &nbsp;&nbsp; 6610 | &nbsp;&nbsp; 6769 |
| Hilcorp Energy I LP 144A<br> 6.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4315 | &nbsp;&nbsp; 4195 |
| KazMunayGas National Co. JSC 144A<br> 5.375%, 4/24/30<sup>(1)</sup> | &nbsp;&nbsp; 2505 | &nbsp;&nbsp; 2514 |
| Korea National Oil Corp. 144A<br> 4.875%, 4/3/28<sup>(1)</sup> | &nbsp;&nbsp; 4384 | &nbsp;&nbsp; 4450 |
| Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, RegS 6.500%, 6/30/27<sup>(1)(3)</sup> | &nbsp;&nbsp; 2558 | &nbsp;&nbsp; 2539 |
| &nbsp;&nbsp;&nbsp;144A, RegS 6.750%, 6/30/30<sup>(1)(3)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1970 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 9080 | &nbsp;&nbsp; 8966 |
| NGPL PipeCo LLC 144A<br> 4.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 10665 | &nbsp;&nbsp; 10611 |
| Noble Finance II LLC 144A<br> 8.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6190 | &nbsp;&nbsp; 6303 |
| Occidental Petroleum Corp.<br> 5.200%, 8/1/29 | &nbsp;&nbsp; 5760 | &nbsp;&nbsp; 5778 |
| Petroleos de Venezuela S.A. RegS<br> 9.000%, 11/17/21<sup>(2)(3)</sup> | &nbsp;&nbsp; 14050 | &nbsp;&nbsp; 1774 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 5601 | &nbsp;&nbsp; 5562 |
| &nbsp;&nbsp;&nbsp;5.350%, 2/12/28 | &nbsp;&nbsp; 4409 | &nbsp;&nbsp; 4236 |
| &nbsp;&nbsp;&nbsp;8.750%, 6/2/29 | &nbsp;&nbsp; 2706 | &nbsp;&nbsp; 2797 |
| &nbsp;&nbsp;&nbsp;6.840%, 1/23/30 | &nbsp;&nbsp; 2993 | &nbsp;&nbsp; 2888 |
| Petronas Capital Ltd. 144A<br> 3.500%, 4/21/30<sup>(1)</sup> | &nbsp;&nbsp; 4535 | &nbsp;&nbsp; 4357 |
| Poinsettia Finance Ltd. RegS<br> 6.625%, 6/17/31<sup>(3)</sup> | &nbsp;&nbsp; 4033 | &nbsp;&nbsp; 3707 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.625%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 1675 | &nbsp;&nbsp; 1739 |
| USA Compression Partners LP 144A<br> 7.125%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 2906 |
| Var Energi ASA 144A<br> 5.875%, 5/22/30<sup>(1)</sup> | &nbsp;&nbsp; 4410 | &nbsp;&nbsp; 4518 |
| YPF S.A. 144A<br> 6.950%, 7/21/27<sup>(1)</sup> | &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 2342 |
|  |  | &nbsp;&nbsp; 147368 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—10.7%** | **Financials—10.7%** |  |
| Acwa Power Management & Investments One Ltd. 144A<br> 5.950%, 12/15/39<sup>(1)</sup> | $1846 | $1822 |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, 4/15/27 | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 2442 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; 4510 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 3660 | &nbsp;&nbsp; 3666 |
| Alliant Holdings Intermediate LLC 144A<br> 6.750%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4575 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.526%, 8/15/53<sup>(6)</sup> | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 7632 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.737%, 5/15/29 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 921 |
| &nbsp;&nbsp;&nbsp;5.543%, 1/17/31 | &nbsp;&nbsp; 6185 | &nbsp;&nbsp; 6272 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.085%, 1/30/31 | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 1955 |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.750%)<br> 5.102%, 4/23/27<sup>(5)(6)</sup> | &nbsp;&nbsp; 4370 | &nbsp;&nbsp; 4386 |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.930%)<br> 5.285%, 7/26/28<sup>(6)</sup> | &nbsp;&nbsp; 897 | &nbsp;&nbsp; 901 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.528%, 11/18/27<sup>(1)</sup> | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1520 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4805 | &nbsp;&nbsp; 4919 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 5/30/30<sup>(1)</sup> | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1796 |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1230 |
| &nbsp;&nbsp;&nbsp;144A 6.450%, 7/30/35<sup>(1)</sup> | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp;RegS 3.125%, 7/1/30<sup>(3)</sup> | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; 1928 |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(1)(8)</sup> | &nbsp;&nbsp; 3299 | &nbsp;&nbsp; 3483 |
| Banco Mercantil del Norte S.A. 144A<br> 5.875% <sup>(1)(5)(8)</sup> | &nbsp;&nbsp; 6492 | &nbsp;&nbsp; 6338 |
| Bangkok Bank PCL 144A<br> 3.733%, 9/25/34<sup>(1)</sup> | &nbsp;&nbsp; 3220 | &nbsp;&nbsp; 2989 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.734%, 7/22/27 | &nbsp;&nbsp; 9930 | &nbsp;&nbsp; 9652 |
| &nbsp;&nbsp;&nbsp;2.551%, 2/4/28 | &nbsp;&nbsp; 6080 | &nbsp;&nbsp; 5909 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(8)</sup> | &nbsp;&nbsp; 12119 | &nbsp;&nbsp; 12086 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.325%, 11/2/26 | &nbsp;&nbsp; 3430 | &nbsp;&nbsp; 3458 |
| &nbsp;&nbsp;&nbsp;7.385%, 11/2/28 | &nbsp;&nbsp; 3215 | &nbsp;&nbsp; 3413 |
| Blackstone Private Credit Fund<br> 5.950%, 7/16/29 | &nbsp;&nbsp; 5345 | &nbsp;&nbsp; 5446 |
| Block, Inc.<br> 6.500%, 5/15/32 | &nbsp;&nbsp; 3495 | &nbsp;&nbsp; 3606 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 2435 | &nbsp;&nbsp; 2504 |
| BPCE S.A. 144A<br> 5.975%, 1/18/27<sup>(1)</sup> | &nbsp;&nbsp; 6390 | &nbsp;&nbsp; 6433 |
| Capital Power U.S. Holdings, Inc. 144A<br> 5.257%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2838 |
| CBQ Finance Ltd. RegS<br> 5.375%, 3/28/29<sup>(3)</sup> | &nbsp;&nbsp; 2646 | &nbsp;&nbsp; 2708 |
| Charles Schwab Corp. (The) Series H<br> 4.000% <sup>(8)</sup> | &nbsp;&nbsp; 6721 | &nbsp;&nbsp; 6235 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Citadel Securities Global Holdings LLC 144A<br> 5.500%, 6/18/30<sup>(1)</sup> | $1290 | $1305 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.610%, 9/29/26 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 9020 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.280%)<br> 5.658%, 2/24/28<sup>(6)</sup> | &nbsp;&nbsp; 8147 | &nbsp;&nbsp; 8207 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(8)</sup> | &nbsp;&nbsp; 9370 | &nbsp;&nbsp; 9241 |
| Citizens Financial Group, Inc.<br> 5.841%, 1/23/30 | &nbsp;&nbsp; 4566 | &nbsp;&nbsp; 4729 |
| CK Hutchison International 23 Ltd. 144A<br> 4.750%, 4/21/28<sup>(1)</sup> | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1568 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(1)</sup> | &nbsp;&nbsp; 2166 | &nbsp;&nbsp; 2201 |
| Corebridge Financial, Inc.<br> 6.875%, 12/15/52 | &nbsp;&nbsp; 8938 | &nbsp;&nbsp; 9220 |
| DAE Funding LLC 144A<br> 3.375%, 3/20/28<sup>(1)</sup> | &nbsp;&nbsp; 4748 | &nbsp;&nbsp; 4545 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;2.311%, 11/16/27 | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1722 |
| &nbsp;&nbsp;&nbsp;6.819%, 11/20/29 | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1813 |
| &nbsp;&nbsp;&nbsp;4.999%, 9/11/30 | &nbsp;&nbsp; 6780 | &nbsp;&nbsp; 6831 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 15930 | &nbsp;&nbsp; 15704 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 7300 | &nbsp;&nbsp; 7527 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;4.055%, 4/25/28 | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 2548 |
| &nbsp;&nbsp;&nbsp;4.895%, 9/6/30 | &nbsp;&nbsp; 1963 | &nbsp;&nbsp; 1985 |
| First Abu Dhabi Bank PJSC RegS<br> 6.320%, 4/4/34<sup>(3)</sup> | &nbsp;&nbsp; 1267 | &nbsp;&nbsp; 1304 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 317 |
| Foundry JV Holdco LLC 144A<br> 5.900%, 1/25/30<sup>(1)</sup> | &nbsp;&nbsp; 6515 | &nbsp;&nbsp; 6808 |
| Global Atlantic Fin Co. 144A<br> 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2082 |
| Goldman Sachs Group, Inc. (The)<br> 4.250%, 10/21/25 | &nbsp;&nbsp; 13415 | &nbsp;&nbsp; 13399 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.150%, 1/15/31 | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 2010 |
| HAT Holdings I LLC 144A<br> 8.000%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2273 | &nbsp;&nbsp; 2368 |
| HTA Group Ltd. 144A<br> 7.500%, 6/4/29<sup>(1)</sup> | &nbsp;&nbsp; 1529 | &nbsp;&nbsp; 1560 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.208%, 8/21/29 | &nbsp;&nbsp; 3920 | &nbsp;&nbsp; 4113 |
| &nbsp;&nbsp;&nbsp;5.272%, 1/15/31 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 825 |
| Imperial Brands Finance plc 144A<br> 5.500%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 6685 | &nbsp;&nbsp; 6892 |
| Israel Discount Bank Ltd. 144A, RegS<br> 5.375%, 1/26/28<sup>(1)(3)</sup> | &nbsp;&nbsp; 2619 | &nbsp;&nbsp; 2620 |
| JH North America Holdings, Inc. 144A<br> 5.875%, 1/31/31<sup>(1)</sup> | &nbsp;&nbsp; 9930 | &nbsp;&nbsp; 10017 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.578%, 4/22/27 | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 4708 |
| &nbsp;&nbsp;&nbsp;4.323%, 4/26/28 | &nbsp;&nbsp; 5930 | &nbsp;&nbsp; 5924 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.180%)<br> 5.558%, 2/24/28<sup>(6)</sup> | $13015 | $13125 |
| KeyCorp<br> 5.121%, 4/4/31 | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 9006 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 7870 | &nbsp;&nbsp; 7759 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 9360 | &nbsp;&nbsp; 9115 |
| Melco Resorts Finance Ltd. 144A<br> 5.375%, 12/4/29<sup>(1)</sup> | &nbsp;&nbsp; 1779 | &nbsp;&nbsp; 1669 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 5280 | &nbsp;&nbsp; 4718 |
| MetLife, Inc. Series G<br> 3.850% <sup>(8)</sup> | &nbsp;&nbsp; 6910 | &nbsp;&nbsp; 6874 |
| Minejesa Capital B.V. 144A<br> 4.625%, 8/10/30<sup>(1)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1857 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;2.475%, 1/21/28 | &nbsp;&nbsp; 10911 | &nbsp;&nbsp; 10591 |
| &nbsp;&nbsp;&nbsp;3.591%, 7/22/28<sup>(6)</sup> | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1700 |
| &nbsp;&nbsp;&nbsp;3.772%, 1/24/29 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5914 |
| Movida Europe S.A. 144A<br> 7.850%, 4/11/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 2184 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp; 10189 | &nbsp;&nbsp; 9557 |
| NextEra Energy Capital Holdings, Inc.<br> 6.375%, 8/15/55 | &nbsp;&nbsp; 10100 | &nbsp;&nbsp; 10314 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 1/15/28 | &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 1848 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/15/32 | &nbsp;&nbsp; 3405 | &nbsp;&nbsp; 3469 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 660 |
| PNC Financial Services Group, Inc. (The)<br> 5.222%, 1/29/31 | &nbsp;&nbsp; 8965 | &nbsp;&nbsp; 9200 |
| QXO Building Products, Inc. 144A<br> 6.750%, 4/30/32<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 165 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.448%, 5/24/29<sup>(1)</sup> | &nbsp;&nbsp; 4431 | &nbsp;&nbsp; 4571 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 1/9/30<sup>(1)</sup> | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; 2288 |
| Rio Tinto Finance USA plc<br> 5.000%, 3/14/32 | &nbsp;&nbsp; 4794 | &nbsp;&nbsp; 4878 |
| Rocket Cos., Inc. 144A<br> 6.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 1615 |
| Sasol Financing USA LLC<br> 4.375%, 9/18/26 | &nbsp;&nbsp; 1608 | &nbsp;&nbsp; 1576 |
| Societe Generale S.A. 144A<br> 5.634%, 1/19/30<sup>(1)</sup> | &nbsp;&nbsp; 6240 | &nbsp;&nbsp; 6385 |
| South Bow USA Infrastructure Holdings LLC 144A<br> 5.026%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8560 | &nbsp;&nbsp; 8588 |
| Standard Chartered plc 144A<br> 6.301%, 1/9/29<sup>(1)</sup> | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1532 |
| State Street Corp. Series I<br> 6.700% <sup>(8)</sup> | &nbsp;&nbsp; 5155 | &nbsp;&nbsp; 5383 |
| Stellantis Finance U.S., Inc. 144A<br> 5.750%, 3/18/30<sup>(1)</sup> | &nbsp;&nbsp; 6825 | &nbsp;&nbsp; 6886 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 5470 | &nbsp;&nbsp; 5309 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 7920 | &nbsp;&nbsp; 8272 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Truist Bank<br> 4.632%, 9/17/29 | $6950 | $6868 |
| Truist Financial Corp.<br> 7.161%, 10/30/29 | &nbsp;&nbsp; 4440 | &nbsp;&nbsp; 4803 |
| U.S. Bancorp<br> 5.046%, 2/12/31 | &nbsp;&nbsp; 6665 | &nbsp;&nbsp; 6785 |
| UBS AG<br> 5.650%, 9/11/28 | &nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6977 |
| UBS Group AG 144A<br> 9.250% <sup>(1)(8)</sup> | &nbsp;&nbsp; 4345 | &nbsp;&nbsp; 4742 |
| United Overseas Bank Ltd. 144A<br> 2.000%, 10/14/31<sup>(1)</sup> | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1592 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%<sup>(8)</sup> | &nbsp;&nbsp; 4485 | &nbsp;&nbsp; 4713 |
| &nbsp;&nbsp;&nbsp;3.526%, 3/24/28 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 8875 |
| &nbsp;&nbsp;&nbsp;6.303%, 10/23/29 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 951 |
|  |  | &nbsp;&nbsp; 494946 |
| **Health Care—1.6%** | **Health Care—1.6%** |  |
| Community Health Systems, Inc. 144A<br> 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10130 | &nbsp;&nbsp; 8983 |
| CVS Health Corp.<br> 7.000%, 3/10/55 | &nbsp;&nbsp; 5610 | &nbsp;&nbsp; 5786 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 13108 | &nbsp;&nbsp; 11964 |
| HCA, Inc.<br> 5.450%, 4/1/31 | &nbsp;&nbsp; 9197 | &nbsp;&nbsp; 9483 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 5/15/28 | &nbsp;&nbsp; 4267 | &nbsp;&nbsp; 4376 |
| &nbsp;&nbsp;&nbsp;6.250%, 2/1/29 | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 2190 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1462 |
| Medline Borrower LP 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1633 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, 9/2/25 | &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 2731 |
| &nbsp;&nbsp;&nbsp;5.150%, 9/2/29 | &nbsp;&nbsp; 4455 | &nbsp;&nbsp; 4546 |
| Smith & Nephew plc<br> 2.032%, 10/14/30 | &nbsp;&nbsp; 10625 | &nbsp;&nbsp; 9306 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, 10/1/26 | &nbsp;&nbsp; 2132 | &nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/9/27 | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 703 |
| Universal Health Services, Inc.<br> 1.650%, 9/1/26 | &nbsp;&nbsp; 10250 | &nbsp;&nbsp; 9896 |
| Viatris, Inc. 144A<br> 2.300%, 6/22/27<sup>(1)</sup> | &nbsp;&nbsp; —<sup>(9)</sup> | &nbsp;&nbsp; —<sup>(9)</sup> |
|  |  | &nbsp;&nbsp; 75144 |
| **Industrials—1.9%** | **Industrials—1.9%** |  |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/30/27<sup>(1)</sup> | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1735 |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 7/3/29<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 468 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9431 | &nbsp;&nbsp; 9437 |
| Aviation Capital Group LLC 144A<br> 5.375%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6235 | &nbsp;&nbsp; 6349 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | $6086 | $5852 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.259%, 5/1/27 | &nbsp;&nbsp; 3670 | &nbsp;&nbsp; 3776 |
| &nbsp;&nbsp;&nbsp;6.388%, 5/1/31 | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1849 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(1)</sup> | &nbsp;&nbsp; 8391 | &nbsp;&nbsp; 7558 |
| Builders FirstSource, Inc. 144A<br> 4.250%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 6060 | &nbsp;&nbsp; 5614 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10019 | &nbsp;&nbsp; 9053 |
| DP World Salaam RegS<br> 6.000% <sup>(3)(8)</sup> | &nbsp;&nbsp; 1347 | &nbsp;&nbsp; 1346 |
| Georgian Railway JSC 144A<br> 4.000%, 6/17/28<sup>(1)</sup> | &nbsp;&nbsp; 3065 | &nbsp;&nbsp; 2751 |
| Herc Holdings, Inc. 144A<br> 7.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1107 |
| Hexcel Corp.<br> 4.200%, 2/15/27 | &nbsp;&nbsp; 10770 | &nbsp;&nbsp; 10668 |
| Huntington Ingalls Industries, Inc.<br> 2.043%, 8/16/28 | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 5772 |
| Icahn Enterprises LP<br> 6.250%, 5/15/26 | &nbsp;&nbsp; 1266 | &nbsp;&nbsp; 1257 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 992 |
| Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, 2/15/26 | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; 2696 |
| &nbsp;&nbsp;&nbsp;6.050%, 4/15/28 | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp;6.300%, 2/15/30 | &nbsp;&nbsp; 4698 | &nbsp;&nbsp; 4921 |
|  |  | &nbsp;&nbsp; 85252 |
| **Information Technology—1.0%** | **Information Technology—1.0%** |  |
| Booz Allen Hamilton, Inc. 144A<br> 4.000%, 7/1/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 11502 | &nbsp;&nbsp; 11049 |
| Broadcom, Inc.<br> 4.350%, 2/15/30 | &nbsp;&nbsp; 8220 | &nbsp;&nbsp; 8189 |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 4613 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1433 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 2154 |
| Kyndryl Holdings, Inc.<br> 2.700%, 10/15/28 | &nbsp;&nbsp; 7285 | &nbsp;&nbsp; 6881 |
| Oracle Corp.<br> 6.250%, 11/9/32 | &nbsp;&nbsp; 2965 | &nbsp;&nbsp; 3209 |
| TSMC Global Ltd. 144A<br> 1.375%, 9/28/30<sup>(1)</sup> | &nbsp;&nbsp; 1884 | &nbsp;&nbsp; 1620 |
| Vontier Corp.<br> 2.400%, 4/1/28 | &nbsp;&nbsp; 8630 | &nbsp;&nbsp; 8107 |
|  |  | &nbsp;&nbsp; 47255 |
| **Materials—1.8%** | **Materials—1.8%** |  |
| Bayport Polymers LLC 144A<br> 4.743%, 4/14/27<sup>(1)</sup> | &nbsp;&nbsp; 10485 | &nbsp;&nbsp; 10494 |
| Berry Global, Inc.<br> 5.800%, 6/15/31 | &nbsp;&nbsp; 7775 | &nbsp;&nbsp; 8170 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Braskem Netherlands Finance B.V. 144A<br> 4.500%, 1/10/28<sup>(1)(5)</sup> | $6104 | $5241 |
| Corp. Nacional del Cobre de Chile 144A<br> 3.150%, 1/14/30<sup>(1)</sup> | &nbsp;&nbsp; 5969 | &nbsp;&nbsp; 5538 |
| First Quantum Minerals Ltd. 144A<br> 6.875%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1773 | &nbsp;&nbsp; 1766 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6535 | &nbsp;&nbsp; 6617 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5995 | &nbsp;&nbsp; 6078 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4825 | &nbsp;&nbsp; 4790 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 3098 |
| OCP S.A. 144A<br> 3.750%, 6/23/31<sup>(1)</sup> | &nbsp;&nbsp; 3470 | &nbsp;&nbsp; 3113 |
| Silgan Holdings, Inc. 144A<br> 1.400%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 9178 | &nbsp;&nbsp; 8930 |
| Smurfit Kappa Treasury ULC<br> 5.200%, 1/15/30 | &nbsp;&nbsp; 8006 | &nbsp;&nbsp; 8155 |
| Sonoco Products Co.<br> 4.600%, 9/1/29 | &nbsp;&nbsp; 7710 | &nbsp;&nbsp; 7692 |
| Suzano Austria GmbH<br> 6.000%, 1/15/29 | &nbsp;&nbsp; 2205 | &nbsp;&nbsp; 2266 |
| WE Soda Investments Holding plc 144A<br> 9.500%, 10/6/28<sup>(1)</sup> | &nbsp;&nbsp; 1509 | &nbsp;&nbsp; 1575 |
|  |  | &nbsp;&nbsp; 83523 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| EPR Properties<br> 4.950%, 4/15/28 | &nbsp;&nbsp; 9545 | &nbsp;&nbsp; 9526 |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 3662 | &nbsp;&nbsp; 2642 |
| Port of Spain Waterfront Development RegS<br> 7.875%, 2/19/40<sup>(3)</sup> | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1417 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1701 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3360 |
|  |  | &nbsp;&nbsp; 18646 |
| **Utilities—2.2%** | **Utilities—2.2%** |  |
| Abu Dhabi National Energy Co. PJSC 144A<br> 4.375%, 1/24/29<sup>(1)</sup> | &nbsp;&nbsp; 1786 | &nbsp;&nbsp; 1776 |
| Adani Electricity Mumbai Ltd. RegS<br> 3.949%, 2/12/30<sup>(3)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 893 |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 4075 | &nbsp;&nbsp; 4196 |
| Algonquin Power & Utilities Corp.<br> 5.365%, 6/15/26<sup>(4)</sup> | &nbsp;&nbsp; 4565 | &nbsp;&nbsp; 4589 |
| American Electric Power Co., Inc.<br> 5.699%, 8/15/25 | &nbsp;&nbsp; 7645 | &nbsp;&nbsp; 7651 |
| Electricite de France S.A. 144A<br> 5.700%, 5/23/28<sup>(1)</sup> | &nbsp;&nbsp; 7110 | &nbsp;&nbsp; 7324 |
| Enel Finance International N.V. 144A<br> 5.125%, 6/26/29<sup>(1)</sup> | &nbsp;&nbsp; 3560 | &nbsp;&nbsp; 3626 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 8775 | &nbsp;&nbsp; 9079 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Eskom Holdings SOC Ltd. 144A<br> 8.450%, 8/10/28<sup>(1)</sup> | $1563 | $1637 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 7310 | &nbsp;&nbsp;&nbsp; 7241 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 1388 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 353 |
| Limak Yenilenebilir Enerji AS 144A<br> 9.625%, 8/12/30<sup>(1)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 889 |
| NiSource, Inc.<br> 6.950%, 11/30/54 | &nbsp;&nbsp; 5370 | &nbsp;&nbsp;&nbsp; 5590 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A<br> 5.450%, 5/21/28<sup>(1)</sup> | &nbsp;&nbsp; 10118 | &nbsp;&nbsp;&nbsp; 10305 |
| Puget Energy, Inc.<br> 2.379%, 6/15/28 | &nbsp;&nbsp; 7558 | &nbsp;&nbsp;&nbsp; 7134 |
| Southern California Edison Co.<br> 5.450%, 6/1/31 | &nbsp;&nbsp; 6715 | &nbsp;&nbsp;&nbsp; 6832 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 13578 | &nbsp;&nbsp;&nbsp; 13391 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 5/1/33<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 1/15/34<sup>(1)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp; 875 |
| Vistra Operations Co. LLC 144A<br> 6.875%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 7035 | &nbsp;&nbsp;&nbsp; 7355 |
|  |  | &nbsp;&nbsp;&nbsp; 102606 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $1,220,753)** | **Total Corporate Bonds and Notes<br> (Identified Cost $1,220,753)** | &nbsp;&nbsp;&nbsp;&nbsp;**1230291** |
| **Leveraged Loans—7.2%** | **Leveraged Loans—7.2%** | **Leveraged Loans—7.2%** |
| **Aerospace—0.4%** | **Aerospace—0.4%** |  |
| American Airlines, Inc. (3 month Term SOFR + 2.250%)<br> 6.522%, 4/20/28<sup>(6)</sup> | &nbsp;&nbsp; 3230 | &nbsp;&nbsp;&nbsp; 3205 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(6)</sup> | &nbsp;&nbsp; 5054 | &nbsp;&nbsp;&nbsp; 5055 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(6)</sup> | &nbsp;&nbsp; 1923 | &nbsp;&nbsp;&nbsp; 1923 |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.079%, 1/27/32<sup>(6)</sup> | &nbsp;&nbsp; 3247 | &nbsp;&nbsp;&nbsp; 3250 |
| TransDigm, Inc. Tranche J (3 month Term SOFR + 2.500%)<br> 6.796%, 2/28/31<sup>(6)</sup> | &nbsp;&nbsp; 4355 | &nbsp;&nbsp;&nbsp; 4363 |
|  |  | &nbsp;&nbsp;&nbsp; 17796 |
| **Chemicals—0.2%** | **Chemicals—0.2%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.577%, 2/18/30<sup>(6)</sup> | &nbsp;&nbsp; 4943 | &nbsp;&nbsp;&nbsp; 4729 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 12/31/29<sup>(6)</sup> | $2676 | $2682 |
|  |  | &nbsp;&nbsp; 7411 |
| **Consumer Durables—0.0%** | **Consumer Durables—0.0%** |  |
| Skechers U.S.A., Inc. 2025, Tranche B, First Lien<br> 0.000%, 6/25/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1266 |
| **Consumer Non-Durables—0.0%** | **Consumer Non-Durables—0.0%** |  |
| Energizer Holdings, Inc. 2025, Tranche B (1 month Term SOFR + 2.000%)<br> 6.321%, 3/13/32<sup>(6)</sup> | &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1967 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.256%, 10/15/31<sup>(6)</sup> | &nbsp;&nbsp; 4479 | &nbsp;&nbsp; 4489 |
| Freeport LNG Investments LLP 2025, Tranche B (1 month Term SOFR + 3.250%)<br> 7.522%, 12/21/28<sup>(6)</sup> | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 2543 |
| GIP Pilot Acquisition Partners LP (3 month Term SOFR + 2.000%)<br> 6.277%, 10/4/30<sup>(6)</sup> | &nbsp;&nbsp; 3746 | &nbsp;&nbsp; 3750 |
| Hilcorp Energy I LP Tranche B (1 month Term SOFR + 2.000%)<br> 6.314%, 2/5/30<sup>(6)</sup> | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 1581 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500% - 3 month PRIME + 2.500%)<br> 7.796% - 10.000%, 11/6/31<sup>(6)</sup> | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 3669 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.572%, 10/5/28<sup>(6)</sup> | &nbsp;&nbsp; 4145 | &nbsp;&nbsp; 4141 |
| Paragon Offshore Finance Co. (3 month LIBOR + 1.750%)<br> 3.750%, 7/16/21<sup>(2)(7)(11)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — |
| South Field Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.250%)<br> 7.546%, 8/29/31<sup>(6)</sup> | &nbsp;&nbsp; 894 | &nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month Term SOFR + 3.250%)<br> 7.546%, 8/29/31<sup>(6)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 58 |
| Whitewater DBR Holdco LLC Tranche C (3 month Term SOFR + 2.250%)<br> 6.562%, 3/3/31<sup>(6)</sup> | &nbsp;&nbsp; 2243 | &nbsp;&nbsp; 2243 |
|  |  | &nbsp;&nbsp; 23371 |
| **Financials—0.3%** | **Financials—0.3%** |  |
| Acrisure LLC 2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.327%, 11/6/30<sup>(6)</sup> | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 3571 |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.327%, 10/31/31<sup>(6)</sup> | &nbsp;&nbsp; 4389 | &nbsp;&nbsp; 4405 |
| HUB International Ltd. 2025 (3 month Term SOFR + 2.497%)<br> 6.769%, 6/20/30<sup>(6)</sup> | &nbsp;&nbsp; 3799 | &nbsp;&nbsp; 3809 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Truist Insurance Holdings LLC 2024, Tranche B (3 month Term SOFR + 2.750%)<br> 7.046%, 5/6/31<sup>(6)</sup> | $2560 | $2560 |
|  |  | &nbsp;&nbsp; 14345 |
| **Food / Tobacco—0.5%** | **Food / Tobacco—0.5%** |  |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.210%, 8/2/28<sup>(6)</sup> | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.474%, 8/2/28<sup>(6)</sup> | &nbsp;&nbsp; 2582 | &nbsp;&nbsp; 2317 |
| &nbsp;&nbsp;&nbsp;(3-6 month Term SOFR + 4.400%)<br> 8.710% - 8.724%, 8/2/28<sup>(6)</sup> | &nbsp;&nbsp; 2198 | &nbsp;&nbsp; 1209 |
| Froneri International Ltd. Tranche B-4 (6 month Term SOFR + 2.000%)<br> 6.237%, 9/17/31<sup>(6)</sup> | &nbsp;&nbsp; 4544 | &nbsp;&nbsp; 4490 |
| JBT Marel Corp. (1 month Term SOFR + 2.100%)<br> 6.427%, 1/2/32<sup>(6)</sup> | &nbsp;&nbsp; 3352 | &nbsp;&nbsp; 3360 |
| Red SPV LLC (1 month Term SOFR + 2.250%)<br> 6.562%, 3/15/32<sup>(6)</sup> | &nbsp;&nbsp; 4475 | &nbsp;&nbsp; 4464 |
| Sazerac Co., Inc. Tranche B<br> 0.000%, 6/26/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 2275 | &nbsp;&nbsp; 2272 |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + 2.250%)<br> 6.546%, 3/31/28<sup>(6)</sup> | &nbsp;&nbsp; 3903 | &nbsp;&nbsp; 3915 |
|  |  | &nbsp;&nbsp; 22837 |
| **Forest Prod / Containers—0.2%** | **Forest Prod / Containers—0.2%** |  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.250%)<br> 7.577%, 4/1/32<sup>(6)</sup> | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;2025, Tranche B (1 month Term SOFR + 3.250%)<br> 7.577%, 4/1/32<sup>(6)</sup> | &nbsp;&nbsp; 3364 | &nbsp;&nbsp; 3349 |
| Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 3.000%)<br> 7.322% - 7.324%, 4/15/27<sup>(6)</sup> | &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 2639 |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.691%, 3/3/28<sup>(6)</sup> | &nbsp;&nbsp; 3274 | &nbsp;&nbsp; 3268 |
|  |  | &nbsp;&nbsp; 9258 |
| **Gaming / Leisure—0.8%** | **Gaming / Leisure—0.8%** |  |
| Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 2/6/30<sup>(6)</sup> | &nbsp;&nbsp; 2743 | &nbsp;&nbsp; 2737 |
| Entain plc Tranche B-3 (6 month Term SOFR + 2.850%)<br> 7.016%, 10/31/29<sup>(6)</sup> | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 3478 |
| Flutter Entertainment plc 2024, Tranche B (3 month Term SOFR + 1.750%)<br> 6.046%, 11/30/30<sup>(6)</sup> | &nbsp;&nbsp; 4582 | &nbsp;&nbsp; 4565 |
| Life Time, Inc. 2024 (3 month Term SOFR + 2.500%)<br> 6.535%, 11/5/31<sup>(6)</sup> | &nbsp;&nbsp; 4924 | &nbsp;&nbsp; 4934 |
| Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)<br> 8.546%, 8/1/30<sup>(6)</sup> | &nbsp;&nbsp; 4584 | &nbsp;&nbsp; 4534 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Playtika Holding Corp. Tranche B-1 (1 month Term SOFR + 2.864%)<br> 7.191%, 3/13/28<sup>(6)</sup> | $5866 | $5759 |
| Scientific Games Holdings LP 2024 (3 month Term SOFR + 3.000%)<br> 7.285%, 4/4/29<sup>(6)</sup> | &nbsp;&nbsp; 3003 | &nbsp;&nbsp; 2999 |
| Scientific Games International, Inc. Tranche B-2 (1 month Term SOFR + 2.250%)<br> 6.564%, 4/14/29<sup>(6)</sup> | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 3158 |
| UFC Holdings LLC Tranche B-4 (3 month Term SOFR + 2.250%)<br> 6.571%, 11/21/31<sup>(6)</sup> | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 4465 |
|  |  | &nbsp;&nbsp; 36629 |
| **Health Care—0.5%** | **Health Care—0.5%** |  |
| CHG Healthcare Services, Inc. (3 month Term SOFR + 3.000%)<br> 7.333%, 9/29/28<sup>(6)</sup> | &nbsp;&nbsp; 3684 | &nbsp;&nbsp; 3695 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.577%, 10/23/28<sup>(6)</sup> | &nbsp;&nbsp; 4672 | &nbsp;&nbsp; 4674 |
| Opal U.S. LLC Tranche B-2<br> 0.000%, 4/28/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 2865 | &nbsp;&nbsp; 2875 |
| PAREXEL International, Inc. Tranche B (1 month Term SOFR + 2.500%)<br> 6.827%, 11/15/28<sup>(6)</sup> | &nbsp;&nbsp; 4087 | &nbsp;&nbsp; 4087 |
| Phoenix Guarantor, Inc. Tranche B-5 (1 month Term SOFR + 2.500%)<br> 6.827%, 2/21/31<sup>(6)</sup> | &nbsp;&nbsp; 4304 | &nbsp;&nbsp; 4315 |
| Select Medical Corp. Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.327%, 12/3/31<sup>(6)</sup> | &nbsp;&nbsp; 3826 | &nbsp;&nbsp; 3833 |
|  |  | &nbsp;&nbsp; 23479 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 12/17/31<sup>(6)</sup> | &nbsp;&nbsp; 2487 | &nbsp;&nbsp; 2492 |
| Quikrete Holdings, Inc. 2029, Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 3/19/29<sup>(6)</sup> | &nbsp;&nbsp; 5405 | &nbsp;&nbsp; 5401 |
| QXO Building Products, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.296%, 4/30/32<sup>(6)</sup> | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 313 |
|  |  | &nbsp;&nbsp; 8206 |
| **Information Technology—0.4%** | **Information Technology—0.4%** |  |
| Applied Systems, Inc. Tranche B-1 (3 month Term SOFR + 2.500%)<br> 6.796%, 2/24/31<sup>(6)</sup> | &nbsp;&nbsp; 3319 | &nbsp;&nbsp; 3332 |
| Boost Newco Borrower LLC Tranche B-2 (3 month Term SOFR + 2.000%)<br> 6.296%, 1/31/31<sup>(6)</sup> | &nbsp;&nbsp; 5095 | &nbsp;&nbsp; 5106 |
| Icon Parent I, Inc. (6 month Term SOFR + 3.000%)<br> 7.205%, 11/13/31<sup>(6)</sup> | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1183 |
| Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.327%, 1/31/31<sup>(6)</sup> | &nbsp;&nbsp; 4238 | &nbsp;&nbsp; 4231 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| UKG, Inc. Tranche B (1 month Term SOFR + 3.000%)<br> 7.311%, 2/10/31<sup>(6)</sup> | $5192 | $5210 |
|  |  | &nbsp;&nbsp; 19062 |
| **Manufacturing—0.5%** | **Manufacturing—0.5%** |  |
| Chart Industries, Inc. 2024, Tranche B (3 month Term SOFR + 2.500%)<br> 6.788%, 3/15/30<sup>(6)</sup> | &nbsp;&nbsp; 4165 | &nbsp;&nbsp; 4169 |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(6)</sup> | &nbsp;&nbsp; 5144 | &nbsp;&nbsp; 5157 |
| Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%)<br> 6.077%, 6/4/31<sup>(6)</sup> | &nbsp;&nbsp; 3954 | &nbsp;&nbsp; 3951 |
| Madison IAQ LLC 2025 (3 month Term SOFR + 3.250%)<br> 7.510%, 5/6/32<sup>(6)</sup> | &nbsp;&nbsp; 4470 | &nbsp;&nbsp; 4479 |
| Terex Corp. (1 month Term SOFR + 2.000%)<br> 6.327%, 10/8/31<sup>(6)</sup> | &nbsp;&nbsp; 4175 | &nbsp;&nbsp; 4195 |
|  |  | &nbsp;&nbsp; 21951 |
| **Media / Telecom - Broadcasting—0.2%** | **Media / Telecom - Broadcasting—0.2%** |  |
| EOC Borrower LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.327%, 3/24/32<sup>(6)</sup> | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 1981 |
| Nexstar Media, Inc. Tranche B<br> 0.000%, 6/24/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 4235 | &nbsp;&nbsp; 4224 |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.941%, 1/31/29<sup>(6)</sup> | &nbsp;&nbsp; 4572 | &nbsp;&nbsp; 4473 |
|  |  | &nbsp;&nbsp; 10678 |
| **Media / Telecom - Cable/Wireless Video—0.6%** | **Media / Telecom - Cable/Wireless Video—0.6%** |  |
| Charter Communications Operating LLC Tranche B-5 (3 month Term SOFR + 2.250%)<br> 6.548%, 12/15/31<sup>(6)</sup> | &nbsp;&nbsp; 4203 | &nbsp;&nbsp; 4208 |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.577%, 9/18/30<sup>(6)</sup> | &nbsp;&nbsp; 4148 | &nbsp;&nbsp; 4135 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.812%, 1/18/28<sup>(6)</sup> | &nbsp;&nbsp; 4474 | &nbsp;&nbsp; 4407 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.791%, 8/2/29<sup>(6)</sup> | &nbsp;&nbsp; 5045 | &nbsp;&nbsp; 4997 |
| Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)<br> 7.557%, 11/12/27<sup>(6)</sup> | &nbsp;&nbsp; 4323 | &nbsp;&nbsp; 4302 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.926%, 1/31/28<sup>(6)</sup> | &nbsp;&nbsp; 4635 | &nbsp;&nbsp; 4571 |
|  |  | &nbsp;&nbsp; 26620 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Diversified Media—0.2%** | **Media / Telecom - Diversified Media—0.2%** |  |
| Century DE Buyer LLC Tranche B (3 month Term SOFR + 3.500%)<br> 7.780%, 10/30/30<sup>(6)</sup> | $2045 | $2057 |
| Formula One Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 9/30/31<sup>(6)(10)</sup> | &nbsp;&nbsp; 1528 | &nbsp;&nbsp; 1529 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.000%)<br> 6.296%, 9/19/31<sup>(6)</sup> | &nbsp;&nbsp; 3057 | &nbsp;&nbsp; 3057 |
|  |  | &nbsp;&nbsp; 6643 |
| **Media / Telecom - Telecommunications—0.1%** | **Media / Telecom - Telecommunications—0.1%** |  |
| Cincinnati Bell, Inc. Tranche B-4 (1 month Term SOFR + 2.750%)<br> 7.077%, 11/22/28<sup>(6)</sup> | &nbsp;&nbsp; 4711 | &nbsp;&nbsp; 4712 |
| Numericable U.S. LLC Tranche B-12 (3 month PRIME + 2.688%)<br> 10.188%, 1/31/26 | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 1204 |
|  |  | &nbsp;&nbsp; 5916 |
| **Metals / Minerals—0.0%** | **Metals / Minerals—0.0%** |  |
| Arsenal AIC Parent LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.077%, 8/18/30<sup>(6)</sup> | &nbsp;&nbsp; 1209 | &nbsp;&nbsp; 1206 |
| **Retail—0.2%** | **Retail—0.2%** |  |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.250%)<br> 6.577%, 6/11/31<sup>(6)</sup> | &nbsp;&nbsp; 2412 | &nbsp;&nbsp; 2358 |
| Peer Holding III B.V. Tranche B (3 month Term SOFR + 2.500%)<br> 6.796%, 10/26/30<sup>(6)</sup> | &nbsp;&nbsp; 2923 | &nbsp;&nbsp; 2939 |
| PetsMart LLC (1 month Term SOFR + 3.850%)<br> 8.177%, 2/11/28<sup>(6)</sup> | &nbsp;&nbsp; 4682 | &nbsp;&nbsp; 4624 |
|  |  | &nbsp;&nbsp; 9921 |
| **Service—0.8%** | **Service—0.8%** |  |
| AlixPartners LLP (1 month Term SOFR + 2.614%)<br> 6.941%, 2/4/28<sup>(6)</sup> | &nbsp;&nbsp; 5190 | &nbsp;&nbsp; 5207 |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.577%, 9/29/31<sup>(6)</sup> | &nbsp;&nbsp; 4254 | &nbsp;&nbsp; 4244 |
| BrightView Landscapes LLC Tranche B (3 month Term SOFR + 2.000%)<br> 6.280%, 4/20/29<sup>(6)</sup> | &nbsp;&nbsp; 2910 | &nbsp;&nbsp; 2904 |
| Camelot U.S. Acquisition I Co. Tranche B-1 (1 month Term SOFR + 2.750%)<br> 7.077%, 1/31/31<sup>(6)</sup> | &nbsp;&nbsp; 4891 | &nbsp;&nbsp; 4835 |
| MV Holding GmbH Tranche B (1 month Term SOFR + 2.250%)<br> 6.577%, 3/17/32<sup>(6)</sup> | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1170 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/24/28<sup>(6)</sup> | &nbsp;&nbsp; 4010 | &nbsp;&nbsp; 3959 |
| Pike Corp. 2028 (1 month Term SOFR + 3.114%)<br> 7.441%, 1/21/28<sup>(6)</sup> | &nbsp;&nbsp; 3751 | &nbsp;&nbsp; 3770 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Prime Security Services Borrower LLC Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.320%, 10/13/30<sup>(6)</sup> | $4337 | $4337 |
| TransUnion Intermediate Holdings, Inc. Tranche B-9 (1 month Term SOFR + 1.750%)<br> 6.077%, 6/24/31<sup>(6)</sup> | &nbsp;&nbsp; 4296 | &nbsp;&nbsp;&nbsp; 4298 |
|  |  | &nbsp;&nbsp;&nbsp; 34724 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.049%, 10/16/31<sup>(6)</sup> | &nbsp;&nbsp; 5047 | &nbsp;&nbsp;&nbsp; 5064 |
| Clarios Global LP 2024, Tranche B (1 month Term SOFR + 2.500%)<br> 6.827%, 5/6/30<sup>(6)</sup> | &nbsp;&nbsp; 5047 | &nbsp;&nbsp;&nbsp; 5028 |
|  |  | &nbsp;&nbsp;&nbsp; 10092 |
| **Utilities—0.4%** | **Utilities—0.4%** |  |
| Astoria Energy LLC Tranche B<br> 0.000%, 6/16/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 2690 | &nbsp;&nbsp;&nbsp; 2690 |
| Calpine Corp. Tranche B-10 (1 month Term SOFR + 1.750%)<br> 6.077%, 1/31/31<sup>(6)</sup> | &nbsp;&nbsp; 4540 | &nbsp;&nbsp;&nbsp; 4537 |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(6)(10)</sup> | &nbsp;&nbsp; 4780 | &nbsp;&nbsp;&nbsp; 4802 |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.574%, 1/27/31<sup>(6)</sup> | &nbsp;&nbsp; 4318 | &nbsp;&nbsp;&nbsp; 4318 |
|  |  | &nbsp;&nbsp;&nbsp; 16347 |
| **Total Leveraged Loans<br> (Identified Cost $333,714)** | **Total Leveraged Loans<br> (Identified Cost $333,714)** | &nbsp;&nbsp;&nbsp;&nbsp; **329725** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Funds—1.0%** | **Affiliated Exchange-Traded Funds—1.0%** | **Affiliated Exchange-Traded Funds—1.0%** |
| **Financials—1.0%** | **Financials—1.0%** |  |
| Virtus Newfleet ABS/MBS ETF<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;929000 | &nbsp;&nbsp;&nbsp; 22807 |
| Virtus Newfleet Short Duration High Yield Bond ETF<sup>(12)(13)</sup> | 1031000 | &nbsp;&nbsp;&nbsp; 22522 |
|  |  | &nbsp;&nbsp;&nbsp; 45329 |
| **Total Affiliated Exchange-Traded Funds<br> (Identified Cost $45,208)** | **Total Affiliated Exchange-Traded Funds<br> (Identified Cost $45,208)** | **45329** |
| **Total Long-Term Investments—99.0%<br> (Identified Cost $4,572,041)** | **Total Long-Term Investments—99.0%<br> (Identified Cost $4,572,041)** | **4565058** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(13)(14)</sup> | 17746798 | $17747 |
| **Total Securities Lending Collateral<br> (Identified Cost $17,747)** | **Total Securities Lending Collateral<br> (Identified Cost $17,747)** | &nbsp;&nbsp;&nbsp;&nbsp; **17747** |
| **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $4,589,788)** | **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $4,589,788)** | &nbsp;&nbsp;**$4582805** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp;&nbsp;&nbsp; 28449 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$4611254** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $2,762,465 or 59.9% of net assets. |
| <sup>(2)</sup> | Security in default; no interest payments are being received. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</sup> | Represents step coupon bond. Rate shown reflects the rate in effect as of June 30, 2025. |
| <sup>(5)</sup> | All or a portion of security is on loan. |
| <sup>(6)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(7)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(8)</sup> | No contractual maturity date. |
| <sup>(9)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(10)</sup> | This loan will settle after June 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Multi-Sector Short Term Bond Fund

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

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

<sup>(11)</sup> At June 30, 2025, the one-, three-, and six-month reference rates are published by ICE Benchmark Administration under a synthetic methodology.

<sup>(12)</sup> Affiliated investment.

<sup>(13)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(14)</sup> Represents security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;88% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

As of June 30, 2025, the Fund had the following unfunded loan commitment:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** |
| Clydesdale Acquisition Holdings, Inc., 4/01/32 | $57 | $57 | $57&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

<sup>(1)</sup> Amount is less than $500 (not in thousands).

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$366575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$366575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitment<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4582805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4511475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8254 |

---

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

<sup>(2)</sup> Amount is less than $500 (not in thousands).

<sup>\*</sup> Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).

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

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended June 30, 2025.

See Notes to Schedule of Investments

------

#### VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND

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

#### June 30, 2025

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

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Newfleet Multi-Sector Short Term Bond Fund

- **b. EDGAR series identifier (if any):** S000018008

- **c. LEI of Series:** 54930019MXE721TIBN19

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4675935063.88

**Total Liabilities:** $76203071.06

**Net Assets:** $4599731992.82

**Cash Not Reported:** $48477678.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -140.18857810 | **1-Year:** -3389.93742100 | **5-Year:** -200549.66680000 | **10-Year:** -152026.63530000 | **30-Year:** -479657.35890000

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

- **3-Month:** 0.00000000 | **1-Year:** -843.50167250 | **5-Year:** -110896.96890000 | **10-Year:** -125672.94300000 | **30-Year:** -74427.05492000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000049921 | 0.32%                | 0.33%                | 0.96%                |
| Class ID C000176709 | 0.19%                | 0.64%                | 0.83%                |
| Class ID C000066828 | 0.41%                | 0.42%                | 1.05%                |
| Class ID C000049918 | 0.39%                | 0.40%                | 1.03%                |
| Class ID C000049920 | 0.14%                | 0.58%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3136314.69             | $-2309683.32                               |
| Month 2  | $-1784566.70             | $6876402.93                                |
| Month 3  | $646099.62               | $24433191.38                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VICI PROPERTIES / NOTE                                                      | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1700997.98   | 0.04%             | 2028-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi                                              | GM Financial Consumer Automobile Receivables Trust 2023-4                       | CUSIP: 379930AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215885 | PA      | $216110.95    | 0.00%             | 2026-11-16      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1775000 | PA      | $1722233.53   | 0.04%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                 | HOMES 2023-NQM2 Trust                                                           | CUSIP: 43761KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7118060 | PA      | $7144985.31   | 0.16%             | 2068-02-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                                                             | DR Horton Inc                                                                   | CUSIP: 23331ABT5<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   9090000 | PA      | $9170101.81   | 0.20%             | 2030-10-15      | Fixed         | 4.85%                 | 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        |   7870000 | PA      | $7759071.56   | 0.17%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16164AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4880949 | PA      | $4527160.20   | 0.10%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                                    | Virgin Media Bristol LLC                                                        | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   4635000 | PA      | $4570805.25   | 0.10%             | 2028-01-31      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                                                         | Hotwire Funding LLC                                                             | CUSIP: 44148HAA1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   5500000 | PA      | $5535437.60   | 0.12%             | 2053-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Issuer Trust 2025-A                                                | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4596051 | PA      | $4624021.86   | 0.10%             | 2050-12-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | EFMT 2025-NQM2                                                                  | CUSIP: 281917AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9040000 | PA      | $9066108.29   | 0.20%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II INC                                                     | CUSIP: 24521WAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2581933 | PA      | $2317284.67   | 0.05%             | 2028-08-02      | Floating      | 12.47%                | No            |                  2 | On Loan: No      |
| Terex Corporation                                                           | TEREX CORP                                                                      | CUSIP: 88078FBM9<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | LON              | CORP              | US        |   4174538 | PA      | $4194992.73   | 0.09%             | 2031-10-08      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                              | Deephaven Residential Mortgage Trust 2021-4                                     | CUSIP: 24381JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5009566 | PA      | $4396124.10   | 0.10%             | 2066-11-25      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3667190.40   | 0.08%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                                         | Sprint Capital Corp                                                             | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   7965000 | PA      | $8550723.56   | 0.19%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                                | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3505000 | PA      | $3551855.89   | 0.08%             | 2029-12-17      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3815000 | PA      | $3686787.39   | 0.08%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                                     | Sasol Financing USA LLC                                                         | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |   1608000 | PA      | $1575840.00   | 0.03%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4820000 | PA      | $4708298.33   | 0.10%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RHY3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   8050000 | PA      | $8259622.81   | 0.18%             | 2030-06-20      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2020-3                                        | CUSIP: 36260CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1943095 | PA      | $1942598.71   | 0.04%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   9261000 | PA      | $9385347.45   | 0.20%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    598842 | PA      | $533271.62    | 0.01%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2024-2                                        | CUSIP: 37964VAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5445000 | PA      | $5545399.27   | 0.12%             | 2030-02-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31413CG78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4261 | PA      | $4329.13      | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES3                                                   | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7716473 | PA      | $7816225.50   | 0.17%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM1 Trust                                                             | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |   3919414 | PA      | $3933005.61   | 0.09%             | 2063-11-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                                    | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   8325000 | PA      | $8407751.17   | 0.18%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                                    | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4574722.50   | 0.10%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                                            | Puget Energy Inc                                                                | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   7558000 | PA      | $7133774.45   | 0.16%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   4805000 | PA      | $4919262.90   | 0.11%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc                                                        | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5061598 | PA      | $809855.67    | 0.02%             | 2028-08-02      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2024-3                                        | CUSIP: 37989EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1660000 | PA      | $1707186.33   | 0.04%             | 2030-08-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                                                         | APPLIED SYSTEMS INC                                                             | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |   3319282 | PA      | $3331729.81   | 0.07%             | 2031-02-24      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                            | Societe Generale SA                                                             | CUSIP: 83368RBW1<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   6240000 | PA      | $6384607.57   | 0.14%             | 2030-01-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2025-NQM4 Trust                                                             | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |   9830043 | PA      | $9833718.86   | 0.21%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST 2018-1                                             | CUSIP: 59166DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11798900 | PA      | $11452760.35  | 0.25%             | 2057-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                                            | UFC HOLDINGS LLC                                                                | CUSIP: 90266UAK9<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |   4450268 | PA      | $4464865.30   | 0.10%             | 2031-11-21      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                                           | Gabon Government International Bond                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |   2927000 | PA      | $2671589.98   | 0.06%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    292352 | PA      | $273933.83    | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                        | LHOME Mortgage Trust 2024-RTL1                                                  | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5775000 | PA      | $5823052.62   | 0.13%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                                              | United Auto Credit Securitization Trust 2023-1                                  | CUSIP: 90945CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    316780 | PA      | $316906.70    | 0.01%             | 2028-07-10      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-5                                      | CUSIP: 30168DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4536523 | PA      | $4562239.56   | 0.10%             | 2028-04-17      | Fixed         | 6.58%                 | 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        |   3000000 | PA      | $3040403.40   | 0.07%             | 2032-05-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2024-1                                                    | CUSIP: 12515PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3085000 | PA      | $3132683.61   | 0.07%             | 2032-03-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                 | Visio 2021-1R Trust                                                             | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4244858 | PA      | $3933936.89   | 0.09%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                                        | Bayport Polymers LLC                                                            | CUSIP: 073096AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10485000 | PA      | $10493585.33  | 0.23%             | 2027-04-14      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                                                               | UBS AG/London                                                                   | CUSIP: 902674ZW3<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |   6700000 | PA      | $6977391.79   | 0.15%             | 2028-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                                       | Nabors Industries Inc                                                           | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   9080000 | PA      | $8966480.02   | 0.19%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                                                 | Post Road Equipment Finance 2024-1 LLC                                          | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2707030 | PA      | $2720062.05   | 0.06%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   4502000 | PA      | $4334300.50   | 0.09%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138LVWK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45627 | PA      | $45008.88     | 0.00%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RFX7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   4650000 | PA      | $4664468.48   | 0.10%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                     | KeyCorp                                                                         | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   8900000 | PA      | $9006229.15   | 0.20%             | 2031-04-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                    | Builders FirstSource Inc                                                        | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   6060000 | PA      | $5614346.39   | 0.12%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                                     | El Salvador Government International Bond                                       | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |   3145000 | PA      | $3279841.88   | 0.07%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4160608 | PA      | $3605820.76   | 0.08%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2016-4                                                | CUSIP: 89172UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8095000 | PA      | $7839342.90   | 0.17%             | 2056-07-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                               | Boeing Co/The                                                                   | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1848474.14   | 0.04%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2020-A                                                       | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1722152 | PA      | $1636784.44   | 0.04%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31404NF27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41770 | PA      | $42936.47     | 0.00%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2025-1                                                          | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3353258 | PA      | $3353241.81   | 0.07%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC (aka Protection 1 Security Solutions) | PRIME SECURITY SERVICES BOR                                                     | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |   4337280 | PA      | $4337279.62   | 0.09%             | 2030-10-13      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-2                                                | CUSIP: 89177JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    925000 | PA      | $835290.73    | 0.02%             | 2058-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1462360.92   | 0.03%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                                         | Zaxbys Funding LLC                                                              | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14476000 | PA      | $13378764.08  | 0.29%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2021-1W LLC                                                                 | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    773750 | PA      | $738089.76    | 0.02%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-1                                               | CUSIP: 33843VAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5600000 | PA      | $5704689.20   | 0.12%             | 2030-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2017-6                                                | CUSIP: 89175JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11390000 | PA      | $10873252.79  | 0.24%             | 2057-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2735000 | PA      | $2797864.52   | 0.06%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2021-SFR5 Trust                                            | CUSIP: 74333FAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2432625.25   | 0.05%             | 2038-07-17      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM9 Trust                                                             | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |   7804012 | PA      | $7871521.36   | 0.17%             | 2064-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2024-1                                                 | CUSIP: 67571FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3845000 | PA      | $3898322.08   | 0.08%             | 2030-05-20      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                                                      | British Airways 2021-1 Class A Pass Through Trust                               | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8391120 | PA      | $7557671.05   | 0.16%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-1                                                    | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3407363 | PA      | $3324372.95   | 0.07%             | 2049-01-25      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| LENDBUZZ AUTO RECEIVABLES TRUST                                             | LENDBUZZ AUTO RECEIVABLES TRUST                                                 | CUSIP: 52611DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6298144 | PA      | $6292652.97   | 0.14%             | 2030-06-17      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| ADANI ELECTRICITY MUMBAI                                                    | Adani Electricity Mumbai Ltd                                                    | CUSIP: 000000000<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |   1000000 | PA      | $892500.00    | 0.02%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2020-1                                                  | RCKT Mortgage Trust 2020-1                                                      | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3097378 | PA      | $2684411.47   | 0.06%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3940000 | PA      | $3975920.98   | 0.09%             | 2033-03-01      | Fixed         | 6.38%                 | 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        |   7431968 | PA      | $7497580.94   | 0.16%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                              | Regional Management Issuance Trust 2021-1                                       | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    112242 | PA      | $112004.70    | 0.00%             | 2031-03-17      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                               | TRANSDIGM INC                                                                   | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   4355010 | PA      | $4362413.17   | 0.09%             | 2031-02-28      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    604000 | PA      | $607775.00    | 0.01%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                      | Taco Bell Funding LLC                                                           | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14537004 | PA      | $14536776.15  | 0.32%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-1                                            | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2501626 | PA      | $2522229.43   | 0.05%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |   3056667 | PA      | $3057430.84   | 0.07%             | 2031-09-19      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |   2134000 | PA      | $2117995.00   | 0.05%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                                                  | SELECT MEDICAL CORP                                                             | CUSIP: 816194AY0<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |   3825775 | PA      | $3832967.46   | 0.08%             | 2031-12-03      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    885798 | PA      | $838227.61    | 0.02%             | 2029-10-25      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                             | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   5610000 | PA      | $5786211.45   | 0.13%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| QXO Building Products Inc (f/k/a Beacon Roofing Supply Inc.)                | QXO INC                                                                         | CUSIP: 07368RAJ0<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |    311667 | PA      | $313524.20    | 0.01%             | 2032-04-30      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    708301 | PA      | $714764.76    | 0.02%             | 2048-10-26      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| Global SC Finance SRL                                                       | Global SC Finance VII Srl                                                       | CUSIP: 37959PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BB        |   4599607 | PA      | $4382545.83   | 0.10%             | 2040-10-17      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                                               | HTA Group Ltd/Mauritius                                                         | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |   1529000 | PA      | $1559732.90   | 0.03%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-3                                      | CUSIP: 64829HAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1452674 | PA      | $1399388.17   | 0.03%             | 2056-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138AFXA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    695369 | PA      | $692286.77    | 0.02%             | 2041-05-01      | Fixed         | 4.50%                 | 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        |   8072411 | PA      | $8087456.76   | 0.18%             | 2034-02-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust Inc                                               | CUSIP: 17326QAA1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |   1507689 | PA      | $1479305.46   | 0.03%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2013-A                                            | CUSIP: 17320XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1879694 | PA      | $1726506.35   | 0.04%             | 2042-05-25      | Variable      | 3.00%                 | 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        |   1556196 | PA      | $1558539.79   | 0.03%             | 2059-10-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                                                 | Ivory Coast Government International Bond                                       | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    288000 | PA      | $284040.00    | 0.01%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2024-XL5                                           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6636273 | PA      | $6642494.99   | 0.14%             | 2041-03-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                                                | Entergy Corp                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   8775000 | PA      | $9079110.44   | 0.20%             | 2054-12-01      | Fixed         | 7.12%                 | 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        |   3391844 | PA      | $3175817.12   | 0.07%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-3                                            | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3759766 | PA      | $3763662.05   | 0.08%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2367414.48   | 0.05%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 912828P46<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 103670000 | PA      | $102041044.69 | 2.22%             | 2026-02-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAN6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |   5054348 | PA      | $5055055.87   | 0.11%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-P3                                          | CUSIP: 14687JAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7355000 | PA      | $7072709.95   | 0.15%             | 2027-08-10      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                                                    | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC            | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6940000 | PA      | $7098932.94   | 0.15%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3943402 | PA      | $3902880.01   | 0.08%             | 2028-12-11      | Fixed         | 4.13%                 | 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        |   2455000 | PA      | $2475675.76   | 0.05%             | 2030-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                                 | MetLife Inc                                                                     | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   6910000 | PA      | $6874301.56   | 0.15%             | N/A             | Fixed         | 3.85%                 | 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        |  11328550 | PA      | $11522608.30  | 0.25%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| Life Time Inc (f/k/a Life Time Fitness Inc)                                 | LIFE TIME INC                                                                   | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |   4924527 | PA      | $4934375.87   | 0.11%             | 2031-11-05      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                                          | RGA Global Funding                                                              | CUSIP: 76209PAG8<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   2230000 | PA      | $2288001.21   | 0.05%             | 2030-01-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CIG Auto Receivables Trust                                                  | CIG Auto Receivables Trust 2021-1                                               | CUSIP: 12598NAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    741913 | PA      | $741243.91    | 0.02%             | 2027-04-12      | Fixed         | 2.11%                 | 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        |   7290000 | PA      | $7329886.51   | 0.16%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2023-2                                                 | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6135790 | PA      | $6395307.15   | 0.14%             | 2049-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                    | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   9360000 | PA      | $9114755.83   | 0.20%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2023-1                                               | CUSIP: 337955AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3460000 | PA      | $3477153.99   | 0.08%             | 2029-05-15      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitizat                                              | United Auto Credit Securitization Trust 2023-1                                  | CUSIP: 90945CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7750000 | PA      | $7794344.73   | 0.17%             | 2028-07-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1600000 | PA      | $1520000.00   | 0.03%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                | Broadcom Inc                                                                    | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   8220000 | PA      | $8189511.12   | 0.18%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                                      | Oscar US Funding XIII LLC                                                       | CUSIP: 68785BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |   2589120 | PA      | $2556110.45   | 0.06%             | 2028-09-11      | Fixed         | 1.27%                 | 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        |   3483000 | PA      | $3590574.89   | 0.08%             | 2030-08-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2016-2                                      | CUSIP: 64829GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2679861 | PA      | $2594036.63   | 0.06%             | 2035-11-26      | Variable      | 3.75%                 | 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        |  11590000 | PA      | $11706551.36  | 0.25%             | 2030-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2022-A                                               | CUSIP: 12434KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1409833 | PA      | $1396721.71   | 0.03%             | 2037-09-28      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2021-1                                                | CUSIP: 89179YAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12970000 | PA      | $10945416.72  | 0.24%             | 2061-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1266000 | PA      | $628252.50    | 0.01%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2003698 | PA      | $2005573.18   | 0.04%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   4680000 | PA      | $4545299.30   | 0.10%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                         | COMM 2015-CCRE24 Mortgage Trust                                                 | CUSIP: 12593JBH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7481000 | PA      | $7468749.86   | 0.16%             | 2048-08-10      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12490000 | PA      | $12459478.19  | 0.27%             | 2028-03-13      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                    | Ajax Mortgage Loan Trust 2021-A                                                 | CUSIP: 00971AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6167957 | PA      | $5480880.27   | 0.12%             | 2065-09-25      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                                        | Noble Finance II LLC                                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6190000 | PA      | $6302799.69   | 0.14%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                                                          | RGA Global Funding                                                              | CUSIP: 76209PAE3<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   4431000 | PA      | $4570554.66   | 0.10%             | 2029-05-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2019-2                                       | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    725512 | PA      | $689241.75    | 0.01%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-3                                               | CUSIP: 50168BAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3118868.70   | 0.07%             | 2030-12-16      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB1 Trust                                                             | CUSIP: 67448MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6061455 | PA      | $5970240.17   | 0.13%             | 2053-03-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                    | Univision Communications Inc                                                    | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   7440000 | PA      | $7419703.61   | 0.16%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.                                        | LIGHT & WONDER INTERNATIONAL INC                                                | CUSIP: 80875AAW1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |   3159546 | PA      | $3157966.08   | 0.07%             | 2029-04-14      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                           | IRON MOUNTAIN INC                                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |   4237783 | PA      | $4230706.36   | 0.09%             | 2031-01-31      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2014-1                                                 | CUSIP: 46641CBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    542646 | PA      | $510293.45    | 0.01%             | 2044-01-25      | Variable      | 3.50%                 | 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        |   1590000 | PA      | $1633381.56   | 0.04%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Trust 2015-1                                                          | CUSIP: 46643UDJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    490815 | PA      | $482639.32    | 0.01%             | 2044-12-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Cornerstone Generation, LLC                                                 | CORNERSTONE GENERATION L                                                        | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |   4780000 | PA      | $4801892.40   | 0.10%             | 2031-10-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                        | Flutter Treasury DAC                                                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    315000 | PA      | $317362.50    | 0.01%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                                                       | Playtika Holding Corp                                                           | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |   5866090 | PA      | $5758681.81   | 0.13%             | 2028-03-13      | Floating      | 7.19%                 | 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        |   1260112 | PA      | $1260934.03   | 0.03%             | 2027-09-15      | Fixed         | 5.61%                 | 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        |   1913490 | PA      | $1821832.81   | 0.04%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6701000 | PA      | $6723065.05   | 0.15%             | 2030-10-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RFV1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   6383000 | PA      | $6432890.80   | 0.14%             | 2027-04-20      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                                    | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |  10118000 | PA      | $10305183.00  | 0.22%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES1                                                   | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5628612 | PA      | $5660819.01   | 0.12%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                    | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   4165000 | PA      | $4219977.71   | 0.09%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2021-INV1 Trust                                                             | CUSIP: 552747AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    470047 | PA      | $452665.41    | 0.01%             | 2056-01-25      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| CENT Trust                                                                  | CENT Trust 2023-CITY                                                            | CUSIP: 12516WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6645000 | PA      | $6653259.07   | 0.14%             | 2038-09-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Camelot US Acquisition I Co                                                 | CAMELOT US ACQUISITION LLC                                                      | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |   4891188 | PA      | $4834646.26   | 0.11%             | 2031-01-31      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                                              | Foursight Capital Automobile Receivables Trust 2024-1                           | CUSIP: 35105AAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5088997.50   | 0.11%             | 2029-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31402DJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33205 | PA      | $34403.41     | 0.00%             | 2034-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2025-1                                        | CUSIP: 36271FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1425000 | PA      | $1445841.20   | 0.03%             | 2031-02-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2022-1                                                                | CUSIP: 30327CAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5260000 | PA      | $5259804.33   | 0.11%             | 2028-05-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Madison Iaq LLC                                                             | MADISON IAQ LLC                                                                 | CUSIP: 55759VAD0<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |   4470000 | PA      | $4479431.70   | 0.10%             | 2032-05-06      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                        | GCAT 2023-NQM2 Trust                                                            | CUSIP: 36169DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9575120 | PA      | $9555442.87   | 0.21%             | 2067-11-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                                         | Lightning Power LLC                                                             | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    335000 | PA      | $352571.00    | 0.01%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST                                                    | CUSIP: 59166BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7930000 | PA      | $7110704.91   | 0.15%             | 2055-04-25      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings Inc                                                      | ENERGIZER HOLDINGS INC                                                          | CUSIP: 29267YAW2<br>LEI: 5493000D6NN0V57UME20 | Long             | LON              | CORP              | US        |   1965000 | PA      | $1966847.10   | 0.04%             | 2032-03-13      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                                     | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   4225000 | PA      | $4315880.81   | 0.09%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2020-4                                               | CUSIP: 92538LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1638580 | PA      | $1604320.27   | 0.03%             | 2065-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC                                                        | Georgian Railway JSC                                                            | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |   3065000 | PA      | $2750837.50   | 0.06%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                                                  | MIRA Trust 2023-MILE                                                            | CUSIP: 55318EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12180000 | PA      | $12675873.38  | 0.28%             | 2038-06-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Froneri International Limited                                               | FRONERI US INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4551719 | PA      | $4497690.21   | 0.10%             | 2031-09-17      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                                     | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8095068 | PA      | $8008442.70   | 0.17%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                                              | Galton Funding Mortgage Trust 2019-2                                            | CUSIP: 36418ABC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2669234 | PA      | $2425691.45   | 0.05%             | 2059-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T                                              | Lobel Automobile Receivables Trust 2023-1                                       | CUSIP: 53946XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1858051 | PA      | $1860670.20   | 0.04%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                                                         | Bangkok Bank PCL/Hong Kong                                                      | CUSIP: 059895AT9<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |   3220000 | PA      | $2988546.40   | 0.06%             | 2034-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-1                                               | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3683506 | PA      | $3678351.65   | 0.08%             | 2067-12-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Peer Holding III BV                                                         | PEER HOLDING III BV                                                             | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |   2930400 | PA      | $2945960.42   | 0.06%             | 2030-10-26      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                          | Tricon Residential 2021-SFR1 Trust                                              | CUSIP: 89614YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6490000 | PA      | $6317881.31   | 0.14%             | 2038-07-17      | Fixed         | 2.24%                 | 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        |  13835000 | PA      | $13962413.43  | 0.30%             | 2031-08-12      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418RVS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    948932 | PA      | $960727.97    | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-INV2 Trust                                                             | CUSIP: 55285UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2420704 | PA      | $2408942.06   | 0.05%             | 2057-07-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                                                   | Prosus NV                                                                       | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |   1826000 | PA      | $1616010.00   | 0.04%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1106000 | PA      | $1083050.50   | 0.02%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T                                              | Tricolor Auto Securitization Trust 2024-3                                       | CUSIP: 89617AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2890000 | PA      | $2897733.64   | 0.06%             | 2028-12-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-RPL4 Trust                                                            | CUSIP: 126405AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9010578 | PA      | $8122970.24   | 0.18%             | 2060-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L                                              | Planet Fitness Master Issuer LLC                                                | CUSIP: 72703PAF0<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |   9998445 | PA      | $10138933.15  | 0.22%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2025-NPL1 Trust                                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10900041 | PA      | $10934775.53  | 0.24%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| UNITED OVERSEAS BANK LTD                                                    | United Overseas Bank Ltd                                                        | CUSIP: 91127KAE2<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |   1645000 | PA      | $1592442.25   | 0.03%             | 2031-10-14      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES1                                      | CUSIP: 12596SAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5854732 | PA      | $5909600.45   | 0.13%             | 2060-05-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1107018.78   | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2019-2                                                    | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2008811 | PA      | $1944724.11   | 0.04%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   9370000 | PA      | $9241000.77   | 0.20%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                                       | AADVANTAGE LOYALTY IP LTD                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   3230000 | PA      | $3205258.20   | 0.07%             | 2028-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                                    | First Quantum Minerals Ltd                                                      | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1773000 | PA      | $1766528.55   | 0.04%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                                | Business Jet Securities 2024-1 LLC                                              | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10315392 | PA      | $10537155.26  | 0.23%             | 2039-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                                              | COOPR Residential Mortgage Trust 2025-CES2                                      | CUSIP: 12674UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6400000 | PA      | $6431965.28   | 0.14%             | 2060-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                                         | Suzano Austria GmbH                                                             | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |   2205000 | PA      | $2265637.50   | 0.05%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2017-1                                            | CUSIP: 59981HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2695452 | PA      | $2653514.30   | 0.06%             | 2058-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-HYB2 Trust                                                             | CUSIP: 67118RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8239878 | PA      | $8224726.96   | 0.18%             | 2053-04-25      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   3444000 | PA      | $3619644.00   | 0.08%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 857524AF9<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   2000000 | PA      | $2033620.00   | 0.04%             | 2030-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC                                                      | Gran Tierra Energy Inc                                                          | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |   3894000 | PA      | $2961114.42   | 0.06%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                                        | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   7285000 | PA      | $6880562.95   | 0.15%             | 2028-10-15      | Fixed         | 2.70%                 | 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        |  12119000 | PA      | $12085539.44  | 0.26%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc.                                                       | DEL MONTE FOODS CORP II                                                         | CUSIP: 24521WAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2198335 | PA      | $1209084.03   | 0.03%             | 2028-08-02      | Floating      | 8.72%                 | 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        |   6121484 | PA      | $6310090.17   | 0.14%             | 2038-02-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                         | DT Auto Owner Trust 2022-2                                                      | CUSIP: 23345AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7510172.25   | 0.16%             | 2028-03-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                           | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3442742.10   | 0.07%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ontario Gaming Gta Ltd Partnership                                          | ONTARIO GAMING GTA LP                                                           | CUSIP: 000000000<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | CA        |   4583863 | PA      | $4533715.86   | 0.10%             | 2030-08-01      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2025-2                                        | CUSIP: 37989BAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4068025.60   | 0.09%             | 2031-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| TSC SPV FUNDING, LLC                                                        | TSC SPV Funding LLC                                                             | CUSIP: 898912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10616650 | PA      | $10477115.37  | 0.23%             | 2054-08-20      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2024-NQM3                                   | CUSIP: 647910AC2<br>LEI: 213800HBIGZVLLQA9I67 | Long             | ABS-MBS          | CORP              | US        |   5275577 | PA      | $5286396.46   | 0.11%             | 2064-11-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2025-1                                                    | CUSIP: 12515XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2390000 | PA      | $2417143.71   | 0.05%             | 2032-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Wingstop Funding LLC                                                        | Wingstop Funding LLC                                                            | CUSIP: 974153AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7750000 | PA      | $7894318.95   | 0.17%             | 2054-12-05      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| TSMC GLOBAL LTD                                                             | TSMC Global Ltd                                                                 | CUSIP: 872882AG0<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |   1884000 | PA      | $1620522.60   | 0.04%             | 2030-09-28      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Palisades Mortgage Loan Trust                                               | Palisades Mortgage Loan Trust 2021-RTL1                                         | CUSIP: 69639AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1449239 | PA      | $1442827.43   | 0.03%             | 2026-06-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   3920000 | PA      | $4113324.95   | 0.09%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2025-A                                                   | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8580000 | PA      | $8575557.28   | 0.19%             | 2033-02-08      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                                                        | Constellation Oil Services Holding SA                                           | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |   2166000 | PA      | $2200791.38   | 0.05%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING                                                            | BlueLinx Holdings Inc                                                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   6086000 | PA      | $5852293.34   | 0.13%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2018-1                                      | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5081120 | PA      | $4954371.51   | 0.11%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2024-3                                        | CUSIP: 37989AAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5700000 | PA      | $5759585.52   | 0.13%             | 2031-02-18      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   6204000 | PA      | $5569175.70   | 0.12%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5914338.18   | 0.13%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                              | Upgrade Master Pass-Thru Trust Series 2025-ST4                                  | CUSIP: 91533MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.07%             | 2032-08-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2021-1                                               | CUSIP: 501683AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2705000 | PA      | $2692729.31   | 0.06%             | 2029-11-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                                              | Wells Fargo Mortgage Backed Securities 2020-4 Trust                             | CUSIP: 95002VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2101624 | PA      | $1785983.41   | 0.04%             | 2050-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                    | Citizens Financial Group Inc                                                    | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   4566000 | PA      | $4729197.20   | 0.10%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 445545AR7<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   6522000 | PA      | $6719747.04   | 0.15%             | 2028-05-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   3495000 | PA      | $3605871.89   | 0.08%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                                      | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   3120000 | PA      | $3098124.12   | 0.07%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3370000 | PA      | $3212889.25   | 0.07%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                                | CALPINE CORP                                                                    | CUSIP: 13134MBW2<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |   4540000 | PA      | $4536595.00   | 0.10%             | 2031-01-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                                              | Var Energi ASA                                                                  | CUSIP: 92212WAF7<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |   4410000 | PA      | $4517994.90   | 0.10%             | 2030-05-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2020-A                                               | CUSIP: 05608TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1775778 | PA      | $1708312.99   | 0.04%             | 2036-02-28      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                                      | Global Atlantic Fin Co                                                          | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2082156.00   | 0.05%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                                     | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |   1654000 | PA      | $1573367.50   | 0.03%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                                              | LSB Industries Inc                                                              | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |   4825000 | PA      | $4789848.91   | 0.10%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   3660000 | PA      | $3665829.32   | 0.08%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1700000 | PA      | $1813256.38   | 0.04%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    613634 | PA      | $495509.29    | 0.01%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-1                                                | CUSIP: 89182NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13271362 | PA      | $13478239.92  | 0.29%             | 2064-03-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                      | Switch ABS Issuer LLC                                                           | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9920000 | PA      | $9993854.40   | 0.22%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                                   | PRIMO BRANDS CORP                                                               | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |   3912712 | PA      | $3924998.33   | 0.09%             | 2028-03-31      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                                                         | Honduras Government International Bond                                          | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |   2700000 | PA      | $2824875.00   | 0.06%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BrightView Landscapes LLC                                                   | BRIGHTVIEW LANDSCAPES                                                           | CUSIP: 10801XAL1<br>LEI: 549300OSAEQC89PVOW06 | Long             | LON              | CORP              | US        |   2910379 | PA      | $2904325.20   | 0.06%             | 2029-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                                    | Petroleos de Venezuela SA                                                       | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |  14050000 | PA      | $1773812.50   | 0.04%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    655000 | PA      | $650087.50    | 0.01%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-1                                               | CUSIP: 33843VAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6139000 | PA      | $6226660.01   | 0.14%             | 2029-04-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                                    | BOOST NEWCO BORROWER LLC                                                        | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |   5095641 | PA      | $5106240.40   | 0.11%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                    | Uruguay Government International Bond                                           | CUSIP: 917288BK7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   5700000 | PA      | $5694300.00   | 0.12%             | 2031-01-23      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                                          | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |   2558000 | PA      | $2538815.00   | 0.06%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust                                                   | Upgrade Receivables Trust 2024-1                                                | CUSIP: 91533NAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9120000 | PA      | $9149617.20   | 0.20%             | 2031-02-18      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Chart Industries, Inc.                                                      | Chart Indus 03/18/30                                                            | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |   4164598 | PA      | $4168512.97   | 0.09%             | 2030-03-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2023-8                                               | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   6522687 | PA      | $6580199.66   | 0.14%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                                          | Bahrain Government International Bond                                           | CUSIP: 05674RAJ3<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |   4350000 | PA      | $4423428.00   | 0.10%             | 2029-09-20      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2024-NQM2 Trust                                                             | CUSIP: 58004JAA0<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |   9118037 | PA      | $9086971.58   | 0.20%             | 2069-08-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-INV1 Trust                                                             | CUSIP: 55284TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7423754 | PA      | $7366110.17   | 0.16%             | 2066-04-25      | Variable      | 3.91%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2022-1                             | CUSIP: 04047EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6200000 | PA      | $6183129.18   | 0.13%             | 2028-06-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2023-1                                                 | CUSIP: 35042AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2225659 | PA      | $2275708.18   | 0.05%             | 2043-12-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                                               | Starwood Mortgage Residential Trust 2020-1                                      | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    354461 | PA      | $338424.88    | 0.01%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                       | Foundry JV Holdco LLC                                                           | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   6515000 | PA      | $6808048.41   | 0.15%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2023-B                                        | CUSIP: 00792FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7678000 | PA      | $7705544.06   | 0.17%             | 2028-09-15      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Century DE Buyer LLC                                                        | CENTURY DE BUYE 10/30/30                                                        | CUSIP: 15651FAD8<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |   2045392 | PA      | $2056477.66   | 0.04%             | 2030-10-30      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                                                   | ALA Trust 2025-OANA                                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13775000 | PA      | $13848198.97  | 0.30%             | 2040-06-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2020-MH1                                              | CUSIP: 89178YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12111000 | PA      | $11550186.82  | 0.25%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc                                                 | CHG HEALTHCARE SERVICES INC                                                     | CUSIP: 12541HAW3<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |   3683865 | PA      | $3695137.74   | 0.08%             | 2028-09-29      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2023-1                                                    | CUSIP: 12512XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1389563 | PA      | $1396761.55   | 0.03%             | 2030-09-16      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                 | PRKCM 2022-AFC1 Trust                                                           | CUSIP: 69377CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7454327 | PA      | $7362120.73   | 0.16%             | 2057-04-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2675472 | PA      | $2676391.46   | 0.06%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                                    | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971V2C8<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |   1928000 | PA      | $1928000.00   | 0.04%             | 2030-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2023-1                                                                | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    866875 | PA      | $874128.36    | 0.02%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2020-SFR2 Trust                                                            | CUSIP: 00178UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1680000 | PA      | $1676054.18   | 0.04%             | 2037-07-17      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Triton Container Finance LLC                                                | Triton Container Finance IX LLC                                                 | CUSIP: 89679QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6548975.61   | 0.14%             | 2050-06-20      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                                                        | Republic of Cameroon International Bond                                         | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |   4018000 | PA      | $3731476.42   | 0.08%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2017-1                                                | CUSIP: 89173FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9647013 | PA      | $9457549.52   | 0.21%             | 2056-10-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   3891000 | PA      | $4025239.50   | 0.09%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    905000 | PA      | $921111.73    | 0.02%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                                           | Gabon Government International Bond                                             | CUSIP: 362420AD3<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |   2318000 | PA      | $1838475.34   | 0.04%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                    | Occidental Petroleum Corp                                                       | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   5760000 | PA      | $5778524.16   | 0.13%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                  | US Bancorp                                                                      | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   6665000 | PA      | $6784660.68   | 0.15%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1665000 | PA      | $1552423.02   | 0.03%             | 2041-12-09      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| TransUnion Intermediate Holdings Inc f/k/a TransUnion Corp                  | TRANS UNION LLC                                                                 | CUSIP: 89334GBG8<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |   4295582 | PA      | $4298288.30   | 0.09%             | 2031-06-24      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-4                                               | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10186121 | PA      | $10197640.09  | 0.22%             | 2067-04-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   2003000 | PA      | $2003120.18   | 0.04%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                | UBS Group AG                                                                    | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4345000 | PA      | $4742454.53   | 0.10%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31371KWJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5754 | PA      | $5984.74      | 0.00%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2020-4                                                 | CUSIP: 03464LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2046904 | PA      | $1943407.58   | 0.04%             | 2065-06-25      | Variable      | 1.47%                 | 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        |   1675000 | PA      | $1738912.98   | 0.04%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                                               | Mercury Financial Credit Card Master Trust                                      | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9530000 | PA      | $9613925.95   | 0.21%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                            | Altice France SA                                                                | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   3970000 | PA      | $3290792.55   | 0.07%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                | FLUTTER ENTERTAINMENT PLC                                                       | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |   4581996 | PA      | $4564813.09   | 0.10%             | 2030-11-30      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC                                            | Lummus Technolog 12/31/29                                                       | CUSIP: 45232UAG3<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |   2675656 | PA      | $2681729.67   | 0.06%             | 2029-12-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138WGGZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1504360 | PA      | $1426888.30   | 0.03%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                                                     | Office Properties Income Trust                                                  | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3662000 | PA      | $2641855.05   | 0.06%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1963000 | PA      | $1984775.36   | 0.04%             | 2030-09-06      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                                          | Serbia International Bond                                                       | CUSIP: 817477AG7<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |   2468000 | PA      | $2548210.00   | 0.06%             | 2028-05-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| VFI ABS LLC                                                                 | VFI ABS 2023-1 LLC                                                              | CUSIP: 92555QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1390248 | PA      | $1397539.69   | 0.03%             | 2029-03-26      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                                               | Goldentree Loan Management US Clo 9 Ltd                                         | CUSIP: 38138JAN3<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |  13670000 | PA      | $13701441.00  | 0.30%             | 2037-04-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Jersey Mike's Funding, LLC                                                  | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10819050 | PA      | $10722872.97  | 0.23%             | 2050-02-15      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Red SPV LLC                                                                 | RED SPV LLC                                                                     | CUSIP: 75701MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4475000 | PA      | $4463812.50   | 0.10%             | 2032-03-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | Ally Financial Inc                                                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   6185000 | PA      | $6271908.22   | 0.14%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                                      | Egypt Government International Bond                                             | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1318000 | PA      | $1331839.00   | 0.03%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ADNOC MURBAN RSC LTD                                                        | Adnoc Murban Rsc Ltd                                                            | CUSIP: 00723L2A6<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |   1824000 | PA      | $1810320.00   | 0.04%             | 2029-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2022-A LLC                                                         | CUSIP: 62920KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    402660 | PA      | $402381.65    | 0.01%             | 2028-10-16      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   9930000 | PA      | $9651749.58   | 0.21%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                  | Flagship Credit Auto Trust 2024-3                                               | CUSIP: 33843YAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5690000 | PA      | $5744994.99   | 0.12%             | 2030-09-16      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                                        | GATES CORPORATION                                                               | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |   3954414 | PA      | $3951250.73   | 0.09%             | 2031-06-04      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-4                             | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8335000 | PA      | $8354485.56   | 0.18%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                                         | Meritage Homes Corp                                                             | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |  10087000 | PA      | $9719150.31   | 0.21%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES1                                                   | CUSIP: 74935WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10345762 | PA      | $10401747.01  | 0.23%             | 2043-06-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Issuer Trust 2024-1                                                         | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3026364 | PA      | $3057081.77   | 0.07%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REL4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |  11500000 | PA      | $11235586.25  | 0.24%             | 2027-08-20      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                                      | FMG Resources August 2006 Pty Ltd                                               | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   6535000 | PA      | $6616778.99   | 0.14%             | 2030-04-15      | Fixed         | 5.88%                 | 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        |     41996 | PA      | $42021.69     | 0.00%             | 2027-12-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2020-NQM3 Trust                                                             | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1035848 | PA      | $973951.58    | 0.02%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                                                      | Mozambique International Bond                                                   | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |    704000 | PA      | $579258.24    | 0.01%             | 2031-09-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Company                                  | MAUSER PACKAGING SOLUTIONS HOLDING CO                                           | CUSIP: 57763TAE3<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |   2640143 | PA      | $2638506.23   | 0.06%             | 2027-04-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   5165000 | PA      | $5364120.67   | 0.12%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| TIC Home Improvement Trust                                                  | TIC Home Improvement Trust 2024-A                                               | CUSIP: 87252DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5433508 | PA      | $5560924.88   | 0.12%             | 2046-10-15      | Fixed         | 6.67%                 | 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        |   1777976 | PA      | $1703690.58   | 0.04%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                                    | OCP SA                                                                          | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |   3470000 | PA      | $3112590.00   | 0.07%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                                    | Azule Energy Finance Plc                                                        | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $985000.00    | 0.02%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                              | PMT Loan Trust 2024-INV2                                                        | CUSIP: 73015CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4510411 | PA      | $4544593.37   | 0.10%             | 2059-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                      | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   5345000 | PA      | $5446138.20   | 0.12%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-6                                                | CUSIP: 89176LAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1705000 | PA      | $1646409.99   | 0.04%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                                    | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |  10189000 | PA      | $9556713.45   | 0.21%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5354000 | PA      | $5047127.99   | 0.11%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                                                          | Zambia Government International Bond                                            | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |   2384000 | PA      | $1615160.00   | 0.04%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                        | FirstKey Homes 2021-SFR1 Trust                                                  | CUSIP: 33767WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7260000 | PA      | $6999920.66   | 0.15%             | 2038-08-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| SODEXO INC                                                                  | Sodexo Inc                                                                      | CUSIP: 833794AC4<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |   4520000 | PA      | $4591975.53   | 0.10%             | 2030-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2022-4 Mortgage Loan Trust                                                 | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5825098 | PA      | $5804962.57   | 0.13%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2017-3                                                 | CUSIP: 46647SBY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1281384 | PA      | $1126006.54   | 0.02%             | 2047-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                       | Arroyo Mortgage Trust 2022-1                                                    | CUSIP: 042855AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4252000 | PA      | $3935327.62   | 0.09%             | 2056-12-25      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Commercial Mortgage Trust 2022-LP2                                           | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7987000 | PA      | $7967032.50   | 0.17%             | 2039-02-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                                                     | Adani Ports & Special Economic Zone Ltd                                         | CUSIP: 00652MAE2<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |    500000 | PA      | $468125.00    | 0.01%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-3                                                 | CUSIP: 03465EAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1461280 | PA      | $1251070.87   | 0.03%             | 2066-05-25      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                               | Citigroup Mortgage Loan Trust 2019-RP1                                          | CUSIP: 17327RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2778420 | PA      | $2710887.26   | 0.06%             | 2066-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| LV Trust                                                                    | Fashion Show Mall LLC                                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10220000 | PA      | $10320800.88  | 0.22%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                      | Lendmark Funding Trust 2024-1                                                   | CUSIP: 52603DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6098859.00   | 0.13%             | 2032-06-21      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                | HARBOR FREIGHT TOOLS USA INC                                                    | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |   2412249 | PA      | $2357973.21   | 0.05%             | 2031-06-11      | Floating      | 6.58%                 | 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        |    808107 | PA      | $786555.67    | 0.02%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                                              | First Investors Auto Owner Trust 2021-2                                         | CUSIP: 32057JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5490335 | PA      | $5418096.28   | 0.12%             | 2027-11-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| GCI Funding I LLC                                                           | GCI Funding I LLC                                                               | CUSIP: 36166VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3453974 | PA      | $3172307.51   | 0.07%             | 2046-06-18      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2025-1                                        | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2542293.25   | 0.06%             | 2030-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1890000 | PA      | $960120.00    | 0.02%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                                             | IHS Holding Ltd                                                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |   1100000 | PA      | $1110318.00   | 0.02%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                              | TRUIST INSURANCE HOLDING                                                        | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2560000 | PA      | $2559462.40   | 0.06%             | 2031-05-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI                                                    | Kronos Acquisition Holdings Inc                                                 | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7415000 | PA      | $6733431.00   | 0.15%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                            | CoStar Group Inc                                                                | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |  10019000 | PA      | $9052580.38   | 0.20%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                          | Tricon Residential 2024-SFR3 Trust                                              | CUSIP: 89616YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4641098 | PA      | $4612784.01   | 0.10%             | 2041-08-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-5                                                 | CUSIP: 03465HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5131743 | PA      | $4441556.57   | 0.10%             | 2066-07-25      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | Consumer Portfolio Services Auto Trust 2025-B                                   | CUSIP: 12630SAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5305000 | PA      | $5342136.59   | 0.12%             | 2031-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Eagle Broadband Investments LLC                                             | Eagle Broadband Investments LLC                                                 | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |   4334729 | PA      | $4313055.04   | 0.09%             | 2027-11-12      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                           | PRPM 2024-RPL1 LLC                                                              | CUSIP: 69380XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2885470 | PA      | $2821396.11   | 0.06%             | 2064-12-25      | Variable      | 4.20%                 | 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        |   5680000 | PA      | $5758652.66   | 0.13%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    900000 | PA      | $951198.97    | 0.02%             | 2029-10-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                         | HILCORP ENERGY I LP                                                             | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |   1581038 | PA      | $1581037.50   | 0.03%             | 2030-02-05      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2993000 | PA      | $2887945.70   | 0.06%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                                              | Foursight Capital Automobile Receivables Trust 2023-2                           | CUSIP: 35104AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1745765 | PA      | $1753878.52   | 0.04%             | 2028-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                                                     | Algonquin Power & Utilities Corp                                                | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   4565000 | PA      | $4589306.21   | 0.10%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES9                                                   | CUSIP: 749426AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6984830 | PA      | $7014583.74   | 0.15%             | 2044-12-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                       | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   4440000 | PA      | $4802690.99   | 0.10%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings LLC                                                        | AMAZON HOLDCO INC                                                               | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |   4265659 | PA      | $4254994.50   | 0.09%             | 2031-09-29      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418RHT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    779766 | PA      | $777592.05    | 0.02%             | 2040-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                               | Boeing Co/The                                                                   | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3775752.41   | 0.08%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                       | QUIKRETE HOLDINGS INC                                                           | CUSIP: 74839XAK5<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   5404884 | PA      | $5400721.99   | 0.12%             | 2029-03-19      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                                                              | ACHV ABS Trust 2025-1PL                                                         | CUSIP: 00112MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4407265 | PA      | $4398329.46   | 0.10%             | 2032-04-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                                     | WE Soda Investments Holding PLC                                                 | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |   1509000 | PA      | $1575018.75   | 0.03%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2018-7FRB                                              | CUSIP: 46650AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3939404 | PA      | $3873443.71   | 0.08%             | 2046-04-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2025-1 LLC                                                             | CUSIP: 252154AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11370000 | PA      | $11477711.42  | 0.25%             | 2035-08-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9859273 | PA      | $10049160.97  | 0.22%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                                        | Petronas Capital Ltd                                                            | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |   4535000 | PA      | $4357046.60   | 0.09%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RKH6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4034208.40   | 0.09%             | 2028-02-20      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| DP WORLD SALAAM                                                             | DP World Salaam                                                                 | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |   1347000 | PA      | $1345733.82   | 0.03%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2024-SFR5 Trust                                            | CUSIP: 74332HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1880775.20   | 0.04%             | 2029-08-09      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5044454.50   | 0.11%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                                                         | Limak Yenilenebilir Enerji AS                                                   | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |    900000 | PA      | $889029.00    | 0.02%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                                                         | Republic of Armenia International Bond                                          | CUSIP: 042207AC4<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |   1226000 | PA      | $1119546.42   | 0.02%             | 2029-09-26      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AlixPartners LLP                                                            | AlixPartners LLP                                                                | CUSIP: 01642PBB1<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |   5189729 | PA      | $5207270.43   | 0.11%             | 2028-02-04      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                         | DT Auto Owner Trust 2023-1                                                      | CUSIP: 23346KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1741000 | PA      | $1771888.82   | 0.04%             | 2028-11-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   3426000 | PA      | $3439704.00   | 0.07%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2365000 | PA      | $2442056.64   | 0.05%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                       | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    805000 | PA      | $824800.59    | 0.02%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | HCA Inc                                                                         | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   9197000 | PA      | $9483379.59   | 0.21%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                                              | American Credit Acceptance Receivables Trust 2024-1                             | CUSIP: 02531AAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7935000 | PA      | $7961044.26   | 0.17%             | 2030-01-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                                       | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   4851000 | PA      | $727650.00    | 0.02%             | 2019-10-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Maps LTD                                                                    | MAPS 2021-1 Trust                                                               | CUSIP: 55292RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3937574 | PA      | $3709545.55   | 0.08%             | 2046-06-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBK4<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   3616000 | PA      | $3739160.96   | 0.08%             | 2031-01-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                    | EQT Corp                                                                        | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1795000 | PA      | $1851532.86   | 0.04%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                           | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   9365000 | PA      | $9343091.43   | 0.20%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                                   | RFR Trust 2025-SGRM                                                             | CUSIP: 74984NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2130000 | PA      | $2170449.77   | 0.05%             | 2041-03-11      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach Abs Trust 2024-1                                                          | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4250000 | PA      | $4296458.88   | 0.09%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2024-A                                                       | CUSIP: 03837DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8320000 | PA      | $8265102.98   | 0.18%             | 2050-04-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2022-CLS                                                               | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17112000 | PA      | $17321245.54  | 0.38%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | Fifth Third Bancorp                                                             | CUSIP: 316773DE7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   2565000 | PA      | $2548376.98   | 0.06%             | 2028-04-25      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   4370000 | PA      | $4385600.90   | 0.10%             | 2027-04-23      | Floating      | 5.07%                 | No            |                  2 | On Loan: —       |
| COLT Funding LLC                                                            | COLT 2022-5 Mortgage Loan Trust                                                 | CUSIP: 19688LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12572029 | PA      | $12597711.48  | 0.27%             | 2067-04-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                                    | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  10130000 | PA      | $8982752.18   | 0.20%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM9 Trust                                                             | CUSIP: 673921AA0<br>LEI: 2549007JKD4UEFDCFB08 | Long             | ABS-MBS          | CORP              | US        |   3151344 | PA      | $3203057.72   | 0.07%             | 2063-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential Trust                                                      | CUSIP: 74333HAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3656144.63   | 0.08%             | 2038-07-17      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc                                                           | NEXSTAR MEDIA INC                                                               | CUSIP: 65336RBB3<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |   4235000 | PA      | $4224412.50   | 0.09%             | 2032-06-24      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2021-1                                                 | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |   4842892 | PA      | $4571016.83   | 0.10%             | 2041-05-15      | Fixed         | 1.27%                 | 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        |   6376000 | PA      | $6414685.74   | 0.14%             | 2027-12-15      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                                 | Viatris Inc                                                                     | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       330 | PA      | $314.45       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                      | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3420000 | PA      | $3359937.58   | 0.07%             | 2029-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2023-3                                      | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3723000 | PA      | $3801423.13   | 0.08%             | 2029-04-16      | Fixed         | 6.68%                 | 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        |   3505000 | PA      | $3501124.52   | 0.08%             | 2029-04-16      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                                              | Ellington Financial Mortgage Trust 2017-1                                       | CUSIP: 31574XAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    773107 | PA      | $665105.93    | 0.01%             | 2066-02-25      | Variable      | 1.00%                 | 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        |   4970000 | PA      | $5119953.85   | 0.11%             | 2030-02-11      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| WEC Us Holdings Ltd.                                                        | WEC US HOLDINGS INC                                                             | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |   4318357 | PA      | $4318011.47   | 0.09%             | 2031-01-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                         | MEDLINE BORROWER LP                                                             | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   4671608 | PA      | $4673896.82   | 0.10%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2023-1                                    | CUSIP: 96042XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1415000 | PA      | $1423711.73   | 0.03%             | 2028-08-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2019-1                                            | CUSIP: 59981AAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12130657 | PA      | $11099501.13  | 0.24%             | 2069-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2025-NQM6 Trust                                                             | CUSIP: 67448UAA0<br>LEI: 254900W46UQEWQMYYZ02 | Long             | ABS-MBS          | CORP              | US        |   8560213 | PA      | $8594136.21   | 0.19%             | 2065-03-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| DirectV Financing LLC                                                       | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5045371 | PA      | $4997187.25   | 0.11%             | 2029-08-02      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31406EVK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57643 | PA      | $59394.77     | 0.00%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA                                                            | Movida Europe SA                                                                | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |   2365000 | PA      | $2184077.50   | 0.05%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: —       |
| ARAB REPUBLIC OF EGYPT                                                      | Egypt Government International Bond                                             | CUSIP: 03846JW71<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   5032000 | PA      | $5068180.08   | 0.11%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31417TXW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    723670 | PA      | $732669.01    | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2023-1                                                 | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3438308 | PA      | $3411014.19   | 0.07%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAQ6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   4455000 | PA      | $4546158.74   | 0.10%             | 2029-09-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-4 Mortgage Loan Trust                                                 | CUSIP: 12598WAA0<br>LEI: 213800EHDFO4A3F7P416 | Long             | ABS-MBS          | CORP              | US        |   1348223 | PA      | $1369398.39   | 0.03%             | 2068-10-25      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2023-3 Mortgage Loan Trust                                                 | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |   6568431 | PA      | $6664739.09   | 0.14%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                                                    | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15930000 | PA      | $15703944.86  | 0.34%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                                            | ENDEAVOR OPERATING CO LLC                                                       | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1980000 | PA      | $1980613.80   | 0.04%             | 2032-03-24      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                              | Ginnie Mae I Pool                                                               | CUSIP: 36213S2N4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3204 | PA      | $3261.04      | 0.00%             | 2031-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGN8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3522811.25   | 0.08%             | 2027-10-20      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                            | CSC Holdings LLC                                                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   4880000 | PA      | $4641640.30   | 0.10%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   3405000 | PA      | $3469041.24   | 0.08%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                            | Berry Global Inc                                                                | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   7775000 | PA      | $8170067.42   | 0.18%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                       | Toronto-Dominion Bank/The                                                       | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   7920000 | PA      | $8271703.44   | 0.18%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   4386000 | PA      | $4436439.00   | 0.10%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  74690000 | PA      | $75127637.09  | 1.63%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   2312000 | PA      | $2301596.00   | 0.05%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    897000 | PA      | $901090.32    | 0.02%             | 2028-07-26      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                                    | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   6200000 | PA      | $5772365.60   | 0.13%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                                | NiSource Inc                                                                    | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   5370000 | PA      | $5589998.11   | 0.12%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XK4Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10752852 | PA      | $10588963.26  | 0.23%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                                                      | MPOWER Education Trust 2025-A                                                   | CUSIP: 624930AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6410670 | PA      | $6451323.40   | 0.14%             | 2042-07-21      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Numericable U.S. LLC                                                        | Altice France SA/France                                                         | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |   1377386 | PA      | $1204180.02   | 0.03%             | 2026-01-31      | Floating      | 10.19%                | 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        |   5490000 | PA      | $5615473.95   | 0.12%             | 2030-11-20      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2024-CES1                                             | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3531230 | PA      | $3544182.34   | 0.08%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   8147000 | PA      | $8206817.80   | 0.18%             | 2028-02-24      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                                                      | Five Guys Holdings Inc                                                          | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |  10561925 | PA      | $10914072.25  | 0.24%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-7                                               | CUSIP: 92539NAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9412138 | PA      | $9474391.99   | 0.21%             | 2067-07-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Cincinnati Bell Inc                                                         | CINCINNATI BELL INC                                                             | CUSIP: 17187MAT7<br>LEI: 549300JYVZOCUJOHL272 | Long             | LON              | CORP              | US        |   4711187 | PA      | $4712035.06   | 0.10%             | 2028-11-22      | Floating      | 7.08%                 | 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        |   1135737 | PA      | $1124045.86   | 0.02%             | 2058-03-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    450000 | PA      | $481870.35    | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC                                                  | Applebee's Funding LLC / IHOP Funding LLC                                       | CUSIP: 03789XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11135000 | PA      | $11296092.27  | 0.25%             | 2053-03-05      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| HUNTERSTOWN GENERATION LLC                                                  | KESTREL ACQUISITION LLC                                                         | CUSIP: 44579UAB8<br>LEI: 549300ER0JUHJLPPMH08 | Long             | LON              | CORP              | US        |   3677212 | PA      | $3669269.72   | 0.08%             | 2031-11-06      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                                                    | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2837927.54   | 0.06%             | 2028-06-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2024-1                                        | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8404000 | PA      | $8505410.23   | 0.18%             | 2034-03-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                                              | Qatar Government International Bond                                             | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |   6553000 | PA      | $6404771.14   | 0.14%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                 | CAESARS ENTERTAIN INC                                                           | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |   2742712 | PA      | $2737227.08   | 0.06%             | 2030-02-06      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                                       | Venezuela Government International Bond                                         | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1584000 | PA      | $219384.00    | 0.00%             | 2018-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE                                              | DREYFUS GOVERNMENT CASH MANAGE                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  17746798 | NS      | $17746798.45  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                                                              | EPR Properties                                                                  | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   9545000 | PA      | $9526447.19   | 0.21%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                                       | CITADEL SECURITIES LP                                                           | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |   4388832 | PA      | $4404763.20   | 0.10%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6080000 | PA      | $5909101.11   | 0.13%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                            | Peruvian Government International Bond                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   2270000 | PA      | $2266141.00   | 0.05%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR3 Trust                                                            | CUSIP: 00180UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6675000 | PA      | $6413104.37   | 0.14%             | 2038-10-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                                          | Leviathan Bond Ltd                                                              | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |   2000000 | PA      | $1970000.00   | 0.04%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                                       | Melco Resorts Finance Ltd                                                       | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   1779000 | PA      | $1669004.43   | 0.04%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr                                              | JP Morgan Seasoned Mortgage Trust Series 2024-1                                 | CUSIP: 61777HAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7503850 | PA      | $7306952.28   | 0.16%             | 2063-01-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| JBT Marel Corporation (f/k/a John Bean Technologies Corporation)            | JOHN BEAN TECHNOLOGIES CORP                                                     | CUSIP: 47783YAP4<br>LEI: 5493007CT6ATBZ2L6826 | Long             | LON              | CORP              | US        |   3351600 | PA      | $3359979.00   | 0.07%             | 2032-01-02      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                                                | Vontier Corp                                                                    | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   8630000 | PA      | $8106924.31   | 0.18%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Mortgage Finance Corp                                                     | CUSIP: 16163YAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3193323 | PA      | $2938314.74   | 0.06%             | 2045-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                                              | PRET 2024-NPL4 LLC                                                              | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-O            | CORP              | US        |   7055488 | PA      | $7066530.40   | 0.15%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2025-1                                               | CUSIP: 505712AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3130000 | PA      | $3173166.77   | 0.07%             | 2030-07-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                                      | Oscar US Funding XV LLC                                                         | CUSIP: 68785CAC5<br>LEI: 353800KY84862IDYBM21 | Long             | ABS-O            | CORP              | JP        |   5770000 | PA      | $5809365.45   | 0.13%             | 2027-12-10      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                         | Oportun Issuance Trust 2021-C                                                   | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8494076 | PA      | $8297404.78   | 0.18%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT                                                    | Port Of Spain Waterfront Development                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |   1430000 | PA      | $1416683.13   | 0.03%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   5601000 | PA      | $5561793.00   | 0.12%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2024-CES1                                       | CUSIP: 46658CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7370390 | PA      | $7412108.41   | 0.16%             | 2054-06-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                    | Jersey Mike's Funding LLC                                                       | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4199475 | PA      | $4265009.91   | 0.09%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                                                         | Silgan Holdings Inc                                                             | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   9178000 | PA      | $8930490.82   | 0.19%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| ISRAEL DISCOUNT BANK                                                        | Israel Discount Bank Ltd                                                        | CUSIP: 000000000<br>LEI: 549300XWZ7BG5G23OF51 | Long             | DBT              | CORP              | IL        |   2619000 | PA      | $2619811.89   | 0.06%             | 2028-01-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1616757.47   | 0.04%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                                              | PEAC Solutions Receivables 2025-1 LLC                                           | CUSIP: 69392HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1160198.20   | 0.03%             | 2032-07-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust                                                        | STAR 2025-SFR5 Trust                                                            | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5185000 | PA      | $5191501.99   | 0.11%             | 2042-02-17      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR                                                    | Merlin Entertainments Group US Holdings Inc                                     | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |   5280000 | PA      | $4718282.98   | 0.10%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4750000 | PA      | $4848563.93   | 0.11%             | 2030-11-15      | Fixed         | 5.47%                 | 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        |  10930000 | PA      | $10330583.50  | 0.22%             | 2037-03-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                                    | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2C0<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |   1230000 | PA      | $1230000.00   | 0.03%             | 2030-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  13415000 | PA      | $13398543.69  | 0.29%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                                       | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |  13948000 | PA      | $11055184.80  | 0.24%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   7035000 | PA      | $7354965.87   | 0.16%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                                              | Onemain Direct Auto Receivables Trust 2022-1                                    | CUSIP: 68269DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7485000 | PA      | $7487032.18   | 0.16%             | 2029-06-14      | Fixed         | 5.31%                 | 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        |   9205000 | PA      | $9098975.89   | 0.20%             | 2027-02-20      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                                       | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164832.32    | 0.00%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Arsenal Aic Parent LLC                                                      | ARSENAL AIC PARENT LLC                                                          | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1208613 | PA      | $1205893.60   | 0.03%             | 2030-08-18      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3138A5N32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1110123 | PA      | $1071963.60   | 0.02%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                                           | Jordan Government International Bond                                            | CUSIP: 41809JAB1<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |   1025000 | PA      | $1045981.75   | 0.02%             | 2029-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                                              | Deephaven Residential Mortgage Trust 2022-1                                     | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4843264 | PA      | $4438106.38   | 0.10%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                                       | Universal Health Services Inc                                                   | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |  10250000 | PA      | $9895912.83   | 0.22%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Veridian Auto Receivables Trus                                              | Veridian Auto Receivables Trust 2023-1                                          | CUSIP: 92347BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9585000 | PA      | $9704249.86   | 0.21%             | 2028-12-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                                               | CoreVest American Finance 2020-3 Trust                                          | CUSIP: 21873CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1374995 | PA      | $1349978.28   | 0.03%             | 2053-08-15      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | ADMT 2024-NQM6                                                                  | CUSIP: 00249YAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7206759 | PA      | $7229821.21   | 0.16%             | 2070-01-25      | Variable      | 5.67%                 | 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        |   2250000 | PA      | $2224624.95   | 0.05%             | 2026-11-09      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                                                    | Telesat Canada / Telesat LLC                                                    | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2485000 | PA      | $919735.63    | 0.02%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2017-RPL1 Trust                                                            | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10218474 | PA      | $9955066.41   | 0.22%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                                | Veros Auto Receivables Trust 2025-1                                             | CUSIP: 92511BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4270000 | PA      | $4306137.44   | 0.09%             | 2029-07-16      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                                            | NORTHAB LLC                                                                     | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4009743 | PA      | $3958779.62   | 0.09%             | 2028-11-24      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-2 LLC                                                             | CUSIP: 25216CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $2848125.56   | 0.06%             | 2034-05-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   4409000 | PA      | $4236387.65   | 0.09%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Cogeco Communications Finance (USA) LP                                      | COGECO COMMUNICATIONS USA II LP                                                 | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |   4147582 | PA      | $4134641.92   | 0.09%             | 2030-09-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                    | Ajax Mortgage Loan Trust 2022-B                                                 | CUSIP: 00971BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12387804 | PA      | $11951500.84  | 0.26%             | 2062-03-27      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                    | Foundation Finance Trust 2024-2                                                 | CUSIP: 35040VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2988517 | PA      | $2974088.76   | 0.06%             | 2050-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8875118.07   | 0.19%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                               | Citigroup Inc                                                                   | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9020213.01   | 0.20%             | 2026-09-29      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Belron Finance US LLC                                                       | BELRON FINANCE 2019 LLC                                                         | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5046862 | PA      | $5064425.58   | 0.11%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                                  | BXG Receivables Note Trust 2023-A                                               | CUSIP: 123919AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4059861 | PA      | $4134611.79   | 0.09%             | 2038-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                                     | UKG INC                                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |   5191654 | PA      | $5209928.33   | 0.11%             | 2031-02-10      | Floating      | 7.31%                 | 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        |    259640 | PA      | $256983.38    | 0.01%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1730000 | PA      | $1699718.08   | 0.04%             | 2028-07-22      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | OneMain Finance Corp                                                            | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1848495.41   | 0.04%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2024-2                                                           | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2309385 | PA      | $2315502.19   | 0.05%             | 2029-02-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                                             | IHS Holding Ltd                                                                 | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    786000 | PA      | $768315.00    | 0.02%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                    | Benchmark 2023-B38 Mortgage Trust                                               | CUSIP: 081916AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4235000 | PA      | $4333479.42   | 0.09%             | 2056-04-15      | Fixed         | 5.63%                 | 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        |   1725000 | PA      | $1764157.16   | 0.04%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                                    | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2835000 | PA      | $2905682.22   | 0.06%             | 2029-03-15      | Fixed         | 7.12%                 | 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        |   8560000 | PA      | $8587613.88   | 0.19%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                                     | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAQ8<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |   2505000 | PA      | $2513942.85   | 0.05%             | 2030-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                                         | Nigeria Government International Bond                                           | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   2235000 | PA      | $2334882.15   | 0.05%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EKT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  20578391 | PA      | $19722591.58  | 0.43%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                                       | Stellantis Finance US Inc                                                       | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   6825000 | PA      | $6886055.77   | 0.15%             | 2030-03-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                       | CCG Receivables Trust 2022-1                                                    | CUSIP: 12511JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3744820.13   | 0.08%             | 2029-07-16      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                                                      | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   2435000 | PA      | $2504414.86   | 0.05%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2095000 | PA      | $2189591.35   | 0.05%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-CES1                                       | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |   9441320 | PA      | $9487461.12   | 0.21%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                    | Angel Oak Mortgage Trust 2021-8                                                 | CUSIP: 03465MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7990714 | PA      | $7100169.68   | 0.15%             | 2066-11-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  75435000 | PA      | $75611800.78  | 1.64%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                       | Wells Fargo & Co                                                                | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4485000 | PA      | $4712882.81   | 0.10%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                                | Ecopetrol SA                                                                    | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   3727000 | PA      | $3937128.26   | 0.09%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2021-NMR1                                         | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2374375 | PA      | $2265795.87   | 0.05%             | 2060-11-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                  | Navient Private Education Refi Loan Trust 2021-E                                | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2901011 | PA      | $2595566.65   | 0.06%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                              | Morgan Stanley Residential Mortgage Loan Trust 2014-1                           | CUSIP: 61763YAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    975317 | PA      | $975980.32    | 0.02%             | 2044-06-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                         | Southern California Edison Co                                                   | CUSIP: 842400JE4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   6715000 | PA      | $6832466.30   | 0.15%             | 2031-06-01      | Fixed         | 5.45%                 | 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        |   7720000 | PA      | $7727281.50   | 0.17%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2023-1                                               | CUSIP: 505710AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2570000 | PA      | $2627763.58   | 0.06%             | 2030-06-17      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust Series 2025-NQM2                                       | CUSIP: 46590SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8717336 | PA      | $8748655.93   | 0.19%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Bojangles Issuer, LLC                                                       | Bojangles Issuer LLC                                                            | CUSIP: 09748RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9365000 | PA      | $9546710.97   | 0.21%             | 2054-11-20      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4818000 | PA      | $4940037.53   | 0.11%             | 2029-08-20      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                                               | CoreVest American Finance 2018-1 Trust                                          | CUSIP: 21872BAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10061579 | PA      | $10083930.01  | 0.22%             | 2051-06-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                                                     | Ethiopia International Bond                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |   1003000 | PA      | $922760.00    | 0.02%             | 2024-12-11      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   8965000 | PA      | $9200470.84   | 0.20%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 731011AX0<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   3242000 | PA      | $3286577.50   | 0.07%             | 2029-03-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2021-R1                                              | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1758492 | PA      | $1697824.95   | 0.04%             | 2063-10-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                       | Civitas Resources Inc                                                           | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   2340000 | PA      | $2395951.74   | 0.05%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9977492 | PA      | $9746322.93   | 0.21%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                                      | Aviation Capital Group LLC                                                      | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   6235000 | PA      | $6349454.21   | 0.14%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                      | Lendmark Funding Trust 2021-1                                                   | CUSIP: 52607MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10385000 | PA      | $9951943.42   | 0.22%             | 2031-11-20      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                              | BHG Securitization Trust 2021-B                                                 | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5796157 | PA      | $5674072.41   | 0.12%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| PetsMart LLC                                                                | PetSmart LLC                                                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4681716 | PA      | $4624177.81   | 0.10%             | 2028-02-11      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                                    | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   5470000 | PA      | $5309184.24   | 0.12%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                                         | Turkiye Government International Bond                                           | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   4691000 | PA      | $5190896.42   | 0.11%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                                          | Aqua Finance Trust 2019-A                                                       | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1097168 | PA      | $1065177.43   | 0.02%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                                         | SG Residential Mortgage Trust 2021-1                                            | CUSIP: 784212AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14281264 | PA      | $11818333.25  | 0.26%             | 2061-07-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1990000 | PA      | $2050661.57   | 0.04%             | 2028-04-15      | Fixed         | 6.05%                 | 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        |   5053957 | PA      | $5147968.46   | 0.11%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru                                              | Provident Funding Mortgage Trust 2025-1                                         | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5727703 | PA      | $5745967.70   | 0.12%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                               | Allstate Corp/The                                                               | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |   7635000 | PA      | $7632180.39   | 0.17%             | 2053-08-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                                      | Marlette Funding Trust 2024-1                                                   | CUSIP: 57108VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6680000 | PA      | $6735873.52   | 0.15%             | 2034-07-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                                           | Republic of Kenya Government International Bond                                 | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |   2310000 | PA      | $2342478.60   | 0.05%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                                        | Republic of Uzbekistan International Bond                                       | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |   6350000 | PA      | $6764020.00   | 0.15%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| HEXCEL CORP                                                                 | Hexcel Corp                                                                     | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |  10770000 | PA      | $10667504.28  | 0.23%             | 2027-02-15      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| NBC Funding LLC                                                             | NBC Funding LLC                                                                 | CUSIP: 62878YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9225675 | PA      | $8936494.37   | 0.19%             | 2051-07-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                                          | Visio 2019-2 Trust                                                              | CUSIP: 92837DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    666365 | PA      | $656593.66    | 0.01%             | 2054-11-25      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| South Field Energy LLC                                                      | SOUTH FIELD ENERGY LLC                                                          | CUSIP: 000000000<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |    899495 | PA      | $902868.48    | 0.02%             | 2031-08-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    551911 | PA      | $543037.42    | 0.01%             | 2028-12-11      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31405VCC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10573 | PA      | $10741.00     | 0.00%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                                                | ACRISURE LLC                                                                    | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   3584215 | PA      | $3571419.05   | 0.08%             | 2030-11-06      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO                                                           | Tractor Supply Co                                                               | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |  10720000 | PA      | $9296527.65   | 0.20%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                  | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7605000 | PA      | $7876938.83   | 0.17%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                      | Sequoia Mortgage Trust 2013-8                                                   | CUSIP: 81745EAC3<br>LEI: 549300EU86QZR1NB5U93 | Long             | ABS-MBS          | CORP              | US        |    969995 | PA      | $943040.46    | 0.02%             | 2043-06-25      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-5                                               | CUSIP: 924921AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14436866 | PA      | $13982423.73  | 0.30%             | 2067-04-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2024-3                                               | CUSIP: 92540MAA3<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |   1098913 | PA      | $1110907.17   | 0.02%             | 2069-04-25      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Icon Parent I Inc                                                           | ICON PARENT INC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1185000 | PA      | $1185971.70   | 0.03%             | 2031-11-13      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                     | NYMT Loan Trust 2024-CP1                                                        | CUSIP: 67118PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3395004 | PA      | $3138480.93   | 0.07%             | 2068-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31406CYP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     94774 | PA      | $97508.68     | 0.00%             | 2034-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   2264000 | PA      | $2048920.00   | 0.04%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor                                              | Banc of America Funding 2004-D Trust                                            | CUSIP: 05946XNE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580183 | PA      | $569785.57    | 0.01%             | 2035-01-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                     | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   6390000 | PA      | $6433437.81   | 0.14%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   2680000 | PA      | $2695493.59   | 0.06%             | 2026-02-15      | Fixed         | 6.05%                 | 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        |   7300000 | PA      | $7526871.01   | 0.16%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Master Pass-Thru Trust                                              | Upgrade Master Pass-Thru Trust Series 2025-ST3                                  | CUSIP: 91534LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4901317 | PA      | $4938700.34   | 0.11%             | 2032-06-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                                     | El Salvador Government International Bond                                       | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |   2158000 | PA      | $2289508.52   | 0.05%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2017-2                                      | CUSIP: 64829KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7188638 | PA      | $6948060.61   | 0.15%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                                              | OneMain Direct Auto Receivables Trust 2021-1                                    | CUSIP: 682687AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17610000 | PA      | $17319755.50  | 0.38%             | 2028-07-14      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                 | Corp Nacional del Cobre de Chile                                                | CUSIP: 21987BBB3<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |   5969000 | PA      | $5538112.81   | 0.12%             | 2030-01-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9672305 | PA      | $9525885.50   | 0.21%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hardee's Funding LLC and Carls                                              | Hardee's Funding LLC                                                            | CUSIP: 411707AH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13408200 | PA      | $12750927.35  | 0.28%             | 2050-12-20      | Fixed         | 3.98%                 | 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        |   1900000 | PA      | $1916992.84   | 0.04%             | 2029-07-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                                      | Marlette Funding Trust 2023-2                                                   | CUSIP: 57109LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    469657 | PA      | $470529.30    | 0.01%             | 2033-06-15      | Fixed         | 6.54%                 | 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        |   8905000 | PA      | $8967846.15   | 0.19%             | 2029-10-10      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                                     | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   2132000 | PA      | $2084690.92   | 0.05%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |   9489728 | PA      | $9453117.59   | 0.21%             | 2069-08-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2130000 | PA      | $2201407.91   | 0.05%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   8938000 | PA      | $9220364.02   | 0.20%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Goat Holdco LLC                                                             | GOAT HOLDCO LLC                                                                 | CUSIP: 38021CAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3246862 | PA      | $3250109.36   | 0.07%             | 2032-01-27      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                                              | Galton Funding Mortgage Trust 2017-1                                            | CUSIP: 36417JAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    494870 | PA      | $451414.65    | 0.01%             | 2057-11-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2015-2                                      | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2188785 | PA      | $2123597.09   | 0.05%             | 2055-08-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust                                                    | Momnt Technologies Trust 2023-1                                                 | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2222018 | PA      | $2222076.21   | 0.05%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                          | Subway Funding LLC                                                              | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10357950 | PA      | $10611399.71  | 0.23%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                                | AES Corp/The                                                                    | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   4075000 | PA      | $4195619.55   | 0.09%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                         | CLYDESDALE ACQUISITION HOLDINGS INC                                             | CUSIP: 18972FAF9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     58811 | PA      | $58550.05     | 0.00%             | 2032-04-01      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                            | HF Sinclair Corp                                                                | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   6610000 | PA      | $6769133.77   | 0.15%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust                                                | Blue Owl Asset Leasing Trust 2024-1 LLC                                         | CUSIP: 095921AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5955897 | PA      | $5965704.34   | 0.13%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                                             | MVW 2023-1 LLC                                                                  | CUSIP: 62848PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3429654 | PA      | $3466076.80   | 0.08%             | 2040-10-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan                                              | Trafigura Securitisation Finance PLC                                            | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |   6455000 | PA      | $6560048.67   | 0.14%             | 2027-11-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                              | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  10911000 | PA      | $10590766.84  | 0.23%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Commercial Equipment Finance                                                | Commercial Equipment Finance 2024-1 LLC                                         | CUSIP: 20166RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3751692 | PA      | $3788101.63   | 0.08%             | 2029-07-16      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                                  | LAD Auto Receivables Trust 2022-1                                               | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1618021 | PA      | $1619195.36   | 0.04%             | 2027-06-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3430000 | PA      | $3458474.66   | 0.08%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust                                             | CUSIP: 30166XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8460000 | PA      | $8600358.17   | 0.19%             | 2031-10-15      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                                                    | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    707000 | PA      | $703146.85    | 0.02%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                                                         | Minejesa Capital BV                                                             | CUSIP: 602736AA8<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |   1900086 | PA      | $1857333.87   | 0.04%             | 2030-08-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2024-CES8                                                   | CUSIP: 749421AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3371673 | PA      | $3378284.96   | 0.07%             | 2044-11-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Parexel International Inc (f/k/a Phoenix Newco Inc)                         | PHOENIX NEWCO INC                                                               | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |   4087474 | PA      | $4087187.93   | 0.09%             | 2028-11-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2018-2                                      | CUSIP: 64828CAA7<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |   3848863 | PA      | $3797340.68   | 0.08%             | 2058-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1361000 | PA      | $1388390.13   | 0.03%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1266000 | PA      | $1257003.04   | 0.03%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                                               | Sierra Timeshare 2024-2 Receivables Funding LLC                                 | CUSIP: 82650DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5447705 | PA      | $5490858.88   | 0.12%             | 2041-06-20      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                                     | Hungary Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   3009000 | PA      | $2495258.39   | 0.05%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                                                 | Merchants Fleet Funding LLC                                                     | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   5374304 | PA      | $5418365.65   | 0.12%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                                          | Angolan Government International Bond                                           | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   2812000 | PA      | $2655231.00   | 0.06%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                                      | Standard Chartered PLC                                                          | CUSIP: 853254CS7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1475000 | PA      | $1532510.25   | 0.03%             | 2029-01-09      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                                          | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1784289 | NS      | $1784289.37   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                     | American Electric Power Co Inc                                                  | CUSIP: 02557TAD1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   7645000 | PA      | $7651039.09   | 0.17%             | 2025-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBC2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   2008000 | PA      | $2020027.92   | 0.04%             | 2028-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                                    | Dext ABS 2023-1 LLC                                                             | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4110742 | PA      | $4124734.29   | 0.09%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31410LR79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1555955 | PA      | $1519978.77   | 0.03%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31419FKM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10004 | PA      | $9653.86      | 0.00%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                                     | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |  11502000 | PA      | $11049302.44  | 0.24%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2023-D                                               | CUSIP: 12598VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3549000 | PA      | $3616790.51   | 0.08%             | 2030-01-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                       | Guatemala Government Bond                                                       | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |   1127000 | PA      | $1117984.00   | 0.02%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | A&D Mortgage Trust 2023-NQM3                                                    | CUSIP: 00249FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12482589 | PA      | $12589059.33  | 0.27%             | 2068-07-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                                              | Credit Acceptance Auto Loan Trust 2023-2                                        | CUSIP: 22537EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1831040 | PA      | $1836879.31   | 0.04%             | 2033-05-16      | Fixed         | 5.92%                 | 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        |   2895000 | PA      | $2804041.71   | 0.06%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CC2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   2264000 | PA      | $2136650.00   | 0.05%             | 2030-06-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                         | American Express Co                                                             | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1954828.94   | 0.04%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC                                   | ORYX MIDSTREAM SERVICES PERMIAN BASIN LLC                                       | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |   4144558 | PA      | $4140952.35   | 0.09%             | 2028-10-05      | Floating      | 6.57%                 | 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        |   6982655 | PA      | $6114296.06   | 0.13%             | 2056-06-25      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                                           | GIP PILOT ACQUISITION PA                                                        | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |   3746432 | PA      | $3749541.17   | 0.08%             | 2030-10-04      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3225000 | PA      | $3241962.86   | 0.07%             | 2028-11-20      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                                       | Civitas Resources Inc                                                           | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3336660.13   | 0.07%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                                              | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REH3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1870000 | PA      | $1815954.01   | 0.04%             | 2027-08-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                    | EQT Corp                                                                        | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91637.46     | 0.00%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                                                    | Citadel Securities Global Holdings LLC                                          | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1305326.43   | 0.03%             | 2030-06-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Trinity Rail Leasing L.P.                                                   | Trinity Rail Leasing 2019-1 LLC                                                 | CUSIP: 89657BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12485164 | PA      | $12341586.07  | 0.27%             | 2049-04-17      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                                                          | Republic of Poland Government International Bond                                | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   1888000 | PA      | $1923872.00   | 0.04%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2024-2                                      | CUSIP: 30166DAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10237000 | PA      | $10353035.37  | 0.23%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   6721000 | PA      | $6234797.28   | 0.14%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                            | Altice France SA                                                                | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   4885000 | PA      | $4037574.63   | 0.09%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1765000 | PA      | $1795878.68   | 0.04%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                                        | YPF SA                                                                          | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   2358000 | PA      | $2342224.98   | 0.05%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    905000 | PA      | $900331.65    | 0.02%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                              | CPS Auto Receivables Trust 2024-C                                               | CUSIP: 223920AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6810000 | PA      | $6898745.20   | 0.15%             | 2030-10-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                                              | Morgan Stanley Residential Mortgage Loan Trust 2024-INV4                        | CUSIP: 61776XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4991913 | PA      | $5027934.45   | 0.11%             | 2054-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                            | CSC Holdings LLC                                                                | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |   4473978 | PA      | $4406912.67   | 0.10%             | 2028-01-18      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                                            | Westgate Resorts 2024-1 LLC                                                     | CUSIP: 96034KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4511989 | PA      | $4571682.96   | 0.10%             | 2038-01-20      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                    | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1387754.25   | 0.03%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                      | Philip Morris International Inc                                                 | CUSIP: 718172DN6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   6190000 | PA      | $6247734.50   | 0.14%             | 2029-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                      | Smurfit Kappa Treasury ULC                                                      | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |   8006000 | PA      | $8155293.25   | 0.18%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                    | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    225000 | PA      | $233952.08    | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N3                                          | CUSIP: 14687GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2044401 | PA      | $1976534.94   | 0.04%             | 2028-06-12      | Fixed         | 1.58%                 | 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        |   9534862 | PA      | $9586504.86   | 0.21%             | 2055-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                | UNIVISION COMMUNICATIONS INC                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |   4572150 | PA      | $4473071.46   | 0.10%             | 2029-01-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                                                    | Banco de Credito e Inversiones SA                                               | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |   3299000 | PA      | $3482688.32   | 0.08%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2025-1                                                           | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2125595 | PA      | $2127488.91   | 0.05%             | 2029-06-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus                                              | Prestige Auto Receivables Trust 2024-2                                          | CUSIP: 74113SAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4860000 | PA      | $4851859.01   | 0.11%             | 2029-10-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                | Enbridge Inc                                                                    | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   9500000 | PA      | $9773790.00   | 0.21%             | 2083-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2024-3                                                 | CUSIP: 67571GAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5093567.50   | 0.11%             | 2031-10-20      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWH30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8966888 | PA      | $9127037.22   | 0.20%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2023-1                                        | CUSIP: 36267FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4400000 | PA      | $4503689.08   | 0.10%             | 2029-03-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                                         | DENTSPLY SIRONA Inc                                                             | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |  13108000 | PA      | $11964379.83  | 0.26%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLP                                               | FREEPORT LNG INVESTMENTS LLLP                                                   | CUSIP: 35670CAC2<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |   2544536 | PA      | $2542958.55   | 0.06%             | 2028-12-21      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2024-2                                                          | CUSIP: 75525HAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7030000 | PA      | $7112362.07   | 0.15%             | 2031-07-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                  | Progress Residential 2021-SFR3                                                  | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11130000 | PA      | $10930559.30  | 0.24%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2014-3                                      | CUSIP: 64829DAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2748254 | PA      | $2645616.37   | 0.06%             | 2054-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                        | CHARTER COMMUNICATIONS OPERATING LLC                                            | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |   4202591 | PA      | $4208390.31   | 0.09%             | 2031-12-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet Short Duration High Yield Bond ETF                          | Virtus Newfleet Short Duration High Yield Bond ETF                              | CUSIP: 92790A207<br>LEI: 549300CTRZXMY9595O30 | Long             | EC               | RF                | US        |   1031000 | NS      | $22522298.10  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DAE FUNDING LLC                                                             | DAE Funding LLC                                                                 | CUSIP: 23371DAG9<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |   4748000 | PA      | $4544595.68   | 0.10%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                                | Business Jet Securities 2024-2 LLC                                              | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2593785 | PA      | $2599783.24   | 0.06%             | 2039-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Paragon Offshore Finance Company                                            | Paragon Offshore Finance Co                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     65729 | PA      | $0.00         | 0.00%             | 2021-07-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Chase Mortgage Finance Corpora                                              | Chase Home Lending Mortgage Trust 2023-RPL1                                     | CUSIP: 16159LAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7791790 | PA      | $7153855.11   | 0.16%             | 2062-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| TricorBraun Inc                                                             | TricorBraun Holdings Inc                                                        | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |   3273679 | PA      | $3268506.09   | 0.07%             | 2028-03-03      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| ACWA POWER MGMT INVST                                                       | Acwa Power Management And Investments One Ltd                                   | CUSIP: 005117AA4<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |   1846000 | PA      | $1821928.16   | 0.04%             | 2039-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418TWU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2909 | PA      | $2899.61      | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2022-2                                        | CUSIP: 36265NAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    781457 | PA      | $781878.27    | 0.02%             | 2028-04-17      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Pike Corporation                                                            | Pike Corp                                                                       | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |   3750865 | PA      | $3770144.89   | 0.08%             | 2028-01-21      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                            | COLT 2022-3 Mortgage Loan Trust                                                 | CUSIP: 12659YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10650112 | PA      | $10411615.59  | 0.23%             | 2067-02-25      | Variable      | 3.90%                 | 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        |   7095000 | PA      | $7533336.20   | 0.16%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                   | CIM TRUST 2022-R2                                                               | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4057733 | PA      | $3860123.65   | 0.08%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                                              | Amur Equipment Finance Receivables XII LLC                                      | CUSIP: 03236YAB1<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |   1110059 | PA      | $1120803.71   | 0.02%             | 2029-12-20      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                                               | Exeter Automobile Receivables Trust 2022-3                                      | CUSIP: 30166YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4057381 | PA      | $4061861.98   | 0.09%             | 2027-09-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Sazerac Company, Inc.                                                       | SAZERAC CO INC                                                                  | CUSIP: 000000000<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |   2275000 | PA      | $2272156.25   | 0.05%             | 2032-06-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD                                                      | Poinsettia Finance Ltd                                                          | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | KY        |   4033210 | PA      | $3707245.97   | 0.08%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                           | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   5046926 | PA      | $5028000.09   | 0.11%             | 2030-05-06      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2021-N2                                          | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    796798 | PA      | $772397.09    | 0.02%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1992000 | PA      | $1011936.00   | 0.02%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                                                    | Banco de Credito del Peru S.A.                                                  | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    928000 | PA      | $946003.20    | 0.02%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2023-A LLC                                                         | CUSIP: 62890QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10120000 | PA      | $10370571.20  | 0.23%             | 2030-06-17      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                 | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2965000 | PA      | $3208597.70   | 0.07%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                           | State Street Corp                                                               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   5155000 | PA      | $5383325.31   | 0.12%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                        | Enel Finance International NV                                                   | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   3560000 | PA      | $3626270.68   | 0.08%             | 2029-06-26      | Fixed         | 5.12%                 | 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        |   3355000 | PA      | $3395831.36   | 0.07%             | 2028-04-17      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                                                 | Truist Bank                                                                     | CUSIP: 07330MAC1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   6950000 | PA      | $6867587.53   | 0.15%             | 2029-09-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2023-2                                            | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2991272 | PA      | $3041087.02   | 0.07%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza                                              | Castlelake Aircraft Structured Trust 2025-1                                     | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10610668 | PA      | $10758595.09  | 0.23%             | 2050-02-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                                     | NYMT Loan Trust 2022-CP1                                                        | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3119815 | PA      | $2924206.35   | 0.06%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   2749000 | PA      | $2730830.29   | 0.06%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  25946629 | PA      | $25981571.92  | 0.56%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MV Holding GmbH FKA Igloo Holdings Corp                                     | MX HOLDINGS US INC                                                              | CUSIP: 55404TAF9<br>LEI: 549300RKTIVJWNROR778 | Long             | LON              | CORP              | US        |   1165000 | PA      | $1169368.75   | 0.03%             | 2032-03-17      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM5 Trust                                                             | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2974671 | PA      | $2996694.58   | 0.07%             | 2063-06-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                                                       | PHOENIX GUARANTOR INC                                                           | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |   4315061 | PA      | $4326323.09   | 0.09%             | 2031-02-21      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                  | MFA 2022-NQM2 Trust                                                             | CUSIP: 55285QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3069265 | PA      | $3001999.91   | 0.07%             | 2067-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  10100000 | PA      | $10313672.87  | 0.22%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                                                            | ALLO Issuer LLC                                                                 | CUSIP: 01983KAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8050000 | PA      | $8154194.37   | 0.18%             | 2055-04-20      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                                             | NGPL PipeCo LLC                                                                 | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |  10664737 | PA      | $10610535.18  | 0.23%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                         | Buckeye Partners LP                                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $2460147.48   | 0.05%             | 2030-02-01      | Fixed         | 6.75%                 | 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        |   6065000 | PA      | $6090451.77   | 0.13%             | 2030-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                                    | Mill City Mortgage Loan Trust 2019-GS2                                          | CUSIP: 59981TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1294244 | PA      | $1251141.34   | 0.03%             | 2059-08-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                                       | HUB INTERNATIONAL LTD                                                           | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |   3809694 | PA      | $3820247.14   | 0.08%             | 2030-06-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CX5<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   6780000 | PA      | $6831339.45   | 0.15%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5930000 | PA      | $5924293.56   | 0.13%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Scientific Games Holdings LP                                                | SCIENTIFIC GAMES HOLDINGS LP                                                    | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |   3002624 | PA      | $2998690.35   | 0.07%             | 2029-04-04      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                                              | ACM Auto Trust 2025-2                                                           | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6058125 | PA      | $6065681.54   | 0.13%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                                    | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1432800.00   | 0.03%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FAT Brands Royalty I, LLC                                                   | FAT Brands Royalty LLC                                                          | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11454550 | PA      | $10022285.67  | 0.22%             | 2051-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                                               | Lendbuzz Securitization Trust 2024-2                                            | CUSIP: 525920AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4513563 | PA      | $4551687.32   | 0.10%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                    | Ajax Mortgage Loan Trust 2019-D                                                 | CUSIP: 00968FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11462513 | PA      | $10995503.77  | 0.24%             | 2065-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                    | FHF Trust 2022-2                                                                | CUSIP: 31568EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8847000 | PA      | $8919626.79   | 0.19%             | 2029-01-16      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12525000 | PA      | $12182700.52  | 0.26%             | 2058-03-25      | Variable      | 3.50%                 | 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        |   9650000 | PA      | $9690739.41   | 0.21%             | 2029-12-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                    | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4315000 | PA      | $4194800.07   | 0.09%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                       | Mexico Government International Bond                                            | CUSIP: 91087BBB5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   2993000 | PA      | $3105985.75   | 0.07%             | 2030-05-13      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Tr                                              | Bunker Hill Loan Depositary Trust 2019-2                                        | CUSIP: 12061RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    787048 | PA      | $768204.40    | 0.02%             | 2049-07-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                          | A&D Mortgage Trust 2025-NQM2                                                    | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |   6235122 | PA      | $6271830.86   | 0.14%             | 2070-06-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| Construction Partners Inc                                                   | CONSTRUCTION PARTNERS INC                                                       | CUSIP: 21043XAH5<br>LEI: 549300MHLFL4E8JLZU44 | Long             | LON              | CORP              | US        |   5144150 | PA      | $5157010.38   | 0.11%             | 2031-11-03      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                                                     | Ethiopia International Bond                                                     | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |   2224000 | PA      | $2046080.00   | 0.04%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2025-A LLC                                                         | CUSIP: 62919VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2516057.25   | 0.05%             | 2032-07-15      | Fixed         | 5.18%                 | 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        |  10570000 | PA      | $10589049.25  | 0.23%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                                    | Primo Water Holdings Inc / Triton Water Holdings Inc                            | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4820000 | PA      | $4853598.00   | 0.11%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                      | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   4450000 | PA      | $4612538.03   | 0.10%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                                | Upstart Securitization Trust 2025-2                                             | CUSIP: 91679EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8240000 | PA      | $8254495.48   | 0.18%             | 2035-06-20      | Fixed         | 5.22%                 | No            |                  3 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    575370 | PA      | $468711.11    | 0.01%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CK HUTCHISON INTL 23                                                        | CK Hutchison International 23 Ltd                                               | CUSIP: 12570FAA9<br>LEI: 2549003AJI1YI8883K46 | Long             | DBT              | CORP              | KY        |   1555000 | PA      | $1567595.50   | 0.03%             | 2028-04-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                                                     | Adani Ports & Special Economic Zone Ltd                                         | CUSIP: 00652MAD4<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |   1800000 | PA      | $1735425.00   | 0.04%             | 2027-07-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                                                  | NLT 2021-INV2 Trust                                                             | CUSIP: 62917JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8230641 | PA      | $7163959.15   | 0.16%             | 2056-08-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| CBQ FINANCE LTD                                                             | CBQ Finance Ltd                                                                 | CUSIP: 000000000<br>LEI: 213800FNEMX56U9OHK56 | Long             | DBT              | CORP              | BM        |   2646000 | PA      | $2707519.50   | 0.06%             | 2029-03-28      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Trust 2015-5                                                          | CUSIP: 46644XAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    595160 | PA      | $593534.26    | 0.01%             | 2045-05-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                                     | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |   5995000 | PA      | $6077684.60   | 0.13%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                         | COMM 2013-300P Mortgage Trust                                                   | CUSIP: 12625XAA5<br>LEI: 549300NMFC2YLCA2NF13 | Long             | ABS-MBS          | CORP              | US        |  13465000 | PA      | $13447391.82  | 0.29%             | 2030-08-10      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                | GS Mortgage Securities Trust 2020-GC45                                          | CUSIP: 36258YBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2630000 | PA      | $2401216.04   | 0.05%             | 2053-02-13      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132D6FJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  29612033 | PA      | $30454730.48  | 0.66%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                                    | JH North America Holdings Inc                                                   | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   9930000 | PA      | $10016708.66  | 0.22%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                                          | Dominican Republic International Bond                                           | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1898000 | PA      | $1803100.00   | 0.04%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                    | Republic of South Africa Government International Bond                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   2621000 | PA      | $2610516.00   | 0.06%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2025-A LLC                                                                | CUSIP: 433403AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1170135 | PA      | $1178827.70   | 0.03%             | 2044-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   4340000 | PA      | $4510082.08   | 0.10%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                                         | Reach ABS Trust 2023-1                                                          | CUSIP: 75525AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3677022 | PA      | $3695249.96   | 0.08%             | 2031-02-18      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                                              | Arivo Acceptance Auto Loan Receivables Trust 2022-2                             | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2468336 | PA      | $2490829.27   | 0.05%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES3                                                   | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11710265 | PA      | $11887421.30  | 0.26%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                                              | Onemain Financial Issuance Trust 2025-1                                         | CUSIP: 68270DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2710000 | PA      | $2726575.61   | 0.06%             | 2038-07-14      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                                         | Ecuador Government International Bond                                           | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   5213272 | PA      | $4519906.82   | 0.10%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2021-2                                               | CUSIP: 92538FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3385475 | PA      | $3004439.85   | 0.07%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                                                 | Diamond Resorts Owner Trust 2021-1                                              | CUSIP: 25273CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    256251 | PA      | $254881.90    | 0.01%             | 2033-11-21      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Virtus Newfleet ABS/MBS ETF                                                 | Virtus Newfleet ABS/MBS ETF                                                     | CUSIP: 92790A603<br>LEI: 549300OXQOLOW6OELM19 | Long             | EC               | RF                | US        |    929000 | NS      | $22806950.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                         | Ashtead Capital Inc                                                             | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7833627.20   | 0.17%             | 2029-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Epic Crude Services LP                                                      | EPIC CRUDE SERVICES LP                                                          | CUSIP: 29428XAG5<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |   4478775 | PA      | $4489031.39   | 0.10%             | 2031-10-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Ineos Finance PLC                                                           | INEOS US FINANCE LLC                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   4943160 | PA      | $4729565.61   | 0.10%             | 2030-02-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2024-2                                        | CUSIP: 379924AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4211005 | PA      | $4250762.37   | 0.09%             | 2030-06-17      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                                          | Ukraine Government International Bond                                           | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   2420000 | PA      | $1131350.00   | 0.02%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                                     | Philippine Government International Bond                                        | CUSIP: 718286DE4<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   6185000 | PA      | $6185000.00   | 0.13%             | 2030-03-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Dynasty Acquisition Co Inc                                                  | DYNASTY ACQUISITION CO INC                                                      | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |   1922513 | PA      | $1922781.98   | 0.04%             | 2031-10-31      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                   | IQVIA Inc                                                                       | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   4267000 | PA      | $4375467.14   | 0.10%             | 2028-05-15      | Fixed         | 5.70%                 | 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        |   6453237 | PA      | $6488017.40   | 0.14%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2019-HY2                                              | CUSIP: 89177HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4045000 | PA      | $4059598.81   | 0.09%             | 2058-05-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                 | RCKT Mortgage Trust 2023-CES2                                                   | CUSIP: 748956AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5240534 | PA      | $5295181.81   | 0.12%             | 2043-09-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2018-1 Trust                                                                | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1350931 | PA      | $1324516.28   | 0.03%             | 2057-06-25      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                                 | Southern Co/The                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  13578000 | PA      | $13390909.28  | 0.29%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XQM53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  22274884 | PA      | $22313487.33  | 0.49%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                         | Petroleos Mexicanos                                                             | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2706000 | PA      | $2796867.48   | 0.06%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2517534 | PA      | $2505452.12   | 0.05%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                                      | Brazilian Government International Bond                                         | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   3720000 | PA      | $3688380.00   | 0.08%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                                                       | Tricon American Homes 2020-SFR2 Trust                                           | CUSIP: 89613JAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5243000 | PA      | $4929291.39   | 0.11%             | 2039-11-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-1                                                 | CUSIP: 67571BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2032631.00   | 0.04%             | 2029-09-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                                         | Senegal Government International Bond                                           | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |   2745000 | PA      | $2016724.05   | 0.04%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Formula One Management Limited                                              | DELTA 2 LUX SARL                                                                | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |   1528333 | PA      | $1528715.41   | 0.03%             | 2031-09-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                     | Romanian Government International Bond                                          | CUSIP: 77586RAT7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   5079000 | PA      | $5104395.00   | 0.11%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                                          | Smith & Nephew PLC                                                              | CUSIP: 83192PAA6<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |  10625000 | PA      | $9305603.23   | 0.20%             | 2030-10-14      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                                       | Sri Lanka Government International Bond                                         | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    414344 | PA      | $282634.40    | 0.01%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                                              | Santander Drive Auto Receivables Trust 2023-1                                   | CUSIP: 80287GAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320821 | PA      | $1321450.82   | 0.03%             | 2028-02-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                                                 | Post Road Equipment Finance 2022-1                                              | CUSIP: 29252VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8256550 | PA      | $8251910.65   | 0.18%             | 2029-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                                           | Trinidad & Tobago Government International Bond                                 | CUSIP: 896292AJ8<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |   1107000 | PA      | $1092609.00   | 0.02%             | 2026-08-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| ALASKA AIRLINES 2020 TR                                                     | Alaska Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9431120 | PA      | $9437403.68   | 0.21%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                         | HINNT 2024-A LLC                                                                | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9162068 | PA      | $9314860.47   | 0.20%             | 2043-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                      | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |  12135000 | PA      | $12009245.48  | 0.26%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                    | BX Trust 2025-ROIC                                                              | CUSIP: 05593VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $991250.00    | 0.02%             | 2030-03-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                          | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1351132.68   | 0.03%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                                                    | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2165000 | PA      | $2153972.14   | 0.05%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                    | Electricite de France SA                                                        | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   7110000 | PA      | $7324084.94   | 0.16%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2024-1                                             | CUSIP: 78637EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3770000 | PA      | $3821699.52   | 0.08%             | 2030-01-18      | Fixed         | 6.96%                 | 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        |   4360000 | PA      | $4360946.12   | 0.09%             | 2029-09-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                                    | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                         | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4765000 | PA      | $4780857.92   | 0.10%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                                         | Braskem Netherlands Finance BV                                                  | CUSIP: 10554TAB1<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   6104000 | PA      | $5241504.80   | 0.11%             | 2028-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| REPUBLIC OF GHANA                                                           | Ghana Government International Bond                                             | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |   2991000 | PA      | $2792846.25   | 0.06%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                                           | Imperial Fund Mortgage Trust 2022-NQM3                                          | CUSIP: 45276KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8354895 | PA      | $8318776.19   | 0.18%             | 2067-05-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| PowerPay Issuance Trust                                                     | PowerPay Issuance Trust 2024-1                                                  | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3836647 | PA      | $3937304.38   | 0.09%             | 2039-02-18      | Fixed         | 6.53%                 | 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        |   3492539 | PA      | $3551903.05   | 0.08%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                          | Sonoco Products Co                                                              | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |   7710000 | PA      | $7692209.71   | 0.17%             | 2029-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  13015000 | PA      | $13125315.14  | 0.29%             | 2028-02-24      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                                          | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   4698000 | PA      | $4921273.15   | 0.11%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                               | New Residential Mortgage Loan Trust 2014-1                                      | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2581451 | PA      | $2504606.02   | 0.05%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2024-3                                                 | CUSIP: 67571GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6131000 | PA      | $6223319.98   | 0.14%             | 2030-09-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Entain PLC                                                                  | ENTAIN PLC                                                                      | CUSIP: 36270BAC6<br>LEI: 213800GNI3K45LQR8L28 | Long             | LON              | CORP              | IM        |   3468167 | PA      | $3478640.86   | 0.08%             | 2029-10-31      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                     | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   6685000 | PA      | $6892031.84   | 0.15%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                  | AMSR 2021-SFR2 Trust                                                            | CUSIP: 00179VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4535000 | PA      | $4357682.41   | 0.09%             | 2038-08-17      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| KOREA NATIONAL OIL CORP                                                     | Korea National Oil Corp                                                         | CUSIP: 50065WAP1<br>LEI: 988400ZTQ08W926ONT36 | Long             | DBT              | NUSS              | KR        |   4384000 | PA      | $4449716.16   | 0.10%             | 2028-04-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  54220000 | PA      | $52284176.83  | 1.14%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                                            | BOF URSA VI Funding Trust I                                                     | CUSIP: 05603LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    694838 | PA      | $697819.72    | 0.02%             | 2031-10-27      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                        | Colombia Government International Bond                                          | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   3902000 | PA      | $3367426.00   | 0.07%             | 2030-01-30      | Fixed         | 3.00%                 | 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        |   7074000 | PA      | $7152727.96   | 0.16%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-B                                        | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2500308.50   | 0.05%             | 2029-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                                      | HA Sustainable Infrastructure Capital Inc                                       | CUSIP: 40408AAA9<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $2009746.24   | 0.04%             | 2031-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                         | CLYDESDALE ACQUISITION HOLDINGS INC                                             | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |   3363999 | PA      | $3349063.14   | 0.07%             | 2032-04-01      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1615162.55   | 0.04%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SKECHERS U.S.A. INC. (Beach Acquisition Bidco)                              | BEACH ACQUISITION BIDCO                                                         | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |   1260000 | PA      | $1266300.00   | 0.03%             | 2032-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr                                              | GLS Auto Select Receivables Trust 2025-1                                        | CUSIP: 36271FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5950184 | PA      | $5963457.46   | 0.13%             | 2030-04-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                    | Ferrellgas LP / Ferrellgas Finance Corp                                         | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7310000 | PA      | $7240601.78   | 0.16%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4620000 | PA      | $4762533.93   | 0.10%             | 2040-01-13      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| ABU DHABI NATIONAL ENERG                                                    | Abu Dhabi National Energy Co PJSC                                               | CUSIP: 00388WAL5<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |   1786000 | PA      | $1776391.32   | 0.04%             | 2029-01-24      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31410KJX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23772 | PA      | $24920.30     | 0.00%             | 2038-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                | CSMC 2020-NQM1 Trust                                                            | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1694724 | PA      | $1606527.92   | 0.03%             | 2065-05-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                                                      | Eskom Holdings SOC Ltd                                                          | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |   1563000 | PA      | $1637242.50   | 0.04%             | 2028-08-10      | Fixed         | 8.45%                 | 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        |   8930000 | PA      | $8900854.53   | 0.19%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FIRST ABU DHABI BANK PJS                                                    | First Abu Dhabi Bank PJSC                                                       | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | DBT              | CORP              | AE        |   1267000 | PA      | $1304338.49   | 0.03%             | 2034-04-04      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                                               | CoreVest American Finance 2022-1 Trust                                          | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5450427 | PA      | $5462201.92   | 0.12%             | 2055-06-17      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                | Hilton Grand Vacations Trust 2022-2                                             | CUSIP: 43283GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    423217 | PA      | $424332.76    | 0.01%             | 2037-01-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                                                | SAFCO Auto Receivables Trust 2025-1                                             | CUSIP: 785923AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6710000 | PA      | $6739323.37   | 0.15%             | 2030-11-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                       | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    965000 | PA      | $992328.72    | 0.02%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Opal Us LLC                                                                 | OPAL US LLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2865000 | PA      | $2874855.60   | 0.06%             | 2032-04-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                                | Veros Auto Receivables Trust 2023-1                                             | CUSIP: 924933AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10076013.00  | 0.22%             | 2028-11-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                                          | Panama Government International Bond                                            | CUSIP: 698299BF0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   2874000 | PA      | $2787780.00   | 0.06%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                                              | BHG Securitization Trust 2023-B                                                 | CUSIP: 08862GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1048116 | PA      | $1086550.46   | 0.02%             | 2036-12-17      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                  | GLS Auto Receivables Issuer Trust 2021-3                                        | CUSIP: 36263LAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13050000 | PA      | $12785758.38  | 0.28%             | 2028-10-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable                                              | Westlake Automobile Receivables Trust 2021-3                                    | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2503406 | PA      | $2489793.78   | 0.05%             | 2027-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance T                                              | Regional Management Issuance Trust 2022-1                                       | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3727881 | PA      | $3699277.25   | 0.08%             | 2032-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                  | Verus Securitization Trust 2020-1                                               | CUSIP: 92536PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1794374 | PA      | $1760192.34   | 0.04%             | 2060-01-25      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2015-6                                                | CUSIP: 89172RAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9529000 | PA      | $8927157.89   | 0.19%             | 2055-04-25      | Variable      | 3.80%                 | 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        |   5402662 | PA      | $5337195.86   | 0.12%             | 2067-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                                    | Saudi Government International Bond                                             | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   2237000 | PA      | $2329007.81   | 0.05%             | 2035-01-13      | Fixed         | 5.62%                 | 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        |    571876 | PA      | $568765.15    | 0.01%             | 2033-11-21      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                                                  | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    593396 | PA      | $593691.72    | 0.01%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  37849228 | PA      | $38520861.35  | 0.84%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| South Field Energy LLC                                                      | SOUTH FIELD ENERGY LLC                                                          | CUSIP: 000000000<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |     57500 | PA      | $57715.64     | 0.00%             | 2031-08-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT                                                          | Bolivian Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |    700000 | PA      | $486500.00    | 0.01%             | 2028-03-20      | Fixed         | 4.50%                 | 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        |   8420000 | PA      | $8772200.18   | 0.19%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                                       | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    635000 | PA      | $659606.89    | 0.01%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |   6958338 | PA      | $7012901.39   | 0.15%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                                    | Octane Receivables Trust 2023-3                                                 | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4444000 | PA      | $4519558.67   | 0.10%             | 2029-07-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| OCCU Auto Receivables Trust                                                 | OCCU Auto Receivables Trust 2023-1                                              | CUSIP: 674921AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380762 | PA      | $381034.59    | 0.01%             | 2027-04-15      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                                            | Westgate Resorts 2022-1 LLC                                                     | CUSIP: 96034JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    926785 | PA      | $921649.91    | 0.02%             | 2036-08-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur                                              | Bridgecrest Lending Auto Securitization Trust 2025-2                            | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8170000 | PA      | $8265006.48   | 0.18%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2023-NQM10 Trust                                                            | CUSIP: 67449CAA9<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |   6994599 | PA      | $7051214.29   | 0.15%             | 2063-10-25      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                                              | OWN Equipment Fund I LLC                                                        | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6312168 | PA      | $6402133.14   | 0.14%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Metlife Securitization Trust                                                | METLIFE SECURITIZATION TRUST 2019-1                                             | CUSIP: 59166EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2862376 | PA      | $2813611.21   | 0.06%             | 2058-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                                    | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   6492000 | PA      | $6337815.00   | 0.14%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                                                 | Freddie Mac Pool                                                                | CUSIP: 3132DQS31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2457349 | PA      | $2463316.04   | 0.05%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                | Hilton Grand Vacations Trust 2022-1D                                            | CUSIP: 43283BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1419154 | PA      | $1404361.43   | 0.03%             | 2034-06-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                                     | Energean Israel Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    769000 | PA      | $710133.05    | 0.02%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                                       | Rio Tinto Finance USA PLC                                                       | CUSIP: 76720AAT3<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   4794000 | PA      | $4877725.58   | 0.11%             | 2032-03-14      | Fixed         | 5.00%                 | 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        |   1827507 | PA      | $1789114.76   | 0.04%             | 2058-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                    | OBX 2022-NQM1 Trust                                                             | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3282809 | PA      | $2937100.03   | 0.06%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                    | JP Morgan Mortgage Trust 2014-5                                                 | CUSIP: 46643KBQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1881950 | PA      | $1789551.86   | 0.04%             | 2029-10-25      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Frontdoor Inc                                                               | FRONTDOOR INC                                                                   | CUSIP: 35905CAK1<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | LON              | CORP              | US        |   2487500 | PA      | $2492176.50   | 0.05%             | 2031-12-17      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru                                              | First Investors Auto Owner Trust 2022-1                                         | CUSIP: 32057KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5745000 | PA      | $5702509.98   | 0.12%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | Towd Point Mortgage Trust 2020-MH1                                              | CUSIP: 89178YAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3525399 | PA      | $3341413.01   | 0.07%             | 2060-02-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                              | Carvana Auto Receivables Trust 2023-N1                                          | CUSIP: 14688FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3044000 | PA      | $3069077.39   | 0.07%             | 2029-07-10      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                | Barclays PLC                                                                    | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3215000 | PA      | $3412740.95   | 0.07%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Whitewater DBR Holdco LLC                                                   | WHITEWATER DBR HOLDCO LL                                                        | CUSIP: 96616PAD0<br>LEI: 21380025GXMNBTSJP816 | Long             | LON              | CORP              | US        |   2243078 | PA      | $2243078.24   | 0.05%             | 2031-03-03      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Astoria Energy LLC                                                          | ASTORIA ENERGY LLC                                                              | CUSIP: 04626LAJ8<br>LEI: 549300BXD26J7I0IPB62 | Long             | LON              | CORP              | US        |   2690000 | PA      | $2690000.00   | 0.06%             | 2032-06-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                            | NMEF Funding 2024-A LLC                                                         | CUSIP: 62919UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4682455 | PA      | $4702946.66   | 0.10%             | 2031-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                          | BX Trust 2019-OC11                                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7699000 | PA      | $7197090.64   | 0.16%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                             | United States Treasury Note/Bond                                                | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  61245000 | PA      | $61510554.65  | 1.34%             | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer